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Share-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Summary of Share-Based Compensation (income) expense | The following table summarizes share-based compensation (income) expense:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(in thousands) |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Performance unit incentive plan (“PUP”) |  | $ | 149 |  |  | $ | 1,033 |  |  | $ | (2,596 | ) |  | $ | 4,013 |
Restricted stock awards and restricted stock units |  |  | 1,698 |  |  |  | 798 |  |  |  | 3,155 |  |  |  | 2,435 |
Stock options |  |  | 90 |  |  |  | — |  |  |  | 90 |  |  |  | — |
Share-based compensation expense before income tax |  |  | 1,937 |  |  |  | 1,831 |  |  |  | 649 |  |  |  | 6,448 |
Income tax benefit(1) |  |  | — |  |  |  | (460 | ) |  |  | — |  |  |  | (1,625 | )
Share-based compensation expense, net of income tax |  | $ | 1,937 |  |  | $ | 1,371 |  |  | $ | 649 |  |  | $ | 4,823 |
(1) | There was no income tax benefit for the three and nine months ended September 30, 2020 due to the valuation allowance on our deferred tax assets. Refer to Note 16 – Income Taxes.
Summary of Activity of the Outstanding PUP Awards | The following table summarizes the activity of the outstanding PUP awards:
|  | Equity-Based PUP Awards |  |  | Liability-Based PUP Awards |
|  | Shares |  |  | Weighted-Average Grant Date Fair Value |  |  | Shares |  |  | Weighted-Average Grant Date Fair Value |
Balance at December 31, 2019 |  |  | 59,714 |  |  | $ | 52.10 |  |  |  | 155,190 |  |  | $ | 52.53 |
Granted |  |  | 32,367 |  |  | $ | 56.23 |  |  |  | 52,531 |  |  | $ | 56.10 |
Vested |  |  | — |  |  | $ | — |  |  |  | (67,866 | ) |  | $ | 47.43 |
Forfeited |  |  | — |  |  | $ | — |  |  |  | (18,370 | ) |  | $ | 56.40 |
Balance at September 30, 2020 |  |  | 92,081 |  |  | $ | 55.49 |  |  |  | 121,485 |  |  | $ | 55.08 |
Summary of Stock Option Activity | The following table summarizes stock option activity:
|  | Shares |  |  | Weighted-Average Exercise Price |  |  | Aggregate Intrinsic Value(1) |
Options outstanding and exercisable at December 31, 2019 |  |  | 41,143 |  |  | $ | 16.62 |  |  |  |  |
Granted |  |  | 204,150 |  |  | $ | 19.98 |  |  |  |  |
Exercised |  |  | (41,143 | ) |  | $ | 16.62 |  |  |  |  |
Options outstanding at September 30, 2020 |  |  | 204,150 |  |  | $ | 19.98 |  |  | $ | 229,500 |
Options exercisable at September 30, 2020 |  |  | — |  |  | $ | — |  |  | $ | — |
Summary of Options Outstanding and Exercisable | The following table summarizes stock options outstanding and exercisable as of September 30, 2020:
|  |  |  | Options Outstanding |  |  | Options Exercisable |
Range of exercise prices |  |  | Shares |  |  | Weighted-Average Remaining Contractual Life (in years) |  |  | Weighted-Average Exercise Price |  |  | Shares |  |  | Weighted-Average Exercise Price |
$ | 19.30 |  |  |  | 150,000 |  |  |  | 8.25 |  |  | $ | 19.30 |  |  |  | — |  |  | $ | — |
$ | 21.85 |  |  |  | 54,150 |  |  |  | 6.91 |  |  | $ | 21.85 |  |  |  | — |  |  | $ | — |
$19.30 - $21.85 |  |  |  | 204,150 |  |  |  | 7.89 |  |  | $ | 19.98 |  |  |  | — |  |  | $ | — |
Assumptions Used in the Black-Scholes Option Pricing Model to Estimate the Fair Value of Each Stock Option Grant | The fair value of stock options granted in 2020 was estimated on the date of grant using the Black-Scholes option pricing model. Following is additional information on stock options and the underlying assumptions used in assessing fair value:
|  | Nine Months Ended |
|  | September 30, 2020 |
Assumptions used to estimate fair value of stock options granted: |  |  |  |
Risk-free interest rate |  | 0.27% - 0.31% |
Expected life |  | 4.3 - 5.4 years |
Expected volatility |  | 46.9% - 52.2% |
Expected dividend yield |  |  | — |
Weighted average grant-date fair value per share of options granted |  | $ | 8.38 |
Cash received from exercise of options (in thousands) |  | $ | 2,077 |

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