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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 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:
|  | Year Ended December 31, |
(in thousands) |  | 2020 |  |  | 2019 |  |  | 2018 |
Performance unit incentive plan (“PUP”) |  | $ | (2,187 | ) |  | $ | 3,990 |  |  | $ | 2,260 |
Restricted stock awards and restricted stock units |  |  | 4,523 |  |  |  | 3,200 |  |  |  | 2,610 |
Stock options |  |  | 317 |  |  |  | — |  |  |  | — |
Share-based compensation expense before income tax |  |  | 2,653 |  |  |  | 7,190 |  |  |  | 4,870 |
Income tax benefit(1) |  |  | — |  |  |  | (2,241 | ) |  |  | (1,227 | )
Share-based compensation expense, net of income tax |  | $ | 2,653 |  |  | $ | 4,949 |  |  | $ | 3,643 |
(1) | There was no income tax benefit for the year ended 2020 due to the valuation allowance on our deferred tax assets. Refer to Note 17 – 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 |  |  | $ | 55.10 |  |  |  | 155,190 |  |  | $ | 52.53 |
Granted |  |  | 32,367 |  |  | $ | 56.23 |  |  |  | 52,531 |  |  | $ | 56.10 |
Vested |  |  | — |  |  | $ | — |  |  |  | (67,866 | ) |  | $ | 47.43 |
Forfeited |  |  | (30,873 | ) |  | $ | 52.15 |  |  |  | (18,370 | ) |  | $ | 56.40 |
Balance at December 31, 2020 |  |  | 61,208 |  |  | $ | 57.18 |  |  |  | 121,485 |  |  | $ | 56.34 |
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 December 31, 2020 |  |  | 204,150 |  |  | $ | 19.98 |  |  | $ | 3,305,928 |
Options exercisable at December 31, 2020 |  |  | — |  |  | $ | — |  |  | $ | — |
(1) | The aggregate intrinsic value of stock options outstanding represents the difference between our closing stock price at the end of the reporting period and the exercise price, multiplied by the number of in-the-money stock options.
Summary of Options Outstanding and Exercisable | The following table summarizes stock options outstanding and exercisable as of December 31, 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 |  |  |  | 8.00 |  |  | $ | 19.30 |  |  |  | — |  |  | $ | — |
$ | 21.85 |  |  |  | 54,150 |  |  |  | 6.65 |  |  | $ | 21.85 |  |  |  | — |  |  | $ | — |
$19.30 - $21.85 |  |  |  | 204,150 |  |  |  | 7.64 |  |  | $ | 19.98 |  |  |  | — |  |  | $ | — |
Assumptions Used in the Black-Scholes Option Pricing Model to Estimate the Fair Value of Each Stock Option Grant | Following is additional information on stock options and the underlying assumptions used in assessing fair value:
|  | Year Ended |
|  | December 31, 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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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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