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Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Summary of Share-Based Compensation (income) expense

The following table summarizes share-based compensation expense:

		Three Months Ended
		March 31,
(in thousands)		2022				2021
Performance-based restricted stock units		$	14			$	140
Restricted stock awards and restricted stock units			1,562				1,244
Stock options			590				379
Share-based compensation expense before income tax			2,166				1,763
Income tax benefit(1)			(17	)			(27	)
Share-based compensation expense, net of income tax		$	2,149			$	1,736

(1)The 2022 and 2021 income tax benefit amount primarily reflects the tax benefit associated with our Canadian-based employees.

Summary of Activity of the Outstanding PRSU Awards

The following table summarizes the activity of the outstanding PRSU awards:

		Equity-Based PRSUs								Liability-Based PRSUs
		Shares				Weighted-Average Grant Date Fair Value				Shares				Weighted-Average Grant Date Fair Value
Balance at December 31, 2021			134,152			$	37.30				77,746			$	57.13
Granted			65,000			$	36.46				—			$	—
Vested			—			$	—				(36,758	)		$	58.31
Forfeited			—			$	—				(461	)		$	56.23
Balance at March 31, 2022			199,152			$	37.03				40,527			$	56.06

Summary of Activity of the Outstanding Restricted Stock Awards And Restricted Stock Units

The following table summarizes the activity of the outstanding restricted stock awards and restricted stock units:

		Equity-Based Restricted Stock Awards								Equity-Based Restricted Stock Units								Liability-Based Restricted Stock Units
		Shares				Weighted-Average Grant Date Fair Value				Shares				Weighted-Average Grant Date Fair Value				Shares				Weighted-Average Grant Date Fair Value
Balance at December 31, 2021			76,792			$	52.83				239,188			$	34.74				6,278			$	55.93
Granted			—			$	—				98,926			$	33.96				—			$	—
Vested			(51,331	)		$	52.05				(20,540	)		$	44.79				(3,709	)		$	56.66
Forfeited			(211	)		$	56.23				(2,811	)		$	36.87				(309	)		$	56.47
Balance at March 31, 2022			25,250			$	54.39				314,763			$	33.82				2,260			$	54.75

Summary of Stock Option Activity

The following table summarizes stock option activity:

		Shares				Weighted-Average Exercise Price				Aggregate Intrinsic Value(1)
Options outstanding at December 31, 2021			312,008			$	31.01
Granted			233,970			$	33.96
Exercised			—			$	—
Forfeited			(120,000	)		$	19.30
Options outstanding at March 31, 2022			425,978			$	35.93			$	1,139,798
Options exercisable at March 31, 2022			73,028			$	36.29			$	373,364

(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 March 31, 2022:

		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
$21.85			54,150				5.41			$	21.85				27,075			$	21.85
$33.96			233,970				6.90			$	33.96				—			$	—
$44.80			137,858				5.90			$	44.80				45,953			$	44.80
$21.85 - $44.80			425,978				6.39			$	35.93				73,028			$	36.29

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 granted during the three months ended March 31, 2022 and the underlying assumptions used in assessing fair value:

		Three Months Ended
		March 31, 2022
Assumptions used to estimate fair value of stock options granted:
Risk-free interest rate			1.86	%
Expected term (in years)			4.5
Expected volatility			58.3	%
Expected dividend yield			—
Weighted average grant-date fair value per share of options granted		$	16.50

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

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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.

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