Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Stock-Based Compensation Expense

The following table summarizes the Company’s stock-based compensation grants for the nine months ended September 30, 2024:

	Stock Awards Granted		Weighted- Average Grant Price Per Share
Time-based restricted stock units		62,104	$	87.57
Performance-based restricted stock units (a)		80,371	$	81.01
Stock appreciation rights		33,277	$	90.86

(a)Includes 55,834 of target performance-based restricted stock unit awards granted during the nine months ended September 30, 2024, and adjustments of 25,315, and (778) to grants due to the actual performance level achieved for restricted stock and restricted stock units awarded in 2023 and 2021, respectively.

Summary of Assumptions Used to Estimate Fair Value of Each SAR

The fair value of each SAR is estimated on the date of grant using a Black-Scholes option-pricing formula. For SARs issued in the nine months ended September 30, 2024 and September 30, 2023, the data and assumptions shown in the following table were used:

	Nine Months Ended September 30, 2024			Nine Months Ended September 30, 2023
Weighted-average fair value of grants	$	44.83		$	27.19
Dividend yield		0	%		0	%
Average risk-free interest rate		4.3	%		4.0	%
Expected term (years)		5			5
Expected volatility		51.2	%		49.5	%

Summary of Stock-Based Compensation Grants

The following table summarizes the Company’s stock-based compensation expense (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Stock appreciation rights	$	307	$	248	$	987	$	660
Time-based restricted stock and restricted stock units		1,206		1,098		3,731		2,904
Performance-based restricted stock and restricted stock units		1,110		1,425		4,671		3,470
Employee stock purchase plan		48		50		274		350
Total stock-based compensation	$	2,671	$	2,821	$	9,663	$	7,384