Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2025

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 six months ended June 30, 2025:

	Stock Awards Granted		Weighted- Average Grant Price Per Share
Time-based restricted stock units		70,320	$	66.54
Performance-based restricted stock units (a)		102,049	$	64.85
Stock appreciation rights		46,126	$	66.67

(a)Includes 80,196 of target performance-based restricted stock unit awards granted during the six months ended June 30, 2025, and adjustments of 1,093, and 20,760 to grants due to the actual performance level achieved for restricted stock and restricted stock units awarded in 2024 and 2023, 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 six months ended June 30, 2025 and June 30, 2024, the data and assumptions shown in the following table were used:

	Six Months Ended June 30, 2025			Six Months Ended June 30, 2024
Weighted-average fair value of grants	$	33.06		$	44.83
Dividend yield		0	%		0	%
Average risk-free interest rate		4.3	%		4.3	%
Expected term (years)		5			5
Expected volatility		51.4	%		51.2	%

Summary of Stock-Based Compensation Grants

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Stock appreciation rights	$	330	$	408	$	624	$	680
Time-based restricted stock and restricted stock units		1,578		1,452		2,404		2,526
Performance-based restricted stock and restricted stock units		967		1,919		2,106		3,561
Employee stock purchase plan		59		60		113		225
Total stock-based compensation	$	2,934	$	3,839	$	5,247	$	6,992