Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Tabular disclosure of financial instruments measured at fair value on a recurring basis

The following table presents the fair value of the Company’s financial instruments that are measured at fair value on a recurring basis as of March 31, 2020:

(in thousands)	Level 1		Level 2		Level 3		Total
Liability-classified stock compensation (1)	$	—	$	—	$	212	$	212
Interest rate swap	—		—		848		848
Total	$	—	$	—	$	1,060	$	1,060

The following table presents the fair value of the Company’s financial instruments that are measured at fair value on a recurring basis as of December 31, 2019:

(in thousands)	Level 1		Level 2		Level 3		Total
Liability-classified stock compensation (1)	$	—	$	—	$	218	$	218
Interest rate swap	—		—		(95)		(95)
Total	$	—	$	—	$	123	$	123

(1) The fair values of phantom stock units were estimated using a Monte Carlo simulation pricing model with the assumptions described below:

	March 31, 2020
Grant date fair value	$2.97	—	$7.28
Risk-free interest rate	2.36%	—	2.39%
Expected life (years)	2.75
Estimated volatility factor	65.1%	—	69.9%
Expected dividends	None

Changes in financial instruments measured at level 3 fair value on a recurring basis

The following table presents the changes during the period presented in the Company's Level 3 financial instrument liabilities that are measured at fair value on a recurring basis.

(in thousands)	Liability-classified stock compensation		Interest rate swap		Total
Balance, December 31, 2019	$	218	$	(95)	$	123
Stock compensation activity	(6)		—		(6)
Mark-to-market adjustment	—		943		943
Balance, March 31, 2020	$	212	$	848	$	1,060