Stock-Based Compensation (Tables)

6 Months Ended

Jun. 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 six months ended June 30, 2024:


	Stock Awards Granted		Weighted- Average Grant Price Per Share
Time-based restricted stock units		48,654	$	90.81
Performance-based restricted stock units (a)		80,371	$	81.01
Stock appreciation rights		33,277	$	84.72

(a)

Includes 55,384 of target performance-based restricted stock unit awards granted during the six months ended June 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 six months ended June 30, 2024 and June 30, 2023, the data and assumptions shown in the following table were used:


	Six Months Ended June 30, 2024			Six Months Ended June 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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Stock appreciation rights	$	408	$	198	$	680	$	412
Time-based restricted stock and restricted stock units		1,452		871		2,526		1,806
Performance-based restricted stock and restricted stock units		1,919		1,320		3,561		2,044
Employee stock purchase plan		60		201		225		300
Total stock-based compensation	$	3,839	$	2,590	$	6,992	$	4,562