v3.25.1
Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 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 three months ended March 31, 2025:

 

 

Stock Awards
Granted

 

 

Weighted-
Average
Grant Price
Per Share

 

Time-based restricted stock units

 

 

65,750

 

 

$

67.29

 

Performance-based restricted stock units (a)

 

 

97,063

 

 

$

65.34

 

Stock appreciation rights

 

 

43,597

 

 

$

67.33

 

 

(a)
Includes 75,210 of target performance-based restricted stock unit awards granted during the three months ended March 31, 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 three months ended March 31, 2025 and March 31, 2024, the data and assumptions shown in the following table were used:

 

 

Three Months Ended
March 31, 2025

 

 

Three Months Ended
March 31, 2024

 

Weighted-average fair value of grants

 

$

33.49

 

 

$

44.83

 

Dividend yield

 

 

0

%

 

 

0

%

Average risk-free interest rate

 

 

4.3

%

 

 

4.3

%

Expected term (years)

 

 

5

 

 

 

5

 

Expected volatility

 

 

51.7

%

 

 

51.2

%

Summary of Stock-Based Compensation Grants The following table summarizes the Company’s stock-based compensation expense (in thousands):

 

 

Three Months Ended
March 31,

 

 

2025

 

 

2024

 

Stock appreciation rights

 

$

295

 

 

$

271

 

Time-based restricted stock and restricted stock units

 

 

826

 

 

 

1,074

 

Performance-based restricted stock and restricted stock units

 

 

1,140

 

 

 

1,642

 

Employee stock purchase plan

 

 

52

 

 

 

166

 

Total stock-based compensation

 

$

2,313

 

 

$

3,153