Equity-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Share Based Compensation [Abstract]

Share-based Compensation Activity

Share-based compensation activity during the nine months ended September 30, 2021 included the following:

(Shares in thousands)	Granted		Vested		Forfeited
Performance Share Awards (PSAs)		88,128		—		1,450
Restricted Stock Units (RSUs)		65,607		24,599		1,484

Details of Equity-Based Compensation Expense and Related Income Tax Benefit

The following table details equity-based compensation expense and the related income tax benefit:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2021		2020		2021		2020
Equity-based compensation expense:
Performance share awards	$	1,416	$	1,315	$	4,012	$	3,716
Restricted stock units		805		729		2,197		2,155
Deferred compensation stock equivalent units expense		54		19		136		57
Total equity-based compensation expense	$	2,275	$	2,063	$	6,345	$	5,928
Total tax benefit recognized for equity-based expense	$	125	$	97	$	321	$	273

Fair Value of Performance Share Awards Granted

The following table presents the key inputs used in the Monte Carlo simulation to calculate the fair value of the performance share awards granted in 2021:

Stock price as of valuation date	$	53.53
Risk-free rate		0.18	%
Expected volatility		45.56	%
Expected dividend yield1		—
Expected term (years)		3.00

1 Full dividend reinvestment assumed.