Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement, Noncash Expense [Abstract]

Share-based Compensation Activity

Share-based compensation activity during the three months ended March 31, 2022 included the following:

(Shares in thousands)	Granted		Vested		Forfeited
Performance Share Awards (PSAs)		92,490		—		971
Restricted Stock Units (RSUs)		34,324		500		1,323

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 March 31,
(in thousands)	2022		2021
Equity-based compensation expense:
Performance share awards	$	1,298	$	1,224
Restricted stock units		709		665
Deferred compensation stock equivalent units expense		49		41
Total equity-based compensation expense	$	2,056	$	1,930
Total tax benefit recognized for equity-based expense	$	100	$	89

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 2022:

Stock price as of valuation date	$	55.02
Risk-free rate		1.79	%
Expected volatility		45.69	%
Expected dividend yield1		—
Expected term (years)		3.00

1 Full dividend reinvestment assumed.