On May 2, 2022, our stockholders approved the PotlatchDeltic Corporation Amended and Restated 2019 Long-Term Incentive Plan to increase the number of shares available for issuance by 1.4 million shares. At June 30, 2022, approximately 2.1 million shares are available for future use under our long-term incentive plans.

Share-based compensation activity during the six months ended June 30, 2022 included the following:


(Shares in thousands)	Granted		Vested		Forfeited
Performance Share Awards (PSAs)		92,490		—		971
Restricted Stock Units (RSUs)		37,824		13,627		1,323

Approximately 0.3 million shares of common stock were issued to employees during the six months ended June 30, 2022 as a result of PSA and RSU vesting during 2021 and 2022.

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


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Equity-based compensation expense:
Performance share awards	$	1,518	$	1,372	$	2,816	$	2,596
Restricted stock units		801		727		1,510		1,392
Deferred compensation stock equivalent units expense		49		41		98		82
Total equity-based compensation expense	$	2,368	$	2,140	$	4,424	$	4,070

Total tax benefit recognized for equity-based expense	$	119	$	107	$	219	$	196

The weighted average grant date fair value of PSAs granted in 2022 was $76.18 per share. PSAs granted under the stock incentive plans have a three-year performance period and shares are issued at the end of the period if the performance measures are met. The number of shares actually issued, as a percentage of the amount subject to the PSA, could range from 0% to 200%. PSAs granted under the stock incentive plans do not have voting rights unless and until shares are issued upon settlement. If shares are issued at the end of the performance measurement period, the recipients will receive dividend equivalents in the form of additional shares at the time of payment equal to the dividends that would have been paid on the shares earned had the recipients owned the shares during the three-year period. Therefore, the shares are not considered participating securities.

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.

The weighted average fair value of all RSUs granted during the six months ended June 30, 2022 was $54.47 per share. The fair value of RSUs granted equaled our common share price on the date of grant factoring in any required post-vesting holding periods. The RSU awards granted accrue dividend equivalents based on dividends paid during the RSU vesting period. Recipients will receive dividend equivalents in the form of additional shares of common stock at the date the vested RSUs are settled. Any forfeited RSUs will not receive dividends. Therefore, the shares are not considered participating securities.