Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement, Noncash Expense [Abstract]

Share-based Compensation Activity

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

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 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

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.