Equity-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement, Noncash Expense [Abstract]

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

The following table details our compensation expense and the related income tax benefit for company specific equity awards for the year ended December 31:

(in thousands)	2022		2021		2020
Employee equity-based compensation expense:
Performance stock awards	$	5,887	$	5,381	$	5,083
Restricted stock units		3,107		3,041		2,904
Deferred compensation stock equivalent units expense		196		185		76
Total equity-based compensation expense	$	9,190	$	8,607	$	8,063
Total tax benefit recognized for shared-based payment awards	$	457	$	428	$	357

Fair Value of Performance Share Awards

The following table presents the key inputs used in calculating the fair value of the PSAs and the resulting fair values:

	Year Ended December 31,
	2022			2021			2020
Stock price as of valuation date	$	55.02		$	53.53		$	42.16
Risk-free rate		1.79	%		0.18	%		1.42	%
Expected volatility		45.69	%		45.56	%		25.74	%
Expected dividend yield1		—			—			—
Expected term (years)		3.00			3.00			3.00
Fair value of a performance share	$	76.18		$	69.72		$	45.04

1 Full dividend reinvestment assumed.

Summary of Outstanding Performance Share Awards

he following table summarizes outstanding PSAs as of December 31 and the changes during each year:

	2022					2021					2020
(in thousands, except per share amounts)	Shares			Weighted Average Grant Date Fair Value		Shares			Weighted Average Grant Date Fair Value		Shares			Weighted Average Grant Date Fair Value
Nonvested shares outstanding at January 1		202,447		$	55.16		253,266		$	41.36		196,007		$	50.15
Granted		92,490		$	76.18		88,128		$	69.72		125,001		$	45.04
Vested		(119,066	)	$	45.04		(129,666	)	$	37.87		(63,456	)	$	75.37
Forfeited		(971	)	$	60.42		(9,281	)	$	58.32		(4,286	)	$	47.07
Nonvested shares outstanding at December 31		174,900		$	73.14		202,447		$	55.16		253,266		$	41.36
Total grant date fair value of PSA awards    vested during the year	$	5,363				$	4,910				$	4,783
Total fair value of PSA awards    vested during the year	$	6,735				$	12,015				$	3,968

Summary of Outstanding RSU Awards

The following table summarizes outstanding RSU awards as of December 31 and the changes during each year:

	2022					2021					2020
(in thousands, except per share amounts)	Shares			Weighted Average Grant Date Fair Value		Shares			Weighted Average Grant Date Fair Value		Shares			Weighted Average Grant Date Fair Value
Nonvested shares outstanding at January 1		132,899		$	47.19		139,492		$	37.54		127,471		$	39.83
Granted		59,549		$	53.61		66,107		$	54.52		68,263		$	38.77
Vested		(81,002	)	$	43.92		(68,606	)	$	34.50		(52,908	)	$	44.48
Forfeited		(1,323	)	$	58.48		(4,094	)	$	49.35		(3,334	)	$	40.20
Nonvested shares outstanding at December 31		110,123		$	52.94		132,899		$	47.19		139,492		$	37.54
Total grant date fair value of RSU awards    vested during the year	$	3,557				$	2,367				$	2,354
Total fair value of RSU awards    vested during the year	$	3,634				$	4,130				$	2,196