We issue new shares of common stock to settle performance stock awards (PSAs), restricted stock units (RSUs) and deferred compensation stock equivalent units. At March 31, 2023, approximately 1.9 million shares are available for future use under our long-term incentive plans.

Share-based compensation activity during the three months ended March 31, 2023, included the following:


	Granted		Vested		Forfeited
Performance Share Awards (PSAs)		106,342		—		751
Restricted Stock Units (RSUs)		70,901		—		250

Approximately 0.2 million shares of common stock as a result of PSA and RSU vesting during 2022 were issued to employees during the three months ended March 31, 2023.

The following details compensation expense and the related income tax benefit for company specific equity-based awards:


	Three Months Ended March 31,
(in thousands)	2023		2022
Equity-based compensation expense:
Performance share awards	$	1,421	$	1,298
Restricted stock units		809		709
Deferred compensation stock equivalent units expense		49		49
Total equity-based compensation expense	$	2,279	$	2,056

Total tax benefit recognized for equity-based expense	$	122	$	100

The weighted average grant date fair value of PSAs granted in 2023 was $61.21 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 of common stock at the date of settlement 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 2023:


Stock price as of valuation date	$	47.55
Risk-free rate		4.14	%
Expected volatility		36.24	%
Expected dividend yield1		—
Expected term (years)		3.00


1	Full dividend reinvestment assumed.

The weighted average fair value of all RSUs granted during the three months ended March 31, 2023, was $47.55 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.