Equity-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Share-based Compensation Activity

Share-based compensation activity during the nine months ended September 30, 2023, included the following:

	Granted		Vested		Forfeited
Performance Share Awards (PSAs)		106,342		—		28,177
Restricted Stock Units (RSUs)		127,079		17,225		12,727

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

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

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Equity-based compensation expense:
Performance share awards	$	1,483	$	1,535	$	3,623	$	4,351
Restricted stock units		1,084		825		2,702		2,335
Deferred compensation stock equivalent units expense		49		49		147		147
Total equity-based compensation expense	$	2,616	$	2,409	$	6,472	$	6,833
Total tax benefit recognized for equity-based expense	$	135	$	119	$	394	$	338

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 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.