Equity-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2023

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)	2023		2022		2021
Employee equity-based compensation expense:
Performance stock awards	$	5,101	$	5,887	$	5,381
Restricted stock units		3,818		3,107		3,041
Deferred compensation stock equivalent units expense		196		196		185
Total equity-based compensation expense	$	9,115	$	9,190	$	8,607
Total tax benefit recognized for share-based payment awards	$	549	$	457	$	428

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,
	2023			2022			2021
Stock price as of valuation date	$	47.55		$	55.02		$	53.53
Risk-free rate		4.14	%		1.79	%		0.18	%
Expected volatility		36.24	%		45.69	%		45.56	%
Expected dividend yield1		—			—			—
Expected term (years)		3.00			3.00			3.00
Fair value of a performance share	$	61.21		$	76.18		$	69.72

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:

	2023					2022					2021
(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		174,900		$	73.14		202,447		$	55.16		253,266		$	41.36
Granted		106,342		$	61.21		92,490		$	76.18		88,128		$	69.72
Vested		(73,459	)	$	69.72		(119,066	)	$	45.04		(129,666	)	$	37.87
Forfeited		(28,177	)	$	68.81		(971	)	$	60.42		(9,281	)	$	58.32
Nonvested shares outstanding at December 31		179,606		$	68.15		174,900		$	73.14		202,447		$	55.16
Total grant date fair value of PSA awards    vested during the year	$	5,122				$	5,363				$	4,910
Total fair value of PSA awards    vested during the year	$	3,694				$	6,735				$	12,015

Summary of Outstanding RSU Awards

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

	2023					2022					2021
(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		110,123		$	52.94		132,899		$	47.19		139,492		$	37.54
Granted		127,579		$	47.01		59,549		$	53.61		66,107		$	54.52
Vested		(44,607	)	$	52.79		(81,002	)	$	43.92		(68,606	)	$	34.50
Forfeited		(12,727	)	$	50.76		(1,323	)	$	58.48		(4,094	)	$	49.35
Nonvested shares outstanding at December 31		180,368		$	48.94		110,123		$	52.94		132,899		$	47.19
Total grant date fair value of RSU awards    vested during the year	$	2,355				$	3,557				$	2,367
Total fair value of RSU awards    vested during the year	$	2,150				$	3,634				$	4,130