Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Share-based Compensation Activity

Share-based compensation activity during the three months ended March 31, 2024, included the following:

	Granted		Vested		Forfeited
Performance Share Awards (PSAs)		130,536		—		1,344
Restricted Stock Units (RSUs)		91,520		5,500		745

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 March 31,
(in thousands)	2024		2023
Equity-based compensation expense:
Performance share awards	$	1,369	$	1,421
Restricted stock units		1,142		809
Deferred compensation stock equivalent units expense		49		49
Total equity-based compensation expense	$	2,560	$	2,279
Total tax benefit recognized for equity-based expense	$	159	$	122

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 2024:

Stock price as of valuation date	$	44.67
Risk-free rate		4.20	%
Expected volatility		27.71	%
Expected dividend yield1		—
Expected term (years)		3.00

1 Full dividend reinvestment assumed.