Equity-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement, Noncash Expense [Abstract]

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

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)	2024		2023		2022
Employee equity-based compensation expense:
Performance stock awards	$	6,010	$	5,101	$	5,887
Restricted stock units		4,802		3,818		3,107
Deferred compensation stock equivalent units expense		198		196		196
Total equity-based compensation expense	$	11,010	$	9,115	$	9,190
Total tax benefit recognized for share-based payment awards	$	656	$	549	$	457

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,
	2024			2023			2022
Stock price as of valuation date	$	44.67		$	47.55		$	55.02
Risk-free rate		4.20	%		4.14	%		1.79	%
Expected volatility		27.71	%		36.24	%		45.69	%
Expected dividend yield1		—			—			—
Expected term (years)		3.00			3.00			3.00
Fair value of a performance share	$	52.92		$	61.21		$	76.18

1. Full dividend reinvestment assumed.

Summary of Outstanding Performance Share Awards

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

	2024					2023					2022
(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		179,606		$	68.15		174,900		$	73.14		202,447		$	55.16
Granted		130,536		$	52.92		106,342		$	61.21		92,490		$	76.18
Vested		(81,421	)	$	76.15		(73,459	)	$	69.72		(119,066	)	$	45.04
Forfeited		(10,850	)	$	60.23		(28,177	)	$	68.81		(971	)	$	60.42
Nonvested shares outstanding at December 31		217,871		$	56.42		179,606		$	68.15		174,900		$	73.14
Total grant date fair value of PSA awards    vested during the year	$	6,200				$	5,122				$	5,363
Total fair value of PSA awards    vested during the year	$	2,514				$	3,694				$	6,735

Summary of Outstanding RSU Awards

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

	2024					2023					2022
(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		180,368		$	48.94		110,123		$	52.94		132,899		$	47.19
Granted		138,126		$	44.03		127,579		$	47.01		59,549		$	53.61
Vested		(74,150	)	$	50.36		(44,607	)	$	52.79		(81,002	)	$	43.92
Forfeited		(8,608	)	$	46.69		(12,727	)	$	50.76		(1,323	)	$	58.48
Nonvested shares outstanding at December 31		235,736		$	45.75		180,368		$	48.94		110,123		$	52.94
Total grant date fair value of RSU awards    vested during the year	$	3,734				$	2,355				$	3,557
Total fair value of RSU awards    vested during the year	$	3,066				$	2,150				$	3,634