Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Share-based Compensation Activity

Share-based compensation activity during the six months ended June 30, 2025 included the following:

	Granted		Vested		Forfeited
Performance Share Awards (PSAs)		122,251		—		1,249
Restricted Stock Units (RSUs)		113,263		29,206		824

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 June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
Equity-based compensation expense:
Performance share awards	$	1,725	$	1,624	$	3,156	$	2,993
Restricted stock units		1,448		1,289		2,754		2,431
Deferred compensation stock equivalent units expense		22		49		44		98
Total equity-based compensation expense	$	3,195	$	2,962	$	5,954	$	5,522
Total tax benefit recognized for equity-based expense	$	207	$	198	$	389	$	357

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 2025:

Stock price as of valuation date	$	45.19
Risk-free rate		4.18	%
Expected volatility		26.64	%
Expected dividend yield1		—
Expected term (years)		3.00

1.Full dividend reinvestment assumed.