Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2019

Share-based compensation activity during the three months ended March 31, 2019 included the following:

(Shares in thousands)	Granted		Vested
Restricted Stock Units (RSUs)		47,350		1,000
Performance Share Awards (PSAs)		142,066		—

The following table details equity-based compensation expense and the related income tax benefit.

	Three Months Ended March 31,
(in thousands)	2019		2018
Equity-based compensation expense:
Performance share awards	$	1,044	$	936
Restricted stock units		557		480
Deferred compensation stock equivalent units expense		16		185
Accelerated share-based termination benefits in connection with the merger		—		1,678
Total equity-based compensation expense	$	1,617	$	3,279

Total tax benefit recognized for share-based expense	$	72	$	111

The following table presents the key inputs used in the Monte Carlo simulation to calculate the fair value of the performance share awards in 2019:

Stock price as of valuation date	$	35.01
Risk-free rate		2.47	%
Expected volatility		25.15	%
Expected dividend yield (assuming full reinvestment)		—
Expected term (years)		3.00