Equity-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2019

Share-based compensation activity during the nine months ended September 30, 2019 included the following:

(Shares in thousands)	Granted		Vested		Forfeited
Performance Share Awards (PSAs)		142		—		6
Restricted Stock Units (RSUs)		102		19		2

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

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2019		2018		2019		2018
Equity-based compensation expense:
Performance share awards	$	1,186	$	1,074	$	3,417	$	3,084
Restricted stock units		705		536		1,892		1,470
Deferred compensation stock equivalent units expense		22		16		53		197
Accelerated share-based termination benefits in connection with the merger		—		3		—		1,767
Total equity-based compensation expense	$	1,913	$	1,629	$	5,362	$	6,518

Total tax benefit recognized for equity-based expense	$	79	$	74	$	234	$	258

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