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Equity-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2020
Share Based Compensation [Abstract]  
Share-based Compensation Activity Share-based compensation activity during the three months ended March 31, 2020 included the following:

(Shares in thousands)

 

Granted

 

 

Vested

 

 

Forfeited

 

Performance Share Awards (PSAs)

 

 

125,001

 

 

 

—

 

 

 

—

 

Restricted Stock Units (RSUs)

 

 

41,664

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

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

 

 

Three Months Ended March 31,

 

(in thousands)

2020

 

 

2019

 

Equity-based compensation expense:

 

 

 

 

 

 

 

Performance share awards

$

1,158

 

 

$

1,044

 

Restricted stock units

 

708

 

 

 

557

 

Deferred compensation stock equivalent units expense

 

19

 

 

 

16

 

Total equity-based compensation expense

$

1,885

 

 

$

1,617

 

 

 

 

 

 

 

 

 

Total tax benefit recognized for equity-based expense

$

83

 

 

$

72

 

 

 

 

 

 

 

 

 
Fair Value of Performance Share Awards

The following table presents the key inputs used in the Monte Carlo simulation to calculate the fair value of the performance share awards in 2020:

 

Stock price as of valuation date

 

$

42.16

 

Risk-free rate

 

 

1.42

%

Expected volatility

 

 

25.74

%

Expected dividend yield (assuming full reinvestment)

 

 

—

 

Expected term (years)

 

 

3.00