Equity-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2020

Share-based compensation activity during the nine months ended September 30, 2020 included the following:

(Shares in thousands)	Granted		Vested		Forfeited
Performance Share Awards (PSAs)		125,001		—		4,286
Restricted Stock Units (RSUs)		68,263		28,671		1,429

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)	2020		2019		2020		2019
Equity-based compensation expense:
Performance share awards	$	1,315	$	1,186	$	3,716	$	3,417
Restricted stock units		729		705		2,155		1,892
Deferred compensation stock equivalent units expense		19		22		57		53
Total equity-based compensation expense	$	2,063	$	1,913	$	5,928	$	5,362

Total tax benefit recognized for equity-based expense	$	97	$	79	$	273	$	234

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