Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Share Based Compensation [Abstract]

Share-based Compensation Activity

Share-based compensation activity during the three months ended March 31, 2021 included the following:

(Shares in thousands)	Granted		Vested		Forfeited
Performance Share Awards (PSAs)		88,128		—		1,450
Restricted Stock Units (RSUs)		32,870		—		1,484

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)	2021		2020
Equity-based compensation expense:
Performance share awards	$	1,224	$	1,158
Restricted stock units		665		708
Deferred compensation stock equivalent units expense		41		19
Total equity-based compensation expense	$	1,930	$	1,885
Total tax benefit recognized for equity-based expense	$	89	$	83

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 2021:

Stock price as of valuation date	$	53.53
Risk-free rate		0.18	%
Expected volatility		45.56	%
Expected dividend yield1		—
Expected term (years)		3.00

¹Full dividend reinvestment assumed.