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Equity-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Share-based Compensation Activity

Share-based compensation activity during the three months ended March 31, 2023, included the following:

 

 

 

Granted

 

 

Vested

 

 

Forfeited

 

Performance Share Awards (PSAs)

 

 

106,342

 

 

 

 

 

 

751

 

Restricted Stock Units (RSUs)

 

 

70,901

 

 

 

 

 

 

250

 

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

The following details compensation expense and the related income tax benefit for company specific equity-based awards:

 

 

 

Three Months Ended March 31,

 

(in thousands)

 

2023

 

 

2022

 

Equity-based compensation expense:

 

 

 

 

 

 

Performance share awards

 

$

1,421

 

 

$

1,298

 

Restricted stock units

 

 

809

 

 

 

709

 

Deferred compensation stock equivalent units expense

 

 

49

 

 

 

49

 

Total equity-based compensation expense

 

$

2,279

 

 

$

2,056

 

 

 

 

 

 

 

 

Total tax benefit recognized for equity-based expense

 

$

122

 

 

$

100

 

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 2023:

 

Stock price as of valuation date

 

$

47.55

 

Risk-free rate

 

 

4.14

%

Expected volatility

 

 

36.24

%

Expected dividend yield1

 

 

 

Expected term (years)

 

 

3.00

 

 

1

Full dividend reinvestment assumed.