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Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-based Compensation Expense, Net of Forfeitures For the three months ended March 31, 2023 and 2022, stock-based compensation expense, net of forfeitures, was recorded as follows ($ in thousands):
Three Months Ended March 31,
20232022
Equity-classified awards:
Restricted stock$858 $780 
Market-based RSUs1,751 1,212 
Performance-based RSUs480 372 
Director grants385 332 
Employee Stock Purchase Plan37 52 
Total equity-classified award expense, net of forfeitures3,511 2,748 
Liability-classified awards
Time-vested RSUs61 132 
Dividend equivalent units— 15 
Total liability-classified award expense, net of forfeitures61 147 
Total stock-based compensation expense, net of forfeitures$3,572 $2,895 
Summary of grants of equity and liability classified award activity
The following table summarizes the grants of equity-classified awards made by the Company in the first quarter of 2023:
Shares and Targeted Units Granted
Market-based RSUs164,430 
Performance-based RSUs70,472 
Restricted stock164,221 
Summary of valuation assumptions
The Monte Carlo valuation used to determine the grant date fair value of the equity-classified Market-based RSUs included the following assumptions for those RSUs granted in the first quarter of 2023:
Assumptions for RSUs Granted
Volatility(1)40.50 %
Risk-free rate(2)4.35 %
Stock beta(3)1.03 %
(1) Based on historical volatility over three years using daily stock price.
(2) Reflects the yield on three-year Treasury bonds as reported by the Federal Reserve in the H.15 release.
(3) Betas are calculated with up to three years of daily stock price data.