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Equity-Based Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2020
Share Based Compensation [Abstract] |
Details of Equity-Based Compensation Expense and Related Income Tax Benefit | The following table details our compensation expense and the related income tax benefit for the years ended December 31:
(in thousands) |  | 2020 |  |  | 2019 |  |  | 2018 |
Employee equity-based compensation expense: |  |  |  |  |  |  |  |  |  |  |  |
Performance stock awards |  | $ | 5,083 |  |  | $ | 4,605 |  |  | $ | 4,157 |
Restricted stock units |  |  | 2,904 |  |  |  | 2,595 |  |  |  | 2,024 |
Deferred compensation stock equivalent units expense |  |  | 76 |  |  |  | 72 |  |  |  | 213 |
Accelerated share-based termination benefits in connection with the merger |  |  | — |  |  |  | — |  |  |  | 1,812 |
Total equity-based compensation expense |  | $ | 8,063 |  |  | $ | 7,272 |  |  | $ | 8,206 |
Total tax benefit recognized for shared-based payment awards |  | $ | 357 |  |  | $ | 314 |  |  | $ | 332 |
Fair Value of Performance Share Awards | The following table presents the key inputs used in calculating the fair value of the PSAs and the resulting fair values:
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Stock price as of valuation date |  | $ | 42.16 |  |  | $ | 35.01 |  |  | $ | 54.00 |
Risk-free rate |  |  | 1.42 | % |  |  | 2.47 | % |  |  | 2.46 | %
Expected volatility |  |  | 25.74 | % |  |  | 25.15 | % |  |  | 23.74 | %
Expected dividend yield1 |  |  | — |  |  |  | — |  |  |  | 2.96 | %
Expected term (years) |  |  | 3.00 |  |  |  | 3.00 |  |  |  | 3.00 |
Fair value of a performance share |  | $ | 45.04 |  |  | $ | 37.87 |  |  | $ | 75.37 |
1 | Full dividend reinvestment assumed in 2020 and 2019.
Summary of Outstanding Performance Share Awards | The following table summarizes outstanding PSAs as of December 31 and the changes during each year:
|  | 2020 |  |  | 2019 |  |  | 2018 |
(in thousands, except per share amounts) |  | Shares |  |  | Weighted Average Grant Date Fair Value |  |  | Shares |  |  | Weighted Average Grant Date Fair Value |  |  | Shares |  |  | Weighted Average Grant Date Fair Value |
Nonvested shares outstanding at January 1 |  |  | 196,007 |  |  | $ | 50.15 |  |  |  | 142,238 |  |  | $ | 63.91 |  |  |  | 200,631 |  |  | $ | 39.19 |
Granted |  |  | 125,001 |  |  | $ | 45.04 |  |  |  | 142,066 |  |  | $ | 37.87 |  |  |  | 67,747 |  |  | $ | 75.37 |
Vested |  |  | (63,456 | ) |  | $ | 75.37 |  |  |  | (75,048 | ) |  | $ | 53.85 |  |  |  | (121,058 | ) |  | $ | 30.02 |
Forfeited |  |  | (4,286 | ) |  | $ | 47.07 |  |  |  | (13,249 | ) |  | $ | 45.35 |  |  |  | (5,082 | ) |  | $ | 47.90 |
Nonvested shares outstanding at December 31 |  |  | 253,266 |  |  | $ | 41.36 |  |  |  | 196,007 |  |  | $ | 50.15 |  |  |  | 142,238 |  |  | $ | 63.91 |
Total grant date fair value of PSAs vested during the year |  | $ | 4,783 |  |  |  |  |  |  | $ | 4,041 |  |  |  |  |  |  | $ | 3,634 |  |  |  |  |
Total fair value of PSAs vested during the year |  | $ | 3,968 |  |  |  |  |  |  | $ | 3,561 |  |  |  |  |  |  | $ | 6,397 |  |  |  |  |
Aggregate intrinsic value of nonvested PSAs at December 31 |  | $ | 12,668 |  |  |  |  |  |  | $ | 8,481 |  |  |  |  |  |  | $ | 4,500 |  |  |  |  |
Summary of Outstanding RSU Awards | The following table summarizes outstanding RSU awards as of December 31 and the changes during each year:
|  | 2020 |  |  | 2019 |  |  | 2018 |
(in thousands, except per share amounts) |  | Shares |  |  | Weighted Average Grant Date Fair Value |  |  | Shares |  |  | Weighted Average Grant Date Fair Value |  |  | Shares |  |  | Weighted Average Grant Date Fair Value |
Nonvested shares outstanding at January 1 |  |  | 127,471 |  |  | $ | 39.83 |  |  |  | 72,020 |  |  | $ | 47.66 |  |  |  | 67,871 |  |  | $ | 32.87 |
Granted |  |  | 68,263 |  |  | $ | 38.77 |  |  |  | 104,488 |  |  | $ | 36.80 |  |  |  | 49,193 |  |  | $ | 49.96 |
Vested |  |  | (52,908 | ) |  | $ | 44.48 |  |  |  | (43,102 | ) |  | $ | 45.51 |  |  |  | (41,350 | ) |  | $ | 26.33 |
Forfeited |  |  | (3,334 | ) |  | $ | 40.20 |  |  |  | (5,935 | ) |  | $ | 40.26 |  |  |  | (3,694 | ) |  | $ | 45.36 |
Nonvested shares outstanding at December 31 |  |  | 139,492 |  |  | $ | 37.54 |  |  |  | 127,471 |  |  | $ | 39.83 |  |  |  | 72,020 |  |  | $ | 47.66 |
Total grant date fair value of RSU awards vested during the year |  | $ | 2,354 |  |  |  |  |  |  | $ | 1,961 |  |  |  |  |  |  | $ | 1,089 |  |  |  |  |
Total fair value of RSU awards vested during the year |  | $ | 2,196 |  |  |  |  |  |  | $ | 1,771 |  |  |  |  |  |  | $ | 1,328 |  |  |  |  |
Aggregate intrinsic value of nonvested RSU awards at December 31 |  | $ | 6,977 |  |  |  |  |  |  | $ | 5,516 |  |  |  |  |  |  | $ | 2,279 |  |  |  |  |

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