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Equity-Based Compensation (Tables) | 3 Months Ended
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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.

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