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Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

Share Based Compensation [Abstract]

Share-based Compensation Activity

Share-based compensation activity during the six months ended June 30, 2021 included the following:

(Shares in thousands)		Granted				Vested				Forfeited
Performance Share Awards (PSAs)			88,128				—				1,450
Restricted Stock Units (RSUs)			46,997				23,599				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 June 30,								Six Months Ended June 30,
(in thousands)		2021				2020				2021				2020
Equity-based compensation expense:
Performance share awards		$	1,372			$	1,243			$	2,596			$	2,401
Restricted stock units			727				718				1,392				1,426
Deferred compensation stock equivalent units expense			41				19				82				38
Total equity-based compensation expense		$	2,140			$	1,980			$	4,070			$	3,865
Total tax benefit recognized for equity-based expense		$	107			$	93			$	196			$	176

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

¹ Full dividend reinvestment assumed.

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Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value.

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