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Equity-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Share-based Compensation Activity

Share-based compensation activity during the nine months ended September 30, 2022, included the following:

(Shares in thousands)		Granted				Vested				Forfeited
Performance Share Awards (PSAs)			92,490				—				971
Restricted Stock Units (RSUs)			58,549				39,594				1,323

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 September 30,								Nine Months Ended September 30,
(in thousands)		2022				2021				2022				2021
Equity-based compensation expense:
Performance share awards		$	1,535			$	1,416			$	4,351			$	4,012
Restricted stock units			825				805				2,335				2,197
Deferred compensation stock equivalent units expense			49				54				147				136
Total equity-based compensation expense		$	2,409			$	2,275			$	6,833			$	6,345
Total tax benefit recognized for equity-based expense		$	119			$	125			$	338			$	321

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 2022:

Stock price as of valuation date		$	55.02
Risk-free rate			1.79	%
Expected volatility			45.69	%
Expected dividend yield1			—
Expected term (years)			3.00

1 Full dividend reinvestment assumed.

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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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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