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Equity-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Share-based Compensation Activity | Share-based compensation activity during the three months ended March 31, 2023, included the following:
|  | Granted |  |  | Vested |  |  | Forfeited |
Performance Share Awards (PSAs) |  |  | 106,342 |  |  |  | — |  |  |  | 751 |
Restricted Stock Units (RSUs) |  |  | 70,901 |  |  |  | — |  |  |  | 250 |
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 March 31, |
(in thousands) |  | 2023 |  |  | 2022 |
Equity-based compensation expense: |  |  |  |  |  |
Performance share awards |  | $ | 1,421 |  |  | $ | 1,298 |
Restricted stock units |  |  | 809 |  |  |  | 709 |
Deferred compensation stock equivalent units expense |  |  | 49 |  |  |  | 49 |
Total equity-based compensation expense |  | $ | 2,279 |  |  | $ | 2,056 |
Total tax benefit recognized for equity-based expense |  | $ | 122 |  |  | $ | 100 |
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 2023:
Stock price as of valuation date |  | $ | 47.55 |
Risk-free rate |  |  | 4.14 | %
Expected volatility |  |  | 36.24 | %
Expected dividend yield 1 |  |  | — |
Expected term (years) |  |  | 3.00 |
1 | Full dividend reinvestment assumed.

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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