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Equity-Based Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement, Noncash Expense [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 company specific equity awards for the year ended December 31:
(in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Employee equity-based compensation expense: |  |  |  |  |  |  |  |  |
Performance stock awards |  | $ | 5,101 |  |  | $ | 5,887 |  |  | $ | 5,381 |
Restricted stock units |  |  | 3,818 |  |  |  | 3,107 |  |  |  | 3,041 |
Deferred compensation stock equivalent units expense |  |  | 196 |  |  |  | 196 |  |  |  | 185 |
Total equity-based compensation expense |  | $ | 9,115 |  |  | $ | 9,190 |  |  | $ | 8,607 |
Total tax benefit recognized for share-based payment awards |  | $ | 549 |  |  | $ | 457 |  |  | $ | 428 |
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, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Stock price as of valuation date |  | $ | 47.55 |  |  | $ | 55.02 |  |  | $ | 53.53 |
Risk-free rate |  |  | 4.14 | % |  |  | 1.79 | % |  |  | 0.18 | %
Expected volatility |  |  | 36.24 | % |  |  | 45.69 | % |  |  | 45.56 | %
Expected dividend yield 1 |  |  | — |  |  |  | — |  |  |  | — |
Expected term (years) |  |  | 3.00 |  |  |  | 3.00 |  |  |  | 3.00 |
Fair value of a performance share |  | $ | 61.21 |  |  | $ | 76.18 |  |  | $ | 69.72 |
1 | Full dividend reinvestment assumed.
Summary of Outstanding Performance Share Awards | he following table summarizes outstanding PSAs as of December 31 and the changes during each year:
|  | 2023 |  |  | 2022 |  |  | 2021 |
(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 |  |  | 174,900 |  |  | $ | 73.14 |  |  |  | 202,447 |  |  | $ | 55.16 |  |  |  | 253,266 |  |  | $ | 41.36 |
Granted |  |  | 106,342 |  |  | $ | 61.21 |  |  |  | 92,490 |  |  | $ | 76.18 |  |  |  | 88,128 |  |  | $ | 69.72 |
Vested |  |  | (73,459 | ) |  | $ | 69.72 |  |  |  | (119,066 | ) |  | $ | 45.04 |  |  |  | (129,666 | ) |  | $ | 37.87 |
Forfeited |  |  | (28,177 | ) |  | $ | 68.81 |  |  |  | (971 | ) |  | $ | 60.42 |  |  |  | (9,281 | ) |  | $ | 58.32 |
Nonvested shares outstanding at December 31 |  |  | 179,606 |  |  | $ | 68.15 |  |  |  | 174,900 |  |  | $ | 73.14 |  |  |  | 202,447 |  |  | $ | 55.16 |
Total grant date fair value of PSA awards vested during the year |  | $ | 5,122 |  |  |  |  |  | $ | 5,363 |  |  |  |  |  | $ | 4,910 |  |  |  |
Total fair value of PSA awards vested during the year |  | $ | 3,694 |  |  |  |  |  | $ | 6,735 |  |  |  |  |  | $ | 12,015 |  |  |  |
Summary of Outstanding RSU Awards | The following table summarizes outstanding RSU awards as of December 31 and the changes during each year:
|  | 2023 |  |  | 2022 |  |  | 2021 |
(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 |  |  | 110,123 |  |  | $ | 52.94 |  |  |  | 132,899 |  |  | $ | 47.19 |  |  |  | 139,492 |  |  | $ | 37.54 |
Granted |  |  | 127,579 |  |  | $ | 47.01 |  |  |  | 59,549 |  |  | $ | 53.61 |  |  |  | 66,107 |  |  | $ | 54.52 |
Vested |  |  | (44,607 | ) |  | $ | 52.79 |  |  |  | (81,002 | ) |  | $ | 43.92 |  |  |  | (68,606 | ) |  | $ | 34.50 |
Forfeited |  |  | (12,727 | ) |  | $ | 50.76 |  |  |  | (1,323 | ) |  | $ | 58.48 |  |  |  | (4,094 | ) |  | $ | 49.35 |
Nonvested shares outstanding at December 31 |  |  | 180,368 |  |  | $ | 48.94 |  |  |  | 110,123 |  |  | $ | 52.94 |  |  |  | 132,899 |  |  | $ | 47.19 |
Total grant date fair value of RSU awards vested during the year |  | $ | 2,355 |  |  |  |  |  | $ | 3,557 |  |  |  |  |  | $ | 2,367 |  |  |  |
Total fair value of RSU awards vested during the year |  | $ | 2,150 |  |  |  |  |  | $ | 3,634 |  |  |  |  |  | $ | 4,130 |  |  |  |

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