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Equity-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Share-based Compensation Activity | Share-based compensation activity during the three months ended March 31, 2024, included the following:
|  | Granted |  |  | Vested |  |  | Forfeited |
Performance Share Awards (PSAs) |  |  | 130,536 |  |  |  | — |  |  |  | 1,344 |
Restricted Stock Units (RSUs) |  |  | 91,520 |  |  |  | 5,500 |  |  |  | 745 |
Details of Compensation Expense and Related Income Tax Benefit for Specific Equity-Based Awards | The following table details compensation expense and the related income tax benefit for company specific equity-based awards:
|  | Three Months Ended March 31, |
(in thousands) |  | 2024 |  |  | 2023 |
Equity-based compensation expense: |  |  |  |  |  |
Performance share awards |  | $ | 1,369 |  |  | $ | 1,421 |
Restricted stock units |  |  | 1,142 |  |  |  | 809 |
Deferred compensation stock equivalent units expense |  |  | 49 |  |  |  | 49 |
Total equity-based compensation expense |  | $ | 2,560 |  |  | $ | 2,279 |
Total tax benefit recognized for equity-based expense |  | $ | 159 |  |  | $ | 122 |
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 2024:
Stock price as of valuation date |  | $ | 44.67 |
Risk-free rate |  |  | 4.20 | %
Expected volatility |  |  | 27.71 | %
Expected dividend yield 1 |  |  | — |
Expected term (years) |  |  | 3.00 |
1 | Full dividend reinvestment assumed.

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