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Equity-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Share-based Compensation Activity | Share-based compensation activity during the nine months ended September 30, 2024 included the following:
|  | Granted |  |  | Vested |  |  | Forfeited |
Performance Share Awards (PSAs) |  |  | 130,536 |  |  |  | — |  |  |  | 2,767 |
Restricted Stock Units (RSUs) |  |  | 121,726 |  |  |  | 45,014 |  |  |  | 1,657 |
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 September 30, |  |  | Nine Months Ended September 30, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Equity-based compensation expense: |  |  |  |  |  |  |  |  |  |  |  |
Performance share awards |  | $ | 1,635 |  |  | $ | 1,483 |  |  | $ | 4,628 |  |  | $ | 3,623 |
Restricted stock units |  |  | 1,260 |  |  |  | 1,084 |  |  |  | 3,691 |  |  |  | 2,702 |
Deferred compensation stock equivalent units expense |  |  | 51 |  |  |  | 49 |  |  |  | 149 |  |  |  | 147 |
Total equity-based compensation expense |  | $ | 2,946 |  |  | $ | 2,616 |  |  | $ | 8,468 |  |  | $ | 6,472 |
Total tax benefit recognized for equity-based expense |  | $ | 197 |  |  | $ | 135 |  |  | $ | 554 |  |  | $ | 394 |
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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