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Equity-Based Compensation (Tables)

9 Months Ended

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 yield1		—
Expected term (years)		3.00

1 Full dividend reinvestment assumed.

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