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Equity-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Share-based Compensation Activity

Share-based compensation activity during the three months ended March 31, 2025 included the following:

 

 

 

Granted

 

 

Vested

 

 

Forfeited

 

Performance Share Awards (PSAs)

 

 

122,251

 

 

 

 

 

 

625

 

Restricted Stock Units (RSUs)

 

 

81,502

 

 

 

500

 

 

 

414

 

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)

 

2025

 

 

2024

 

Equity-based compensation expense:

 

 

 

 

 

 

Performance share awards

 

$

1,431

 

 

$

1,369

 

Restricted stock units

 

 

1,306

 

 

 

1,142

 

Deferred compensation stock equivalent units expense

 

 

22

 

 

 

49

 

Total equity-based compensation expense

 

$

2,759

 

 

$

2,560

 

 

 

 

 

 

 

 

Total tax benefit recognized for equity-based expense

 

$

182

 

 

$

159

 

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 2025:

 

Stock price as of valuation date

$

45.19

 

Risk-free rate

 

4.18

%

Expected volatility

 

26.64

%

Expected dividend yield1

 

 

Expected term (years)

 

3.00

 

 

1.
Full dividend reinvestment assumed.