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Equity-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Share-based Compensation Activity

Share-based compensation activity during the nine months ended September 30, 2025 included the following:

 

 

 

Granted

 

 

Vested

 

 

Forfeited

 

Performance Share Awards (PSAs)

 

 

122,251

 

 

 

 

 

 

3,813

 

Restricted Stock Units (RSUs)

 

 

113,263

 

 

 

42,511

 

 

 

2,523

 

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)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Equity-based compensation expense:

 

 

 

 

 

 

 

 

 

 

 

 

Performance share awards

 

$

1,722

 

 

$

1,635

 

 

$

4,878

 

 

$

4,628

 

Restricted stock units

 

 

1,415

 

 

 

1,260

 

 

 

4,169

 

 

 

3,691

 

Deferred compensation stock equivalent units expense

 

 

22

 

 

 

51

 

 

 

66

 

 

 

149

 

Total equity-based compensation expense

 

$

3,159

 

 

$

2,946

 

 

$

9,113

 

 

$

8,468

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total tax benefit recognized for equity-based expense

 

$

195

 

 

$

197

 

 

$

584

 

 

$

554

 

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.