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Common Equity (Tables) | 12 Months Ended
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Dec. 31, 2020
Stockholders' Equity Note [Abstract] |
Schedule of stock-based compensation expense and related deferred tax benefit recognized in income | The following table summarizes our pre-tax stock-based compensation expense and the related tax benefit recognized in income for the years ended December 31:
(in millions) |  | 2020 |  | 2019 |  | 2018
Stock options |  | $ | 6.0 |  |  | $ | 4.4 |  |  | $ | 5.2 |
Restricted stock |  | 7.4 |  |  | 7.1 |  |  | 10.7 |
Performance units |  | 22.3 |  |  | 38.7 |  |  | 20.2 |
Stock-based compensation expense |  | $ | 35.7 |  |  | $ | 50.2 |  |  | $ | 36.1 |
Related tax benefit |  | $ | 9.8 |  |  | $ | 13.8 |  |  | $ | 9.9 |
Schedule of stock option activity | The following is a summary of our stock option activity during 2020:
Stock Options |  | Number of Options |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Life (in years) |  | Aggregate Intrinsic Value (in millions)
Outstanding as of January 1, 2020 |  | 3,249,918 |  |  | $ | 54.98 |  |  |  |  |
Granted |  | 554,594 |  |  | $ | 91.51 |  |  |  |  |
Exercised |  | (910,083) |  |  | $ | 48.10 |  |  |  |  |
Forfeited |  | (6,969) |  |  | $ | 71.08 |  |  |  |  |
Outstanding as of December 31, 2020 |  | 2,887,460 |  |  | $ | 64.13 |  |  | 6.4 |  | $ | 80.6 |
Exercisable as of December 31, 2020 |  | 1,461,537 |  |  | $ | 53.17 |  |  | 4.8 |  | $ | 56.8 |
Schedule of restricted stock activity | The following restricted stock activity occurred during 2020:
Restricted Shares |  | Number of Shares |  | Weighted-Average Grant Date Fair Value
Outstanding and unvested as of January 1, 2020 |  | 134,109 |  |  | $ | 66.48 |
Granted |  | 91,873 |  |  | $ | 91.54 |
Released |  | (122,043) |  |  | $ | 71.25 |
Forfeited |  | (2,852) |  |  | $ | 74.31 |
Outstanding and unvested as of December 31, 2020 |  | 101,087 |  |  | $ | 83.28 |
Schedule of shares repurchased | The following is a summary of shares purchased to fulfill exercised stock options and restricted stock awards during the years ended December 31:
(in millions) |  | 2020 |  | 2019 |  | 2018
Shares purchased |  | 1.0 |  |  | 1.8 |  |  | 1.1 |
Cost of shares purchased |  | $ | 99.2 |  |  | $ | 140.1 |  |  | $ | 72.4 |
Schedule of dividends declared | During the year ended December 31, 2020, our Board of Directors declared common stock dividends which are summarized below:
Date Declared |  | Date Payable |  | Per Share |  | Period
January 16, 2020 |  | March 1, 2020 |  | $0.6325 |  | First quarter
April 16, 2020 |  | June 1, 2020 |  | $0.6325 |  | Second quarter
July 16, 2020 |  | September 1, 2020 |  | $0.6325 |  | Third quarter
October 15, 2020 |  | December 1, 2020 |  | $0.6325 |  | Fourth quarter

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