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Common Equity (Tables) | 12 Months Ended
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Dec. 31, 2022
Stockholders' Equity Note [Abstract] |
Schedule of stock-based compensation expense and related 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) |  | 2022 |  | 2021 |  | 2020
Stock options |  | $ | 6.5 |  |  | $ | 6.5 |  |  | $ | 6.0 |
Restricted stock |  | 7.0 |  |  | 6.1 |  |  | 7.4 |
Performance units |  | 21.3 |  |  | 3.1 |  |  | 22.3 |
Stock-based compensation expense |  | $ | 34.8 |  |  | $ | 15.7 |  |  | $ | 35.7 |
Related tax benefit |  | $ | 9.6 |  |  | $ | 4.3 |  |  | $ | 9.8 |
Schedule of stock option activity | The following is a summary of our stock option activity during 2022:
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, 2022 |  | 3,111,907 |  |  | $ | 69.84 |  |  |  |  |
Granted |  | 437,269 |  |  | $ | 96.04 |  |  |  |  |
Exercised |  | (622,459) |  |  | $ | 54.05 |  |  |  |  |
Forfeited |  | (16,778) |  |  | $ | 92.16 |  |  |  |  |
Outstanding as of December 31, 2022 |  | 2,909,939 |  |  | $ | 77.03 |  |  | 6.2 |  | $ | 49.7 |
Exercisable as of December 31, 2022 |  | 1,807,644 |  |  | $ | 67.40 |  |  | 5.0 |  | $ | 47.8 |
Schedule of restricted stock activity | The following restricted stock activity occurred during 2022:
Restricted Shares |  | Number of Shares |  | Weighted-Average Grant Date Fair Value
Outstanding and unvested as of January 1, 2022 |  | 99,061 |  |  | $ | 88.89 |
Granted |  | 72,211 |  |  | $ | 96.04 |
Released |  | (76,109) |  |  | $ | 88.51 |
Forfeited |  | (5,278) |  |  | $ | 92.80 |
Outstanding and unvested as of December 31, 2022 |  | 89,885 |  |  | $ | 94.73 |
Schedule of shares purchased to fulfill exercised stock options and restricted stock awards | 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) |  | 2022 |  | 2021 |  | 2020
Shares purchased |  | 0.7 |  |  | 0.4 |  |  | 1.0 |
Cost of shares purchased |  | $ | 69.2 |  |  | $ | 33.1 |  |  | $ | 99.2 |
Schedule of common stock dividends declared | During the year ended December 31, 2022, our Board of Directors declared common stock dividends which are summarized below:
Date Declared |  | Date Payable |  | Per Share |  | Period
January 20, 2022 |  | March 1, 2022 |  | $0.7275 |  | First quarter
April 21, 2022 |  | June 1, 2022 |  | $0.7275 |  | Second quarter
July 21, 2022 |  | September 1, 2022 |  | $0.7275 |  | Third quarter
October 20, 2022 |  | December 1, 2022 |  | $0.7275 |  | Fourth quarter

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