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Common Equity (Tables) | 12 Months Ended
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Dec. 31, 2023
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) |  | 2023 |  | 2022 |  | 2021
Stock options |  | $ | 5.3 |  |  | $ | 6.5 |  |  | $ | 6.5 |
Restricted stock |  | 6.6 |  |  | 7.0 |  |  | 6.1 |
Performance units |  | (2.2) |  | (1) | 21.3 |  |  | 3.1 |
Stock-based compensation expense |  | $ | 9.7 |  |  | $ | 34.8 |  |  | $ | 15.7 |
Related tax benefit |  | $ | 2.7 |  |  | $ | 9.6 |  |  | $ | 4.3 |
(1) The reduction in expense was due to a decrease in the fair value of the outstanding performance units.
Schedule of stock option activity | The following is a summary of our stock option activity during 2023:
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, 2023 |  | 2,909,939 |  |  | $ | 77.03 |  |  |  |  |
Granted |  | 257,780 |  |  | 93.69 |  |  |  |  |
Exercised |  | (129,743) |  |  | 48.44 |  |  |  |  |
Forfeited |  | (17,053) |  |  | 93.34 |  |  |  |  |
Expired |  | (5,172) |  |  | 91.49 |  |  |  |  |
Outstanding as of December 31, 2023 |  | 3,015,751 |  |  | 79.57 |  |  | 5.7 |  | $ | 28.7 |
Exercisable as of December 31, 2023 |  | 2,052,968 |  |  | 73.03 |  |  | 4.6 |  | $ | 28.7 |
Schedule of restricted stock activity | The following restricted stock activity occurred during 2023:
Restricted Shares |  | Number of Shares |  | Weighted-Average Grant Date Fair Value
Outstanding and unvested as of January 1, 2023 |  | 89,885 |  |  | $ | 94.73 |
Granted |  | 75,453 |  |  | 93.69 |
Released |  | (61,782) |  |  | 94.75 |
Forfeited |  | (3,158) |  |  | 94.08 |
Outstanding and unvested as of December 31, 2023 |  | 100,398 |  |  | 93.95 |
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) |  | 2023 |  | 2022 |  | 2021
Shares purchased |  | 0.2 |  |  | 0.7 |  |  | 0.4 |
Cost of shares purchased |  | $ | 16.6 |  |  | $ | 69.2 |  |  | $ | 33.1 |
Schedule of common stock dividends declared | During the year ended December 31, 2023, our Board of Directors declared common stock dividends which are summarized below:
Date Declared |  | Date Payable |  | Per Share |  | Period
January 19, 2023 |  | March 1, 2023 |  | $0.78 |  | First quarter
April 20, 2023 |  | June 1, 2023 |  | $0.78 |  | Second quarter
July 20, 2023 |  | September 1, 2023 |  | $0.78 |  | Third quarter
October 19, 2023 |  | December 1, 2023 |  | $0.78 |  | Fourth quarter

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