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Common Equity (Tables) | 12 Months Ended
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Dec. 31, 2024
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) |  | 2024 |  | 2023 |  | 2022
Stock options |  | $ | 4.9 |  |  | $ | 5.3 |  |  | $ | 6.5 |
Restricted stock |  | 7.6 |  |  | 6.6 |  |  | 7.0 |
Performance units |  | 26.8 |  |  | (2.2) |  | (1) | 21.3 |
Stock-based compensation expense |  | $ | 39.3 |  |  | $ | 9.7 |  |  | $ | 34.8 |
Related tax benefit |  | $ | 10.8 |  |  | $ | 2.7 |  |  | $ | 9.6 |
(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 2024:
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, 2024 |  | 3,015,751 |  |  | $ | 79.57 |  |  |  |  |
Granted |  | 294,990 |  |  | 84.92 |  |  |  |  |
Exercised |  | (380,412) |  |  | 62.20 |  |  |  |  |
Forfeited |  | (10,286) |  |  | 91.82 |  |  |  |  |
Expired |  | (3,141) |  |  | 91.34 |  |  |  |  |
Outstanding as of December 31, 2024 |  | 2,916,902 |  |  | 82.32 |  |  | 5.4 |  | $ | 35.0 |
Exercisable as of December 31, 2024 |  | 2,182,660 |  |  | 79.16 |  |  | 4.6 |  | $ | 32.7 |
Schedule of restricted stock activity | The following restricted stock activity occurred during 2024:
Restricted Shares |  | Number of Shares |  | Weighted-Average Grant Date Fair Value
Outstanding and unvested as of January 1, 2024 |  | 100,398 |  |  | $ | 93.95 |
Granted |  | 108,484 |  |  | 84.96 |
Released |  | (99,941) |  |  | 91.07 |
Forfeited |  | (3,699) |  |  | 88.56 |
Outstanding and unvested as of December 31, 2024 |  | 105,242 |  |  | 87.61 |
Schedule of Common Stock Outstanding | We had the following changes to our outstanding common stock during the year ended December 31, 2024 :
Common stock shares outstanding at beginning of period |  | 315,434,531 |
Shares issued: |  |
At-the-market offering program |  | 1,030,674 |
Stock-based compensation |  | 455,474 |
401(k) |  | 336,800 |
Stock investment plan |  | 423,376 |
Common stock shares outstanding at end of period |  | 317,680,855 |
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, except share amounts) |  | 2024 |  | 2023 |  | 2022
Shares purchased |  | 23,292 |  |  | 182,795 |  |  | 687,416 |
Cost of shares purchased |  | $ | 3.2 |  |  | $ | 16.6 |  |  | $ | 69.2 |
Schedule of common stock dividends declared | During the year ended December 31, 2024, our Board of Directors declared common stock dividends which are summarized below:
Date Declared |  | Date Payable |  | Per Share |  | Period
January 18, 2024 |  | March 1, 2024 |  | $0.835 |  | First quarter
April 18, 2024 |  | June 1, 2024 |  | $0.835 |  | Second quarter
July 18, 2024 |  | September 1, 2024 |  | $0.835 |  | Third quarter
October 17, 2024 |  | December 1, 2024 |  | $0.835 |  | Fourth quarter

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