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Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2016
Share-based Compensation [Abstract]  
Summary of Restricted Stock Activity
A summary of the Company’s restricted stock activity follows:
 
2016
 
2015
 
2014
 
Shares
 
Weighted Average Grant- Date Fair Value
 
Shares
 
Weighted Average Grant- Date Fair Value
 
Shares
 
Weighted Average Grant- Date Fair Value
Restricted stock at January 1
1,007,794

 
$
49.47

 
1,184,299

 
$
41.71

 
1,463,694

 
$
31.48

Granted
242,835

 
67.48

 
218,957

 
65.16

 
229,489

 
70.24

Vested (a)
(443,627
)
 
34.11

 
(389,481
)
 
32.77

 
(507,222
)
 
26.29

Forfeitures
(20,923
)
 
59.63

 
(5,981
)
 
66.42

 
(1,662
)
 
61.05

Restricted stock at December 31
786,079

 
$
63.44

 
1,007,794

 
$
49.47

 
1,184,299

 
$
41.71

___________
(a)
The total fair value of awards upon vesting for the years ended December 31, 2016, 2015, and 2014 was $28.8 million, $26.3 million, and $36.4 million, respectively.
Summary of Performance Units Activity
The awards are valued at the closing price of the Company’s stock on the grant date and expensed over the requisite service period based on the most probable number of awards expected to vest.
 
2016
 
2015
 
2014
 
Units
 
Weighted Average Grant- Date Fair Value
 
Units
 
Weighted Average Grant- Date Fair Value
 
Units
 
Weighted Average Grant-Date Fair Value
Performance units at January 1
175,675

 
$
59.94

 
127,489

 
$
58.25

 
70,600

 
$
47.83

Granted
77,017

 
67.57

 
53,102

 
65.04

 
56,889

 
71.19

Vested (a)
(20,604
)
 
57.58

 
(4,916
)
 
71.19

 
—

 
—

Performance units at December 31
232,088

 
$
62.68

 
175,675

 
$
59.94

 
127,489

 
$
58.25


___________
(a)
The total fair value of awards upon vesting for the year ended December 31, 2016 was $1.1 million. Upon vesting of the awards, PCA issued 21,111 shares of its common stock, which included 507 shares for dividends accrued during the vesting period.
Compensation Expense For Restricted Stock and Performance Units
Compensation expense for share-based awards recognized in the Consolidated Statements of Income, net of forfeitures was as follows (dollars in millions):
 
Year Ended December 31
 
2016
 
2015
 
2014
Restricted stock
$
15.8

 
$
15.2

 
$
13.8

Performance units
3.9

 
3.0

 
1.8

Impact on income before income taxes
19.7

 
18.2

 
15.6

Income tax benefit
(7.7
)
 
(7.1
)
 
(6.1
)
Impact on net income
$
12.0

 
$
11.1

 
$
9.5
Unrecognized Compensation For Restricted Stock and Performance Units
The unrecognized compensation expense for all share-based awards was as follows (dollars in millions):
 
December 31, 2016
 
Unrecognized Compensation Expense
 
Remaining Weighted Average Recognition Period (in years)
Restricted stock
$
27.1

 
2.7
Performance units
8.1

 
2.8
Total unrecognized share-based compensation expense
$
35.2

 
2.7