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Share-Based Compensation | 3 Months Ended
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Mar. 31, 2018
Share Based Compensation [Abstract] |
Share-Based Compensation |
14. | Share-Based Compensation
The Company has a long-term equity incentive plan, which allows for grants of restricted stock, performance awards, stock appreciation rights, and stock options to directors, officers, and employees, as well as others who engage in services for PCA. The plan, as amended, terminates May 1, 2023 and authorizes 10.6 million shares of common stock for grant over the life of the plan. As of March 31, 2018, 1.0 million shares were available for future grants under the plan. Forfeitures are added back to the pool of shares of common stock available to be granted at a future date. The following table presents restricted stock and performance unit award activity for the three months ended March 31, 2018:
|  | Restricted Stock |  |  | Performance Units |
|  | Shares |  |  | Weighted Average Grant- Date Fair Value |  |  | Shares |  |  | Weighted Average Grant- Date Fair Value |
Outstanding at January 1, 2018 |  |  | 739,732 |  |  | $ | 77.23 |  |  |  | 226,558 |  |  | $ | 77.07 |
Granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Vested |  |  | (3,194 | ) |  |  | 74.23 |  |  |  | — |  |  |  | — |
Forfeitures |  |  | (1,182 | ) |  |  | 78.05 |  |  |  | — |  |  |  | — |
Outstanding at March 31, 2018 |  |  | 735,356 |  |  | $ | 77.24 |  |  |  | 226,558 |  |  | $ | 77.07 |
Compensation Expense Our share-based compensation expense is recorded in "Selling, general, and administrative expenses." Compensation expense for share-based awards recognized in the Consolidated Statements of Income, net of forfeitures, was as follows (dollars in millions):
|  | Three Months Ended March 31, |
|  | 2018 |  |  | 2017 |
Restricted stock |  | $ | 3.9 |  |  | $ | 3.4 |
Performance units |  |  | 1.2 |  |  |  | 1.2 |
Total share-based compensation expense |  |  | 5.1 |  |  |  | 4.6 |
Income tax benefit |  |  | (1.3 | ) |  |  | (1.8 | )
Share-based compensation expense, net of tax benefit |  | $ | 3.8 |  |  | $ | 2.8 |
The fair value of restricted stock and performance units is determined based on the closing price of the Company’s common stock on the grant date. As PCA’s Board of Directors has the ability to accelerate vesting of share-based awards upon an employee’s retirement, the Company accelerates the recognition of compensation expense for certain employees approaching normal retirement age. The unrecognized compensation expense for all share-based awards at March 31, 2018 was as follows (dollars in millions):
|  | March 31, 2018 |
|  | Unrecognized Compensation Expense |  |  | Remaining Weighted Average Recognition Period (in years) |
Restricted stock |  | $ | 26.7 |  |  | 2.3 |
Performance units |  |  | 8.7 |  |  |  | 2.6 |
Total unrecognized share-based compensation expense |  | $ | 35.4 |  |  |  | 2.4 |

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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