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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2018
Share Based Compensation [Abstract] |
Summary of Restricted Stock Activity | A summary of the Company’s restricted stock activity follows:
|  | 2018 |  |  | 2017 |  |  | 2016 |
|  | 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 |  |  | 739,732 |  |  | $ | 77.23 |  |  |  | 786,079 |  |  | $ | 63.44 |  |  |  | 1,007,794 |  |  | $ | 49.47 |
Granted |  |  | 173,144 |  |  |  | 114.63 |  |  |  | 173,199 |  |  |  | 107.57 |  |  |  | 242,835 |  |  |  | 67.48 |
Vested (a) |  |  | (165,547 | ) |  |  | 72.84 |  |  |  | (213,992 | ) |  |  | 51.37 |  |  |  | (443,627 | ) |  |  | 34.11 |
Forfeitures |  |  | (3,738 | ) |  |  | 78.66 |  |  |  | (5,554 | ) |  |  | 69.03 |  |  |  | (20,923 | ) |  |  | 59.63 |
Restricted stock at December 31 |  |  | 743,591 |  |  | $ | 86.90 |  |  |  | 739,732 |  |  | $ | 77.23 |  |  |  | 786,079 |  |  | $ | 63.44 |
(a) | The total fair value of awards upon vesting for the years ended December 31, 2018, 2017, and 2016 was $18.9 million, $23.3 million, and $28.8 million, respectively.
Summary of Performance Units Activity | The ROIC performance unit 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. The TSR performance unit awards are valued using a Monte Carlo simulation, as the TSR component contains a market condition. A summary of the Company’s performance unit activity follows:
|  | 2018 |  |  | 2017 |  |  | 2016 |
|  | 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 |  |  | 226,558 |  |  | $ | 77.07 |  |  |  | 232,088 |  |  | $ | 62.68 |  |  |  | 175,675 |  |  | $ | 59.94 |
Granted |  |  | 83,515 |  |  |  | 115.35 |  |  |  | 53,070 |  |  |  | 108.19 |  |  |  | 77,017 |  |  |  | 67.57 |
Vested (a) |  |  | (43,369 | ) |  |  | 71.19 |  |  |  | (58,600 | ) |  |  | 56.08 |  |  |  | (20,604 | ) |  |  | 57.58 |
Performance units at December 31 |  |  | 266,704 |  |  | $ | 90.01 |  |  |  | 226,558 |  |  | $ | 77.07 |  |  |  | 232,088 |  |  | $ | 62.68 |
(a) | The total fair value of awards upon vesting for the years ended December 31, 2018, 2017, and 2016 was $5.4 million, $7.5 million, and $1.1 million, respectively. Upon vesting of the awards in 2018, 2017, and 2016, PCA issued 46,876 shares, 67,391 shares, and 21,111 shares, respectively. For 2018, 2017, and 2016, these amounts included 3,507 shares, 8,791 shares, and 507 shares, respectively, for dividends accrued during the vesting period.
Compensation Expense for Share-Based Awards | 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, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Restricted stock |  | $ | 18.6 |  |  | $ | 15.0 |  |  | $ | 15.8 |
Performance units |  |  | 4.9 |  |  |  | 5.6 |  |  |  | 3.9 |
Impact on income before income taxes |  |  | 23.5 |  |  |  | 20.6 |  |  |  | 19.7 |
Income tax benefit |  |  | (5.9 | ) |  |  | (7.9 | ) |  |  | (7.7 | )
Impact on net income |  | $ | 17.6 |  |  | $ | 12.7 |  |  | $ | 12.0 |
Unrecognized Compensation Expense for Share-Based Awards | The unrecognized compensation expense for all share-based awards was as follows (dollars in millions):
|  | December 31, 2018
|  | Unrecognized Compensation Expense |  |  | Remaining Weighted Average Recognition Period (in years)
Restricted stock |  | $ | 31.7 |  |  | 2.4
Performance units |  |  | 14.1 |  |  | 2.6
Total unrecognized share-based compensation expense |  | $ | 45.8 |  |  | 2.5

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- Definition Tabular disclosure of the amount of total share-based compensation cost, including the amounts attributable to each share-based compensation plan and any related tax benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the changes in outstanding nonvested performance-based units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 + Details
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