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Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement, Noncash Expense [Abstract]

Summary of Restricted Stock and Performance Unit Award Activity

The following table presents restricted stock and performance unit award activity for the nine months ended September 30, 2021:

		Restricted Stock								Performance Units
		Shares				Weighted Average Grant- Date Fair Value				Shares				Weighted Average Grant- Date Fair Value
Outstanding at January 1, 2021			669,102			$	102.55				357,417			$	103.63
Granted			173,970				134.10				95,236				140.47
Vested (a)			(164,483	)			108.73				(74,894	)			134.53
Forfeitures			(6,692	)			110.47				(19,667	)			132.58
Outstanding at September 30, 2021			671,897			$	109.13				358,092			$	105.38

(a)Upon vesting of the performance unit awards, PCA issued 81,577 shares, which includes 6,683 shares for dividends accrued during the vesting period.

Compensation Expense for Share-Based Awards

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 September 30,								Nine Months Ended September 30,
		2021				2020				2021				2020
Restricted stock		$	3.9			$	3.2			$	18.4			$	16.8
Performance units			2.9				2.8				8.5				7.0
Total share-based compensation expense			6.8				6.0				26.9				23.8
Income tax benefit			(1.7	)			(1.5	)			(6.8	)			(6.0	)
Share-based compensation expense, net of tax benefit		$	5.1			$	4.5			$	20.1			$	17.8

Unrecognized Compensation Expense for Share-Based Awards

The unrecognized compensation expense for all share-based awards at September 30, 2021 was as follows (dollars in millions):

		September 30, 2021
		Unrecognized Compensation Expense				Remaining Weighted Average Recognition Period (in years)
Restricted stock		$	30.6				2.6
Performance units			21.6				2.3
Total unrecognized share-based compensation expense		$	52.2				2.5

X

- Definition

Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 2
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Tabular disclosure of the changes in outstanding nonvested shares.

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