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Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

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, 2022:

		Restricted Stock								Performance Units
		Shares				Weighted Average Grant- Date Fair Value				Shares				Weighted Average Grant- Date Fair Value
Outstanding at January 1, 2022			651,448			$	109.16				358,092			$	105.38
Granted			175,047				145.63				133,017				148.71
Vested (a)			(151,087	)			115.46				(132,404	)			136.62
Forfeitures			(14,245	)			120.47				(256	)			145.26
Outstanding at September 30, 2022			661,163			$	117.13				358,449			$	109.89

(a)Upon vesting of the performance unit awards, PCA issued 144,193 shares, which included 11,789 shares for dividends accrued during the vesting period.

Compensation Expense for Share-Based Awards

Our share-based compensation expense is primarily 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,
		2022				2021				2022				2021
Restricted stock		$	4.1			$	3.9			$	18.7			$	18.4
Performance units			3.1				2.9				10.0				8.5
Total share-based compensation expense			7.2				6.8				28.7				26.9
Income tax benefit			(1.8	)			(1.7	)			(7.2	)			(6.8	)
Share-based compensation expense, net of tax benefit		$	5.4			$	5.1			$	21.5			$	20.1

Unrecognized Compensation Expense for Share-Based Awards

The unrecognized compensation expense for all share-based awards at September 30, 2022 was as follows (dollars in millions):

		September 30, 2022
		Unrecognized Compensation Expense				Remaining Weighted Average Recognition Period (in years)
Restricted stock		$	31.4				2.6
Performance units			22.8				2.3
Total unrecognized share-based compensation expense		$	54.2				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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

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- Definition

Tabular disclosure of the changes in outstanding nonvested shares.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 718
-SubTopic 10
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+ References

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