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Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Summary of Restricted Stock Activity

A summary of the Company’s restricted stock activity follows:

		2022								2021								2020
		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			651,448			$	109.16				669,102			$	102.55				716,952			$	94.50
Granted			175,047				145.63				173,970				134.10				204,960				94.25
Vested (a)			(153,171	)			115.33				(182,779	)			108.59				(244,823	)			72.11
Forfeitures			(17,410	)			120.68				(8,845	)			111.73				(7,987	)			99.94
Restricted stock at December 31			655,914			$	117.14				651,448			$	109.16				669,102			$	102.55

(a)The total fair value of awards upon vesting for the years ended December 31, 2022, 2021, and 2020 was $21.8 million, $24.8 million, and $23.6 million, respectively.

Summary of Performance Units Activity

A summary of the Company’s performance unit activity follows:

		2022								2021								2020
		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			358,092			$	105.38				357,417			$	103.63				323,147			$	96.56
Granted			133,017				148.71				95,236				140.47				111,287				99.20
Vested (b)			(132,404	)			136.62				(74,894	)			134.53				(77,017	)			67.57
Forfeitures			(256	)			145.26				(19,667	)			132.58				—				—
Performance units at December 31			358,449			$	109.89				358,092			$	105.38				357,417			$	103.63

(b)The total fair value of awards upon vesting, including dividends, for the years ended December 31, 2022, 2021, and 2020 was $19.7 million, $11.0 million, and $8.5 million, respectively. Upon vesting of the awards in 2022, 2021, and 2020, PCA issued 144,193 shares, 81,577 shares, and 86,015 shares, respectively. For 2022, 2021, and 2020, these amounts included 11,789 shares, 6,683 shares, and 8,998 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,
		2022				2021				2020
Restricted stock		$	22.5			$	23.0			$	20.1
Performance units			13.1				12.5				9.9
Impact on income before income taxes			35.6				35.5				30.0
Income tax benefit			(8.9	)			(8.9	)			(7.6	)
Impact on net income		$	26.7			$	26.6			$	22.4

Unrecognized Compensation Expense for Share-Based Awards

The unrecognized compensation expense for all share-based awards was as follows (dollars in millions):

		December 31, 2022
		Unrecognized Compensation Expense				Remaining Weighted Average Recognition Period (in years)
Restricted stock		$	27.3			2.4
Performance units			19.7			2.2
Total unrecognized share-based compensation expense		$	47.0				2.3

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)
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Tabular disclosure of the changes in outstanding nonvested performance-based units.

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