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Share-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2023
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, 2023:
|  | Restricted Stock |  |  | Performance Units |
|  | Shares |  |  | Weighted Average Grant- Date Fair Value |  |  | Shares |  |  | Weighted Average Grant- Date Fair Value |
Outstanding at January 1, 2023 |  |  | 655,914 |  |  | $ | 117.14 |  |  |  | 358,449 |  |  | $ | 109.89 |
Granted |  |  | 196,821 |  |  |  | 134.68 |  |  |  | 146,331 |  |  |  | 140.09 |
Vested (a) |  |  | (174,139 | ) |  |  | 97.86 |  |  |  | (132,003 | ) |  |  | 117.03 |
Forfeitures |  |  | (6,851 | ) |  |  | 129.73 |  |  |  | — |  |  |  | — |
Outstanding at September 30, 2023 |  |  | 671,745 |  |  | $ | 127.15 |  |  |  | 372,777 |  |  | $ | 119.22 |
(a) Upon payout of the performance unit awards that vested during the period, PCA issued 146,631 shares, which included 14,628 shares for dividends accrued during the performance 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, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Restricted stock |  | $ | 4.1 |  |  | $ | 4.1 |  |  | $ | 21.5 |  |  | $ | 18.7 |
Performance units |  |  | 3.6 |  |  |  | 3.1 |  |  |  | 11.0 |  |  |  | 10.0 |
Total share-based compensation expense |  |  | 7.7 |  |  |  | 7.2 |  |  |  | 32.5 |  |  |  | 28.7 |
Income tax benefit |  |  | (1.9 | ) |  |  | (1.8 | ) |  |  | (8.1 | ) |  |  | (7.2 | )
Share-based compensation expense, net of tax benefit |  | $ | 5.8 |  |  | $ | 5.4 |  |  | $ | 24.4 |  |  | $ | 21.5 |
Unrecognized Compensation Expense for Share-Based Awards | The unrecognized compensation expense for all share-based awards at September 30, 2023 was as follows (dollars in millions):
|  | September 30, 2023 |
|  | Unrecognized Compensation Expense |  |  | Remaining Weighted Average Recognition Period (in years) |
Restricted stock |  | $ | 31.7 |  |  |  | 2.6 |
Performance units |  |  | 26.1 |  |  |  | 2.4 |
Total unrecognized share-based compensation expense |  | $ | 57.8 |  |  |  | 2.5 |

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- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the changes in outstanding nonvested shares. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of cost not yet recognized and weighted-average period over which cost is expected to be recognized for nonvested award under share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (i) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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