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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Stock Option Activity | The following summarizes stock option activity:
| Option Shares |  | Weighted Average Exercise Price
(in millions, except per share data) | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
Outstanding, at beginning of year | 1.4 |  |  | 2.0 |  |  | 2.3 |  |  | $ | 23.58 |  |  | $ | 17.52 |  |  | $ | 13.87 |
Granted | 0.2 |  |  | 0.2 |  |  | 0.3 |  |  | 35.80 |  |  | 42.84 |  |  | 27.82 |
Exercised | (0.4) |  |  | (0.8) |  |  | (0.6) |  |  | 16.09 |  |  | 12.12 |  |  | 7.85 |
Canceled or expired | — |  |  | — |  |  | — |  |  | 33.89 |  |  | 30.76 |  |  | 26.44 |
Outstanding, at end of year | 1.2 |  |  | 1.4 |  |  | 2.0 |  |  | $ | 27.40 |  |  | $ | 23.58 |  |  | $ | 17.52 |
Exercisable, at end of year | 0.8 |  |  | 1.0 |  |  | 1.5 |  |  | $ | 23.60 |  |  | $ | 19.15 |  |  | $ | 14.37 |
Summary of Information Concerning Stock Options Outstanding | The following table summarizes information for stock options outstanding as of December 31, 2022 under all plans:
| Options Outstanding |  | Options Exercisable
Range of Exercise Prices | Shares |  | Weighted Average Remaining Life |  | Weighted Average Exercise Price |  | Shares |  | Weighted Average Exercise Price
| (in millions) |  | (in years) |  |  |  | (in millions) |  |
$5.01 — 10.00 | 0.0 |  | 0.4 |  | $ | 8.40 |  |  | 0.0 |  | $ | 8.40 |
10.01 — 15.00 | 0.1 |  |  | 3.0 |  | 12.88 |  |  | 0.1 |  |  | 12.88 |
15.01 — 20.00 | 0.1 |  |  | 3.9 |  | 16.82 |  |  | 0.1 |  |  | 16.82 |
20.01 — 25.00 | 0.2 |  |  | 5.3 |  | 23.14 |  |  | 0.2 |  |  | 23.14 |
25.01 — 30.00 | 0.4 |  |  | 6.8 |  | 27.58 |  |  | 0.3 |  |  | 27.53 |
30.01 — 35.00 | — |  |  | 0.0 |  | — |  |  | — |  |  | — |
35.01 — 40.00 | 0.2 |  |  | 9.3 |  | 35.80 |  |  | — |  |  | — |
40.01 — 45.00 | 0.2 |  |  | 8.2 |  | 42.86 |  |  | 0.1 |  |  | 42.86 |
| 1.2 |  |  | 6.4 |  | $ | 27.40 |  |  | 0.8 |  |  | $ | 23.60 |
Summary of Restricted Stock Grants | The following table summarizes restricted stock activity for the year ended December 31, 2022:
| Number of Restricted Shares |  | Weighted Average Price per Share
| (in millions) |  |
Outstanding and non-vested, at December 31, 2021 | 0.2 |  |  | $ | 32.15 |
Granted | 0.2 |  |  | 35.60 |
Vested | (0.1) |  |  | 28.35 |
Forfeited | — |  |  | 34.99 |
Outstanding and non-vested, at December 31, 2022 | 0.3 |  |  | $ | 34.93 |
Equity Option |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Assumptions Used to Calculate Fair Value | The fair value of each option grant was estimated using the Black-Scholes option pricing model with the following weighted average assumptions:
| 2022 |  | 2021 |  | 2020
Expected dividend yield | 1.0 | % |  | 0.8 | % |  | 1.2 | %
Expected volatility | 32.7 | % |  | 33.0 | % |  | 33.0 | %
Risk-free interest rate | 3.0 | % |  | 1.1 | % |  | 0.5 | %
Expected option life in years | 6.9 |  | 6.4 |  | 6.2
PSUs |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Schedule of Share-based Compensation, Activity | The following table summarizes PSU activity for the year ended December 31, 2022:
| Number of PSUs |  | Weighted Average Price per Share
| (in millions) |  |
Outstanding and non-vested, at December 31, 2021 | 0.2 |  |  | $ | 34.87 |
Granted (a) | 0.1 |  |  | 35.82 |
Vested | (0.1) |  |  | 28.04 |
Forfeited | — |  |  | 37.97 |
Outstanding and non-vested, at December 31, 2022 | 0.2 |  |  | $ | 39.83 |
(a) Includes the effect of the PSUs granted in 2020 being earned at 125% of target.
Assumptions used to Calculate PSU Fair Value | As the PSUs granted in 2022 contain a market condition, the Company utilized a Monte Carlo simulation model to determine the grant date fair value, using the following assumptions:
| Expected Volatility |  | Expected Dividend Yield |  | Risk-Free Interest Rate |  | Correlation Between TSR for the Company and the S&P 600 Capital Goods Index
Federal Signal Corporation | 34.4 | % |  | 1.0 | % |  | 2.8 | % |  | 52.3 | %
S&P 600 Capital Goods Index | 50.5 | % |  | n/a |  | 2.8 | % |  | n/a

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