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Stock-Based Compensation (Tables)

12 Months Ended

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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