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Share-Based Compensation | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | Share-Based Compensation During the three months ended March 31, 2024, we granted 194,100 non-qualified employee stock options, 31,970 restricted stock units, 38,940 performance shares, and 1,838 restricted stock units awarded to non-employee directors. For the three months ended March 31, 2024, total share-based compensation expense was $5.4 million and the related tax benefits were $1.4 million. For the three months ended March 31, 2023, total share-based compensation expense was $3.5 million and the related tax benefits were $0.9 million. The estimated fair value of our 2024 non-qualified employee stock option awards and related underlying assumptions are shown in the table below:
| 2024
Weighted-average estimated fair value | $ | 45.22 |
Quarterly dividend rate | $ | 0.58 |
Expected term of stock options, in years | 4.2
Risk-free interest rate | 4.0 | %
Dividend yield | 1.8 | %
Expected stock price volatility | 34.7 | %
Present value of dividends | $ | 8.87 |

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