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Share-based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of compensation cost for share-based payment arrangements, allocation of share-based compensation costs by plan | We recognized the following stock compensation expense:
| Year Ended December 31,
(in Millions) | 2023 |  | 2022 |  | 2021
Stock option expense, net of taxes of $1.5 in 2023, $1.3 in 2022 and $1.0 in 2021 (1) | $ | 5.9 |  |  | $ | 4.9 |  |  | $ | 3.7 |
Restricted stock expense, net of taxes of $2.4 in 2023, $2.3 in 2022 and $1.9 in 2021 (2) | 9.0 |  |  | 8.5 |  |  | 7.2 |
Performance based expense, net of taxes of $1.5 in 2023, $1.5 in 2022 and $0.8 in 2021 | 5.6 |  |  | 5.7 |  |  | 3.2 |
Total stock compensation expense, net of taxes of $5.4 in 2023, $5.1 in 2022 and $3.7 in 2021 (3) | $ | 20.5 |  |  | $ | 19.1 |  |  | $ | 14.1 |
____________________ (1)We applied an estimated forfeiture rate of 4.0% per stock option grant in the calculation of the expense. (2)We applied an estimated forfeiture rate of 2.0% of outstanding grants in the calculation of the expense. (3)This expense is classified as "Selling, general and administrative expenses" in our consolidated statements of income (loss).
Black Scholes valuation assumptions for stock option grants | Black Scholes valuation assumptions for stock option grants:
| 2023 |  | 2022 |  | 2021
Expected dividend yield | 1.80% |  | 1.85% |  | 1.83%
Expected volatility | 31.99% |  | 33.18% |  | 32.75%
Expected life (in years) | 6.5 |  | 6.5 |  | 6.5
Risk-free interest rate | 4.00% |  | 1.91% |  | 0.92%
Summary of stock option activity | The following summary shows stock option activity for employees under the Plan for the three years ended December 31, 2023:
(Shares in Thousands) | Number of Options Granted But Not Exercised |  | Weighted-Average Remaining Contractual Life |  | Weighted-Average Exercise Price Per Share |  | Aggregate Intrinsic Value (in Millions)
December 31, 2020 (388 shares exercisable and 818 shares expected to vest or be exercised) | 1,235 |  |  | 7.0 years |  | $ | 70.44 |  |  | $ | 54.9 |
Granted | 235 |  |  |  |  | 105.00 |  |  |
Exercised | (166) |  |  |  |  | 49.56 |  |  | 9.8 |
Forfeited | (50) |  |  |  |  | 89.18 |  |  |
December 31, 2021 (605 shares exercisable and 622 shares expected to vest or be exercised) | 1,254 |  |  | 6.2 years |  | $ | 78.95 |  |  | $ | 38.8 |
Granted | 248 |  |  |  |  | 114.90 |  |  |
Exercised | (166) |  |  |  |  | 62.74 |  |  | 9.6 |
Forfeited | (31) |  |  |  |  | 102.32 |  |  |
December 31, 2022 (672 shares exercisable and 607 shares expected to vest or be exercised) | 1,305 |  |  | 6.1 years |  | $ | 87.35 |  |  | $ | 48.9 |
Granted | 222 |  |  |  |  | 128.92 |  |  |
Exercised | (88) |  |  |  |  | 62.42 |  |  | 4.6 |
Forfeited | (43) |  |  |  |  | 114.15 |  |  |
December 31, 2023 (824 shares exercisable and 551 shares expected to vest or be exercised) | 1,396 |  |  | 5.6 years |  | $ | 94.73 |  |  | $ | 1.6 |
Summary of restricted award activity | The following table shows our employee restricted award activity for the three years ended December 31, 2023:
| Restricted Equity |  | Performance Based Equity
(Number of Awards in Thousands) | Number of awards |  | Weighted-Average Grant Date Fair Value Per Share |  | Number of awards |  | Weighted-Average Grant Date Fair Value Per Share
Nonvested at December 31, 2020 | 298 |  |  | $ | 79.91 |  |  | 202 |  |  | $ | 88.48 |
Granted | 95 |  |  | 102.10 |  |  | 79 |  |  | 103.26 |
Vested | (108) |  |  | 73.82 |  |  | (86) |  |  | 77.44 |
Forfeited | (15) |  |  | 90.05 |  |  | — |  |  | — |
Nonvested at December 31, 2021 | 270 |  |  | $ | 89.56 |  |  | 195 |  |  | $ | 96.18 |
Granted | 103 |  |  | 114.50 |  |  | 45 |  |  | 140.32 |
Vested | (102) |  |  | 77.80 |  | (102) |  |  | 83.74
Forfeited | (14) |  |  | 102.64 |  |  | (2) |  |  | 125.60 |
Nonvested at December 31, 2022 | 257 |  |  | $ | 104.54 |  |  | 136 |  |  | $ | 120.47 |
Granted | 118 |  |  | 110.71 |  |  | 81 |  |  | 137.18 |
Vested | (78) |  |  | 93.32 |  |  | (58) |  |  | 108.57 |
Forfeited | (15) |  |  | 114.88 |  |  | (6) |  |  | 136.25 |
Nonvested at December 31, 2023 | 282 |  |  | $ | 109.67 |  |  | 153 |  |  | $ | 131.60 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -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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