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Shareholders' Equity
 3 Months Ended
Mar. 31, 2020
Equity [Abstract]  
Shareholders' Equity
Shareholders' Equity
Changes in shareholders' equity for the three months ended March 31, 2020 are as follows:
 
Common Stock
 
Additional Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Loss
 
Treasury Stock
 
Total Permanent Shareholders' Equity
 
Redeemable non-controlling interest
(in millions, except per share data)
Shares
 
Amount
 
 
 
 
 
 
Balance, December 31, 2019
20.6

 
$
0.2

 
$
292.1

 
$
632.2

 
$
(36.4
)
 
$
(1.2
)
 
$
886.9

 
$
28.0

Adoption of new accounting standard
—

 
—

 
—

 
(0.1
)
 
—

 
—

 
(0.1
)
 
—

Net income
—

 
—

 
—

 
218.7

 
—

 
—

 
218.7

 
0.1

Other comprehensive income (loss)
—

 
—

 
—

 
—

 
(22.5
)
 
—

 
(22.5
)
 
0.9

Dividends ($0.26 per share)
—

 
—

 
—

 
(5.3
)
 
—

 
—

 
(5.3
)
 
—

Share repurchases
(0.1
)
 
—

 
(5.3
)
 
—

 
—

 
—

 
(5.3
)
 
—

Incentive plan activity
—

 
—

 
1.0

 
—

 
—

 
—

 
1.0

 
—

Other
—

 
—

 
(1.5
)
 
—

 
—

 
—

 
(1.5
)
 
—

Balance, March 31, 2020
20.5

 
$
0.2

 
$
286.3

 
$
845.5

 
$
(58.9
)
 
$
(1.2
)
 
$
1,071.9

 
$
29.0

Changes in shareholders' equity for the three months ended March 31, 2019 are as follows:
 
Common Stock
 
Additional Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Loss
 
Treasury Stock
 
Total Shareholders' Equity
(in millions, except per share data)
Shares
 
Amount
 
 
 
 
 
Balance, December 31, 2018
20.7

 
$
0.2

 
$
301.0

 
$
603.3

 
$
(45.5
)
 
$
(1.3
)
 
$
857.7

Adoption of new accounting standard
—

 
—

 
—

 
11.5

 
(11.5
)
 
—

 
—

Net income
—

 
—

 
—

 
13.1

 
—

 
—

 
13.1

Other comprehensive income
—

 
—

 
—

 
—

 
6.8

 
—

 
6.8

Dividends ($0.25 per share)
—

 
—

 
—

 
(5.3
)
 
—

 
—

 
(5.3
)
Share repurchases
—

 
—

 
(2.4
)
 
—

 
—

 
—

 
(2.4
)
Incentive plan activity
0.1

 
—

 
1.2

 
—

 
—

 
—

 
1.2

Balance, March 31, 2019
20.8

 
0.2

 
299.8

 
622.6

 
(50.2
)
 
(1.3
)
 
871.1


We intend to declare regular quarterly cash dividends on our common stock, as determined by our board of directors, after taking into account our cash flows, earnings, financial position, debt covenants and other relevant matters. In accordance with this policy, total dividend payments of $5.5 million were made during the three months ended March 31, 2020.
In April 2020, our board of directors declared a dividend of $0.26 per share, payable on June 17, 2020 to all shareholders of record as of June 3, 2020.
In October 2018, our board of directors authorized the repurchase of up to $50.0 million of our outstanding common shares. During the three months ended March 31, 2020 we repurchased 0.1 million shares for $5.3 million. In light of the COVID-19 pandemic, we suspended share repurchases under the program during March 2020. The remaining amount of authorized purchases in the program at March 31, 2020 was $29.7 million. The board of directors' authorization expires in October 2020.
In February 2020, we issued 0.1 million shares of stock options with an exercise price of $53.78 to certain key executives. The options vest pro-rata at the end of years one, two, and three from the grant date, subject to continued employment. No options have a term greater than 10 years.
We determine the fair value of stock options using the Black-Scholes option pricing formula. Key inputs into this formula include expected term, expected volatility, expected dividend yield, and the risk-free interest rate. This fair value is amortized on a straight line basis over the vesting period.
The expected term represents the period that our stock options are expected to be outstanding, and is determined based on historical experience of similar awards, given the contractual terms of the awards, vesting schedules, and expectations of future employee behavior. The fair value of stock options reflects a volatility factor calculated using historical market data for EnPro's common stock. The time frame used was approximated as a six-year period from the grant date for the awards. The dividend assumption is based on our current expectations for our dividend policy. We base the risk-free interest rate on the yield to maturity at the time of the stock option grant on zero-coupon U.S. government bonds having a remaining life equal to the option's expected life. When estimating forfeitures, we consider voluntary termination behaviors as well as analysis of actual option forfeitures.

The option awards issued in 2020 had a fair value of $13.64 per share at their grant date. The following assumptions were used to estimate the fair value of the 2020 option awards:
Average expected term
6 years

Expected volatility
31.53
%
Risk-free interest rate
1.17
%
Expected dividend yield
1.93
%