Share-Based Compensation

9 Months Ended

Sep. 30, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

During the nine months ended September 30, 2017, we granted eligible incentive plan participants the aggregate of 354,400 non-qualified employee stock options, 49,840 restricted stock units, 63,710 performance shares, and 18,080 phantom stock units. For the three months and nine months ended September 30, 2017, total share-based compensation expense was $3.4 million and $10.6 million and the related tax benefits were $1.3 million and $4.1 million. For the three months and nine months ended September 30, 2016, total share-based compensation expense was $3.2 million and $9.1 million and the related tax benefits were $1.3 million and $3.5 million.

The estimated fair value of our 2017 stock option awards and related underlying assumptions are shown in the table below.



	2017
Estimated fair value, including present value of dividends	$	19.40
Quarterly dividend rate	$	0.42
Expected term of stock option awards, in years	4.7
Risk-free interest rate	1.9		%
Dividend yield	2.8		%
Expected stock price volatility	27.7		%
Present value of dividends	$	7.50