Share-Based Compensation

6 Months Ended

Jun. 30, 2018

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

During the six months ended June 30, 2018, we granted 320,100 non-qualified employee stock options, 45,250 restricted stock units, 58,440 performance shares, and 12,194 phantom stock units. For the three months and six months ended June 30, 2018, total share-based compensation expense was $4.7 million and $9.6 million and the related tax benefits were $1.2 million and $2.4 million. For the three months and six months ended June 30, 2017, total share-based compensation expense was $3.9 million and $7.2 million and the related tax benefits were $1.5 million and $2.7 million.

The estimated fair value of our 2018 non-qualified employee stock option awards and related underlying assumptions are shown in the table below.



	2018
Weighted average estimated fair value	$	21.87
Quarterly dividend rate	$	0.44
Expected term of stock options and stock appreciation rights, in years	4.5
Risk-free interest rate	1.4		%
Dividend yield	2.5		%
Expected stock price volatility	27.9		%
Present value of dividends	$	7.51