Share-Based Compensation

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Share-Based Compensation

Share-Based Compensation

During the three months ended March 31, 2020, we granted 288,000 non-qualified employee stock options, 34,950 restricted stock units, 54,270 performance shares, and 5,753 phantom stock units. For the three months ended March 31, 2020, total share-based compensation expense was $2.2 million and the related tax benefits were $0.5 million. For the three months ended March 31, 2019, total share-based compensation expense was $5.1 million and the related tax benefits were $1.3 million.

The estimated fair value of our 2020 non-qualified employee stock option awards and related underlying assumptions are shown in the table below.

	2020
Weighted-average estimated fair value	$22.50
Quarterly dividend rate	$0.48
Expected term of stock options, in years	4.2
Risk-free interest rate	1.3%
Dividend yield	2.5%
Expected stock price volatility	28.5%
Present value of dividends	$7.89