Share-Based Compensation

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

During the nine months ended September 30, 2020, we granted 288,000 non-qualified employee stock options, 34,950 restricted stock units, 54,270 performance shares, and 20,361 phantom stock units. For the three months and nine months ended September 30, 2020, total share-based compensation expense was $3.9 million and $9.8 million and the related tax benefits were $1.0 million and $2.5 million. For the three months and nine months ended September 30, 2019, total share-based compensation expense was $4.1 million and $13.7 million the related tax benefits were $1.0 million and $3.4 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