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Share-Based Compensation
 3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
During the three months ended March 31, 2021, we granted 276,600 non-qualified employee stock options, 34,020 restricted stock units, 54,650 performance shares, and 4,696 phantom stock units. For the three months ended March 31, 2021, total share-based compensation expense was $6.0 million, and the related tax benefits were $1.5 million. 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.

The estimated fair value of our 2021 non-qualified employee stock option awards and related underlying assumptions are shown in the table below.
2021
Weighted-average estimated fair value$29.56
Quarterly dividend rate$0.50
Expected term of stock options, in years4.3
Risk-free interest rate0.3%
Dividend yield2.2%
Expected stock price volatility34.4%
Present value of dividends
$8.61