Share-Based Compensation

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

During the six months ended June 30, 2023, we granted 189,900 non-qualified employee stock options, 32,970 restricted stock units, 36,860 performance shares, and 11,018 restricted stock units awarded to non-employee directors. For the three and six months ended June 30, 2023, total share-based compensation expense was $5.1 million and $8.6 million and the related tax benefits were $1.3 million and $2.2 million. For the three and six months ended June 30, 2022, total share-based compensation expense was $2.4 million and $7.1 million and the related tax benefits were $0.6 million and $1.8 million.

The estimated fair value of our 2023 non-qualified employee stock option awards and related underlying assumptions are shown in the table below:


	2023
Weighted-average estimated fair value	$	41.06
Quarterly dividend rate	$	0.55
Expected term of stock options, in years	4.2
Risk-free interest rate	3.7		%
Dividend yield	1.9		%
Expected stock price volatility	35.4		%
Present value of dividends	$	8.57