Share-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

During the three months ended March 31, 2024, we granted 194,100 non-qualified employee stock options, 31,970 restricted stock units, 38,940 performance shares, and 1,838 restricted stock units awarded to non-employee directors. For the three months ended March 31, 2024, total share-based compensation expense was $5.4 million and the related tax benefits were $1.4 million. For the three months ended March 31, 2023, total share-based compensation expense was $3.5 million and the related tax benefits were $0.9 million.

The estimated fair value of our 2024 non-qualified employee stock option awards and related underlying assumptions are shown in the table below:


	2024
Weighted-average estimated fair value	$	45.22
Quarterly dividend rate	$	0.58
Expected term of stock options, in years	4.2
Risk-free interest rate	4.0		%
Dividend yield	1.8		%
Expected stock price volatility	34.7		%
Present value of dividends	$	8.87