Share-based Compensation (Tables)

6 Months Ended

Jun. 30, 2016

Summary of Restricted Stock and Performance Unit Award Activity

The following table presents restricted stock and performance unit award activity for the six months ended June 30, 2016:



	Restricted Stock				Performance Units
	Shares		Weighted Average Grant- Date Fair Value		Shares		Weighted Average Grant- Date Fair Value
Outstanding at January 1, 2016	1,007,794		$	49.47	175,675		$	59.94
Granted	242,835		67.48		77,017		67.57
Vested (a)	(409,815	)	32.64		(20,604	)	57.58
Forfeitures	(14,440	)	56.69		—		—
Outstanding at June 30, 2016	826,374		$	62.99	232,088		$	62.68

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(a)	Upon vesting of the performance unit awards, PCA issued 21,111 shares of its common stock, which included 507 shares for dividends accrued during the vesting period.

Compensation Expense for Restricted Stock and Performance Units

Compensation expense for share-based awards recognized in the Consolidated Statements of Income, net of forfeitures, was as follows (dollars in millions):



	Three Months Ended June 30						Six Months Ended June 30
	2016			2015			2016			2015
Restricted stock	$	3.9		$	4.4		$	8.8		$	8.0
Performance units	0.8			0.5			1.5			1.1
Total share-based compensation expense	4.7			4.9			10.3			9.1
Income tax benefit	(1.8		)	(1.9		)	(4.0		)	(3.5		)
Share-based compensation expense, net of tax benefit	$	2.9		$	3.0		$	6.3		$	5.6

Unrecognized Compensation For Restricted Stock and Performance Units

The unrecognized compensation expense for all share-based awards at June 30, 2016 was as follows (dollars in millions):



	June 30, 2016
	Unrecognized Compensation Expense		Remaining Weighted Average Recognition Period (in years)
Restricted stock	$	34.4	3.0
Performance units	10.0		3.2
Total unrecognized share-based compensation expense	$	44.4	3.1