Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement, Noncash Expense [Abstract]

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, 2022:

	Restricted Stock					Performance Units
	Shares			Weighted Average Grant- Date Fair Value		Shares			Weighted Average Grant- Date Fair Value
Outstanding at January 1, 2022		651,448		$	109.16		358,092		$	105.38
Granted		175,047			145.63		96,309			154.21
Vested (a)		(146,093	)		115.78		(42,024	)		141.62
Forfeitures		(6,651	)		111.31		(256	)		145.26
Outstanding at June 30, 2022		673,751		$	117.18		412,121		$	113.07

(a)Upon vesting of the performance unit awards, PCA issued 46,281 shares, which included 4,257 shares for dividends accrued during the vesting period.

Compensation Expense for Share-Based Awards

Our share-based compensation expense is primarily recorded in "Selling, general, and administrative expenses." 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,
	2022			2021			2022			2021
Restricted stock	$	5.4		$	5.9		$	14.7		$	14.5
Performance units		3.8			2.5			6.9			5.6
Total share-based compensation expense		9.2			8.4			21.6			20.1
Income tax benefit		(2.3	)		(2.1	)		(5.5	)		(5.1	)
Share-based compensation expense, net of tax benefit	$	6.9		$	6.3		$	16.1		$	15.0

Unrecognized Compensation Expense for Share-Based Awards

The unrecognized compensation expense for all share-based awards at June 30, 2022 was as follows (dollars in millions):

	June 30, 2022
	Unrecognized Compensation Expense		Remaining Weighted Average Recognition Period (in years)
Restricted stock	$	36.4		2.8
Performance units		25.9		2.5
Total unrecognized share-based compensation expense	$	62.3		2.7