Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

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 three months ended March 31, 2023:

	Restricted Stock					Performance Units
	Shares			Weighted Average Grant- Date Fair Value		Shares			Weighted Average Grant- Date Fair Value
Outstanding at January 1, 2023		655,914		$	117.14		358,449		$	109.89
Granted		191,097			134.72		146,331			140.09
Vested (a)		(3,077	)		109.71		(76,130	)		132.96
Forfeitures		(1,337	)		120.13		—			—
Outstanding at March 31, 2023		842,597		$	121.15		428,650		$	116.10

(a)Upon payout of the performance unit awards that vested during the period, PCA issued 83,769 shares, which included 7,639 shares for dividends accrued during the performance 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 March 31,
	2023			2022
Restricted stock	$	11.9		$	9.2
Performance units		3.4			3.1
Total share-based compensation expense		15.3			12.3
Income tax benefit		(3.8	)		(3.1	)
Share-based compensation expense, net of tax benefit	$	11.5		$	9.2

Unrecognized Compensation Expense for Share-Based Awards

The unrecognized compensation expense for all share-based awards at March 31, 2023 was as follows (dollars in millions):

	March 31, 2023
	Unrecognized Compensation Expense		Remaining Weighted Average Recognition Period (in years)
Restricted stock	$	41.1		2.9
Performance units		33.7		2.7
Total unrecognized share-based compensation expense	$	74.8		2.8