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Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Summary of Restricted Stock Activity A summary of the Company’s restricted stock activity follows:

 

 

2023

 

 

2022

 

 

2021

 

 

 

Shares

 

 

Weighted
Average Grant-
Date Fair Value

 

 

Shares

 

 

Weighted
Average Grant-
Date Fair Value

 

 

Shares

 

 

Weighted
Average Grant-
Date Fair Value

 

Restricted stock at January 1

 

 

655,914

 

 

$

117.14

 

 

 

651,448

 

 

$

109.16

 

 

 

669,102

 

 

$

102.55

 

Granted

 

 

196,821

 

 

 

134.68

 

 

 

175,047

 

 

 

145.63

 

 

 

173,970

 

 

 

134.10

 

Vested (a)

 

 

(174,139

)

 

 

97.86

 

 

 

(153,171

)

 

 

115.33

 

 

 

(182,779

)

 

 

108.59

 

Forfeitures

 

 

(6,873

)

 

 

129.74

 

 

 

(17,410

)

 

 

120.68

 

 

 

(8,845

)

 

 

111.73

 

Restricted stock at December 31

 

 

671,723

 

 

$

127.15

 

 

 

655,914

 

 

$

117.14

 

 

 

651,448

 

 

$

109.16

 

 

(a)
The total fair value of awards upon vesting for the years ended December 31, 2023, 2022, and 2021 was $22.7 million, $21.8 million, and $24.8 million, respectively.
Summary of Performance Units Activity A summary of the Company’s performance unit activity follows:

 

 

2023

 

 

2022

 

 

2021

 

 

 

Units

 

 

Weighted
Average Grant-
Date Fair Value

 

 

Units

 

 

Weighted
Average Grant-
Date Fair Value

 

 

Units

 

 

Weighted
Average Grant-
Date Fair Value

 

Performance units at January 1

 

 

358,449

 

 

$

109.89

 

 

 

358,092

 

 

$

105.38

 

 

 

357,417

 

 

$

103.63

 

Granted

 

 

146,331

 

 

 

140.09

 

 

 

133,017

 

 

 

148.71

 

 

 

95,236

 

 

 

140.47

 

Vested (b)

 

 

(132,003

)

 

 

117.03

 

 

 

(132,404

)

 

 

136.62

 

 

 

(74,894

)

 

 

134.53

 

Forfeitures

 

 

—

 

 

 

—

 

 

 

(256

)

 

 

145.26

 

 

 

(19,667

)

 

 

132.58

 

Performance units at December 31

 

 

372,777

 

 

$

119.22

 

 

 

358,449

 

 

$

109.89

 

 

 

358,092

 

 

$

105.38

 

 

(b)
The total fair value of awards upon vesting, including dividends, for the years ended December 31, 2023, 2022, and 2021 was $19.3 million, $19.7 million, and $11.0 million, respectively. Upon vesting of the awards in 2023, 2022, and 2021, PCA issued 146,631 shares, 144,193 shares, and 81,577 shares, respectively. For 2023, 2022, and 2021, these amounts included 14,628 shares, 11,789 shares, and 6,683 shares, respectively, for dividends accrued during the vesting period.
Compensation Expense for Share-Based Awards Compensation expense for share-based awards recognized in the Consolidated Statements of Income, net of forfeitures was as follows (dollars in millions):

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

Restricted stock

 

$

25.5

 

 

$

22.5

 

 

$

23.0

 

Performance units

 

 

14.5

 

 

 

13.1

 

 

 

12.5

 

Impact on income before income taxes

 

 

40.0

 

 

 

35.6

 

 

 

35.5

 

Income tax benefit

 

 

(10.0

)

 

 

(8.9

)

 

 

(8.9

)

Impact on net income

 

$

30.0

 

 

$

26.7

 

 

$

26.6

 

 
Unrecognized Compensation Expense for Share-Based Awards

The unrecognized compensation expense for all share-based awards was as follows (dollars in millions):

 

 

 

December 31, 2023

 

 

 

Unrecognized Compensation Expense

 

 

Remaining Weighted Average Recognition Period (in years)

 

Restricted stock

 

$

27.8

 

 

2.4

 

Performance units

 

 

22.5

 

 

2.2

 

Total unrecognized share-based compensation expense

 

$

50.3

 

 

 

2.3