Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024:

	Restricted Stock					Performance Units
	Shares			Weighted Average Grant- Date Fair Value		Shares			Weighted Average Grant- Date Fair Value
Outstanding at January 1, 2024		671,723		$	127.15		372,777		$	119.22
Granted		156,916			176.36		128,613			189.00
Vested (a)		(173,248	)		94.65		(138,193	)		182.67
Forfeitures		(939	)		137.80		—			—
Outstanding at March 31, 2024		654,452		$	147.54		363,197		$	119.79

(a)Upon payout of the performance unit awards that vested during the period, PCA issued 150,238 shares, which included 12,045 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,
	2024			2023
Restricted stock	$	14.0		$	11.9
Performance units		5.4			3.4
Total share-based compensation expense		19.4			15.3
Income tax benefit		(4.8	)		(3.8	)
Share-based compensation expense, net of tax benefit	$	14.6		$	11.5

Unrecognized Compensation Expense for Share-Based Awards

The unrecognized compensation expense for all share-based awards at March 31, 2024 was as follows (dollars in millions):

	March 31, 2024
	Unrecognized Compensation Expense		Remaining Weighted Average Recognition Period (in years)
Restricted stock	$	42.1		2.9
Performance units		35.5		2.7
Total unrecognized share-based compensation expense	$	77.6		2.8