Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Share Based Compensation [Abstract]

Summary of Restricted Stock Activity

A summary of the Company’s restricted stock activity follows:

	2019					2018					2017
	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		743,591		$	86.90		739,732		$	77.23		786,079		$	63.44
Granted		199,499			95.48		173,144			114.63		173,199			107.57
Vested (a)		(212,809	)		68.59		(165,547	)		72.84		(213,992	)		51.37
Forfeitures		(13,329	)		98.86		(3,738	)		78.66		(5,554	)		69.03
Restricted stock at December 31		716,952		$	94.50		743,591		$	86.90		739,732		$	77.23

(a) The total fair value of awards upon vesting for the years ended December 31, 2019, 2018, and 2017 was $19.9 million, $18.9 million, and $23.3 million, respectively.

Summary of Performance Units Activity

A summary of the Company’s performance unit activity follows:

	2019					2018					2017
	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		266,704		$	90.01		226,558		$	77.07		232,088		$	62.68
Granted		115,608			96.98		83,515			115.35		53,070			108.19
Vested (a)		(59,165	)		67.84		(43,369	)		71.19		(58,600	)		56.08
Performance units at December 31		323,147		$	96.56		266,704		$	90.01		226,558		$	77.07

(a) The total fair value of awards upon vesting for the years ended December 31, 2019, 2018, and 2017 was $5.5 million, $5.4 million, and $7.5 million, respectively. Upon vesting of the awards in 2019, 2018, and 2017, PCA issued 59,165 shares, 46,876 shares, and 67,391 shares, respectively. For 2019, 2018, and 2017, these amounts included 6,063 shares, 3,507 shares, and 8,791 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,
	2019			2018			2017
Restricted stock	$	22.6		$	18.6		$	15.0
Performance units		7.8			4.9			5.6
Impact on income before income taxes		30.4			23.5			20.6
Income tax benefit		(7.6	)		(5.9	)		(7.9	)
Impact on net income	$	22.8		$	17.6		$	12.7

Unrecognized Compensation Expense for Share-Based Awards

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

	December 31, 2019
	Unrecognized Compensation Expense		Remaining Weighted Average Recognition Period (in years)
Restricted stock	$	27.2	3.1
Performance units		17.2	2.4
Total unrecognized share-based compensation expense	$	44.4		2.8