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Common Equity (Tables)
 12 Months Ended
Dec. 31, 2020
Stockholders' Equity Note [Abstract]  
Schedule of stock-based compensation expense and related deferred tax benefit recognized in income
The following table summarizes our pre-tax stock-based compensation expense and the related tax benefit recognized in income for the years ended December 31:
(in millions)202020192018
Stock options$6.0 $4.4 $5.2 
Restricted stock7.4 7.1 10.7 
Performance units22.3 38.7 20.2 
Stock-based compensation expense$35.7 $50.2 $36.1 
Related tax benefit$9.8 $13.8 $9.9 
Schedule of stock option activity
The following is a summary of our stock option activity during 2020:
Stock OptionsNumber of OptionsWeighted-Average Exercise Price
Weighted-Average Remaining Contractual Life
(in years)
Aggregate Intrinsic Value (in millions)
Outstanding as of January 1, 20203,249,918 $54.98 
Granted554,594 $91.51 
Exercised(910,083)$48.10 
Forfeited(6,969)$71.08 
Outstanding as of December 31, 20202,887,460 $64.13 6.4$80.6 
Exercisable as of December 31, 20201,461,537 $53.17 4.8$56.8 
Schedule of restricted stock activity
The following restricted stock activity occurred during 2020:
Restricted SharesNumber of SharesWeighted-Average Grant Date Fair Value
Outstanding and unvested as of January 1, 2020134,109 $66.48 
Granted91,873 $91.54 
Released(122,043)$71.25 
Forfeited(2,852)$74.31 
Outstanding and unvested as of December 31, 2020101,087 $83.28 
Schedule of shares repurchased
The following is a summary of shares purchased to fulfill exercised stock options and restricted stock awards during the years ended December 31:
(in millions)202020192018
Shares purchased1.0 1.8 1.1 
Cost of shares purchased$99.2 $140.1 $72.4 
Schedule of dividends declared
During the year ended December 31, 2020, our Board of Directors declared common stock dividends which are summarized below:
Date DeclaredDate PayablePer SharePeriod
January 16, 2020March 1, 2020$0.6325First quarter
April 16, 2020June 1, 2020$0.6325Second quarter
July 16, 2020September 1, 2020$0.6325Third quarter
October 15, 2020December 1, 2020$0.6325Fourth quarter