Share-Based Compensation and Capital Stock

The components of the Company’s pretax share-based compensation expense and associated income tax benefits are as follows for the three and nine months ended September 30, 2018 and 2017:



	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2018		2017		2018		2017
Stock options	$	0.6	$	6.4	$	1.9	$	8.6
Restricted stock	1.7		3.9		5.0		7.3
Performance vested restricted stock units	1.4		3.7		4.0		5.8
Total	$	3.7	$	14.0	$	10.9	$	21.7
Income tax benefits	$	0.9	$	5.2	$	2.6	$	8.0

In conjunction with the acceleration of the Company's chief executive officer succession plan, stock option, restricted stock and performance vested restricted stock unit ("PVRSU") expense for the three and nine months ended September 30, 2017, included an additional $5.5 million, $2.1 million and $2.5 million, respectively, of accelerated recognition of share based payment awards.

A summary of stock-based award activity as of September 30, 2018 and changes during the nine months ended are presented below:



	Stock Options					Restricted Stock				Performance Vested Restricted Stock Units
	Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Shares		Weighted Average Grant Date Fair Value		Shares		Weighted Average Grant Date Fair Value
Outstanding at January 1, 2018	1,976,326		$	50.80		348,876		$	57.05	294,204		$	56.95
Granted	109,045		81.55			101,325		81.21		97,490		81.55
Exercised/Vested	(829,214	)	49.63			(94,981	)	55.88		(31,048	)	60.60
Expired	(2,018	)	63.47			—		—		—		—
Forfeited	(59,250	)	55.94			(41,574	)	59.78		(24,687	)	64.16
Outstanding at September 30, 2018	1,194,889		$	54.14	3.7 years	313,646		$	64.84	335,959		$	63.21
Options exercisable at September 30, 2018	757,276		$	49.59	3.0 years

The stock options granted by the Company had an exercise price equal to the market price of the Company's common stock on the date of grant. The fair value of the options granted was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions:



	2018 Grants
Risk-free interest rate	2.58		%
Expected volatility	21.17		%
Expected life of stock option	4.6 years
Dividend yield	1.05		%
Requisite service period	4 years
Contractual life	7 years
Weighted average fair value of options granted (per option)	$	16.27

Restricted stock awards generally vest ratably over the service period beginning with the first anniversary of the grant date. Vesting service period of shares granted during the three and nine months ended September 30, 2018 range from 12 - 48 months.

The Company has granted PVRSUs to certain employees. The vesting of these stock awards is contingent upon the Company achieving performance targets over a 36-month performance period and the employees' continued employment. The performance conditions affect the number of shares that will ultimately vest and can range between 0% and 200% of the shares granted.

Share Repurchases and Redemptions

The Company purchased 495,930 and 1,285,270 shares of common stock under the share repurchase program at a total cost of $38.5 million and $101.9 million during the three and nine months ended September 30, 2018, respectively.

During the three and nine months ended September 30, 2018, the Company redeemed 2,683 and 90,872 shares of common stock at a total cost of approximately $0.2 million and $7.3 million, respectively, from employees to satisfy the option exercise price and statutory minimum tax-withholding requirements related to the exercising of stock options and vesting of performance vested restricted stock units and restricted stock grants. These redemptions were outside the share repurchase program.