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 months ended March 31, 2019 and 2018:



	Three Months Ended March 31,
(In millions)	2019		2018
Stock options	$	0.6	$	0.7
Restricted stock	2.0		1.7
Performance vested restricted stock units	1.1		1.1
Total	$	3.7	$	3.5
Income tax benefits	$	0.9	$	0.8

A summary of stock-based award activity as of March 31, 2019 and changes during the three 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, 2019	1,186,180		$	54.13		303,765		$	65.06	336,820		$	63.28
Granted	141,827		81.15			136,350		81.04		83,934		81.15
Performance-Based Leveraging⁽¹⁾	—		—			—		—		1,583		51.49
Exercised/Vested	(205,030	)	44.89			(65,538	)	62.67		(73,199	)	50.67
Expired	—		—			—		—		—		—
Forfeited	—		—			(6,034	)	65.77		(2,736	)	70.18
Outstanding at March 31, 2019	1,122,977		$	59.23	3.9 years	368,543		$	71.38	346,402		$	70.16
Options exercisable at March 31, 2019	752,844		$	53.62	3.1 years

⁽¹⁾PVRSU units outstanding have been increased by 1,583 units due to the Company exceeding the targeted performance conditions contained in PVRSUs granted in prior periods.

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:



	2019 Grants
Risk-free interest rate	2.46		%
Expected volatility	21.49		%
Expected life of stock option	4.4 years
Dividend yield	1.06		%
Requisite service period	4 years
Contractual life	7 years
Weighted average fair value of options granted (per option)	$	15.84

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 months ended March 31, 2019 range from 36 - 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 - 48 months requisite service 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 354,646 shares of common stock under the share repurchase program at a total cost of $27.3 million during the three months ended March 31, 2019, respectively.

During the three months ended March 31, 2019, the Company redeemed 59,431 shares of common stock at a total cost of approximately $4.7 million 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.