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Share-Based Compensation and Capital Stock
 6 Months Ended
Jun. 30, 2019
Share-based Payment Arrangement [Abstract]  
Share-Based Compensation and Capital Stock
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 six months ended June 30, 2019 and 2018:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(In millions)
2019
 
2018
 
2019
 
2018
Stock options
$
0.5

 
$
0.6

 
$
1.1

 
$
1.3

Restricted stock
2.1

 
1.6

 
4.1

 
3.3

Performance vested restricted stock units
1.4

 
1.5

 
2.5

 
2.6

Total
$
4.0

 
$
3.7

 
$
7.7

 
$
7.2

Income tax benefits
$
1.0

 
$
0.9

 
$
1.9

 
$
1.7


A summary of stock-based award activity as of June 30, 2019 and changes during the six 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

 
 
 
152,721

 
81.13

 
83,934

 
81.15

Performance-Based Leveraging(1)
—

 
—

 
 
 
—

 
—

 
1,583

 
51.49

Exercised/Vested
(350,618
)
 
46.41

 
 
 
(98,609
)
 
61.95

 
(73,242
)
 
50.69

Expired
—

 
—

 
 
 
—

 
—

 
—

 
—

Forfeited
(3,493
)
 
51.49

 
 
 
(16,180
)
 
71.31

 
(11,272
)
 
73.69

Outstanding at June 30, 2019
973,896

 
$
60.86

 
3.9 years
 
341,697

 
$
72.84

 
337,823

 
$
70.05

Options exercisable at June 30, 2019
607,256

 
$
54.84

 
3.0 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 six months ended June 30, 2019 range from 12 to 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 to 48 month 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 122,237 and 476,833 shares of common stock under the share repurchase program at a total cost of $9.9 million and $37.2 million during the three and six months ended June 30, 2019, respectively. During the three and six months ended June 30, 2019, the Company redeemed 6,938 and 66,369 shares of common stock at a total cost of approximately $0.6 million and $5.3 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.