Dividends. On the basis of amounts declared and paid quarterly, the annualized dividends per share were $0.10 and $0.40 for the years ended December 31, 2018 and 2017, respectively. The Company did not pay any dividends in 2019. In May 2018, the Company announced its decision to reallocate future dividend funds towards debt reduction and other capital resource needs.

Share-Based Compensation Cost. The Company recognizes costs resulting from all share-based payment transactions based on the fair market value of the award as of the grant date. Awards are valued at fair value and compensation cost is recognized on a straight-line basis over the requisite periods of each award. The Company estimated forfeiture rates are based on historical experience. To cover the exercise and/or vesting of its share-based payments, the Company generally issues new shares from its authorized, unissued share pool. The number of common shares that may be issued pursuant to the 2017 Equity and Performance Incentive Plan (the 2017 Plan) was 9.1, of which 4.1 shares were available for issuance at December 31, 2019.

The following table summarizes the components of the Company’s employee and non-employee directors share-based compensation programs recognized as selling and administrative expense for the years ended December 31:



	2019			2018			2017
Stock options
Pre-tax compensation expense	$	1.5		$	2.8		$	4.6
Tax benefit	(0.2		)	(0.6		)	(1.3		)
Stock option expense, net of tax	$	1.3		$	2.2		$	3.3

RSU's
Pre-tax compensation expense	$	11.6		$	19.8		$	16.4
Tax benefit	(2.5		)	(4.3		)	(4.0		)
RSU expense, net of tax	$	9.1		$	15.5		$	12.4

Performance shares
Pre-tax compensation expense	$	10.9		$	14.0		$	12.9
Tax benefit	(2.9		)	(3.3		)	(3.0		)
Performance share expense, net of tax	$	8.0		$	10.7		$	9.9

Total share-based compensation
Pre-tax compensation expense	$	24.0		$	36.6		$	33.9
Tax benefit	(5.6		)	(8.2		)	(8.3		)
Total share-based compensation, net of tax	$	18.4		$	28.4		$	25.6

Stock options, RSUs and performance shares have been issued to officers and other management employees under the Company’s Amended and Restated 1991 Equity and Performance Incentive Plan (as amended and restated as of February 12, 2014) (the 1991 Plan) and the 2017 Plan. Certain awards have accelerated vesting clauses that result in a non-substantive vesting requirement, which results in either immediate or accelerated expense.

Stock options generally vest after a period of one year to three years and have a maturity of ten years from the issuance date. Option exercise prices equal the closing price of the Company’s common shares on the date of grant. The estimated fair value of the options granted was calculated using a Black-Scholes option pricing model using the following assumptions:



	2019		2018		2017
Expected life (in years)	3		3		3
Weighted-average volatility	62	%	36	%	31	%
Risk-free interest rate	2.32-2.58%		2.39-2.42%		1.28	%
Expected dividend yield	—	%	2.24	%	1.65	%

The Company uses historical data to estimate option exercise timing within the valuation model. Employees with similar historical exercise behavior with regard to timing and forfeiture rates are considered separately for valuation and attribution purposes. Expected volatility is based on historical volatility of the price of the Company’s common shares over the expected life of the equity instrument. The risk-free rate of interest is based on a zero-coupon U.S. government instrument over the expected life of the equity instrument. The expected dividend yield is based on actual dividends paid per share and the price of the Company’s common shares.



	Number of Shares		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value ⁽¹⁾
			(per share)		(in years)
Outstanding at January 1, 2019	2.5		$	27.05
Expired or forfeited	(1.3	)	$	29.62
Granted	1.2		$	4.67
Outstanding at December 31, 2019	2.4		$	14.89	8	$	—
Options exercisable at December 31, 2019	0.8		$	26.67	6	$	—
Options vested and expected to vest ⁽²⁾ at December 31, 2019	2.4		$	14.89	8	$	6.9

The aggregate intrinsic value of options exercised was minimal for the years ended December 31, 2019, 2018, and 2017. The weighted-average, grant-date fair value of stock options granted for the years ended December 31, 2019, 2018 and 2017 was $2.00, $4.21 and $4.57, respectively. Total fair value of stock options vested during the years ended December 31, 2019, 2018 and 2017 was $7.8, $3.0 and $2.4, respectively. There were no options exercised during the years ended December 31, 2019 or 2018. Exercise of options during the year ended December 31, 2017 resulted in cash receipts of $0.3.

Each RSU provides for the issuance of one common share of the Company at no cost to the holder and are granted to both employees and non-employee directors. RSUs granted to employees prior to 2016 vest after a period of three years. RSUs granted to employees during or after 2016 ratably vest per annum over a three-year period and for non-employee directors cliff vest after one year. During the vesting period, employees and non-employee directors are paid the cash equivalent of dividends on RSUs. Non-vested employee RSUs are forfeited upon termination unless the Board of Directors determines otherwise.



	Number of Shares		Weighted-Average Grant-Date Fair Value
Non-vested at January 1, 2019	1.6		$	19.66
Forfeited	(0.1	)	$	19.63
Vested	(0.8	)	$	20.24
Granted ⁽¹⁾	1.5		$	5.05
Non-vested at December 31, 2019	2.2		$	9.99

The weighted-average grant-date fair value of RSUs granted for the years ended December 31, 2019, 2018 and 2017 was $5.05, $17.34 and $26.81, respectively. The total fair value of RSUs vested during the years ended December 31, 2019, 2018 and 2017 was $14.4, $18.9 and $13.9, respectively.

Performance shares are granted to employees and vest based on the achievement of certain performance objectives, as determined by the Board of Directors each year. The estimated fair value of certain performance shares granted was calculated using the Monte Carlo simulation method. Each performance share earned entitles the holder to one common share of the Company. The Company's performance shares include performance objectives that are assessed after a period of three years as well as performance objectives that are assessed annually over a period of three years. No shares are vested unless certain performance threshold objectives are met.



	Number of Shares		Weighted-Average Grant-Date Fair Value
Non-vested at January 1, 2019 ⁽¹⁾	3.0		$	26.90
Forfeited	(0.5	)	$	27.21
Vested	(0.2	)	$	26.60
Granted	0.1		$	9.90
Non-vested at December 31, 2019	2.4		$	26.44

The weighted-average grant-date fair value of performance shares granted for the years ended December 31, 2019, 2018 and 2017 was $9.90, $22.65 and $31.31, respectively. The total fair value of performance shares vested during the years ended December 31, 2019, 2018 and 2017 was $6.0, $5.5 and $3.6, respectively.

The Company has a minimal amount of deferred shares which are both vested and outstanding that were issued to non-employee directors under the 1991 Plan and will be issued at the end of the deferral period.