Share-Based Compensation

3 Months Ended

Mar. 31, 2020

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-Based Compensation

The Company’s share-based compensation to employees is recognized based on grant-date fair values during the period in which the employee is required to provide services in exchange for the award. Share-based compensation is primarily recognized as a component of selling and administrative expense. Total share-based compensation expense was $4.0 and $9.3 for the three months ended March 31, 2020 and 2019, respectively. Share-based compensation decreased $5.3 to $4.0 for the three months ended March 31, 2020 primarily due to a reduction in shares granted. The Company has certain performance and restricted stock units that will be settled in cash and are accounted for as liabilities. The total compensation expense was $3.1 and $2.1 for the three months ended March 31, 2020 and 2019. These awards vest ratably over a three year period.

Options outstanding and exercisable as of March 31, 2020 are included under the Company’s 1991 Equity and Performance Incentive Plan (as Amended and Restated as of February 12, 2014) (the 1991 Plan) and the Company's 2017 Equity and Performance Incentive Plan (the 2017 Plan). Changes during the three months ended March 31, 2020 were as follows:



	Number of Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value ⁽¹⁾
			(per share)		(in years)
Outstanding at January 1, 2020	2.4		$	14.89
Expired or forfeited	(0.1	)	$	31.25
Granted	0.4		$	12.54
Outstanding at March 31, 2020	2.7		$	14.38	8	$	7.0
Options exercisable at March 31, 2020	1.4		$	19.82	7	$	2.3
Options vested and expected to vest⁽²⁾ at March 31, 2020	2.7		$	14.38	8	$	7.0

⁽¹⁾

The aggregate intrinsic value (the difference between the closing price of the Company’s common shares on the last trading day of the first quarter of 2020 and the exercise price, multiplied by the number of “in-the-money” options) that would have been received by the option holders had all option holders exercised their options on March 31, 2020. The amount of aggregate intrinsic value will change based on the fair market value of the Company’s common shares.


⁽²⁾	The options expected to vest are the result of applying the pre-vesting forfeiture rate assumption to total outstanding non-vested options.

The following table summarizes information on non-vested RSUs and performance shares relating to employees and non-employee directors for the three months ended March 31, 2020:



	Number of Shares		Weighted-Average Grant-Date Fair Value
RSUs:
Non-vested at January 1, 2020	2.2		$	9.99
Forfeited	(0.1	)	$	15.83
Vested	(0.8	)	$	12.26
Granted	0.8		$	11.71
Non-vested at March 31, 2020	2.1		$	9.74
Performance Shares:
Non-vested at January 1, 2020	2.4		$	26.44
Forfeited	(0.8	)	$	34.78
Vested	(0.3	)	$	26.60
Non-vested at March 31, 2020	1.3		$	21.77

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. 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 three-year period as well as performance objectives that are assessed annually over a three-year period. No shares are vested unless certain performance threshold objectives are met.

As of March 31, 2020, there were 0.1 non-employee director deferred shares vested and outstanding.

On May 1, 2020, the Company's shareholders approved amendments to the 2017 Plan, which provide for an additional 1.9 common shares available for award. The 2017 Plan is expected to attract and retain directors, officers and employees of the Company by providing incentives and rewards for performance.