Dividends. In May 2018, the Company announced the decision of its Board of Directors to reallocate future dividend funds towards debt reduction and other capital resource needs. Accordingly, the Company has not paid a dividend since 2018.

Share-Based Compensation Cost. The Company recognizes costs resulting from all share-based payment transactions based on the fair 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. To cover the exercise and/or vesting of its share-based payments, the Company uses a combination of new shares from its authorized, unissued share pool and its treasury shares. The number of common shares that may be issued pursuant to the 2017 Equity and Performance Incentive Plan (the 2017 Plan) was 15.9, of which 7.1 shares were available for issuance at December 31, 2022.

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:


	2022		2021		2020
Stock options
Pre-tax compensation expense	$	0.3	$	1.5	$	1.7
Tax benefit	—		(0.4)		(0.5)
Stock option expense, net of tax	$	0.3	$	1.1	$	1.2

RSU's
Pre-tax compensation expense	$	13.6	$	8.7	$	8.9
Tax benefit	(1.6)		(2.2)		(2.2)
RSU expense, net of tax	$	12.0	$	6.5	$	6.7

Performance shares
Pre-tax compensation expense	$	(0.5)	$	3.6	$	4.3
Tax benefit	—		(1.0)		(1.0)
Performance share expense, net of tax	$	(0.5)	$	2.6	$	3.3






Total share-based compensation
Pre-tax compensation expense	$	13.4	$	13.8	$	14.9
Tax benefit	(1.6)		(3.6)		(3.7)
Total share-based compensation, net of tax	$	11.8	$	10.2	$	11.2

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 upon retirement, which results in either immediate or accelerated expense.

In previous years, stock options were granted to employees that generally vest after a period of one year to three years and have a term of ten years from the issuance date. No stock options were granted in 2022 or 2021. Option exercise prices typically 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:


	2022		2021		2020
Expected life (in years)	0		0		5
Weighted-average volatility	—	%	—	%	64	%
Risk-free interest rate	—	%	—	%	0.49-1.47%
Expected dividend yield	—	%	—	%	—	%

The Company uses historical data to estimate the expected life within the valuation model. 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, 2022	2.6	$	13.45
Expired or forfeited	(1.1)	$	8.79

Granted	—	$	—
Outstanding at December 31, 2022	1.5	$	16.81	5	$	—
Options exercisable at December 31, 2022	1.5	$	16.91	5	$	—

(1)The aggregate intrinsic value represents the total pre-tax intrinsic value (the difference between the Company’s closing share price on the last trading day of the year in 2022 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 December 31, 2022. The amount of aggregate intrinsic value will change based on the fair market value of the Company’s common shares.

The aggregate intrinsic value of options exercised was minimal for the years ended December 31, 2022, 2021 and 2020. The weighted-average, grant-date fair value of stock options granted for the year ended December 31, 2020 was $6.05.

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 either cliff vest after one year or vest per annum over a three-year period. 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, 2022	1.6	$	10.87
Forfeited	(0.5)	$	9.78
Vested	(1.2)	$	9.36
Granted	2.3	$	6.57
Non-vested at December 31, 2022	2.2	$	7.53

The weighted-average grant-date fair value of RSUs granted for the years ended December 31, 2022, 2021 and 2020 was $6.57, $13.71 and $10.64, respectively. The total fair value of RSUs vested during the years ended December 31, 2022, 2021 and 2020 was $11.0, $10.3 and $12.7, 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 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 four years as well as performance objectives that are assessed annually over a period of four 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, 2022 (1)	2.2	$	10.57
Forfeited	(1.5)	$	17.75
Vested	(0.2)	$	13.45

Granted	0.9	$	7.28
Non-vested at December 31, 2022	1.4	$	0.30

(1)Non-vested performance shares are based on a maximum potential payout. Actual shares vested at the end of the performance period may be less than the maximum potential payout level depending on achievement of the performance objectives, as determined by the Board of Directors.

The weighted-average grant-date fair value of performance shares granted for the years ended December 31, 2022 and 2021 was $7.28 and $13.73, respectively. No performance shares were granted in 2020. The total fair value of performance shares vested during the years ended December 31, 2022, 2021 and 2020 was $2.0, $0.0 and $1.2, respectively.

In addition to the equity awards described above, the Company has certain performance and service based awards that will be settled in cash and are accounted for as liabilities. The total compensation expense for these awards was $(4.7), $7.1 and $21.4 for the years ended December 31, 2022, 2021 and 2020, respectively. These awards vest ratably over a three-year period.