Share-Based Compensation

9 Months Ended

Sep. 30, 2019

Share-based Payment Arrangement [Abstract]

During the nine months ended September 30, 2019, we granted 326,900 non-qualified employee stock options, 42,960 restricted stock units, 58,340 performance shares, and 17,183 phantom stock units. For the three months and nine months ended September 30, 2019, total share-based compensation expense was $4.1 million and $13.7 million and the related tax benefits were $1.0 million and $3.4 million. For the three months and nine months ended September 30, 2018, total share-based compensation expense was $5.7 million and $15.4 million and the related tax benefits were $1.4 million and $3.9 million.

The estimated fair value of our 2019 non-qualified employee stock option awards and related underlying assumptions are shown in the table below.



	2019
Weighted-average estimated fair value	$22.24
Quarterly dividend rate	$0.46
Expected term of stock options, in years	4.2
Risk-free interest rate	2.5%
Dividend yield	2.6%
Expected stock price volatility	28.9%
Present value of dividends	$7.29