Share-Based Compensation

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

During the six months ended June 30, 2020, we granted 288,000 non-qualified employee stock options, 34,950 restricted stock units, 54,270 performance shares, and 13,500 phantom stock units. For the three months and six months ended June 30, 2020, total share-based compensation expense was $3.7 million and $5.9 million and the related tax benefits were $0.9 million and $1.5 million. For the three months and six months ended June 30, 2019, total share-based compensation expense was $4.5 million and $9.7 million the related tax benefits were $1.1 million and $2.4 million.

The estimated fair value of our 2020 non-qualified employee stock option awards and related underlying assumptions are shown in the table below.



	2020
Weighted-average estimated fair value	$22.50
Quarterly dividend rate	$0.48
Expected term of stock options, in years	4.2
Risk-free interest rate	1.3%
Dividend yield	2.5%
Expected stock price volatility	28.5%
Present value of dividends	$7.89