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Share-based Compensation
 9 Months Ended
Sep. 30, 2014
Share-based Compensation [Abstract]  
Share-based Compensation
Share-based Compensation

The Company has a long-term equity incentive plan, which allows for grants of stock options, stock appreciation rights, restricted stock, and performance awards to directors, officers, and employees, as well as others who engage in services for PCA. The plan, as amended, terminates May 1, 2023, and authorizes 10.6 million shares of common stock for grant over the life of the plan. As of September 30, 2014, 1.9 million shares were available for future issuance under the plan. Forfeitures are added back to the pool of shares of common stock available to be granted at a future date.

The following table presents restricted stock and performance unit award activity for the nine months ended September 30, 2014:
 
Restricted Stock
 
Performance Units
 
Shares
 
Weighted Average Grant- Date Fair Value
 
Shares
 
Weighted Average Grant- Date Fair Value
Outstanding at December 31, 2013
1,463,694

 
$
31.48

 
70,600

 
$
47.83

Granted
229,489

 
70.24

 
56,889

 
71.19

Vested
(475,050
)
 
23.86

 
—

 
—

Forfeitures
(1,165
)
 
62.74

 
—

 
—

Outstanding at September 30, 2014
1,216,968

 
$
41.73

 
127,489

 
$
58.25



Compensation Expense

Our share-based compensation expense is recorded in "Selling, general, and administrative expenses". Compensation expense for share-based awards recognized in the Consolidated Statements of Income, net of forfeitures was as follows (dollars in thousands):
 
Three Months Ended
September 30
 
Nine Months Ended
September 30
 
2014
 
2013
 
2014
 
2013
Restricted stock
$
(3,453
)
 
$
(2,933
)
 
$
(10,501
)
 
$
(9,691
)
Performance units
(594
)
 
(249
)
 
(1,147
)
 
(265
)
Impact on income before income taxes
(4,047
)
 
(3,182
)
 
(11,648
)
 
(9,956
)
Income tax benefit
1,572

 
1,237

 
4,530

 
3,868

Impact on net income
$
(2,475
)
 
$
(1,945
)
 
$
(7,118
)
 
$
(6,088
)


The fair value of restricted stock and performance units is determined based on the closing price of the Company’s common stock on the grant date. As PCA’s Board of Directors has the ability to accelerate vesting of share-based awards upon an employee’s retirement, the Company accelerates the recognition of compensation expense for certain employees approaching normal retirement age.

The unrecognized compensation expense for all share-based awards at September 30, 2014, was as follows (dollars in thousands):
 
September 30, 2014
 
Unrecognized Compensation Expense
 
Remaining Weighted Average Recognition Period (in years)
Restricted stock
$
30,543

 
2.7
Performance units
6,025

 
3.4
Total unrecognized share-based compensation expense
$
36,568

 
2.8