12.	Share-Based Compensation

The Company has a long-term equity incentive plan, which allows for grants of restricted stock, performance awards, stock appreciation rights, and stock options 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, 2017, 1.0 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, 2017:

	Restricted Stock					Performance Units
	Shares			Weighted Average Grant- Date Fair Value		Shares			Weighted Average Grant- Date Fair Value
Outstanding at January 1, 2017		786,079		$	63.44		232,088		$	62.68
Granted		173,199			107.57		61,861			108.19
Vested		(212,172	)		51.54		(67,391	)		56.08
Forfeitures		(4,714	)		68.85		—			—
Outstanding at September 30, 2017		742,392		$	77.11		226,558		$	77.07

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 millions):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
Restricted stock	$	3.8		$	3.5		$	11.3		$	12.2
Performance units		1.4			1.3			4.1			2.8
Total share-based compensation expense		5.2			4.8			15.4			15.0
Income tax benefit		(2.0	)		(1.8	)		(5.9	)		(5.8	)
Share-based compensation expense, net of tax benefit	$	3.2		$	3.0		$	9.5		$	9.2

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, 2017 was as follows (dollars in millions):

	September 30, 2017
	Unrecognized Compensation Expense		Remaining Weighted Average Recognition Period (in years)
Restricted stock	$	34.3	2.7
Performance units		10.9		3.0
Total unrecognized share-based compensation expense	$	45.2		2.8