Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share Based Compensation [Abstract]

Summary of Restricted Stock Activity

A summary of the Company’s restricted stock activity follows:

	2020					2019					2018
	Shares			Weighted Average Grant- Date Fair Value		Shares			Weighted Average Grant- Date Fair Value		Shares			Weighted Average Grant- Date Fair Value
Restricted stock at January 1		716,952		$	94.50		743,591		$	86.90		739,732		$	77.23
Granted		204,960			94.25		199,499			95.48		173,144			114.63
Vested (a)		(244,823	)		72.11		(212,809	)		68.59		(165,547	)		72.84
Forfeitures		(7,987	)		99.94		(13,329	)		98.86		(3,738	)		78.66
Restricted stock at December 31		669,102		$	102.55		716,952		$	94.50		743,591		$	86.90

(a) The total fair value of awards upon vesting for the years ended December 31, 2020, 2019, and 2018 was $23.6 million, $19.9 million, and $18.9 million, respectively.

Summary of Performance Units Activity

A summary of the Company’s performance unit activity follows:

	2020					2019					2018
	Units			Weighted Average Grant- Date Fair Value		Units			Weighted Average Grant- Date Fair Value		Units			Weighted Average Grant- Date Fair Value
Performance units at January 1		323,147		$	96.56		266,704		$	90.01		226,558		$	77.07
Granted		111,287			99.20		109,545			97.24		83,515			115.35
Vested (b)		(77,017	)		67.57		(53,102	)		65.03		(43,369	)		71.19
Performance units at December 31		357,417		$	103.63		323,147		$	96.56		266,704		$	90.01

(b) The total fair value of awards upon vesting for the years ended December 31, 2020, 2019, and 2018 was $8.5 million, $5.5 million, and $5.4 million, respectively. Upon vesting of the awards in 2020, 2019, and 2018, PCA issued 86,015 shares, 59,165 shares, and 46,876 shares, respectively. For 2020, 2019, and 2018, these amounts included 8,998 shares, 6,063 shares, and 3,507 shares, respectively, for dividends accrued during the vesting period.

Compensation Expense for Share-Based Awards

Compensation expense for share-based awards recognized in the Consolidated Statements of Income, net of forfeitures was as follows (dollars in millions):

	Year Ended December 31,
	2020			2019			2018
Restricted stock	$	20.1		$	22.6		$	18.6
Performance units		9.9			7.8			4.9
Impact on income before income taxes		30.0			30.4			23.5
Income tax benefit		(7.6	)		(7.6	)		(5.9	)
Impact on net income	$	22.4		$	22.8		$	17.6

Unrecognized Compensation Expense for Share-Based Awards

The unrecognized compensation expense for all share-based awards was as follows (dollars in millions):

	December 31, 2020
	Unrecognized Compensation Expense		Remaining Weighted Average Recognition Period (in years)
Restricted stock	$	25.8	2.5
Performance units		17.6	2.2
Total unrecognized share-based compensation expense	$	43.4		2.3