SHARE-BASED COMPENSATION PLANS

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

The following table provides information on share-based compensation expense and income tax benefits recognized during the periods:


	Three months ended June 30,						Six months ended June 30,
	2020		2019		2020		2019
	(In thousands)
Stock option and stock purchase plans	$	1,052	$	1,656	$	2,409	$	3,475
Unvested stock awards	6,487		5,867		8,221		11,447
Share-based compensation expense	7,539		7,523		10,630		14,922
Income tax benefit	(1,307)		(1,374)		(1,485)		(2,534)
Share-based compensation expense, net of tax	$	6,232	$	6,149	$	9,145	$	12,388

Total unrecognized pre-tax compensation expense related to all share-based compensation arrangements at June 30, 2020 was $50 million and is expected to be recognized over a weighted-average period of 2.2 years.

We generally grant awards under our various share-based compensation plans in the first quarter of each year in the annual management grant. The following table is a summary of the awards granted in the annual management grant in the first quarter of 2020:




	Shares Granted	Weighted-Average Fair Market Value
	(Shares in thousands)


Performance-based restricted stock rights	292	$	37.47






Time-vested restricted stock rights	557	38.45
Total	849	$	38.11

Performance-based restricted stock awards (PBRSRs) include a performance-based vesting condition. PBRSRs are awarded based on various revenue, return-based and cash flow performance targets and a majority of PBRSRs include a total shareholder return (TSR) modifier. The fair values of the PBRSRs that include a TSR modifier are estimated using a lattice-based option-pricing valuation model that incorporates a Monte-Carlo simulation. The fair value of PBRSRs that do not include a TSR modifier is determined and fixed on the grant date based on our stock price on the date of grant. Share-based compensation expense for PBRSRs is recognized on a straight-line basis over the vesting period, based upon the probability that the performance target will be met.

Restricted stock awards are unvested stock rights that are granted to employees and entitle the holder to shares of common stock as the award vests. Time-vested restricted stock rights typically vest ratably over three years regardless of company performance. The fair value of the time-vested awards is determined and fixed based on our stock price on the date of grant. Share-based compensation expense for restricted stock awards is recognized on a straight-line basis over the vesting period.