v3.25.2
Share-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Summary of Restricted Stock and Performance Unit Award Activity

The following table presents restricted stock and performance unit award activity for the six months ended June 30, 2025:

 

 

 

Restricted Stock

 

 

Performance Units

 

 

 

Shares

 

 

Weighted
Average Grant-
Date Fair Value

 

 

Shares

 

 

Weighted
Average Grant-
Date Fair Value

 

Outstanding at January 1, 2025

 

 

620,403

 

 

$

148.63

 

 

 

358,466

 

 

$

119.17

 

Granted

 

 

147,265

 

 

 

211.53

 

 

 

129,853

 

 

 

211.72

 

Vested (a)

 

 

(151,242

)

 

 

136.36

 

 

 

(139,443

)

 

 

167.14

 

Forfeitures

 

 

(5,157

)

 

 

162.11

 

 

 

 

 

 

 

Outstanding at June 30, 2025

 

 

611,269

 

 

$

166.71

 

 

 

348,876

 

 

$

171.68

 

(a)
Upon payout of the performance unit awards that vested during the period, PCA issued 151,895 shares, which included 12,452 shares for dividends accrued during the performance period.
Compensation Expense for Share-Based Awards

Our share-based compensation expense is primarily 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 June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Restricted stock

 

$

6.1

 

 

$

6.0

 

 

$

20.0

 

 

$

19.9

 

Performance units

 

 

4.2

 

 

 

3.9

 

 

 

8.1

 

 

 

9.3

 

Total share-based compensation expense

 

 

10.3

 

 

 

9.9

 

 

 

28.1

 

 

 

29.2

 

Income tax benefit

 

 

(2.6

)

 

 

(2.5

)

 

 

(7.0

)

 

 

(7.3

)

Share-based compensation expense, net of tax benefit

 

$

7.7

 

 

$

7.4

 

 

$

21.1

 

 

$

21.9

 

 

Unrecognized Compensation Expense for Share-Based Awards

The unrecognized compensation expense for all share-based awards at June 30, 2025 was as follows (dollars in millions):

 

 

 

June 30, 2025

 

 

 

Unrecognized
Compensation
Expense

 

 

Remaining
Weighted Average
Recognition
Period (in years)

 

Restricted stock

 

$

40.1

 

 

 

2.8

 

Performance units

 

 

33.9

 

 

 

2.5

 

Total unrecognized share-based compensation expense

 

$

74.0

 

 

 

2.7