Our outstanding share-based compensation programs include deferred stock units and stock options. During the six months ended 31 March 2024, we granted market-based and time-based deferred stock units. Under all programs, the terms of the awards are fixed at the grant date. We issue shares from treasury stock upon the payout of deferred stock units and the exercise of stock options. As of 31 March 2024, there were 1.0 million shares available for future grant under our Long-Term Incentive Plan ("LTIP"), which is shareholder approved.


	Three Months Ended		Six Months Ended
	31 March		31 March
	2024	2023	2024	2023
Before-tax share-based compensation cost	$14.8	$15.5	$28.4	$32.4
Income tax benefit	(3.6)	(3.9)	(6.9)	(7.9)
After-tax share-based compensation cost	$11.2	$11.6	$21.5	$24.5

Before-tax share-based compensation cost is primarily included in "Selling and administrative expense" on our consolidated income statements. The amount of share-based compensation cost capitalized in the first six months of fiscal years 2024 and 2023 was not material.

During the six months ended 31 March 2024, we granted 102,120 market-based deferred stock units. The market-based deferred stock units are earned over the performance period beginning 1 October 2023 and ending 30 September 2026, conditioned on the level of our total shareholder return in relation to the S&P 500 Index over the three-year performance period.

The market-based deferred stock units had an estimated grant-date fair value of $302.10 per unit, which was estimated using a Monte Carlo simulation model. The model utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the grant and calculates the fair value of the awards. We generally expense the grant-date fair value of these awards on a straight-line basis over the vesting period. The calculation of the fair value of market-based deferred stock units used the following assumptions:

In addition, during the six months ended 31 March 2024, we granted 139,425 time-based deferred stock units at a weighted average grant-date fair value of $272.05.