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STOCK-BASED COMPENSATION | 6 Months Ended
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Jun. 30, 2021
Share-based Payment Arrangement [Abstract] |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION. STOCK OPTIONS. The following table summarizes the status of, and changes in, our stock options during the six months ended June 30, 2021.
| Options |  | Weighted- average exercise price
Outstanding at December 31, 2020 | 4,379,663 |  |  | $ | 71.67 |
Exercised | (997,788) |  |  | $ | 69.84 |
Outstanding at June 30, 2021 | 3,381,875 |  |  | $ | 72.21 |
Exercisable at June 30, 2021 | 3,381,875 |  |  | $ | 72.21 |
EFFECT OF SPECIAL CASH DIVIDEND. As a result of the special cash dividend declared by the Board of Directors in June 2021, the anti-dilution provisions of our employee long-term incentive plans and non-employee director plans (collectively, the LTI plans) require an automatic adjustment to neutralize the effect of the special cash dividend. On the special cash dividend’s ex-dividend date (June 24, 2021), the number of shares authorized and the number of stock options outstanding and their exercise price were adjusted resulting in an increase of 50,607 stock options outstanding on the ex-dividend date, and no incremental compensation expense. In the table above, the number of options outstanding at December 31, 2020 was updated to reflect this adjustment. RESTRICTED SHARES AND STOCK UNITS. The following table summarizes the status of, and changes in, our nonvested restricted shares and restricted stock units during the six months ended June 30, 2021.
| Restricted shares |  | Restricted stock units |  | Weighted-average fair value
Nonvested at December 31, 2020 | 7,412 |  |  | 6,367,059 |  |  | $ | 116.51 |
Time-based grants | 4,336 |  |  | 18,356 |  |  | $ | 180.72 |
Dividend equivalents granted to non-employee directors | — |  |  | 1,067 |  |  | $ | 184.61 |
Vested | (7,412) |  |  | (88,268) |  |  | $ | 100.40 |
Forfeited | — |  |  | (42,792) |  |  | $ | 114.34 |
Nonvested at June 30, 2021 | 4,336 |  |  | 6,255,422 |  |  | $ | 117.01 |
Nonvested at June 30, 2021, includes performance-based restricted stock units of 361,609. These nonvested performance-based restricted stock units include 198,205 units for which the performance period has lapsed, and the performance threshold has been met. FUTURE STOCK-BASED COMPENSATION EXPENSE. The following table presents the compensation expense to be recognized over the remaining vesting periods of the stock-based awards outstanding at June 30, 2021. Estimated future compensation expense will change to reflect future grants of restricted stock awards and units, future option grants, changes in the probability of performance thresholds being met, and adjustments for actual forfeitures.
(in millions) |
Third quarter 2021 | $ | 57.1 |
Fourth quarter 2021 | 50.6 |
2022 | 117.9 |
2023 through 2026 | 97.2 |
Total | $ | 322.8 |

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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