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STOCK-BASED COMPENSATION | 9 Months Ended
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Sep. 30, 2023
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 nine months ended September 30, 2023.
| Options |  | Weighted- average exercise price
Outstanding at December 31, 2022 | 2,218,506 |  |  | $ | 74.31 |
Exercised | (621,808) |  |  | $ | 71.26 |
Outstanding at September 30, 2023 | 1,596,698 |  |  | $ | 75.50 |
Exercisable at September 30, 2023 | 1,596,698 |  |  | $ | 75.50 |
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 nine months ended September 30, 2023.
| Restricted shares |  | Restricted stock units |  | Weighted-average fair value
Nonvested at December 31, 2022 | 8,715 |  |  | 5,901,600 |  |  | $ | 142.37 |
Time-based grants | 56,740 |  |  | 42,316 |  |  | $ | 110.07 |
Dividend equivalents granted to non-employee directors | — |  |  | 2,996 |  |  | $ | 108.48 |
Vested | (8,715) |  |  | (99,933) |  |  | $ | 110.78 |
Forfeited | — |  |  | (121,871) |  |  | $ | 140.97 |
Nonvested at September 30, 2023 | 56,740 |  |  | 5,725,108 |  |  | $ | 142.43 |
Nonvested at September 30, 2023, includes performance-based restricted stock units of 320,326. These nonvested performance-based restricted stock units include 105,106 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 September 30, 2023. 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) |
Fourth quarter 2023 | $ | 51.0 |
2024 | 122.5 |
2025 through 2029 | 97.1 |
Total | $ | 270.6 |

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