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STOCK-BASED COMPENSATION
 9 Months Ended
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 grants56,740 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 
2024122.5 
2025 through 202997.1 
Total$270.6