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STOCK-BASED COMPENSATION | 3 Months Ended
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Mar. 31, 2024
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 three months ended March 31, 2024.
| Options |  | Weighted- average exercise price
Outstanding at December 31, 2023 | 1,476,104 |  |  | $ | 75.39 |
Exercised | (348,728) |  |  | $ | 76.47 |
Expired | (1,768) |  |  | $ | 76.75 |
Outstanding at March 31, 2024 | 1,125,608 |  |  | $ | 75.06 |
Exercisable at March 31, 2024 | 1,125,608 |  |  | $ | 75.06 |
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 three months ended March 31, 2024.
| Restricted shares |  | Restricted stock units |  | Weighted-average fair value
Nonvested at December 31, 2023 | 56,740 |  |  | 6,485,253 |  |  | $ | 127.74 |
Time-based grants | — |  |  | 13,136 |  |  | $ | 108.66 |
Dividend equivalents granted to non-employee directors | — |  |  | 973 |  |  | $ | 121.92 |
Vested | — |  |  | (40,241) |  |  | $ | 98.65 |
Forfeited | — |  |  | (30,035) |  |  | $ | 127.15 |
Nonvested at March 31, 2024 | 56,740 |  |  | 6,429,086 |  |  | $ | 127.89 |
Nonvested at March 31, 2024, includes performance-based restricted stock units of 334,548. These nonvested performance-based restricted stock units include 108,775 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 March 31, 2024. 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) |
Second quarter 2024 | $ | 58.2 |
Third quarter 2024 | 57.2 |
Fourth quarter 2024 | 50.2 |
2025 | 118.8 |
2026 through 2029 | 88.4 |
Total | $ | 372.8 |

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