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EQUITY COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2022

EQUITY COMPENSATION PLANS

Summary of stock option activity and average exercise prices

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2022

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2021

2020

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Number of

Exercise

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Number of

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Exercise

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Number of

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Exercise

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Options

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Price (a)

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Options

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Price (a)

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Options

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Price (a)

Outstanding, beginning of year

6,217,161

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$160.91

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6,802,415

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$144.20

9,042,320

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$121.72

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Granted

1,228,673

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148.79

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812,853

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223.85

931,750

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220.95

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Exercised

(294,228)

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101.08

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(1,306,998)

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110.91

(2,733,130)

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97.52

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Canceled

(120,503)

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210.26

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(91,109)

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192.49

(91,660)

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166.67

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Separation of ChampionX

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(346,865)

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126.37

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Outstanding, end of year

7,031,103

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$160.45

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6,217,161

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$160.91

6,802,415

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$144.20

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Exercisable, end of year

5,168,161

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$155.45

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4,604,922

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$141.21

5,051,927

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$125.08

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Vested and expected to vest, end of year

6,886,450

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$160.31

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(a) Represents weighted average price per share.

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Weighted-average grant-date fair value of options granted and significant assumptions used in determining the underlying fair value of each option grant

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2022

2021

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2020

Weighted-average grant-date fair value of options

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granted at market prices

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$37.04

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$47.65

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$44.16

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Assumptions

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Risk-free rate of return

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3.5

%

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1.2

%

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0.5

%

Expected life

6

years

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6

years

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6

years

Expected volatility

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23.5

%

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23.0

%

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23.0

%

Expected dividend yield

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1.4

%

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0.9

%

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0.9

%

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Summary of non-vested PBRSU awards and restricted stock activity

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PBRSU

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Grant Date

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RSAs and

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Grant Date

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Awards

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Fair Value (a)

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RSUs

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Fair Value (a)

December 31, 2019

1,116,898

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$139.83

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265,513

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$149.46

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Granted

202,187

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215.23

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62,693

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203.09

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Vested / Earned

(333,676)

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112.78

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(81,150)

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130.72

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Canceled

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(26,285)

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157.32

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(15,996)

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162.51

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Separation of ChampionX

(44,494)

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142.10

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(67,377)

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161.82

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December 31, 2020

914,630

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$165.76

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163,683

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$172.92

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Granted

176,297

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223.77

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130,807

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211.12

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Vested / Earned

(271,731)

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131.74

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(48,977)

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160.84

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Canceled

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(30,667)

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178.46

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(13,239)

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192.12

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December 31, 2021

788,529

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$189.96

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232,274

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$195.95

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Granted

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291,496

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142.24

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240,370

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146.90

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Vested / Earned

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(232,210)

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152.63

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(68,864)

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163.81

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Canceled

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(24,645)

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207.05

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(18,683)

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201.39

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December 31, 2022

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823,170

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$181.68

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385,097

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$170.50

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(a) Represents weighted average price per share.

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Tabular disclosure of the changes in outstanding nonvested shares.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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