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Stock-Based Compensation Plans | 9 Months Ended
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Sep. 30, 2021
Disclosure of terms and conditions of share-based payment arrangement [abstract] |
STOCK-BASED COMPENSATION PLANS |
24. STOCK-BASED COMPENSATION PLANS
Cenovus has a number of stock-based compensation plans which include NSRs, Cenovus replacement stock options, PSUs, RSUs and DSUs. In connection with the Arrangement, at the closing of the transaction on January 1, 2021, outstanding Husky stock options were replaced by Cenovus replacement stock options. Each Cenovus replacement stock option entitles the holder to acquire 0.7845 of a Cenovus common share at an exercise price per share of a Husky stock option divided by 0.7845. The following tables summarize information related to the Company’s stock-based compensation plans:
|  | Units Outstanding |  |  |  | Units Exercisable |
As at September 30, 2021 |  | (thousands) |  |  |  | (thousands) |
Stock Options With Associated Net Settlement Rights |  | 27,882 |  |  |  | 17,556 |  |
Cenovus Replacement Stock Options |  | 12,799 |  |  |  | 8,771 |  |
Performance Share Units |  | 7,208 |  |  |  | — |  |
Restricted Share Units |  | 6,182 |  |  |  | — |  |
Deferred Share Units |  | 1,557 |  |  |  | 1,557 |  |
The weighted average exercise price of NSRs and Cenovus replacement stock options outstanding as at September 30, 2021, was $13.07 and $15.10, respectively.
|  | Units Granted |  |  |  | Units Vested and Exercised/ Paid Out |
For the nine months ended September 30, 2021 |  | (thousands) |  |  |  | (thousands) |
Stock Options With Associated Net Settlement Rights |  | 6,345 |  |  |  | 32 |
Cenovus Replacement Stock Options |  | 18,882 |  |  |  | 607 |
Performance Share Units |  | 6,173 |  |  |  | 8,086 |
Restricted Share Units |  | 6,432 |  |  |  | 8,342 |
Deferred Share Units |  | 342 |  |  |  | 126 |
In the nine months ended September 30, 2021, 32 thousand NSRs, with a weighted average exercise price of $9.48, were exercised and net settled for cash (see Note 22). In the nine months ended September 30, 2021, three thousand Cenovus replacement stock options were exercised and settled for two thousand common shares (see Note 22) and 604 thousand Cenovus replacement stock options, with a weighted average exercise price of $3.55, were exercised and net settled for cash. The following table summarizes the stock-based compensation expense (recovery) recorded for all plans:
| Three Months Ended |  |  | Nine Months Ended |
For the periods ended September 30, |  | 2021 |  |  |  | 2020 |  |  |  | 2021 |  |  |  | 2020 |
Stock Options With Associated Net Settlement Rights |  | 3 |  |  |  | 3 |  |  |  | 11 |  |  |  | 9 |
Cenovus Replacement Stock Options |  | 3 |  |  |  | — |  |  |  | 17 |  |  |  | — |
Performance Share Units |  | 9 |  |  |  | (2) |  |  |  | 30 |  |  |  | (9) |
Restricted Share Units |  | 11 |  |  |  | (3) |  |  |  | 28 |  |  |  | (8) |
Deferred Share Units |  | 2 |  |  |  | (1) |  |  |  | 11 |  |  |  | (7) |
Stock-Based Compensation Expense (Recovery) |  | 28 |  |  |  | (3) |  |  |  | 97 |  |  |  | (15) |
Stock-Based Compensation Costs Capitalized |  | 2 |  |  |  | 1 |  |  |  | 5 |  |  |  | (4) |
Total Stock-Based Compensation |  | 30 |  |  |  | (2) |  |  |  | 102 |  |  |  | (19) |

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