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Stock-Based Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2022
Disclosure of terms and conditions of share-based payment arrangement [abstract] |
Summary of Assumptions Used to Determine Fair Value of Options Granted | The fair value of each NSR was estimated on its grant date using the Black-Scholes-Merton valuation model with weighted average assumptions as follows:
Risk-Free Interest Rate | 1.84 | %
Expected Dividend Yield | 0.72 | %
Expected Volatility (1) | 24.72 | %
Expected Life (years) | 5.75
(1)Expected volatility has been based on historical share volatility of the Company.
Summary of Options Outstanding and Exercisable | The following tables summarize information related to the NSRs:
| Number of Stock Options with Associated Net Settlement Rights |  | Weighted Average Exercise Price
For the year ended December 31, 2022 | (thousands) |  | ($)
Outstanding, Beginning of Year | 27,233 |  | 13.06 |
Granted | 2,031 |  | 19.94 |
Exercised | (11,599) |  | 12.77 |
Forfeited | (258) |  | 9.75 |
Expired | (3,058) |  | 22.25 |
Outstanding, End of Year | 14,349 |  | 12.38
| Outstanding |  | Exercisable
As at December 31, 2022 | Number of Stock Options with Associated Net Settlement Rights |  | Weighted Average Remaining Contractual Life |  | Weighted Average Exercise Price |  | Number of Stock Options with Associated Net Settlement Rights |  | Weighted Average Exercise Price
Range of Exercise Price ($) | (thousands) |  | (Years) |  | ($) |  | (thousands) |  | ($)
5.00 to 9.99 | 5,234 |  | 4.88 |  | 8.76 |  | 1,474 |  | 8.94
10.00 to 14.99 | 6,229 |  | 3.80 |  | 12.01 |  | 4,280 |  | 12.13
15.00 to 19.99 | 2,834 |  | 4.26 |  | 19.71 |  | 919 |  | 19.36
20.00 to 24.99 | 52 |  | 6.69 |  | 22.37 |  | — |  | —
| 14,349 |  | 4.30 |  | 12.38 |  | 6,673 |  | 12.42
The following tables summarize the information related to the Cenovus replacement stock options:
| Number of Cenovus Replacement Stock Options |  | Weighted Average Exercise Price
For the year ended December 31, 2022 | (thousands) |  | ($)
Outstanding, Beginning of Year | 12,256 |  | 15.21 |
Exercised | (6,145) |  | 16.12 |
Forfeited | (186) |  | 15.85 |
Expired | (2,458) |  | 20.59 |
Outstanding, End of Year | 3,467 |  | 9.99
| Outstanding |  | Exercisable
As at December 31, 2022 | Number of Cenovus Replacement Stock Options |  | Weighted Average Remaining Contractual Life |  | Weighted Average Exercise Price |  | Number of Cenovus Replacement Stock Options |  | Weighted Average Exercise Price
Range of Exercise Price ($) | (thousands) |  | (Years) |  | ($) |  | (thousands) |  | ($)
3.00 to 4.99 | 2,065 |  | 1.63 |  | 3.54 |  | 742 |  | 3.54
5.00 to 9.99 | 124 |  | 1.36 |  | 6.06 |  | 59 |  | 6.06
10.00 to 14.99 | 14 |  | 0.47 |  | 12.88 |  | 14 |  | 12.88
15.00 to 19.99 | 594 |  | 1.04 |  | 18.35 |  | 594 |  | 18.35
20.00 to 24.99 | 524 |  | 0.20 |  | 21.77 |  | 524 |  | 21.77
25.00 to 29.99 | 146 |  | 0.58 |  | 27.88 |  | 146 |  | 27.88
| 3,467 |  | 1.25 |  | 9.99 |  | 2,079 |  | 14.21
The following table summarizes the information related to the PSUs held by Cenovus employees:
| Number of Performance Share Units
For the year ended December 31, 2022 | (thousands)
Outstanding, Beginning of Year | 7,163
Granted | 3,226
Vested and Paid Out | (1,413)
Cancelled | (465)
Units in Lieu of Dividends | 167
Outstanding, End of Year | 8,678
The following table summarizes the information related to the RSUs held by Cenovus employees:
| Number of Restricted Share Units
For the year ended December 31, 2022 | (thousands)
Outstanding, Beginning of Year | 6,025
Granted | 3,161
Vested and Paid Out | (2,230)
Cancelled | (430)
Units in Lieu of Dividends | 129
Outstanding, End of Year | 6,655
The following table summarizes the information related to the DSUs held by Cenovus directors, officers and employees:
| Number of Deferred Share Units
For the year ended December 31, 2022 | (thousands)
Outstanding, Beginning of Year | 1,256
Granted to Directors | 161
Granted | 316
Units in Lieu of Dividends | 30
Redeemed | (257)
Outstanding, End of Year | 1,506
Summary of Stock-Based Compensation | E) Total Stock-Based Compensation
For the years ended December 31, | 2022 |  | 2021 |  | 2020 |
Stock Options With Associated Net Settlement Rights | 15 |  | 14 |  | 11 |
Cenovus Replacement Stock Options | 53 |  | 26 |  | — |
Performance Share Units | 183 |  | 56 |  | 19 |
Restricted Share Units | 100 |  | 48 |  | 23 |
Deferred Share Units | 22 |  | 15 |  | (4) |
Stock-Based Compensation Expense (Recovery) | 373 |  | 159 |  | 49 |
Stock-Based Compensation Costs Capitalized | — |  | 8 |  | 16 |
Total Stock-Based Compensation | 373 |  | 167 |  | 65 |

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