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STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangements [Abstract]  
Disclosure of significant measurement estimates to determine fair value of stock-based compensation The table below shows the weighted average fair value of stock options granted during 2020 and 2019 and the principal assumptions used in applying the Black-Scholes model for non-performance-based options, to determine their fair value at the grant date.
Years ended December 31
  20202019
Weighted average fair value$5.86 $8.11 
 
Risk-free interest rate1.7 %1.9 %
Dividend yield3.4 %2.8 %
Volatility of Class B Non-Voting Shares16.1 %16.4 %
Weighted average expected life
5.5 years
5.5 years
Disclosure of stock-based compensation expense
Below is a summary of our stock-based compensation expense, which is included in employee salaries and benefits expense.
Years ended December 31
(In millions of dollars) 20202019
Stock options(1)1 
Restricted share units49 47 
Deferred share units(3)4 
Equity derivative effect, net of interest receipt 15 18 
Total stock-based compensation expense 60 70 
Disclosure of number and weighted average exercise prices of share options
Below is a summary of the stock option plans, including performance options.
 Year ended December 31, 2020Year ended December 31, 2019
(In number of units, except prices)Number of optionsWeighted average exercise priceNumber of optionsWeighted average exercise price
Outstanding, beginning of year3,154,795 $61.82 2,719,612 $53.22 
Granted1,598,590 $62.56 1,179,160 $72.03 
Exercised(17,230)$54.80 (743,977)$46.56 
Forfeited(9,521)$58.45 — — 
Outstanding, end of year4,726,634 $62.10 3,154,795 $61.82 
Exercisable, end of year1,470,383 $56.75 993,645 $52.38 
Disclosure of range of exercise prices of outstanding share options
Below is a summary of the range of exercise prices, the weighted average exercise price, and the weighted average remaining contractual life as at December 31, 2020.
 Options outstandingOptions exercisable
Range of exercise pricesNumber outstandingWeighted average remaining contractual life (years)Weighted average exercise priceNumber exercisableWeighted average exercise price
$42.85 - $44.99
153,937 3.82$44.24 153,937 $44.24 
$45.00 - $49.99
499,844 3.00$48.87 499,844 $48.87 
$50.00 - $59.99
890,011 6.41$58.10 380,499 $57.82 
$60.00 - $64.99
2,013,647 8.66$62.63 134,379 $62.89 
$65.00 - $69.99
129,025 8.38$66.21 41,684 $66.64 
$70.00 - $73.00
1,040,170 7.89$73.00 260,040 $73.00 
 4,726,634 7.30$62.10 1,470,383 $56.75 
Disclosure of number and weighted average exercise prices of other equity instruments
Below is a summary of the RSUs outstanding, including performance RSUs.
Years ended December 31
(In number of units) 20202019
 
Outstanding, beginning of year2,472,774 2,218,925 
Granted and reinvested dividends1,026,067 1,013,900 
Exercised(803,266)(582,314)
Forfeited (121,681)(177,737)
 
Outstanding, end of year 2,573,894 2,472,774 
Below is a summary of the DSUs outstanding, including performance DSUs.
Years ended December 31
(In number of units) 20202019
Outstanding, beginning of year1,741,884 2,004,440 
Granted and reinvested dividends80,252 110,003 
Exercised(192,718)(348,285)
Forfeited (9,477)(24,274)
Outstanding, end of year 1,619,941 1,741,884