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Equity Based Compensation
3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]  
Equity Based Compensation
Equity Based Compensation
Equity compensation expense was $5 million for the three months ended March 31, 2021 and 2020. In the first quarter of 2021, the Company granted 200,201 stock appreciation rights at $129.01 weighted average exercise price per share, 167,862 performance contingent awards and 328,725 restricted stock units to employees. Performance contingent awards include both performance contingent shares and performance share units. As of March 31, 2021, 1,644,630 share awards at a weighted average strike price per share of $96.71 were vested and exercisable, with a remaining weighted average exercise period of 4.6 years. As of March 31, 2021, the total compensation cost of non-vested awards not yet recognized in the condensed consolidated financial statements was $73 million. It is estimated that these costs will vest over a weighted average period of 1.2 years.