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Stock-Based Compensation Plans | 9 Months Ended
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Sep. 30, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract] |
Stock-Based Compensation Plans | STOCK-BASED COMPENSATION PLANS Stock-based compensation expense consists of the following:
(In millions) |  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Stock options |  | $ | 14.7 |  |  | $ | — |  |  | $ | 14.7 |  |  | $ | — |
Restricted stock |  | 0.1 |  |  | 0.4 |  |  | (7.8) |  |  | 1.5 |
Restricted stock units |  | 0.4 |  |  | 1.1 |  |  | (1.5) |  |  | 3.2 |
Total |  | $ | 15.2 |  |  | $ | 1.5 |  |  | $ | 5.4 |  |  | $ | 4.7 |
During the third quarter of 2021, we recognized $14.7 million in stock-based compensation expense for stock options granted under our Amended and Restated Incentive Compensation Plan, which was approved by shareholders in July 2021. During the second quarter of 2021, we recognized an $11.5 million reversal of stock-based compensation expense due to the forfeiture of unvested restricted stock and restricted stock units upon the retirement of our former Chief Executive Officer in May 2021. A summary of the non-vested restricted stock activity is presented below:
Restricted Stock |  | Number of Shares |  | Weighted Average Grant-Date Fair Value Per Share
Non-vested as of December 31, 2020 |  | 122,718 |  |  | $ | 117.88 |
Vested |  | (12,130) |  |  | 177.77 |
Forfeited |  | (109,054) |  |  | 106.67 |
Non-vested as of September 30, 2021 |  | 1,534 |  |  | $ | 441.54 |
A summary of the restricted stock unit activity is presented below:
Restricted Stock Units |  | Number of Restricted Stock Units |  | Weighted Average Grant-Date Fair Value Per Share
Outstanding as of December 31, 2020 |  | 412,602 |  |  | $ | 138.65 |
Granted |  | 7,302 |  |  | 366.07 |
Converted |  | (11,416) |  |  | 190.32 |
Forfeited |  | (31,418) |  |  | 110.33 |
Outstanding as of September 30, 2021 |  | 377,070 |  |  | $ | 143.85 |
Stock option grants From December 2020 through June 2021, we granted 770,500 time-based stock options with a weighted average exercise price of $346.94 per share to certain team members and a new member of our board of directors, subject to shareholder approval of an amendment to our Amended and Restated Incentive Compensation Plan (“Shareholder Approval”). Based on the terms of individual stock option grant agreements, the stock options: •vest and become exercisable in four equal annual installments beginning on the first anniversary of the date on which the options were granted, based on continuous employment or service, and •expire either six or ten years from the date of the grant. Under GAAP, if a stock award is subject to shareholder approval, it is not considered granted for accounting purposes until that approval is received. Shareholder Approval was received at our annual meeting of shareholders on July 21, 2021. Accordingly, the accounting grant date of the 770,500 previously-awarded time-based stock options was July 21, 2021. The $145.3 million grant date fair value of those stock options is being recognized as stock-based compensation expense over the requisite service period. During the third quarter of 2021, we granted an additional 8,000 time-based stock options with an exercise price of $563.10 per share and a grant date fair value of $171.36 per share. We expect to recognize the future expense of the stock options as follows:
(in millions) |  |  |  |  |  |
Year |  | Total Projected Expense of Stock Options |  |  |  |
Remainder of 2021 |  | $ | 18.9 |  |  |  |  |
2022 |  | 36.9 |  |  |  |  |
2023 |  | 36.3 |  |  |  |  |
2024 |  | 36.3 |  |  |  |  |
2025 |  | 2.2 |  |  |  |  |
Total |  | $ | 130.6 |  |  |  |  |

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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