SHARE-BASED COMPENSATION

3 Months Ended

Mar. 31, 2021

Share Based Compensation [Abstract]

SHARE-BASED COMPENSATION

NOTE 13: SHARE-BASED COMPENSATION

Share-based compensation activity during first quarter 2021 included the following:

SHARES IN THOUSANDS	GRANTED		VESTED
Restricted stock units (RSUs)		736		723
Performance share units (PSUs)		354		229

A total of 1.4 million shares of common stock were issued as a result of RSU vestings, PSU vestings and stock option exercises.

Restricted Stock Units

The weighted average fair value of the RSUs granted in 2021 was $34.19. The vesting provisions for RSUs granted in 2021 were consistent with prior year grants.

Performance Share Units

The weighted average grant date fair value of PSUs granted in 2021 was $38.50. The final number of shares granted in 2021 will vest between a range of 0 percent to 150 percent of each grant's target, depending upon actual company performance compared against an industry peer group. PSUs granted in 2021 will vest at a maximum of 100 percent of target value in the event of negative absolute company total shareholder return.

Weighted Average Assumptions Used in Estimating the Value of Performance Share Units Granted in 2021

	PERFORMANCE SHARE UNITS
Performance period	2/11/2021 – 12/31/2023
Valuation date average stock price(1)	$34.14
Expected dividends	1.99%
Risk-free rate	0.02% – 0.20%
Expected volatility	32.87% – 52.82%

(1) Calculated as an average of the high and low prices on grant date.