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STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2021
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 2021 and 2020 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
  20212020
Weighted average fair value$7.46 $5.86 
 
Risk-free interest rate0.3 %1.7 %
Dividend yield3.4 %3.4 %
Volatility of Class B Non-Voting Shares23.1 %16.1 %
Weighted average expected life
5.1 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) 20212020
Stock options3 (1)
Restricted share units57 49 
Deferred share units6 (3)
Equity derivative effect, net of interest receipt (6)15 
Total stock-based compensation expense 60 60 
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, 2021Year ended December 31, 2020
(In number of units, except prices)Number of optionsWeighted average exercise priceNumber of optionsWeighted average exercise price
Outstanding, beginning of year4,726,634 $62.10 3,154,795 $61.82 
Granted1,848,655 $60.61 1,598,590 $62.56 
Exercised(10,988)$58.45 (17,230)$54.80 
Forfeited(70,300)$67.58 (9,521)$58.45 
Outstanding, end of year6,494,001 $61.62 4,726,634 $62.10 
Exercisable, end of year2,373,717 $59.68 1,470,383 $56.75 
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, 2021.
 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 2.82$44.24 153,937 $44.24 
$45.00 - $49.99
499,844 2.00$48.87 499,844 $48.87 
$55.00 - $59.99
1,691,671 7.65$58.35 597,601 $57.93 
$60.00 - $64.99
3,014,614 7.98$62.48 545,941 $62.66 
$65.00 - $73.00
1,133,935 6.55$72.22 576,394 $72.16 
 6,494,001 7.06$61.62 2,373,717 $59.68 
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) 20212020
 
Outstanding, beginning of year2,573,894 2,472,774 
Granted and reinvested dividends1,341,801 1,026,067 
Exercised(1,041,890)(803,266)
Forfeited (182,517)(121,681)
 
Outstanding, end of year 2,691,288 2,573,894 
Below is a summary of the DSUs outstanding, including performance DSUs.
Years ended December 31
(In number of units) 20212020
Outstanding, beginning of year1,619,941 1,741,884 
Granted and reinvested dividends78,939 80,252 
Exercised(277,439)(192,718)
Forfeited (99)(9,477)
Outstanding, end of year 1,421,342 1,619,941