Equity Based Compensation

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Equity Based Compensation

Equity Based Compensation

Equity compensation expense was $24 million and $(5) million in the first six months of 2021 and 2020, respectively. In the first quarter of 2021, the Company granted 200,239 stock appreciation rights at $129.01 weighted average exercise price per share, 167,883 performance contingent awards and 327,813 restricted stock units to employees. Performance contingent awards include both performance contingent shares and performance share units. Additionally, non-employee directors were granted a total of 8,154 shares of common stock. As of June 30, 2021, 1,633,693 share awards at a weighted average strike price per share of $96.87 were vested and exercisable, with a remaining weighted average exercise period of 4.4 years. As of June 30, 2021, the total compensation cost of non-vested awards not yet recognized in the condensed consolidated financial statements was $56 million. It is estimated that these costs will vest over a weighted average period of 1.0 year.