Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.21.1
STOCK-BASED COMPENSATION (Tables)
3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]  
Fair Value of Employee Stock Options Granted and Determined by Black-Scholes Valuation Model Assumptions
The weighted-average assumptions used and the calculated weighted-average fair values of the LTIP awards granted in 2021 and 2020 are as follows:
2021 2020
Risk-free interest rate 0.19  % 0.15  %
Expected volatility 30.70  % 27.53  %
Weighted-average fair value of units granted $ 167.17  $ 92.77 
Share payout 102.40  % 101.00  %
The fair value of each option grant is estimated using the Black-Scholes option pricing model. The weighted-average assumptions used and the calculated weighted-average fair values of options granted in 2021 and 2020 are as follows:
2021 2020
Expected dividend yield 3.31  % 3.51  %
Risk-free interest rate 0.84  % 1.26  %
Expected life (in years) 7.5 7.5
Expected volatility 23.15  % 19.25  %
Weighted-average fair value of options granted $ 23.71  $ 11.74