Shares authorized

[Table of Contents](#i0fa971ac9e834218957059819155291f_10)Combined Notes to Consolidated Financial Statements(Dollars in millions, except per share data unless otherwise noted)  
Note 20 — Shareholders' Equity

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |
|  | Preferred Securities Authorized |
| Exelon | 100,000,000  |  |
| ComEd | 850,000  |  |
| PECO | 15,000,000  |  |
| BGE | 1,000,000  |  |
| Pepco | 6,000,000  |  |
| ACE(a) | 2,799,979  |  |

\_\_\_\_\_\_\_\_\_\_(a)Includes 799,979 shares of cumulative preferred stock and 2,000,000 of no-par preferred stock as of December 31, 2021 and 2020. The following table presents ComEd's, BGE's, and ACE's preference securities authorized, none of which were outstanding as of December 31, 2021 and 2020. There are no shares of preference securities authorized for Exelon, PECO, Pepco, and DPL.

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |
|  | Preference Securities Authorized |
| ComEd | 6,810,451  |  |
| BGE(a) | 6,500,000  |  |
| ACE | 3,000,000  |  |

\_\_\_\_\_\_\_\_\_\_(a)Includes 4,600,000 shares of unclassified preference securities and 1,900,000 shares of previously redeemed preference securities as of December 31, 2021 and 2020.   
21. Stock-Based Compensation Plans (All Registrants)Stock-Based Compensation PlansExelon grants stock-based awards through its LTIP, which primarily includes performance share awards, restricted stock units, and stock options. At December 31, 2021, there were approximately 33 million shares authorized for issuance under the LTIP. For the years ended December 31, 2021, 2020, and 2019, exercised and distributed stock-based awards were primarily issued from authorized but unissued common stock shares.The Registrants grant cash awards. The following table does not include expense related to these plans as they are not considered stock-based compensation plans under the applicable authoritative guidance.The following table presents the stock-based compensation expense included in Exelon's Consolidated Statements of Operations and Comprehensive Income. The Utility Registrants' stock-based compensation expense for the years ended December 31, 2021, 2020, and 2019 was not material. 

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|  | Year Ended December 31, |
| Exelon | 2021 |  | 2020 |  | 2019 |
| Total stock-based compensation expense included in operating and maintenance expense | $ | 142  |  |  | $ | 64  |  |  | $ | 77  |  |
| Income tax benefit | (37) |  |  | (16) |  |  | (20) |  |
| Total after-tax stock-based compensation expense | $ | 105  |  |  | $ | 48  |  |  | $ | 57  |  |
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Exelon receives a tax deduction based on the intrinsic value of the award on the exercise date for stock options and the distribution date for performance share awards and restricted stock units. For each award, throughout the requisite service period, Exelon recognizes the tax benefit related to compensation costs. The following table presents information regarding Exelon’s realized tax benefit when distributed:317  
  
  

