STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2022

Share-based Payment Arrangement [Abstract]

Summary of Stock Option Activity Under the Stock Plans

A summary of stock option activity under the Stock Plans is as follows:

Options	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (1)
(Aggregate intrinsic value in thousands)
Outstanding, January 1, 2022	2,284,276	$	34.65	5.5
Granted	—	—
Exercised	(643,922)	9.30
Forfeited	(52,465)	77.53
Outstanding, September 30, 2022	1,587,889	$	43.60	5.1	$	14,366
Vested and expected to vest, September 30, 2022	1,587,889	$	43.60	5.1	$	14,366
Exercisable, September 30, 2022	1,401,945	$	37.53	4.8	$	14,052

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(1)The total intrinsic value of options exercised during the nine months ended September 30, 2022 and 2021 was $34.7 million and $148.8 million, respectively, determined as of the date of exercise.

Summary of Restricted Stock and Restricted Stock Unit Activity Under the Stock Plans

A summary of restricted stock and restricted stock unit activity during the nine months ended September 30, 2022 is as follows:

Restricted stock and restricted stock units	Shares	Weighted Average Grant Date Fair Value (1)
Outstanding, January 1, 2022	4,320,910	$	108.84
Granted	3,784,503	70.28
Released (2)	(1,629,309)	95.46
Forfeited	(888,291)	90.88
Outstanding, September 30, 2022	5,587,813	$	87.97

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(1)The weighted average grant date fair value of the restricted stock units granted during the nine months ended September 30, 2021 was $133.80.

(2)The fair value of restricted stock units vested and converted to shares of the Company’s common stock was $155.5 million and $114.4 million during the nine months ended September 30, 2022 and 2021, respectively.

Share-based Payment Arrangement, Performance Shares, Activity

A summary of performance share unit activity is as follows:

Performance share units	Shares (1)	Weighted Average Grant Date Fair Value (2)
Outstanding, January 1, 2022	878,114	$	107.18
Granted	805,782	89.43
Released (3)	(292,134)	93.22
Forfeited	(373,372)	91.91
Outstanding, September 30, 2022	1,018,390	$	102.74

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(1)The performance share units listed above assumes attainment of maximum payout rates as set forth in the performance criteria. Applying actual or expected payout rates, the number of outstanding performance share units as of September 30, 2022 was 229,129.

(2)The weighted average grant date fair value of the performance share units granted during the nine months ended September 30, 2021 was $140.96.

(3)The fair value of performance share units vested and converted to shares of the Company’s common stock was $27.2 million for the nine months ended September 30, 2022. There were no performance share units vested and converted to shares of the Company’s common stock during the nine months ended September 30, 2021.

Schedule of share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions

The fair value of ESPP shares is based on the assumptions in the following table:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
ESPP Shares
Risk-free interest rates	(1)	(1)	1.49% - 2.73%	0.04% - 0.16%
Expected term (in years)	(1)	(1)	0.5 - 2	0.5 - 2
Expected volatility	(1)	(1)	50.94% - 60.34%	48.38% - 68.51%
Dividend yield	(1)	(1)	—%	—%

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(1)The Company did not issue stock purchase rights under its 2010 Employee Stock Purchase Plan during the period indicated.