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Stock Compensation (Tables) | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Valuation Assumptions Used for Valuation of Fair Value of Stock Compensation Granted | We utilized the Black-Scholes valuation model for estimating the fair value of the stock compensation granted, with the following weighted-average assumptions:
| Employee Stock Options |  | Employee Stock Purchase Plan
| For the Three Months Ended |  | For the Nine Months Ended |  | For the Three Months Ended |  | For the Nine Months Ended
| September 30, |  | September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Average risk-free interest rates | 4.18 | % |  | 4.17 | % |  | 4.15 | % |  | 3.95 | % |  | 4.38 | % |  | 5.03 | % |  | 4.96 | % |  | 4.50 | %
Average expected life (in years) | 5.17 |  | 5.16 |  | 5.02 |  | 5.05 |  | 0.50 |  | 0.50 |  | 0.50 |  | 0.50
Volatility | 29 | % |  | 32 | % |  | 30 | % |  | 32 | % |  | 28 | % |  | 24 | % |  | 24 | % |  | 22 | %
Weighted-average fair value (in dollars) | $ | 21.54 |  |  | $ | 22.32 |  |  | $ | 21.02 |  |  | $ | 24.68 |  |  | $ | 12.11 |  |  | $ | 15.36 |  |  | $ | 11.27 |  |  | $ | 14.72 |
Schedule of Option Activity Under the 2010 Stock Plan | Option activity under our 2010 Stock Plan and 2024 Inducement Plan was as follows:
| Shares Subject to Outstanding Options
| Shares |  | Weighted Average Exercise Price
Balance at December 31, 2023 | 12,457,158 |  | $ | 85.40 |
Options granted | 1,320,585 |  | $ | 62.42 |
Options exercised | (58,614) |  | $ | 57.75 |
Options cancelled | (472,808) |  | $ | 87.31 |
Balance at September 30, 2024 | 13,246,321 |  | $ | 83.16 |
Schedule of RSU Award and PSU Activity Under the 2010 Stock Plan | RSU and PSU award activity under the 2010 Stock Plan and 2024 Inducement Plan was as follows:
| Shares Subject to Outstanding Awards
| Shares |  | Grant Date Value
Balance at December 31, 2023 | 7,165,342 |  | $ | 72.17 |
RSUs granted | 3,392,462 |  | $ | 63.77 |
PSUs granted | 321,582 |  | $ | 65.40 |
Additional PSUs earned | 21,866 |  | $ | 83.58 |
RSUs released | (1,859,539) |  | $ | 75.70 |
PSUs released | (105,453) |  | $ | 83.58 |
RSUs cancelled | (244,641) |  | $ | 69.91 |
PSUs cancelled | (7,795) |  | $ | 83.58 |
Balance at September 30, 2024 | 8,683,824 |  | $ | 67.79 |
Schedule of Shares Available for Grant | The following table summarizes our shares available for grant under the 2010 Stock Plan and 2024 Inducement Plan. Each RSU and PSU grant reduces the available share pool by 2 shares.
| Shares Available for Grant
Balance at December 31, 2023 | 10,815,026
Additional authorization - 2024 Inducement Plan | 1,000,000
Options, RSUs and PSUs granted | (8,792,405)
Options, RSUs and PSUs cancelled | 977,680
Balance at September 30, 2024 | 4,000,301

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock options plan and employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References No definition available. + Details
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