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STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Schedule of valuation assumptions

The Company determines the fair value of each service-based option award on the date of grant using the Black-Scholes option-pricing model, which utilizes several key assumptions which are disclosed in the following table:

						Three Months Ended September 30,												Nine Months Ended September 30,
						2021						2020						2021						2020
Option Plan Shares
Risk-free interest rates						(1)						(1)						(1)						0.11% - 1.47%
Expected term (in years)						(1)						(1)						(1)						0.25 - 6.15
Expected volatility						(1)						(1)						(1)						44.19% - 77.51%
Dividend yield						(1)						(1)						(1)						—%

______________

(1)The Company did not grant stock options under its 2010 Omnibus Long-Term Incentive Plan or 2019 Omnibus Long-Term Incentive Plan during the period.

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

Options						Shares						Weighted Average Exercise Price (1)						Weighted Average Remaining Contractual Term(Years)						Aggregate Intrinsic Value(2)
(Aggregate intrinsic value in thousands)
Outstanding, January 1, 2021						2,231,059						$	39.67					6.0
Granted						—						—
Assumed through acquisition						1,393,748						5.51
Exercised						(1,208,355)						11.09
Forfeited						(36,909)						62.85
Outstanding, September 30, 2021						2,379,543						$	33.81					5.6						$	147,337
Vested and expected to vest, September 30, 2021						2,379,543						$	33.81					5.6						$	147,337
Exercisable, September 30, 2021						1,816,492						$	25.17					4.9						$	127,826

______________

(1)The weighted average grant date fair value of options granted during the nine months ended September 30, 2020 was $58.57.

(2)The total intrinsic value of options exercised during the nine months ended September 30, 2021 and 2020 was $148.8 million and $29.0 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, 2021 is as follows:

Restricted stock and restricted stock units						Shares						Weighted Average Grant Date Fair Value (2)
Outstanding, January 1, 2021						3,968,214						$	79.50
Granted						2,084,705						133.80
Assumed through acquisition						242,123						127.79
Released (1)						(1,582,760)						72.28
Forfeited						(406,201)						99.94
Outstanding, September 30, 2021						4,306,081						$	109.23

______________

(1)The fair value of restricted stock units vested and converted to shares of the Company’s common stock was $114.4 million and $79.1 million during the nine months ended September 30, 2021 and 2020, respectively.

(2)The weighted average grant date fair value of the restricted stock units granted during the nine months ended September 30, 2020 was $90.95.

Share-based payment arrangement, performance shares, activity

A summary of performance share-based compensation arrangements granted under all equity compensation unit activity is as follows:

Performance share units						Shares (1)						Weighted Average Grant Date Fair Value (2)
Outstanding, January 1, 2021						618,515						$	93.22
Granted						253,120						140.96
Released						—						—
Forfeited						(8,991)						68.23
Outstanding, September 30, 2021						862,644						$	107.49

______________

(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, 2021 was 249,695.

(2)The weighted average grant date fair value of the performance share units granted during the nine months ended September 30, 2020 was $90.17.

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,
						2021						2020						2021						2020
ESPP Shares
Risk-free interest rates						(1)						(1)						0.04% - 0.16%						0.12% - 0.20%
Expected term (in years)						(1)						(1)						0.5 - 2						0.5 - 2
Expected volatility						(1)						(1)						48.38% - 68.51%						63.67% - 89.04%
Dividend yield						(1)						(1)						—%						—%

______________

(1)The Company did not issue stock purchase rights under its 2010 Employee Stock Purchase Plan during the three months ended September 30, 2021 and 2020, respectively.

X

- Definition

Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options 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.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of 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.

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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
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Tabular disclosure of number and weighted-average grant date fair value for nonvested performance shares.

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