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EQUITY INCENTIVE PLANS (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Schedule of Awards Available for Grant Under 2016 Plan | A summary of awards available for grant under the 2016 Plan is as follows:
| Shares Available for Grant
Balance as of December 31, 2020 | 6,505,390 |
Additional awards authorized | 1,450,967 |
Awards granted | (1,289,567) |
Awards forfeited | 356,999 |
Awards withheld for tax purposes | 135,886 |
Balance as of December 31, 2021 | 7,159,675 |
Additional awards authorized | 1,476,018 |
Awards granted | (1,036,109) |
Awards forfeited | 223,053 |
Balance as of December 31, 2022 | 7,822,637 |
Summary of Restricted Stock Units, Activity | The fair value of market based PRSUs were estimated at the date of grant using the Monte-Carlo option pricing model. A summary is as follows:
| Restricted Stock Units |  | Performance Based Restricted Stock Units and Market-Based Units
| Shares Underlying RSUs |  | Weighted Average Grant Date Fair Value |  | Shares Underlying PRSUs 1 |  | Weighted Average Grant Date Fair Value
Balance as of December 31, 2020 | 837,204 |  |  | $ | 82.82 |  |  | 276,955 |  |  | $ | 128.54 |
Granted | 1,009,457 |  |  | 88.67 |  |  | 280,110 |  |  | 135.31 |
Vested | (285,335) |  |  | 78.10 |  |  | (126,671) |  |  | 165.39 |
Forfeited | (201,079) |  |  | 104.19 |  |  | (142,144) |  |  | 127.95 |
Balance as of December 31, 2021 | 1,360,247 |  |  | 84.99 |  |  | 288,250 |  |  | 119.21 |
Granted | 691,128 |  |  | 147.94 |  |  | 344,981 |  |  | 138.99 |
Vested | (390,238) |  |  | 85.55 |  |  | (46,934) |  |  | 257.61 |
Forfeited | (196,471) |  |  | 110.22 |  |  | (25,208) |  |  | 109.82 |
Balance as of December 31, 2022 | 1,464,666 |  |  | 111.16 |  |  | 561,089 |  |  | 120.22 |
1 Based on the maximum number of performance based restricted stock units in the key executive grant agreements, the actual number of units granted will be based on the annual unit volume CAGR as described below.
Summary of Stock Option Activity Under 2006 and 2016 Plans | The following table summarizes stock option activity:
|  |  | Options Outstanding
Options Outstanding |  | Weighted- Average Exercise Price Per Share |  | Weighted- Average Remaining Contractual Life (years) |  | Aggregate Intrinsic Value (in thousands)
Balance at December 31, 2020 | 609,881 |  |  | $ | 40.18 |  |  | 6.24 |  | $ | 120,163 |
Options exercised | (90,939) |  |  | 31.15 |  |  |  |  |
Options forfeited | (14,836) |  |  | 68.81 |  |  |  |  |
Balance at December 31, 2021 | 504,106 |  |  | 40.97 |  |  | 5.20 |  | 38,675 |
Options exercised | (174,539) |  |  | 36.82 |  |  |  |  |
Options forfeited | (1,374) |  |  | 83.15 |  |  |  |  |
Balance at December 31, 2022 | 328,193 |  |  | 43.00 |  |  | 4.43 |  | 16,635 |
Options exercisable – December 31, 2022 | 327,768 |  |  | 42.95 |  |  | 4.43 |  | 16,631 |
Options vested and expected to vest – December 31, 2022 | 328,191 |  |  | 43.00 |  |  | 4.43 |  | 16,635 |

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