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STOCK BASED COMPENSATION | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
STOCK BASED COMPENSATION | STOCK BASED COMPENSATION Restricted Stock Units (RSUs) Time-based RSUs generally vest over a four-year term. Performance-based RSUs are subject to vesting requirements and are earned, in part, based on certain financial performance metrics as defined in the grant notice. Actual number of shares earned under performance-based RSUs may range from 0% to 200% of the target award. Performance-based awards granted in 2025 and 2024 are earned based on a single-year performance period subject to subsequent multi-year time-based vesting with 50% of the shares earned vesting in one year after the performance period and the remaining shares in the year after. RSUs are generally forfeited if the participant terminates service prior to vesting. The following tables summarize RSU activity for the three months ended March 31, 2025: Time-based RSUs
|  |  | Total Number of Shares | Weighted-Average Grant Date Fair Value
Nonvested at December 31, 2024 |  |  | 1,100,001 |  | $ | 97.21 |
Granted |  |  | 696,745 |  | 76.73 |
Vested |  |  | (127,243) |  | 90.59 |
Forfeited |  |  | (97,243) |  | 65.83 |
Nonvested at March 31, 2025 |  |  | 1,572,260 |  | $ | 89.48 |
Performance-based RSUs
|  |  | Total Number of Shares | Weighted-Average Grant Date Fair Value
Nonvested at December 31, 2024 |  |  | 179,907 |  | $ | 106.50 |
Granted |  |  | 74,840 |  | 76.69 |
Forfeited |  |  | (22,728) |  | 124.31 |
Nonvested at March 31, 2025 |  |  | 232,019 |  | $ | 83.37 |
Stock Options Stock options are granted to eligible employees at exercise prices equal to the fair market value of our common stock on the dates of grant. Stock options generally have a maximum contractual term of 10 years. Stock options vest after 3 years, and are generally forfeited if the employee terminates service prior to vesting. The following table summarizes stock option activity for the three months ended March 31, 2025:
| Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value (in millions)
Balance at December 31, 2024 | — |  | $ | — |  | — |  | $ | — |
Granted | 270,144 |  | 76.69 |  | 9.98 | 1 |
Balance at March 31, 2025 | 270,144 |  | $ | 76.69 |  | 9.98 | $ | 1 |
We estimated the fair value of stock options using the Black-Scholes option-pricing model. Because we do not have significant exercise history for our stock options, we estimate the expected term using the simplified method. We estimate expected volatility using the daily historical trading data of our common shares. The table below summarizes the assumptions used. The fair value of our RSUs and PSUs is equal to the fair value of our common stock on the grant date. The fair value of stock options is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:
| Stock Option Assumptions
| Expected Term (in Years) | Expected Volatility | Risk-Free Interest Rate | Expected Dividend Yield
March 31, 2025 | 6.5 | 42.3 | % | 4.09 | % | 1.43 | %
Additional Disclosures for Stock Options (in millions) | March 31, 2025
Weighted-average grant date fair value of stock options | $ | 31.65 |
Total fair value of options granted | $ | 9 |

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