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STOCK BASED COMPENSATION
 3 Months Ended
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, 20241,100,001 $97.21 
Granted696,745 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, 2024179,907 $106.50 
Granted74,840 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— $— — $— 
Granted270,144 76.69 9.981 
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 VolatilityRisk-Free Interest RateExpected Dividend Yield
March 31, 2025
6.542.3 %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