Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Schedule Of Option Activity And Changes

Option activity and changes during the year ended December 31, 2022 were as follows:

	Options	Weighted Average Exercise Price		Weighted Average Remaining Term (Years)	Aggregate Intrinsic Value
Outstanding at December 31, 2021	1,569,656	$	72.43
Granted	219,053	108.12
Exercised	(249,532)	70.37
Cancelled	(8,107)	92.59
Outstanding at December 31, 2022	1,531,070	$	77.76	6.2	$	40
Exercisable at December 31, 2022	999,887	$	71.40	5.1	$	32

Schedule Of Range Of Exercise Prices For Outstanding Options

For options outstanding at December 31, 2022, the options had the following range of exercise prices:

Range of Prices	Options  Outstanding	Weighted Average Remaining  Contractual Life (Years)
$44.42 - $61.87	317,649	3.7
$63.98 - $65.81	386,400	6.5
$68.09 - $79.83	241,121	5.2
$86.54 - $86.54	237,684	8.1
$107.75 - $108.12	348,216	7.6

Schedule Of Weighted Average Value And Assumptions For Fair Value Of Options

The Company used the Black-Scholes option pricing model to value its options. The table below presents the weighted average value and assumptions used in determining each option's fair value. Volatility was calculated using historical trends of the Company's common stock price.

	Stock Option Grants
	Year Ended December 31,
	2022			2021			2020
Weighted average fair value	$	34.20		$	25.18		$	15.55
Risk-free interest rate	1.8		%	0.6		%	1.4		%
Expected life in years	5			5			5
Expected volatility	36.9		%	36.9		%	29.4		%
Expected dividend yield	1.1		%	1.2		%	1.6		%

Schedule Of Non-Vested Restricted Stock Award Activity And Changes

Non-vested restricted stock units as of December 31, 2022 and changes during the year ended December 31, 2022 were as follows:

	Number of Units	Weighted Average Grant Date Fair Value
Non-vested at December 31, 2021	676,299	$	77.73
Granted	201,094	107.75
Vested	(168,021)	79.76
Forfeited	(18,958)	85.63
Non-vested at December 31, 2022	690,414	$	85.77

Share-based Payment Arrangement, Performance Shares, Activity

Non-vested performance stock units as of December 31, 2022 and changes during the year ended December 31, 2022 were as follows:

	Number of Units	Weighted Average Grant Date Fair Value
Non-vested at December 31, 2021	256,394	$	97.14
Granted	69,491	147.98
Vested	(71,757)	114.38
Forfeited	(3,759)	109.38
Non-vested at December 31, 2022	250,369	$	106.13

Schedule Of Share Based Payment Award Performance Share Units Valuation Assumptions

	Performance Stock Units
	Year Ended December 31,
	2022			2021			2020
Risk-free interest rate	1.7		%	0.2		%	1.4		%
Expected life in years	2.87			2.87			2.88
Expected volatility of Westlake Corporation common stock	49.3		%	49.4		%	32.0		%
Expected volatility of peer companies	30.8% - 67.2%			30.7% - 65.6%			15.7% - 47.4%
Average correlation coefficient of peer companies	0.66			0.65			0.49
Grant date fair value	$	147.98		$	109.94		$	74.61