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SHARE-BASED COMPENSATION (Tables)
 9 Months Ended
Sep. 27, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Authorized Number of Shares
The 2012 Stock Plan authorized 2,400,000 shares for issuance as follows:

2012 Stock Plan
 
Authorized Shares
Stock Options
 
1,680,000
Stock/Stock Unit Awards
 
720,000

The Company also maintains the Amended and Restated Franklin Electric Co., Inc. Stock Plan (the "2009 Stock Plan") which, as amended in 2009, provided for discretionary grants of stock options and stock awards. The 2009 Stock Plan authorized 4,400,000 shares for issuance as follows:
2009 Stock Plan
Authorized Shares
Stock Options
3,200,000
Stock Awards
1,200,000
Schedule of Assumptions Used to Determine the Fair Value of Options Granted
The assumptions used for the Black-Scholes model to determine the fair value of options granted during the nine months ended September 27, 2014 and September 28, 2013, are as follows:
 
 
September 27, 2014
 
September 28, 2013
Risk-free interest rate
 
1.68
%
 
1.03
%
Dividend yield
 
0.70
%
 
0.89
%
Volatility factor
 
0.387

 
0.394

Expected term
 
5.6 years

 
6.0 years

Forfeiture rate
 
3.81
%
 
4.52
%
Schedule of Stock Option Plans Activity
A summary of the Company’s outstanding stock option activity and related information for the nine months ended September 27, 2014 and September 28, 2013 is as follows:
(Shares in thousands)
 
September 27, 2014
 
September 28, 2013
 
 
Stock Options
 
Shares
 
Weighted-Average Exercise Price
 
Shares
 
Weighted-Average Exercise Price
Outstanding at beginning of period
 
1,476

 
$
19.01

 
2,184

 
$
16.69

Granted
 
115

 
42.24

 
176

 
32.53

Exercised
 
(76
)
 
17.68

 
(807
)
 
16.06

Forfeited
 
(4
)
 
27.12

 
(4
)
 
14.37

Expired
 
(17
)
 
16.34

 
—

 
—

Outstanding at end of period
 
1,494

 
$
20.88

 
1,549

 
$
18.83

Expected to vest after applying forfeiture rate
 
1,479

 
$
20.73

 
1,527

 
$
18.68

Vested and exercisable at end of period
 
1,180

 
$
17.69

 
1,017

 
$
15.43
Schedule of Stock Options, Contractual Term and Aggregate Intrinsic Value
A summary of the weighted-average remaining contractual term and aggregate intrinsic value for the nine months ended September 27, 2014 is as follows:
 
 
Weighted-Average Remaining Contractual Term
 
Aggregate Intrinsic Value (000's)
Outstanding at end of period
 
5.40 years
 
$
22,234

Expected to vest after applying forfeiture rate
 
5.36 years
 
$
22,184

Vested and exercisable at end of period
 
4.60 years
 
$
20,689
Schedule of Restricted Stock/Stock Unit Award Activity
A summary of the Company’s restricted stock/stock unit award activity and related information for the nine months ended September 27, 2014 and September 28, 2013 is as follows:

(Shares in thousands)
 
September 27, 2014
 
September 28, 2013
Stock/Stock Unit Awards
 
 
Shares
 
Weighted-Average Grant-
Date Fair Value
 
 
Shares
 
Weighted-Average Grant-
Date Fair Value
Non-vested at beginning of period
 
551

 
$
24.75

 
458

 
$
20.90

Awarded
 
208

 
42.39

 
165

 
32.90

Vested
 
(124
)
 
16.76

 
(62
)
 
18.86

Forfeited
 
(65
)
 
28.79

 
(6
)
 
20.05

Non-vested at end of period
 
570

 
$
32.46

 
555

 
$
24.70