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SHARE-BASED COMPENSATION (Tables)
 12 Months Ended
Jan. 03, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Authorized Number of Shares
is a stock-based compensation plan that provides for discretionary grants of stock options, stock awards and stock unit awards, to key employees and non-employee directors. Shares and per share data below have been adjusted for all periods presented to reflect the two-for-one stock split effective March 18, 2013.

The 2012 Stock Plan authorizes 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 2014, 2013, and 2012, are as follows:

 
 
2014
 
2013
 
2012
Risk-free interest rate
 
1.68
%
 
1.03
%
 
1.01
%
Dividend yield
 
0.70
%
 
0.89
%
 
1.12
%
Volatility factor
 
0.387

 
0.394

 
0.388

Expected term
 
5.6 years

 
6.0 years

 
6.0 years

Forfeiture rate
 
3.81
%
 
4.52
%
 
3.99
%
Schedule of Stock Option Plans Activity
A summary of the Company’s outstanding stock option activity and related information is as follows:

(Shares in thousands)
 
 
 
 
 
 
 
 
 
 
Stock Options
 
Shares
 
Weighted-Average Exercise Price
 
Weighted-Average Remaining Contractual Term
 
Aggregate
Intrinsic Value (000’s)
Outstanding at beginning of 2012
 
3,138

 
$
14.83

 
 
 
 
Granted
 
250

 
24.10

 
 
 
 
Exercised
 
(1,158
)
 
13.29

 
 
 
 
Forfeited
 
(46
)
 
22.91

 
 
 
 
Expired
 
—

 
—

 
 
 
 
Outstanding at beginning of 2013
 
2,184

 
$
16.69

 
 
 
 
Granted
 
176

 
32.53

 
 
 
 
Exercised
 
(880
)
 
15.98

 
 
 
 
Forfeited
 
(4
)
 
14.37

 
 
 
 
Expired
 
—

 
—

 
 
 
 
Outstanding at beginning of 2014
 
1,476

 
$
19.01

 
 
 
 
Granted
 
115

 
42.24

 
 
 
 
Exercised
 
(171
)
 
17.03

 
 
 
 
Forfeited
 
(6
)
 
26.28

 
 
 
 
Expired
 
(17
)
 
16.34

 
 
 
 
Outstanding at end of period
 
1,397

 
$
21.17

 
5.46 years
 
$
23,122

Expected to vest after applying forfeiture rate
 
1,385

 
$
21.04

 
5.43 years
 
$
23,074

Vested and exercisable at end of period
 
1,084

 
$
17.79

 
4.69 years
 
$
21,177


 
 
2014
 
2013
 
2012
Weighted average grant-date fair value of options
 
$
15.09

 
$
11.47

 
$
8.19


(In millions)
 
2014
 
2013
 
2012
Intrinsic value of options exercised
 
$
3.8

 
$
16.6

 
$
16.5

Cash received from the exercise of options
 
2.9

 
14.1

 
15.4

Fair value of shares vested
 
2.8

 
2.1

 
2.4

Tax benefit
 
1.5

 
6.5

 
6.5
Schedule of Nonvested Restricted Stock Options Activity
A summary of the Company’s non-vested stock option activity and related information is as follows:

(Shares in thousands)
 
 
Shares
 
Weighted-Average Grant-
Date Fair Value
Non-vested at beginning of 2013
 
802

 
$
17.07

Granted
 
176

 
32.53

Vested
 
(440
)
 
13.31

Forfeited
 
(4
)
 
14.37

Non-vested at beginning of 2014
 
534

 
$
25.30

Granted
 
115

 
42.24

Vested
 
(330
)
 
23.98

Forfeited
 
(6
)
 
26.28

Non-vested at end of period
 
313

 
$
32.91
Schedule of Restricted Stock/Stock Unit Award Activity
A summary of the Company’s restricted stock/stock unit award activity and related information is as follows:

(Shares in thousands)
 
 
Shares
 
Weighted-Average Grant-
Date Fair Value
Non-vested at beginning of 2013
 
458

 
$
20.90

Awarded
 
165

 
32.90

Vested
 
(66
)
 
18.78

Forfeited
 
(6
)
 
20.05

Non-vested at beginning of 2014
 
551

 
$
24.75

Awarded
 
208

 
42.39

Vested
 
(132
)
 
17.08

Forfeited
 
(73
)
 
28.49

Non-vested at end of period
 
554

 
$
32.72