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SHARE-BASED COMPENSATION (Tables)
 12 Months Ended
Jan. 02, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Authorized Number of Shares
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 2015, 2014, and 2013, are as follows:

 
 
2015
 
2014
 
2013
Risk-free interest rate
 
1.59
%
 
1.68
%
 
1.03
%
Dividend yield
 
0.95
%
 
0.70
%
 
0.89
%
Volatility factor
 
0.379

 
0.387

 
0.394

Expected term
 
5.5 years

 
5.6 years

 
6.0 years

Forfeiture rate
 
3.67
%
 
3.81
%
 
4.52
%
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 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 beginning of 2015
 
1,397

 
$
21.17

 
 
 
 
Granted
 
185

 
36.67

 
 
 
 
Exercised
 
(108
)
 
18.99

 
 
 
 
Forfeited
 
(2
)
 
34.93

 
 
 
 
Expired
 
—

 
—

 
 
 
 
Outstanding at end of period
 
1,472

 
$
23.26

 
4.79 years
 
$
9,981

Expected to vest after applying forfeiture rate
 
1,456

 
$
23.11

 
4.74 years
 
$
9,980

Vested and exercisable at end of period
 
1,106

 
$
19.04

 
3.61 years
 
$
9,871


 
 
2015
 
2014
 
2013
Weighted average grant-date fair value of options
 
$
12.34

 
$
15.09

 
$
11.47


(In millions)
 
2015
 
2014
 
2013
Intrinsic value of options exercised
 
$
1.7

 
$
3.8

 
$
16.6

Cash received from the exercise of options
 
2.0

 
2.9

 
14.1

Fair value of shares vested
 
1.4

 
2.8

 
2.1

Tax benefit of options exercised
 
0.7

 
1.5

 
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 2014
 
534

 
$
25.30

Granted
 
115

 
42.24

Vested
 
(330
)
 
23.98

Forfeited
 
(6
)
 
26.28

Non-vested at beginning of 2015
 
313

 
$
32.91

Granted
 
185

 
36.67

Vested
 
(130
)
 
29.49

Forfeited
 
(2
)
 
34.93

Non-vested at end of period
 
366

 
$
36.02
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 2014
 
551

 
$
24.75

Awarded
 
208

 
42.39

Vested
 
(132
)
 
17.08

Forfeited
 
(73
)
 
28.49

Non-vested at beginning of 2015
 
554

 
$
32.72

Awarded
 
134

 
36.27

Vested
 
(169
)
 
30.39

Forfeited
 
(9
)
 
32.31

Non-vested at end of period
 
510

 
$
34.43