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SHARE-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2018
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 table below provides the weighted average grant-date fair values and key assumptions used for the Black-Scholes model to determine the fair value of options granted during 2018, 2017, and 2016:

 
 
2018
 
2017
 
2016
Risk-free interest rate
 
2.69
%
 
1.89
%
 
1.21
%
Dividend yield
 
1.05
%
 
0.94
%
 
1.32
%
Volatility factor
 
28.71
%
 
31.19
%
 
37.70
%
Expected term
 
5.6 years

 
5.5 years

 
5.5 years

Weighted average grant-date fair value of options
 
$
11.40

 
$
12.30

 
$
9.18
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 2018
 
1,388

 
$
28.79

 
 
 
 
Granted
 
251

 
40.26

 
 
 
 
Exercised
 
(405
)
 
22.23

 
 
 
 
Forfeited
 
(5
)
 
37.63

 
 
 
 
Outstanding at end of 2018
 
1,229

 
$
33.25

 
6.13 years
 
$
11,870

Expected to vest after applying forfeiture rate
 
1,210

 
$
33.15

 
6.09 years
 
$
11,806

Vested and exercisable at end of period
 
690

 
$
29.42

 
4.47 years
 
$
9,320


(In millions)
 
2018
 
2017
 
2016
Intrinsic value of options exercised
 
$
10.2

 
$
6.2

 
$
5.2

Cash received from the exercise of options
 
9.0

 
4.5

 
5.2

Fair value of shares vested
 
2.2

 
2.1

 
1.7

Tax benefit of options exercised
 
2.6

 
2.1

 
1.9
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)
 
 
 
 
Restricted Stock/Stock Unit Awards
 
 
Shares
 
Weighted-Average Grant-
Date Fair Value
Non-vested at beginning of 2018
 
463

 
$
36.71

Awarded
 
164

 
40.48

Vested
 
(94
)
 
40.32

Forfeited
 
(35
)
 
36.58

Non-vested at end of 2018
 
498

 
$
37.27