SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [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 2019, 2018, and 2017:

	2019			2018			2017
Risk-free interest rate	2.53		%	2.69		%	1.89		%
Dividend yield	1.05		%	1.05		%	0.94		%
Volatility factor	29.38		%	28.71		%	31.19		%
Expected term	5.5 years			5.6 years			5.5 years
Weighted average grant-date fair value of options	$	15.61		$	11.40		$	12.30

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 2019	1,229	$	33.25
Granted	190	55.16
Exercised	(152)	20.96
Forfeited	(5)	45.04
Outstanding at end of 2019	1,262	$	37.99	5.88 years	$	24,397
Expected to vest after applying forfeiture rate	1,258	$	37.96	5.88 years	$	24,356
Vested and exercisable at end of period	772	$	33.41	4.44 years	$	18,464

(In millions)	2019		2018		2017
Intrinsic value of options exercised	$	4.6	$	10.2	$	6.2
Cash received from the exercise of options	3.2		9.0		4.5
Fair value of shares vested	2.6		2.2		2.1
Tax benefit of options exercised	1.1		2.6		2.1

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 2019	498	$	37.27
Awarded	139	51.47
Vested	(153)	34.33
Forfeited	(21)	40.32
Non-vested at end of 2019	463	$	42.36