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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 PlanAuthorized Shares
Stock Options1,680,000  
Stock/Stock Unit Awards720,000  

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 PlanAuthorized Shares
Stock Options3,200,000  
Stock Awards1,200,000  
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:

 201920182017
Risk-free interest rate2.53 %2.69 %1.89 %
Dividend yield1.05 %1.05 %0.94 %
Volatility factor29.38 %28.71 %31.19 %
Expected term5.5 years5.6 years5.5 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		SharesWeighted-Average Exercise PriceWeighted-Average Remaining Contractual TermAggregate
Intrinsic Value (000’s)
Outstanding at beginning of 2019
1,229  $33.25    
Granted190  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 rate1,258  $37.96  5.88 years$24,356  
Vested and exercisable at end of period772  $33.41  4.44 years$18,464  

(In millions)201920182017
Intrinsic value of options exercised$4.6  $10.2  $6.2  
Cash received from the exercise of options3.2  9.0  4.5  
Fair value of shares vested2.6  2.2  2.1  
Tax benefit of options exercised1.1  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  
Awarded139  51.47  
Vested(153) 34.33  
Forfeited(21) 40.32  
Non-vested at end of 2019
463  $42.36