SHARE-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2020

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 assumptions used for the Black-Scholes model to determine the fair value of options granted during the first quarters ended March 31, 2020 and March 31, 2019 are as follows:

	March 31, 2020		March 31, 2019
Risk-free interest rate	1.39	%	2.53	%
Dividend yield	1.04	%	1.05	%
Volatility factor	29.45	%	29.38	%
Expected term	5.5 years		5.5 years

Schedule of Stock Option Plans Activity

A summary of the Company’s outstanding stock option activity and related information for the first quarter ended March 31, 2020 is as follows:

(Shares in thousands)	March 31, 2020
Stock Options	Shares	Weighted-Average Exercise Price
Outstanding at beginning of period	1,262	$	37.99
Granted	214	59.71
Exercised	(23)	36.86
Forfeited	—	—
Outstanding at end of period	1,453	$	41.21
Expected to vest after applying forfeiture rate	1,450	$	41.18
Vested and exercisable at end of period	960	$	35.32

Schedule of Stock Options, Contractual Term and Aggregate Intrinsic Value

A summary of the weighted-average remaining contractual term and aggregate intrinsic value as of March 31, 2020 is as follows:

	Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value (000's)
Outstanding at end of period	6.25 years	$	12,774
Expected to vest after applying forfeiture rate	6.25 years	$	12,770
Vested and exercisable at end of period	4.87 years	$	11,814

Schedule of Restricted Stock/Stock Unit Award Activity

A summary of the Company’s restricted stock/stock unit award activity and related information for the first quarter ended March 31, 2020 is as follows:

(Shares in thousands)	March 31, 2020
Restricted Stock/Stock Unit Awards	Shares	Weighted-Average Grant- Date Fair Value
Non-vested at beginning of period	463	$	42.36
Awarded	114	59.66
Vested	(85)	29.39
Forfeited	(1)	46.71
Non-vested at end of period	491	$	48.61