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SHARE-BASED COMPENSATION (Tables)
 9 Months Ended
Sep. 30, 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 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 assumptions used for the Black-Scholes model to determine the fair value of options granted during the nine months ended September 30, 2020 and September 30, 2019 are as follows:
September 30, 2020September 30, 2019
Risk-free interest rate1.39 %2.53 %
Dividend yield1.04 %1.05 %
Volatility factor29.45 %29.38 %
Expected term5.5 years5.5 years
Schedule of Stock Option Plans Activity
A summary of the Company’s outstanding stock option activity and related information for the nine months ended September 30, 2020 is as follows:
(Shares in thousands)September 30, 2020
 
 
Stock Options
SharesWeighted-Average Exercise Price
Outstanding at beginning of period1,262 $37.99 
Granted214 59.71 
Exercised(96)31.24 
Forfeited(24)52.58 
Outstanding at end of period1,356 $41.65 
Expected to vest after applying forfeiture rate1,355 $41.63 
Vested and exercisable at end of period905 $36.13 
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 September 30, 2020 is as follows:
Weighted-Average Remaining Contractual TermAggregate Intrinsic Value (000's)
Outstanding at end of period5.69 years$23,485 
Expected to vest after applying forfeiture rate5.69 years$23,478 
Vested and exercisable at end of period4.33 years$20,558 
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 nine months ended September 30, 2020 is as follows:

(Shares in thousands)September 30, 2020
Restricted Stock/Stock Unit Awards 
Shares		Weighted-Average Grant-
Date Fair Value
Non-vested at beginning of period463 $42.36 
Awarded118 59.27 
Vested(136)34.30 
Forfeited(35)49.43 
Non-vested at end of period410 $49.31