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SHARE-BASED COMPENSATION (Tables)
 3 Months Ended
Mar. 31, 2021
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 first quarters ended March 31, 2021 and March 31, 2020 are as follows:
March 31, 2021March 31, 2020
Risk-free interest rate0.66 %1.39 %
Dividend yield0.96 %1.04 %
Volatility factor34.98 %29.45 %
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 first quarter ended March 31, 2021 is as follows:
(Shares in thousands)March 31, 2021
 
 
Stock Options
SharesWeighted-Average Exercise Price
Outstanding at beginning of period1,331 $41.90 
Granted152 73.14 
Exercised(143)35.46 
Forfeited— — 
Outstanding at end of period1,340 $46.12 
Expected to vest after applying forfeiture rate1,336 $46.07 
Vested and exercisable at end of period949 $39.71 
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, 2021 is as follows:
Weighted-Average Remaining Contractual TermAggregate Intrinsic Value (000's)
Outstanding at end of period6.08 years$31,522 
Expected to vest after applying forfeiture rate6.07 years$31,499 
Vested and exercisable at end of period4.93 years$28,004 
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, 2021 is as follows:
(Shares in thousands)March 31, 2021
Restricted Stock/Stock Unit Awards 
Shares		Weighted-Average Grant-
Date Fair Value
Non-vested at beginning of period403 $49.34 
Awarded92 73.15 
Vested(107)41.45 
Forfeited(7)43.34 
Non-vested at end of period381 $57.41