XML 46 R35.htm IDEA: XBRL DOCUMENT v3.22.2.2
SHARE-BASED COMPENSATION (Tables)
 9 Months Ended
Sep. 30, 2022
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
No additional options and awards are granted out of the 2012 Stock Plan. However, there are still unvested awards and unexercised options under this plan.

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, 2022 and September 30, 2021 are as follows:
September 30, 2022September 30, 2021
Risk-free interest rate1.87 %0.66 %
Dividend yield0.93 %0.96 %
Volatility factor33.88 %34.98 %
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, 2022 is as follows:
(Shares in thousands)September 30, 2022
 
 
Stock Options
SharesWeighted-Average Exercise Price
Outstanding at beginning of period1,043 $49.21 
Granted110 83.90 
Exercised(82)43.43 
Forfeited(20)73.76 
Expired(3)$73.14 
Outstanding at end of period1,048 $52.77 
Expected to vest after applying forfeiture rate1,046 $52.73 
Vested and exercisable at end of period815 $46.45 
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, 2022 is as follows:
Weighted-Average Remaining Contractual TermAggregate Intrinsic Value (000's)
Outstanding at end of period5.52 years$30,556 
Expected to vest after applying forfeiture rate5.51 years$30,550 
Vested and exercisable at end of period4.63 years$28,747 
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, 2022 is as follows:
(Shares in thousands)September 30, 2022
Restricted Stock/Stock Unit Awards 
Shares		Weighted-Average Grant-
Date Fair Value
Non-vested at beginning of period348 $58.20 
Awarded121 81.16 
Vested(180)50.58 
Forfeited(26)70.12 
Non-vested at end of period263 $72.85