SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 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 Plan	Authorized Shares
Stock Options	1,680,000
Stock/Stock Unit Awards	720,000

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 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 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 2022, 2021, and 2020:

	2022			2021			2020
Risk-free interest rate	1.87		%	0.66		%	1.39		%
Dividend yield	0.93		%	0.96		%	1.04		%
Volatility factor	33.88		%	34.98		%	29.45		%
Expected term	5.5 years			5.5 years			5.5 years
Weighted average grant-date fair value of options	$	26.05		$	21.70		$	15.63

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)	Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value (000’s)
Stock Options
Outstanding at beginning of 2022	1,043	$	49.21
Granted	110	83.90
Exercised	(90)	42.64
Forfeited	(20)	73.76
Expired	(3)	73.14
Outstanding at end of 2022	1,040	$	52.91	5.27 years	$	28,342
Expected to vest after applying forfeiture rate	1,039	$	52.88	5.27 years	$	28,339
Vested and exercisable at end of period	807	$	46.57	4.39 years	$	26,790

(In millions)	2022		2021		2020
Intrinsic value of options exercised	$	3.7	$	20.7	$	3.3
Cash received from the exercise of options	3.9		15.5		3.7
Fair value of shares vested	3.1		3.9		2.9
Tax benefit of options exercised	0.9		5.1		0.8

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)	Shares	Weighted-Average Grant- Date Fair Value
Restricted Stock/Stock Unit Awards
Non-vested at beginning of 2022	348	$	58.20
Awarded	122	81.16
Vested	(180)	50.58
Forfeited	(26)	70.12
Non-vested at end of 2022	264	$	72.90