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STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Stock-based compensation expense Stock-based compensation expense was as follows:
Years ended December 31,
202220212020
($ in millions)
Stock-based compensation$25.6 $28.4 $17.5 
Mark-to-market adjustments(2.5)24.7 4.8 
Total expense$23.1 $53.1 $22.3 
Schedule of assumptions for the Black-Scholes option pricing model
The fair value of each stock option granted, which typically vests ratably over three years, but not less than one year, was estimated on the date of grant, using the Black-Scholes option-pricing model with the following assumptions:
Grant date202220212020
Dividend yield1.60%2.76%4.60%
Risk-free interest rate1.93%0.94%1.44%
Expected volatility48%44%36%
Expected life (years)7.06.06.0
Weighted-average grant fair value (per option)$21.18$9.91$3.64
Weighted-average exercise price$49.71$28.99$17.33
Stock options granted752,1001,154,7002,663,100
Stock Options Activity
Stock option transactions were as follows:
Exercisable
SharesOption PriceWeighted-Average Option PriceOptionsWeighted-Average Exercise Price
Outstanding at January 1, 20225,980,236 13.14-58.59$25.88 3,736,639 $26.60 
Granted752,100 43.91-65.7749.88 
Exercised(1,057,723)13.14-50.0824.25 
Canceled(235,893)17.33-49.7129.56 
Outstanding at December 31, 20225,438,720 13.14-65.77$29.36 3,740,936 $26.50 
Stock Options Exercisable, Exercise Price Range
The following table provides certain information with respect to stock options exercisable at December 31, 2022:
Range of
Exercise Prices		Options ExercisableWeighted-Average Exercise PriceOptions OutstandingWeighted-Average Exercise Price
Under $22.00799,201 $15.86 1,172,870 $16.33 
$22.00 - $28.001,063,453 26.50 1,063,453 26.50 
Over $28.001,878,282 31.02 3,202,397 35.08 
3,740,936 5,438,720 
Common shares reserved and available for grant or purchase
At December 31, 2022, common shares reserved for issuance and available for grant or purchase under the following plans consisted of:
Number of Shares
Stock Option PlansReserved for Issuance
Available for Grant or Purchase(1)
2000 long term incentive plan6,000 — 
2003 long term incentive plan60,167 — 
2006 long term incentive plan26,697 — 
2009 long term incentive plan129,617 — 
2014 long term incentive plan521,734 — 
2016 long term incentive plan1,425,333 — 
2018 long term incentive plan8,685,620 4,228,662 
2021 long term incentive plan2,750,000 2,750,000 
Total under stock option plans13,605,168 6,978,662 
Number of Shares
Stock Purchase PlansReserved for IssuanceAvailable for Grant or Purchase
1997 stock plan for non-employee directors373,322 130,293 

(1)All available to be issued as stock options, but includes a sub-limit for all types of stock awards of 2,767,130 shares.
Schedule of Share Based Payment Award, Performance Share Awards, Valuation Assumptions
The fair value of each performance share award based on net income was estimated on the date of grant, using the current stock price. The fair value of each performance share award based on TSR was estimated on the date of grant, using a Monte Carlo simulation model with the following weighted average assumptions:
Grant date20222021
Risk-free interest rate1.74 %0.23 %
Expected volatility of Olin common stock59 %55 %
Expected average volatility of peer companies47 %50 %
Average correlation coefficient of peer companies0.510.50
Expected life (years)33
Grant date fair value (TSR based award)$64.13 $39.96 
Grant date fair value (net income based award)$49.71 $28.99 
Performance share awards granted184,000 248,700 
Performance Shares Transactions
Performance share transactions were as follows:
To Settle in CashTo Settle in Shares
SharesWeighted-Average Fair Value per ShareSharesWeighted-Average Fair Value per Share
Outstanding at January 1, 2022783,274 $57.57 436,757 $23.75 
Granted108,660 49.68 105,706 49.63 
Paid/Issued(228,009)57.57 (81,844)26.26 
Converted from shares to cash41,767 21.02 (41,767)21.02 
Canceled(30,676)54.22 (30,044)31.65 
Outstanding at December 31, 2022675,016 $52.90 388,808 $29.94 
Total vested at December 31, 2022549,266 $52.90 273,406 $25.51 
Summary of Unvested Performance Shares
The summary of the status of our unvested performance shares to be settled in cash were as follows:
SharesWeighted-Average Fair Value per Share
Unvested at January 1, 2022190,360 $57.57 
Granted108,660 49.68 
Vested(142,594)52.90 
Canceled(30,676)54.22 
Unvested at December 31, 2022125,750 $52.90