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STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-based compensation expense Stock-based compensation expense was as follows:
Years ended December 31,
202320222021
Stock Compensation Expense($ in millions)
Stock-based compensation$26.7 $25.6 $28.4 
Mark-to-market adjustments1.1 (2.5)24.7 
Total expense$27.8 $23.1 $53.1 
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 Date Assumptions202320222021
Dividend yield1.32%1.60%2.76%
Risk-free interest rate4.07%1.93%0.94%
Expected volatility47%48%44%
Expected life (years)7.07.06.0
Weighted-average grant fair value (per option)$28.74$21.18$9.91
Weighted-average exercise price$60.43$49.71$28.99
Stock options granted564,124752,1001,154,700
Stock Options Activity
Stock option transactions were as follows:
Exercisable
Stock Option TransactionsSharesOption PriceWeighted-Average Option PriceOptionsWeighted-Average Exercise Price
Outstanding at January 1, 20235,438,720 13.14-65.77$29.36 3,740,936 $26.50 
Granted564,124 49.42-60.5560.43 
Exercised(972,080)13.14-50.0826.06 
Canceled(107,191)23.28-60.5544.79 
Outstanding at December 31, 20234,923,573 13.14-65.77$33.23 3,654,274 $27.33 
Stock Options Exercisable, Exercise Price Range
The following table provides certain information with respect to stock options exercisable at December 31, 2023:
Range of
Exercise Prices		Options ExercisableWeighted-Average Exercise PriceOptions OutstandingWeighted-Average Exercise Price
Under $27.001,586,954 $20.52 1,586,954 $20.52 
$27.00 - $45.001,843,786 30.26 2,107,064 30.12 
Over $45.00223,534 51.53 1,229,555 54.98 
3,654,274 4,923,573 
Common shares reserved and available for grant or purchase
At December 31, 2023, common shares reserved for issuance and available for grant or purchase under the following plans consisted of:
Number of Shares
Incentive PlansReserved for Issuance
Available for Grant or Purchase(1)
2003 Long Term Incentive Plan29,834 — 
2006 Long Term Incentive Plan18,698 — 
2009 Long Term Incentive Plan94,984 — 
2014 Long Term Incentive Plan355,082 — 
2016 Long Term Incentive Plan1,066,818 — 
2018 Long Term Incentive Plan8,054,619 3,765,408 
2021 Long Term Incentive Plan2,750,000 2,582,262 
Total under stock option plans12,370,035 6,347,670 
(1)     All available to be issued as stock options, but includes a sub-limit for all types of stock awards of 2,595,246 shares.
Number of Shares
Director PlansReserved for IssuanceAvailable for Grant or Purchase
1997 Stock Plan for Non-employee Directors368,778 106,697 
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 Date Assumptions202320222021
Risk-free interest rate4.46%1.74%0.23%
Expected volatility of Olin common stock52%59%55%
Expected average volatility of peer companies42%47%50%
Average correlation coefficient of peer companies0.510.510.50
Expected life (years)3.03.03.0
Grant date fair value (TSR-based award)$86.98$64.13$39.96
Grant date fair value (net income-based award)60.5549.7128.99
Performance share awards granted161,474184,000248,700
Performance Shares Transactions
Performance share transactions were as follows:
To Settle in CashTo Settle in Shares
Performance Share TransactionsSharesWeighted-Average Fair Value per ShareSharesWeighted-Average Fair Value per Share
Outstanding at January 1, 2023675,016 $52.90 388,808 $29.94 
Granted76,455 63.08 91,950 63.56 
Paid/issued(357,601)52.90 (131,633)17.33 
Converted from shares to cash5,397 37.49 (5,397)37.49 
Canceled(3,605)54.17 (3,876)42.61 
Outstanding at December 31, 2023395,662 $54.18 339,852 $43.65 
Total vested at December 31, 2023309,835 $54.18 249,753 $40.37 
Summary of Unvested Performance Shares
The summary of the status of our unvested performance shares to be settled in cash were as follows:
Unvested Performance SharesSharesWeighted-Average Fair Value per Share
Unvested at January 1, 2023125,750 $52.90 
Granted76,455 63.08 
Vested(112,773)54.18 
Canceled(3,605)54.17 
Unvested at December 31, 202385,827 $54.18