STOCK-BASED COMPENSATION (Tables)
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3 Months Ended |
Mar. 31, 2021 |
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| Share-based Payment Arrangement [Abstract] |
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| Weighted-average assumptions used to estimate fair value of restricted stock units |
Inputs and assumptions used to calculate the fair value are shown in the table below. The fair value of these RSUs is expensed over the vesting period using the straight-line method or using the graded vesting method when an employee becomes eligible to retain the award at retirement. | | | | | | | | | | | | | Three Months Ended March 31, | 2021 | | 2020 | | Fair value per stock award | $ | 171.63 | | | $ | 94.98 | | | Grant date stock price | $ | 141.59 | | | $ | 83.93 | | | Assumptions: | | | | | Aptar's stock price expected volatility | 21.40 | % | | 23.80 | % | | Expected average volatility of peer companies | 50.00 | % | | 48.50 | % | | Correlation assumption | 58.10 | % | | 63.50 | % | | Risk-free interest rate | 0.32 | % | | 0.31 | % | | Dividend yield assumption | 1.02 | % | | 1.72 | % |
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| Summary of restricted stock unit activity |
A summary of RSU activity as of March 31, 2021 and changes during the three month period then ended is presented below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Time-Based RSUs | | Performance-Based RSUs | | Units | | Weighted Average
Grant-Date Fair Value | | Units | | Weighted Average
Grant-Date Fair Value | | Nonvested at January 1, 2021 | 576,198 | | | $ | 92.47 | | | 590,064 | | | $ | 100.27 | | | Granted | 128,297 | | | 137.97 | | | 169,268 | | | 152.47 | | | Vested | (118,349) | | | 89.95 | | | (71,994) | | | 128.70 | | | Forfeited | (2,785) | | | 95.77 | | | (31,338) | | | 91.23 | | | Nonvested at March 31, 2021 | 583,361 | | | $ | 106.33 | | | 656,000 | | | $ | 111.05 | |
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| Schedule of compensation expense, fair value, and intrinsic value related to RSU's |
| | | | | | | | | | | | | Three Months Ended March 31, | 2021 | | 2020 | | Compensation expense | $ | 11,262 | | | $ | 8,281 | | | Fair value of units vested | 19,116 | | | 9,303 | | | Intrinsic value of units vested | 25,699 | | | 11,475 | |
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| Summary of option activity |
A summary of option activity under our stock plans during the three months ended March 31, 2021 is presented below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Stock Awards Plans | | Director Stock Option Plans | | Options | | Weighted Average
Exercise Price | | Options | | Weighted Average
Exercise Price | | Outstanding, January 1, 2021 | 3,998,047 | | | $ | 70.28 | | | 99,200 | | | $ | 60.80 | | | Granted | — | | | — | | | — | | | — | | | Exercised | (507,468) | | | 63.37 | | | (29,500) | | | 58.76 | | | Forfeited or expired | (4,519) | | | 75.27 | | | — | | | — | | | Outstanding at March 31, 2021 | 3,486,060 | | | $ | 71.28 | | | 69,700 | | | $ | 61.66 | | | Exercisable at March 31, 2021 | 3,486,060 | | | $ | 71.28 | | | 69,700 | | | $ | 61.66 | | | Weighted-Average Remaining Contractual Term (Years): | | | | | | | | | Outstanding at March 31, 2021 | 4.7 | | | | 2.5 | | | | Exercisable at March 31, 2021 | 4.7 | | | | 2.5 | | | | Aggregate Intrinsic Value: | | | | | | | | | Outstanding at March 31, 2021 | $ | 245,389 | | | | | $ | 5,577 | | | | | Exercisable at March 31, 2021 | $ | 245,389 | | | | | $ | 5,577 | | | | Intrinsic Value of Options Exercised During the Three Months Ended: | | | | | | | | | March 31, 2021 | $ | 37,454 | | | | | $ | 2,474 | | | | | March 31, 2020 | $ | 18,202 | | | | | $ | 1,385 | | | |
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| Schedule of compensation expense, and fair value related to options |
| | | | | | | | | | | | | Three Months Ended March 31, | 2021 | | 2020 | | Compensation expense (included in SG&A) | $ | 185 | | | $ | 743 | | | Compensation expense (included in Cost of sales) | 42 | | | 117 | | | Compensation expense, Total | $ | 227 | | | $ | 860 | | | Compensation expense, net of tax | 174 | | | 648 | | | Grant date fair value of options vested | 2,421 | | | 7,565 | |
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