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STOCK-BASED COMPENSATION (Tables) | 9 Months Ended
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Sep. 30, 2022
Share-Based Payment Arrangement [Abstract] |
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.
Nine Months Ended September 30, | 2022 |  | 2021
Fair value per stock award | $ | 141.95 |  |  | $ | 171.63 |
Grant date stock price | $ | 114.52 |  |  | $ | 141.59 |
Assumptions: |  |  |
Aptar's stock price expected volatility | 20.20 | % |  | 21.40 | %
Expected average volatility of peer companies | 41.70 | % |  | 50.00 | %
Correlation assumption | 41.20 | % |  | 58.10 | %
Risk-free interest rate | 2.04 | % |  | 0.32 | %
Dividend yield assumption | 1.33 | % |  | 1.02 | %
Summary of restricted stock unit activity | A summary of RSU activity as of September 30, 2022 and changes during the nine 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, 2022 | 485,479 |  |  | $ | 108.73 |  |  | 650,553 |  |  | $ | 111.04 |
Granted | 200,815 |  |  | 111.85 |  |  | 249,656 |  |  | 123.97 |
Vested | (149,044) |  |  | 106.69 |  |  | (43,388) |  |  | 134.97 |
Forfeited | (6,131) |  |  | 111.59 |  |  | (75,050) |  |  | 112.28 |
Nonvested at September 30, 2022 | 531,119 |  |  | $ | 110.39 |  |  | 781,771 |  |  | $ | 113.73 |
Schedule of compensation expense, fair value, and intrinsic value related to RSU's |
Nine Months Ended September 30, | 2022 |  | 2021
Compensation expense | $ | 31,925 |  |  | $ | 29,493 |
Fair value of units vested | 20,663 |  |  | 29,671 |
Intrinsic value of units vested | 22,329 |  |  | 39,752 |
Summary of option activity | A summary of option activity under our stock plans during the nine months ended September 30, 2022 is presented below:
| Stock Awards Plans |  | Director Stock Option Plans
| Options |  | Weighted Average Exercise Price |  | Options |  | Weighted Average Exercise Price
Outstanding, January 1, 2022 | 3,072,503 |  |  | $ | 71.99 |  |  | 51,700 |  |  | $ | 63.91 |
Exercised | (284,885) |  |  | 64.62 |  |  | — |  |  | — |
Forfeited or expired | (400) |  |  | 51.80 |  |  | — |  |  | — |
Outstanding at September 30, 2022 | 2,787,218 |  |  | $ | 72.74 |  |  | 51,700 |  |  | $ | 63.91 |
Exercisable at September 30, 2022 | 2,787,218 |  |  | $ | 72.74 |  |  | 51,700 |  |  | $ | 63.91 |
Weighted-Average Remaining Contractual Term (Years): |  |  |  |  |  |  |
Outstanding at September 30, 2022 | 3.4 |  |  |  | 1.3 |  |
Exercisable at September 30, 2022 | 3.4 |  |  |  | 1.3 |  |
Aggregate Intrinsic Value: |  |  |  |  |  |  |
Outstanding at September 30, 2022 | $ | 64,654 |  |  |  |  | $ | 1,656 |  |  |
Exercisable at September 30, 2022 | $ | 64,654 |  |  |  |  | $ | 1,656 |  |  |
Intrinsic Value of Options Exercised During the Nine Months Ended: |  |  |  |  |  |  |
September 30, 2022 | $ | 13,618 |  |  |  |  | $ | — |  |  |
September 30, 2021 | $ | 65,139 |  |  |  |  | $ | 4,248 |  |  |
Schedule of compensation expense, and fair value related to options |
Nine Months Ended September 30, |  |  | 2021
Compensation expense (included in SG&A) |  |  | $ | 185 |
Compensation expense (included in Cost of sales) |  |  | 42 |
Compensation expense, Total |  |  | $ | 227 |
Compensation expense, net of tax |  |  | 174 |
Grant date fair value of options vested |  |  | 2,421 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of restricted stock units, including, but not limited to: (a) expected term of restricted stock units and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References No definition available. + Details
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