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STOCK-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 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.
Year Ended December 31, | 2022 |  | 2021 |  | 2020
Fair value per stock award | $ | 141.95 |  |  | $ | 171.63 |  |  | $ | 94.98 |
Grant date stock price | $ | 114.52 |  |  | $ | 141.59 |  |  | $ | 83.93 |
Assumptions: |  |  |  |  |
Aptar's stock price expected volatility | 20.20 | % |  | 21.40 | % |  | 23.80 | %
Expected average volatility of peer companies | 41.70 | % |  | 50.00 | % |  | 48.50 | %
Correlation assumption | 41.20 | % |  | 58.10 | % |  | 63.50 | %
Risk-free interest rate | 2.04 | % |  | 0.32 | % |  | 0.31 | %
Dividend yield assumption | 1.33 | % |  | 1.02 | % |  | 1.72 | %
Summary of restricted stock unit activity | A summary of RSU activity as of December 31, 2022, and changes during the 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 | 205,403 |  | 111.50 |  |  | 249,656 |  | 123.97 |
Vested | (256,872) |  | 106.07 |  |  | (43,388) |  | 134.97 |
Forfeited | (7,649) |  | 111.73 |  |  | (245,950) |  | 100.75 |
Nonvested at December 31, 2022 | 426,361 |  | $ | 111.60 |  |  | 610,871 |  | $ | 118.77 |
Schedule of compensation expense, fair value, and intrinsic value related to RSU's |
Year Ended December 31, | 2022 |  | 2021 |  | 2020
Compensation expense | $ | 40,937 |  |  | $ | 38,643 |  |  | $ | 32,085 |
Fair value of units vested | 32,013 |  |  | 32,414 |  |  | 12,038 |
Intrinsic value of units vested | 33,024 |  |  | 42,970 |  |  | 14,446 |
Summary of option activity | A summary of option activity under our stock plans as of December 31, 2022, and changes during the period then ended 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 | (447,109) |  |  | 64.05 |  |  | — |  |  | — |
Forfeited or expired | (1,450) |  |  | 78.30 |  |  | — |  |  | — |
Outstanding at December 31, 2022 | 2,623,944 |  |  | $ | 73.34 |  |  | 51,700 |  |  | $ | 63.91 |
Exercisable at December 31, 2022 | 2,623,944 |  |  | $ | 73.34 |  |  | 51,700 |  |  | $ | 63.91 |
Weighted-Average Remaining Contractual Term (Years): |  |  |  |  |  |  |
Outstanding at December 31, 2022 | 3.3 |  |  |  | 1.1 |  |
Exercisable at December 31, 2022 | 3.3 |  |  |  | 1.1 |  |
Aggregate Intrinsic Value: |  |  |  |  |  |  |
Outstanding at December 31, 2022 | $ | 96,149 |  |  |  |  | $ | 2,382 |  |  |
Exercisable at December 31, 2022 | $ | 96,149 |  |  |  |  | $ | 2,382 |  |  |
Intrinsic Value of Options Exercised During the Years Ended: |  |  |  |  |  |  |
December 31, 2022 | $ | 20,608 |  |  |  |  | $ | — |  |  |
December 31, 2021 | $ | 69,862 |  |  |  |  | $ | 4,248 |  |  |
December 31, 2020 | $ | 59,179 |  |  |  |  | $ | 2,318 |  |  |
Schedule of compensation expense, and fair value related to options |
Year Ended December 31, |  |  | 2021 |  | 2020
Compensation expense (included in SG&A) |  |  | $ | 185 |  |  | $ | 1,693 |
Compensation expense (included in Cost of sales) |  |  | 42 |  |  | 370 |
Compensation expense, Total |  |  | $ | 227 |  |  | $ | 2,063 |
Compensation expense, net of tax |  |  | 174 |  |  | 1,573 |
Grant date fair value of options vested |  |  | 2,421 |  |  | 7,601 |

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