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STOCK-BASED COMPENSATION (Tables) | 6 Months Ended
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Jun. 30, 2023
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.
Six Months Ended June 30, | 2023 | (1) | 2022
Fair value per stock award | $ | 116.17 |  |  | $ | 141.95 |
Grant date stock price | $ | 111.38 |  |  | $ | 114.52 |
Assumptions: |  |  |
Aptar's stock price expected volatility | 20.00 | % |  | 20.20 | %
Expected average volatility of peer companies | 39.70 | % |  | 41.70 | %
Correlation assumption | 33.30 | % |  | 41.20 | %
Risk-free interest rate | 3.83 | % |  | 2.04 | %
Dividend yield assumption | 1.36 | % |  | 1.33 | %
________________________________________________ (1)The 2023 award inputs and assumptions are related to PSU-ROIC awards with a TSR modifier.
Summary of restricted stock unit activity | A summary of RSU activity as of June 30, 2023 and changes during the six 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, 2023 | 426,361 |  |  | $ | 111.60 |  |  | 610,871 |  |  | $ | 118.77 |
Granted | 118,308 |  |  | 110.05 |  |  | 151,368 |  |  | 115.69 |
Vested | (176,945) |  |  | 104.08 |  |  | (99,878) |  |  | 89.33 |
Forfeited | (6,880) |  |  | 102.59 |  |  | (132,899) |  |  | 93.30 |
Nonvested at June 30, 2023 | 360,844 |  |  | $ | 115.04 |  |  | 529,462 |  |  | $ | 129.84 |
Included in the time-based RSU activity for the six months ended June 30, 2023 are 13,146 units granted to non-employee directors and 10,589 units vested related to non-employee directors.
Schedule of compensation expense, fair value, and intrinsic value related to RSU's |
Six Months Ended June 30, | 2023 |  | 2022
Compensation expense | $ | 22,008 |  |  | $ | 22,136 |
Fair value of units vested | 27,178 |  |  | 19,724 |
Intrinsic value of units vested | 31,809 |  |  | 21,481 |
Schedule of share-based payment award, stock options, valuation assumptions | These values were estimated on the respective dates of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:
Stock Award Plans: |  |  |
Six Months Ended June 30, | 2023 |  |
Dividend Yield | 1.41 | % |  |
Expected Stock Price Volatility | 16.55 | % |  |
Risk-free Interest Rate | 3.57 | % |  |
Expected Life of Option (years) | 7 |  |
Summary of option activity | A summary of option activity under our stock plans during the six months ended June 30, 2023 is presented below:
| Stock Awards Plans |  | Director Stock Option Plans
| Options |  | Weighted Average Exercise Price |  | Options |  | Weighted Average Exercise Price
Outstanding, January 1, 2023 | 2,623,944 |  |  | $ | 73.34 |  |  | 51,700 |  |  | $ | 63.91 |
Granted | 314,736 |  |  | 116.20 |  |  | — |  |  | — |
Exercised | (350,398) |  |  | 68.08 |  |  | (13,700) |  |  | 56.49 |
Forfeited or expired | (3,461) |  |  | 78.51 |  |  | — |  |  | — |
Outstanding at June 30, 2023 | 2,584,821 |  |  | $ | 79.26 |  |  | 38,000 |  |  | $ | 66.59 |
Exercisable at June 30, 2023 | 2,270,679 |  |  | $ | 74.15 |  |  | 38,000 |  |  | $ | 66.59 |
Weighted-Average Remaining Contractual Term (Years): |  |  |  |  |  |  |
Outstanding at June 30, 2023 | 3.8 |  |  |  | 0.9 |  |
Exercisable at June 30, 2023 | 3.0 |  |  |  | 0.9 |  |
Aggregate Intrinsic Value: |  |  |  |  |  |  |
Outstanding at June 30, 2023 | $ | 89,996 |  |  |  |  | $ | 1,787 |  |  |
Exercisable at June 30, 2023 | $ | 89,599 |  |  |  |  | $ | 1,787 |  |  |
Intrinsic Value of Options Exercised During the Six Months Ended: |  |  |  |  |  |  |
June 30, 2023 | $ | 16,886 |  |  |  |  | $ | 854 |  |  |
June 30, 2022 | $ | 8,046 |  |  |  |  | $ | — |  |  |
Schedule of compensation expense, and fair value related to options |
Six Months Ended June 30, | 2023 |  |
Compensation expense (included in SG&A) | $ | 3,147 |  |  |
Compensation expense (included in Cost of sales) | 278 |  |  |
Compensation expense, Total | $ | 3,425 |  |  |
Compensation expense, net of tax | 3,425 |  |  |

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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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