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STOCK-BASED COMPENSATION (Tables) | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of 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, | 2024 |  | 2023
Fair value per stock award | $ | 145.79 |  |  | $ | 116.17 |
Grant date stock price | $ | 141.00 |  |  | $ | 111.38 |
Assumptions: |  |  |
Aptar's stock price expected volatility | 18.80 | % |  | 20.00 | %
Expected average volatility of peer companies | 34.80 | % |  | 39.70 | %
Correlation assumption | 30.70 | % |  | 33.30 | %
Risk-free interest rate | 4.51 | % |  | 3.83 | %
Dividend yield assumption | 1.16 | % |  | 1.36 | %
Schedule of restricted stock unit activity | A summary of RSU activity as of June 30, 2024 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, 2024 | 335,874 |  |  | $ | 115.15 |  |  | 514,383 |  |  | $ | 130.10 |
Granted | 117,660 |  |  | 136.61 |  |  | 129,614 |  |  | 145.79 |
Vested | (173,168) |  |  | 119.27 |  |  | (97,794) |  |  | 162.33 |
Forfeited | (2,352) |  |  | 117.67 |  |  | (26,886) |  |  | 146.76 |
Nonvested at June 30, 2024 | 278,014 |  |  | $ | 121.51 |  |  | 519,317 |  |  | $ | 127.13 |
Included in the time-based RSU activity for the six months ended June 30, 2024 are 10,208 units granted to non-employee directors and 11,508 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, | 2024 |  | 2023
Compensation expense | $ | 21,966 |  |  | $ | 22,008 |
Fair value of units vested | 34,991 |  |  | 27,178 |
Intrinsic value of units vested | 38,040 |  |  | 31,809 |
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, | 2024 |  | 2023
Dividend Yield | 1.28 | % |  | 1.41 | %
Expected Stock Price Volatility | 17.03 | % |  | 16.55 | %
Risk-free Interest Rate | 4.51 | % |  | 3.57 | %
Expected Life of Option (years) | 7.0 |  | 7.0
Schedule of option activity | A summary of option activity under our stock plans during the six months ended June 30, 2024 is presented below:
| Stock Awards Plans |  | Director Stock Option Plans
| Options |  | Weighted Average Exercise Price |  | Options |  | Weighted Average Exercise Price
Outstanding, January 1, 2024 | 2,182,784 |  |  | $ | 80.63 |  |  | 19,000 |  |  | $ | 66.59 |
Granted | 249,805 |  |  | 141.00 |  |  | — |  |  | — |
Exercised | (377,602) |  |  | 70.66 |  |  | (19,000) |  |  | 66.59 |
Forfeited or expired | (5,185) |  |  | 93.42 |  |  | — |  |  | — |
Outstanding at June 30, 2024 | 2,049,802 |  |  | $ | 89.80 |  |  | — |  |  | $ | — |
Exercisable at June 30, 2024 | 1,593,918 |  |  | $ | 78.35 |  |  | — |  |  | $ | — |
Weighted-Average Remaining Contractual Term (Years): |  |  |  |  |  |  |
Outstanding at June 30, 2024 | 4.2 |  |  |  | 0.0 |  |
Exercisable at June 30, 2024 | 2.7 |  |  |  | 0.0 |  |
Aggregate Intrinsic Value: |  |  |  |  |  |  |
Outstanding at June 30, 2024 | $ | 110,862 |  |  |  |  | $ | — |  |  |
Exercisable at June 30, 2024 | $ | 104,452 |  |  |  |  | $ | — |  |  |
Intrinsic Value of Options Exercised During the Six Months Ended: |  |  |  |  |  |  |
June 30, 2024 | $ | 25,454 |  |  |  |  | $ | 1,394 |  |  |
June 30, 2023 | $ | 16,886 |  |  |  |  | $ | 854 |  |  |
Schedule of compensation expense, and fair value related to options |
Six Months Ended June 30, | 2024 |  | 2023
Compensation expense (included in SG&A) | $ | 4,376 |  |  | $ | 3,147 |
Compensation expense (included in Cost of sales) | 492 |  |  | 278 |
Compensation expense, Total | $ | 4,868 |  |  | $ | 3,425 |
Compensation expense, net of tax | 5,272 |  |  | 3,425 |
Grant date fair value of options vested | 2,306 |  |  | — |

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