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STOCK-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-based compensation expense | Stock-based compensation expense was as follows:
| Years ended December 31,
| 2023 |  | 2022 |  | 2021
Stock Compensation Expense | ($ in millions)
Stock-based compensation | $ | 26.7 |  |  | $ | 25.6 |  |  | $ | 28.4 |
Mark-to-market adjustments | 1.1 |  |  | (2.5) |  |  | 24.7 |
Total expense | $ | 27.8 |  |  | $ | 23.1 |  |  | $ | 53.1 |
Schedule of assumptions for the Black-Scholes option pricing model | The fair value of each stock option granted, which typically vests ratably over three years, but not less than one year, was estimated on the date of grant, using the Black-Scholes option-pricing model with the following assumptions:
Grant Date Assumptions | 2023 |  | 2022 |  | 2021
Dividend yield | 1.32% |  | 1.60% |  | 2.76%
Risk-free interest rate | 4.07% |  | 1.93% |  | 0.94%
Expected volatility | 47% |  | 48% |  | 44%
Expected life (years) | 7.0 |  | 7.0 |  | 6.0
Weighted-average grant fair value (per option) | $ | 28.74 |  | $ | 21.18 |  | $ | 9.91
Weighted-average exercise price | $ | 60.43 |  | $ | 49.71 |  | $ | 28.99
Stock options granted | 564,124 |  | 752,100 |  | 1,154,700
Stock Options Activity | Stock option transactions were as follows:
|  |  |  |  |  |  | Exercisable
Stock Option Transactions | Shares |  | Option Price |  | Weighted-Average Option Price |  | Options |  | Weighted-Average Exercise Price
Outstanding at January 1, 2023 | 5,438,720 |  |  | 13.14-65.77 |  | $ | 29.36 |  |  | 3,740,936 |  |  | $ | 26.50 |
Granted | 564,124 |  |  | 49.42-60.55 |  | 60.43 |  |  |  |  |
Exercised | (972,080) |  |  | 13.14-50.08 |  | 26.06 |  |  |  |  |
Canceled | (107,191) |  |  | 23.28-60.55 |  | 44.79 |  |  |  |  |
Outstanding at December 31, 2023 | 4,923,573 |  |  | 13.14-65.77 |  | $ | 33.23 |  |  | 3,654,274 |  |  | $ | 27.33 |
Stock Options Exercisable, Exercise Price Range | The following table provides certain information with respect to stock options exercisable at December 31, 2023:
Range of Exercise Prices |  | Options Exercisable |  | Weighted-Average Exercise Price |  | Options Outstanding |  | Weighted-Average Exercise Price
Under $27.00 |  | 1,586,954 |  |  | $ | 20.52 |  |  | 1,586,954 |  |  | $ | 20.52 |
$27.00 - $45.00 |  | 1,843,786 |  |  | 30.26 |  |  | 2,107,064 |  |  | 30.12 |
Over $45.00 |  | 223,534 |  |  | 51.53 |  |  | 1,229,555 |  |  | 54.98 |
|  | 3,654,274 |  |  |  |  | 4,923,573 |  |  |
Common shares reserved and available for grant or purchase | At December 31, 2023, common shares reserved for issuance and available for grant or purchase under the following plans consisted of:
| Number of Shares
Incentive Plans | Reserved for Issuance |  | Available for Grant or Purchase(1)
2003 Long Term Incentive Plan | 29,834 |  |  | — |
2006 Long Term Incentive Plan | 18,698 |  |  | — |
2009 Long Term Incentive Plan | 94,984 |  |  | — |
2014 Long Term Incentive Plan | 355,082 |  |  | — |
2016 Long Term Incentive Plan | 1,066,818 |  |  | — |
2018 Long Term Incentive Plan | 8,054,619 |  |  | 3,765,408 |
2021 Long Term Incentive Plan | 2,750,000 |  |  | 2,582,262 |
Total under stock option plans | 12,370,035 |  |  | 6,347,670 |
(1) All available to be issued as stock options, but includes a sub-limit for all types of stock awards of 2,595,246 shares.
| Number of Shares
Director Plans | Reserved for Issuance |  | Available for Grant or Purchase
1997 Stock Plan for Non-employee Directors | 368,778 |  |  | 106,697 |
Schedule of Share Based Payment Award, Performance Share Awards, Valuation Assumptions | The fair value of each performance share award based on net income was estimated on the date of grant, using the current stock price. The fair value of each performance share award based on TSR was estimated on the date of grant, using a Monte Carlo simulation model with the following weighted average assumptions:
Grant Date Assumptions | 2023 |  | 2022 |  | 2021
Risk-free interest rate | 4.46% |  | 1.74% |  | 0.23%
Expected volatility of Olin common stock | 52% |  | 59% |  | 55%
Expected average volatility of peer companies | 42% |  | 47% |  | 50%
Average correlation coefficient of peer companies | 0.51 |  | 0.51 |  | 0.50
Expected life (years) | 3.0 |  | 3.0 |  | 3.0
Grant date fair value (TSR-based award) | $ | 86.98 |  | $ | 64.13 |  | $ | 39.96
Grant date fair value (net income-based award) | 60.55 |  | 49.71 |  | 28.99
Performance share awards granted | 161,474 |  | 184,000 |  | 248,700
Performance Shares Transactions | Performance share transactions were as follows:
| To Settle in Cash |  | To Settle in Shares
Performance Share Transactions | Shares |  | Weighted-Average Fair Value per Share |  | Shares |  | Weighted-Average Fair Value per Share
Outstanding at January 1, 2023 | 675,016 |  |  | $ | 52.90 |  |  | 388,808 |  |  | $ | 29.94 |
Granted | 76,455 |  |  | 63.08 |  |  | 91,950 |  |  | 63.56 |
Paid/issued | (357,601) |  |  | 52.90 |  |  | (131,633) |  |  | 17.33 |
Converted from shares to cash | 5,397 |  |  | 37.49 |  |  | (5,397) |  |  | 37.49 |
Canceled | (3,605) |  |  | 54.17 |  |  | (3,876) |  |  | 42.61 |
Outstanding at December 31, 2023 | 395,662 |  |  | $ | 54.18 |  |  | 339,852 |  |  | $ | 43.65 |
Total vested at December 31, 2023 | 309,835 |  |  | $ | 54.18 |  |  | 249,753 |  |  | $ | 40.37 |
Summary of Unvested Performance Shares | The summary of the status of our unvested performance shares to be settled in cash were as follows:
Unvested Performance Shares | Shares |  | Weighted-Average Fair Value per Share
Unvested at January 1, 2023 | 125,750 |  |  | $ | 52.90 |
Granted | 76,455 |  |  | 63.08 |
Vested | (112,773) |  |  | 54.18 |
Canceled | (3,605) |  |  | 54.17 |
Unvested at December 31, 2023 | 85,827 |  |  | $ | 54.18 |

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