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STOCK-BASED COMPENSATION (Tables) | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-based compensation expense | Stock-based compensation expense was as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Stock Compensation Expense | ($ in millions)
Stock-based compensation | $ | 7.6 |  |  | $ | 8.3 |  |  | $ | 13.2 |  |  | $ | 12.8 |
Mark-to-market adjustments | (7.6) |  |  | (1.6) |  |  | (5.4) |  |  | (0.1) |
Total expense | $ | — |  |  | $ | 6.7 |  |  | $ | 7.8 |  |  | $ | 12.7 |
Schedule of fair value of stock options granted valuation assumptions | 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 weighted-average assumptions:
Grant Date Assumptions - Stock Options | 2024 |  | 2023
Dividend yield | 1.50 | % |  | 1.32 | %
Risk-free interest rate | 4.35 | % |  | 4.07 | %
Expected volatility of Olin common stock | 47 | % |  | 47 | %
Expected life (years) | 7.0 |  | 7.0
Weighted-average grant fair value (per option) | $ | 24.79 |  | $ | 28.74
Weighted-average exercise price | $ | 53.43 |  | $ | 60.55
Stock options granted | 601,157 |  | 562,124
Schedule of fair value of performance share awards granted valuation assumptions | 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 - Performance Shares | 2024 |  | 2023
Risk-free interest rate | 4.53 | % |  | 4.46 | %
Expected volatility of Olin common stock | 41 | % |  | 52 | %
Expected average volatility of peer companies | 37 | % |  | 42 | %
Average correlation coefficient of peer companies | 0.40 |  | 0.51
Expected life (years) | 3.0 |  | 3.0
Grant date fair value (TSR-based award) | $ | 72.80 |  | $ | 86.98
Grant date fair value (net income-based award) | $ | 54.07 |  | $ | 60.55
Performance share awards granted | 180,714 |  | 161,474

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- Definition Tabular disclosure of share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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