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STOCK-BASED COMPENSATION | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
STOCK-BASED COMPENSATION | NOTE 14. STOCK-BASED COMPENSATION Stock-based compensation granted includes stock options, performance share awards, restricted stock awards and deferred directors’ compensation. Stock-based compensation expense was as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Stock Compensation Expense | ($ in millions)
Stock-based compensation | $ | 6.3 |  |  | $ | 6.3 |  |  | $ | 20.8 |  |  | $ | 17.3 |
Mark-to-market adjustments | 2.3 |  |  | 0.3 |  |  | (3.4) |  |  | (2.9) |
Total expense | $ | 8.6 |  |  | $ | 6.6 |  |  | $ | 17.4 |  |  | $ | 14.4 |
Performance Shares Performance share awards are denominated in shares of our stock and are paid half in cash and half in stock. Payouts for performance share awards are based on two criteria: (1) 50% of the award is based on Olin’s total shareholder returns (TSR) over the applicable three-year performance cycle in relation to the TSR over the same period among a portfolio of public companies which are selected in concert with outside compensation consultants and (2) 50% of the award is based on Olin’s net income over the applicable three-year performance cycle in relation to the net income goal for such period as set by the Compensation Committee of Olin’s Board of Directors. The expense associated with performance shares is recorded based on our estimate of our performance relative to the respective target. If an employee leaves the Company before the end of the performance cycle, the performance shares may be prorated based on the number of months of the performance cycle worked and are settled in cash instead of half in cash and half in stock when the three-year performance cycle is completed. 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 - Performance Shares | 2025 |  | 2024
Risk-free interest rate | 4.27 | % |  | 4.53 | %
Expected volatility of Olin common stock | 37 | % |  | 41 | %
Expected average volatility of peer companies | 35 | % |  | 37 | %
Average correlation coefficient of peer companies | 0.45 |  | 0.40
Expected life (years) | 3.0 |  | 3.0
Grant date fair value (TSR-based award) | $ | 27.46 |  | $ | 72.80
Grant date fair value (net income-based award) | $ | 27.62 |  | $ | 54.07
Performance share awards granted | 573,479 |  | 180,714
The risk-free interest rate was based on zero coupon U.S. Treasury securities rates for the expected life of the performance share awards. The expected volatility of Olin common stock and peer companies was based on historical stock price movements, as we believe that historical experience is the best available indicator of the expected volatility. The average correlation coefficient of peer companies was determined based on historical trends of Olin’s common stock price compared to the peer companies. Expected life of the performance share award grant was based on historical exercise and cancellation patterns, as we believe that historical experience is the best estimate of future exercise patterns. Restricted Stock Units During the nine months ended September 30, 2025 and 2024, Olin granted restricted stock units of 529,283 and 220,500, respectively, at a weighted average grant date fair value per share of $26.15 and $56.94, respectively. The fair value of each restricted stock unit was estimated on the date of grant using the current stock price. The awards typically vest ratably, on an annual basis, over three years, but not less than one year. Stock Options During the nine months ended September 30, 2025, Olin granted no stock options. During the nine months ended September 30, 2024, Olin granted 606,157 of stock options at a weighted-average grant date fair value per option of $24.79 and a weighted-average exercise price of $53.43. 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.

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