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Share Plans | 9 Months Ended
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Sep. 25, 2022
Share-Based Payment Arrangement [Abstract] |
Share Plans | Share Plans Total share-based compensation expense for the quarters ended September 25, 2022, and September 26, 2021, was as follows:
|  | Third Quarter |  | Year-to-date |
| In millions | 2022 |  | 2021 |  | 2022 |  | 2021 |
| Total share-based compensation charges | $ | 0.9 |  |  | $ | 0.8 |  |  | $ | 1.8 |  |  | $ | 2.2 |  |
In March 2022, we issued our annual share-based compensation grants under the Luxfer Holdings PLC Long-Term Umbrella Incentive Plan. The total number of awards issued was approximately 167,400 and the weighted average fair value of options granted in 2022 was estimated to be $17.82 per share. Also in March 2022, approximately 17,000 awards were granted based on the achievement of total shareholder return targets from the period January 1, 2019 to December 31, 2021. 50% of these awards vested immediately upon grant, with the remaining 50% vesting in March 2023. In May 2022, approximately 19,000 additional awards were granted under the Luxfer Holdings PLC Long-Term Umbrella Incentive Plan. The fair value of options granted was estimated to be $15.00 per share. In June 2022, we issued our annual share-based compensation grants under the Luxfer Holdings PLC Non-Executive Directors' Equity Incentive Plan. The total number of awards issued was 26,295 and the weighted-average fair value of options granted was estimated to be $15.50 per share. The following table illustrates the assumptions used in deriving the fair value of share options granted during 2022 and the year-ended December 31, 2021:
|  | 2022 |  | 2021 |
| Dividend yield (%) | 2.27 |  | 2.27 |
| Expected volatility range (%) | 42.80 - 59.03 |  | 42.80 - 59.03 |
| Risk-free interest rate (%) | 0.04 - 0.24 |  | 0.04 - 0.24 |
| Expected life of share options range (years) | 0.50 - 4.00 |  | 0.50 - 4.00 |
| Forfeiture rate (%) | 5.00 |  |  | 5.00 |  |
| Weighted average exercise price ($) | $1.00 |  | $1.00 |
| Model used | Black-Scholes & Monte-Carlo |  | Black-Scholes & Monte-Carlo |
The expected life of the share options is based on historical data and current expectations, and is not necessarily indicative of exercise patterns that may occur. The expected volatility reflects the assumption that the historical volatility over a period similar to the life of the options is indicative of future trends, which may not necessarily be the actual outcome.

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