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Share Plans
 6 Months Ended
Jul. 02, 2023
Share-Based Payment Arrangement [Abstract]  
Share Plans Share Plans
Total share-based compensation expense for the quarters ended July 2, 2023, and June 26 2022, was as follows:
Second QuarterYear-to-date
In millions2023202220232022
Total share-based compensation charges$0.7 $0.7 $1.3 $0.9 
In March 2023, we issued our annual share-based compensation grants under the Luxfer Holdings PLC LongTerm Umbrella Incentive Plan. The total number of awards issued was approximately 126,600 and the weighted average fair value of options granted in 2023 was estimated to be $17.94 per share.
Also in March 2023, approximately 10,000 awards were granted based on the achievement of total shareholder return targets from the period January 1, 2020 to December 31, 2022. 50% of these awards vested immediately upon grant, with the remaining 50% vesting in March 2024.
In June 2023, 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 31,028 and the weighted-average fair value of options granted was estimated to be $14.71 per share.

The following table illustrates the assumptions used in deriving the fair value of share options granted during 2023 and the year-ended December 31, 2022:
20232022
Dividend yield (%)
2.75 - 3.41
2.75 - 3.41
Expected volatility range (%)
36.11 - 49.43
36.11 - 49.43
Risk-free interest rate (%)
1.28 - 2.99
1.28 - 2.99
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 usedBlack-Scholes & Monte-CarloBlack-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.