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Share Plans | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Share Plans | Share Plans Total share-based compensation expense for the quarters ended March 31, 2024 and April 2, 2023 was as follows:
|  | First Quarter |  |  |
| In millions | 2024 |  | 2023 |  |  |  |  |
| Total share-based compensation charges | $ | 0.6 |  |  | $ | 0.6 |  |  |  |  |  |
In March 2024, 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 155,000 and the weighted average fair value of options granted in 2024 was estimated to be $10.44 per share. The following table illustrates the assumptions used in deriving the fair value of share options granted during the First Quarter of 2024 and the year-ended December 31, 2023:
|  | First Quarter |  | Year ended December 31, |
|  | 2024 |  | 2023 |
| Dividend yield (%) | 3.15 - 3.32 |  | 3.15 - 3.32 |
| Expected volatility range (%) | 31.54 - 43.49 |  | 31.54 - 43.49 |
| Risk-free interest rate (%) | 3.67 - 5.16 |  | 3.67 - 5.16 |
| Expected life of share options range (years) | 1.00 - 4.00 |  | 1.00 - 4.00 |
| Forfeiture rate (%) | 5.00 |  |  | 5.00 |  |
| Weighted average exercise price ($) | $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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