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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Stock-based compensation expense was recorded in the aforementioned financial statement line items for the years ended December 31, 2017, 2016 and 2015 as follows:

 
 
Years Ended December 31,
(in millions)
 
2017
 
2016
 
2015
Stock-based compensation expense:
 
 
 
 
 
 
Selling, general and administrative expenses
 
$
8.1

 
$
4.7

 
$
2.3

Separation expense
 
0.1

 
1.6

 
—

Restructuring expense
 
2.9

 
—

 
—

Total stock-based compensation expense
 
$
11.1

 
$
6.3

 
$
2.3


Stock -based compensation expense by award type was as follows for the periods indicated:

 
 
Years Ended December 31,
(in millions)
 
2017
 
2016
 
2015
Stock-based compensation expense:
 
 
 
 
 
 
Stock options
 
$
3.0

 
$
1.2

 
$
0.6

Restricted stock awards and units
 
3.6

 
3.0

 
1.3

Performance share units
 
4.5

 
2.1

 
0.4

Total stock-based compensation expense
 
$
11.1

 
$
6.3

 
$
2.3
Summary of the Company's Stock Option Activity
The following represents stock option compensation information for the periods indicated:

 
 
Years Ended December 31,
(in millions, except weighted average grant date fair value per option granted)
 
2017
 
2016
 
2015
Weighted average grant date fair value per option granted
 
$
7.86

 
$
5.97

 
$
10.40

Fair value of options vested
 
3.0

 
2.8

 
6.8

Intrinsic value of options exercised
 
7.5

 
8.5

 
0.1

Excess tax benefit for tax deductions related to the exercise of stock options
 
1.2

 
—

 
—

Cash received from option exercises, net of tax withholding 
 
1.9

 
12.9

 
—

Tax benefits for stock-option compensation expense
 
0.7

 
0.5

 
0.2

A summary of the Company's stock option activity for all holders of Welbilt stock options is as follows:

(in millions, except weighted average exercise price and contractual life)
 
Options
 
Weighted
Average
Exercise Price
 
Weighted Average Remaining Contractual Life (Years)
 
Aggregate
Intrinsic
Value
Options outstanding as of January 1, 2017
 
3.6

 
$
15.62

 
4.5
 
$
20.0

Granted
 
0.3

 
18.67

 
 
 
 

Exercised
 
(0.6
)
 
8.19

 
 
 
 

Forfeited
 
(0.1
)
 
16.54

 
 
 
 
Canceled
 
(0.5
)
 
24.34

 
 
 
 

Options outstanding as of December 31, 2017 (1)
 
2.7

 
$
15.95

 
4.9
 
$
22.9

 
 
 
 
 
 
 
 
 
Options vested and expected to vest as of December 31, 2017 (2)
 
2.7

 
$
15.94

 
4.8
 
$
22.5

 
 
 
 
 
 
 
 
 
Options exercisable as of December 31, 2017
 
2.2

 
$
15.81

 
4.0
 
$
18.8


(1) The outstanding stock options at December 31, 2017 have a range of exercise prices from $3.51 to $31.14 per share. 
(2) Number of options expected to vest is total unvested options less estimated forfeitures.
Schedule of the Assumptions Used to Estimate the Fair Value of Options Granted
The assumptions used in the Black-Scholes option pricing model and the weighted average fair value of option awards granted were as follows for the periods indicated:

 
 
Years Ended December 31,
 
 
2017
 
2016
 
2015
Expected life (years)
 
6.0

 
6.0

 
6.0

Risk-free interest rate
 
2.3
%
 
1.6
%
 
1.8
%
Expected volatility
 
39.0
%
 
39.0
%
 
56.0
%
Expected dividend yield
 
—
%
 
—
%
 
0.3
%
Summary of Activity for Restricted Stock Units and Performance Shares
A summary of activity for all Welbilt performance share units for the year ended December 31, 2017 is as follows:

(in millions, except weighted average grant date fair value)
 
Performance Share Units
 
Weighted
Average
Grant Date Fair Value
Unvested as of January 1, 2017
 
0.5

 
$
16.88

Granted
 
0.3

 
18.67

Vested
 
(0.2
)
 
20.52

Forfeited
 
(0.1
)
 
16.60

Unvested as of December 31, 2017
 
0.5

 
$
16.87
Schedule of Restricted Stock Units Compensation
The following represents restricted stock compensation information for the periods indicated:

 
 
Years Ended December 31,
(in millions, except weighted average grant date fair value per award granted)
 
2017
 
2016
 
2015
Weighted average grant date fair value per award granted
 
$
21.39

 
$
15.25

 
$
21.90

Fair value of awards vested
 
4.0

 
2.8

 
—

Tax benefits for restricted stock compensation expense
 
0.8

 
1.2

 
0.5
Schedule of Performance Based Unit Programs
As of December 31, 2017, the following PSU programs were in progress:

Award Date
 
PSUs Outstanding (in millions)
 
Expected Vesting Threshold
2016 Program
 
0.3

 
125.0
%
2017 Program
 
0.2

 
100.0
%
Total PSUs outstanding
 
0.5

 
 
Schedule of Performance Share Unit Compensation
The following represents PSU compensation information for the periods indicated:

 
 
Years Ended December 31,
(in millions, except weighted average grant date fair value per award granted)
 
2017
 
2016
 
2015
Weighted average grant date fair value per award granted
 
$
18.70

 
$
14.97

 
$
—

Fair value of awards vested
 
3.0

 
3.6

 
6.0

Tax benefits for PSU compensation expense
 
1.0

 
0.8

 
0.1