Long-Term Incentive Employee Compensation (Tables)

12 Months Ended

Dec. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Long-Term Incentive Employee Compensation Costs

Long-term incentive employee compensation costs are primarily recorded within general and administrative expenses, and are reduced by an estimated forfeiture rate. These costs impacted our consolidated results of operations as follows:

	2014		2013		2012
Share-based compensation expense, equity-based awards	$	14.0	$	13.3	$	12.9
Share-based compensation expense, liability-based awards	3.1		3.8		1.9
Total share-based compensation expense in operating income	$	17.1	$	17.1	$	14.8

Status of Stock Option and Restricted Stock Shares

A summary of the status of our NQOs as of December 31, 2014, 2013 and 2012 and changes during the years then ended is presented below.

	2014				2013				2012
Stock Options	Shares		Weighted Average Exercise Price		Shares		Weighted Average Exercise Price		Shares		Weighted Average Exercise Price
Outstanding – January 1	2.7		$	20.46	4.3		$	18.46	8.0		$	16.70
Granted	0.2		43.52		0.4		26.82		0.4		22.80
Exercised	(0.8	)	17.67		(1.9	)	17.37		(3.8	)	15.35
Cancelled or expired	(0.2	)	24.46		(0.1	)	16.15		(0.3	)	17.21
Outstanding – December 31	1.9		$	24.20	2.7		$	20.46	4.3		$	18.46
Options exercisable – December 31	1.1		$	20.26	1.5		$	18.34	2.9		$	17.10

Share-Based Compensation Summary of Stock Options

The following table summarizes information about ITT’s stock options at December 31, 2014:

	Options Outstanding				Options Exercisable
Exercise Prices	Number	Weighted Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value		Number	Weighted Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value
$12.39	0.1	1.2	$	2.3	0.1	1.2	$	2.3
$19.82	0.1	0.2	1.0		0.1	0.2	1.0
$19.97	0.1	5.2	3.3		0.1	5.2	3.3
$20.28	0.5	6.9	9.5		0.5	6.9	9.5
$21.53	0.3	6.2	4.9		0.2	6.2	4.9
$22.80	0.3	7.2	5.9		0.1	7.2	1.0
$26.76	0.3	8.2	4.1		—	—	—
$43.52	0.2	9.2	—		—	—	—
	1.9	6.7	$	31.0	1.1	5.8	$	22.0

Weighted Average Assumptions

The following are weighted-average assumptions for 2014, 2013 and 2012:

	2014			2013			2012
Dividend yield	1.0		%	1.5		%	1.6		%
Expected volatility	29.6		%	29.9		%	34.1		%
Expected life (in years)	5.8			6.4			6.9
Risk-free rates	1.8		%	1.1		%	1.4		%
Weighted-average grant date fair value	$	11.93		$	6.62		$	6.71

Rollforward of Outstanding Restricted Stock

The table below provides a rollforward of outstanding RSUs, PSUs, and RSAs for each of the years ended December 31, 2014, 2013 and 2012.

	2014				2013				2012
Restricted Stock and Performance Units	Shares		Weighted Average Grant Date Fair Value		Shares		Weighted Average Grant Date Fair Value		Shares		Weighted Average Grant Date Fair Value
Outstanding – January 1	1.3		$	24.17	1.2		$	21.06	1.4		$	18.55
Granted	0.4		43.88		0.6		28.16		0.4		22.56
Lapsed	(0.5	)	21.62		(0.4	)	20.25		(0.5	)	15.21
Canceled	(0.1	)	27.33		(0.1	)	22.68		(0.1	)	20.58
Outstanding – December 31	1.1		$	31.70	1.3		$	24.17	1.2		$	21.06

Number of Outstanding Equity Settled RSUs, Cash Settled RSUs and RSAs

The table below provides the number of the outstanding equity settled RSUs, ROIC awards, TSR awards, and cash settled RSUs as of December 31, 2014, 2013 and 2012.

	2014	2013	2012
Equity settled RSUs (a)	0.7	1.0	1.1
Cash settled RSUs	0.1	0.1	0.1
TSR Awards	0.2	0.1	—
ROIC Awards	0.1	0.1	—