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Long-Term Incentive Employee Compensation (Tables)
 12 Months Ended
Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Long-Term Incentive Employee Compensation Costs
LTIP costs are primarily recorded within general and administrative expenses, at fair value over the requisite service period (typically three years) on a straight-line basis and are reduced by an estimated forfeiture rate. These costs impacted our consolidated results of operations as follows:
 
2015

 
2014

 
2013

Share-based compensation expense, equity-based awards
$
15.7

 
$
14.0

 
$
13.3

Share-based compensation expense, liability-based awards
1.1

 
3.1

 
3.8

Total share-based compensation expense in operating income
$
16.8

 
$
17.1

 
$
17.1
Status of Stock Option and Restricted Stock Shares
A summary of the status of our NQOs as of December 31, 2015, 2014 and 2013 and changes during the years then ended is presented below.
 
2015
 
2014
 
2013
Stock Options
Shares

 
Weighted
Average
Exercise
Price

 
Shares

 
Weighted
Average
Exercise
Price

 
Shares

 
Weighted
Average
Exercise
Price

Outstanding – January 1
1.9

 
$
24.20

 
2.7

 
$
20.46

 
4.3

 
$
18.46

Granted
0.2

 
41.52

 
0.2

 
43.52

 
0.4

 
26.82

Exercised
(0.3
)
 
19.87

 
(0.8
)
 
17.67

 
(1.9
)
 
17.37

Cancelled or expired
(0.1
)
 
35.95

 
(0.2
)
 
24.46

 
(0.1
)
 
16.15

Outstanding – December 31
1.7

 
$
27.10

 
1.9

 
$
24.20

 
2.7

 
$
20.46

Options exercisable – December 31
1.1

 
$
21.75

 
1.1

 
$
20.26

 
1.5

 
$
18.34
Share-Based Compensation Summary of Stock Options
The following table summarizes information about ITT’s stock options at December 31, 2015:
 
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

 
0.2
 
$
0.6

 
0.1

 
0.2

 
$
0.6

$19.97
0.1

 
4.2
 
1.3

 
0.1

 
4.2

 
1.3

$20.28
0.4

 
5.9
 
7.1

 
0.4

 
5.9

 
7.1

$21.53
0.2

 
5.2
 
3.7

 
0.2

 
5.2

 
3.7

$22.80
0.3

 
6.2
 
3.6

 
0.2

 
6.2

 
3.6

$26.76
0.2

 
7.2
 
2.4

 
0.1

 
7.2

 
0.5

$41.52
0.2

 
9.2
 
—

 
—

 
—

 
—

$43.52
0.2

 
8.2
 
—

 
—

 
—

 
—

 
1.7

 
6.5
 
$
18.7

 
1.1

 
5.7

 
$
16.8
Weighted Average Assumptions
The following are weighted-average assumptions for 2015, 2014 and 2013:
 
2015

 
2014

 
2013

Dividend yield
1.1
%
 
1.0
%
 
1.5
%
Expected volatility
29.4
%
 
29.6
%
 
29.9
%
Expected life (in years)
5.8

 
5.8

 
6.4

Risk-free rates
1.7
%
 
1.8
%
 
1.1
%
Weighted-average grant date fair value
$
11.23

 
$
11.93

 
$
6.62
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, 2015, 2014 and 2013.
 
2015
 
2014
 
2013
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
1.1

 
$
31.70

 
1.3

 
$
24.17

 
1.2

 
$
21.06

Granted
0.5

 
41.34

 
0.4

 
43.88

 
0.6

 
28.16

Performance adjustment(a)
0.1

 
29.59

 
—

 
—

 
—

 
—

Lapsed
(0.3
)
 
24.09

 
(0.5
)
 
21.62

 
(0.4
)
 
20.25

Canceled
(0.1
)
 
35.89

 
(0.1
)
 
27.33

 
(0.1
)
 
22.68

Outstanding – December 31
1.3

 
$
36.56

 
1.1

 
$
31.70

 
1.3

 
$
24.17

Vested pending issuance
0.3

 
$
29.59

 
—

 
$
—

 
—

 
$
—

(a)
Represents the adjustment to the number of shares to be issued above target for performance results achieved relative to PSUs granted in 2013 that vested on December 31, 2015.
Number of Outstanding Equity Settled RSUs, Cash Settled RSUs and RSAs
The table below provides the number of the outstanding equity settled RSUs, cash settled RSUs, and PSUs as of December 31, 2015, 2014 and 2013.
 
2015

 
2014

 
2013

Equity settled RSUs
0.7

 
0.7

 
1.0

Cash settled RSUs
0.1

 
0.1

 
0.1

PSU awards
0.5

 
0.3

 
0.2