Capital Stock

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Capital Stock

CAPITAL STOCK

ITT has authority to issue an aggregate of 300 shares of capital stock, of which 250 shares have been designated as Common Stock having a par value of $1 per share and 50 shares have been designated as Preferred Stock not having any par or stated value. There was no Preferred Stock outstanding as of December 31, 2016 and 2015.

The stockholders of ITT common stock are entitled to receive dividends when and as declared by ITT’s Board of Directors. Dividends are paid quarterly. Dividends declared were $0.496, $0.4732 and $0.44 per common share in 2016, 2015, and 2014, respectively.

On October 27, 2006, a three-year $1 billion share repurchase program (Share Repurchase Program) was approved by our Board of Directors. On December 16, 2008, the provisions of the Share Repurchase Program were modified by our Board of Directors to replace the original three-year term with an indefinite term. During 2016, 2015, and 2014, we repurchased 2.0 shares, 2.0 shares, and 1.1 shares of common stock for $70.0, $80.0 and $50.0, respectively. Through December 2016, we had repurchased 20.4 shares for $829.4, including commissions, under the Share Repurchase Program.

Separate from the Share Repurchase Program, the Company repurchased 0.2 shares, 0.1 shares, and 0.2 shares for an aggregate price of $7.8, $4.0, and $10.2, during 2016, 2015 and 2014, respectively, in settlement of employee tax withholding obligations due upon the vesting of restricted stock or stock units.

On May 16, 2016, we canceled all 15.0 shares in our treasury account. Shares repurchased after May 16, 2016 were canceled following the repurchase. As of December 31, 2015 15.0 shares of Common Stock were held in our treasury account.

We make shares available for the exercise of stock options and vesting of restricted stock by purchasing shares in the open market. Prior to canceling all 15.0 shares in our treasury account, we also issued shares from our treasury stock. During 2016, 2015, and 2014, we issued 1.1 shares, 0.6 shares, and 1.4 shares, respectively, related to equity compensation arrangements.