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Long-Term Incentive Employee Compensation (Tables) | 12 Months Ended
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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 |

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