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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2014

Pre-Tax Stock-Based Compensation Expense from Continuing Operations

Pre-tax stock-based compensation expense from continuing operations was as follows:

(In millions)		2014				2013				2012
Stock option awards		$	7.8			$	7.9			$	11.9
Restricted stock units			11.8				9.6				9.8
Performance awards			7.6				6.5				3.3
Director awards			0.9				0.9				1.1
Total pre-tax expense			28.1				24.9				26.1
Tax benefit			10.5				9.1				9.4
Total after tax expense		$	17.6			$	15.8			$	16.7

Restricted Stock Units Activity

A summary of activity with respect to restricted stock units outstanding under the Plans related to Fortune Brands and our Former Parent employees for the year ended December 31, 2014 was as follows:

		Number of Restricted Stock Units				Weighted-Average Grant-Date Fair Value
Non-vested at December 31, 2013			1,297,296			$	20.68
Granted			358,880				43.98
Vested			(709,525	)			19.32
Cancelled			(103,714	)			28.47
Non-vested at December 31, 2014			842,937			$	30.79

Black-Scholes Option Pricing Model Assumptions used to Estimate Fair Value of Options

The fair value of Fortune Brands options was estimated at the date of grant using a Black-Scholes option pricing model with the assumptions shown in the following table:

		2014				2013				2012
Current expected dividend yield			1.5%				1.5%				1.5%
Expected volatility			32.0%				32.0%				35.0%
Risk-free interest rate			1.9%				1.1%				1.2%
Expected term			6 years				6 years				6 years

Stock Option Activity

A summary of Fortune Brands stock option activity related to Fortune Brands and our Former Parent employees for the year ended December 31, 2014 was as follows:

		Options				Weighted- Average Exercise Price
Outstanding at December 31, 2013			9,649,560			$	14.39
Granted			595,150				44.52
Exercised			(2,150,255	)			13.52
Expired/forfeited			(214,677	)			25.77
Outstanding at December 31, 2014			7,879,778			$	16.60

Options Outstanding and Exercisable

Options outstanding and exercisable at December 31, 2014 were as follows:

		Options Outstanding(a)														Options Exercisable(b)
Range Of Exercise Prices		Options Outstanding				Weighted- Average Remaining Contractual Life				Weighted- Average Exercise Price						Options Exercisable				Weighted- Average Exercise Price
$9.00 to $11.99			2,079,975				2.0			$	9.71						2,079,975			$	9.71
12.00 to 14.00			3,776,262				6.2				13.05						3,229,631				13.18
14.01 to 44.73			2,023,541				7.9				30.29						839,387				23.31
			7,879,778				5.5			$	16.60						6,148,993			$	13.39

^(a)  At December 31, 2014, the aggregate intrinsic value of options outstanding was $225.9 million.

^(b)  At December 31, 2014, the weighted-average remaining contractual life of options exercisable was 4.9 years and the aggregate intrinsic value of options exercisable was $196.0 million.

Summarizes Information of Performance Share Awards

The following table summarizes information about performance share awards as of December 31, 2014, as well as activity during the year then ended, based on the target award amounts in the performance share award agreements:

		Number of Performance Share Awards				Weighted-Average Grant-Date Fair Value
Non-vested at December 31, 2013			499,500			$	25.38
Granted			160,500				45.13
Vested			(1,155	)			37.76
Cancelled			(63,145	)			31.24
Non-vested at December 31, 2014			595,700			$	30.06

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