EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS PER SHARE

The following table provides a reconciliation of the data used in the calculation of basic and diluted earnings per share from continuing operations attributable to ITT Corporation for the three and nine month periods ended September 30, 2013 and 2012.

	Three Months				Nine Months
For the Periods Ended September 30	2013		2012		2013		2012
Net income from continuing operations attributable to ITT Corporation	$	433.0	$	60.7	$	476.8	$	87.4
Weighted average common shares outstanding	90.4		92.3		91.0		92.9
Add: Weighted average restricted stock awards outstanding(a)	—		0.2		—		0.3
Basic weighted average common shares outstanding	90.4		92.5		91.0		93.2
Add: Dilutive impact of stock options and restricted stock units	1.5		1.0		1.3		1.1
Diluted weighted average common shares outstanding	91.9		93.5		92.3		94.3
Basic earnings per share	$	4.79	$	0.65	$	5.24	$	0.94
Diluted earnings per share	$	4.71	$	0.65	$	5.17	$	0.93

(a) Restricted stock awards containing rights to non-forfeitable dividends which participate in undistributed earnings with common shareholders are considered participating securities for purposes of computing earnings per share.

The following table provides the number of shares underlying stock options excluded from the computation of diluted earnings per share for the three and nine month periods ended September 30, 2013 and 2012 because they were anti-dilutive.

	Three Months			Nine Months
For the Periods Ended September 30	2013	2012		2013		2012
Anti-dilutive stock options	—	2.9		0.3		1.9
Average exercise price	N/A	$	21.05	$	26.80	$	21.45
Year(s) of expiration	N/A	2014-2022		2023		2014-2022

In addition, 0.1 of outstanding employee return on invested capital (ROIC) awards were excluded from the computation of diluted earnings per share for the three and nine months ended September 30, 2013, as the performance period related to the ROIC award metric begins in 2015.