The Collaborative International Dictionary of English v.0.48:

Equitable \Eq"ui*ta*ble\, a. [F. ['e]quitable, from
   ['e]quit['e]. See Equity.]
   1. Possessing or exhibiting equity; according to natural
      right or natural justice; marked by a due consideration
      for what is fair, unbiased, or impartial; just; as, an
      equitable decision; an equitable distribution of an
      estate; equitable men.
      [1913 Webster]

            No two . . . had exactly the same notion of what was
            equitable.                            --Macaulay.
      [1913 Webster]

   2. (Law) That can be sustained or made available or effective
      in a court of equity, or upon principles of equity
      jurisprudence; as, an equitable estate; equitable assets,
      assignment, mortgage, etc. --Abbott.

   Syn: Just; fair; reasonable; right; honest; impartial;
        candid; upright.
        [1913 Webster]

WordNet (r) 3.0 (2006):

equitable
    adj 1: fair to all parties as dictated by reason and conscience;
           "equitable treatment of all citizens"; "an equitable
           distribution of gifts among the children" [syn:
           equitable, just] [ant: inequitable, unjust]