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Stock-Based and Other Compensation (Tables)
 12 Months Ended
Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Long Term Incentive Plan Awards Granted
The following table presents LTIP awards granted in the past three years (PSUs are reflected at 100% of target but may settle at more or less than the amount shown):
 
 
2009 Incentive Plan
Fiscal Year
 
RSUs Awarded
 
PSUs Awarded
2013 (a)
 
171,804

 
85,900

2012 (b)
 
259,400

 
314,400

2011 (c)
 
524,550

 
291,600

__________
(a)
Includes 20,250 RSUs issued in connection with entering into employment agreements with certain employees. Also includes 10,000 PSUs awarded related to 2011 awards for which the previously undetermined terms and conditions of the grant were finalized in 2013.
(b)
Includes 78,000 RSUs and 142,000 PSUs issued in connection with entering into employment agreements with certain employees, and excludes 20,000 PSUs for which the terms and conditions were not determined at the time of grant. Also includes 10,000 PSUs awarded related to 2011 awards for which the previously undetermined terms and conditions of the grant were finalized in 2012.
(c)
Includes 340,000 RSUs and 100,000 PSUs issued in connection with entering into employment agreements with certain employees, and excludes 20,000 PSUs for which the terms and conditions were not determined at the time of grant.
Schedule of Share Based Compensation Stock Option Activity
Option activity and changes for all periods presented were as follows:
 
Year Ended December 31, 2013
 
Shares
 
Weighted-Average
Exercise Price
 
Weighted-Average
Remaining
Contractual
Term (in Years)
 
Aggregate
Intrinsic Value
Outstanding – beginning of year
794,210

 
$
30.32

 
 
 
 
Exercised
(169,412
)
 
30.43

 
 
 
 
Forfeited / Expired
(5,197
)
 
29.84

 
 
 
 
Outstanding – end of year
619,601

 
$
30.30

 
2.59
 
$
19,239,738

Vested and expected to vest – end of year
619,601

 
$
30.30

 
2.59
 
$
19,239,738

Exercisable – end of year
511,811

 
$
30.18

 
2.45
 
$
15,950,707

 
 
Years Ended December 31,
 
2012
 
2011
 
Shares
 
Weighted-Average
Exercise Price
 
Weighted-Average
Remaining
Contractual
Term (in Years)
 
Shares
 
Weighted-Average
Exercise Price
 
Weighted-Average
Remaining
Contractual
Term (in Years)
Outstanding – beginning of year
1,208,041

 
$
28.73

 
 
 
1,699,701

 
$
28.57

 
 
Exercised
(410,331
)
 
25.94

 
 
 
(449,660
)
 
27.71

 
 
Forfeited / Expired
(3,500
)
 
24.93

 
 
 
(42,000
)
 
32.85

 
 
Outstanding – end of year
794,210

 
$
30.32

 
3.19
 
1,208,041

 
$
28.73

 
3.29
Exercisable – end of year
623,218

 
$
30.22

 
 
 
959,779

 
$
28.36

 
 
Restricted Stock, RSU and PSU Rollforward
Nonvested RSAs, RSUs and PSUs at December 31, 2013 and changes during the years ended December 31, 2013, 2012 and 2011 were as follows:
 
RSA and RSU Awards
 
PSU Awards
 
Shares
 
Weighted-Average
Grant Date
Fair Value
 
Shares
 
Weighted-Average
Grant Date
Fair Value
Nonvested at January 1, 2011
263,820

 
$
28.42

 
243,994

 
$
36.18

Granted
541,890

 
34.65

 
291,600

 
46.66

Vested (a)
(162,437
)
 
30.48

 
(48,925
)
 
39.78

Forfeited
(18,480
)
 
29.32

 
(14,055
)
 
42.14

Adjustment (b)
—

 
—

 
200,814

 
22.65

Nonvested at December 31, 2011
624,793

 
33.26

 
673,428

 
36.30

Granted
274,420

 
41.41

 
314,400

 
42.28

Vested (a)
(268,683
)
 
32.56

 
(235,189
)
 
23.66

Forfeited
(36,336
)
 
36.33

 
(49,494
)
 
33.96

Adjustment (b)
—

 
—

 
296,368

 
26.01

Nonvested at December 31, 2012
594,194

 
37.15

 
999,513

 
34.55

Granted (c)
185,015

 
57.69

 
86,189

 
84.33

Vested (a)
(233,098
)
 
36.76

 
(324,161
)
 
39.48

Forfeited
(26,503
)
 
43.05

 
(30,108
)
 
50.52

Adjustment (b)
—

 
—

 
489,287

 
67.22

Nonvested at December 31, 2013 (d)
519,608

 
$
45.19

 
1,220,720

 
$
28.28

__________
(a)
The total fair value of shares vested during the years ended December 31, 2013, 2012 and 2011 was $21.4 million, $14.3 million and $6.9 million, respectively. Upon vesting of the shares, employees have the option to take immediate delivery of the shares or defer receipt to a future date. At December 31, 2013 and 2012, we were obligated to issue 363,052 and 243,262 shares, respectively, of our common stock underlying these shares, which is recorded within W. P. Carey members’ equity as a Deferred compensation obligation of $10.1 million and $7.0 million, respectively.
(b)
Vesting and payment of the PSUs is conditional on certain company and market performance goals being met during the relevant three-year performance period. The ultimate number of PSUs to be vested will depend on the extent to which the performance goals are met and can range from zero to three times the original awards. Pursuant to a review of our current and expected performance versus the performance goals, we revised our estimate of the ultimate number of certain of the PSUs to be vested. As a result, we recorded adjustments in 2013, 2012 and 2011 to reflect the number of shares expected to be issued when the PSUs vest.
(c)
The grant date fair value of RSAs and RSUs are based on our stock price on the date of grant. The grant date fair value of PSUs were determined utilizing a Monte Carlo simulation model to generate a range of possible future stock prices for both us and the plan defined peer index over the three-year performance period. To estimate the fair value of PSUs granted during 2013, we used a risk-free interest rate of 0.37% and an expected volatility rate of 25.36% (the plan defined peer index assumes 24.83%) and assumed a dividend yield of zero.
(d)
At December 31, 2013, total unrecognized compensation expense was approximately $17.0 million related to nonvested PSUs, $13.6 million related to nonvested RSUs and $0.4 million related to nonvested RSAs, with aggregate weighted-average remaining term of 1.13 years.