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Share Options And Awards
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Share Options And Awards Share Options and Awards
Under our Amended and Restated 2010 Long-Term Incentive Plan (as amended), 4.0 million common shares are reserved for issuance, and options and share awards of 1.0 million are available for future grant at December 31, 2019. This plan expires in April 2028.
Compensation expense, net of forfeitures, associated with share options and restricted shares totaled $8.3 million in 2019, $7.3 million in 2018 and $8.6 million in 2017, of which $.8 million in 2019, $1.1 million in 2018 and $1.7 million in 2017 was capitalized.
Options
The fair value of share options issued prior to 2012 was estimated on the date of grant using the Black-Scholes option pricing method based on the expected weighted average assumptions.
Following is a summary of the option activity for the three years ended December 31, 2019:
 
Shares
Under
Option
 
Weighted
Average
Exercise
Price
Outstanding, January 1, 2017
934,201

 
$
22.85

Forfeited or expired
(4,042
)
 
43.37

Exercised
(101,805
)
 
16.11

Outstanding, December 31, 2017
828,354

 
23.58

Forfeited or expired
(196,159
)
 
32.22

Exercised
(352,318
)
 
19.78

Outstanding, December 31, 2018
279,877

 
22.30

Forfeited or expired
(1,136
)
 
11.85

Exercised
(71,325
)
 
17.98

Outstanding, December 31, 2019
207,416

 
$
23.84


The total intrinsic value of options exercised was $.9 million in 2019, $3.6 million in 2018 and $1.7 million in 2017. All share options were vested, and there was no unrecognized compensation cost related to share options.
The following table summarizes information about share options outstanding and exercisable at December 31, 2019:
Range of
Exercise Prices
 
Outstanding
 
Exercisable
 
Number
 
Weighted
Average
Remaining
Contractual
Life
 
Weighted
Average
Exercise
Price
 
Aggregate
Intrinsic
Value
(000’s)
 
Number
 
Weighted
Average
Remaining
Contractual
Life
 
Weighted
Average
Exercise
Price
 
Aggregate
Intrinsic
Value
(000’s)
$22.68 - $24.87  
 
207,416

 
0.8 years
 
$
23.84

 
1,535

 
207,416

 
0.8 years
 
$
23.84

 
1,535


Share Awards
The fair value of the market-based share awards was estimated on the date of grant using a Monte Carlo valuation model based on the following assumptions:
 
Year Ended December 31, 2019
 
Minimum
 
Maximum
Dividend yield
0.0
%
 
5.5
%
Expected volatility (1)
19.3
%
 
21.3
%
Expected life (in years)
N/A

 
3

Risk-free interest rate
2.4
%
 
2.6
%
_______________
(1)
Includes the volatility of the FTSE NAREIT U.S. Shopping Center Index and Weingarten Realty Investors.
A summary of the status of unvested share awards for the year ended December 31, 2019 is as follows:
 
Unvested
Share
Awards
 
Weighted
Average 
Grant
Date Fair 
Value
Outstanding, January 1, 2019
674,293

 
$
30.26

Granted:
 
 
 
Service-based awards
179,825

 
28.61

Market-based awards relative to FTSE NAREIT U.S. Shopping Center
Index
80,848

 
30.20

Market-based awards relative to three-year absolute TSR
80,847

 
32.91

Trust manager awards
27,768

 
29.17

Vested
(236,716
)
 
32.13

Forfeited
(5,519
)
 
29.86

Outstanding, December 31, 2019
801,346

 
$
29.56


As of December 31, 2019 and 2018, there was approximately $2.1 million and $1.8 million, respectively, of total unrecognized compensation cost related to unvested share awards, which is expected to be amortized over a weighted average of 1.8 years and 1.7 years at December 31, 2019 and 2018, respectively.