Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule Of Other Share Based Compensation, Activity

Below is a summary of our stock-based based compensation expense, a component of "general and administrative" expenses on our consolidated statements of income, during the years ended December 31, 2018, 2017 and 2016.

(Amounts in thousands)	December 31,
	2018		2017		2016
OP Units	$	17,763	$	20,630	$	21,136
OPPs	10,689		10,723		11,055
AO LTIP Units	2,113		—		—
Vornado stock options	587		747		937
Vornado restricted stock	570		729		851
	$	31,722	$	32,829	$	33,979

Schedule of Unrecognized Compensation Expense

Below is a summary of unrecognized compensation expense for the year ended December 31, 2018.

(Amounts in thousands)	December 31, 2018		Weighted-Average Remaining Contractual Term
OP Units	$	17,930	1.6
OPPs	3,798		1.8
AO LTIP Units	1,371		1.6
Vornado stock options	902		1.7
Vornado restricted stock	913		1.7
	$	24,914	1.6

Schedule Of Share Based Compensation Restricted Operating Partnership Units Earned

Below is the summary of the OPP units granted during the years December 31, 2018, 2017 and 2016.

Plan Year	Total Plan Notional Amount		Percentage of Notional Amount Granted		Grant Date Fair Value(1)		OPP Units Earned
2018	$	35,000,000	78.2	%	$	10,300,000	To be determined in 2021
2017	35,000,000		86.6	%	10,800,000		To be determined in 2020
2016	40,000,000		86.7	%	11,800,000		Not earned

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(1) During the years ended December 31, 2018, 2017 and 2016, $8,040,000, $7,558,000, and $7,250,000, respectively, was immediately expensed on the respective grant date due to acceleration of vesting for employees who are retirement eligible (have reached age 65 or age 60 with at least 20 years of service). The remaining $10,052,000, in aggregate, is being amortized into expense over a 5-year period from the date of each grant, using a graded vesting attribution model.

Schedule Of Share Based Compensation Stock Options Activity

Below is a summary of Vornado’s stock option activity for the year ended December 31, 2018.

	Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2018	2,823,900		$	46.62
Granted	33,897		72.40
Exercised	(620,157	)	28.52
Cancelled or expired	(7,347	)	75.25
Outstanding at December 31, 2018	2,230,293		$	51.95	1.6	$	26,464,877
Options vested and expected to vest at December 31, 2018	2,240,526		$	52.13	1.6	$	26,472,765
Options exercisable at December 31, 2018	2,162,843		$	51.15	1.4	$	26,464,877

Below is a summary of AO LTIP Units activity for the year ended December 31, 2018. 

	Units		Weighted-Average Grant-Date Fair Value
Granted at January 12, 2018	185,046		$	72.40
Cancelled or expired	(6,200	)	72.40
Outstanding at December 31, 2018	178,846		72.40

Schedule Of Share Based Payment Award Stock Options Valuation Assumptions

The fair value of each AO LTIP Units granted is estimated on the date of grant using an option-pricing model with the following weighted-average assumptions for grants in the year ended December 31, 2018.

	December 31, 2018
Expected volatility	35%
Expected life	5.0 years
Risk free interest rate	2.25%
Expected dividend yield	2.9%

he fair value of each option grant is estimated on the date of grant using an option-pricing model with the following weighted-average assumptions for grants in the years ended December 31, 2018, 2017 and 2016.

	December 31,
	2018	2017	2016
Expected volatility	35%	35%	35%
Expected life	5.0 years	5.0 years	5.0 years
Risk free interest rate	2.25%	1.95%	1.76%
Expected dividend yield	2.9%	3.0%	3.2%

The weighted average grant date fair value of options granted during the years ended December 31, 2018, 2017 and 2016 was $18.42, $25.84 and $22.14 , respectively. Cash received from option exercises for the years ended December 31, 2018, 2017 and 2016 was $5,927,000, $28,253,000 and $6,825,000, respectively. The total intrinsic value of options exercised during the years ended December 31, 2018, 2017 and 2016 was $25,820,000, $9,178,000 and $5,519,000, respectively.

Schedule Of Share Based Compensation Restricted Operating Partnership Units Activity

Below is a summary of restricted OP unit activity for the year ended December 31, 2018.

Unvested Units	Units		Weighted-Average Grant-Date Fair Value
Unvested at January 1, 2018	628,962		$	76.13
Granted	267,203		65.36
Vested	(246,670	)	73.12
Cancelled or expired	(7,651	)	76.62
Unvested at December 31, 2018	641,844		72.79

Schedule Of Share Based Compensation Restricted Stock And Restricted Stock Units Activity

Below is a summary of Vornado’s restricted stock activity for the year ended December 31, 2018.

Unvested Shares	Shares		Weighted-Average Grant-Date Fair Value
Unvested at January 1, 2018	14,845		$	81.05
Granted	8,602		72.40
Vested	(6,247	)	78.75
Cancelled or expired	(514	)	78.38
Unvested at December 31, 2018	16,686		77.54