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Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Schedule Of Other Share Based Compensation, Activity

Below is a summary of our stock-based compensation expense, a component of "general and administrative" expense on our consolidated statements of income.



(Amounts in thousands)	For the Year Ended December 31,
	2019		2018		2017
OP Units	$	39,969	$	17,763	$	20,630
Performance Conditioned AO LTIP Units	8,263		—		—
AO LTIP Units	2,636		2,113		—
OPPs	1,944		10,689		10,723
Vornado restricted stock	549		570		729
Vornado stock options	547		587		747
	$	53,908	$	31,722	$	32,829

Schedule of Unrecognized Compensation Expense

Below is a summary of unrecognized compensation expense for the year ended December 31, 2019.



(Amounts in thousands)	As of December 31, 2019		Weighted-Average Remaining Contractual Term
OP Units	$	36,390	2.0
AO LTIP Units	2,029		1.5
OPPs	1,783		1.6
Vornado restricted stock	833		1.7
Vornado stock options	832		1.7
Performance Conditioned AO LTIP Units	720		1.6
	$	42,587	1.9

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		Not earned
2016	40,000,000		86.7	%	11,800,000		Not earned

________________________________________

(1)

During the years ended December 31, 2018 and 2017, $8,040,000, and $7,558,000, 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).

Schedule Of Share Based Compensation Stock Options Activity

Below is a summary of Vornado’s stock option activity for the year ended December 31, 2019.



	Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding as of December 31, 2018	2,280,126		$	50.81
Granted	35,106		62.68
Exercised	(534,972	)	29.25
Cancelled or expired	(11,383	)	78.07
Outstanding as of December 31, 2019	1,768,877		$	57.39	1.1	$	16,247,000
Options vested and expected to vest as of December 31, 2019	1,767,546		$	57.37	1.1	$	16,246,000
Options exercisable as of December 31, 2019	1,693,192		$	56.87	0.8	$	16,133,000

Below is a summary of AO LTIP Units activity for the year ended December 31, 2019.



	Units		Weighted-Average Grant-Date Fair Value
Outstanding as of December 31, 2018	183,233		$	70.34
Granted	207,808		62.66
Vested	(46,285	)	70.31
Cancelled or expired	(7,058	)	67.59
Outstanding as of December 31, 2019	337,698		65.67

Schedule Of Share Based Payment Award Stock Options Valuation Assumptions



	As of December 31, 2019
Expected volatility	35%
Expected life	8.0 years
Risk free interest rate	2.76%
Expected dividend yield	3.1%

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, 2019.



	As of December 31,
	2019	2018
Expected volatility	35%	35%
Expected life	5.0 years	5.0 years
Risk free interest rate	2.50%	2.25%
Expected dividend yield	2.9%	2.9%

The 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, 2019, 2018 and 2017.



	As of December 31,
	2019	2018	2017
Expected volatility	35%	35%	35%
Expected life	5.0 years	5.0 years	5.0 years
Risk free interest rate	2.50%	2.25%	1.95%
Expected dividend yield	2.9%	2.9%	3.0%

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, 2019.



Unvested Units	Units		Weighted-Average Grant-Date Fair Value
Unvested as of December 31, 2018	641,844		$	72.79
Granted	927,812		63.30
Vested	(418,692	)	66.45
Cancelled or expired	(2,651	)	68.34
Unvested as of December 31, 2019	1,148,313		67.45

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, 2019.



Unvested Shares	Shares		Weighted-Average Grant-Date Fair Value
Unvested as of December 31, 2018	16,686		$	77.54
Granted	8,805		64.48
Vested	(5,996	)	79.47
Cancelled or expired	(568	)	73.98
Unvested as of December 31, 2019	18,927		70.96

Weighted-Average
Grant-Date
Fair Value

Outstanding as of December 31, 2019