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Stock-Based Compensation and Equity (Tables)
 6 Months Ended
Jun. 30, 2019
Equity [Abstract]  
Restricted and Conditional Award Activity
Nonvested restricted share awards (“RSAs”), RSUs, and PSUs at June 30, 2019 and changes during the six months ended June 30, 2019 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, 2019
277,002

 
$
62.41

 
331,216

 
$
78.82

Granted (a)
132,743

 
69.86

 
84,006

 
92.16

Vested (b)
(137,873
)
 
61.72

 
(403,701
)
 
74.04

Forfeited
(1,889
)
 
64.63

 
—

 
—

Adjustment (c)
—

 
—

 
301,426

 
77.95

Nonvested at June 30, 2019 (d)
269,983

 
$
66.41

 
312,947

 
$
81.17

__________
(a)
The grant date fair value of RSAs and RSUs reflect our stock price on the date of grant on a one-for-one basis. The grant date fair value of PSUs was determined utilizing (i) a Monte Carlo simulation model to generate an estimate of our future stock price over the three-year performance period and (ii) future financial performance projections. To estimate the fair value of PSUs granted during the six months ended June 30, 2019, we used a risk-free interest rate of 2.5%, an expected volatility rate of 15.8%, and assumed a dividend yield of zero.
(b)
The grant date fair value of shares vested during the six months ended June 30, 2019 was $38.4 million. Employees have the option to take immediate delivery of the shares upon vesting or defer receipt to a future date pursuant to previously made deferral elections. At June 30, 2019 and December 31, 2018, we had an obligation to issue 893,713 and 867,871 shares, respectively, of our common stock underlying such deferred awards, which is recorded within Total stockholders’ equity as a Deferred compensation obligation of $37.3 million and $35.8 million, respectively.
(c)
Vesting and payment of the PSUs is conditioned upon certain company and/or 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. As a result, we recorded adjustments at June 30, 2019 to reflect the number of shares expected to be issued when the PSUs vest.
(d)
At June 30, 2019, total unrecognized compensation expense related to these awards was approximately $28.2 million, with an aggregate weighted-average remaining term of 2.1 years.
Earnings Per Share Reconciliation The following table summarizes basic and diluted earnings (in thousands, except share amounts):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Net income attributable to W. P. Carey
$
66,038

 
$
75,681

 
$
134,532

 
$
140,955

Net income attributable to nonvested participating RSUs
(17
)
 
(97
)
 
(35
)
 
(180
)
Net income — basic and diluted
$
66,021

 
$
75,584

 
$
134,497

 
$
140,775

 
 
 
 
 
 
 
 
Weighted-average shares outstanding — basic
171,304,112

 
108,059,394

 
169,280,360

 
108,058,671

Effect of dilutive securities
186,513

 
175,540

 
240,148

 
184,392

Weighted-average shares outstanding — diluted
171,490,625

 
108,234,934

 
169,520,508

 
108,243,063
Reclassification Out of Accumulated Other Comprehensive Income
The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands):
 
Three Months Ended June 30, 2019
 
Gains and (Losses) on Derivative Instruments
 
Foreign Currency Translation Adjustments
 
Gains and (Losses) on Investments
 
Total
Beginning balance
$
16,051

 
$
(269,264
)
 
$
530

 
$
(252,683
)
Other comprehensive loss before reclassifications
(1,548
)
 
(4,187
)
 
(541
)
 
(6,276
)
Amounts reclassified from accumulated other comprehensive loss to:
 
 
 
 
 
 
 
Other gains and (losses)
(3,405
)
 
—

 
—

 
(3,405
)
Interest expense
1,547

 
—

 
—

 
1,547

Total
(1,858
)
 
—

 
—

 
(1,858
)
Net current period other comprehensive loss
(3,406
)
 
(4,187
)
 
(541
)
 
(8,134
)
Ending balance
$
12,645

 
$
(273,451
)
 
$
(11
)
 
$
(260,817
)

 
Three Months Ended June 30, 2018
 
Gains and (Losses) on Derivative Instruments
 
Foreign Currency Translation Adjustments
 
Gains and (Losses) on Investments
 
Total
Beginning balance
$
783

 
$
(230,288
)
 
$
267

 
$
(229,238
)
Other comprehensive loss before reclassifications
15,822

 
(39,815
)
 
(58
)
 
(24,051
)
Amounts reclassified from accumulated other comprehensive loss to:
 
 
 
 
 
 
 
Other gains and (losses)
(1,789
)
 
—

 
—

 
(1,789
)
Interest expense
40

 
—

 
—

 
40

Total
(1,749
)
 
—

 
—

 
(1,749
)
Net current period other comprehensive loss
14,073

 
(39,815
)
 
(58
)
 
(25,800
)
Net current period other comprehensive loss attributable to noncontrolling interests
2

 
7,634

 
—

 
7,636

Ending balance
$
14,858

 
$
(262,469
)
 
$
209

 
$
(247,402
)

 
Six Months Ended June 30, 2019
 
Gains and (Losses) on Derivative Instruments
 
Foreign Currency Translation Adjustments
 
Gains and (Losses) on Investments
 
Total
Beginning balance
$
14,102

 
$
(269,091
)
 
$
(7
)
 
$
(254,996
)
Other comprehensive income before reclassifications
3,856

 
(4,360
)
 
(4
)
 
(508
)
Amounts reclassified from accumulated other comprehensive loss to:
 
 
 
 
 
 
 
Other gains and (losses)
(6,927
)
 
—

 
—

 
(6,927
)
Interest expense
1,614

 
—

 
—

 
1,614

Total
(5,313
)
 
—

 
—

 
(5,313
)
Net current period other comprehensive loss
(1,457
)
 
(4,360
)
 
(4
)
 
(5,821
)
Ending balance
$
12,645

 
$
(273,451
)
 
$
(11
)
 
$
(260,817
)
 
Six Months Ended June 30, 2018
 
Gains and (Losses) on Derivative Instruments
 
Foreign Currency Translation Adjustments
 
Gains and (Losses) on Investments
 
Total
Beginning balance
$
9,172

 
$
(245,022
)
 
$
(161
)
 
$
(236,011
)
Other comprehensive loss before reclassifications
8,808

 
(21,299
)
 
370

 
(12,121
)
Amounts reclassified from accumulated other comprehensive loss to:
 
 
 
 
 
 
 
Other gains and (losses)
(3,378
)
 
—

 
—

 
(3,378
)
Interest expense
251

 
—

 
—

 
251

Total
(3,127
)
 
—

 
—

 
(3,127
)
Net current period other comprehensive loss
5,681

 
(21,299
)
 
370

 
(15,248
)
Net current period other comprehensive loss attributable to noncontrolling interests
5

 
3,852

 
—

 
3,857

Ending balance
$
14,858

 
$
(262,469
)
 
$
209

 
$
(247,402
)