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Stock-Based Compensation and Equity (Tables)
 3 Months Ended
Mar. 31, 2020
Equity [Abstract]  
Restricted and Conditional Award Activity
Nonvested restricted share awards (“RSAs”), restricted share units (“RSUs”), and performance share units (“PSUs”) at March 31, 2020 and changes during the three months ended March 31, 2020 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, 2020
283,977

 
$
68.51

 
331,242

 
$
80.90

Granted (a)
123,944

 
83.26

 
90,518

 
104.65

Vested (b)
(127,879
)
 
65.67

 
(156,838
)
 
80.42

Forfeited
(4,430
)
 
69.87

 
(6,432
)
 
88.89

Adjustment (c)
—

 
—

 
21,611

 
91.84

Nonvested at March 31, 2020 (d)
275,612

 
$
76.44

 
280,101

 
$
87.90

__________
(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 three months ended March 31, 2020, we used a risk-free interest rate of 1.6%, an expected volatility rate of 15.2%, and assumed a dividend yield of zero.
(b)
The grant date fair value of shares vested during the three months ended March 31, 2020 was $21.0 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 March 31, 2020 and December 31, 2019, we had an obligation to issue 995,380 and 893,713 shares, respectively, of our common stock underlying such deferred awards, which is recorded within Total stockholders’ equity as a Deferred compensation obligation of $42.3 million and $37.3 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 March 31, 2020 to reflect the number of shares expected to be issued when the PSUs vest.
(d)
At March 31, 2020, total unrecognized compensation expense related to these awards was approximately $32.4 million, with an aggregate weighted-average remaining term of 2.2 years.
Earnings Per Share Reconciliation The following table summarizes basic and diluted earnings (in thousands, except share amounts):
 
Three Months Ended March 31,
 
2020
 
2019
Net income attributable to W. P. Carey
$
66,090

 
$
68,494

Net income attributable to nonvested participating RSUs
—

 
(19
)
Net income — basic and diluted
$
66,090

 
$
68,475

 
 
 
 
Weighted-average shares outstanding — basic
173,249,236

 
167,234,121

Effect of dilutive securities
210,817

 
200,619

Weighted-average shares outstanding — diluted
173,460,053

 
167,434,740
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 March 31, 2020
 
Gains and (Losses) on Derivative Instruments
 
Foreign Currency Translation Adjustments
 
Gains and (Losses) on Investments
 
Total
Beginning balance
$
13,048

 
$
(268,715
)
 
$
—

 
$
(255,667
)
Other comprehensive loss before reclassifications
16,394

 
(52,200
)
 
—

 
(35,806
)
Amounts reclassified from accumulated other comprehensive loss to:
 
 
 
 
 
 
 
Other gains and (losses)
(3,783
)
 
—

 
—

 
(3,783
)
Interest expense
238

 
—

 
—

 
238

Total
(3,545
)
 
—

 
—

 
(3,545
)
Net current period other comprehensive loss
12,849

 
(52,200
)
 
—

 
(39,351
)
Ending balance
$
25,897

 
$
(320,915
)
 
$
—

 
$
(295,018
)

 
Three Months Ended March 31, 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
5,404

 
(173
)
 
537

 
5,768

Amounts reclassified from accumulated other comprehensive loss to:
 
 
 
 
 
 
 
Other gains and (losses)
(3,522
)
 
—

 
—

 
(3,522
)
Interest expense
67

 
—

 
—

 
67

Total
(3,455
)
 
—

 
—

 
(3,455
)
Net current period other comprehensive income
1,949

 
(173
)
 
537

 
2,313

Ending balance
$
16,051

 
$
(269,264
)
 
$
530

 
$
(252,683
)