Equity-Based Compensation, Profit Sharing and Deferred Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2016

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Equity-Based Compensation Plans with Grants Outstanding

The following table provides a summary of each of the Company’s equity-based compensation plans for any plan with grants outstanding at December 31, 2016:

Equity-Based Compensation Plans	Shares Authorized		Options/RSUs Outstanding		Shares Available to Issue
1998 Management Long-Term Stock Option Plan		1,000		6		—
1998 Directors' Long-Term Stock Option Plan		150		5		—
2000 Broadly-Based Stock Option Plan		2,000		118		—
2010 Equity Incentive Plan (1)		700		282		44
2014 Equity Incentive Plan (2)		950		681		269

(1) During 2010, the Company’s shareholders approved the 2010 Equity Incentive Plan (the “2010 Plan”). The 2010 Plan authorizes the Company to issue Options and RSUs to key management employees, including executive officers and Board members.  Of the 700 aggregate shares available to issue, up to 240 may be granted in the form of RSUs.  There were 266 Options and 16 RSUs outstanding as of December 31, 2016. Of the 44 shares available to be issued under the 2010 Plan, 38 may be granted as RSUs.

(2) During 2014, the Company’s shareholders approved the 2014 Equity Incentive Plan (the “2014 Plan”). The 2014 Plan authorizes the Company to issue Options to key management employees, including executive officers and Board members. Option grants under the 2014 Plan are generally divided such that vesting for 50% of the Option grant is solely contingent upon continued employment or continued service as a Director, while vesting for the remaining 50% of the Option grant is contingent upon both continued employment or service as a Director and the achievement of a performance metric.  The performance metric is based on the Company’s return on capital performance during a specified three year period based on the date of Option grant, with the initial performance period being 2014 through 2016.  Options granted under the 2014 Plan vest annually over four years in 25% increments beginning on December 31, 2016, or later based on the date of grant.

Equity-Based Compensation Plans

The following table provides additional information relative to NVR’s equity-based compensation plans for the year ended December 31, 2016:

	Shares			WeightedAvg. Per Share ExercisePrice		WeightedAvg.Remaining ContractLife(years)		Aggregate IntrinsicValue
Stock Options
Outstanding at December 31, 2015		1,096		$	998.88
Granted		74			1,658.88
Exercised		(50	)		768.06
Forfeited		(44	)		1,154.56
Outstanding at December 31, 2016		1,076		$	1,048.38		6.6	$	667,937
Exercisable at December 31, 2016		423		$	875.22		5.3	$	335,584
RSUs
Outstanding at December 31, 2015		51
Granted		—
Vested		(33	)
Forfeited		(2	)
Outstanding at December 31, 2016		16						$	26,622
Vested, but not issued at December 31, 2016		6						$	9,997

Black-Scholes Option-Pricing Model Assumptions

The fair value of the Options granted during 2016, 2015 and 2014 was estimated on the grant date using the Pricing Model, based on the following assumptions:

	2016		2015		2014
Estimated option life	5.27 years		5.17 years		5.16 years
Risk free interest rate (range)	0.86%-2.21%		1.04%-2.07%		1.06%-2.49%
Expected volatility (range)	15.91%-23.49%		17.00%-26.79%		18.26%-30.57%
Expected dividend rate		0.00%		0.00%		0.00%
Weighted average grant-date fair value per share of    options granted	$	320.21	$	296.50	$	267.66

Exercised Option Proceeds

Information with respect to the vested RSUs and exercised Options is as follows:

	Year Ended December 31,
	2016		2015		2014
Aggregate exercise proceeds (1)	$	38,106	$	85,948	$	76,153
Aggregate intrinsic value on exercise dates	$	96,600	$	99,288	$	62,136

(1) Aggregate exercise proceeds include the Option exercise price received in cash or the fair market value of NVR stock surrendered by the optionee in lieu of cash.