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Common Stock Incentive Plan (Tables) | 12 Months Ended
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Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Schedule of nonvested restricted stock activity | The following table summarizes our common stock grant activity under our 2021 and 2012 Plans.
|  | 2021 |  | 2020 |  | 2019
|  | Number of shares |  | Weighted average price(1) |  | Number of shares |  | Weighted average price(1) |  | Number of shares |  | Weighted average price(1)
Outstanding nonvested shares, beginning of year |  | 219,482 |  |  | $ | 63.69 |  |  | 259,698 |  |  | $ | 58.39 |  |  | 307,821 |  |  | $ | 53.44 |
Shares granted |  | 133,052 |  |  | $ | 64.27 |  |  | 103,473 |  |  | $ | 67.84 |  |  | 87,327 |  |  | $ | 69.83 |
Shares vested |  | (124,505) |  |  | $ | 61.57 |  |  | (141,486) |  |  | $ | 56.94 |  |  | (126,363) |  |  | $ | 54.45 |
Shares forfeited |  | (15,399) |  |  | $ | 65.09 |  |  | (2,203) |  |  | $ | 66.48 |  |  | (9,087) |  |  | $ | 55.71 |
Outstanding nonvested shares, end of each period |  | 212,630 |  |  | $ | 65.20 |  |  | 219,482 |  |  | $ | 63.69 |  |  | 259,698 |  |  | $ | 58.39 |
(1) Grant date fair value.
Schedule of number of performance shares that vest based on the achievement of performance goals | The number of performance shares that vest for each of the three years is based on the achievement of the following performance goals:
|  | Weighting for year granted
Annual Performance Awards Metrics |  | 2021 |  | 2020 |  | 2019
Total shareholder return (“TSR”) ranking relative to MSCI US REIT Index |  | 70 | % |  | 70 | % |  | 45 | %
TSR ranking relative to J.P. Morgan Net Lease Peer Group |  | N/A |  | N/A |  | 26 | %
Dividend per share Growth Rate |  | 15 | % |  | 15 | % |  | 16 | %
Debt-to-Adjusted EBITDA re Ratio |  | N/A |  | N/A |  | 13 | %
Net Debt-to-Adjusted EBITDA re Ratio |  | 15 | % |  | 15 | % |  | N/A
Schedule of nonvested performance shares activity | The following table summarizes our performance share grant activity, inclusive of annual performance shares and the one-time performance shares related to the merger with VEREIT:
|  | 2021 |  | 2020 |  | 2019
|  | Number of performance shares |  | Weighted average price(1) |  | Number of performance shares |  | Weighted average price(1) |  | Number of performance shares |  | Weighted average price(1)
Outstanding nonvested shares, beginning of year |  | 291,759 |  |  | $ | 69.73 |  |  | 304,663 |  |  | $ | 62.25 |  |  | 223,392 |  |  | $ | 58.78 |
Equitable adjustment - Orion Divestiture (2) |  | 752 |  |  |  |  | — |  |  |  |  | — |  |  |
Shares granted(3) |  | 257,149 |  |  | $ | 64.18 |  |  | 136,729 |  |  | $ | 79.98 |  |  | 128,581 |  |  | $ | 65.34 |
Shares vested |  | (109,113) |  |  | $ | 62.52 |  |  | (139,012) |  |  | $ | 63.66 |  |  | (47,310) |  |  | $ | 54.27 |
Shares forfeited |  | (52,408) |  |  | $ | 65.83 |  |  | (10,621) |  |  | $ | 66.64 |  |  | — |  |  |
Outstanding nonvested shares, end of each period |  | 388,139 |  |  | $ | 68.09 |  |  | 291,759 |  |  | $ | 69.73 |  |  | 304,663 |  |  | $ | 62.25 |
(1) Grant date fair value. (2) Effective with the Orion Divestiture on November 12, 2021, outstanding equity awards were adjusted by a conversion ratio of 1.002342 per one Realty Income share then held. (3) 194,053 shares granted relate to annual performance grants and 63,096 shares granted relate to one-time grant of performance shares.
Schedule of nonvested restricted stock units activity | During 2021, 2020 and 2019, and in connection with our merger with VEREIT, we also granted restricted stock units that primarily vest over service periods of three or four-years and have the same economic rights as shares of restricted stock:
|  | 2021 |  | 2020 |  | 2019
|  | Number of restricted stock units |  | Weighted average price(1) |  | Number of restricted stock units |  | Weighted average price(1) |  | Number of restricted stock units |  | Weighted average price(1)
Outstanding nonvested shares, beginning of year |  | 18,670 |  |  | $ | 70.38 |  |  | 15,511 |  |  | $ | 59.82 |  |  | 14,968 |  |  | $ | 54.62 |
Equitable adjustment - Orion Divestiture (2) |  | 109 |  |  |  |  | — |  |  |  |  | — |  |  |
Shares granted |  | 71,956 |  |  | $ | 68.96 |  |  | 9,966 |  |  | $ | 78.79 |  |  | 5,482 |  |  | $ | 69.58 |
Shares vested |  | (23,368) |  |  | $ | 66.96 |  |  | (6,807) |  |  | $ | 58.63 |  |  | (4,939) |  |  | $ | 54.90 |
Shares forfeited |  | — |  |  |  |  | — |  |  |  |  | — |  |  |
Outstanding nonvested shares, end of each period |  | 67,367 |  |  | $ | 69.69 |  |  | 18,670 |  |  | $ | 70.38 |  |  | 15,511 |  |  | $ | 59.82 |
(1) Grant date fair value. (2) Effective with the Orion Divestiture on November 12, 2021, outstanding equity awards were adjusted by a conversion ratio of 1.002342 per one Realty Income share then held.
Schedule of stock option activity | The following table summarizes our stock option activity:
|  | Number of stock options |  | Weighted average exercise price(1) |  | Weighted average remaining contractual term (Years) |  | Aggregate intrinsic value
Outstanding nonvested options, beginning of year |  | — |  |  |  |  |  |  |
Options granted |  | 709,426 |  |  | $ | 53.80 |  |  |  |  |
Equitable adjustment - Orion Divestiture (2) |  | 1,547 |  |  |  |  |  |  |
Options exercised |  | (395,903) |  |  | $ | 54.54 |  |  |  |  |
Options forfeited |  | — |  |  |  |  |  |  |
Outstanding nonvested options, end of each period |  | 315,070 |  |  | $ | 52.89 |  |  | 2.4 |  | $ | 5,891,639 |
(1) Grant date fair value. (2) Effective with the Orion Divestiture on November 12, 2021, outstanding equity awards were adjusted by a conversion ratio of 1.002342 per one Realty Income share then held.

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