Punch dough down and let rise again until doubled. Divide dough in half. Cross the ends leaving a large loop in the center. Flip loop back onto crossed ends to form a pretzel. Repeat with remaining dough.
Place pretzels on greased baking sheets.
Let rise 15 minutes more. Bake at 375 degrees F for 25 to 30 minutes or until golden brown. Cool on wire racks. Mix confectioners' sugar, water and vanilla to form a thin icing. Spread icing on pretzels and sprinkle with chopped almonds.