Income Per Class A Unit

6 Months Ended

Jun. 30, 2011

Income Per Class A Unit [Abstract]

Income Per Class A Unit

16.       Income Per Class A Unit

The following table provides a reconciliation of both net income and the number of Class A units used in the computation of (i) basic income per Class A unit - which utilizes the weighted average number of Class A units outstanding without regard to dilutive potential Class A units, and (ii) diluted income per Class A unit - which includes the weighted average Class A units and potentially dilutive unit equivalents. Potentially dilutive unit equivalents include our Series A convertible preferred units, Vornado's stock options, restricted units and exchangeable senior debentures due 2025.

			For the Three Months				For the Six Months
(Amounts in thousands, except per unit amounts)			Ended June 30,				Ended June 30,
			2011		2010		2011		2010
Numerator:
	Income from continuing operations		$	130,511	$	80,892	$	442,017	$	323,006
	Income (loss) from discontinued operations			458		(3,681)		134,773		(13,251)
	Net income			130,969		77,211		576,790		309,755
	Net income attributable to noncontrolling interests			(13,657)		(981)		(15,007)		(1,194)
	Net income attributable to Vornado Realty L.P.			117,312		76,230		561,783		308,561
	Preferred unit distributions			(19,116)		(13,939)		(37,067)		(30,770)
	Net income attributable to Class A unitholders			98,196		62,291		524,716		277,791
	Earnings allocated to unvested participating securities			(701)		(977)		(2,381)		(1,856)
	Numerator for basic income per Class A unit			97,495		61,314		522,335		275,935
	Impact of assumed conversions:
		Interest on 3.88% exchangeable senior debentures		-		-		13,090		-
		Convertible preferred unit distributions		-		-		64		81
	Numerator for diluted income per Class A unit		$	97,495	$	61,314	$	535,489	$	276,016
Denominator:
	Denominator for basic income per Class A unit –
		weighted average units		196,168		194,935		196,015		194,612
	Effect of dilutive securities (1):
		3.88% exchangeable senior debentures		-		-		5,736		-
		Vornado's stock options and restricted unit awards		2,242		2,219		2,197		2,362
		Convertible preferred units		-		-		56		72
	Denominator for diluted income per Class A unit –
		weighted average units and assumed conversions		198,410		197,154		204,004		197,046
INCOME PER CLASS A UNIT – BASIC:
	Income from continuing operations		$	0.50	$	0.33	$	1.98	$	1.49
	(Loss) income from discontinued operations			-		(0.02)		0.69		(0.07)
	Net income per Class A unit		$	0.50	$	0.31	$	2.67	$	1.42
INCOME PER CLASS A UNIT – DILUTED:
	Income from continuing operations		$	0.49	$	0.33	$	1.96	$	1.47
	(Loss) income from discontinued operations			-		(0.02)		0.66		(0.07)
	Net income per Class A unit		$	0.49	$	0.31	$	2.62	$	1.40
(1)		The effect of dilutive securities above excludes anti-dilutive weighted average Class A unit equivalents of 6,083 and 6,564 in the three months ended June 30, 2011 and 2010, respectively, and 654 and 6,493 in the six months ended June 30, 2011 and 2010, respectively.