Income Per Class A Unit

9 Months Ended

Sep. 30, 2013

Income Per Class A Unit [Abstract]

Income Per Class A Unit

20.       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 includes 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 dilutive unit equivalents. Dilutive unit equivalents may include our Series A convertible preferred units, Vornado options and restricted units.

			For the Three Months				For the Nine Months
(Amounts in thousands, except per unit amounts)			Ended September 30,				Ended September 30,
			2013		2012		2013		2012
Numerator:
	Income from continuing operations, net of income attributable
		to noncontrolling interests in consolidated subsidiaries	$	92,627	$	99,007	$	266,235	$	324,231
	Income from discontinued operations, net of income attributable
		to noncontrolling interests in consolidated subsidiaries		15,791		158,539		287,215		247,489
	Net income attributable to Vornado Realty L.P.			108,418		257,546		553,450		571,720
	Preferred unit distributions			(20,381)		(22,016)		(63,585)		(65,337)
	Preferred unit redemptions			-		11,700		(1,130)		11,700
	Net income attributable to Class A unitholders			88,037		247,230		488,735		518,083
	Earnings allocated to unvested participating securities			(699)		(1,008)		(2,203)		(2,302)
	Numerator for basic income per Class A unit			87,338		246,222		486,532		515,781
	Impact of assumed conversions:
		Convertible preferred unit distributions		-		28		82		85
	Numerator for diluted income per Class A unit		$	87,338	$	246,250	$	486,614	$	515,866
Denominator:
	Denominator for basic income per Class A unit – weighted
		average units		197,599		197,155		197,510		197,050
	Effect of dilutive securities(1):
		Vornado stock options and restricted unit awards		1,118		1,046		1,049		1,028
		Convertible preferred units		-		50		48		50
	Denominator for diluted income per Class A unit – weighted average
		units and assumed conversions		198,717		198,251		198,607		198,128
INCOME PER CLASS A UNIT – BASIC:
	Income from continuing operations, net		$	0.36	$	0.45	$	1.01	$	1.36
	Income from discontinued operations, net			0.08		0.80		1.45		1.26
	Net income per Class A unit		$	0.44	$	1.25	$	2.46	$	2.62
INCOME PER CLASS A UNIT – DILUTED:
	Income from continuing operations, net		$	0.36	$	0.44	$	1.00	$	1.35
	Income from discontinued operations, net			0.08		0.80		1.45		1.25
	Net income per Class A unit		$	0.44	$	1.24	$	2.45	$	2.60
(1)		The effect of dilutive securities in the three months ended September 30, 2013 and 2012 excludes an aggregate of 1,009 and 1,056 weighted average Class A unit equivalents, respectively, and 962 and 3,320 weighted average Class A unit equivalents in the nine months ended September 30, 2013 and 2012, respectively, as their effect was anti-dilutive.