Income Per Class A Unit

12 Months Ended

Dec. 31, 2015

18. 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 stock options and restricted units.


(Amounts in thousands, except per unit amounts)			Year Ended December 31,
			2015		2014		2013
Numerator:
	Income (loss) from continuing operations, net of income attributable to
		noncontrolling interests	$	751,403	$	326,789	$	(67,307)
	Income from discontinued operations, net of income attributable to noncontrolling
		interests		52,262		585,676		568,095
	Net income attributable to Vornado Realty L.P.			803,665		912,465		500,788
	Preferred unit distributions			(80,736)		(81,514)		(83,965)
	Preferred unit redemptions			-		-		(1,130)
	Net income attributable to Class A unitholders			722,929		830,951		415,693
	Earnings allocated to unvested participating securities			(4,092)		(4,260)		(2,705)
	Numerator for basic income per Class A unit			718,837		826,691		412,988
	Impact of assumed conversions:
		Convertible preferred unit distributions		92		97		-
	Numerator for diluted income per Class A unit		$	718,929	$	826,788	$	412,988

Denominator:
	Denominator for basic income per Class A unit – weighted average units			199,309		198,213		197,551
	Effect of dilutive securities ⁽¹⁾:
		Vornado stock options and restricted unit awards		1,804		1,557		1,092
		Convertible preferred units		45		43		-
	Denominator for diluted income per Class A unit – weighted average units and
		assumed conversions		201,158		199,813		198,643

INCOME (LOSS) PER CLASS A UNIT – BASIC:
	Income (loss) from continuing operations, net		$	3.35	$	1.22	$	(0.79)
	Income from discontinued operations, net			0.26		2.95		2.88
	Net income per Class A unit		$	3.61	$	4.17	$	2.09

INCOME (LOSS) PER CLASS A UNIT – DILUTED:
	Income (loss) from continuing operations, net		$	3.31	$	1.21	$	(0.78)
	Income from discontinued operations, net			0.26		2.93		2.86
	Net income per Class A unit		$	3.57	$	4.14	$	2.08


(1)	The effect of dilutive securities in the years ended December 31, 2015, 2014 and 2013 excludes an aggregate of 150, 116 and 818 weighted average Class A unit equivalents, respectively, as their effect was anti-dilutive.