Income Per Share

12 Months Ended

Dec. 31, 2015

18. Income Per Share

The following table provides a reconciliation of both net income and the number of common shares used in the computation of (i) basic income per common share - which includes the weighted average number of common shares outstanding without regard to dilutive potential common shares, and (ii) diluted income per common share - which includes the weighted average common shares and dilutive share equivalents. Dilutive share equivalents may include our Series A convertible preferred shares, employee stock options and restricted stock awards.


(Amounts in thousands, except per share amounts)			Year Ended December 31,
			2015		2014		2013
Numerator:
	Income (loss) from continuing operations, net of income attributable to
		noncontrolling interests	$	711,240	$	312,700	$	(56,727)
	Income from discontinued operations, net of income attributable to noncontrolling
		interests		49,194		552,152		532,698
	Net income attributable to Vornado			760,434		864,852		475,971
	Preferred share dividends			(80,578)		(81,464)		(82,807)
	Preferred unit and share redemptions			-		-		(1,130)
	Net income attributable to common shareholders			679,856		783,388		392,034
	Earnings allocated to unvested participating securities			(81)		(125)		(110)
	Numerator for basic income per share			679,775		783,263		391,924
	Impact of assumed conversions:
		Convertible preferred share dividends		91		97		-
	Numerator for diluted income per share		$	679,866	$	783,360	$	391,924

Denominator:
	Denominator for basic income per share – weighted average shares			188,353		187,572		186,941
	Effect of dilutive securities ⁽¹⁾:
		Employee stock options and restricted share awards		1,166		1,075		768
		Convertible preferred shares		45		43		-
	Denominator for diluted income per share – weighted average shares and
		assumed conversions		189,564		188,690		187,709

INCOME (LOSS) PER COMMON SHARE – BASIC:
	Income (loss) from continuing operations, net		$	3.35	$	1.23	$	(0.75)
	Income from discontinued operations, net			0.26		2.95		2.85
	Net income per common share		$	3.61	$	4.18	$	2.10

INCOME (LOSS) PER COMMON SHARE – DILUTED:
	Income (loss) from continuing operations, net		$	3.33	$	1.22	$	(0.75)
	Income from discontinued operations, net			0.26		2.93		2.84
	Net income per common share		$	3.59	$	4.15	$	2.09


(1)	The effect of dilutive securities in the years ended December 31, 2015, 2014 and 2013 excludes an aggregate of 11,744, 11,238 and 11,752 weighted average common share equivalents, respectively, as their effect was anti-dilutive.