Income Per Share / Income Per Class A Unit (Tables)

12 Months Ended

Dec. 31, 2016

Schedule Of Earnings Per Share Basic And Diluted


(Amounts in thousands, except per share amounts)			Year Ended December 31,
			2016		2015		2014
Numerator:
	Income from continuing operations, net of income attributable to noncontrolling
		interests	$	900,185	$	711,240	$	312,700
	Income from discontinued operations, net of income attributable to noncontrolling
		interests		6,732		49,194		552,152
	Net income attributable to Vornado			906,917		760,434		864,852
	Preferred share dividends			(75,903)		(80,578)		(81,464)
	Preferred share issuance costs (Series J redemption)			(7,408)		-		-
	Net income attributable to common shareholders			823,606		679,856		783,388
	Earnings allocated to unvested participating securities			(96)		(81)		(125)
	Numerator for basic income per share			823,510		679,775		783,263
	Impact of assumed conversions:
		Convertible preferred share dividends		86		91		97
		Earnings allocated to Out-Performance Plan units		806		-		-
	Numerator for diluted income per share		$	824,402	$	679,866	$	783,360

Denominator:
	Denominator for basic income per share – weighted average shares			188,837		188,353		187,572
	Effect of dilutive securities ⁽¹⁾:
		Employee stock options and restricted share awards		1,064		1,166		1,075
		Convertible preferred shares		42		45		43
		Out-Performance Plan units		230		-		-
	Denominator for diluted income per share – weighted average shares and
		assumed conversions		190,173		189,564		188,690

INCOME PER COMMON SHARE – BASIC:
	Income from continuing operations, net		$	4.32	$	3.35	$	1.23
	Income from discontinued operations, net			0.04		0.26		2.95
	Net income per common share		$	4.36	$	3.61	$	4.18

INCOME PER COMMON SHARE – DILUTED:
	Income from continuing operations, net		$	4.30	$	3.33	$	1.22
	Income from discontinued operations, net			0.04		0.26		2.93
	Net income per common share		$	4.34	$	3.59	$	4.15


(1)	The effect of dilutive securities in the years ended December 31, 2016, 2015 and 2014 excludes an aggregate of 12,022, 11,744 and 11,238 weighted average common share equivalents, respectively, as their effect was anti-dilutive.

Vornado Realty L.P.

Earnings per share

Schedule Of Earnings Per Share Basic And Diluted


(Amounts in thousands, except per unit amounts)			Year Ended December 31,
			2016		2015		2014
Numerator:
	Income from continuing operations, net of income attributable to noncontrolling
		interests	$	953,399	$	751,403	$	326,789
	Income from discontinued operations, net of income attributable to noncontrolling
		interests		7,172		52,262		585,676
	Net income attributable to Vornado Realty L.P.			960,571		803,665		912,465
	Preferred unit distributions			(76,097)		(80,736)		(81,514)
	Preferred unit issuance costs (Series J redemption)			(7,408)		-		-
	Net income attributable to Class A unitholders			877,066		722,929		830,951
	Earnings allocated to unvested participating securities			(4,177)		(4,092)		(4,260)
	Numerator for basic income per Class A unit			872,889		718,837		826,691
	Impact of assumed conversions:
		Convertible preferred unit distributions		86		92		97
	Numerator for diluted income per Class A unit		$	872,975	$	718,929	$	826,788

Denominator:
	Denominator for basic income per Class A unit – weighted average units			200,350		199,309		198,213
	Effect of dilutive securities ⁽¹⁾:
		Vornado stock options and restricted unit awards		1,625		1,804		1,557
		Convertible preferred units		42		45		43
	Denominator for diluted income per Class A unit – weighted average units and
		assumed conversions		202,017		201,158		199,813

INCOME PER CLASS A UNIT – BASIC:
	Income from continuing operations, net		$	4.32	$	3.35	$	1.22
	Income from discontinued operations, net			0.04		0.26		2.95
	Net income per Class A unit		$	4.36	$	3.61	$	4.17

INCOME PER CLASS A UNIT – DILUTED:
	Income from continuing operations, net		$	4.29	$	3.31	$	1.21
	Income from discontinued operations, net			0.03		0.26		2.93
	Net income per Class A unit		$	4.32	$	3.57	$	4.14


(1)	The effect of dilutive securities in the years ended December 31, 2016, 2015 and 2014 excludes an aggregate of 178, 150 and 116 weighted average Class A unit equivalents, respectively, as their effect was anti-dilutive.