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Income Per Share / Income Per Class A Unit (Tables)
 9 Months Ended
Sep. 30, 2017
Earnings per share  
Schedule Of Earnings Per Share Basic And Diluted
Vornado Realty Trust

The following table provides a reconciliation of both net (loss) income and the number of common shares used in the computation of (i) basic (loss) income per common share - which includes the weighted average number of common shares outstanding without regard to dilutive potential common shares, and (ii) diluted (loss) 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, restricted stock awards and Out-Performance Plan awards.
(Amounts in thousands, except per share amounts)
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
 
 
2017
 
2016
 
2017
 
2016
Numerator:
 
 
 
 
 
 
 
 
Income from continuing operations, net of income attributable to noncontrolling interests
$
32,050

 
$
69,037

 
$
196,684

 
$
337,339

 
(Loss) income from discontinued operations, net of income attributable to noncontrolling interests
(44,948
)
 
23,543

 
(13,600
)
 
(97,732
)
 
Net (loss) income attributable to Vornado
(12,898
)
 
92,580

 
183,084

 
239,607

 
Preferred share dividends
(16,128
)
 
(19,047
)
 
(48,386
)
 
(59,774
)
 
Preferred share issuance costs (Series J redemption)
—

 
(7,408
)
 
—

 
(7,408
)
 
Net (loss) income attributable to common shareholders
(29,026
)
 
66,125

 
134,698

 
172,425

 
Earnings allocated to unvested participating securities
(9
)
 
(13
)
 
(37
)
 
(43
)
 
Numerator for basic (loss) income per share
(29,035
)
 
66,112

 
134,661

 
172,382

 
Impact of assumed conversions:
 
 
 
 
 
 
 
 
Earnings allocated to Out-Performance Plan units
—

 
—

 
195

 
96

 
Numerator for diluted (loss) income per share
$
(29,035
)
 
$
66,112

 
$
134,856

 
$
172,478

 
 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
 
Denominator for basic (loss) income per share – weighted average shares
189,593

 
188,901

 
189,401

 
188,778

 
Effect of dilutive securities(1):
 
 
 
 
 
 
 
 
Employee stock options and restricted share awards
1,254

 
1,147

 
1,553

 
1,067

 
Out-Performance Plan units
—

 
—

 
303

 
241

 
Denominator for diluted (loss) income per share – weighted average shares and assumed conversions
190,847

 
190,048

 
191,257

 
190,086

 
 
 
 
 
 
 
 
 
(LOSS) INCOME PER COMMON SHARE – BASIC:
 
 
 
 
 
 
 
 
Income from continuing operations, net
$
0.09

 
$
0.23

 
$
0.78

 
$
1.43

 
(Loss) income from discontinued operations, net
(0.24
)
 
0.12

 
(0.07
)
 
(0.52
)
 
Net (loss) income per common share
$
(0.15
)
 
$
0.35

 
$
0.71

 
$
0.91

 
 
 
 
 
 
 
 
 
(LOSS) INCOME PER COMMON SHARE – DILUTED:
 
 
 
 
 
 
 
 
Income from continuing operations, net
$
0.09

 
$
0.23

 
$
0.78

 
$
1.42

 
(Loss) income from discontinued operations, net
(0.24
)
 
0.12

 
(0.07
)
 
(0.51
)
 
Net (loss) income per common share
$
(0.15
)
 
$
0.35

 
$
0.71

 
$
0.91

____________________
(1)
The effect of dilutive securities for the three months ended September 30, 2017 and 2016 excludes an aggregate of 12,413 and 12,315 weighted average common share equivalents, respectively, and 12,173 and 12,072 weighted average common share equivalents for the nine months ended September 30, 2017 and 2016 respectively, as their effect was anti-dilutive.
Vornado Realty L.P.  
Earnings per share  
Schedule Of Earnings Per Share Basic And Diluted
Vornado Realty L.P.

The following table provides a reconciliation of both net (loss) income and the number of Class A units used in the computation of (i) basic (loss) 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 (loss) 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, restricted unit awards and Out-Performance Plan awards.
(Amounts in thousands, except per unit amounts)
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
 
 
2017
 
2016
 
2017
 
2016
Numerator:
 
 
 
 
 
 
 
 
Income from continuing operations, net of income attributable to noncontrolling interests
$
33,154

 
$
71,866

 
$
206,642

 
$
355,221

 
(Loss) income from discontinued operations
(47,930
)
 
25,080

 
(14,501
)
 
(104,204
)
 
Net (loss) income attributable to Vornado Realty L.P.
(14,776
)
 
96,946

 
192,141

 
251,017

 
Preferred unit distributions
(16,176
)
 
(19,096
)
 
(48,531
)
 
(59,920
)
 
Preferred unit issuance costs (Series J redemption)
—

 
(7,408
)
 
—

 
(7,408
)
 
Net (loss) income attributable to Class A unitholders
(30,952
)
 
70,442

 
143,610

 
183,689

 
Earnings allocated to unvested participating securities
(740
)
 
(589
)
 
(2,499
)
 
(2,001
)
 
Numerator for basic and diluted (loss) income per Class A unit
$
(31,692
)
 
$
69,853

 
$
141,111

 
$
181,688

 
 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
 
Denominator for basic (loss) income per Class A unit – weighted average units
201,300

 
200,458

 
201,093

 
200,300

 
Effect of dilutive securities(1):
 
 
 
 
 
 
 
 
Vornado stock options and restricted unit awards
1,813

 
1,683

 
2,218

 
1,632

 
Denominator for diluted (loss) income per Class A unit – weighted average units and assumed conversions
203,113

 
202,141

 
203,311

 
201,932

 
 
 
 
 
 
 
 
 
(LOSS) INCOME PER CLASS A UNIT – BASIC:
 
 
 
 
 
 
 
 
Income from continuing operations, net
$
0.08

 
$
0.22

 
$
0.77

 
$
1.43

 
(Loss) income from discontinued operations, net
(0.24
)
 
0.13

 
(0.07
)
 
(0.52
)
 
Net (loss) income per Class A unit
$
(0.16
)
 
$
0.35

 
$
0.70

 
$
0.91

 
 
 
 
 
 
 
 
 
(LOSS) INCOME PER CLASS A UNIT – DILUTED:
 
 
 
 
 
 
 
 
Income from continuing operations, net
$
0.08

 
$
0.22

 
$
0.76

 
$
1.42

 
(Loss) income from discontinued operations, net
(0.24
)
 
0.13

 
(0.07
)
 
(0.52
)
 
Net (loss) income per Class A unit
$
(0.16
)
 
$
0.35

 
$
0.69

 
$
0.90

____________________
(1)
The effect of dilutive securities for the three months ended September 30, 2017 and 2016 excludes an aggregate of 147 and 222 weighted average Class A unit equivalents, respectively, and 118 and 226 weighted average Class A unit equivalents for the nine months ended September 30, 2017 and 2016 respectively, as their effect was anti-dilutive.