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Income (Loss) Per Share /Income (Loss) Per Class A Unit (Tables)
 9 Months Ended
Sep. 30, 2018
Earnings per share  
Schedule Of Earnings Per Share Basic And Diluted
Vornado Realty Trust

The following table provides a reconciliation of both net income (loss) attributable to Vornado and the number of common shares used in the computation of (i) basic income (loss) per common share - which includes the weighted average number of common shares outstanding without regard to dilutive potential common shares, and (ii) diluted income (loss) 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,
 
2018
 
2017
 
2018
 
2017
Numerator:
 
 
 
 
 
 
 
Income from continuing operations, net of income attributable to noncontrolling interests
$
203,122

 
$
32,050

 
$
336,570

 
$
196,684

Income (loss) from discontinued operations, net of income attributable to noncontrolling interests
57

 
(44,948
)
 
357

 
(13,600
)
Net income (loss) attributable to Vornado
203,179

 
(12,898
)
 
336,927

 
183,084

Preferred share dividends
(12,534
)
 
(16,128
)
 
(38,103
)
 
(48,386
)
Preferred share issuance costs
—

 
—

 
(14,486
)
 
—

Net income (loss) attributable to common shareholders
190,645

 
(29,026
)
 
284,338

 
134,698

Earnings allocated to unvested participating securities
(17
)
 
(9
)
 
(33
)
 
(37
)
Numerator for basic income (loss) per share
190,628

 
(29,035
)
 
284,305

 
134,661

Impact of assumed conversions:
 
 
 
 
 
 
 
Convertible preferred share dividends
15

 
—

 
47

 
—

Earnings allocated to Out-Performance Plan units
—

 
—

 
127

 
195

Numerator for diluted income (loss) per share
$
190,643

 
$
(29,035
)
 
$
284,479

 
$
134,856

 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
Denominator for basic income (loss) per share – weighted average shares
190,245

 
189,593

 
190,176

 
189,401

Effect of dilutive securities(1):
 
 
 
 
 
 
 
Employee stock options and restricted share awards
1,045

 
1,254

 
972

 
1,553

Convertible preferred shares
37

 
—

 
38

 
303

Out-Performance Plan units
—

 
—

 
106

 
—

Denominator for diluted income (loss) per share – weighted average shares and assumed conversions
191,327

 
190,847

 
191,292

 
191,257

 
 
 
 
 
 
 
 
INCOME (LOSS) PER COMMON SHARE – BASIC:
 
 
 
 
 
 
 
Income from continuing operations, net
$
1.00

 
$
0.09

 
$
1.50

 
$
0.78

Loss from discontinued operations, net
—

 
(0.24
)
 
—

 
(0.07
)
Net income (loss) per common share
$
1.00

 
$
(0.15
)
 
$
1.50

 
$
0.71

 
 
 
 
 
 
 
 
INCOME (LOSS) PER COMMON SHARE – DILUTED:
 
 
 
 
 
 
 
Income from continuing operations, net
$
1.00

 
$
0.09

 
$
1.49

 
$
0.78

Loss from discontinued operations, net
—

 
(0.24
)
 
—

 
(0.07
)
Net income (loss) per common share
$
1.00

 
$
(0.15
)
 
$
1.49

 
$
0.71

____________________
(1)
The effect of dilutive securities for the three months ended September 30, 2018 and 2017 excludes an aggregate of 12,372 and 12,413 weighted average common share equivalents, respectively, and 12,220 and 12,173 weighted average common share equivalents for the nine months ended September 30, 2018 and 2017, 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 income (loss) attributable to Vornado Realty L.P. and the number of Class A units used in the computation of (i) basic income (loss) 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 (loss) 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,
 
2018
 
2017
 
2018
 
2017
Numerator:
 
 
 
 
 
 
 
Income from continuing operations, net of income attributable to noncontrolling interests in consolidated subsidiaries
$
215,789

 
$
33,154

 
$
355,538

 
$
206,642

Income (loss) from discontinued operations
61

 
(47,930
)
 
381

 
(14,501
)
Net income (loss) attributable to Vornado Realty L.P.
215,850

 
(14,776
)
 
355,919

 
192,141

Preferred unit distributions
(12,582
)
 
(16,176
)
 
(38,248
)
 
(48,531
)
Preferred unit issuance costs
—

 
—

 
(14,486
)
 
—

Net income (loss) attributable to Class A unitholders
203,268

 
(30,952
)
 
303,185

 
143,610

Earnings allocated to unvested participating securities
(997
)
 
(740
)
 
(2,259
)
 
(2,499
)
Numerator for basic income (loss) per Class A unit
202,271

 
(31,692
)
 
300,926

 
141,111

Impact of assumed conversions:
 
 
 
 
 
 
 
Convertible preferred unit distributions
15

 
—

 
47

 
—

Numerator for diluted income (loss) per Class A unit
$
202,286

 
$
(31,692
)
 
$
300,973

 
$
141,111

 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
Denominator for basic income (loss) per Class A unit – weighted average units
202,103

 
201,300

 
202,033

 
201,093

Effect of dilutive securities(1):
 
 
 
 
 
 
 
Vornado stock options and restricted unit awards
1,454

 
1,813

 
1,329

 
2,218

Convertible preferred units
37

 
—

 
38

 
—

Denominator for diluted income (loss) per Class A unit – weighted average units and assumed conversions
203,594

 
203,113

 
203,400

 
203,311

 
 
 
 
 
 
 
 
INCOME (LOSS) PER CLASS A UNIT – BASIC:
 
 
 
 
 
 
 
Income from continuing operations, net
$
1.00

 
$
0.08

 
$
1.49

 
$
0.77

Loss from discontinued operations, net
—

 
(0.24
)
 
—

 
(0.07
)
Net income (loss) per Class A unit
$
1.00

 
$
(0.16
)
 
$
1.49

 
$
0.70

 
 
 
 
 
 
 
 
INCOME (LOSS) PER CLASS A UNIT – DILUTED:
 
 
 
 
 
 
 
Income from continuing operations, net
$
0.99

 
$
0.08

 
$
1.48

 
$
0.76

Loss from discontinued operations, net
—

 
(0.24
)
 
—

 
(0.07
)
Net income (loss) per Class A unit
$
0.99

 
$
(0.16
)
 
$
1.48

 
$
0.69

____________________
(1)
The effect of dilutive securities for the three months ended September 30, 2018 and 2017 excludes an aggregate of 105 and 147 weighted average Class A unit equivalents, respectively, and 112 and 118 weighted average Class A unit equivalents for the nine months ended September 30, 2018 and 2017, respectively, as their effect was anti-dilutive.