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Income Per Share / Income Per Class A Unit (Tables)
 12 Months Ended
Dec. 31, 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 attributable to Vornado 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, restricted stock awards, OP Units, AO LTIP Units and OPPs.
(Amounts in thousands, except per share amounts)
Year Ended December 31,
 
2018
 
2017
 
2016
Numerator:
 
 
 
 
 
Income from continuing operations, net of income attributable to noncontrolling interests
$
449,356

 
$
239,824

 
$
526,686

Income (loss) from discontinued operations, net of income attributable to noncontrolling interests
598

 
(12,408
)
 
380,231

Net income attributable to Vornado
449,954

 
227,416

 
906,917

Preferred share dividends
(50,636
)
 
(65,399
)
 
(75,903
)
Preferred share issuance costs
(14,486
)
 
—

 
(7,408
)
Net income attributable to common shareholders
384,832

 
162,017

 
823,606

Earnings allocated to unvested participating securities
(44
)
 
(46
)
 
(96
)
Numerator for basic income per share
384,788

 
161,971

 
823,510

Impact of assumed conversions:
 
 
 
 
 
Earnings allocated to Out-Performance Plan units
174

 
230

 
806

Convertible preferred share dividends
62

 
—

 
86

Numerator for diluted income per share
$
385,024

 
$
162,201

 
$
824,402

 
 
 
 
 
 
Denominator:
 
 
 
 
 
Denominator for basic income per share – weighted average shares 
190,219

 
189,526

 
188,837

Effect of dilutive securities (1):
 
 
 
 
 
Employee stock options and restricted share awards
933

 
1,448

 
1,064

Out-Performance Plan units
101

 
284

 
230

Convertible preferred shares
37

 
—

 
42

Denominator for diluted income per share – weighted average shares and assumed conversions
191,290

 
191,258

 
190,173

 
 
 
 
 
 
INCOME PER COMMON SHARE – BASIC:
 
 
 
 
 
Income from continuing operations, net
$
2.02

 
$
0.92

 
$
2.35

Income (loss) from discontinued operations, net
—

 
(0.07
)
 
2.01

Net income per common share
$
2.02

 
$
0.85

 
$
4.36

 
 
 
 
 
 
INCOME PER COMMON SHARE – DILUTED:
 
 
 
 
 
Income from continuing operations, net
$
2.01

 
$
0.91

 
$
2.34

Income (loss) from discontinued operations, net
—

 
(0.06
)
 
2.00

Net income per common share
$
2.01

 
$
0.85

 
$
4.34

________________________________________
(1)
The effect of dilutive securities in the years ended December 31, 2018, 2017 and 2016 excludes an aggregate of 12,232, 12,165 and 12,022 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
Vornado Realty L.P.
 
The following table provides a reconciliation of both net income attributable to Vornado Realty L.P. 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, Vornado restricted stock awards, OP Units, AO LTIP Units and OPPs.  
(Amounts in thousands, except per unit amounts)
Year Ended December 31,
 
2018
 
2017
 
2016
Numerator:
 
 
 
 
 
Income from continuing operations, net of income attributable to noncontrolling interests
$
474,988

 
$
251,554

 
$
555,659

Income (loss) from discontinued operations
638

 
(13,228
)
 
404,912

Net income attributable to Vornado Realty L.P.
475,626

 
238,326

 
960,571

Preferred unit distributions
(50,830
)
 
(65,593
)
 
(76,097
)
Preferred unit issuance costs
(14,486
)
 
—

 
(7,408
)
Net income attributable to Class A unitholders
410,310

 
172,733

 
877,066

Earnings allocated to unvested participating securities
(2,973
)
 
(3,232
)
 
(4,177
)
Numerator for basic income per Class A unit
407,337

 
169,501

 
872,889

Impact of assumed conversions:
 
 
 
 
 
Convertible preferred unit distributions
62

 
—

 
86

Numerator for diluted income per Class A unit
$
407,399

 
$
169,501

 
$
872,975

 
 
 
 
 
 
Denominator:
 
 
 
 
 
Denominator for basic income per Class A unit – weighted average units
202,068

 
201,214

 
200,350

Effect of dilutive securities (1):
 
 
 
 
 
Vornado stock options and restricted unit awards
1,307

 
2,086

 
1,625

Convertible preferred units
37

 
—

 
42

Denominator for diluted income per Class A unit – weighted average units and assumed conversions
203,412

 
203,300

 
202,017

 
 
 
 
 
 
INCOME PER CLASS A UNIT – BASIC:
 
 
 
 
 
Income from continuing operations, net
$
2.01

 
$
0.91

 
$
2.34

Income (loss) from discontinued operations, net
0.01

 
(0.07
)
 
2.02

Net income per Class A unit
2.02

 
0.84

 
4.36

 
 
 
 
 
 
INCOME PER CLASS A UNIT – DILUTED:
 
 
 
 
 
Income from continuing operations, net
$
2.00

 
$
0.90

 
$
2.32

Income (loss) from discontinued operations, net
—

 
(0.07
)
 
2.00

Net income per Class A unit
$
2.00

 
$
0.83

 
$
4.32

________________________________________
(1)
The effect of dilutive securities in the years ended December 31, 2018, 2017 and 2016 excludes an aggregate of 110, 124 and 178 weighted average Class A unit equivalents, respectively, as their effect was anti-dilutive.