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Income Per Share/Income Per Class A Unit
 6 Months Ended
Jun. 30, 2019
Earnings Per Share [Abstract]  
Income Per Share/Income Per Class A Unit
Income Per Share/Income Per Class A Unit
Vornado Realty Trust
The following table presents the calculations 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. Unvested share-based payment awards that contain non-forfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. Earnings are allocated to participating securities, which include restricted stock awards, based on the two-class method. Other potential dilutive share equivalents such as our employee stock options, OP Units, OPPs, AO LTIP Units and Performance Conditioned AO LTIP Units are included in the computation of diluted Earnings Per Share ("EPS") using the treasury stock method, while the dilutive effect of our Series A convertible preferred shares is reflected in diluted EPS by application of the if-converted method.
(Amounts in thousands, except per share amounts)
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Numerator:
 
 
 
 
 
 
 
Income from continuing operations, net of income attributable to noncontrolling interests
$
2,412,671

 
$
123,427

 
$
2,606,821

 
$
133,448

Income (loss) from discontinued operations, net of income attributable to noncontrolling interests
56

 
641

 
(72
)
 
300

Net income attributable to Vornado
2,412,727

 
124,068

 
2,606,749

 
133,748

Preferred share dividends
(12,532
)
 
(12,534
)
 
(25,066
)
 
(25,569
)
Preferred share issuance costs
—

 
—

 
—

 
(14,486
)
Net income attributable to common shareholders
2,400,195

 
111,534

 
2,581,683

 
93,693

Earnings allocated to unvested participating securities
(239
)
 
(11
)
 
(258
)
 
(22
)
Numerator for basic income per share
2,399,956

 
111,523

 
2,581,425

 
93,671

Impact of assumed conversions:
 
 
 
 
 
 
 
Convertible preferred share dividends
14

 
16

 
29

 
—

Earnings allocated to Out-Performance Plan units
—

 
—

 
9

 
37

Numerator for diluted income per share
$
2,399,970

 
$
111,539

 
$
2,581,463

 
$
93,708

 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
Denominator for basic income per share – weighted average shares
190,781

 
190,200

 
190,735

 
190,141

Effect of dilutive securities(1):
 
 
 
 
 
 
 
Employee stock options and restricted stock awards
243

 
930

 
256

 
934

Convertible preferred shares
34

 
38

 
35

 
—

Out-Performance Plan units
—

 
—

 
4

 
115

Denominator for diluted income per share – weighted average shares and assumed conversions
191,058

 
191,168

 
191,030

 
191,190

 
 
 
 
 
 
 
 
INCOME PER COMMON SHARE – BASIC:
 
 
 
 
 
 
 
Income from continuing operations, net
$
12.58

 
$
0.59

 
$
13.53

 
$
0.49

Net income per common share
$
12.58

 
$
0.59

 
$
13.53

 
$
0.49

 
 
 
 
 
 
 
 
INCOME PER COMMON SHARE – DILUTED:
 
 
 
 
 
 
 
Income from continuing operations, net
$
12.56

 
$
0.58

 
$
13.51

 
$
0.49

Net income per common share
$
12.56

 
$
0.58

 
$
13.51

 
$
0.49

____________________
(1)
The effect of dilutive securities excludes an aggregate of 12,609 and 12,299 weighted average common share equivalents, for the three months ended June 30, 2019 and 2018, respectively, and 12,521 and 12,252 weighted average common share equivalents for the six months ended June 30, 2019 and 2018, respectively, as their effect was anti-dilutive.
19.
Income Per Share/Income Per Class A Unit - continued

Vornado Realty L.P.

The following table presents the calculations 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 unit and dilutive Class A unit equivalents. Unvested share-based payment awards that contain non-forfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. Earnings are allocated to participating securities, which include Vornado restricted stock awards, OP Units and OPPs, based on the two-class method. Other potential dilutive share equivalents such as Vornado stock options, AO LTIP Units and Performance Conditioned AO LTIP Units are included in the computation of diluted income per share using the treasury stock method, while the dilutive effect of our Series A convertible preferred shares is reflected in diluted EPS by application of the if-converted method.

(Amounts in thousands, except per unit amounts)
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Numerator:
 
 
 
 
 
 
 
Income from continuing operations, net of income attributable to noncontrolling interests in consolidated subsidiaries
$
2,575,182

 
$
130,830

 
$
2,781,543

 
$
139,749

Income (loss) from discontinued operations
60

 
683

 
(77
)
 
320

Net income attributable to Vornado Realty L.P.
2,575,242

 
131,513

 
2,781,466

 
140,069

Preferred unit distributions
(12,573
)
 
(12,582
)
 
(25,148
)
 
(25,666
)
Preferred unit issuance costs
—

 
—

 
—

 
(14,486
)
Net income attributable to Class A unitholders
2,562,669

 
118,931

 
2,756,318

 
99,917

Earnings allocated to unvested participating securities
(10,162
)
 
(772
)
 
(10,860
)
 
(1,544
)
Numerator for basic income per Class A unit
2,552,507

 
118,159

 
2,745,458

 
98,373

Impact of assumed conversions:
 
 
 
 
 
 
 
Convertible preferred unit distributions
14

 
16

 
29

 
—

Numerator for diluted income per Class A unit
$
2,552,521

 
$
118,175

 
$
2,745,487

 
$
98,373

 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
Denominator for basic income per Class A unit – weighted average units
202,924

 
202,064

 
202,848

 
201,997

Effect of dilutive securities(1):
 
 
 
 
 
 
 
Vornado stock options, Vornado restricted stock awards, OP Units and OPPs
522

 
1,252

 
508

 
1,269

Convertible preferred units
34

 
38

 
35

 
—

Denominator for diluted income per Class A unit – weighted average units and assumed conversions
203,480

 
203,354

 
203,391

 
203,266

 
 
 
 
 
 
 
 
INCOME PER CLASS A UNIT – BASIC:
 
 
 
 
 
 
 
Income from continuing operations, net
$
12.58

 
$
0.58

 
$
13.53

 
$
0.49

Net income per Class A unit
$
12.58

 
$
0.58

 
$
13.53

 
$
0.49

 
 
 
 
 
 
 
 
INCOME PER CLASS A UNIT – DILUTED:
 
 
 
 
 
 
 
Income from continuing operations, net
$
12.54

 
$
0.58

 
$
13.50

 
$
0.48

Net income per Class A unit
$
12.54

 
$
0.58

 
$
13.50

 
$
0.48

____________________
(1)
The effect of dilutive securities excludes an aggregate of 187 and 112 weighted average Class A unit equivalents, for the three months ended June 30, 2019 and 2018 respectively, and 160 and 175 weighted average Class A unit equivalents for the six months ended June 30, 2019 and 2018, respectively, as their effect was anti-dilutive.