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Income Per Share / Income Per Class A Unit
 12 Months Ended
Dec. 31, 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 nonforfeitable 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 Year Ended December 31,
 
2019
 
2018
 
2017
Numerator:
 
 
 
 
 
Income from continuing operations, net of income attributable to noncontrolling interests
$
3,147,965

 
$
449,356

 
$
239,824

(Loss) income from discontinued operations, net of income attributable to noncontrolling interests
(28
)
 
598

 
(12,408
)
Net income attributable to Vornado
3,147,937

 
449,954

 
227,416

Preferred share dividends
(50,131
)
 
(50,636
)
 
(65,399
)
Preferred share issuance costs
—

 
(14,486
)
 
—

Net income attributable to common shareholders
3,097,806

 
384,832

 
162,017

Earnings allocated to unvested participating securities
(309
)
 
(44
)
 
(46
)
Numerator for basic income per share
3,097,497

 
384,788

 
161,971

Impact of assumed conversions:
 
 
 
 
 
Convertible preferred share dividends
57

 
62

 
—

Earnings allocated to Out-Performance Plan units
9

 
174

 
230

Numerator for diluted income per share
$
3,097,563

 
$
385,024

 
$
162,201

 
 
 
 
 
 
Denominator:
 
 
 
 
 
Denominator for basic income per share – weighted average shares 
190,801

 
190,219

 
189,526

Effect of dilutive securities (1):
 
 
 
 
 
Employee stock options and restricted stock awards
216

 
933

 
1,448

Convertible preferred shares
34

 
37

 
—

Out-Performance Plan units
2

 
101

 
284

Denominator for diluted income per share – weighted average shares and assumed conversions
191,053

 
191,290

 
191,258

 
 
 
 
 
 
INCOME PER COMMON SHARE - BASIC:
 
 
 
 
 
Income from continuing operations, net
$
16.23

 
$
2.02

 
$
0.92

Loss from discontinued operations, net
—

 
—

 
(0.07
)
Net income per common share
$
16.23

 
$
2.02

 
$
0.85

 
 
 
 
 
 
INCOME PER COMMON SHARE - DILUTED:
 
 
 
 
 
Income from continuing operations, net
$
16.21

 
$
2.01

 
$
0.91

Loss from discontinued operations, net
—

 
—

 
(0.06
)
Net income per common share
$
16.21

 
$
2.01

 
$
0.85

________________________________________
(1)
The effect of dilutive securities in the years ended December 31, 2019, 2018 and 2017 excludes an aggregate of 13,020, 12,232 and 12,165 weighted average common share equivalents, 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 unit equivalents such as Vornado stock options, AO LTIP Units and Performance Conditioned AO LTIP Units are included in the computation of diluted income per unit ("EPU") using the treasury stock method, while the dilutive effect of our Series A convertible preferred units is reflected in diluted EPU by application of the if-converted method.
(Amounts in thousands, except per unit amounts)
For the Year Ended December 31,
 
2019
 
2018
 
2017
Numerator:
 
 
 
 
 
Income from continuing operations, net of income attributable to noncontrolling interests in consolidated subsidiaries
$
3,358,839

 
$
474,988

 
$
251,554

(Loss) income from discontinued operations
(30
)
 
638

 
(13,228
)
Net income attributable to Vornado Realty L.P.
3,358,809

 
475,626

 
238,326

Preferred unit distributions
(50,296
)
 
(50,830
)
 
(65,593
)
Preferred unit issuance costs
—

 
(14,486
)
 
—

Net income attributable to Class A unitholders
3,308,513

 
410,310

 
172,733

Earnings allocated to unvested participating securities
(17,296
)
 
(2,973
)
 
(3,232
)
Numerator for basic income per Class A unit
3,291,217

 
407,337

 
169,501

Impact of assumed conversions:
 
 
 
 
 
Convertible preferred unit distributions
57

 
62

 
—

Numerator for diluted income per Class A unit
$
3,291,274

 
$
407,399

 
$
169,501

 
 
 
 
 
 
Denominator:
 
 
 
 
 
Denominator for basic income per Class A unit – weighted average units
202,947

 
202,068

 
201,214

Effect of dilutive securities (1):
 
 
 
 
 
Vornado stock options, Vornado restricted stock awards, OP Units and OPPs
267

 
1,307

 
2,086

Convertible preferred units
34

 
37

 
—

Denominator for diluted income per Class A unit – weighted average units and assumed conversions
203,248

 
203,412

 
203,300

 
 
 
 
 
 
INCOME PER CLASS A UNIT - BASIC:
 
 
 
 
 
Income from continuing operations, net
$
16.22

 
$
2.01

 
$
0.91

Income (loss) from discontinued operations, net
—

 
0.01

 
(0.07
)
Net income per Class A unit
$
16.22

 
$
2.02

 
$
0.84

 
 
 
 
 
 
INCOME PER CLASS A UNIT - DILUTED:
 
 
 
 
 
Income from continuing operations, net
$
16.19

 
$
2.00

 
$
0.90

Loss from discontinued operations, net
—

 
—

 
(0.07
)
Net income per Class A unit
$
16.19

 
$
2.00

 
$
0.83

________________________________________
(1)
The effect of dilutive securities in the years ended December 31, 2019, 2018 and 2017 excludes an aggregate of 825, 110 and 124 weighted average Class A unit equivalents, respectively, as their effect was anti-dilutive.