XML 62 R45.htm IDEA: XBRL DOCUMENT v3.20.2
(Loss) Income Per Share/(Loss) Income Per Class A Unit (Tables)
 6 Months Ended
Jun. 30, 2020
Earnings per share  
Schedule Of Earnings Per Share Basic And Diluted
Vornado Realty Trust
The following table presents the calculations 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. 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, restricted Operating Partnership units ("OP Units"), out-performance plan awards ("OPPs"), appreciation-only long term incentive plan units ("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,
 
2020
 
2019
 
2020
 
2019
Numerator:
 
 
 
 
 
 
 
(Loss) income from continuing operations, net of (loss) income attributable to noncontrolling interests
$
(185,220
)
 
$
2,412,671

 
$
(167,726
)
 
$
2,606,821

Income (loss) from discontinued operations
—

 
56

 
—

 
(72
)
Net (loss) income attributable to Vornado
(185,220
)
 
2,412,727

 
(167,726
)
 
2,606,749

Preferred share dividends
(12,530
)
 
(12,532
)
 
(25,061
)
 
(25,066
)
Net (loss) income attributable to common shareholders
(197,750
)
 
2,400,195

 
(192,787
)
 
2,581,683

Earnings allocated to unvested participating securities
(18
)
 
(239
)
 
(69
)
 
(258
)
Numerator for basic (loss) income per share
(197,768
)
 
2,399,956

 
(192,856
)
 
2,581,425

Impact of assumed conversions:
 
 
 
 
 
 
 
Convertible preferred share dividends
—

 
14

 
—

 
29

Earnings allocated to Out-Performance Plan units
—

 
—

 
—

 
9

Numerator for diluted (loss) income per share
$
(197,768
)
 
$
2,399,970

 
$
(192,856
)
 
$
2,581,463

 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
Denominator for basic (loss) income per share – weighted average shares 
191,104

 
190,781

 
191,071

 
190,735

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

 
243

 
—

 
256

Convertible preferred shares
—

 
34

 
—

 
35

Out-Performance Plan units
—

 
—

 
—

 
4

Denominator for diluted (loss) income per share – weighted average shares and assumed conversions
191,104

 
191,058

 
191,071

 
191,030

 
 
 
 
 
 
 
 
(LOSS) INCOME PER COMMON SHARE - BASIC:
 
 
 
 
 
 
 
Net (loss) income per common share
$
(1.03
)
 
$
12.58

 
$
(1.01
)
 
$
13.53

 
 
 
 
 
 
 
 
(LOSS) INCOME PER COMMON SHARE - DILUTED:
 
 
 
 
 
 
 
Net (loss) income per common share
$
(1.03
)
 
$
12.56

 
$
(1.01
)
 
$
13.51

____________________
(1)
The effect of dilutive securities excluded an aggregate of 14,242 and 12,609 weighted average common shares for the three months ended June 30, 2020 and 2019, respectively, and 13,992 and 12,521 weighted average common share equivalents for the six months ended June 30, 2020 and 2019, 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 presents the calculations 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 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 Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Numerator:
 
 
 
 
 
 
 
(Loss) income from continuing operations, net of (loss) income attributable to noncontrolling interests in consolidated subsidiaries
$
(199,584
)
 
$
2,575,182

 
$
(181,700
)
 
$
2,781,543

Income (loss) from discontinued operations
—

 
60

 
—

 
(77
)
Net (loss) income attributable to Vornado Realty L.P.
(199,584
)
 
2,575,242

 
(181,700
)
 
2,781,466

Preferred unit distributions
(12,571
)
 
(12,573
)
 
(25,143
)
 
(25,148
)
Net (loss) income attributable to Class A unitholders
(212,155
)
 
2,562,669

 
(206,843
)
 
2,756,318

Earnings allocated to unvested participating securities
(1,439
)
 
(10,162
)
 
(6,357
)
 
(10,860
)
Numerator for basic (loss) income per Class A unit
(213,594
)
 
2,552,507

 
(213,200
)
 
2,745,458

Impact of assumed conversions:
 
 
 
 
 
 
 
Convertible preferred unit distributions
—

 
14

 
—

 
29

Numerator for diluted (loss) income per Class A unit
$
(213,594
)
 
$
2,552,521

 
$
(213,200
)
 
$
2,745,487

 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
Denominator for basic (loss) income per Class A unit – weighted average units
203,512

 
202,924

 
203,441

 
202,848

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

 
522

 
—

 
508

Convertible preferred units
—

 
34

 
—

 
35

Denominator for diluted (loss) income per Class A unit – weighted average units and assumed conversions
203,512

 
203,480

 
203,441

 
203,391

 
 
 
 
 
 
 
 
(LOSS) INCOME PER CLASS A UNIT - BASIC:
 
 
 
 
 
 
 
Net (loss) income per Class A unit
$
(1.05
)
 
$
12.58

 
$
(1.05
)
 
$
13.53

 
 
 
 
 
 
 
 
(LOSS) INCOME PER CLASS A UNIT - DILUTED:
 
 
 
 
 
 
 
Net (loss) income per Class A unit
$
(1.05
)
 
$
12.54

 
$
(1.05
)
 
$
13.50

____________________
(1)
The effect of dilutive securities excluded an aggregate of 1,834 and 187 Class A unit equivalents for the three months ended June 30, 2020 and 2019, respectively, and 1,622 and 160 Class A unit equivalents for the six months ended June 30, 2020 and 2019, respectively, as their effect was anti-dilutive.