Income (Loss) Per Share and Per Class A Unit (Tables)

12 Months Ended

Dec. 31, 2024

Earnings per share

Schedule of Earnings Per Share Basic and Diluted

(Amounts in thousands, except per share amounts)	For the Year Ended December 31,
	2024		2023		2022
Numerator:
Net income (loss) attributable to Vornado	$	70,387	$	105,494	$	(346,499)
Preferred share dividends	(62,112)		(62,116)		(62,116)
Net income (loss) attributable to common shareholders	8,275		43,378		(408,615)
Distributions and earnings allocated to unvested participating securities	—		(2)		(18)
Numerator for basic and diluted income (loss) per common share	$	8,275	$	43,376	$	(408,633)
Denominator:
Denominator for basic income (loss) per common share - weighted average shares	190,539		191,005		191,775
Effect of dilutive securities(1):
Share-based awards	6,087		851		—
Denominator for diluted income (loss) per common share - weighted average shares and assumed conversions	196,626		191,856		191,775
Income (loss) per common share:
Basic	$	0.04	$	0.23	$	(2.13)
Diluted	$	0.04	$	0.23	$	(2.13)

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(1)The calculation of diluted income (loss) per common share for the years ended December 31, 2024, 2023, and 2022 excluded weighted average potential common shares of 1,580, 3,458, and 1,706, respectively, as their effect was antidilutive.

Vornado Realty L.P.

Earnings per share

Schedule of Earnings Per Share Basic and Diluted

(Amounts in thousands, except per unit amounts)	For the Year Ended December 31,
	2024		2023		2022
Numerator:
Net income (loss) attributable to Vornado Realty L.P.	$	71,247	$	108,855	$	(376,875)
Preferred unit distributions	(62,227)		(62,231)		(62,231)
Net income (loss) attributable to Class A unitholders	9,020		46,624		(439,106)
Distributions and earnings allocated to participating securities	(1,964)		(1,323)		(2,215)
Numerator for basic and diluted income (loss) per Class A unit	$	7,056	$	45,301	$	(441,321)
Denominator:
Denominator for basic income (loss) per Class A unit – weighted average units	204,981		205,105		205,315
Effect of dilutive securities(1):
Unit-based awards	6,087		851		—
Denominator for diluted income (loss) per Class A unit – weighted average units and assumed conversions	211,068		205,956		205,315
Income (loss) per Class A unit:
Basic	$	0.03	$	0.22	$	(2.15)
Diluted	$	0.03	$	0.22	$	(2.15)

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(1)The calculation of diluted income (loss) per Class A unit for the years ended December 31, 2024, 2023, and 2022 excluded weighted average potential Class A units of 1,580, 3,458, and 1,706, respectively, as their effect was antidilutive.