| Income Per Share /Income Per Class A Unit |
Income Per Share/Income Per Class A Unit
Vornado Realty Trust
The following table provides a reconciliation of both net income 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 and Out-Performance Plan awards. | | | | | | | | | | | | | | | | | (Amounts in thousands, except per share amounts) | For the Three Months Ended
June 30, | | For the Six Months Ended
June 30, | | 2018 | | 2017 | | 2018 | | 2017 | Numerator: | | | | | | | | Income from continuing operations, net of income attributable to noncontrolling interests | $ | 123,427 |
| | $ | 115,112 |
| | $ | 133,448 |
| | $ | 164,631 |
| Income from discontinued operations, net of income attributable to noncontrolling interests | 641 |
| | 16,989 |
| | 300 |
| | 31,351 |
| Net income attributable to Vornado | 124,068 |
| | 132,101 |
| | 133,748 |
| | 195,982 |
| Preferred share dividends | (12,534 | ) | | (16,129 | ) | | (25,569 | ) | | (32,258 | ) | Preferred share issuance costs | — |
| | — |
| | (14,486 | ) | | — |
| Net income attributable to common shareholders | 111,534 |
| | 115,972 |
| | 93,693 |
| | 163,724 |
| Earnings allocated to unvested participating securities | (11 | ) | | (13 | ) | | (22 | ) | | (27 | ) | Numerator for basic income per share | 111,523 |
| | 115,959 |
| | 93,671 |
| | 163,697 |
| Impact of assumed conversions: | | | | | | | | Convertible preferred share dividends | 16 |
| | 20 |
| | — |
| | — |
| Earnings allocated to Out-Performance Plan units | — |
| | — |
| | 37 |
| | 233 |
| Numerator for diluted income per share | $ | 111,539 |
| | $ | 115,979 |
| | $ | 93,708 |
| | $ | 163,930 |
| | | | | | | | | Denominator: | | | | | | | | Denominator for basic income per share – weighted average shares | 190,200 |
| | 189,395 |
| | 190,141 |
| | 189,304 |
| Effect of dilutive securities(1): | | | | | | | | Employee stock options and restricted share awards | 930 |
| | 1,011 |
| | 934 |
| | 1,089 |
| Convertible preferred shares | 38 |
| | 38 |
| | — |
| | — |
| Out-Performance Plan units | — |
| | — |
| | 115 |
| | 281 |
| Denominator for diluted income per share – weighted average shares and assumed conversions | 191,168 |
| | 190,444 |
| | 191,190 |
| | 190,674 |
| | | | | | | | | INCOME PER COMMON SHARE – BASIC: | | | | | | | | Income from continuing operations, net | $ | 0.59 |
| | $ | 0.52 |
| | $ | 0.49 |
| | $ | 0.70 |
| Income from discontinued operations, net | — |
| | 0.09 |
| | — |
| | 0.16 |
| Net income per common share | $ | 0.59 |
| | $ | 0.61 |
| | $ | 0.49 |
| | $ | 0.86 |
| | | | | | | | | INCOME PER COMMON SHARE – DILUTED: | | | | | | | | Income from continuing operations, net | $ | 0.58 |
| | $ | 0.52 |
| | $ | 0.49 |
| | $ | 0.70 |
| Income from discontinued operations, net | — |
| | 0.09 |
| | — |
| | 0.16 |
| Net income per common share | $ | 0.58 |
| | $ | 0.61 |
| | $ | 0.49 |
| | $ | 0.86 |
|
____________________ | | (1) | The effect of dilutive securities for the three months ended June 30, 2018 and 2017 excludes an aggregate of 12,299 and 12,268 weighted average common share equivalents, respectively, and 12,252 and 12,125 weighted average common share equivalents for the six months ended June 30, 2018 and 2017, respectively, as their effect was anti-dilutive. |
|
| Income Per Share /Income Per Class A Unit |
Income Per Share/Income Per Class A Unit - continued
Vornado Realty L.P.
The following table provides a reconciliation of both net income 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, restricted unit awards and Out-Performance Plan awards. | | | | | | | | | | | | | | | | | (Amounts in thousands, except per unit amounts) | For the Three Months Ended
June 30, | | For the Six Months Ended
June 30, | | 2018 | | 2017 | | 2018 | | 2017 | Numerator: | | | | | | | | Income from continuing operations, net of income attributable to noncontrolling interests in consolidated subsidiaries | $ | 130,830 |
| | $ | 121,696 |
| | $ | 139,749 |
| | $ | 173,488 |
| Income from discontinued operations | 683 |
| | 18,111 |
| | 320 |
| | 33,429 |
| Net income attributable to Vornado Realty L.P. | 131,513 |
| | 139,807 |
| | 140,069 |
| | 206,917 |
| Preferred unit distributions | (12,582 | ) | | (16,177 | ) | | (25,666 | ) | | (32,355 | ) | Preferred unit issuance costs | — |
| | — |
| | (14,486 | ) | | — |
| Net income attributable to Class A unitholders | 118,931 |
| | 123,630 |
| | 99,917 |
| | 174,562 |
| Earnings allocated to unvested participating securities | (772 | ) | | (742 | ) | | (1,544 | ) | | (1,759 | ) | Numerator for basic income per Class A unit | 118,159 |
| | 122,888 |
| | 98,373 |
| | 172,803 |
| Impact of assumed conversions: | | | | | | | | Convertible preferred unit distributions | 16 |
| | 20 |
| | — |
| | — |
| Numerator for diluted income per Class A unit | $ | 118,175 |
| | $ | 122,908 |
| | $ | 98,373 |
| | $ | 172,803 |
| | | | | | | | | Denominator: | | | | | | | | Denominator for basic income per Class A unit – weighted average units | 202,064 |
| | 201,127 |
| | 201,997 |
| | 200,987 |
| Effect of dilutive securities(1): | | | | | | | | Vornado stock options and restricted unit awards | 1,252 |
| | 1,458 |
| | 1,269 |
| | 1,630 |
| Convertible preferred units | 38 |
| | 38 |
| | — |
| | — |
| Denominator for diluted income per Class A unit – weighted average units and assumed conversions | 203,354 |
| | 202,623 |
| | 203,266 |
| | 202,617 |
| | | | | | | | | INCOME PER CLASS A UNIT – BASIC: | | | | | | | | Income from continuing operations, net | $ | 0.58 |
| | $ | 0.52 |
| | $ | 0.49 |
| | $ | 0.69 |
| Income from discontinued operations, net | — |
| | 0.09 |
| | — |
| | 0.17 |
| Net income per Class A unit | $ | 0.58 |
| | $ | 0.61 |
| | $ | 0.49 |
| | $ | 0.86 |
| | | | | | | | | INCOME PER CLASS A UNIT – DILUTED: | | | | | | | | Income from continuing operations, net | $ | 0.58 |
| | $ | 0.52 |
| | $ | 0.48 |
| | $ | 0.69 |
| Income from discontinued operations, net | — |
| | 0.09 |
| | — |
| | 0.16 |
| Net income per Class A unit | $ | 0.58 |
| | $ | 0.61 |
| | $ | 0.48 |
| | $ | 0.85 |
|
____________________ | | (1) | The effect of dilutive securities for the three months ended June 30, 2018 and 2017 excludes an aggregate of 112 and 89 weighted average Class A unit equivalents, respectively, and 175 and 182 weighted average Class A unit equivalents for the six months ended June 30, 2018 and 2017, respectively, as their effect was anti-dilutive. |
|