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Income Per Share /Income Per Class A Unit
 6 Months Ended
Jun. 30, 2018
Earnings per share  
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.
Vornado Realty L.P.  
Earnings per share  
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.