Income Per Share/Income Per Class A Unit (Tables)

3 Months Ended

Mar. 31, 2022

Earnings per share

Schedule Of Earnings Per Share Basic And Diluted

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 weighted average common shares outstanding 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. Our share-based payment awards, including employee stock options, restricted Operating Partnership units ("OP Units"), out-performance plan awards ("OPPs"), appreciation-only long term incentive plan units ("AO LTIP Units"), Performance Conditioned AO LTIP Units and LTPP units, are included in the calculation of diluted income per share using the treasury stock method if dilutive. Our convertible securities, including our Series A convertible preferred shares, Series G-1 through G-4 convertible preferred units and Series D-13 redeemable preferred units, are reflected in diluted income per share by application of the if-converted method if dilutive.

(Amounts in thousands, except per share amounts)	For the Three Months Ended March 31,
	2022		2021
Numerator:
Net income attributable to Vornado	$	42,007	$	20,550
Preferred share dividends	(15,529)		(16,467)
Net income attributable to common shareholders	26,478		4,083
Earnings allocated to unvested participating securities	(5)		(9)
Numerator for basic and diluted income per share	$	26,473	$	4,074
Denominator:
Denominator for basic income per share – weighted average shares	191,724		191,418
Effect of dilutive securities(1):
Share-based payment awards	314		613
Denominator for diluted income per share – weighted average shares and assumed conversions	192,038		192,031
INCOME PER COMMON SHARE - BASIC:
Net income per common share	$	0.14	$	0.02
INCOME PER COMMON SHARE - DILUTED:
Net income per common share	$	0.14	$	0.02

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(1)The effect of dilutive securities excluded an aggregate of 15,185 and 13,485 weighted average common share equivalents for the three months ended March 31, 2022 and 2021, 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 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 outstanding 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 and our OP Units, based on the two-class method. Our other share-based payment awards, including Vornado stock options, OPPs, AO LTIP Units, Performance Conditioned AO LTIP Units and LTPP Units, are included in the calculation of diluted income per Class A unit using the treasury stock method if dilutive. Our convertible securities, including our Series A convertible preferred units, Series G-1 through G-4 convertible preferred units and Series D-13 redeemable preferred units, are reflected in diluted income per Class A unit by application of the if-converted method if dilutive.

(Amounts in thousands, except per unit amounts)	For the Three Months Ended March 31,
	2022		2021
Numerator:
Net income attributable to Vornado Realty L.P.	$	44,001	$	20,879
Preferred unit distributions	(15,558)		(16,508)
Net income attributable to Class A unitholders	28,443		4,371
Earnings allocated to unvested participating securities	(639)		(721)
Numerator for basic and diluted income per Class A unit	$	27,804	$	3,650
Denominator:
Denominator for basic income per Class A unit – weighted average units	205,141		204,072
Effect of dilutive securities(1):
Share-based payment awards	755		829
Denominator for diluted income per Class A unit – weighted average units and assumed conversions	205,896		204,901
INCOME PER CLASS A UNIT - BASIC:
Net income per Class A unit	$	0.14	$	0.02
INCOME PER CLASS A UNIT - DILUTED:
Net income per Class A unit	$	0.14	$	0.02

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(1)The effect of dilutive securities excluded an aggregate of 1,327 and 615 weighted average Class A unit equivalents for the three months ended March 31, 2022 and 2021, respectively, as their effect was anti-dilutive.