Income Per Class A Unit

9 Months Ended

Sep. 30, 2012

Income Per Class A Unit [Abstract]

Income Per Class A Unit

18.       Income Per Class A Unit

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 options and restricted units.

			For the Three Months				For the Nine Months
(Amounts in thousands, except per unit amounts)			Ended September 30,				Ended September 30,
			2012		2011		2012		2011
Numerator:
	Income from continuing operations		$	106,842	$	57,779	$	361,624	$	477,307
	Income from discontinued operations			157,314		8,444		241,024		165,706
	Net income			264,156		66,223		602,648		643,013
	Less net income attributable to noncontrolling interests in
		consolidated subsidiaries		(6,610)		(5,636)		(30,928)		(20,643)
	Net income attributable to Vornado Realty L.P.			257,546		60,587		571,720		622,370
	Preferred unit distributions			(22,016)		(21,655)		(65,337)		(58,722)
	Discount on preferred unit redemptions			11,700		5,000		11,700		5,000
	Net income attributable to Class A unitholders			247,230		43,932		518,083		568,648
	Earnings allocated to unvested participating securities			(1,008)		(706)		(2,302)		(2,721)
	Numerator for basic income per Class A unit			246,222		43,226		515,781		565,927
	Impact of assumed conversions:
		Convertible preferred unit distributions		28		-		85		94
	Numerator for diluted income per Class A unit		$	246,250	$	43,226	$	515,866	$	566,021
Denominator:
	Denominator for basic income per Class A unit –
		weighted average units		197,155		196,239		197,050		196,090
	Effect of dilutive securities(1):
		Vornado stock options and restricted unit awards		1,046		2,066		1,028		2,135
		Convertible preferred units		50		-		50		55
	Denominator for diluted income per Class A unit –
		weighted average units and assumed conversions		198,251		198,305		198,128		198,280
INCOME PER CLASS A UNIT – BASIC:
	Income from continuing operations		$	0.45	$	0.18	$	1.40	$	2.04
	Income from discontinued operations			0.80		0.04		1.22		0.85
	Net income per Class A unit		$	1.25	$	0.22	$	2.62	$	2.89
INCOME PER CLASS A UNIT – DILUTED:
	Income from continuing operations		$	0.45	$	0.18	$	1.39	$	2.02
	Income from discontinued operations			0.79		0.04		1.21		0.83
	Net income per Class A unit		$	1.24	$	0.22	$	2.60	$	2.85
(1)		The effect of dilutive securities above excludes anti-dilutive weighted average Class A unit equivalents of 1,056 and 6,617 in the three months ended September 30, 2012 and 2011, respectively, and 3,320 and 6,446 in the nine months ended September 30, 2012 and 2011, respectively.