Income Per Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Income Per Share

20.       Income Per Share

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 and restricted stock.

			For the Three Months				For the Nine Months
(Amounts in thousands, except per share amounts)			Ended September 30,				Ended September 30,
			2013		2012		2013		2012
Numerator:
	Income from continuing operations, net of income attributable
		to noncontrolling interests	$	88,486	$	92,208	$	253,567	$	297,290
	Income from discontinued operations, net of income attributable
		to noncontrolling interests		14,888		149,098		270,923		233,835
	Net income attributable to Vornado			103,374		241,306		524,490		531,125
	Preferred share dividends			(20,369)		(20,613)		(62,439)		(56,187)
	Preferred unit and share redemptions			-		11,700		(1,130)		11,700
	Net income attributable to common shareholders			83,005		232,393		460,921		486,638
	Earnings allocated to unvested participating securities			(24)		(71)		(97)		(149)
	Numerator for basic income per share			82,981		232,322		460,824		486,489
	Impact of assumed conversions:
		Convertible preferred share dividends		-		28		54		85
	Numerator for diluted income per share		$	82,981	$	232,350	$	460,878	$	486,574
Denominator:
	Denominator for basic income per share – weighted average shares			186,969		185,924		186,885		185,656
	Effect of dilutive securities(1):
		Employee stock options and restricted share awards		755		681		746		693
		Convertible preferred shares		-		50		48		50
	Denominator for diluted income per share – weighted average
		shares and assumed conversions		187,724		186,655		187,679		186,399
INCOME PER COMMON SHARE – BASIC:
	Income from continuing operations, net		$	0.36	$	0.45	$	1.02	$	1.36
	Income from discontinued operations, net			0.08		0.80		1.45		1.26
	Net income per common share		$	0.44	$	1.25	$	2.47	$	2.62
INCOME PER COMMON SHARE – DILUTED:
	Income from continuing operations, net		$	0.36	$	0.44	$	1.01	$	1.36
	Income from discontinued operations, net			0.08		0.80		1.45		1.25
	Net income per common share		$	0.44	$	1.24	$	2.46	$	2.61
(1)		The effect of dilutive securities in the three months ended September 30, 2013 and 2012 excludes an aggregate of 12,002 and 12,652 weighted average common share equivalents, respectively, and 11,890 and 15,048 weighted average common share equivalents in the nine months ended September 30, 2013 and 2012, respectively, as their effect was anti-dilutive.