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Income Per Share / Income Per Class A Unit (Tables)
 12 Months Ended
Dec. 31, 2017
Earnings per share  
Schedule of Earnings Per Share Basic and Diluted
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)
Year Ended December 31,
 
2017
 
2016
 
2015
Numerator:
 
 
 
 
 
Income from continuing operations, net of income attributable to noncontrolling interests
$
239,824

 
$
526,686

 
$
550,240

(Loss) income from discontinued operations, net of income attributable to noncontrolling interest
(12,408
)
 
380,231

 
210,194

Net income attributable to Vornado
227,416

 
906,917

 
760,434

Preferred share dividends
(65,399
)
 
(75,903
)
 
(80,578
)
Preferred share issuance costs (Series J redemption)
—

 
(7,408
)
 
—

Net income attributable to common shareholders
162,017

 
823,606

 
679,856

Earnings allocated to unvested participating securities
(46
)
 
(96
)
 
(81
)
Numerator for basic income per share
161,971

 
823,510

 
679,775

Impact of assumed conversions:
 
 
 
 
 
Earnings allocated to Out-Performance Plan units
230

 
806

 
—

Convertible preferred share dividends
—

 
86

 
91

Numerator for diluted income per share
$
162,201

 
$
824,402

 
$
679,866

 
 
 
 
 
 
Denominator:
 
 
 
 
 
Denominator for basic income per share – weighted average shares 
189,526

 
188,837

 
188,353

Effect of dilutive securities (1):
 
 
 
 
 
Employee stock options and restricted share awards
1,448

 
1,064

 
1,166

Out-Performance Plan units
284

 
230

 
—

Convertible preferred shares
—

 
42

 
45

Denominator for diluted income per share – weighted average shares and assumed conversations
191,258

 
190,173

 
189,564

 
 
 
 
 
 
INCOME PER COMMON SHARE – BASIC:
 
 
 
 
 
Income from continuing operations, net
$
0.92

 
$
2.35

 
$
2.49

(Loss) income from discontinued operations, net
(0.07
)
 
2.01

 
1.12

Net income per common share
$
0.85

 
$
4.36

 
$
3.61

 
 
 
 
 
 
INCOME PER COMMON SHARE – DILUTED:
 
 
 
 
 
Income from continuing operations, net
$
0.91

 
$
2.34

 
$
2.48

(Loss) income from discontinued operations, net
(0.06
)
 
2.00

 
1.11

Net income per common share
$
0.85

 
$
4.34

 
$
3.59

________________________________________
(1)
The effect of dilutive securities in the years ended December 31, 2017, 2016 and 2015 excludes an aggregate of 12,165, 12,022 and 11,744 weighted average common share equivalents, 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 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)
Year Ended December 31,
 
2017
 
2016
 
2015
Numerator:
 
 
 
 
 
Income from continuing operations, net of income attributable to noncontrolling interests
$
251,554

 
$
555,659

 
$
580,154

(Loss) income from discontinued operations
(13,228
)
 
404,912

 
223,511

Net income attributable to Vornado Realty L.P.
238,326

 
960,571

 
803,665

Preferred unit distributions
(65,593
)
 
(76,097
)
 
(80,736
)
Preferred unit issuance costs (Series J redemption)
—

 
(7,408
)
 
—

Net income attributable to Class A unitholders
172,733

 
877,066

 
722,929

Earnings allocated to unvested participating securities
(3,232
)
 
(4,177
)
 
(4,092
)
Numerator for basic income per Class A unit
169,501

 
872,889

 
718,837

Impact of assumed conversions:
 
 
 
 
 
Convertible preferred unit distributions
—

 
86

 
92

Numerator for diluted income per Class A unit
$
169,501

 
$
872,975

 
$
718,929

 
 
 
 
 
 
Denominator:
 
 
 
 
 
Denominator for basic income per Class A unit – weighted average units
201,214

 
200,350

 
199,309

Effect of dilutive securities (1):
 
 
 
 
 
Vornado stock options and restricted unit awards
2,086

 
1,625

 
1,804

Convertible preferred units
—

 
42

 
45

Denominator for diluted income per Class A unit – weighted average units and assumed conversations
203,300

 
202,017

 
201,158

 
 
 
 
 
 
INCOME PER CLASS A UNIT – BASIC:
 
 
 
 
 
Income from continuing operations, net
$
0.91

 
$
2.34

 
$
2.49

(Loss) income from discontinued operations, net
(0.07
)
 
2.02

 
1.12

Net income per Class A unit
0.84

 
4.36

 
3.61

 
 
 
 
 
 
INCOME PER CLASS A UNIT – DILUTED:
 
 
 
 
 
Income from continuing operations, net
$
0.90

 
$
2.32

 
$
2.46

(Loss) income from discontinued operations, net
(0.07
)
 
2.00

 
1.11

Net income per Class A unit
$
0.83

 
$
4.32

 
$
3.57

________________________________________
(1)
The effect of dilutive securities in the years ended December 31, 2017, 2016 and 2015 excludes an aggregate of 124, 178 and 150 weighted average Class A unit equivalents, respectively, as their effect was anti-dilutive.