(Loss) Income Per Share/(Loss) Income Per Class A Unit |
(Loss) Income Per Share/(Loss) Income Per Class A Unit Vornado Realty Trust The following table presents the calculations of (i) basic (loss) income per common share which includes the weighted average number of common shares outstanding without regard to dilutive potential common shares and (ii) diluted (loss) income per common share which includes the weighted average common shares 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. Other potential dilutive share equivalents such as our employee stock options, restricted Operating Partnership units ("OP Units"), out-performance plan awards ("OPPs"), appreciation-only long term incentive plan units ("AO LTIP Units") and Performance Conditioned AO LTIP Units are included in the computation of diluted Earnings Per Share ("EPS") using the treasury stock method, while the dilutive effect of our Series A convertible preferred shares is reflected in diluted EPS by application of the if-converted method. | | | | | | | | | | | | | | | | | (Amounts in thousands, except per share amounts) | For the Three Months Ended June 30, | | | | 2020 | | 2019 | | 2020 | | 2019 | Numerator: | | | | | | | | (Loss) income from continuing operations, net of (loss) income attributable to noncontrolling interests | $ | (185,220 | ) | | $ | 2,412,671 |
| | $ | (167,726 | ) | | $ | 2,606,821 |
| Income (loss) from discontinued operations | — |
| | 56 |
| | — |
| | (72 | ) | Net (loss) income attributable to Vornado | (185,220 | ) | | 2,412,727 |
| | (167,726 | ) | | 2,606,749 |
| Preferred share dividends | (12,530 | ) | | (12,532 | ) | | (25,061 | ) | | (25,066 | ) | Net (loss) income attributable to common shareholders | (197,750 | ) | | 2,400,195 |
| | (192,787 | ) | | 2,581,683 |
| Earnings allocated to unvested participating securities | (18 | ) | | (239 | ) | | (69 | ) | | (258 | ) | Numerator for basic (loss) income per share | (197,768 | ) | | 2,399,956 |
| | (192,856 | ) | | 2,581,425 |
| Impact of assumed conversions: | | | | | | | | Convertible preferred share dividends | — |
| | 14 |
| | — |
| | 29 |
| Earnings allocated to Out-Performance Plan units | — |
| | — |
| | — |
| | 9 |
| Numerator for diluted (loss) income per share | $ | (197,768 | ) | | $ | 2,399,970 |
| | $ | (192,856 | ) | | $ | 2,581,463 |
| | | | | | | | | Denominator: | | | | | | | | Denominator for basic (loss) income per share – weighted average shares | 191,104 |
| | 190,781 |
| | 191,071 |
| | 190,735 |
| Effect of dilutive securities(1): | | | | | | | | Employee stock options and restricted stock awards | — |
| | 243 |
| | — |
| | 256 |
| Convertible preferred shares | — |
| | 34 |
| | — |
| | 35 |
| Out-Performance Plan units | — |
| | — |
| | — |
| | 4 |
| Denominator for diluted (loss) income per share – weighted average shares and assumed conversions | 191,104 |
| | 191,058 |
| | 191,071 |
| | 191,030 |
| | | | | | | | | (LOSS) INCOME PER COMMON SHARE - BASIC: | | | | | | | | Net (loss) income per common share | $ | (1.03 | ) | | $ | 12.58 |
| | $ | (1.01 | ) | | $ | 13.53 |
| | | | | | | | | (LOSS) INCOME PER COMMON SHARE - DILUTED: | | | | | | | | Net (loss) income per common share | $ | (1.03 | ) | | $ | 12.56 |
| | $ | (1.01 | ) | | $ | 13.51 |
|
____________________ | | (1) | The effect of dilutive securities excluded an aggregate of 14,242 and 12,609 weighted average common shares for the three months ended June 30, 2020 and 2019, respectively, and 13,992 and 12,521 weighted average common share equivalents for the six months ended June 30, 2020 and 2019, respectively, as their effect was anti-dilutive. |
| | 20. | (Loss) Income Per Share/(Loss) Income Per Class A Unit - continued |
Vornado Realty L.P. The following table presents the calculations of (i) basic (loss) 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 (loss) income per Class A unit which includes the weighted average Class A unit 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, OP Units and OPPs, based on the two-class method. Other potential dilutive unit equivalents such as Vornado stock options, AO LTIP Units and Performance Conditioned AO LTIP Units are included in the computation of diluted income per unit ("EPU") using the treasury stock method, while the dilutive effect of our Series A convertible preferred units is reflected in diluted EPU by application of the if-converted method. | | | | | | | | | | | | | | | | | (Amounts in thousands, except per unit amounts) | For the Three Months Ended June 30, | | | | 2020 | | 2019 | | 2020 | | 2019 | Numerator: | | | | | | | | (Loss) income from continuing operations, net of (loss) income attributable to noncontrolling interests in consolidated subsidiaries | $ | (199,584 | ) | | $ | 2,575,182 |
| | $ | (181,700 | ) | | $ | 2,781,543 |
| Income (loss) from discontinued operations | — |
| | 60 |
| | — |
| | (77 | ) | Net (loss) income attributable to Vornado Realty L.P. | (199,584 | ) | | 2,575,242 |
| | (181,700 | ) | | 2,781,466 |
| Preferred unit distributions | (12,571 | ) | | (12,573 | ) | | (25,143 | ) | | (25,148 | ) | Net (loss) income attributable to Class A unitholders | (212,155 | ) | | 2,562,669 |
| | (206,843 | ) | | 2,756,318 |
| Earnings allocated to unvested participating securities | (1,439 | ) | | (10,162 | ) | | (6,357 | ) | | (10,860 | ) | Numerator for basic (loss) income per Class A unit | (213,594 | ) | | 2,552,507 |
| | (213,200 | ) | | 2,745,458 |
| Impact of assumed conversions: | | | | | | | | Convertible preferred unit distributions | — |
| | 14 |
| | — |
| | 29 |
| Numerator for diluted (loss) income per Class A unit | $ | (213,594 | ) | | $ | 2,552,521 |
| | $ | (213,200 | ) | | $ | 2,745,487 |
| | | | | | | | | Denominator: | | | | | | | | Denominator for basic (loss) income per Class A unit – weighted average units | 203,512 |
| | 202,924 |
| | 203,441 |
| | 202,848 |
| Effect of dilutive securities(1): | | | | | | | | Vornado stock options, Vornado restricted stock awards, OP Units, AO LTIP Units and OPPs | — |
| | 522 |
| | — |
| | 508 |
| Convertible preferred units | — |
| | 34 |
| | — |
| | 35 |
| Denominator for diluted (loss) income per Class A unit – weighted average units and assumed conversions | 203,512 |
| | 203,480 |
| | 203,441 |
| | 203,391 |
| | | | | | | | | (LOSS) INCOME PER CLASS A UNIT - BASIC: | | | | | | | | Net (loss) income per Class A unit | $ | (1.05 | ) | | $ | 12.58 |
| | $ | (1.05 | ) | | $ | 13.53 |
| | | | | | | | | (LOSS) INCOME PER CLASS A UNIT - DILUTED: | | | | | | | | Net (loss) income per Class A unit | $ | (1.05 | ) | | $ | 12.54 |
| | $ | (1.05 | ) | | $ | 13.50 |
|
____________________ (1) The effect of dilutive securities excluded an aggregate of 1,834 and 187 Class A unit equivalents for the three months ended June 30, 2020 and 2019, respectively, and 1,622 and 160 Class A unit equivalents for the six months ended June 30, 2020 and 2019, respectively, as their effect was anti-dilutive.
|