v3.25.2
Income Per Share and Per Class A Unit
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Income Per Share and Per Class A Unit Income Per Share and Per Class A Unit
Vornado Realty Trust
Basic net income per common share is computed by dividing (i) net income attributable to common shareholders after allocation of dividends and undistributed earnings to participating securities by (ii) the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the dilutive impact of potential common shares and is computed after allocation of earnings to participating securities. Vornado’s participating securities include unvested restricted common shares. Employee stock options, OPP Units, AO LTIP Units, Performance AO LTIP Units and LTPP Units are included in the calculation of diluted income per share using the treasury stock method, if the effect is dilutive. Series A convertible preferred shares, Series G-1 through G-4 convertible preferred units, and Series D-13 redeemable preferred units are included in the calculation of diluted income per share using the if-converted method, if the effect is dilutive. Net income is allocated to redeemable Class A units of the Operating Partnership on a one-for-one basis with Vornado common shares. As such, redemption of these units for Vornado common shares would not have a dilutive effect on income per common share.
(Amounts in thousands, except per share amounts)For the Three Months Ended June 30,For the Six Months Ended June 30,
2025202420252024
Numerator:
Net income attributable to Vornado$759,345 $50,789 $861,713 $57,284 
Preferred share dividends(15,526)(15,529)(31,052)(31,058)
Net income attributable to common shareholders743,819 35,260 830,661 26,226 
Distributions and earnings allocated to unvested participating securities— — — — 
Numerator for basic income per common share743,819 35,260 830,661 26,226 
Impact of assumed conversion of dilutive convertible securities425 — 735 — 
Numerator for diluted income per common share$744,244 $35,260 $831,396 $26,226 
Denominator:
Denominator for basic income per common share - weighted average shares191,984 190,492 191,680 190,460 
Effect of dilutive securities(1):
Share-based payment awards7,740 3,913 7,951 4,058 
Convertible securities1,342 — 1,296 — 
Denominator for diluted income per common share - weighted average shares and assumed conversions201,066 194,405 200,927 194,518 
 INCOME PER COMMON SHARE:
Basic$3.87 $0.19 $4.33 $0.14 
Diluted$3.70 $0.18 $4.14 $0.13 
____________________
(1)For the three and six months ended June 30, 2025, there were no antidilutive potential common share equivalents.
13.    Income Per Share and Per Class A Unit - continued
Vornado Realty L.P.
Basic net income per Class A unit is computed by dividing (i) net income attributable to Class A unitholders after allocation of distributions and undistributed earnings to participating securities by (ii) the weighted average number of Class A units outstanding for the period. Diluted earnings per unit reflects the dilutive impact of potential Class A units and is computed after allocation of earnings to participating securities. Vornado Realty L.P.’s participating securities include unvested LTIP Units and LTPP Units for which the applicable performance vesting conditions were satisfied. Equity awards subject to market and/or performance vesting conditions, including Vornado stock options, OPP Units, AO LTIP Units, Performance AO LTIP Units and LTPP Units, are included in the calculation of diluted income per Class A unit using the treasury stock method, if the effect is dilutive. Convertible securities, including Series A convertible preferred units, Series G-1 through G-4 convertible preferred units, and Series D-13 redeemable preferred units, are included in the calculation of diluted income per Class A unit using the if-converted method, if the effect is dilutive.
(Amounts in thousands, except per unit amounts)For the Three Months Ended June 30,For the Six Months Ended June 30,
2025202420252024
Numerator:
Net income attributable to Vornado Realty L.P.$824,208 $53,989 $934,465 $59,698 
Preferred unit distributions(15,554)(15,557)(31,109)(31,115)
Net income attributable to Class A unitholders808,654 38,432 903,356 28,583 
Distributions and earnings allocated to unvested participating securities(11,272)(494)(12,644)(372)
Numerator for basic income per Class A unit797,382 37,938 890,712 28,211 
Impact of assumed conversion of dilutive convertible securities425 — 735 — 
Numerator for diluted income per Class A unit$797,807 $37,938 $891,447 $28,211 
Denominator:
Denominator for basic income per Class A unit - weighted average units205,809 204,960 205,785 204,917 
Effect of dilutive securities(1):
Unit-based payment awards7,740 3,913 7,951 4,058 
Convertible securities1,342 — 1,296 — 
Denominator for diluted income per Class A unit - weighted average units and assumed conversions214,891 208,873 215,032 208,975 
 INCOME PER CLASS A UNIT:
Basic$3.87 $0.19 $4.33 $0.14 
Diluted$3.71 $0.18 $4.15 $0.13 
____________________
(1)For the three and six months ended June 30, 2025, there were no antidilutive potential Class A unit equivalents.