VORNADO REALTY TRUSTVNO
VORNADO REALTY TRUST Earnings Per Share Disclosure
Income Per Share and Per Class A Unit
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Vornado Realty Trust
Basic net income per common share is computed by dividing (i) net income attributable to common stockholders 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 Year Ended December 31, | ||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Numerator: | |||||||||||||||||
| Net income attributable to Vornado | $ | 904,955 | $ | 70,387 | $ | 105,494 | |||||||||||
| Preferred share dividends | (62,104) | (62,112) | (62,116) | ||||||||||||||
| Net income attributable to common shareholders | 842,851 | 8,275 | 43,378 | ||||||||||||||
| Distributions and earnings allocated to unvested participating securities | — | — | (2) | ||||||||||||||
| Numerator for basic income per common share | 842,851 | 8,275 | 43,376 | ||||||||||||||
| Impact of assumed conversion of dilutive potential convertible securities | 1,409 | — | — | ||||||||||||||
| Numerator for diluted income per common share | $ | 844,260 | $ | 8,275 | $ | 43,376 | |||||||||||
| Denominator: | |||||||||||||||||
| Denominator for basic income per common share - weighted average shares | 191,759 | 190,539 | 191,005 | ||||||||||||||
Effect of dilutive securities(1): | |||||||||||||||||
| Share-based awards | 7,976 | 6,087 | 851 | ||||||||||||||
| Convertible securities | 1,314 | — | — | ||||||||||||||
| Denominator for diluted income per common share - weighted average shares and assumed conversions | 201,049 | 196,626 | 191,856 | ||||||||||||||
| Income per common share: | |||||||||||||||||
| Basic | $ | 4.40 | $ | 0.04 | $ | 0.23 | |||||||||||
| Diluted | $ | 4.20 | $ | 0.04 | $ | 0.23 | |||||||||||
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(1)For the year ended December 31, 2025, there were no antidilutive potential common shares. The calculation of diluted income per common share for the years ended December 31, 2024 and 2023 excluded weighted average potential common shares of 1,580, and 3,458, respectively, as their effect was antidilutive.
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 share reflects the dilutive impact of potential Class A units and is computed after allocation of earnings to participating securities. VRLP’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. Convertible securities, including 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 Class A unit using the if-converted method, if dilutive.
| (Amounts in thousands, except per unit amounts) | For the Year Ended December 31, | ||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Numerator: | |||||||||||||||||
| Net income attributable to Vornado Realty L.P. | $ | 978,826 | $ | 71,247 | $ | 108,855 | |||||||||||
| Preferred unit distributions | (62,219) | (62,227) | (62,231) | ||||||||||||||
| Net income attributable to Class A unitholders | 916,607 | 9,020 | 46,624 | ||||||||||||||
| Distributions and earnings allocated to participating securities | (13,265) | (1,964) | (1,323) | ||||||||||||||
| Numerator for basic income per Class A unit | 903,342 | 7,056 | 45,301 | ||||||||||||||
| Impact of assumed conversion of dilutive potential Class A units | 1,409 | — | — | ||||||||||||||
| Numerator for diluted income per Class A unit | $ | 904,751 | $ | 7,056 | $ | 45,301 | |||||||||||
| Denominator: | |||||||||||||||||
| Denominator for basic income per Class A unit – weighted average units | 205,697 | 204,981 | 205,105 | ||||||||||||||
Effect of dilutive securities(1): | |||||||||||||||||
| Unit-based awards | 7,976 | 6,087 | 851 | ||||||||||||||
| Convertible securities | 1,314 | — | — | ||||||||||||||
| Denominator for diluted income per Class A unit – weighted average units and assumed conversions | 214,987 | 211,068 | 205,956 | ||||||||||||||
| Income per Class A unit: | |||||||||||||||||
| Basic | $ | 4.39 | $ | 0.03 | $ | 0.22 | |||||||||||
| Diluted | $ | 4.21 | $ | 0.03 | $ | 0.22 | |||||||||||
(1)For the year ended December 31, 2025, there were no antidilutive potential Class A units. The calculation of diluted income per Class A unit for the years ended December 31, 2024 and 2023 excluded weighted average potential Class A units of 1,580, and 3,458, respectively, as their effect was antidilutive.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 9, 2026 | Showing above |
| 2024 | Feb 10, 2025 | |
| 2023 | Feb 12, 2024 | |
| 2022 | Feb 13, 2023 | |
| 2021 | Feb 14, 2022 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.