Net Income Available to Common Stockholders Per Share of the Company

12 Months Ended

Dec. 31, 2019

Net Income Available to Common Stockholders Per Share of the Company

The following table reconciles the numerator and denominator in computing the Company’s basic and diluted per-share computations for net income available to common stockholders for the years ended December 31, 2019, 2018 and 2017:



	Year Ended December 31,
	2019			2018			2017
	(in thousands, except unit and per unit amounts)
Numerator:
Net income attributable to Kilroy Realty Corporation	$	195,443		$	258,415		$	164,612
Total preferred dividends	—			—			(13,363		)
Allocation to participating securities ⁽¹⁾	(2,119		)	(2,004		)	(1,975		)
Numerator for basic and diluted net income available to common stockholders	$	193,324		$	256,411		$	149,274
Denominator:
Basic weighted average vested shares outstanding	103,200,568			99,972,359			98,113,561
Effect of dilutive securities	648,600			510,006			613,770
Diluted weighted average vested shares and common stock equivalents outstanding	103,849,168			100,482,365			98,727,331
Basic earnings per share:
Net income available to common stockholders per share	$	1.87		$	2.56		$	1.52
Diluted earnings per share:
Net income available to common stockholders per share	$	1.86		$	2.55		$	1.51

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(1)	Participating securities include nonvested shares, certain time-based RSUs and vested market measure-based RSUs.

Share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are considered participating securities. The impact of potentially dilutive common shares, including stock options, RSUs, shares issuable under executed forward equity sale agreements and other securities are considered in our diluted earnings per share calculation for the years ended December 31, 2019, 2018, and 2017. Certain market measure-based RSUs are not included in dilutive securities as of December 31, 2019, 2018, and 2017 as not all performance metrics had been met by the end of the applicable reporting periods.

See Note 15 “Share-Based Compensation” for additional information regarding the stock options and other share-based compensation.