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Earnings Per Share
 6 Months Ended
Jun. 30, 2014
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
EARNINGS PER SHARE

Under FASB ASC Topic 260-10-45 Earnings Per Share, the Company uses the two-class method to calculate earnings per share. Basic earnings per share is calculated based on dividends declared (“distributed earnings”) and the rights of common shares and participating securities in any undistributed earnings, which represents net income remaining after deduction of dividends declared during the period. Participating securities, which include unvested restricted stock, are included in the computation of earnings per share pursuant to the two-class method. The undistributed earnings are allocated to all outstanding common shares and participating securities based on the relative percentage of each security to the total number of outstanding securities. Basic earnings per common share and participating securities represent the summation of the distributed and undistributed earnings per common share and participating security divided by the total weighted average number of common shares outstanding and the total weighted average number of participating securities outstanding during the respective periods. Kennedy Wilson only presents the earnings per share attributable to the common shareholders.
 
Net losses, after deducting the dividends to participating securities, are allocated in full to the common shares since the participating security holders do not have an obligation to share in the losses, based on the contractual rights and obligations of the participating securities. Because Kennedy Wilson incurred losses for the three and six months ended June 30, 2013, all potentially dilutive instruments are anti-dilutive and have been excluded from our computation of weighted average dilutive shares outstanding for that period. The following is a summary of the elements used in calculating basic and diluted income (loss) per share for the three and six months ended June 30, 2014 and 2013:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(Dollars in millions, except share and per share amounts)
2014
 
2013
 
2014
 
2013
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders
$
36.3

 
$
(2.5
)
 
$
46.8

 
$
(6.1
)
Net income allocated to participating securities
(1.2
)
 
(0.2
)
 
(1.8
)
 
(0.5
)
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders, net of allocation to participating securities
35.1

 
(2.7
)
 
45.0

 
(6.6
)
Dividends declared on common shares
(8.0
)
 
(5.0
)
 
(16.0
)
 
(9.8
)
Undistributed earnings attributable to Kennedy-Wilson Holdings, Inc. common shareholders, net of allocation to participating securities
$
27.1

 
$
(7.7
)
 
$
29.0

 
$
(16.4
)
 
 
 
 
 
 
 
 
Distributed earnings per share
$
0.09

 
$
0.07

 
$
0.18

 
$
0.14

Undistributed earnings (losses) per share
0.30

 
(0.10
)
 
0.33

 
(0.23
)
Income (loss) per basic
0.39

 
(0.03
)
 
0.51

 
(0.09
)
 
 
 
 
 
 
 
 
Income (loss) per diluted
$
0.38

 
$
(0.03
)
 
$
0.50

 
$
(0.09
)
 
 
 
 
 
 
 
 
Weighted average shares outstanding for basic
89,140,498

 
70,976,247

 
88,645,002

 
66,432,823

Weighted average shares outstanding for diluted(1)
102,115,350

 
70,976,247

 
101,435,250

 
66,432,823

Dividends declared per common share
$
0.09

 
$
0.07

 
$
0.18

 
$
0.14

                           
(1) For the three and six months ended June 30, 2013, a total of 19,507,357 and 19,775,968 potentially dilutive securities have not been included in the diluted weighted average shares as they are anti-dilutive. Potentially anti-dilutive securities include preferred stock, warrants, and unvested restricted stock grants.