Earnings Per Share/Units

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share/Units

21. Earnings Per Share/Units

The following table sets forth the reconciliation of the Company’s earnings and the weighted-average number of shares used in the calculation of basic and diluted earnings per share (amounts presented in thousands, except per share data):

	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Computation of Basic and Diluted Earnings Per Share:
Net income available to the Company's common    shareholders	$	111,777		$	100,426		$	92,861		$	383,938
Earnings attributable to participating securities		(700	)		(647	)		(1,380	)		(2,074	)
Net income available to the Company’s common    shareholders for basic earnings per share		111,077			99,779			91,481			381,864
Distributions on convertible units		-			-			-			1,479
Net income available to the Company’s common    shareholders for diluted earnings per share	$	111,077		$	99,779		$	91,481		$	383,343
Weighted average common shares outstanding – basic		671,198			617,077			670,658			616,785
Effect of dilutive securities (1):
Equity awards		129			122			129			490
Assumed conversion of convertible units		57			58			52			2,474
Weighted average common shares outstanding – diluted		671,384			617,257			670,839			619,749
Net income available to the Company's common    shareholders:
Basic earnings per share	$	0.17		$	0.16		$	0.14		$	0.62
Diluted earnings per share	$	0.17		$	0.16		$	0.14		$	0.62

(1)The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Net income available to the Company’s common shareholders per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations.

The following table sets forth the reconciliation of Kimco OP’s earnings and the weighted-average number of units used in the calculation of basic and diluted earnings per unit (amounts presented in thousands except per unit data):

	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Computation of Basic and Diluted Earnings Per Unit:
Net income available to Kimco OP’s common unitholders	$	111,968		$	100,426		$	93,037		$	383,938
Earnings attributable to participating securities		(729	)		(647	)		(1,438	)		(2,074	)
Net income available to Kimco OP’s common unitholders    for basic earnings per unit		111,239			99,779			91,599			381,864
Distributions on convertible units		-			-			-			1,479
Net income available to Kimco OP’s common unitholders    for diluted earnings per unit	$	111,239		$	99,779		$	91,599		$	383,343
Weighted average common units outstanding – basic		675,189			617,077			674,572			616,785
Effect of dilutive securities (1):
Unit awards		129			122			129			490
Assumed conversion of convertible units		56			58			52			2,474
Weighted average common units outstanding – diluted		675,374			617,257			674,753			619,749
Net income available to Kimco OP’s common unitholders:
Basic earnings per unit	$	0.16		$	0.16		$	0.14		$	0.62
Diluted earnings per unit	$	0.16		$	0.16		$	0.14		$	0.62

(1)The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Net income available to Kimco OP’s common unitholders per unit. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per unit calculations.

Unvested restricted share awards contain non-forfeitable rights to distributions or distribution equivalents. The impact of the unvested restricted share awards on earnings per share has been calculated using the two-class method whereby earnings are allocated to the unvested restricted share awards based on dividends declared and the unvested restricted shares’ participation rights in undistributed earnings.