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Earnings Per Share/Units
 9 Months Ended
Sep. 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 September 30,

 

 

Nine Months Ended September 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Computation of Basic and Diluted Earnings Per Share:

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to the Company's common
   shareholders

 

$

128,022

 

 

$

111,954

 

 

$

220,883

 

 

$

495,892

 

Change in redeemable noncontrolling interests' carrying amount

 

 

(1,691

)

 

 

-

 

 

 

(1,691

)

 

 

-

 

Earnings attributable to participating securities

 

 

(687

)

 

 

(641

)

 

 

(2,066

)

 

 

(2,460

)

Net income available to the Company’s common
   shareholders for basic earnings per share

 

 

125,644

 

 

 

111,313

 

 

 

217,126

 

 

 

493,432

 

Distributions on convertible units

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,919

 

Net income available to the Company’s common
   shareholders for diluted earnings per share

 

$

125,644

 

 

$

111,313

 

 

$

217,126

 

 

$

495,351

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding – basic

 

 

671,231

 

 

 

617,090

 

 

 

670,851

 

 

 

616,888

 

Effect of dilutive securities (1):

 

 

 

 

 

 

 

 

 

 

 

 

Equity awards

 

 

289

 

 

 

124

 

 

 

193

 

 

 

129

 

Assumed conversion of convertible units

 

 

57

 

 

 

57

 

 

 

52

 

 

 

2,478

 

Weighted average common shares outstanding – diluted

 

 

671,577

 

 

 

617,271

 

 

 

671,096

 

 

 

619,495

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to the Company's common
   shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.19

 

 

$

0.18

 

 

$

0.32

 

 

$

0.80

 

Diluted earnings per share

 

$

0.19

 

 

$

0.18

 

 

$

0.32

 

 

$

0.80

 

 

(1)
The effect of the assumed conversion of certain convertible units and convertible preferred stock 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 September 30,

 

 

Nine Months Ended September 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Computation of Basic and Diluted Earnings Per Unit:

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to Kimco OP’s common unitholders

 

$

128,238

 

 

$

111,954

 

 

$

221,275

 

 

$

495,892

 

Change in redeemable noncontrolling interests' carrying amount

 

 

(1,691

)

 

 

-

 

 

 

(1,691

)

 

 

 

Earnings attributable to participating securities

 

 

(716

)

 

 

(641

)

 

 

(2,139

)

 

 

(2,460

)

Net income available to Kimco OP’s common unitholders
   for basic earnings per unit

 

 

125,831

 

 

 

111,313

 

 

 

217,445

 

 

 

493,432

 

Distributions on convertible units

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,919

 

Net income available to Kimco OP’s common unitholders
   for diluted earnings per unit

 

$

125,831

 

 

$

111,313

 

 

$

217,445

 

 

$

495,351

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common units outstanding – basic

 

 

672,185

 

 

 

617,090

 

 

 

671,801

 

 

 

616,888

 

Effect of dilutive securities (1):

 

 

 

 

 

 

 

 

 

 

 

 

Unit awards

 

 

289

 

 

 

124

 

 

 

193

 

 

 

129

 

Assumed conversion of convertible units

 

 

57

 

 

 

57

 

 

 

51

 

 

 

2,478

 

Weighted average common units outstanding – diluted

 

 

672,531

 

 

 

617,271

 

 

 

672,045

 

 

 

619,495

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to Kimco OP’s common unitholders:

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per unit

 

$

0.19

 

 

$

0.18

 

 

$

0.32

 

 

$

0.80

 

Diluted earnings per unit

 

$

0.19

 

 

$

0.18

 

 

$

0.32

 

 

$

0.80

 

 

 

(1)
The effect of the assumed conversion of certain convertible units and convertible preferred 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.