Earnings Per Share/Unit

6 Months Ended

Jun. 30, 2025

22. Earnings Per Share/Unit

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,
	2025			2024			2025			2024
Computation of Basic and Diluted Earnings Per Share:
Net income available to the Company's common shareholders	$	155,430		$	111,777		$	280,564		$	92,861
Earnings attributable to participating securities		(622	)		(700	)		(1,227	)		(1,380	)
Net income available to the Company’s common shareholders for basic and diluted earnings per share		154,808			111,077			279,337			91,481
Distributions on convertible units		9			-			18			-
Net income available to the Company’s common shareholders for diluted earnings per share	$	154,817		$	111,077		$	279,355		$	91,481

Weighted average common shares outstanding – basic		674,613			671,198			675,837			670,658
Effect of dilutive securities (1):
Equity awards		369			129			317			129
Assumed conversion of convertible units		97			57			90			52
Weighted average common shares outstanding – diluted		675,079			671,384			676,244			670,839

Net income available to the Company's common shareholders:
Basic earnings per share	$	0.23		$	0.17		$	0.41		$	0.14
Diluted earnings per share	$	0.23		$	0.17		$	0.41		$	0.14

(1)

The effect of the assumed conversion of certain convertible units/preferred shares 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,
	2025			2024			2025			2024
Computation of Basic and Diluted Earnings Per Unit:
Net income available to Kimco OP’s common unitholders	$	155,777		$	111,968		$	281,122		$	93,037
Earnings attributable to participating securities		(705	)		(729	)		(1,336	)		(1,438	)
Net income available to Kimco OP’s common unitholders for basic and diluted earnings per unit		155,072			111,239			279,786			91,599
Distributions on convertible units		9			-			18			-
Net income available to Kimco OP’s common unitholders for diluted earnings per unit	$	155,081		$	111,239		$	279,804		$	91,599

Weighted average common units outstanding – basic		675,609			675,189			676,818			674,572
Effect of dilutive securities (1):
Unit awards		369			129			317			129
Assumed conversion of convertible units		97			56			90			52
Weighted average common units outstanding – diluted		676,075			675,374			677,225			674,753

Net income available to Kimco OP’s common unitholders:
Basic earnings per unit	$	0.23		$	0.16		$	0.41		$	0.14
Diluted earnings per unit	$	0.23		$	0.16		$	0.41		$	0.14

(1)

The effect of the assumed conversion of certain convertible units/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.

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