Note 21 - Earnings Per Share/Units

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Earnings Per Share [Text Block]

21. Earnings Per Share/Units

The following table sets forth the reconciliation of 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 March 31,
	2024			2023
Computation of Basic and Diluted Earnings Per Share:
Net (loss)/income available to the Company's common shareholders	$	(18,916	)	$	283,512
Earnings attributable to participating securities		(680	)		(1,766	)
Net (loss)/income available to the Company’s common shareholders for basic earnings per share		(19,596	)		281,746
Distributions on convertible units		-			1,118
Net (loss)/income available to the Company’s common shareholders for diluted earnings per share	$	(19,596	)	$	282,864
Weighted average common shares outstanding – basic		670,118			616,489
Effect of dilutive securities (1):
Equity awards		-			584
Assumed conversion of convertible units		-			2,555
Weighted average common shares outstanding – diluted		670,118			619,628
Net (loss)/income available to the Company's common shareholders:
Basic earnings per share	$	(0.03	)	$	0.46
Diluted earnings per share	$	(0.03	)	$	0.46

(1) The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Net (loss)/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 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 March 31,
	2024			2023
Computation of Basic and Diluted Earnings Per Unit:
Net (loss)/income available to Kimco OP's common unitholders	$	(18,931	)	$	283,512
Earnings attributable to participating securities		(680	)		(1,766	)
Net (loss)/income available to Kimco OP's common unitholders for basic earnings per unit		(19,611	)		281,746
Distributions on convertible units		-			1,118
Net (loss)/income available to Kimco OP’s common unitholders for diluted earnings per unit	$	(19,611	)	$	282,864
Weighted average common units outstanding – basic		673,954			616,489
Effect of dilutive securities (1):
Unit awards		-			584
Assumed conversion of convertible units		-			2,555
Weighted average common units outstanding – diluted		673,954			619,628
Net (loss)/income available to Kimco OP's common shareholders:
Basic earnings per unit	$	(0.03	)	$	0.46
Diluted earnings per unit	$	(0.03	)	$	0.46

(1) The effect of the assumed conversion of certain convertible units had an anti-dilutive effect upon the calculation of Net (loss)/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.