XML 46 R20.htm IDEA: XBRL DOCUMENT v3.19.3
Earnings Per Share
 9 Months Ended
Sep. 30, 2019
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
In accordance with ASC Subtopic 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. The Company 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. The following is a summary of the elements used in calculating basic and diluted income (loss) per share for the three and nine months ended September 30, 2019 and 2018:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(Dollars in millions, except share and per share amounts)
2019
 
2018
 
2019
 
2018
Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders
$
20.7

 
$
12.1

 
$
66.2

 
$
119.3

Dividends allocated to participating securities
—

 
(0.2
)
 
(0.2
)
 
(0.8
)
Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders, net of allocation to participating securities
20.7

 
11.9

 
66.0

 
118.5

Dividends declared on common shares
(29.1
)
 
(27.2
)
 
(89.8
)
 
(82.9
)
Undistributed (losses) earnings attributable to Kennedy-Wilson Holdings, Inc. common shareholders, net of allocation to participating securities
$
(8.4
)
 
$
(15.3
)
 
$
(23.8
)
 
$
35.6

 
 
 
 
 
 
 
 
Distributed earnings per share
$
0.21


$
0.19


$
0.64


$
0.57

Undistributed (losses) earnings per share
(0.06
)
 
(0.10
)

(0.17
)

0.26

Income per basic and diluted share
0.15

 
0.09

 
0.47

 
0.83

 
 
 
 
 
 
 
 
Weighted average shares outstanding for basic
139,947,518

 
141,003,413

 
139,669,971

 
143,450,695

Weighted average shares outstanding for diluted(1)
140,538,139

 
141,800,972

 
141,445,947

 
144,516,045

Dividends declared per common share
$
0.21

 
$
0.19

 
$
0.63

 
$
0.57

                           
(1) For the three and nine months ended September 30, 2019, a total of 1,830,940 and 1,082,604 potentially dilutive securities, respectively, have not been included in the diluted weighted average shares as they are anti-dilutive. For the three and nine months ended September 30, 2018, a total of 115,395 and 0 potentially dilutive securities, respectively, have not been included in the diluted weighted average shares as they are anti-dilutive. Potentially anti-dilutive securities include unvested restricted stock grants.