Net Income Per Unrestricted Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Net Income Per Unrestricted Share

Net Income Per Unrestricted Share

The Company’s awards of deferred stock units granted to Kemper’s non-employee directors prior to 2019 contain rights to receive non-forfeitable dividend equivalents and participate in the undistributed earnings with common shareholders. Accordingly, the Company is required to apply the two-class method of computing basic and diluted earnings per share.

A reconciliation of the numerator and denominator used in the calculation of Basic Net Income (Loss) Per Unrestricted Share and Diluted Net Income (Loss) Per Unrestricted Share for the nine and three months ended September 30, 2022 and 2021 is presented below.

	Nine Months Ended				Three Months Ended
(Dollars in Millions, except per share amounts)	Sep 30, 2022		Sep 30, 2021		Sep 30, 2022		Sep 30, 2021
Net Income (Loss)	$	(245.7)	$	(14.7)	$	(76.2)	$	(75.3)
Less: Net Income Attributed to Participating Awards	—		—		—		—
Net Income (Loss) Attributed to Unrestricted Shares	(245.7)		(14.7)		(76.2)		(75.3)
Dilutive Effect on Income of Equity-based Compensation Equivalent Shares	—		—		—		—
Diluted Net Income (Loss) Attributed to Unrestricted Shares	$	(245.7)	$	(14.7)	$	(76.2)	$	(75.3)
(Number of Shares in Thousands)
Weighted-average Unrestricted Shares Outstanding	63,804.4		64,469.9		63,852.8		63,628.1
Equity-based Compensation Equivalent Shares	—		—		—		—
Weighted-average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution	63,804.4		64,469.9		63,852.8		63,628.1
(Per Unrestricted Share in Whole Dollars)
Basic Net Income (Loss) Per Unrestricted Share	$	(3.85)	$	(0.23)	$	(1.19)	$	(1.18)
Diluted Net Income (Loss) Per Unrestricted Share	$	(3.85)	$	(0.23)	$	(1.19)	$	(1.18)

Note 2 - Net Income Per Unrestricted Share (Continued)

The number of shares of Kemper common stock that were excluded from the calculations of Equity-based Compensation Equivalent Shares and Weighted-average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution for the nine and three months ended September 30, 2022 and 2021, because the effect of inclusion would be anti-dilutive, is presented below.

	Nine Months Ended		Three Months Ended
(Number of Shares in Thousands)	Sep 30, 2022	Sep 30, 2021	Sep 30, 2022	Sep 30, 2021
Equity-based Compensation Equivalent Shares	2,439.1	2,205.4	2,355.5	2,170.2
Weighted-average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution	2,439.1	2,205.4	2,355.5	2,170.2