Income from Continuing Operations Per Unrestricted Share

12 Months Ended

Dec. 31, 2022

Income from Continuing Operations 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 (Loss) Income Per Unrestricted Share and Diluted Net (Loss) Income Per Unrestricted Share for the years ended December 31, 2022, 2021 and 2020 is presented below.


	2022		2021		2020
DOLLARS IN MILLIONS
Net (Loss) Income	$	(301.2)	$	(120.5)	$	409.9
Less: Net Income Attributed to Participating Awards	—		—		0.4
Net (Loss) Income Attributed to Unrestricted Shares	(301.2)		(120.5)		409.5
Dilutive Effect on Income of Equity-based Compensation Equivalent Shares	—		—		—
Diluted Net (Loss) Income Attributed to Unrestricted Shares	$	(301.2)	$	(120.5)	$	409.5
SHARES IN THOUSANDS
Weighted-average Unrestricted Shares Outstanding	63,825.5		64,264.4		65,636.1
Equity-based Compensation Equivalent Shares	—		—		1,093.7
Weighted-average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution	63,825.5		64,264.4		66,729.8
PER UNRESTRICTED SHARE IN WHOLE DOLLARS
Basic Net (Loss) Income Per Unrestricted Share	$	(4.72)	$	(1.87)	$	6.24
Diluted Net (Loss) Income Per Unrestricted Share	$	(4.72)	$	(1.87)	$	6.14

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 years ended December 31, 2022, 2021 and 2020, because the effect of inclusion would be anti-dilutive, is presented below.


SHARES IN THOUSANDS	2022	2021	2020
Equity-based Compensation Equivalent Shares	2,410.7	2,180.1	874.5
Weighted-average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution	2,410.7	2,180.1	874.5