NET INCOME (LOSS) PER UNRESTRICTED 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 years ended December 31,2025, 2024 and 2023 is presented below.
202520242023
DOLLARS IN MILLIONS
Net Income (Loss) attributable to Kemper Corporation
$143.3 $317.8 $(272.1)
SHARES IN THOUSANDS
Weighted-average Unrestricted Shares Outstanding
62,010.7 64,179.5 64,025.6 
Equity-based Compensation Equivalent Shares
595.5 596.5 — 
Weighted-average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution
62,606.2 64,776.0 64,025.6 
Net Income (Loss) attributable to Kemper Corporation per Unrestricted Share:
PER UNRESTRICTED SHARE IN WHOLE DOLLARS
Basic Net Income (Loss) Per Unrestricted Share
$2.31 $4.95 $(4.25)
Diluted Net Income (Loss) Per Unrestricted Share
$2.29 $4.91 $(4.25)
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 because the effect of inclusion would be anti-dilutive was 1.7 million, 1.4 million, and 3.6 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Historical Timeline

Fiscal YearFiled
2025Feb 11, 2026Showing above
2024Feb 7, 2025
2023Feb 7, 2024
2022Feb 9, 2023
2021Feb 10, 2022

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.