EARNINGS PER SHARE
Basic earnings per share is computed by dividing net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common stockholders by the weighted average number of common shares outstanding. Diluted earnings per share is computed after adjusting the numerator and denominator of the basic earnings per share computation for the effects of all potentially dilutive common shares. The dilutive effect of non-vested stock issued under share‑based compensation plans is computed using the treasury stock method. The dilutive effect of the cumulative preferred stock is computed using the if‑converted method.
The following is a summary of the elements used in calculating basic and diluted income per share for the years ended December 31, 2025, 2024 and 2023:
 Year ended December 31,
(Dollars in millions, except share amounts and per share data)202520242023
Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders$(38.8)$(76.5)$(341.8)
Weighted-average shares outstanding for basic137,923,207137,778,812138,930,517
Loss per share - basic$(0.28)$(0.56)$(2.46)
Weighted average shares outstanding for diluted137,923,207 137,778,812 138,930,517 
Loss per share - diluted$(0.28)$(0.56)$(2.46)
There was a total of 39,585,992, 40,726,571 and 42,977,012 during the years ended December 31, 2025, 2024 and 2023, respectively, potentially dilutive securities were not included in the diluted weighted average shares as they were anti-dilutive. Potentially anti-dilutive securities include preferred stock and unvested restricted stock grants.

Historical Timeline

Fiscal YearFiled
2025Feb 27, 2026Showing above
2024Feb 28, 2025
2023Feb 22, 2024
2022Feb 22, 2023
2021Feb 25, 2022
2020Feb 26, 2021
2019Feb 28, 2020
2018Mar 1, 2019
2017Feb 27, 2018
2016Feb 27, 2017
2015Feb 29, 2016

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.