The following table sets forth the reconciliation of the Company’s earnings and the weighted-average number of shares used in the calculation of basic and diluted earnings per share (amounts presented in thousands, except per share data):


	Three Months Ended March 31,
	2026			2025
Computation of Basic and Diluted Earnings Per Share:
Net income available to the Company's common shareholders	$	157,362		$	125,134
Earnings attributable to participating securities		(619	)		(604	)
Net income available to the Company’s common shareholders for basic earnings per share		156,743			124,530
Distributions on convertible units		9			-
Net income available to the Company’s common shareholders for diluted earnings per share	$	156,752		$	124,530

Weighted average common shares outstanding – basic		671,826			677,074
Effect of dilutive securities (1):
Equity awards		847			178
Assumed conversion of convertible units		98			47
Weighted average common shares outstanding – diluted		672,771			677,299

Net income available to the Company's common shareholders:
Basic earnings per share	$	0.23		$	0.18
Diluted earnings per share	$	0.23		$	0.18

(1)

The effect of the assumed conversion of certain convertible units/preferred shares had an anti-dilutive effect upon the calculation of Net income available to the Company’s common shareholders per share. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per share calculations.

The following table sets forth the reconciliation of Kimco OP’s earnings and the weighted-average number of units used in the calculation of basic and diluted earnings per unit (amounts presented in thousands, except per unit data):


	Three Months Ended March 31,
	2026			2025
Computation of Basic and Diluted Earnings Per Unit:
Net income available to Kimco OP’s common unitholders	$	157,792		$	125,345
Earnings attributable to participating securities		(760	)		(631	)
Net income available to Kimco OP’s common unitholders for basic earnings per unit		157,032			124,714
Distributions on convertible units		9			-
Net income available to Kimco OP’s common unitholders for diluted earnings per unit	$	157,041		$	124,714

Weighted average common units outstanding – basic		672,871			678,040
Effect of dilutive securities (1):
Unit awards		847			178
Assumed conversion of convertible units		98			47
Weighted average common units outstanding – diluted		673,816			678,265

Net income available to Kimco OP’s common unitholders:
Basic earnings per unit	$	0.23		$	0.18
Diluted earnings per unit	$	0.23		$	0.18

(1)

The effect of the assumed conversion of certain convertible units/preferred units had an anti-dilutive effect upon the calculation of Net income available to Kimco OP’s common unitholders per unit. Accordingly, the impact of such conversions has not been included in the determination of diluted earnings per unit calculations.

The Company’s unvested restricted share/unit awards contain non-forfeitable rights to distributions or distribution equivalents. The impact of the unvested restricted share/unit awards on earnings per share/unit has been calculated using the two-class method whereby earnings are allocated to the unvested restricted share/unit awards based on dividends declared and the unvested restricted shares/units’ participation rights in undistributed earnings.