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Net Income Available to Common Unitholders Per Unit of the Operating Partnership | 6 Months Ended
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Jun. 30, 2024
Net Income Available To Common Unitholders [Line Items] |
Net Income Available to Common Unitholders Per Unit of the Operating Partnership | Net Income Available to Common Stockholders Per Share of the Company The following table reconciles the numerator and denominator in computing the Company’s basic and diluted per-share computations for net income available to common stockholders for the three and six months ended June 30, 2024 and 2023:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in thousands, except share and per share amounts)
Numerator: |  |  |  |  |  |  |
Net income available to common stockholders | $ | 49,211 |  |  | $ | 55,587 |  |  | $ | 99,131 |  |  | $ | 112,195 |
Allocation to participating securities (1) | (820) |  |  | (326) |  |  | (1,619) |  |  | (690) |
Numerator for basic and diluted net income available to common stockholders | $ | 48,391 |  |  | $ | 55,261 |  |  | $ | 97,512 |  |  | $ | 111,505 |
Denominator: |  |  |  |  |  |  |
Basic weighted average vested shares outstanding | 117,375,262 |  |  | 117,154,946 |  |  | 117,356,464 |  |  | 117,107,402 |
Effect of dilutive securities | 287,928 |  |  | 204,571 |  |  | 453,834 |  |  | 275,381 |
Diluted weighted average vested shares and common stock equivalents outstanding | 117,663,190 |  |  | 117,359,517 |  |  | 117,810,298 |  |  | 117,382,783 |
Basic earnings per share: |  |  |  |  |  |  |
Net income available to common stockholders per share | $ | 0.41 |  |  | $ | 0.47 |  |  | $ | 0.83 |  |  | $ | 0.95 |
Diluted earnings per share: |  |  |  |  |  |  |
Net income available to common stockholders per share | $ | 0.41 |  |  | $ | 0.47 |  |  | $ | 0.83 |  |  | $ | 0.95 |
________________________ (1)Participating securities include certain time-based RSUs and vested market measure-based RSUs. Share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are considered participating securities. The impact of potentially dilutive common shares, including stock options and RSUs are considered in our diluted earnings per share calculation for the three and six months ended June 30, 2024 and 2023. Certain market measure-based RSUs are not included in dilutive securities for the three and six months ended June 30, 2024 and 2023, as not all performance metrics had been met by the end of the applicable reporting periods. Additionally, certain unvested time-based RSUs are not included in dilutive securities for the six months ended June 30, 2024 and three and six months ended June 30, 2023, as they were anti-dilutive. See Note 7 “Share-Based Compensation” for additional information regarding share-based compensation.
Kilroy Realty L.P. |
Net Income Available To Common Unitholders [Line Items] |
Net Income Available to Common Unitholders Per Unit of the Operating Partnership | Net Income Available to Common Unitholders Per Unit of the Operating Partnership The following table reconciles the numerator and denominator in computing the Operating Partnership’s basic and diluted per-unit computations for net income available to common unitholders for the three and six months ended June 30, 2024 and 2023:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in thousands, except unit and per unit amounts)
Numerator: |  |  |  |  |  |  |
Net income available to common unitholders | $ | 49,669 |  |  | $ | 56,124 |  |  | $ | 100,091 |  |  | $ | 113,292 |
Allocation to participating securities (1) | (820) |  |  | (326) |  |  | (1,619) |  |  | (690) |
Numerator for basic and diluted net income available to common unitholders | $ | 48,849 |  |  | $ | 55,798 |  |  | $ | 98,472 |  |  | $ | 112,602 |
Denominator: |  |  |  |  |  |  |
Basic weighted average vested units outstanding | 118,525,836 |  |  | 118,305,520 |  |  | 118,507,038 |  |  | 118,257,976
Effect of dilutive securities | 287,928 |  |  | 204,571 |  |  | 453,834 |  |  | 275,381 |
Diluted weighted average vested units and common unit equivalents outstanding | 118,813,764 |  |  | 118,510,091 |  |  | 118,960,872 |  |  | 118,533,357 |
Basic earnings per unit: |  |  |  |  |  |  |
Net income available to common unitholders per unit | $ | 0.41 |  |  | $ | 0.47 |  |  | $ | 0.83 |  |  | $ | 0.95 |
Diluted earnings per unit: |  |  |  |  |  |  |
Net income available to common unitholders per unit | $ | 0.41 |  |  | $ | 0.47 |  |  | $ | 0.83 |  |  | $ | 0.95 |
________________________ (1)Participating securities include certain time-based RSUs and vested market measure-based RSUs. Share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are considered participating securities. The impact of potentially dilutive common units, including stock options and RSU are considered in our diluted earnings per share calculation for the three and six months ended June 30, 2024 and 2023. Certain market measure-based RSUs are not included in dilutive securities for the three and six months ended June 30, 2024 and 2023, as not all performance metrics had been met by the end of the applicable reporting periods. Additionally, certain unvested time-based RSUs are not included in dilutive securities for the six months ended June 30, 2024 and three and six months ended June 30, 2023, as they were anti-dilutive. See Note 7 “Share-Based Compensation” for additional information regarding share-based compensation.

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