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Net Income Per Unrestricted Share | 9 Months Ended
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Sep. 30, 2020
Earnings Per Share [Abstract] |
Net Income Per Unrestricted Share | Net Income Per Unrestricted Share The Company’s awards of deferred stock units contain rights to receive non-forfeitable dividend equivalents and participate in the undistributed earnings with common shareholders, as did the Company’s awards of restricted stock units and performance share units prior to 2018. 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 Income Per Unrestricted Share and Diluted Net Income Per Unrestricted Share for the nine and three months ended September 30, 2020 and 2019 is presented below.
|  | Nine Months Ended |  | Three Months Ended
(Dollars in Millions) |  | Sep 30, 2020 |  | Sep 30, 2019 |  | Sep 30, 2020 |  | Sep 30, 2019
Net Income |  | $ | 312.4 |  |  | $ | 406.4 |  |  | $ | 122.3 |  |  | $ | 129.0 |
Less Net Income Attributed to Participating Awards |  | 0.3 |  |  | 1.4 |  |  | 0.1 |  |  | 0.4 |
Net Income Attributed to Unrestricted Shares |  | 312.1 |  |  | 405.0 |  |  | 122.2 |  |  | 128.6 |
Dilutive Effect on Income of Equity-based Compensation Equivalent Shares |  | — |  |  | — |  |  | — |  |  | — |
Diluted Net Income Attributed to Unrestricted Shares |  | $ | 312.1 |  |  | $ | 405.0 |  |  | $ | 122.2 |  |  | $ | 128.6 |
(Number of Shares in Thousands) |  |  |  |  |  |  |  |
Weighted-average Unrestricted Shares Outstanding |  | 65,710.8 |  |  | 65,621.8 |  |  | 65,362.5 |  |  | 66,622.4 |
Equity-based Compensation Equivalent Shares |  | 1,086.6 |  |  | 719.4 |  |  | 1,271.0 |  |  | 585.3 |
Weighted-average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution |  | 66,797.4 |  |  | 66,341.2 |  |  | 66,633.5 |  |  | 67,207.7 |
(Per Unrestricted Share in Whole Dollars) |  |  |  |  |  |  |  |
Basic Net Income Per Unrestricted Share |  | $ | 4.75 |  |  | $ | 6.17 |  |  | $ | 1.87 |  |  | $ | 1.93 |
Diluted Net Income Per Unrestricted Share |  | $ | 4.67 |  |  | $ | 6.10 |  |  | $ | 1.83 |  |  | $ | 1.91 |
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 nine and three months ended September 30, 2020 and 2019, because the effect of inclusion would be anti-dilutive, is presented below.
|  | Nine Months Ended |  | Three Months Ended
(Number of Shares in Thousands) |  | Sep 30, 2020 |  | Sep 30, 2019 |  | Sep 30, 2020 |  | Sep 30, 2019
Equity-based Compensation Equivalent Shares |  | 873.3 |  |  | 553.6 |  |  | 876.1 |  |  | 544.7 |
Weighted-average Unrestricted Shares and Equivalent Shares Outstanding Assuming Dilution |  | 873.3 |  |  | 553.6 |  |  | 876.1 |  |  | 544.7 |

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