N sample size. The kurtosis is negative with a value less than 3. There are three types of kurtosis.
Kurtosis is a statistical measure used to describe the distribution of observed data around the mean.
Therefore the excess kurtosis is found using the formula below. More peak than normal leptokurtic means that a distribution also has fatter tails and that there are more chances of extreme outcomes compared to a normal distribution. An excess kurtosis is a metric that compares the kurtosis of a distribution against the kurtosis of a normal distribution. As the kurtosis measure for a normal distribution is 3 we can calculate excess kurtosis by keeping reference zero for normal distribution.