EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2023

10. EARNINGS PER SHARE

The Company has Class A and non-voting common stock outstanding. The non-voting common stock has the same economic rights as the Class A common stock; therefore, earnings per share is presented on a combined basis. Income of the Company has been allocated on a proportionate basis to the two common stock classes.

Basic earnings per share of Class A and non-voting common stock is computed by using the two-class method. Diluted earnings per share of Class A and non-voting common stock is computed using the more dilutive method of either the two-class method or the treasury stock method.

For the three and nine months ended September 30, 2023 and 2022, the two-class method was the more dilutive method.

The following table presents the computation of basic and diluted earnings per common share:


	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
Basic earnings per share of Class A and non-voting common stock:
Net income (loss) attributable to Ares Management Corporation Class A and non-voting common stockholders	$	61,823	$	(35,546)	$	300,376	$	50,048
Distributions on unvested restricted units	(5,337)		(3,555)		(15,969)		(10,601)

Net income (loss) available to Class A and non-voting common stockholders	$	56,486	$	(39,101)	$	284,407	$	39,447
Basic weighted-average shares of Class A and non-voting common stock	186,218,638		175,631,144		182,757,955		175,010,241
Basic earnings (loss) per share of Class A and non-voting common stock	$	0.30	$	(0.22)	$	1.54	$	0.23

Diluted earnings per share of Class A and non-voting common stock:
Net income (loss) attributable to Ares Management Corporation Class A and non-voting common stockholders	$	61,823	$	(35,546)	$	300,376	$	50,048
Distributions on unvested restricted units	(5,337)		(3,555)		(15,969)		(10,601)
Net income (loss) available to Class A and non-voting common stockholders	$	56,486	$	(39,101)	$	284,407	$	39,447
Effect of dilutive shares:
Restricted units	—		—		—		—
Options	—		—		—		—

Diluted weighted-average shares of Class A and non-voting common stock	186,218,638		175,631,144		182,757,955		175,010,241
Diluted earnings (loss) per share of Class A and non-voting common stock	$	0.30	$	(0.22)	$	1.54	$	0.23

Dividend declared and paid per Class A and non-voting common stock	$	0.77	$	0.61	$	2.31	$	1.83