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EARNINGS PER SHARE | 12 Months Ended
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Dec. 31, 2023
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | 11. 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 years ended December 31, 2023 and 2021, the treasury stock method was the more dilutive method. For the year ended December 31, 2022, the two-class method was the more dilutive method. The computation of diluted earnings per share excludes the following restricted units and AOG Units as their effect would have been anti-dilutive:
|  |  | Year ended December 31,
|  |  |  |  | 2023 |  | 2022 |  | 2021
Restricted units |  |  |  |  | 2,071 |  |  | — |  |  | 132 |
AOG Units |  |  |  |  | 118,804,252 |  |  | — |  |  | 116,226,798 |
The following table presents the computation of basic and diluted earnings per common share:
|  |  | Year ended December 31,
|  |  |  |  | 2023 |  | 2022 |  | 2021
Basic earnings per share of Class A and non-voting common stock: |  |  |  |  |  |  |  |  |
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders |  |  |  |  | $ | 474,326 |  |  | $ | 167,541 |  |  | $ | 386,748 |
Dividends declared and paid on Class A and non-voting common stock |  |  |  |  | (571,923) |  |  | (429,104) |  |  | (309,835) |
Distributions on unvested restricted units |  |  |  |  | (21,303) |  |  | (14,096) |  |  | (10,986) |
Undistributed earnings allocable to participating unvested restricted units |  |  |  |  | — |  |  | — |  |  | (7,138) |
Undistributed net income (dividends in excess of earnings) available to Class A and non-voting common stockholders |  |  |  |  | $ | (118,900) |  |  | $ | (275,659) |  |  | $ | 58,789 |
Basic weighted-average shares of Class A and non-voting common stock |  |  |  |  | 184,523,524 |  |  | 175,510,798 |  |  | 163,703,626 |
Undistributed basic earnings (dividends in excess of earnings) per share of Class A and non-voting common stock |  |  |  |  | $ | (0.64) |  |  | $ | (1.57) |  |  | $ | 0.36 |
Dividend declared and paid per Class A and non-voting common stock |  |  |  |  | 3.08 |  |  | 2.44 |  |  | 1.88 |
Basic earnings per share of Class A and non-voting common stock |  |  |  |  | $ | 2.44 |  |  | $ | 0.87 |  |  | $ | 2.24 |
Diluted earnings per share of Class A and non-voting common stock: |  |  |  |  |  |  |  |  |
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders |  |  |  |  | $ | 474,326 |  |  | $ | 167,541 |  |  | $ | 386,748 |
Distributions on unvested restricted units |  |  |  |  | — |  |  | (14,096) |  |  | — |
Net income available to Class A and non-voting common stockholders |  |  |  |  | $ | 474,326 |  |  | $ | 153,445 |  |  | $ | 386,748 |
Effect of dilutive shares: |  |  |  |  |  |  |  |  |
Restricted units |  |  |  |  | 9,347,318 |  |  | — |  |  | 11,209,144 |
Options |  |  |  |  | 1,902,584 |  |  | — |  |  | 5,199,501 |
Diluted weighted-average shares of Class A and non-voting common stock |  |  |  |  | 195,773,426 |  |  | 175,510,798 |  |  | 180,112,271 |
Diluted earnings per share of Class A and non-voting common stock |  |  |  |  | $ | 2.42 |  |  | $ | 0.87 |  |  | $ | 2.15 |

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