EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2024

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 months ended March 31, 2024 and 2023, 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 March 31,
	2024		2023
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	$	73,027	$	94,039
Dividends declared and paid on Class A and non-voting common stock	(180,929)		(138,420)
Distributions on unvested restricted units	(7,272)		(5,314)

Dividends in excess of earnings available to Class A and non-voting common stockholders	$	(115,174)	$	(49,695)
Basic weighted-average shares of Class A and non-voting common stock	192,622,609		178,976,022
Dividends in excess of earnings per share of Class A and non-voting common stock	$	(0.60)	$	(0.28)
Dividend declared and paid per Class A and non-voting common stock	0.93		0.77
Basic earnings per share of Class A and non-voting common stock	$	0.33	$	0.49

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	$	73,027	$	94,039
Distributions on unvested restricted units	(7,272)		(5,314)
Net income available to Class A and non-voting common stockholders	$	65,755	$	88,725
Effect of dilutive shares:
Restricted units	—		—
Options	—		—

Diluted weighted-average shares of Class A and non-voting common stock	192,622,609		178,976,022
Diluted earnings per share of Class A and non-voting common stock	$	0.33	$	0.49