Earnings Per Common Share

3 Months Ended

Mar. 31, 2025

12. Earnings Per Common Share

Basic and diluted net income per common share are calculated as follows:


	Three Months Ended March 31, 2025
	Basic	Diluted
Net income attributable to common shares	$130,000,000	$130,000,000
Weighted-average common shares outstanding	359,464,272	366,336,892
Net income per common share	$0.36	$0.35


	Three Months Ended March 31, 2024
	Basic	Diluted
Net income attributable to common shares	$65,600,000	$65,600,000
Weighted-average common shares outstanding	360,908,247	369,343,601
Net income per common share	$0.18	$0.18

The weighted-average common shares outstanding, basic and diluted, are calculated as follows:


	Three Months Ended March 31, 2025
	Basic	Diluted
The Carlyle Group Inc. weighted-average common shares outstanding	359,464,272	359,464,272
Unvested restricted stock units	—	6,182,260
Issuable common shares and performance-vesting restricted stock units	—	690,360
Weighted-average common shares outstanding	359,464,272	366,336,892


	Three Months Ended March 31, 2024
	Basic	Diluted
The Carlyle Group Inc. weighted-average common shares outstanding	360,908,247	360,908,247
Unvested restricted stock units	—	6,733,282
Issuable common shares and performance-vesting restricted stock units	—	1,702,072
Weighted-average common shares outstanding	360,908,247	369,343,601

The Company applies the treasury stock method to determine the dilutive weighted-average common shares represented

by the unvested restricted stock units. Also included in the determination of dilutive weighted-average common shares are

issuable common shares associated with the Company’s investment in NGP and performance-vesting restricted stock units.