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Earnings Per Share | 12 Months Ended
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Mar. 31, 2024
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share Basic and diluted earnings per share of Class A common stock are presented for the years ended March 31, 2024, 2023 and 2022. The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock:
| Year Ended March 31,
| 2024 |  | 2023 |  | 2022
(in thousands, except share and per share amounts) |  |  |  |  |
Numerator: |  |  |  |  |
Net income (loss) attributable to StepStone Group Inc. – Basic | $ | 58,091 |  |  | $ | (18,398) |  |  | $ | 193,885 |
Incremental income from assumed vesting of RSUs | 451 |  |  | — |  |  | 4,043 |
Incremental income from assumed vesting and exchange of Class B2 units | 2,202 |  |  | — |  |  | 7,689 |
Net income (loss) attributable to StepStone Group Inc. – Diluted | $ | 60,744 |  |  | $ | (18,398) |  |  | $ | 205,617 |
Denominator: |  |  |  |  |
Weighted-average shares of Class A common stock outstanding – Basic | 63,489,135 |  |  | 61,884,671 |  |  | 49,833,760 |
Assumed vesting of RSUs | 512,152 |  |  | — |  |  | 1,289,809 |
Assumed vesting and exchange of Class B2 units | 2,542,751 |  |  | — |  |  | 2,476,681 |
Weighted-average shares of Class A common stock outstanding – Diluted | 66,544,038 |  |  | 61,884,671 |  |  | 53,600,250 |
Net income (loss) per share of Class A common stock: |  |  |  |  |
Basic | $ | 0.91 |  |  | $ | (0.30) |  |  | $ | 3.89 |
Diluted | $ | 0.91 |  |  | $ | (0.30) |  |  | $ | 3.84 |
Diluted earnings per share of Class A common stock is computed by dividing net income (loss) attributable to SSG, giving consideration to the reallocation of net income between holders of Class A common stock and non-controlling interests, by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities, if any. Shares of the Company’s Class B common stock do not share in the earnings or losses attributable to SSG and therefore are not participating securities. As a result, a separate presentation of basic and diluted earnings per share of Class B common stock under the two-class method has not been included. The calculation of diluted earnings per share excludes 45,030,959 Class B units and 1,852,212 Class C units of the Partnership outstanding as of March 31, 2024, 46,420,141 Class B units and 2,514,085 Class C units of the Partnership outstanding as of March 31, 2023, and 47,149,673 Class B units and 2,928,824 Class C units of the Partnership outstanding as of March 31, 2022, which are exchangeable into Class A common stock under the if-converted method, as the inclusion of such shares would be anti-dilutive. As the Company was in a net loss position for the year ended March 31, 2023, the calculation of diluted earnings per share excludes potential shares of Class A common stock for 1,775,732 outstanding RSUs, 2,566,566 Class B2 units and 23,418 Class B units issuable pursuant to anti-dilution rights in connection with the vesting of Class B2 units that are convertible into Class A common stock under the if-converted method, as the inclusion of such shares would be anti-dilutive.

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