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Net Income (Loss) Per Share Attributable to Class A Common Shareholders | 9 Months Ended
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Sep. 30, 2022
Earnings Per Share [Abstract] |
Net Income (Loss) Per Share Attributable to Class A Common Shareholders | 6. NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO CLASS A COMMON SHAREHOLDERS The calculations of basic and diluted net income (loss) per share attributable to holders of shares of Class A common stock for the three and nine months ended September 30, 2022 and 2021 are presented below.
|  |  | Three Months Ended September 30, |  |  |  | Nine Months Ended September 30, |
(dollars in thousands, except per share amounts) |  |  | 2022 |  |  |  | 2021 |  |  |  | 2022 |  |  |  | 2021 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) attributable to holders of shares of Class A common stock—basic |  |  | $ |  | 25,612 |  |  |  | $ |  | 120,295 |  |  |  | $ |  | 130,290 |  |  |  | $ |  | 266,165 |
Add (deduct) dilutive effect of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noncontrolling interests related to Class A partnership units |  | (a) |  |  |  |  | (a) |  |  |  |  | (a) |  |  |  |  | (a) |  |  |
Net income (loss) attributable to holders of shares of Class A common stock—diluted |  |  | $ |  | 25,612 |  |  |  | $ |  | 120,295 |  |  |  | $ |  | 130,290 |  |  |  | $ |  | 266,165 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average shares of Class A common stock outstanding—basic |  |  |  |  | 65,873,976 |  |  |  |  |  | 63,024,943 |  |  |  |  |  | 65,684,485 |  |  |  |  |  | 62,493,293 |
Add (deduct) dilutive effect of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Noncontrolling interests related to Class A partnership units |  | (a) |  |  |  |  | (a) |  |  |  |  | (a) |  |  |  |  | (a) |  |  |
Weighted average number of incremental shares issuable from unvested RSUs and stock options, as calculated using the treasury stock method |  | (b) |  |  | 3,955,362 |  |  | (b) |  |  | 5,249,969 |  |  | (b) |  |  | 4,498,929 |  |  | (b) |  |  | 5,137,775 |
Weighted average shares of Class A common stock outstanding—diluted |  |  |  |  | 69,829,338 |  |  |  |  |  | 68,274,912 |  |  |  |  |  | 70,183,414 |  |  |  |  |  | 67,631,068 |
Net income (loss) per share attributable to holders of shares of Class A common stock |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | $ |  | 0.39 |  |  |  | $ |  | 1.91 |  |  |  | $ |  | 1.98 |  |  |  | $ |  | 4.26 |
Diluted |  |  | $ |  | 0.37 |  |  |  | $ |  | 1.76 |  |  |  | $ |  | 1.86 |  |  |  | $ |  | 3.94 |
We have not included the impact of Class B common stock because these shares are entitled to an insignificant amount of economic participation. (a) Class A partnership units may be exchanged for Moelis & Company Class A common stock on a one-for-one basis, subject to applicable exchange restrictions. If all Class A partnership units were to be exchanged for Class A common stock, fully diluted Class A common stock outstanding would be 75,704,676 and 76,077,927 for the three months ended September 30, 2022 and 2021, respectively, and 76,276,345 and 75,560,854 for the nine months ended September 30, 2022 and 2021. In computing the dilutive effect, if any, that the aforementioned exchange would have on net income (loss) per share, net income (loss) available to holders of Class A common stock would be adjusted due to the elimination of the noncontrolling interests in consolidated entities associated with the Group LP Class A partnership units (including any tax impact). For the three and nine months ended September 30, 2022 and 2021, such exchange is not reflected in diluted net income (loss) per share as the assumed exchange is not dilutive. (b) C ertain shares of Moelis & Company’s Class A common stock assumed to be issued pursuant to certain RSUs as calculated using the treasury stock method were antidilutive and therefore have been excluded from the calculation of diluted net income (loss) per share attributable to Moelis & Company for certain periods. During the three months ended September 30, 2022 and 2021, there were 135,534 and 500 RSUs that would have been included in the treasury stock method calculation if the effect were dilutive, respectively, and 4,625 and 437 RSUs for the nine months ended September 30, 2022 and 2021, respectively.

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