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EARNINGS PER COMMON UNIT
 3 Months Ended
Mar. 31, 2017
Earnings Per Share [Abstract]  
EARNINGS PER COMMON UNIT
EARNINGS PER COMMON UNIT
Basic earnings per common unit are computed by dividing income available to common unitholders by the weighted‑average number of common units outstanding during the period. Diluted earnings per common unit are computed using the more dilutive method of either the two-class method or the treasury stock method.
For the three months ended March 31, 2017 and 2016, the two-class method was the more dilutive method for the unvested restricted units. No participating securities had rights to undistributed earnings during any period presented.
The computation of diluted earnings per common unit for the three months ended March 31, 2017 and 2016 excludes the following options, restricted units and AOG Units, as their effect would have been anti-dilutive:
 
For the Three Months Ended March 31,
 
2017
 
2016
Options
21,334,689

 
23,495,886

Restricted units
15,070,871

 
6,203,740

AOG units
130,403,174

 
132,382,815


The following table presents the computation of basic and diluted earnings per common unit:
 
For the Three Months Ended March 31,
 
2017
 
2016
Net loss attributable to Ares Management, L.P. common unitholders
$
(46,559
)
 
$
(3,090
)
Earnings distributed to participating securities (restricted units)
(825
)
 
(193
)
Preferred stock dividends(1)
—

 
(4
)
Net loss available to common unitholders
$
(47,384
)
 
$
(3,287
)
Basic weighted-average common units
81,106,734

 
80,683,051

Basic earnings per common unit
$
(0.58
)
 
$
(0.04
)
Net loss attributable to Ares Management, L.P. common unitholders
$
(46,559
)
 
$
(3,090
)
Earnings distributed to participating securities (restricted units)
(825
)
 
(193
)
Preferred stock dividends(1)
—

 
(4
)
Net loss available to common unitholders
$
(47,384
)
 
$
(3,287
)
Effect of dilutive units:
 
 
 
Restricted units
—

 
—

Diluted weighted-average common units
81,106,734

 
80,683,051

Diluted earnings per common unit
$
(0.58
)
 
$
(0.04
)
 
(1)
Dividends relate to the preferred shares that were issued by Ares Real Estate Holdings LLC and were redeemed on July 1, 2016.