EARNINGS PER COMMON SHARE

Basic earnings per common share are computed by dividing income available to common shareholders by the weighted‑average number of common shares outstanding during the period. Diluted earnings per common share are computed using the more dilutive method of either the two-class method or the treasury stock method.

For the three and six months ended June 30, 2018 and the six months June 30, 2017, the two-class method was the more dilutive method for the unvested restricted units. For the three months ended June 30, 2017, the treasury stock 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 share for the three and six months ended June 30, 2018 and 2017 excludes the following options, restricted units and AOG Units, as their effect would have been anti-dilutive:



	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2018	2017	2018	2017
Options	19,111,390	21,155,026	19,471,589	21,244,858
Restricted units	15,271,381	39,082	15,811,964	14,463,590
AOG Units	120,231,237	130,249,329	124,211,007	130,325,826

The following table presents the computation of basic and diluted earnings per common share:



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2018			2017			2018			2017
Net income (loss) attributable to Ares Management, L.P. common shareholders	$	(17,200	)	$	44,453		$	18,323		$	(2,106	)
Earnings distributed to participating securities (restricted units)	(1,970		)	(419		)	(3,877		)	(1,246		)
Net income (loss) available to common shareholders	$	(19,170	)	$	44,034		$	14,446		$	(3,352	)
Basic weighted-average common shares	98,037,252			81,829,086			91,861,946			81,469,967
Basic earnings (loss) per common share	$	(0.20	)	$	0.54		$	0.16		$	(0.04	)
Net income (loss) attributable to Ares Management, L.P. common shareholders	$	(17,200	)	$	44,453		$	18,323		$	(2,106	)
Earnings distributed to participating securities (restricted units)	(1,970		)	—			(3,877		)	(1,246		)
Net income (loss) available to common shareholders	$	(19,170	)	$	44,453		$	14,446		$	(3,352	)
Effect of dilutive shares:
Restricted units	—			2,490,796			—			—
Diluted weighted-average common shares	98,037,252			84,319,882			91,861,946			81,469,967
Diluted earnings (loss) per common share	$	(0.20	)	$	0.53		$	0.16		$	(0.04	)