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EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2021
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
12. EARNINGS PER SHARE
For the three and nine months ended September 30, 2021, the Company had Class A and non-voting common stock outstanding. The non-voting common stock has the same economic rights as the Class A common stock; therefore, earnings per share is presented on a combined basis. Income of the Company has been allocated on a proportionate basis to the two common stock classes. Additional information on the issuance of the non-voting common stock is discussed in “Note 14. Equity and Redeemable Interests.”

Basic earnings per share of Class A and non-voting common stock is computed by using the two-class method. Diluted earnings per share of Class A and non-voting common stock is computed using the more dilutive method of either the two-class method or the treasury stock method.

For the three and nine months ended September 30, 2021 and the three months ended September 30, 2020, the treasury stock method was the more dilutive method. For the nine months ended September 30, 2020, the two-class method was the more dilutive method.

The computation of diluted earnings per share for the three and nine months ended September 30, 2021 and 2020 excludes the following restricted units and AOG units, as their effect would have been anti-dilutive:

Three months ended September 30,Nine months ended September 30,
2021202020212020
Restricted units450 572 167 — 
AOG Units119,855,724 114,726,173 115,394,058 — 
The following table presents the computation of basic and diluted earnings per common share:

Three months ended September 30,Nine months ended September 30,
2021202020212020
Basic earnings per share of Class A and non-voting common stock:
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders$84,726 $42,120 $262,659 $56,605 
Distributions on unvested restricted units(1,440)(2,757)(8,142)(7,715)
Undistributed earnings allocable to participating unvested restricted units(306)— (2,858)— 
Net income available to Class A and non-voting common stockholders$82,980 $39,363 $251,659 $48,890 
Basic weighted-average shares of Class A and non-voting common stock168,931,621 143,466,209 161,071,151 131,866,471 
Basic earnings per share of Class A and non-voting common stock$0.49 $0.27 $1.55 $0.37 
Diluted earnings per share of Class A and non-voting common stock:
Net income available to Class A and non-voting common stockholders$84,726 $42,120 $262,659 $56,605 
Distributions on unvested restricted units— — — (7,715)
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders$84,726 $42,120 $262,659 $48,890 
Effect of dilutive shares:
Restricted units12,273,068 9,762,645 10,807,242 — 
Options5,317,468 4,893,709 5,265,045 — 
Diluted weighted-average shares of Class A and non-voting common stock186,522,157 158,122,563 177,143,438 131,866,471 
Diluted earnings per share of Class A and non-voting common stock$0.45 $0.27 $1.48 $0.37 
Dividend declared and paid per Class A and non-voting common stock$0.47 $0.40 $1.41 $1.20