EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2022

12. EARNINGS PER SHARE

For the three months ended March 31, 2022, 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.

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 months ended March 31, 2022, the two-class method was the more dilutive method. For the three months ended March 31, 2021, the treasury stock method was the more dilutive method.

The computation of diluted earnings per share excludes the following AOG Units as their effect would have been anti-dilutive:


	Three months ended March 31,
		2022	2021


AOG Units		—	112,353,043

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


	Three months ended March 31,
	2022		2021
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	$	45,863	$	52,953
Distributions on unvested restricted units	(3,585)		(3,255)

Net income available to Class A and non-voting common stockholders	$	42,278	$	49,698
Basic weighted-average shares of Class A and non-voting common stock	174,215,251		149,271,822
Basic earnings per share of Class A and non-voting common stock	$	0.24	$	0.33

Diluted earnings per share of Class A and non-voting common stock:
Net income available to Class A and non-voting common stockholders	$	45,863	$	52,953
Distributions on unvested restricted units	(3,585)		—
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	$	42,278	$	52,953
Effect of dilutive shares:
Restricted units	—		9,218,424
Options	—		5,174,138

Diluted weighted-average shares of Class A and non-voting common stock	174,215,251		163,664,384
Diluted earnings per share of Class A and non-voting common stock	$	0.24	$	0.32

Dividend declared and paid per Class A and non-voting common stock	$	0.61	$	0.47