EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2022

12. EARNINGS PER SHARE

For the six months ended June 30, 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 and six months ended June 30, 2022, the two-class method was the more dilutive method. For the three and six months ended June 30, 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 June 30,		Six months ended June 30,
	2022	2021	2022	2021

Restricted units	—	49	—	25
AOG Units	—	113,890,960	—	113,126,250

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


	Three months ended June 30,				Six months ended June 30,
	2022		2021		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	$	39,731	$	124,980	$	85,594	$	177,933
Distributions on unvested restricted units	(3,461)		(3,452)		(7,046)		(6,693)
Undistributed earnings allocable to participating unvested restricted units	—		(4,967)		—		(2,701)
Net income available to Class A and non-voting common stockholders	$	36,270	$	116,561	$	78,548	$	168,539
Basic weighted-average shares of Class A and non-voting common stock	175,157,558		164,793,968		174,694,645		157,075,774
Basic earnings per share of Class A and non-voting common stock	$	0.21	$	0.70	$	0.45	$	1.07

Diluted earnings per share of Class A and non-voting common stock:
Net income available to Class A and non-voting common stockholders	$	39,731	$	124,980	$	85,594	$	177,933
Distributions on unvested restricted units	(3,461)		—		(7,046)		—
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	$	36,270	$	124,980	$	78,548	$	177,933
Effect of dilutive shares:
Restricted units	—		10,930,236		—		10,074,330
Options	—		5,303,530		—		5,238,834

Diluted weighted-average shares of Class A and non-voting common stock	175,157,558		181,027,734		174,694,645		172,388,938
Diluted earnings per share of Class A and non-voting common stock	$	0.21	$	0.69	$	0.45	$	1.03

Dividend declared and paid per Class A and non-voting common stock	$	0.61	$	0.47	$	1.22	$	0.94