EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Antidilutive Securities Excluded from Earnings per Common Unit

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


	Year ended December 31,
		2023	2022	2021

Restricted units		2,071	—	132
AOG Units		118,804,252	—	116,226,798

Schedule of the Computation of Basic and Diluted Earnings per Common Unit

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


	Year ended December 31,
		2023		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		$	474,326	$	167,541	$	386,748
Dividends declared and paid on Class A and non-voting common stock		(571,923)		(429,104)		(309,835)
Distributions on unvested restricted units		(21,303)		(14,096)		(10,986)
Undistributed earnings allocable to participating unvested restricted units		—		—		(7,138)
Undistributed net income (dividends in excess of earnings) available to Class A and non-voting common stockholders		$	(118,900)	$	(275,659)	$	58,789
Basic weighted-average shares of Class A and non-voting common stock		184,523,524		175,510,798		163,703,626
Undistributed basic earnings (dividends in excess of earnings) per share of Class A and non-voting common stock		$	(0.64)	$	(1.57)	$	0.36
Dividend declared and paid per Class A and non-voting common stock		3.08		2.44		1.88
Basic earnings per share of Class A and non-voting common stock		$	2.44	$	0.87	$	2.24

Diluted 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		$	474,326	$	167,541	$	386,748
Distributions on unvested restricted units		—		(14,096)		—
Net income available to Class A and non-voting common stockholders		$	474,326	$	153,445	$	386,748
Effect of dilutive shares:
Restricted units		9,347,318		—		11,209,144
Options		1,902,584		—		5,199,501

Diluted weighted-average shares of Class A and non-voting common stock		195,773,426		175,510,798		180,112,271
Diluted earnings per share of Class A and non-voting common stock		$	2.42	$	0.87	$	2.15