EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2024

10. EARNINGS PER SHARE

The Company has 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, 2024, the two-class method was the more dilutive method. For the three and six months ended June 30, 2023, the treasury stock method was the more dilutive method.

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


	Three months ended June 30,		Six months ended June 30,
	2024	2023	2024	2023

Restricted units	—	—	—	4,131
AOG Units	—	120,137,310	—	119,391,357

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


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
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	$	94,938	$	144,514	$	167,965	$	238,553
Dividends declared and paid on Class A and non-voting common stock	(185,241)		(142,220)		(366,170)		(280,640)
Distributions on unvested restricted units	(7,594)		(5,316)		(14,864)		(10,630)

Dividends in excess of earnings available to Class A and non-voting common stockholders	$	(97,897)	$	(3,022)	$	(213,069)	$	(52,717)
Basic weighted-average shares of Class A and non-voting common stock	196,186,922		182,999,515		194,404,932		180,998,934
Dividends in excess of earnings per share of Class A and non-voting common stock	$	(0.50)	$	(0.02)	$	(1.10)	$	(0.29)
Dividend declared and paid per Class A and non-voting common stock	0.93		0.77		1.86		1.54
Basic earnings per share of Class A and non-voting common stock	$	0.43	$	0.75	$	0.76	$	1.25

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	$	94,938	$	144,514	$	167,965	$	238,553
Distributions on unvested restricted units	(7,594)		—		(14,864)		—
Net income available to Class A and non-voting common stockholders	$	87,344	$	144,514	$	153,101	$	238,553
Effect of dilutive shares:
Restricted units	—		8,489,883		—		7,991,062
Options	—		2,568,643		—		3,171,820

Diluted weighted-average shares of Class A and non-voting common stock	196,186,922		194,058,041		194,404,932		192,161,816
Diluted earnings per share of Class A and non-voting common stock	$	0.43	$	0.74	$	0.76	$	1.24