EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2025

12. 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 and if-converted methods.

For the years ended December 31, 2025 and 2024, the two-class method was the more dilutive method. For the year ended December 31, 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 under the treasury stock method:


	Year ended December 31,
		2025	2024	2023

Restricted units		N/A	N/A	2,071
AOG Units		N/A	N/A	118,804,252

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


	Year ended December 31,
		2025		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		$	426,112	$	440,961	$	474,326
Dividends declared and paid on Class A and non-voting common stock		(985,543)		(742,970)		(571,923)
Distributions on unvested restricted units		(42,570)		(30,766)		(21,303)

Dividends in excess of earnings available to Class A and non-voting common stockholders		$	(602,001)	$	(332,775)	$	(118,900)
Basic weighted-average shares of Class A and non-voting common stock		217,361,945		198,054,451		184,523,524
Dividends in excess of earnings per share of Class A and non-voting common stock		$	(2.77)	$	(1.68)	$	(0.64)
Dividend declared and paid per Class A and non-voting common stock		4.48		3.72		3.08
Basic earnings per share of Class A and non-voting common stock		$	1.71	$	2.04	$	2.44

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		$	426,112	$	440,961	$	474,326
Distributions on unvested restricted units		(42,570)		(30,766)		—

Net income available to Class A and non-voting common stockholders		$	383,542	$	410,195	$	474,326
Effect of dilutive shares:
Restricted units		—		—		9,347,318
Options		—		—		1,902,584


Diluted weighted-average shares of Class A and non-voting common stock		217,361,945		198,054,451		195,773,426
Diluted earnings per share of Class A and non-voting common stock		$	1.71	$	2.04	$	2.42