Net Income (Loss) Per Class A Share (Tables)

6 Months Ended

Jun. 30, 2013

Basic and Diluted Net Income (Loss) Per Class A Share

The table below presents basic and diluted net income (loss) per Class A share using the two-class method for the three and six months ended June 30, 2013 and 2012:


	Basic and Diluted
	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2013			2012			2013			2012
Numerator:
Net income (loss) attributable to Apollo Global Management, LLC	$	58,737		$	(41,386	)	$	307,715		$	56,657
Distributions declared on Class A shares		(80,782	)⁽¹⁾		(31,615	)⁽²⁾		(219,529	) ⁽¹⁾		(89,695	)⁽²⁾
Distributions on participating securities		(14,300	)		(6,192	)		(39,292	)		(16,498	)
Earnings allocable to participating securities		—	⁽³⁾		—	⁽³⁾		(7,723	)		—	⁽³⁾

Undistributed (loss) income attributable to class A shareholders: Basic		(36,345	)		(79,193	)		41,171			(49,536	)
Dilution effect on undistributed income attributable to Class A shareholders		—			—			6,216			161
Dilution effect on distributable income attributable to participating securities		—			—			(778	)		—

Undistributed (Loss) income attributable to Class A shareholders: Diluted	$	(36,345	)	$	(79,193	)	$	46,609		$	(49,375	)

Denominator:
Weighted average number of Class A shares outstanding: Basic		137,289,147			126,457,443			134,285,776			125,863,348
Dilution effect of share options and unvested RSUs		—			—			3,818,687			397,419

Weighted average number of Class A shares outstanding: Diluted		137,289,147			126,457,443			138,104,463			126,260,767

Net income (loss) per Class A share: Basic
Distributed Income	$	0.59		$	0.25		$	1.63		$	0.71
Undistributed (Loss) Income		(0.27	)		(0.63	)		0.31			(0.39	)

Net Income (Loss) per Class A Share: Basic	$	0.32		$	(0.38	)	$	1.94		$	0.32

Net Income (Loss) per Class A Share: Diluted⁽⁴⁾
Distributed income	$	0.59		$	0.25		$	1.59		$	0.71
Undistributed (loss) income		(0.27	)		(0.63	)		0.34			(0.39	)

Net Income (Loss) per Class A Share: Diluted	$	0.32		$	(0.38	)	$	1.93		$	0.32

(1)	The Company declared a $1.05 distribution on Class A shares on February 8, 2013 and $0.57 on May 6, 2013.

(2)	The Company declared a $0.46 distribution on Class A shares on February 10, 2012 and $0.25 on May 8, 2012

(3)	No allocation of losses was made to the participating securities as the holders do not have a contractual obligation to share in the losses of the Company with Class A Shareholders.

(4)

For the six months ended June 30, 2013, share options and unvested RSUs were determined to be dilutive, and were accordingly included in the diluted earnings per share calculation. The AOG Units and participating securities were determined to be anti-dilutive, and were accordingly excluded in the diluted earnings per share calculation for the six months ended June 30, 2013. For the three months ended June 30, 2013, share options, unvested RSUs, AOG Units and participating securities were determined to be anti-dilutive, and were accordingly excluded in the diluted earnings per share calculation. For the three months ended June 30, 2012, share options, unvested RSUs, AOG Units and participatory securities were determined to be anti-dilutive, and were accordingly excluded in the diluted earnings per share calculation. For the six months ended June 30, 2012, share options were determined to be dilutive, and were accordingly included in the diluted earnings per share calculation. The unvested RSUs, AOG Units and participating securities were determined to be anti-dilutive, and were accordingly excluded in the diluted earnings per share calculation for the six months ended June 30, 2012.

Transactions in Class A Shares and Impact on Company's and Holdings' Ownership Interests

The table below presents transactions in Class A shares during the six months ended June 30, 2013 and the year ended December 31, 2012, and the resulting impact on the Company’s and Holdings’ ownership interests in the Apollo Operating Group:


Date	Type of AGM Class A Shares Transaction	Number of Shares Issued in AGM Class A Shares Transaction (in thousands)		AGM ownership% in AOG before AGM Class A Shares Transaction			AGM ownership% in AOG after AGM Class A Shares Transaction			Holdings ownership% in AOG before AGM Class A Shares Transaction			Holdings ownership% in AOG after AGM Class A Shares Transaction
January 18, 2012	Issuance		394		34.1	%		34.1	%		65.9	%		65.9	%
February 13, 2012	Issuance		1,994		34.1	%		34.5	%		65.9	%		65.5	%
March 5, 2012	Issuance		50		N/A	⁽¹⁾		N/A	⁽¹⁾		N/A	⁽¹⁾		N/A	⁽¹⁾
April 3, 2012	Issuance		150		N/A	⁽¹⁾		N/A	⁽¹⁾		N/A	⁽¹⁾		N/A	⁽¹⁾
July 9, 2012	Issuance		1,452		34.5	%		34.7	%		65.5	%		65.3	%
August 6, 2012	Issuance		1,962		34.7	%		35.1	%		65.3	%		64.9	%
October 9, 2012	Issuance		150		N/A	⁽¹⁾		N/A	⁽¹⁾		N/A	⁽¹⁾		N/A	⁽¹⁾
November 12, 2012	Issuance		25		N/A	⁽¹⁾		N/A	⁽¹⁾		N/A	⁽¹⁾		N/A	⁽¹⁾
November 19, 2012	Issuance		5		N/A	⁽¹⁾		N/A	⁽¹⁾		N/A	⁽¹⁾		N/A	⁽¹⁾
January 9, 2013	Issuance		150		35.1	%		35.2	%		64.9	%		64.8	%
January 25, 2013	Issuance		23		N/A	⁽¹⁾		N/A	⁽¹⁾		N/A	⁽¹⁾		N/A	⁽¹⁾
February 11, 2013	Issuance		1,913		35.2	%		35.5	%		64.8	%		64.5	%
March 19, 2013	Issuance		5		N/A	⁽¹⁾		N/A	⁽¹⁾		N/A	⁽¹⁾		N/A	⁽¹⁾
April 9, 2013	Issuance		150		N/A	⁽¹⁾		N/A	⁽¹⁾		N/A	⁽¹⁾		N/A	⁽¹⁾
May 9, 2013	Issuance		627		35.5	%		35.6	%		64.5	%		64.4	%
May 14, 2013	Issuance/Offering⁽²⁾		8,800		35.6	%		38.0	%		64.4	%		62.0	%

(1)	Transaction did not have a material impact on ownership.

(2)	Certain holders of AOG Units exchanged their AOG Units for Class A shares. Approximately 8.8 million Class A shares were issued by the Company in the exchange, which settled on May 14, 2013. Refer to note 1 for details regarding the Secondary Offering.