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

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

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 months ended March 31, 2014 and 2013:

	Basic and Diluted
	For the Three Months Ended   March 31,
	2014				2013
Numerator:
Net income attributable to Apollo Global Management, LLC	$	72,169			$	248,978
Distributions declared on Class A shares	(160,867		)	(1)	(138,746		)	(2)
Distributions on participating securities	(25,477		)		(24,992		)
Earnings allocable to participating securities	—			(3)	(13,718		)
Undistributed (loss) income attributable to Class A shareholders: Basic	(114,175		)		71,522
Dilution effect on undistributed income attributable to Class A shareholders	—				5,600
Dilution effect on distributable income attributable to participating securities	—				—
Undistributed (loss) income attributable to Class A shareholders: Diluted	$	(114,175	)		$	77,122
Denominator:
Weighted average number of Class A shares outstanding: Basic	147,776,519				131,249,034
Dilution effect of share options and unvested RSUs	—				4,770,767
Weighted average number of Class A shares outstanding: Diluted	147,776,519				136,019,801
Net income (loss) per Class A share: Basic
Distributed Income	$	1.09			$	1.06
Undistributed (Loss) Income	(0.77		)		0.54
Net Income per Class A Share: Basic	$	0.32			$	1.60
Net Income per Class A Share: Diluted(4)
Distributed income	$	1.09			$	1.02
Undistributed (loss) income	(0.77		)		0.57
Net Income per Class A Share: Diluted	$	0.32			$	1.59

(1) The Company declared a $1.08 distribution on Class A shares on February 7, 2014.

(2) The Company declared a $1.05 distribution on Class A shares on February 8, 2013.

(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 three months ended March 31, 2014, the Company had an undistributed loss attributable to Class A shareholders and as such there was no dilution. For the three months ended March 31, 2014, AOG Units, RSUs, share options and participating securities were anti-dilutive and were accordingly excluded from the diluted earnings per share calculation. For the three months ended March 31, 2013, AOG units and participating securities were determined to be anti-dilutive and were accordingly excluded from the diluted earnings per share calculation.

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 three months ended March 31, 2014 and each quarter during the year ended December 31, 2013 and the resulting impact on the Company’s and Holdings’ ownership interests in the Apollo Operating Group:

Date	Type of Class A Shares Transaction	Number of  Shares  Issued in Class A  Shares Transaction (in thousands)	Apollo Global Management, LLC ownership% in Apollo Operating Group before Class  A Shares Transaction	Apollo Global Management, LLC ownership% in Apollo Operating Group after Class  A Shares Transaction	Holdings ownership% in Apollo Operating Group before Class A Shares Transaction	Holdings ownership% in Apollo Operating Group after Class  A Shares Transaction
Quarter Ended March 31, 2013	Issuance	2,091	35.1%	35.5%	64.9%	64.5%
Quarter Ended June 30, 2013	Issuance/Offering	9,577	35.5%	38.0%	64.5%	62.0%	(1)
Quarter Ended September 30, 2013	Issuance	1,977	38.0%	38.3%	62.0%	61.7%
Quarter Ended December 31, 2013	Issuance/Offering	2,581	38.3%	39.0%	61.7%	61.0%	(1)
Quarter Ended March 31, 2014	Issuance	2,672	39.0%	39.4%	61.0%	60.6%

(1) 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. See note 1 for details regarding the Secondary Offering. In November 2013, certain holders of AOG Units exchanged their AOG Units for Class A shares and approximately 2.3 million Class A shares were issued by the Company in the exchange.