Earnings Per Common Share

9 Months Ended

Sep. 30, 2020

11. Earnings Per Common Share

Basic and diluted net income per common share are calculated as follows:


	Three Months Ended September 30, 2020				Nine Months Ended September 30, 2020
	Basic		Diluted		Basic		Diluted



Net income (loss) attributable to common shares	$	295,500,000	$	295,500,000	$	(170,600,000)	$	(170,600,000)
Weighted-average common shares outstanding	351,567,631		358,405,845		349,468,329		349,468,329
Net income (loss) per common share	$	0.84	$	0.82	$	(0.49)	$	(0.49)


	Three Months Ended September 30, 2019				Nine Months Ended September 30, 2019
	Basic		Diluted		Basic		Diluted



Net income attributable to common shares	$	68,400,000	$	68,400,000	$	353,600,000	$	353,600,000
Weighted-average common shares outstanding	114,930,365		124,875,070		111,547,969		120,558,967
Net income per common share	$	0.60	$	0.55	$	3.17	$	2.93

The weighted-average common shares outstanding, basic and diluted, are calculated as follows:


	Three Months Ended September 30, 2020		Nine Months Ended September 30, 2020
	Basic	Diluted	Basic	Diluted
The Carlyle Group Inc. weighted-average common shares outstanding	351,567,631	351,567,631	349,468,329	349,468,329
Unvested restricted stock units	—	4,589,870	—	—
Issuable Carlyle Group Inc. common shares	—	2,248,344	—	—



Weighted-average common shares outstanding	351,567,631	358,405,845	349,468,329	349,468,329


	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
	Basic	Diluted	Basic	Diluted
The Carlyle Group Inc. weighted-average common shares outstanding	114,930,365	114,930,365	111,547,969	111,547,969
Unvested restricted stock units	—	9,126,544	—	8,105,944
Issuable Carlyle Group Inc. common shares	—	818,161	—	905,054


Weighted-average common shares outstanding	114,930,365	124,875,070	111,547,969	120,558,967

The Company applies the treasury stock method to determine the dilutive weighted-average common shares represented by the unvested restricted stock units. Also included in the determination of dilutive weighted-average common shares are issuable common shares associated with the Company’s acquisitions, strategic investments in NGP and performance-vesting restricted stock units. All such awards are antidilutive and excluded from the computation of diluted earnings per share given the net loss attributable to common stockholders for the nine months ended September 30, 2020.

Prior to the Conversion, the Company also included contingently issuable Carlyle Holdings partnership units in the determination of dilutive weighted-average common shares. The Company applied the “if-converted” method to the vested Carlyle Holdings partnership units to determine the dilutive weighted-average common shares outstanding in 2019. The Company applied the treasury stock method to the unvested Carlyle Holdings partnership units and the “if-converted” method on the resulting number of additional Carlyle Holdings partnership units to determine the dilutive weighted-average common shares represented by the unvested Carlyle Holdings partnership units.

In computing the dilutive effect that the exchange of Carlyle Holdings partnership units would have on earnings per common share in 2019, the Company considered that net income available to holders of common shares would increase due to the elimination of non-controlling interests in Carlyle Holdings (including any tax impact). Based on these calculations, 229,954,310 of vested Carlyle Holdings partnership units and 7,568 of unvested Carlyle Holdings partnership units for the three months ended September 30, 2019 and 230,504,999 of vested Carlyle Holdings partnership units and 3,560 of unvested Carlyle Holdings partnership units for the nine months ended September 30, 2019 were antidilutive, and therefore have been excluded.