Earnings Per Common Share

9 Months Ended

Sep. 30, 2021

11. Earnings Per Common Share

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


	Three Months Ended September 30, 2021				Nine Months Ended September 30, 2021
	Basic		Diluted		Basic		Diluted



Net income attributable to common shares	$	532,800,000	$	532,800,000	$	2,327,100,000	$	2,327,100,000
Weighted-average common shares outstanding	355,954,734		364,740,675		354,903,371		362,471,998
Net income per common share	$	1.50	$	1.46	$	6.56	$	6.42


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



Net 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)

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


	Three Months Ended September 30, 2021		Nine Months Ended September 30, 2021
	Basic	Diluted	Basic	Diluted
The Carlyle Group Inc. weighted-average common shares outstanding	355,954,734	355,954,734	354,903,371	354,903,371
Unvested restricted stock units	—	6,716,547	—	5,582,360
Issuable The Carlyle Group Inc. common shares	—	2,069,394	—	1,986,267



Weighted-average common shares outstanding	355,954,734	364,740,675	354,903,371	362,471,998


	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 The 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

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 investment in NGP and performance-vesting restricted stock units. All such awards were 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.