Earnings Per Common Share

12 Months Ended

Dec. 31, 2021

12. Earnings Per Common Share

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


	Year Ended December 31, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019
	Basic		Diluted		Basic		Diluted		Basic		Diluted



Net income attributable to common shares	$	2,974,700,000	$	2,974,700,000	$	348,200,000	$	348,200,000	$	345,300,000	$	345,300,000
Weighted-average common shares outstanding	355,241,653		362,574,564		350,464,315		358,393,802		113,082,733		122,632,889
Net income per common share	$	8.37	$	8.20	$	0.99	$	0.97	$	3.05	$	2.82

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


	Year Ended December 31, 2021		Year Ended December 31, 2020		Year Ended December 31, 2019
	Basic	Diluted	Basic	Diluted	Basic	Diluted
The Carlyle Group Inc. weighted-average common shares outstanding	355,241,653	355,241,653	350,464,315	350,464,315	113,082,733	113,082,733
Unvested restricted stock units	—	4,713,277	—	5,545,150	—	8,681,760
Issuable common shares and performance-vesting restricted stock units	—	2,619,634	—	2,384,337	—	868,396


Weighted-average common shares outstanding	355,241,653	362,574,564	350,464,315	358,393,802	113,082,733	122,632,889

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, performance-vesting restricted stock units and issuable common shares associated with a program under which the Company may distribute realized performance allocation related compensation in fully vested, newly issued shares (see Note 13 to the consolidated financial statements).

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. 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, 230,213,627 of vested Carlyle Holdings partnership units and 3,565 of unvested Carlyle Holdings partnership units for the year ended December 31, 2019 were antidilutive, and therefore have been excluded.