Net Income (Loss) Per Share Attributable to Class A Common Shareholders (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Calculations of Basic and Diluted Net Income (Loss) Per Share

The calculations of basic and diluted net income (loss) per share attributable to holders of shares of Class A common stock for the years ended December 31, 2023, 2022 and 2021 are presented below.


		Year Ended December 31,
(dollars in thousands, except per share amounts)		2023			2022			2021
Numerator:
Net income (loss) attributable to holders of shares of Class A common stock—basic		$	(24,700)		$	150,345		$	365,213
Add (deduct) dilutive effect of:
Noncontrolling interests related to Class A partnership units	(a)			(a)			(a)
Net income (loss) attributable to holders of shares of Class A common stock—diluted		$	(24,700)		$	150,345		$	365,213
Denominator:
Weighted average shares of Class A common stock outstanding—basic			68,501,018			65,766,439			63,125,497
Add (deduct) dilutive effect of:
Noncontrolling interests related to Class A partnership units	(a)			(a)			(a)
Weighted average number of incremental shares issuable from unvested RSUs and stock options, as calculated using the treasury stock method	(b)(c)		—	(b)		4,553,743	(b)		5,310,082
Weighted average shares of Class A common stock outstanding—diluted			68,501,018			70,320,182			68,435,579
Net income (loss) per share attributable to holders of shares of Class A common stock
Basic		$	(0.36)		$	2.29		$	5.79
Diluted		$	(0.36)		$	2.14		$	5.34

We have not included the impact of Class B common stock because these shares are entitled to an insignificant amount of economic participation.

(a)

Class A partnership units may be exchanged for Moelis & Company Class A common stock on a one‑for‑one basis, subject to applicable exchange restrictions. If all Class A partnership units were to be exchanged for Class A common stock, fully diluted Class A common stock outstanding would be 74,739,488 shares for the year ended December 31, 2023, 76,361,466 shares for the year ended December 31, 2022 and 76,040,864 shares for the year ended December 31, 2021. In computing the dilutive effect, if any, that the aforementioned exchange would have on net income (loss) per share, net income (loss) available to holders of Class A common stock would be adjusted due to the elimination of the noncontrolling interests in consolidated entities associated with the Group LP Class A partnership units (including any tax impact). For the years ended December 31, 2023, 2022 and 2021, such exchange is not reflected in diluted net income (loss) per share as the assumed exchange is not dilutive.

(b)

Certain RSUs assumed to be issued as Class A common stock pursuant to the treasury stock method were antidilutive and therefore excluded from the calculation of diluted net income (loss) per share attributable to Moelis & Company for certain periods. During the years ended December 31, 2023, 2022 and 2021, there were 3,771 RSUs, 17,686 RSUs, and 289 RSUs that would have been included in the treasury stock method calculation if the effect were dilutive, respectively.

(c)

The Company incurred a loss for the year ended December 31, 2023, and as a result the assumed issuance of any Class A common stock pursuant to the treasury stock method is antidilutive. There were 4,292,742 shares pursuant to the treasury stock method related to unvested RSUs that were excluded from diluted share count for the year ended December 31, 2023. If such shares were included, diluted Class A common stock outstanding would be 72,793,760 shares for the year ended December 31, 2023.