The calculations of basic and diluted net income (loss) per share attributable to holders of shares of Class A common stock for the three and nine months ended September 30, 2024 and 2023 are presented below.


		Three Months Ended September 30,						Nine Months Ended September 30,
(dollars in thousands, except per share amounts)		2024			2023			2024			2023
Numerator:
Net income (loss) attributable to holders of shares of Class A common stock—basic		$	16,894		$	(10,732)		$	46,621		$	(19,040)
Add (deduct) dilutive effect of:
Noncontrolling interests related to Class A partnership units	(a)			(a)			(a)			(a)
Net income (loss) attributable to holders of shares of Class A common stock—diluted		$	16,894		$	(10,732)		$	46,621		$	(19,040)
Denominator:
Weighted average shares of Class A common stock outstanding—basic			72,325,050			68,752,061			71,612,206			68,260,558
Add (deduct) dilutive effect of:
Noncontrolling interests related to Class A partnership units	(a)			(a)			(a)			(a)
Weighted average number of incremental shares issuable from unvested RSUs and stock options, as calculated using the treasury stock method	(b)		4,581,221	(b)(c)		—	(b)		4,535,151	(b)(c)		—
Weighted average shares of Class A common stock outstanding—diluted			76,906,271			68,752,061			76,147,357			68,260,558
Net income (loss) per share attributable to holders of shares of Class A common stock
Basic		$	0.23		$	(0.16)		$	0.65		$	(0.28)
Diluted		$	0.22		$	(0.16)		$	0.61		$	(0.28)

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 82,966,406 shares and 75,038,275 shares for the three months ended September 30, 2024 and 2023, respectively, and 82,269,323 and 74,483,243 shares for the nine months ended September 30, 2024 and 2023, respectively. 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 three and nine months ended September 30, 2024 and 2023, 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 three months ended September 30, 2024 and 2023, there were 887 RSUs and 0 RSUs that would have been included in the treasury stock method calculation if the effect were dilutive, respectively, and 3,856 and 11,615 RSUs for the nine months ended September 30, 2024 and 2023, respectively.

(c) The Company incurred a loss for the three and nine months ended September 30, 2023, and as a result the assumed issuance of any Class A common stock pursuant to the treasury stock method is antidilutive. There were 4,237,243 and 4,075,817 shares pursuant to the treasury stock method related to unvested RSUs that were excluded from diluted share count for the three and nine months ended September 30, 2023, respectively. If such shares were included, diluted Class