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 six months ended June 30, 2018 and 2017 are presented below.

		Three Months Ended June 30,						Six Months Ended June 30,
(dollars in thousands, except per share amounts)		2018			2017			2018			2017
Numerator:
Net income (loss) attributable to holders of shares of Class A common stock—basic		$	35,690		$	19,730		$	69,015		$	35,008
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		$	35,690		$	19,730		$	69,015		$	35,008
Denominator:
Weighted average shares of Class A common stock outstanding— basic			41,750,396			28,165,552			38,938,952			27,325,145
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 restricted stock, RSUs and stock options, as calculated using the treasury stock method	(b)		7,529,711	(b)		6,209,330	(b)		8,052,469	(b)		6,426,994
Weighted average shares of Class A common stock outstanding—diluted			49,280,107			34,374,882			46,991,421			33,752,139
Net income (loss) per share attributable to holders of shares of Class A common stock
Basic		$	0.85		$	0.70		$	1.77		$	1.28
Diluted		$	0.72		$	0.57		$	1.47		$	1.04

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 lock-up, vesting and transfer 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 67,189,931 and 62,971,925 for the three months ended June 30, 2018 and 2017, respectively, and 66,858,916 and 62,588,514 for the six months ended June 30, 2018 and 2017, 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 six months ended June 30, 2018 and 2017, such exchange is not reflected in diluted net income (loss) per share as the assumed exchange is not dilutive.

(b)

During the three and six months ended June 30, 2018 and 2017, certain shares of Moelis & Company’s Class A common stock assumed to be issued pursuant to certain RSUs as calculated using the treasury stock method were antidilutive and therefore have been excluded from the calculation of diluted net income (loss) per share attributable to Moelis & Company. During the three months ended June 30, 2018 and 2017, the additional weighted average amount of RSUs that would have been included in this calculation if the effect were dilutive would have been 10,508 and 190 units, respectively and 14,213 and 161 units for the six months ended June 30, 2018 and 2017, respectively.