EARNINGS PER CLASS A SHARE

9 Months Ended

Sep. 30, 2020

EARNINGS PER CLASS A SHARE

The table below presents basic and diluted net loss per share of Class A common stock using the two-class method during the three and nine months ended September 30, 2020 and 2019.



	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2020			2019			2020			2019

	(in thousands, except share and per share amounts)
Basic and diluted net loss per share:
Numerator
Net loss attributable to Medley Management Inc.	$	(122	)	$	(516	)	$	(2,066	)	$	(770	)
Less: Fair value adjustment to redeemable non-controlling interest (Note 17)	—			—			(147		)	—
Less: Allocation of earnings to participating securities				8			72			1
Net loss available to Class A common stockholders	$	(122	)	$	(508	)	$	(2,141	)	$	(769	)

Denominator
Weighted average shares of Class A common stock outstanding	639,216			589,933			631,620			583,449
Net loss per share of Class A common stock	$	(0.19	)	$	(0.86	)	$	(3.39	)	$	(1.32	)

The allocation to participating securities above generally represents dividends paid or payable to holders of unvested restricted stock units which reduces net income available to common stockholders, adjusted for the impact of forfeitures in the period they are incurred.

The weighted average shares of Class A common stock is the same for both basic and diluted earnings per share as the diluted amount excludes the assumed conversion of 2,673,516 and 2,631,658 LLC Units and restricted LLC Units as of September 30, 2020 and 2019, respectively, to shares of Class A common stock, the impact of which would be antidilutive.

The following table reflects the per share dividend amounts that the Company declared on its common stock during the nine months ended September 30, 2019. There were no dividends declared during the nine months ended September 30, 2020.



Declaration Dates	Record Date	Payment Dates	Per Share

March 27, 2019	April 15, 2019	May 3, 2019	$	0.30