Ares Management Corp Earnings Per Share Disclosure
| Year ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Restricted units | N/A | N/A | 2,071 | ||||||||||||||
| AOG Units | N/A | N/A | 118,804,252 | ||||||||||||||
| Year ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Basic earnings per share of Class A and non-voting common stock | ||||||||||||||||||||
| Net income attributable to Ares Management Corporation Class A and non-voting common stockholders | $ | 426,112 | $ | 440,961 | $ | 474,326 | ||||||||||||||
| Dividends declared and paid on Class A and non-voting common stock | (985,543) | (742,970) | (571,923) | |||||||||||||||||
| Distributions on unvested restricted units | (42,570) | (30,766) | (21,303) | |||||||||||||||||
| Dividends in excess of earnings available to Class A and non-voting common stockholders | $ | (602,001) | $ | (332,775) | $ | (118,900) | ||||||||||||||
| Basic weighted-average shares of Class A and non-voting common stock | 217,361,945 | 198,054,451 | 184,523,524 | |||||||||||||||||
| Dividends in excess of earnings per share of Class A and non-voting common stock | $ | (2.77) | $ | (1.68) | $ | (0.64) | ||||||||||||||
| Dividend declared and paid per Class A and non-voting common stock | 4.48 | 3.72 | 3.08 | |||||||||||||||||
| Basic earnings per share of Class A and non-voting common stock | $ | 1.71 | $ | 2.04 | $ | 2.44 | ||||||||||||||
| Diluted earnings per share of Class A and non-voting common stock | ||||||||||||||||||||
| Net income attributable to Ares Management Corporation Class A and non-voting common stockholders | $ | 426,112 | $ | 440,961 | $ | 474,326 | ||||||||||||||
| Distributions on unvested restricted units | (42,570) | (30,766) | — | |||||||||||||||||
| Net income available to Class A and non-voting common stockholders | $ | 383,542 | $ | 410,195 | $ | 474,326 | ||||||||||||||
| Effect of dilutive shares: | ||||||||||||||||||||
| Restricted units | — | — | 9,347,318 | |||||||||||||||||
| Options | — | — | 1,902,584 | |||||||||||||||||
| Diluted weighted-average shares of Class A and non-voting common stock | 217,361,945 | 198,054,451 | 195,773,426 | |||||||||||||||||
| Diluted earnings per share of Class A and non-voting common stock | $ | 1.71 | $ | 2.04 | $ | 2.42 | ||||||||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Feb 26, 2019 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.