
		Basic and Diluted
	Years ended December 31,
(In millions, except share and per share amounts)		2023		2022		2021
Numerator:
Net income (loss) attributable to common stockholders		$	5,001	$	(1,961)	$	1,802
Dividends declared on common stock1		(961)		(916)		(501)
Dividends on participating securities2		(51)		(46)		(17)
Earnings allocable to participating securities3		(115)		—		(55)
Undistributed income (loss) attributable to common stockholders: Basic		3,874		(2,923)		1,229
Dilution effect on distributable income attributable to Mandatory Convertible Preferred Stock		46		—		—
Dilution effect on distributable income attributable to contingent shares		(5)		—		—
Undistributed income (loss) attributable to common stockholders: Diluted		$	3,915	$	(2,923)	$	1,229
Denominator:
Weighted average number of shares of common stock outstanding: Basic		581,380,268		584,691,775		236,567,691
Dilution effect of Mandatory Convertible Preferred Stock		6,440,346		—		—
Dilution effect of options		994,172		—		—
Dilution effect of contingent shares		31,661		—		—
Weighted average number of shares of common stock outstanding: Diluted		588,846,447		584,691,775		236,567,691
Net income (loss) per share of common stock: Basic4
Distributed income		$	1.69	$	1.60	$	2.10
Undistributed income (loss)		6.63		(5.03)		5.22
Net income (loss) per share of common stock: Basic		$	8.32	$	(3.43)	$	7.32
Net Income (loss) per share of common stock: Diluted
Distributed income		$	1.69	$	1.60	$	2.10
Undistributed income (loss)		6.59		(5.03)		5.22
Net Income (loss) per share of common stock: Diluted		$	8.28	$	(3.43)	$	7.32

1 See note 17 for information regarding quarterly dividends.
2 Participating securities consist of vested and unvested RSUs that have rights to dividends and unvested restricted shares.
3 No allocation of undistributed losses was made to the participating securities in 2022 as the holders do not have a contractual obligation to share in the losses of the Company with common stockholders.
4 For the years ended December 31, 2022 and 2021, all of the classes of securities were determined to be anti-dilutive.

Any dividend equivalent paid to an employee on RSUs will not be returned to the Company upon forfeiture of the award by the employee. Vested and unvested RSUs that are entitled to non-forfeitable dividend equivalents qualify as participating securities and are included in the Company’s basic and diluted earnings per share computations using the two-class method. The holder of an RSU participating security would have a contractual obligation to share in the losses of the entity if the holder is obligated to fund the losses of the issuing entity or if the contractual principal or mandatory redemption amount of the participating security is reduced as a result of losses incurred by the issuing entity. The RSU participating securities do not have a mandatory redemption amount and the holders of the participating securities are not obligated to fund losses; therefore, neither the vested RSUs nor the unvested RSUs are subject to any contractual obligation to share in losses of the Company.

Prior to December 31, 2021, AAM had one Class B share outstanding, which was held by BRH Holdings GP, Ltd. (“BRH”). The voting power of the Class B share was reduced on a one vote per one AOG Unit basis in the event of an exchange of AOG Units for Class A shares, subject to the terms of AAM’s certificate of incorporation. The Class B share had no net income (loss) per share as it did not participate in Apollo’s earnings (losses) or dividends. The Class B share had no dividend rights and only a de minimis liquidation right. The Class B share represented 0.0% of the total voting power of the Class A shares and Class B share with respect to the limited matters upon which they were entitled to vote together as a single class pursuant to AAM’s


	Years ended December 31,
		2023	2022	2021
Weighted average vested RSUs		—	—	1,725,294
Weighted average unvested RSUs		15,316,350	13,664,334	7,783,549
Weighted average unexercised options		—	2,422,343	—
Weighted average unexercised warrants		4,761,918	2,279,452	—

Weighted average AOG Units outstanding		—	—	166,601,194
Weighted average unvested restricted shares		1,688,421	2,114,622	927,991
Weighted average contingent shares outstanding		—	190,468	—