EARNINGS PER UNIT

3 Months Ended

Mar. 31, 2013

Earnings Per Share [Abstract]

EARNINGS PER UNIT

EARNINGS PER UNIT

The computations of net income per Class A unit are set forth below:

	Three Months Ended March 31,
	2013		2012
Weighted average units outstanding:	(in thousands, except per unit amounts)
Class A units outstanding	30,186		22,688
OCGH units exchangeable into Class A units (1)	—		—
Total weighted average units outstanding	30,186		22,688
Net income per Class A unit:
Net income	$	57,566	$	18,608
Weighted average units outstanding	30,186		22,688
Basic and diluted net income per Class A unit	$	1.91	$	0.82

(1) Vested OCGH units are potentially exchangeable on a one-for-one basis into Class A units. As of March 31, 2013, there were 120,763,876 OCGH units outstanding, accordingly, the Company may cumulatively issue up to 120,763,876 additional Class A units through March 1, 2023 if all such units were exchanged. For all periods presented, OCGH units have been excluded from the calculation of diluted earnings per unit given that the exchange of these units would proportionally increase Oaktree Capital Group, LLC’s interests in the Oaktree Operating Group and may have an anti-dilutive effect on earnings per unit to the extent that additional expenses, particularly tax-related expenses, are incurred by the Company as a result of the exchange.