EARNINGS PER UNIT

6 Months Ended

Jun. 30, 2016

The computation of net income per Class A unit is set forth below:



	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
Net income per Class A unit (basic and diluted):	(in thousands, except per unit amounts)
Net income per Class A unit (basic and diluted):
Net income attributable to Oaktree Capital Group, LLC	$	49,047	$	19,814	$	77,125	$	58,067
Weighted average number of Class A units outstanding (basic and diluted)	62,617		48,372		62,256		46,727
Basic and diluted net income per Class A unit	$	0.78	$	0.41	$	1.24	$	1.24

OCGH units may be exchanged on a one-for-one basis into Class A units, subject to certain restrictions. As of June 30, 2016, there were 92,340,656 OCGH units outstanding, which are vested or will vest through March 1, 2026, that ultimately may be exchanged into 92,340,656 Class A units. The exchange of these units would proportionally increase the Company’s interest in the Oaktree Operating Group. However, as the restrictions set forth in the exchange agreement were in place at the end of each respective reporting period, those units were not included in the computation of diluted earnings per unit for the three and six months ended June 30, 2016 and 2015.

In connection with the 2014 Highstar acquisition, the Company has a contingent consideration liability that is payable in a combination of cash and fully-vested OCGH units. The amount of contingent consideration, if any, is based on the achievement of certain performance targets over a period of up to seven years from the acquisition date. As of June 30, 2016, no OCGH units were considered issuable under the terms of the contingent consideration arrangement; consequently, no contingently issuable units were included in the computation of diluted earnings per unit for the three and six months ended June 30, 2016 and 2015. Please see note 15 for more information.