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Three months ended March 31, |
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2021 (a) |
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2020 |
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numbersofsharesinmillions |
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Basic WASO |
|
52 |
|
51 |
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Potentially dilutive shares |
|
9 |
|
10 |
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Diluted WASO (b) |
|
61 |
|
61 |
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(a) |
Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive. |
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(b) |
Prior to the reattribution, the number of notional 鶹app Braves shares representing the Formula One Group’s intergroup interest in the Braves Group was 9,084,940. A portion of this intergroup interest was reattributed to the 鶹app SiriusXM Group on April 22, 2020. The number of notional shares representing the intergroup interest in the Braves Group held by the Formula One Group is 6,792,903 and the number of notional shares representing the intergroup interest in the Braves Group held by the 鶹app SiriusXM Group is 2,292,037 as of March 31, 2021.
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The intergroup interests are quasi-equity interests which are not represented by outstanding shares of common stock; rather, the Formula One Group and the 鶹app SiriusXM Group have attributed values in the Braves Group which are generally stated in terms of a number of shares of stock issuable to the Formula One Group and the 鶹app SiriusXM Group with respect to their interests in the Braves Group. Each reporting period, the notional shares representing the intergroup interests are marked to fair value. As the notional shares underlying the intergroup interests are not represented by outstanding shares of common stock, such shares have not been officially designated Series A, B or C 鶹app Braves common stock. However, 鶹app has assumed that the notional shares (if and when issued) related to the Formula One Group interest in the Braves Group would be comprised of Series C 鶹app Braves common stock in order to not dilute voting percentages and the notional shares (if and when issued) related to the 鶹app SiriusXM Group interest in the Braves Group would be comprised of Series A 鶹app Braves common stock since Series A 鶹app Braves common stock underlie the Convertible Notes. Therefore, the market prices of Series C 鶹app Braves and Series A 鶹app Braves common stock are used for the quarterly mark-to-market adjustment for the intergroup interests held by Formula One Group and 鶹app SiriusXM Group, respectively, through the unaudited attributed condensed consolidated statements of operations. The notional shares representing the intergroup interests have no impact on the basic WASO. However, the notional shares representing the intergroup interests are included in the diluted WASO as if the shares had been issued and outstanding during the period. An adjustment was also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interests to fair value during the period as follows:
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Three months ended March 31, |
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2021 |
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2020 |
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amountsinmillions |
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Basic earnings (loss) attributable to 鶹app Braves stockholders |
$ |
(59) |
|
53 |
|
Unrealized (gain) loss on the intergroup interests |
|
28 |
|
(95) |
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Diluted earnings (loss) attributable to 鶹app Braves stockholders |
$ |
(31) |
|
(42) |
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