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Three months ended March 31, |
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2022 |
ÌýÌýÌýÌý |
2021 |
​ |
|
​ |
​ |
numbersÌýofÌýsharesÌýinÌýmillions |
​ |
Basic WASO |
Ìý |
53 |
Ìý |
52 |
​ |
Potentially dilutive shares (a)(b) |
Ìý |
— |
Ìý |
9 |
​ |
Diluted WASO (b) |
Ìý |
53 |
Ìý |
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) |
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 Â鶹×îгöÆ· SiriusXM Group is 2,292,037 as of March 31, 2022.
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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 Â鶹×îгöÆ· 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 Â鶹×îгöÆ· 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 Â鶹×îгöÆ· Braves common stock. However, Â鶹×îгöÆ· 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 Â鶹×îгöÆ· Braves common stock in order to not dilute voting percentages and the notional shares (if and when issued) related to the Â鶹×îгöÆ· SiriusXM Group interest in the Braves Group would be comprised of Series A Â鶹×îгöÆ· Braves common stock since Series A Â鶹×îгöÆ· Braves common stock underlie the Convertible Notes. Therefore, the market prices of Series C Â鶹×îгöÆ· Braves and Series A Â鶹×îгöÆ· Braves common stock are used for the quarterly mark-to-market adjustment for the intergroup interests held by Formula One Group and Â鶹×îгöÆ· 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, if dilutive, 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. For periods in which share settlement of the intergroup interests are dilutive, an adjustment is 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. Additionally, a hypothetical mark to market adjustment on the shares of Series A Â鶹×îгöÆ· Braves common stock included in the Securities Basket underlying the warrants is included in the numerator adjustment in periods in which cash settlement of the warrants would be more dilutive than share settlement.
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Three months ended March 31, |
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2022 |
ÌýÌýÌýÌý |
2021 |
​ |
|
​ |
ÌýÌýÌýÌý |
amountsÌýinÌýmillions |
​ |
Basic earnings (loss) attributable to Â鶹×îгöÆ· Braves stockholders |
$ |
(13) |
​ |
(59) |
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Adjustments |
​ |
— |
​ |
28 |
​ |
Diluted earnings (loss) attributable to Â鶹×îгöÆ· Braves stockholders |
$ |
(13) |
​ |
(31) |
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