Â鶹×îгöÆ·

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Additionally, a hypothetical mark-to-market adjustment on the shares of Series A Â鶹×îгöÆ· SiriusXM 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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The intergroup interests were quasi-equity interests, which were not represented by outstanding shares of common stock; rather, the Formula One Group and the Â鶹×îгöÆ· SiriusXM Group had attributed values in the Braves Group which were 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 were marked to fair value. As the notional shares underlying the intergroup interests were not represented by outstanding shares of common stock, such shares had not been officially designated Series A, B or C Â鶹×îгöÆ· Braves common stock. However, Â鶹×îгöÆ· 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 were historically 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. During the second quarter of 2023, Â鶹×îгöÆ· determined that, in connection with the Split-Off, shares of Atlanta Braves Holdings Series C common stock would be used to settle and extinguish the intergroup interest in the Braves Group attributed to the Â鶹×îгöÆ· SiriusXM Group. Accordingly, as of June 30, 2023, the market price of Series C Â鶹×îгöÆ· Braves common stock was used for the mark-to-market adjustment for the intergroup interest held by the Â鶹×îгöÆ· SiriusXM Group.

The notional shares representing the intergroup interests had no impact on the basic WASO. However, if dilutive, the notional shares representing the intergroup interests were 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 were dilutive, 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. 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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For periods in which share settlement of the 2.25% Convertible Senior Notes due 2027, which may be settled in shares of Series C Â鶹×îгöÆ· Formula One common stock, is dilutive, the numerator adjustment includes a reversal of the interest expense and the unrealized gain or loss recorded on the instrument during the period, net of tax where appropriate. Additionally, an adjustment is also made to the numerator for a hypothetical mark-to-market adjustment on the shares of Series A Â鶹×îгöÆ· Formula One common stock included in the Securities Basket underlying the warrants in periods in which cash settlement would be more dilutive than share settlement.