Liberty Media Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share (Tables)

Earnings Attributable to Liberty Media Corporation Stockholders Per Common Share (Tables)

3 Months Ended

Mar. 31, 2020

Reconciliation of Basic and Diluted Weighted Average Shares


	Three months ended March 31,
	2020		2019
		numbers of shares in millions
Basic WASO		315	323
Potentially dilutive shares		4	4
Diluted WASO (a)		319	327

(a)

As discussed in note 2, the number of notional Liberty Sirius XM shares representing the intergroup interest held by the Formula One Group was 1,945,491 as of March 31, 2020. The intergroup interest is a quasi-equity interest which is not represented by outstanding shares of common stock; rather, the Formula One Group has an attributed value in the Liberty SiriusXM Group which is generally stated in terms of a number of shares of stock issuable to the Formula One Group with respect to its interest in the Liberty SiriusXM Group. Each reporting period, the notional shares representing the intergroup interest are marked to fair value. As the notional shares underlying the intergroup interest are not represented by outstanding shares of common stock, such shares have not been officially designated Series A, B or C Liberty SiriusXM common stock. However, Liberty has assumed that the notional shares (if and when issued) would be comprised of Series C Liberty SiriusXM common stock in order to not dilute voting percentages. Therefore, the market price of Series C Liberty SiriusXM common stock is used for the quarterly mark-to-market adjustment through the unaudited attributed condensed consolidated statements of operations. The notional shares representing the intergroup interest have no impact on the basic earnings per

share weighted average number of shares outstanding. However, in periods where the Liberty SiriusXM Group has net earnings, the notional shares representing the intergroup interest are included in the diluted earnings per share WASO as if the shares had been issued and outstanding during the period. In periods where the Liberty SiriusXM Group has net earnings, 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 interest to fair value during the period as follows:


	Three months ended March 31,
	2020		2019
		amounts in millions
Basic earnings (loss) attributable to Liberty SiriusXM stockholders	$	214	61
Unrealized (gain) loss on the intergroup interest		(31)	NA
Diluted earnings (loss) attributable to Liberty SiriusXM stockholders	$	183	61

Braves Group

Reconciliation of Basic and Diluted Weighted Average Shares


	Three months ended March 31,
	2020		2019 (a)
		numbers of shares in millions
Basic WASO		51	51
Potentially dilutive shares		10	10
Diluted WASO (b)		61	61

(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.

(b)

As discussed in note 2, the number of notional Liberty Braves shares representing the Formula One Group’s intergroup interest in the Braves Group is 9,084,940 shares as of March 31, 2020. The intergroup interest is a quasi-equity interest which is not represented by outstanding shares of common stock; rather, the Formula One Group has an attributed value in the Braves Group which is generally stated in terms of a number of shares of stock issuable to the Formula One Group with respect to its interest in the Braves Group. Each reporting period, the notional shares representing the intergroup interest are marked to fair value. As the notional shares underlying the intergroup interest are not represented by outstanding shares of common stock, such shares have not been officially designated Series A, B or C Liberty Braves common stock. However, Liberty has assumed that the notional shares (if and when issued) would be comprised of Series C Liberty Braves common stock in order to not dilute voting percentages. Therefore, the market price of Series C Liberty Braves common stock is used for the quarterly mark-to-market adjustment through the unaudited attributed condensed consolidated statements of operations. The notional shares representing the intergroup interest have no impact on the basic WASO. However, the notional shares representing the intergroup interest are included in the diluted WASO as if the shares had been issued and outstanding during the period. 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 interest to fair value during the period as follows:


	Three months ended March 31,
	2020		2019
		amounts in millions
Basic earnings (loss) attributable to Liberty Braves stockholders	$	53	(71)
Unrealized (gain) loss on the intergroup interest		(95)	26
Diluted earnings (loss) attributable to Liberty Braves stockholders	$	(42)	(45)

Formula One Group

Reconciliation of Basic and Diluted Weighted Average Shares


	Three months ended March 31,
	2020 (a)		2019 (a)
		numbers of shares in millions
Basic WASO		232	231
Potentially dilutive shares		1	2
Diluted WASO		233	233

(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.