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

Schedule for Reconciliation of Basic and Diluted Weighted Average Shares

The basic and diluted EPS calculations are based on the following WASO.


	July 1, 2024 to		Three months ended	January 1, 2024 to	Nine months ended
	September 9, 2024		September 30, 2023	September 9, 2024	September 30, 2023

		numbers of shares in millions
Basic WASO		327	327	327	327
Potentially dilutive shares (a)		—	25	13	21
Diluted WASO (b)		327	352	340	348

(a)	Potentially dilutive shares are excluded from the computation of EPS during periods in which net losses are reported since the result would be antidilutive.

(b)

For periods in which share settlement of the 2.125% Exchangeable Senior Debentures due 2048 and 2.75% Exchangeable Senior Debentures due 2049, which could have been settled in shares of Series C Liberty SiriusXM common stock, and 3.75% Convertible Senior Notes due 2028, which could have been settled in shares of Series A Liberty SiriusXM common stock, are dilutive, the numerator adjustment includes a reversal of the interest expense and the unrealized gain or loss recorded on the instruments during the period, net of tax where appropriate. The settlement of the 2.125% Exchangeable Senior Debentures due 2048 changed to solely cash, pursuant to a supplemental indenture entered into during February 2023. Accordingly, the impact of share settlement of the 2.125% Exchangeable Senior Debentures due 2048 was considered for purposes of calculating diluted WASO prior to the execution of the supplemental indenture.

Additionally, a hypothetical mark-to-market adjustment on the shares of Series A Liberty SiriusXM common stock underlying the warrants was included in the numerator adjustment in periods in which cash settlement of the warrants would have been more dilutive than share settlement.


	July 1, 2024 to		Three months ended	January 1, 2024 to	Nine months ended
	September 9, 2024		September 30, 2023	September 9, 2024	September 30, 2023

		amounts in millions
Basic earnings (loss) from discontinued operations attributable to Liberty SiriusXM stockholders	$	(2,500)	233	(2,002)	611
Adjustments		—	6	(93)	1
Diluted earnings (loss) from discontinued operations attributable to Liberty SiriusXM stockholders	$	(2,500)	239	(2,095)	612

Schedule for Reconciliation of Basic and Diluted Weighted Average Shares

The basic and diluted EPS calculations are based on the following WASO.


	Three months ended September 30,			Nine months ended September 30,
	2024		2023	2024	2023

		numbers of shares in millions
Basic WASO		242	235	237	234
Potentially dilutive shares (a)		2	9	5	7
Diluted WASO (b)		244	244	242	241

(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)

The Liberty SiriusXM Group’s intergroup interest in the Formula One Group was settled and extinguished on July 12, 2023. The intergroup interest was a quasi-equity interest which was not represented by outstanding shares of common stock; rather, the Liberty SiriusXM Group had an attributed value in the Formula One Group which was generally stated in terms of a number of shares of stock issuable to the Liberty SiriusXM Group with respect to its interest in the Formula One Group. Each reporting period, the notional shares representing the intergroup interest were marked to fair value. As the notional shares underlying the intergroup interest were not represented by outstanding shares of common stock, such shares had not been officially designated Series A, B or C Liberty Formula One common stock. However, Liberty assumed that the notional shares (if and when issued) would be comprised of Series A Liberty Formula One common stock since Series A Liberty Formula One common stock was underlying the 1.375% Cash Convertible Senior Notes due 2023. Therefore, the market price of Series A Liberty Formula One common stock was used for the quarterly mark-to-market adjustment through the unaudited attributed condensed consolidated statements of operations. The notional shares representing the intergroup interest had no impact on the basic WASO. However, if dilutive, the notional shares representing the intergroup interest 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 interest was 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 interest to fair value during the period.

For periods in which share settlement of the 2.25% Convertible Senior Notes due 2027, which may be settled in shares of Series C Liberty 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 was also made to the numerator for a hypothetical mark-to-market adjustment on the shares of Series A Liberty Formula One common stock underlying the warrants in periods in which cash settlement would have been more dilutive than share settlement.


	Three months ended September 30,			Nine months ended September 30,
	2024		2023	2024	2023

		amounts in millions
Basic earnings (loss) attributable to Liberty Formula One stockholders	$	117	118	218	125
Adjustments		—	(23)	—	(37)
Diluted earnings (loss) attributable to Liberty Formula One stockholders	$	117	95	218	88

Schedule for Reconciliation of Basic and Diluted Weighted Average Shares

The basic and diluted EPS calculations are based on the following WASO.


	Three months ended		August 4, 2023 to	Nine months ended	August 4, 2023 to
	September 30, 2024		September 30, 2023	September 30, 2024	September 30, 2023

		numbers of shares in millions
Basic WASO		92	92	92	92
Potentially dilutive shares (a)		—	—	—	—
Diluted WASO		92	92	92	92

(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.

Schedule for Reconciliation of Basic and Diluted Weighted Average Shares

The basic and diluted EPS calculations are based on the following WASO.


	Three months ended		July 1, 2023 to	Nine months ended	January 1, 2023 to
	September 30, 2024		July 18, 2023	September 30, 2024	July 18, 2023

		numbers of shares in millions
Basic WASO		NA	53	NA	53
Potentially dilutive shares (a)		NA	—	NA	1
Diluted WASO		NA	53	NA	54

(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.

Quarterly report pursuant to Section 13 or 15(d)

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