Noncontrolling Interests (Tables)

6 Months Ended

Jun. 30, 2022

Reconciliation from Income Before Provision for Income Taxes to Net Income Attributable to Manning & Napier, Inc.

The following table provides a reconciliation from “Income before provision for income taxes” to “Net income attributable to Manning & Napier, Inc.”:


	Three months ended June 30,						Six months ended June 30,
	2022			2021			2022			2021
	(in thousands)
Income before provision for income taxes	$	4,504		$	8,026		$	4,982		$	14,693
Less: income (loss) before provision for income taxes of Manning & Napier, Inc. (1)	182			(218)			(1,137)			(211)
Income before provision for income taxes, as adjusted	4,322			8,244			6,119			14,904
Controlling interest percentage (2)	97.8		%	90.1		%	97.8		%	89.6		%
Income before provision for income taxes attributable to controlling interest	4,225			7,426			5,982			13,347
Plus: income (loss) before provision for income taxes of Manning & Napier, Inc. (1)	182			(218)			(1,137)			(211)
Income before provision for income taxes attributable to Manning & Napier, Inc.	4,407			7,208			4,845			13,136
Less: provision for income taxes of Manning & Napier, Inc.(3)	2,063			1,283			1,315			1,971
Net income attributable to Manning & Napier, Inc.	$	2,344		$	5,925		$	3,530		$	11,165

_______________________

(1)Manning & Napier, Inc. incurs certain income or expenses that are only attributable to it and are therefore excluded from the net income attributable to noncontrolling interests.

(2)Income before provision for (benefit from) income taxes is allocated to the controlling interest based on the percentage of units of Manning & Napier Group held by Manning & Napier, Inc. The amount represents the Company's weighted ownership of Manning & Napier Group's income for the respective periods.

(3)The consolidated provision for income taxes is equal to the sum of (i) the provision for income taxes for entities other than Manning & Napier, Inc. and (ii) the provision for (benefit from) income taxes of Manning & Napier, Inc. which

includes all U.S. federal and state income taxes. The consolidated provision for income taxes was approximately $2.1 million and $1.3 million for the three months ended June 30, 2022 and 2021, respectively, and approximately $1.3 million and $2.0 million for the six months ended June 30, 2022 and 2021, respectively.

Impact to the Company's ownership interest in Manning & Napier Group

The following is the impact to the Company's equity ownership interest in Manning & Napier Group for the six months ended June 30, 2022:


	Manning & Napier Group Class A Units Held
	Manning & Napier	Noncontrolling Interests	Total	Manning & Napier Ownership %
As of December 31, 2021	18,296,780	428,812	18,725,592	97.7%
Class A Units issued	370,252	—	370,252	0.1%

As of June 30, 2022	18,667,032	428,812	19,095,844	97.8%

Manning & Napier, Inc. 10-Q