Nine months

ended

December 31,

Twelve months

ended

December 31,

Twelve months

ended

December 31,

2017

2018

2019

RMB

RMB

RMB

Numerator:

Net earnings (loss) attributable to ATA Creativity Global

29,633,544

854,925,914

(122,253,989)

Dividends paid to participating securities

(3,749,630

)

(13,249,006

)

—

Redeemable non-controlling interest redemption value accretion

(3,748,639

)

(6,085,542

)

(6,008,491)

Net earnings (loss) available to common shareholders

22,135,275

835,591,366

(128,262,480)

Denominator:

Denominator for basic earnings (loss) per share:

Weighted average common shares outstanding

45,793,127

45,796,886

50,915,710

Denominator for diluted earnings (loss) per share

45,793,127

45,796,886

50,915,710

Basic loss per common share from continuing operations

(1.72

)

(1.81

)

(2.62)

Diluted loss per common share from continuing operations

(1.72

)

(1.81

)

(2.62)

Basic earnings per common share from discontinued operations

2.20

20.06

0.10

Diluted earnings per common share from discontinued operations

2.20

20.06

0.10

Basic earnings (loss) per common share attributable to ATA Creativity Global

0.48

18.25

(2.52)

Diluted earnings (loss) per common share attributable to ATA Creativity Global

0.48

18.25

(2.52)