NET INCOME PER COMMON UNIT

3 Months Ended

Mar. 31, 2016

NET INCOME PER COMMON UNIT

14. NET INCOME PER COMMON UNIT

Basic and diluted net income per common unit for the three months ended March 31, 2016 and March 31, 2015 was calculated as follows:

	Three Months Ended March 31,
	2016		2015
Net Income for Per Common Unit Calculation
Net Income Attributable to The Blackstone Group L.P., Basic	$	150,033	$	629,448
Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units		119,594		—
Net Income Attributable to The Blackstone Group L.P., Diluted	$	269,627	$	629,448
Units Outstanding
Weighted-Average Common Units Outstanding, Basic		644,897,849		625,276,969
Weighted-Average Unvested Deferred Restricted Common Units		1,629,702		5,955,072
Weighted-Average Blackstone Holdings Partnership Units		548,042,780		—
Weighted-Average Common Units Outstanding, Diluted		1,194,570,331		631,232,041
Net Income Per Common Unit, Basic	$	0.23	$	1.01
Net Income Per Common Unit, Diluted	$	0.23	$	1.00
Distributions Declared Per Common Unit (a)	$	0.61	$	0.78

(a) Distributions declared reflects the calendar date of the declaration for each distribution.

The following table summarizes the anti-dilutive securities for the three months ended March 31, 2016 and 2015:

	Three Months Ended March 31,
	2016		2015
Weighted-Average Blackstone Holdings Partnership Units		—	548,837,150

Unit Repurchase Program

In January 2008, Blackstone announced that the Board of Directors of its general partner, Blackstone Group Management L.L.C., had authorized the repurchase by Blackstone of up to $500 million of Blackstone common units and Blackstone Holdings Partnership Units. Under this unit repurchase program, units may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual number of Blackstone common units and Blackstone Holdings Partnership Units repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. This unit repurchase program may be suspended or discontinued at any time and does not have a specified expiration date.

During the three month periods ended March 31, 2016 and 2015, no units were repurchased. As of March 31, 2016, the amount remaining available for repurchases under this program was $335.8 million.