14.

NET INCOME PER COMMON UNIT

Basic and diluted net income per common unit for the three months ended March 31, 2018 and March 31, 2017 was calculated as follows:


	Three Months Ended March 31,
	2018		2017
Net Income for Per Common Unit Calculations
Net Income Attributable to The Blackstone Group L.P., Basic	$	367,872	$	451,909
Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units		278,746		363,753

Net Income Attributable to The Blackstone Group L.P., Diluted	$	646,618	$	815,662

Units Outstanding
Weighted-Average Common Units Outstanding, Basic		674,479,140		660,939,708
Weighted-Average Unvested Deferred Restricted Common Units		198,934		809,184
Weighted-Average Blackstone Holdings Partnership Units		535,895,780		537,758,091

Weighted-Average Common Units Outstanding, Diluted		1,210,573,854		1,199,506,983

Net Income Per Common Unit, Basic	$	0.55	$	0.68

Net Income Per Common Unit, Diluted	$	0.53	$	0.68

Distributions Declared Per Common Unit (a)	$	0.85	$	0.47

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

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.

During the three month periods ended March 31, 2018 and 2017, no units were repurchased. As of March 31, 2018, the amount remaining available for repurchases under this program was $335.8 million.

On April 16, 2018 Blackstone announced that its Board of Directors authorized the repurchase of up to $1.0 billion of common units and Blackstone Holdings partnership units, increasing the $335.8 million of repurchase authorization remaining under the prior authorization. Under the 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 units repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. The unit repurchase program may be changed, suspended or discontinued at any time and does not have a specified expiration date.