14.

NET INCOME PER COMMON UNIT

Basic and diluted net income per common unit for the three and six months ended June 30, 2018 and June 30, 2017 was calculated as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Net Income for Per Common Unit Calculation
Net Income Attributable to The Blackstone Group L.P., Basic	$	742,042	$	337,407	$	1,109,914	$	789,316
Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units		—		260,488		858,727		624,716

Net Income Attributable to The Blackstone Group L.P., Diluted	$	742,042	$	597,895	$	1,968,641	$	1,414,032

Units Outstanding
Weighted-Average Common Units Outstanding, Basic		681,794,492		664,681,299		678,156,936		662,820,839
Weighted-Average Unvested Deferred Restricted Common Units		216,118		998,974		207,526		904,079
Weighted-Average Blackstone Holdings Partnership Units		—		534,326,066		532,363,486		536,031,472

Weighted-Average Common Units Outstanding, Diluted		682,010,610		1,200,006,339		1,210,727,948		1,199,756,390

Net Income Per Common Unit, Basic	$	1.09	$	0.51	$	1.64	$	1.19

Net Income Per Common Unit, Diluted	$	1.09	$	0.50	$	1.63	$	1.18

Distributions Declared Per Common Unit (a)	$	0.35	$	0.87	$	1.20	$	1.34

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

The Weighted-Average Common Units Outstanding, Basic includes vested deferred restricted common units that have been earned for which issuance of the related common units is deferred until future periods.

The Partnership applies the treasury stock method to determine the dilutive weighted-average common units outstanding. The Partnership applies the “if-converted” method to the Blackstone Holdings Partnership Units to determine the dilutive weighted-average common units represented by the Blackstone Holdings Partnership Units.

In computing the dilutive effect that the exchange of Blackstone Holdings Partnership Units would have on net income per common unit, the Partnership considered that net income available to holders of common units would increase due to the elimination of non-controlling interests in Blackstone Holdings, inclusive of any tax impact. Because the hypothetical conversion may result in a different tax rate, the Blackstone Holdings Partnership Units are considered anti-dilutive in certain periods and dilutive in other periods.

The following table summarizes the anti-dilutive securities for the three and six months ended June 30, 2018 and 2017:

Three Months Ended
June 30,

Six Months Ended
June 30,

2018

2017

2018

2017

Weighted-Average Blackstone Holdings Partnership Units

528,872,187

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Unit Repurchase Program

On April 16, 2018, the Board of Directors of our general partner, Blackstone Group Management L.L.C., authorized the repurchase by Blackstone of up to $1.0 billion of Blackstone common units and Blackstone Holdings Partnership Units. 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.

During the three and six months ended June 30, 2017, no units were repurchased. During the three and six months ended June 30, 2018, Blackstone repurchased 2.2 million Blackstone common units at a total cost of $71.7 million. As of June 30, 2018, the amount remaining available for repurchases under this program was $928.3 million.