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Earnings Per Share and Stockholders' Equity
 3 Months Ended
Mar. 31, 2023
Earnings Per Share and Stockholders' Equity
14. Earnings Per Share and Stockholders’ Equity
Earnings Per Share
Basic and diluted net income per share of common stock for the three months ended March 31, 2023 and March 31, 2022 was calculated as follows:
 
                                                               
    
Three Months Ended
    
March 31,
    
2023
   
2022
Net Income for Per Share of Common Stock Calculations
                  
Net Income Attributable to Blackstone Inc., Basic and Diluted
   
 $
85,812
 
   
 $
1,216,874
 
    
 
 
 
   
 
 
 
     
Share/Units Outstanding
                  
Weighted-Average Shares of Common Stock Outstanding, Basic
   
 
746,064,922
 
   
 
734,327,015
 
Weighted-Average Shares of Unvested Deferred Restricted Common Stock
   
 
579,007
 
   
 
639,900
 
    
 
 
 
   
 
 
 
Weighted-Average Shares of Common Stock Outstanding, Diluted
   
 
746,643,929
 
   
 
734,966,915
 
    
 
 
 
   
 
 
 
     
Net Income Per Share of Common Stock
                  
Basic
   
 $
0.12
 
   
 $
1.66
 
    
 
 
 
   
 
 
 
Diluted
   
 $
0.11
 
   
 $
1.66
 
    
 
 
 
   
 
 
 
Dividends Declared Per Share of Common Stock (a)
   
 $
0.91
 
   
 $
1.45
 
    
 
 
 
   
 
 
 
 
(a)
Dividends declared reflects the calendar date of the declaration for each distribution.
In computing the dilutive effect that the exchange of Blackstone Holdings Partnership Units would have on Net Income Per Share of Common Stock, Blackstone considered that net income available to holders of shares of common stock would increase due to the elimination of
non-controlling
interests in Blackstone Holdings, inclusive of any tax impact. The hypothetical conversion may be dilutive to the extent there is activity at the Blackstone Inc. level that has not previously been attributed to the
non-controlling
interests or if there is a change in tax rate as a result of a hypothetical conversion.
The following table summarizes the anti-dilutive securities for the three months ended March 31, 2023 and 2022:
 
    
Three Months Ended
    
March 31,
    
2023
   
2022
Weighted-Average Blackstone Holdings Partnership Units
      462,949,870        467,794,861  
Share Repurchase Program
On December 7, 2021, Blackstone’s board of directors authorized the repurchase of up to $2.0 billion of common stock and Blackstone Holdings Partnership Units. Under the repurchase program, repurchases may be made from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual numbers repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. The repurchase program may be changed, suspended or discontinued at any time and does not have a specified expiration date.
 
During the three months ended March 31, 2023, Blackstone repurchased 1.0 million shares of common stock at a total cost of $90.1 million. During the
three months
ended March 31, 2022, no shares of common stock were repurchased. As of March 31, 2023, the amount remaining available for repurchases under the program was $1.0 billion.
Shares Eligible for Dividends and Distributions
As of March 31, 2023, the total shares of common stock and Blackstone Holdings Partnership Units entitled to participate in dividends and distributions were as follows:
 
    
Shares/Units
Common Stock Outstanding
      712,794,968  
Unvested Participating Common Stock
      33,121,860  
    
 
 
 
Total Participating Common Stock
      745,916,828  
Participating Blackstone Holdings Partnership Units
      462,366,799  
    
 
 
 
           1,208,283,627