Earnings Per Common Unit

12 Months Ended

Dec. 31, 2019

Basic and diluted net income per common unit are calculated as follows:



	Year Ended December 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017
	Basic		Diluted		Basic		Diluted		Basic		Diluted
Net income attributable to common units	$	345,300,000	$	345,300,000	$	92,900,000	$	92,900,000	$	238,100,000	$	238,100,000
Weighted-average common units outstanding	113,082,733		122,632,889		104,198,089		113,389,443		92,136,959		100,082,548
Net income per common unit	$	3.05	$	2.82	$	0.89	$	0.82	$	2.58	$	2.38

The weighted-average common units outstanding, basic and diluted, are calculated as follows:



	Year Ended December 31, 2019		Year Ended December 31, 2018		Year Ended December 31, 2017
	Basic	Diluted	Basic	Diluted	Basic	Diluted
The Carlyle Group L.P. weighted-average common units outstanding	113,082,733	113,082,733	104,198,089	104,198,089	92,136,959	92,136,959
Unvested deferred restricted common units	—	8,681,760	—	8,336,661	—	7,347,645
Contingently issuable common units and Carlyle Holdings partnership units	—	868,396	—	854,693	—	597,944
Weighted-average common units outstanding	113,082,733	122,632,889	104,198,089	113,389,443	92,136,959	100,082,548

The Company applies the treasury stock method to determine the dilutive weighted-average common units represented by the unvested deferred restricted common units. Also included in the determination of dilutive weighted-average common units are issuable and contingently issuable Carlyle Holdings partnership units and common units associated with the Company’s acquisitions, strategic investments in NGP and performance-vesting deferred restricted common units. For purposes of determining the dilutive weighted-average common units, it is assumed that December 31, 2019, 2018 and 2017 represent the end of the contingency period.

The Company applies the “if-converted” method to the vested Carlyle Holdings partnership units to determine the dilutive weighted-average common units outstanding. The Company applies the treasury stock method to the unvested Carlyle Holdings partnership units and the “if-converted” method on the resulting number of additional Carlyle Holdings partnership units to determine the dilutive weighted-average common units represented by the unvested Carlyle Holdings partnership units.

In computing the dilutive effect that the exchange of Carlyle Holdings partnership units would have on earnings per common unit, the Company considered that net income available to holders of common units would increase due to the elimination of non-controlling interests in Carlyle Holdings (including any tax impact). Based on these calculations, 230,213,627 of vested Carlyle Holdings partnership units and 3,565 of unvested Carlyle Holdings partnership units for the year ended December 31, 2019 were antidilutive, and therefore have been excluded.

For the year ended December 31, 2018, 230,266,308 of vested Carlyle Holdings partnership units and 2,140,224 of unvested Carlyle Holdings partnership units were antidilutive, and therefore have been excluded.

For the year ended December 31, 2017, 227,275,453 of vested Carlyle Holdings partnership units and 2,579,831 of unvested Carlyle Holdings partnership units were antidilutive, and therefore have been excluded.