Net Income per Unit

9 Months Ended

Sep. 30, 2015

Basic net income per unit is derived by dividing net income by the basic weighted average number of units outstanding for each period. Diluted net income per unit is derived by adjusting net income for the assumed dilutive effect of compensatory options (“Net income – diluted”) and dividing by the diluted weighted average number of units outstanding for each period.



	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
	(in thousands, except per unit amounts)

Net income – basic	$	42,687	$	44,134	$	136,496	$	123,147
Additional allocation of equity in net income attributable to AB resulting from assumed dilutive effect of compensatory options	301		409		1,083		1,085
Net income – diluted	$	42,988	$	44,543	$	137,579	$	124,232

Weighted average units outstanding – basic	99,651		97,070		100,255		96,549
Dilutive effect of compensatory options	970		1,249		1,113		1,174
Weighted average units outstanding – diluted	100,621		98,319		101,368		97,723

Basic net income per unit	$	0.43	$	0.45	$	1.36	$	1.28
Diluted net income per unit	$	0.43	$	0.45	$	1.36	$	1.27

For the three and nine months ended September 30, 2015, we excluded 2,771,250 and 2,383,589 options, respectively, from the diluted net income per unit computation due to their anti-dilutive effect. For the three and nine months ended September 30, 2014, we excluded 2,774,117 and 2,806,033 options, respectively, from the diluted net income computation due to their anti-dilutive effect.