Net Income Per Unit

12 Months Ended

Dec. 31, 2015

Basic net income per unit is derived by dividing net income by the basic weighted average number of units outstanding for each year. 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 year.



	Years Ended December 31,
	2015		2014		2013
	(in thousands, except per unit amounts)
Net income - basic	$	188,178	$	180,814	$	165,502
Additional allocation of equity in net income attributable to AB resulting from assumed dilutive effect of compensatory options	1,399		1,536		1,166
Net income - diluted	$	189,577	$	182,350	$	166,668

Weighted average units outstanding - basic	99,475		96,802		96,461
Dilutive effect of compensatory options	1,037		1,148		961
Weighted average units outstanding - diluted	100,512		97,950		97,422

Basic net income per unit	$	1.89	$	1.87	$	1.72
Diluted net income per unit	$	1.89	$	1.86	$	1.71

For the years ended December 31, 2015, 2014 and 2013, we excluded 2,409,499, 2,806,033 and 2,923,035 options, respectively, from the diluted net income per unit computation due to their anti-dilutive effect. Weighted average units outstanding do not include AB Holding’s proportional share (35.9% in 2013) of the unallocated AB Holding Units then held by AB in its consolidated rabbi trust.