Net Income Per Unit

12 Months Ended

Dec. 31, 2016

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,
	2016		2015		2014
	(in thousands, except per unit amounts)
Net income - basic	$	216,586	$	185,764	$	178,468
Additional allocation of equity in net income attributable to AB resulting from assumed dilutive effect of compensatory options	878		1,383		1,518
Net income - diluted	$	217,464	$	187,147	$	179,986

Weighted average units outstanding - basic	96,834		99,475		96,802
Dilutive effect of compensatory options	554		1,037		1,148
Weighted average units outstanding - diluted	97,388		100,512		97,950

Basic net income per unit	$	2.24	$	1.87	$	1.84
Diluted net income per unit	$	2.23	$	1.86	$	1.84

For the years ended December 31, 2016, 2015 and 2014, we excluded 2,873,106, 2,409,499 and 2,806,033 options, respectively, from the diluted net income per unit computation due to their anti-dilutive effect.