Net Income per Unit

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 June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
	(in thousands, except per unit amounts)

Net income – basic	$	58,457	$	41,741	$	116,617	$	85,651
Additional allocation of equity in net income attributable to AB resulting from assumed dilutive effect of compensatory options	115		137		259		313
Net income – diluted	$	58,572	$	41,878	$	116,876	$	85,964

Weighted average units outstanding – basic	98,368		96,061		97,673		96,150
Dilutive effect of compensatory options	272		430		303		482
Weighted average units outstanding – diluted	98,640		96,491		97,976		96,632

Basic net income per unit	$	0.59	$	0.43	$	1.19	$	0.89
Diluted net income per unit	$	0.59	$	0.43	$	1.19	$	0.89

For the three and six months ended June 30, 2018, we excluded 850,155 options and 1,211,906 options, respectively, from the diluted net income computation due to their anti-dilutive effect. For the three and six months ended June 30, 2017, we excluded 2,507,179 options and 2,452,633 options, respectively, from the diluted net income computation due to their anti-dilutive effect.