Net Income Per Unit

6 Months Ended

Jun. 30, 2012

Net Income Per Unit [Abstract]

Net Income Per Unit

3. 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,
	2012		2011		2012		2011
	(in thousands, except per unit amounts)
Net income - basic	$	21,339	$	35,512	$	48,038	$	79,192
Additional allocation of equity in net income attributable to AllianceBernstein resulting from assumed dilutive effect of compensatory options		-		141		-		379
Net income - diluted	$	21,339	$	35,653	$	48,038	$	79,571
Weighted average units outstanding - basic		101,424		103,969		101,595		104,339
Dilutive effect of compensatory options		-		556		-		682
Weighted average units outstanding - diluted		101,424		104,525		101,595		105,021
Basic net income per unit	$	0.21	$	0.34	$	0.47	$	0.76
Diluted net income per unit	$	0.21	$	0.34	$	0.47	$	0.76

For the three months and six months ended June 30, 2012, we excluded 9,036,845 options from the diluted net income per unit computation due to their anti-dilutive effect. Weighted average units outstanding do not include Holding's proportional share (37.5% during the second quarter and first six months of 2012; 37.4% during the second quarter and first six months of 2011) of the Holding Units held by AllianceBernstein in its consolidated rabbi trust. For the three months and six months ended June 30, 2011, we excluded 4,408,829 options from the diluted net income per unit computation due to their anti-dilutive effect.