Basic net (loss) income per unit is derived by dividing net (loss) income by the basic weighted average number of units outstanding for each period. Diluted net (loss) income per unit is derived by adjusting net (loss) income for the assumed dilutive effect of compensatory options ("Net (loss) 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,
	2012			2011		2012		2011
	(in thousands, except per unit amounts)

Net (loss) income – basic	$	(23,142	)	$	27,003	$	24,896	$	106,195
Additional allocation of equity in net (loss) income attributable to AllianceBernstein resulting from assumed dilutive effect of compensatory options		—			—		—		240
Net (loss) income – diluted	$	(23,142	)	$	27,003	$	24,896	$	106,435

Weighted average units outstanding – basic		101,333			103,156		101,507		103,915
Dilutive effect of compensatory options		—			—		—		316
Weighted average units outstanding – diluted		101,333			103,156		101,507		104,231

Basic net (loss) income per unit	$	(0.23	)	$	0.26	$	0.25	$	1.02
Diluted net (loss) income per unit	$	(0.23	)	$	0.26	$	0.25	$	1.02