Net Income per Unit

6 Months Ended

Jun. 30, 2013

Net Income per Unit [Abstract]

Net Income per Unit

4. 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,
	2013		2012		2013		2012
	(in thousands, except per unit amounts)
Net income – basic	$	40,276	$	21,339	$	78,507	$	48,038
Additional allocation of equity in net income attributable to AllianceBernstein resulting from assumed dilutive effect of compensatory options		341		—		592		—
Net income – diluted	$	40,617	$	21,339	$	79,099	$	48,038
Weighted average units outstanding – basic		100,888		101,424		100,595		101,595
Dilutive effect of compensatory options		1,251		—		1,111		—
Weighted average units outstanding – diluted		102,139		101,424		101,706		101,595
Basic net income per unit	$	0.40	$	0.21	$	0.78	$	0.47
Diluted net income per unit	$	0.40	$	0.21	$	0.78	$	0.47

For the three months and six months ended June 30, 2013, we excluded 2,979,935 options from the diluted net income per unit computation due to their anti-dilutive effect. 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 (37.6% during the second quarter and first six months of 2013; 37.5% during the second quarter and first six months of 2012) of the Holding Units then held by AllianceBernstein in its consolidated rabbi trust.