Net Income per Unit

3 Months Ended

Mar. 31, 2015

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 March 31,
	2015		2014
	(in thousands, except per unit amounts)
Net income – basic	$	45,585	$	36,159
Additional allocation of equity in net income attributable to AB resulting from assumed dilutive effect of compensatory options		355		296
Net income – diluted	$	45,940	$	36,455
Weighted average units outstanding – basic		100,548		96,114
Dilutive effect of compensatory options		1,098		1,077
Weighted average units outstanding – diluted		101,646		97,191
Basic net income per unit	$	0.45	$	0.38
Diluted net income per unit	$	0.45	$	0.38

As of March 31, 2015 and 2014, we excluded 2,774,117 and 2,828,033 options, respectively, from the diluted net income per unit computation due to their anti-dilutive effect.