13.

NET INCOME (LOSS) PER COMMON UNIT

Basic and diluted net income (loss) per common unit for the three and six months ended June 30, 2012 and June 30, 2011 was calculated as follows:


	Three Months Ended June 30,					Six Months Ended June 30,
	2012			2011		2012			2011
Net Income (Loss) Attributable to The Blackstone Group L.P.	$	(74,964	)	$	86,237	$	(16,639	)	$	128,941

Basic Net Income (Loss) Per Common Unit:
Weighted-Average Common Units Outstanding		528,778,977			476,289,647		517,882,253			462,094,878

Net Income (Loss) Per Common Unit	$	(0.14	)	$	0.18	$	(0.03	)	$	0.28

Diluted Net Income (Loss) Per Common Unit:
Weighted-Average Common Units Outstanding		528,778,977			476,289,647		517,882,253			462,094,878
Weighted-Average Unvested Deferred Restricted Common Units		—			7,353,999		—			6,523,856

Weighted-Average Diluted Common Units Outstanding		528,778,977			483,643,646		517,882,253			468,618,734

Diluted Net Income (Loss) Per Common Unit	$	(0.14	)	$	0.18	$	(0.03	)	$	0.28

The following table summarizes the anti-dilutive securities for the three and six months ended June 30, 2012 and 2011:

Three Months Ended June 30,

Six Months Ended June 30,

2012

2011

2012

2011

Weighted-Average Blackstone Holdings Partnership Units

591,155,160

625,526,089

596,986,114

641,817,877

Unit Repurchase Program

In January 2008, Blackstone announced that the Board of Directors of its general partner, Blackstone Group Management L.L.C., had authorized the repurchase by Blackstone of up to $500 million of Blackstone Common Units and Blackstone Holdings Partnership Units. Under this unit repurchase program, units may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual number of Blackstone Common Units and Blackstone Holdings Partnership Units repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. This unit repurchase program may be suspended or discontinued at any time and does not have a specified expiration date.

During the six months ended June 30, 2012, no units were repurchased. As of June 30, 2012, the amount remaining available for repurchases under this program was $335.8 million.

During the six months ended June 30, 2011, Blackstone repurchased 116,270 vested Blackstone Holdings Partnership Units as part of the unit repurchase program for a total fair value of $2.1 million.