15. NET INCOME (LOSS) PER COMMON UNIT

Basic and diluted net income (loss) per common unit for the years ended December 31, 2013, 2012 and 2011 was calculated as follows:


	Year Ended December 31,
	2013		2012		2011
Net Income (Loss) Attributable to The Blackstone Group L.P.	$	1,171,202	$	218,598	$	(168,303	)

Basic Net Income (Loss) Per Common Unit
Weighted-Average Common Units Outstanding		587,018,828		533,703,606		475,582,718

Basic Net Income (Loss) Per Common Unit	$	2.00	$	0.41	$	(0.35	)

Diluted Net Income (Loss) Per Common Unit
Weighted-Average Common Units Outstanding		587,018,828		533,703,606		475,582,718
Weighted-Average Unvested Deferred Restricted Common Units		3,527,812		4,965,464		—

Weighted-Average Diluted Common Units Outstanding		590,546,640		538,669,070		475,582,718

Diluted Net Income (Loss) Per Common Unit	$	1.98	$	0.41	$	(0.35	)

The following table summarizes the anti-dilutive securities for the periods indicated:


	Year Ended December 31,
	2013		2012		2011
Weighted-Average Unvested Deferred Restricted Common Units		—		—		22,529,309
Weighted-Average Blackstone Holdings Partnership Units		553,579,525		590,446,577		628,115,753

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 years ended December 31, 2013 and 2012, no units were repurchased. As of December 31, 2013, the amount remaining available for repurchases under this program was $335.8 million.

During the year ended December 31, 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.