14.

NET INCOME PER COMMON UNIT

Basic and diluted net income per common unit for the three and nine months ended September 30, 2014 and September 30, 2013 was calculated as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Net Income Attributable to The Blackstone Group L.P.	$	250,505	$	171,164	$	1,033,138	$	549,947

Basic Net Income Per Common Unit
Weighted-Average Common Units Outstanding		611,684,213		589,643,844		606,671,289		585,296,526

Basic Net Income Per Common Unit	$	0.41	$	0.29	$	1.70	$	0.94

Diluted Net Income Per Common Unit
Weighted-Average Common Units Outstanding		611,684,213		589,643,844		606,671,289		585,296,526
Weighted-Average Unvested Deferred Restricted Common Units		3,294,657		3,276,951		3,550,012		3,191,542

Weighted-Average Diluted Common Units Outstanding		614,978,870		592,920,795		610,221,301		588,488,068

Diluted Net Income Per Common Unit	$	0.41	$	0.29	$	1.69	$	0.93

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

Three Months Ended
September 30,

Nine Months Ended
September 30,

2014

2013

2014

2013

Weighted-Average Blackstone Holdings Partnership Units

539,856,777

551,916,623

544,426,162

554,857,282

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 nine months ended September 30, 2014 and 2013, no units were repurchased. As of September 30, 2014, the amount remaining available for repurchases under this program was $335.8 million.