14.

NET INCOME PER COMMON UNIT

Basic and diluted net income per common unit for the three months ended March 31, 2015 and March 31, 2014 was calculated as follows:


	Three Months Ended March 31,
	2015		2014
Net Income Attributable to The Blackstone Group L.P.	$	629,448	$	265,617

Basic Net Income Per Common Unit
Weighted-Average Common Units Outstanding		625,276,969		601,527,299

Basic Net Income Per Common Unit	$	1.01	$	0.44

Diluted Net Income Per Common Unit
Weighted-Average Common Units Outstanding		625,276,969		601,527,299
Weighted-Average Unvested Deferred Restricted Common Units		5,955,072		4,141,865

Weighted-Average Diluted Common Units Outstanding		631,232,041		605,669,164

Diluted Net Income Per Common Unit	$	1.00	$	0.44

The following table summarizes the anti-dilutive securities for the three months ended March 31, 2015 and 2014:


	Three Months Ended March 31,
	2015		2014
Weighted-Average Blackstone Holdings Partnership Units		548,837,150		549,327,240

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 three month periods ended March 31, 2015 and 2014, no units were repurchased. As of March 31, 2015, the amount remaining available for repurchases under this program was $335.8 million.