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Net Income Per Common Unit
 6 Months Ended
Jun. 30, 2019
Net Income Per Common Unit
15. Net Income Per Common Unit
Basic and diluted net income per common unit for the three and six months ended June 30, 2019 and June 30, 2018 was calculated as follows:
                                 
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2019
 
2018
 
2019
 
2018
 
Net Income for Per Common Unit Calculations
   
     
     
     
 
Net Income Attributable to The Blackstone Group L.P., Basic
   $
305,792
     $
742,042
     $
787,096
     $
1,109,914
 
Incremental Net Income from Assumed Exchange of Blackstone Holdings Partnership Units
   
—
     
—
     
610,101
     
858,727
 
                                 
Net Income Attributable to The Blackstone Group L.P., Diluted
   $
305,792
     $
742,042
     $
1,397,197
     $
1,968,641
 
                                 
                                 
Units Outstanding
   
     
     
     
 
Weighted-Average Common Units Outstanding, Basic
   
673,655,305
     
681,794,492
     
674,079,074
     
678,156,936
 
Weighted-Average Unvested Deferred Restricted Common Units
   
330,639
     
216,118
     
269,196
     
207,526
 
Weighted-Average Blackstone Holdings Partnership Units
   
—
     
—
     
526,244,006
     
532,363,486
 
                                 
Weighted-Average Common Units Outstanding, Diluted
   
673,985,944
     
682,010,610
     
1,200,592,276
     
1,210,727,948
 
                                 
                                 
Net Income Per Common Unit, Basic
   $
0.45
     $
1.09
     $
1.17
     $
1.64
 
                                 
Net Income Per Common Unit, Diluted
   $
0.45
     $
1.09
     $
1.16
     $
1.63
 
                                 
Distributions Declared Per Common Unit (a)
   $
0.37
     $
0.35
     $
0.95
     $
1.20
 
                                 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Distributions declared reflects the calendar date of the declaration for each distribution.
 
 
 
 
 
 
 
 
In computing the dilutive effect that the exchange of Blackstone Holdings Partnership Units would have on net income per common unit, Blackstone considered that net income available to holders of common units would increase due to the elimination of non-controlling interests in Blackstone Holdings, inclusive of any tax impact. Because the hypothetical conversion may result in a different tax rate, the Blackstone Holdings Partnership Units are considered anti-dilutive in certain periods and dilutive in other periods.
The following table summarizes the anti-dilutive securities for the three and six months ended June 30, 2019 and 2018:
                                 
 
  
Three Months Ended
  
Six Months Ended
 
  
June 30,
  
June 30,
 
  
2019
  
2018
  
        2019          
  
        2018          
  
Weighted-Average Blackstone Holdings Partnership Units
    
526,721,409
      
528,872,187
      
—
      
—
  
 
 
 
 
 
 
 
 
Unit/Stock Repurchase Program
On April 16, 2018, the board of directors of our general partner, Blackstone Group Management L.L.C., authorized the repurchase of up to $1.0 billion of Blackstone common units and Blackstone Holdings Partnership Units (the “2018 Repurchase Authorization”). 
On July 16, 2019, the board of directors of the Corporation authorized the repurchase of up to $1.0 billion of Class A Common Stock and Blackstone Holdings Partnership Units, which authorization replaced the 2018 Repurchase Authorization. Under the repurchase program, stock may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual number of shares repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. The repurchase program may be changed, suspended or discontinued at any time and does not have a specified expiration date.
During the three and six months ended June 30, 2019, Blackstone repurchased 7.0 million and 8.5 million Blackstone common units, respectively, at a total cost of $290.9 million and $343.1 million, respectively. During the three and six months ended June 30, 2018, Blackstone repurchased 2.2 million Blackstone common units at a total cost of $71.7 million. As of June 30, 2019, the amount remaining available for repurchases under the 2018 Repurchase Authorization was $115.4 million.
Common units repurchased includes units for which trades were executed during the three months ended June 30, 2019 and settlement occurred in July 2019.