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Earnings Per Share and Stockholders' Equity | 12 Months Ended
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Dec. 31, 2022
Earnings Per Share and Stockholders' Equity | 16. Earnings Per Share and Stockholders’ Equity Earnings Per Share Basic and diluted net income per share of common stock for the years ended December 31, 2022, 2021 and 2020 was calculated as follows:
|  | Year Ended December 31,
|  | 2022 |  | 2021 |  | 2020
Net Income for Per Share of Common Stock Calculations |  |  |  |  |  |  |  |  |  |  |  |
Net Income Attributable to Blackstone Inc., Basic and Diluted |  | $ | 1,747,631 |  |  | $ | 5,857,397 |  |  | $ | 1,045,363 |
Shares/Units Outstanding |  |  |  |  |  |  |  |  |  |  |  |
Weighted-Average Shares of Common Stock Outstanding, Basic |  |  | 740,664,038 |  |  |  | 719,766,879 |  |  |  | 696,933,548 |
Weighted-Average Shares of Unvested Deferred Restricted Common Stock |  |  | 278,361 |  |  |  | 358,164 |  |  |  | 324,748 |
Weighted-Average Shares of Common Stock Outstanding, Diluted |  |  | 740,942,399 |  |  |  | 720,125,043 |  |  |  | 697,258,296 |
Net Income Per Share of Common Stock |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 2.36 |  |  | $ | 8.14 |  |  | $ | 1.50 |
Diluted |  | $ | 2.36 |  |  | $ | 8.13 |  |  | $ | 1.50 |
Dividends Declared Per Share of Common Stock (a) |  | $ | 4.94 |  |  | $ | 3.57 |  |  | $ | 1.91 |
(a) | Dividends declared reflects the calendar date of the declaration for each distribution. The fourth quarter dividends, if any, for any fiscal year will be declared and paid in the subsequent fiscal year.
In computing the dilutive effect that the exchange of Blackstone Holdings Partnership Units would have on Net Income Per Share of Common Stock, Blackstone considered that net income available to holders of shares of common stock would increase due to the elimination of non-controlling interests in Blackstone Holdings, inclusive of any tax impact. The hypothetical conversion may be dilutive to the extent there is activity at Blackstone Inc. level that has not previously been attributed to the non-controlling interests or if there is a change in tax rate as a result of a hypothetical conversion. The following table summarizes the anti-dilutive securities for the periods indicated:
|  | Year Ended December 31,
|  | 2022 |  | 2021 |  | 2020
Weighted-Average Blackstone Holdings Partnership Units |  |  | 466,083,269 |  |  |  | 486,157,205 |  |  |  | 504,221,914 |
Stockholders’ Equity In connection with Blackstone’s conversion from a limited partnership to a corporation, effective July 1, 2019, each common unit of the partnership outstanding immediately prior to the conversion converted into one issued and outstanding, fully paid and nonassessable share of Class A common stock, $0.00001 par value per share, of the Company. The special voting unit of the partnership outstanding immediately prior to Blackstone’s conversion to a corporation converted into one issued and outstanding, fully paid and nonassessable share of Class B common stock, $0.00001 par value per share, of the Company. The general partner units of the partnership outstanding immediately prior to Blackstone’s conversion to a corporation converted into one issued and outstanding, fully paid and nonassessable share of Class C common stock, $0.00001 par value per share, of the Company. In connection with the share reclassification, effective February 26, 2021, the Certificate of Incorporation of Blackstone was amended and restated to: (a) rename the Class A common stock as “common stock,” which has the same rights and powers (including, without limitation, with respect to voting) that Blackstone’s Class A common stock formerly had, (b) reclassify the “Class B common stock” into a new “Series I preferred stock,” which has the same rights and powers that the Class B common stock formerly had, and (c) reclassify the Class C common stock into a new “Series II preferred stock,” which has the same rights and powers that the Class C common stock formerly had. In connection with such share reclassification, the Company authorized 10 billion shares of preferred stock with a par value of $0.00001, of which (a) 999,999,000 shares are designated as Series I preferred stock and (b) 1,000 shares are designated as Series II preferred stock. The remaining 9 billion shares may be designated from time to time in accordance with Blackstone's certificate of incorporation. There was 1 share of Series I preferred stock and 1 share of Series II preferred stock issued and outstanding as of December 31, 2022. Under Blackstone’s certificate of incorporation and Delaware law, holders of Blackstone’s common stock are entitled to vote, together with holders of Blackstone’s Series I preferred stock, voting as a single class, on a number of significant matters, including certain sales, exchanges or other dispositions of all or substantially all of Blackstone’s assets, a merger, consolidation or other business combination, the removal of the Series II Preferred Stockholder and forced transfer by the Series II Preferred Stockholder of its shares of Series II preferred stock and the designation of a successor Series II Preferred Stockholder. The Series II Preferred Stockholder elects the Company’s directors. Holders of Blackstone’s Series I preferred stock and Series II preferred stock are not entitled to dividends from the Company, or receipt of any of the Company’s assets in the event of any dissolution, liquidation or winding up. Blackstone Partners L.L.C. is the sole holder of the Series I preferred stock and Blackstone Group Management L.L.C. is the sole holder of the Series II preferred stock. Share Repurchase Program On December 7, 2021, Blackstone’s board of directors authorized the repurchase of up to $2.0 billion of common stock and Blackstone Holdings Partnership Units. Under the repurchase program, repurchases may be made from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual numbers 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 year ended December 31, 2020, Blackstone repurchased 9.0 million shares of common stock at a total cost of $474.0 million. During the year ended December 31, 2021, Blackstone repurchased 10.3 million shares of common stock at a total cost of $1.2 billion. During the year ended December 31, 2022, Blackstone repurchased 3.9 million shares of common stock at a total cost of $392.0 million. As of December 31, 2022, the amount remaining available for repurchases under the program was $1.1 billion. Shares Eligible for Dividends and Distributions As of December 31, 2022, the total shares of common stock and Blackstone Holdings Partnership Units entitled to participate in dividends and distributions were as follows:
|  | Shares/Units
Common Stock Outstanding |  |  | 710,276,923 |
Unvested Participating Common Stock |  |  | 32,376,835 |
Total Participating Common Stock |  |  | 742,653,758 |
Participating Blackstone Holdings Partnership Units |  |  | 463,758,383 |
|  |  | 1,206,412,141 |

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