Earnings Per Share and Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Earnings Per Share and Stockholders' Equity

13. Earnings Per Share and Stockholders’ Equity

Earnings Per Share

Basic and diluted net income per share of common stock for the three months ended March 31, 2024 and March 31, 2023 was calculated as follows:


	Three Months Ended
	March 31,
	2024		2023

Net Income for Per Share of Common Stock Calculations
Net Income Attributable to Blackstone Inc., Basic and Diluted	$	847,386	$	85,812


Share/Units Outstanding
Weighted-Average Shares of Common Stock Outstanding, Basic		759,798,537		746,064,922
Weighted-Average Shares of Unvested Deferred Restricted Common Stock		459,107		579,007

Weighted-Average Shares of Common Stock Outstanding, Diluted		760,257,644		746,643,929


Net Income Per Share of Common Stock
Basic	$	1.12	$	0.12

Diluted	$	1.11	$	0.11

Dividends Declared Per Share of Common Stock (a)	$	0.94	$	0.91

(a)	Dividends 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 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 the 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 three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
	2024		2023
Weighted-Average Blackstone Holdings Partnership Units		457,917,611		462,949,870

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 three months ended March 31, 2024, Blackstone repurchased 0.7 million shares of common stock at a total cost of $88.4 million. During the three months ended March 31, 2023, Blackstone repurchased 1.0 million shares of common stock at a total cost of $90.1 million. As of March 31, 2024, the amount remaining available for repurchases under the program was $668.4 million.

Shares Eligible for Dividends and Distributions

As of March 31, 2024, 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		722,263,433
Unvested Participating Common Stock		36,912,993

Total Participating Common Stock		759,176,426
Participating Blackstone Holdings Partnership Units		457,490,143

		1,216,666,569