4.	Earnings Per Share

FASB guidance on Earnings Per Share ("EPS"), establishes standards for computing and presenting EPS. Basic EPS excludes dilution and is computed by dividing net income available to common stockholders by the weighted-average shares of common stock outstanding. Net income is allocated to each of the economic ownership classes described above in Note 2—"Limited Partnership Interests in BGC Holdings," and the Company's outstanding common stock, based on each class's pro rata economic ownership.

The Company's earnings for the years ended December 31, 2011, 2010 and 2009 were allocated as follows (in thousands):


	Year Ended December 31,
	2011		2010		2009
Net income available to common stockholders	$	20,137	$	21,162	$	20,025
Allocation of income to limited partnership interests in BGC Holdings	$	33,067	$	45,456	$	36,136

The following is the calculation of the Company's basic EPS (in thousands, except per share data):


	Year Ended December 31,
	2011		2010		2009
Basic earnings per share:
Net income available to common stockholders	$	20,137	$	21,162	$	20,025

Basic weighted-average shares of common stock outstanding		116,132		88,294		80,350

Basic earnings per share	$	0.17	$	0.24	$	0.25

Fully diluted EPS is calculated utilizing net income available for common stockholders plus net income allocations to the limited partnership interests in BGC Holdings, as well as adjustments related to the interest expense on the Convertible Notes (if applicable) (see Note 15—"Notes Payable, Collateralized and Short-Term Borrowings") and expense related to dividend equivalents for certain restricted stock units ("RSUs") (if applicable) as the numerator. The denominator is comprised of the Company's weighted-average outstanding shares of common stock and, if dilutive, the weighted-average number of limited partnership interests, and other contracts to issue shares of common stock, including Convertible Notes, stock options, RSUs and warrants. The limited partnership interests are potentially exchangeable into shares of Class A common stock; as a result, they are included in the fully diluted EPS computation to the extent that the effect would be dilutive.

The following is the calculation of the Company's fully diluted EPS (in thousands, except per share data):


	Year Ended December 31,
	2011		2010		2009
Fully diluted earnings per share:
Net income available to common stockholders	$	20,137	$	21,162	$	20,025
Allocation of net income to limited partnership interests in BGC Holdings, net of tax		—		31,685		29,937
Dividend equivalent expense on RSUs, net of tax		—		909		749

Net income for fully diluted shares	$	20,137	$	53,756	$	50,711

Weighted-average shares:
Common stock outstanding		116,132		88,294		80,350
Limited partnership interests in BGC Holdings		—		136,581		128,062
RSUs (Treasury stock method)		—		3,374		2,624
Other		382		319		—

Fully diluted weighted-average shares of common stock outstanding		116,514		228,568		211,036

Fully diluted earnings per share	$	0.17	$	0.24	$	0.24

For the years ended December 31, 2011, 2010 and 2009, approximately 165.3 million, 26.6 million and 14.9 million shares underlying limited partnership units, founding/working partner units, Cantor units, Convertible Notes, stock options, RSUs, and warrants were not included in the computation of fully diluted EPS because their effect would have been anti-dilutive. Anti-dilutive securities for the year ended December 31, 2011 included, on a weighted-average basis, 127.5 million limited partnership interests, 29.1 million shares underlying Convertible Notes and 8.7 million other securities or other contracts to issue shares of common stock.

Additionally, for the years ended December 31, 2011 and 2010, respectively, approximately 4.4 million and 0.6 million shares of contingent Class A common stock were excluded from the computation of fully diluted EPS because the conditions for issuance had not been met by the end of the period. For the year ended December 31, 2009, there were no shares of contingent Class A common stock.

Business Partner Warrants

As of December 31, 2011, the Company had a balance of 175 thousand business partner warrants with a weighted-average exercise price of $8.75 and a weighted-average remaining contractual term of 0.64 years. The Company did not recognize any expense related to the business partner warrants for the years ended December 31, 2011, 2010 and 2009, respectively.