5.	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 and contingent shares for which all necessary conditions have been satisfied except for the passage of time. Net income is allocated to the Company’s outstanding common stock, FPUs, limited partnership units and Cantor units (see Note 2—“Limited Partnership Interests in BGC Holdings”).

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


	Three Months Ended March 31,
	2016		2015
Basic earnings per share:
Net income available to common stockholders	$	13,659	$	14,055

Basic weighted-average shares of common stock outstanding		273,780		222,019

Basic earnings per share	$	0.05	$	0.06

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 17—“Notes Payable, Collateralized and Short-Term Borrowings”), 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 and RSUs. The limited partnership interests generally are potentially exchangeable into shares of Class A common stock and are entitled to remaining earnings after the deduction for the Preferred Distribution; 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):


	Three Months Ended March 31,
	2016		2015
Fully diluted earnings per share
Net income available to common stockholders	$	13,659	$	14,055
Allocation of net income to limited partnership interests in BGC Holdings, net of tax		7,020		6,686
Interest expense on convertible notes, net of tax		1,524		—

Net income for fully diluted shares	$	22,203	$	20,741

Weighted-average shares:
Common stock outstanding		273,780		222,019
Limited partnership interests in BGC Holdings		139,825		114,564
Convertible notes		16,260		—
RSUs (Treasury stock method)		858		944
Other		4,132		957

Fully diluted weighted-average shares of common stock outstanding		434,855		338,484

Fully diluted earnings per share	$	0.05	$	0.06

For the three months ended March 31, 2016 and 2015 respectively, approximately 1.0 million and 41.3 million potentially dilutive securities were not included in the computation of fully diluted EPS because their effect would have been anti-dilutive. Anti-dilutive securities for the three months ended March 31, 2016 included, on a weighted-average basis, 1.0 million other securities or other contracts to issue shares of common stock. Anti-dilutive securities for the three months ended March 31, 2015 included, on a weighted-average basis, 40.3 million limited partnership interests and 1.0 million other securities or other contracts to issue shares of common stock.

Additionally, as of March 31, 2016 and 2015, respectively, approximately 6.1 million and 10.6 million shares of contingent Class A common stock and limited partnership units were excluded from the fully diluted EPS computations because the conditions for issuance had not been met by the end of the respective periods.