U.S. GAAP guidance on EPS excludes dilution and is computed by dividing net income (loss) available to common stockholders by the weighted-average number of shares of common stock outstanding and contingent shares for which all necessary conditions have been satisfied except for the passage of time. Net income (loss) is allocated to the Company’s outstanding common stock, FPUs, LPUs and Cantor units (see Note 2—“Limited Partnership Interests in BGC Holdings and Newmark Holdings”). In addition, in relation to the Newmark OpCo Preferred Investment, the EPUs issued by Newmark OpCo in June 2018 are entitled to a preferred payable-in-kind dividend which is recorded as accretion to the carrying amount of the EPUs and is a reduction to Net income (loss) available to common stockholders for the calculation of the Company’s Basic earnings (loss) per share and fully diluted earnings (loss) per share from discontinued operations.

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Basic earnings (loss) per share:
Net income (loss) from continuing operations available to common stockholders	$	13,611	$	20,001	$	75,479	$	63,999
Net income (loss) from discontinued operations available to common stockholders¹		—		15,038		—		29,814
Net income (loss) available to common stockholders	$	13,611	$	35,039	$	75,479	$	93,813
Basic weighted-average shares of common stock outstanding		341,272		321,199		339,845		314,501
Continuing operations	$	0.04	$	0.06	$	0.22	$	0.20
Discontinued operations		—		0.05		—		0.10
Basic earnings (loss) per share	$	0.04	$	0.11	$	0.22	$	0.30

¹In accordance with ASC 260, includes a reduction for dividends on preferred stock or units.

Fully diluted EPS is calculated utilizing net income (loss) available to common stockholders plus net income allocations to the limited partnership interests as the numerator. The denominator is comprised of the Company’s weighted-average number of outstanding BGC shares of common stock and, if dilutive, the weighted-average number of limited partnership interests and other contracts to issue shares of BGC common stock, including RSUs. The limited partnership interests generally are potentially exchangeable into shares of BGC Class A common stock (see Note 2—“Limited Partnership Interests in BGC Holdings and Newmark Holdings”) 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 from continuing operations (in thousands, except per share data):

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Fully diluted (loss) earnings per share
Net income (loss) from continuing operations available to common stockholders	$	13,611	$	20,001	$	75,479	$	63,999
Allocations of net income (loss) to limited partnership interests, net of tax		7,399		—		24,716		23,518
Net income (loss) for fully diluted shares	$	21,010	$	20,001	$	100,195	$	87,517
Weighted-average shares:
Common stock outstanding		341,272		321,199		339,845		314,501
Partnership units¹		180,279		—		125,824		112,818
RSUs (Treasury stock method)		57		311		168		454
Other		1,376		1,210		1,395		1,297
Fully diluted weighted-average shares of common stock outstanding		522,984		322,720		467,232		429,070
Fully diluted earnings (loss) per share from continuing operations	$	0.04	$	0.06	$	0.21	$	0.20

For the three and six months ended June 30, 2019, 0.6 million and 52.9 million potentially dilutive securities, respectively, were excluded from the computation of fully diluted EPS from continuing operations because their effect would have been anti-dilutive. Anti-dilutive securities for the three months ended June 30, 2019, comprised RSUs. Anti-dilutive securities for the six months ended June 30, 2019, included 52.4 million limited partnership interests and 0.5 million RSUs. For the three and six months ended June 30, 2018, there were approximately 158.7 million and 51.3 million potentially dilutive securities, respectively, excluded from the computation of fully diluted EPS from continuing operations because their effect would have been anti-dilutive. Anti-dilutive securities for the three months ended June 30, 2018, were substantially all limited partnership interests. Anti-dilutive securities for the six months ended June 30, 2018 included 51.1 million limited partnership interests and 0.2 million RSUs.

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

	Three Months Ended June 30, 2018		Six Months Ended June 30, 2018
Fully diluted (loss) earnings per share
Net income (loss) from discontinued operations available to common stockholders¹	$	15,038	$	29,814
Allocations of net income (loss) to limited partnership interests, net of tax		—		7,034
Net income (loss) for fully diluted shares	$	15,038	$	36,848
Weighted-average shares:
Common stock outstanding		321,199		314,501
Partnership units²		—		112,818
RSUs (Treasury stock method)		311		454
Other		1,210		1,297
Fully diluted weighted-average shares of common stock outstanding		322,720		429,070
Fully diluted earnings (loss) per share from discontinued operations	$	0.05	$	0.09

For the three and six months ended June 30, 2018, were approximately 158.7 million and 51.3 million potentially dilutive securities, respectively, excluded from the computation of fully diluted EPS from discontinued operations because their effect would have been anti-dilutive. Anti-dilutive securities for the three months ended June 30, 2018, were substantially all limited partnership interests. Anti-dilutive securities for the six months ended June 30, 2018 included 51.1 million limited partnership interests and 0.2 million RSUs.

For the three and six months ended June 30, 2019 there were no standalone BGC Holdings partnership units excluded from the fully diluted EPS weighted-average computation from continuing and discontinued operations (see Note 2—“Limited Partnership Interests in BGC Holdings and Newmark Holdings” for further information on standalone BGC Holdings partnership units). For the three and six months ended June 30, 2018, there were 17.0 million and 11.3 million, respectively, of standalone BGC Holdings partnership units excluded from the fully diluted EPS weighted-average computation from continuing and discontinued operations because the conversion into Class A common stock was contingent on the Newmark Spin-Off. Additionally, as of June 30, 2019 and 2018, approximately 13.0 million and 8.1 million shares, respectively, of contingent Class A common stock and LPUs were excluded from the fully diluted EPS computations from continuing and discontinued operations because the conditions for issuance had not been met by the end of the respective periods.