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 and September 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 September 30,					Nine Months Ended September 30,
	2019			2018		2019		2018
Basic earnings (loss) per share:
Net income (loss) from continuing operations available to common stockholders	$	(3,529	)	$	31,610	$	71,950	$	95,609
Net income (loss) from discontinued operations available to common stockholders¹		—			87,254		—		117,068
Net income (loss) available to common stockholders	$	(3,529	)	$	118,864	$	71,950	$	212,677
Basic weighted-average shares of common stock outstanding		346,060			327,932		341,940		319,027
Continuing operations	$	(0.01	)	$	0.10	$	0.21	$	0.30
Discontinued operations		—			0.26		—		0.37
Basic earnings (loss) per share	$	(0.01	)	$	0.36	$	0.21	$	0.67

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 their pro-rata share of 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 September 30,					Nine Months Ended September 30,
	2019			2018		2019		2018
Fully diluted (loss) earnings per share
Net income (loss) from continuing operations available to common stockholders	$	(3,529	)	$	31,610	$	71,950	$	95,609
Allocations of net income (loss) to limited partnership interests, net of tax		—			13,098		36,428		—
Net income (loss) for fully diluted shares	$	(3,529	)	$	44,708	$	108,378	$	95,609
Weighted-average shares:
Common stock outstanding		346,060			327,932		341,940		319,027
Partnership units¹		—			107,555		178,971		—
RSUs (Treasury stock method)		—			300		938		412
Other		—			1,300		1,369		1,298
Fully diluted weighted-average shares of common stock outstanding		346,060			437,087		523,218		320,737
Fully diluted earnings (loss) per share from continuing operations	$	(0.01	)	$	0.10	$	0.21	$	0.30

For the three and nine months ended September 30, 2019, 182.7 million and 0.5 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 September 30, 2019, included 180.5 million limited partnership interests and 2.2 million other contracts to issue shares of BGC common stock, including RSUs. Anti-dilutive securities for the nine months ended September 30, 2019, comprised RSUs. For the three and nine months ended September 30, 2018, there were approximately 50.6 million and 162.1 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 September 30, 2018, were substantially all limited partnership interests. Anti-dilutive securities for the nine months ended September 30, 2018 included 162.0 million limited partnership interests and 0.1 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 September 30, 2018		Nine Months Ended September 30, 2018
Fully diluted (loss) earnings per share
Net income (loss) from discontinued operations available to common stockholders¹	$	87,254	$	117,068
Allocations of net income (loss) to limited partnership interests, net of tax		21,648		—
Net income (loss) for fully diluted shares	$	108,902	$	117,068
Weighted-average shares:
Common stock outstanding		327,932		319,027
Partnership units²		107,555		—
RSUs (Treasury stock method)		300		412
Other		1,300		1,298
Fully diluted weighted-average shares of common stock outstanding		437,087		320,737
Fully diluted earnings (loss) per share from discontinued operations	$	0.25	$	0.36

For the three and nine months ended September 30, 2018, there were approximately 50.6 million and 162.1 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 September 30, 2018, were substantially all limited partnership interests. Anti-dilutive securities for the nine months ended September 30, 2018 included 162.0 million limited partnership interests and 0.1 million RSUs.

For the three and nine months ended September 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 nine months ended September 30, 2018, there were 20.1 million and 14.3 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 BGC Class A common stock was contingent on the Newmark Spin-Off. Additionally, as of September 30, 2019 and 2018, approximately 15.3 million and 7.9 million shares, respectively, of contingent BGC 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.