Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Calculation of Basic Earnings Per Share from Continuing and 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.

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

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

² Partnership units collectively include FPUs, LPUs, and Cantor units (see Note 2—“Limited Partnership Interests in BGC Holdings and Newmark Holdings” for more information).

Calculation of Fully Diluted Earnings Per Share from Continuing and Discontinued Operations

Continuing Operations

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

¹ Partnership units collectively include FPUs, LPUs, and Cantor units (see Note 2—“Limited Partnership Interests in BGC Holdings and Newmark Holdings” for more information).