Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 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):

	Year Ended December 31,
	2019		2018		2017
Basic earnings (loss) per share:
Net income (loss) from continuing operations    available to common stockholders	$	55,707	$	73,704	$	(124,803	)
Net income (loss) from discontinued operations    available to common stockholders¹		—		120,438		176,278
Net income (loss) available to common stockholders	$	55,707	$	194,142	$	51,475
Basic weighted-average shares of common stock    outstanding		344,332		322,141		287,378
Continuing operations	$	0.16	$	0.23	$	(0.43	)
Discontinued operations		—		0.37		0.61
Basic earnings (loss) per share	$	0.16	$	0.60	$	0.18

¹ In 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):

	Year Ended December 31,
	2018		2017
Fully diluted earnings (loss) per share:
Net income (loss) from discontinued operations available to    common stockholders	$	120,438	$	176,278
Allocations of net income (loss) to limited partnership    interests, net of tax		—		—
Net income (loss) for fully diluted shares	$	120,438	$	176,278
Weighted-average shares:
Common stock outstanding		322,141		287,378
Partnership units¹		—		—
RSUs (Treasury stock method)		368		—
Other		1,335		—
Fully diluted weighted-average shares of common    stock outstanding		323,844		287,378
Fully diluted earnings (loss) per share from discontinued    operations	$	0.37	$	0.61

^{1 Partnership units collectively include Founding/Working Partner Units, limited partnership units, 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):

	Year Ended December 31,
	2019		2018		2017
Fully diluted earnings (loss) per share:
Net income (loss) from continuing operations available to    common stockholders	$	55,707	$	73,704	$	(124,803	)
Allocations of net income (loss) to limited partnership    interests, net of tax		27,824		—		—
Net income (loss) for fully diluted shares	$	83,531	$	73,704	$	(124,803	)
Weighted-average shares:
Common stock outstanding		344,332		322,141		287,378
Partnership units¹		178,813		—		—
RSUs (Treasury stock method)		38		368		—
Other		1,367		1,335		—
Fully diluted weighted-average shares of common    stock outstanding		524,550		323,844		287,378
Fully diluted earnings (loss) per share from continuing    operations	$	0.16	$	0.23	$	(0.43	)

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).