U.S. GAAP guidance establishes standards for computing and presenting EPS. Basic 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”).

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Basic earnings (loss) per share:
Net income (loss) available to common stockholders	$	28,099	$	13,611	$	42,413	$	75,479
Basic weighted-average shares of common stock outstanding		360,614		341,272		359,308		339,845
Basic earnings (loss) per share	$	0.08	$	0.04	$	0.12	$	0.22

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 comprises 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 (in thousands, except per share data):

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Fully diluted earnings (loss) per share
Net income (loss) available to common stockholders	$	28,099	$	13,611	$	42,413	$	75,479
Allocations of net income (loss) to limited partnership interests, net of tax		12,337		7,399		18,282		24,716
Net income (loss) for fully diluted shares	$	40,436	$	21,010	$	60,695	$	100,195
Weighted-average shares:
Common stock outstanding		360,614		341,272		359,308		339,845
Partnership units¹		184,122		180,279		181,257		125,824
RSUs (Treasury stock method)		174		57		549		168
Other		1,213		1,376		1,276		1,395
Fully diluted weighted-average shares of common stock outstanding		546,123		522,984		542,390		467,232
Fully diluted earnings (loss) per share	$	0.07	$	0.04	$	0.11	$	0.21

For the three and six months ended June 30, 2020, 2.6 million and 0.4 million potentially dilutive securities, respectively, were excluded from the computation of fully diluted EPS because their effect would have been anti-dilutive. Anti-dilutive securities for the three and six months ended June 30, 2020, comprised RSUs. For the three and six months ended June 30, 2019, approximately 0.6 million and 52.9 million potentially dilutive securities, respectively, were excluded from the computation of fully diluted EPS 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.

As of June 30, 2020 and 2019, approximately 26.7 million and 13.0 million shares, respectively, of contingent shares of BGC Class A common stock, N units, RSUs, and LPUs were excluded from the fully diluted EPS computations because the conditions for issuance had not been met by the end of the respective periods.