Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Calculation of Basic Earnings Per Share

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

Calculation of Fully Diluted Earnings Per Share

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

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).