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 September 30,					Nine Months Ended September 30,
	2020		2019			2020		2019
Basic earnings (loss) per share:
Net income (loss) available to common stockholders	$	19,381	$	(3,529	)	$	61,794	$	71,950
Basic weighted-average shares of common stock outstanding		363,244		346,060			360,629		341,940
Basic earnings (loss) per share	$	0.05	$	(0.01	)	$	0.17	$	0.21

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, including contingent shares of BGC common stock, and, if dilutive, the weighted-average number of limited partnership interests, including contingent units of BGC Holdings, 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 September 30,					Nine Months Ended September 30,
	2020		2019			2020		2019
Fully diluted earnings (loss) per share
Net income (loss) available to common stockholders	$	19,381	$	(3,529	)	$	61,794	$	71,950
Allocations of net income (loss) to limited partnership interests, net of tax		10,194		—			28,476		36,428
Net income (loss) for fully diluted shares	$	29,575	$	(3,529	)	$	90,270	$	108,378
Weighted-average shares:
Common stock outstanding		363,244		346,060			360,629		341,940
Partnership units¹		184,642		—			182,394		178,971
RSUs (Treasury stock method)		219		—			221		938
Other		1,139		—			1,231		1,369
Fully diluted weighted-average shares of common stock outstanding		549,244		346,060			544,475		523,218
Fully diluted earnings (loss) per share	$	0.05	$	(0.01	)	$	0.17	$	0.21

For the three and nine months ended September 30, 2020, 2.7 million and 2.9 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 and nine months ended September 30, 2020, comprised RSUs. For the three and nine months ended September 30, 2019, approximately 182.7 million and 0.5 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 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.

As of September 30, 2020 and 2019, approximately 28.4 million and 15.3 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.