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Stock Transactions and Unit Redemptions (Tables)
 9 Months Ended
Sep. 30, 2020
Equity [Abstract]  
Changes in Shares of Class A Common Stock Outstanding

Changes in shares of BGC Class A common stock outstanding were as follows (in thousands):

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Shares outstanding at beginning of period

 

313,323

 

 

 

297,871

 

 

 

307,915

 

 

 

291,475

 

Share issuances:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redemptions/exchanges of limited partnership interests1

 

1,747

 

 

 

4,002

 

 

 

5,821

 

 

 

9,702

 

Vesting of RSUs

 

115

 

 

 

62

 

 

 

915

 

 

 

383

 

Acquisitions

 

42

 

 

 

349

 

 

 

327

 

 

 

848

 

Other issuances of BGC Class A common stock

 

90

 

 

 

53

 

 

 

339

 

 

 

162

 

Treasury stock repurchases

 

(2

)

 

 

—

 

 

 

(2

)

 

 

(233

)

Forfeitures of restricted BGC Class A common stock

 

—

 

 

 

(22

)

 

 

—

 

 

 

(22

)

Shares outstanding at end of period

 

315,315

 

 

 

302,315

 

 

 

315,315

 

 

 

302,315

 

 

1

Included in redemptions/exchanges of limited partnership interests for the three months ended September 30, 2020 and 2019 are 0.5 million shares of BGC Class A common stock granted in connection with the cancellation of 0.4 million LPUs, and 2.8 million shares of BGC Class A common stock granted in connection with the cancellation of 3.2 million LPUs, respectively. Included in redemptions/exchanges of limited partnership interests for the nine months ended September 30, 2020 and 2019 are 2.6 million shares of BGC Class A common stock granted in connection with the cancellation of 2.5 million LPUs, and 5.2 million shares of BGC Class A common stock granted in connection with the cancellation of 5.8 million LPUs, respectively. Because LPUs are included in the Company’s fully diluted share count, if dilutive, redemptions/exchanges in connection with the issuance of BGC Class A common stock would not impact the fully diluted number of shares outstanding.
The Unit Redemptions and Share Repurchases of Class A Common Stock The table below represents the units redeemed and/or shares repurchased for cash and does not include units redeemed/cancelled in connection with the grant of shares of BGC Class A common stock nor the limited partnership interests exchanged for shares of BGC Class A common stock. The unit redemptions and share repurchases of BGC Class A common stock during the three and nine months ended September 30, 2020 were as follows (in thousands, except for weighted-average price data):

 

Period

 

Total Number

of Units

Redeemed

or Shares

Repurchased

 

 

Weighted-Average Price

Paid per Unit

or Share

 

 

Approximate

Dollar Value

of Units and

Shares That May

Yet Be Redeemed/

Purchased

Under the Program

 

Redemptions1,2

 

 

 

 

 

 

 

 

 

 

 

 

January 1, 2020—March 31, 2020

 

 

235

 

 

$

4.30

 

 

 

 

 

April 1, 2020—June 30, 2020

 

 

103

 

 

 

3.05

 

 

 

 

 

July 1, 2020—September 30, 2020

 

 

1,481

 

 

 

2.80

 

 

 

 

 

Total Redemptions

 

 

1,819

 

 

$

3.01

 

 

 

 

 

Repurchases3,4

 

 

 

 

 

 

 

 

 

 

 

 

January 1, 2020—March 31, 2020

 

 

—

 

 

$

—

 

 

 

 

 

April 1, 2020—June 30, 2020

 

 

—

 

 

 

—

 

 

 

 

 

July 1, 2020—July 31, 2020

 

 

2

 

 

 

2.58

 

 

 

 

 

August 1, 2020—September 30, 2020

 

 

—

 

 

 

—

 

 

 

 

 

Total Repurchases

 

 

2

 

 

 

2.58

 

 

 

 

 

Total Redemptions and Repurchases

 

 

1,821

 

 

$

3.01

 

 

$

251,206

 

 

1

During the three months ended September 30, 2020, the Company redeemed 1.5 million LPUs at an aggregate redemption price of $4.1 million for a weighted-average price of $2.81 per unit. During the three months ended September 30, 2020, the Company redeemed 27 thousand FPUs at an aggregate redemption price of $73 thousand for a weighted-average price of $2.74 per unit. During the three months ended September 30, 2019, the Company redeemed 36 thousand LPUs at an aggregate redemption price of $188 thousand for a weighted-average price of $5.19 per unit and 37 thousand FPUs at an aggregate redemption price of $196 thousand for a weighted-average price of $5.28 per unit. The table above does not include units redeemed/cancelled in connection with the grant of 0.5 million and 2.8 million shares of BGC Class A common stock during the three months ended September 30, 2020 and 2019, respectively, nor the limited partnership interests exchanged for 1.3 million and 1.2 million shares of BGC Class A common stock during the three months ended September 30, 2020 and 2019, respectively.

2

During the nine months ended September 30, 2020, the Company redeemed 1.8 million LPUs at an aggregate redemption price of $5.4 million for a weighted-average price of $3.02 per unit. During the nine months ended September 30, 2020, the Company redeemed 28 thousand FPUs at an aggregate redemption price of $77 thousand for a weighted-average price of $2.75 per unit. During the nine months ended September 30, 2019, the Company redeemed 1.3 million LPUs at an aggregate redemption price of $7.9 million for a weighted-average price of $5.94 per unit and 42 thousand FPUs at an aggregate redemption price of $226 thousand for a weighted-average price of $5.35 per unit. The table above does not include units redeemed/cancelled in connection with the grant of 2.6 million and 5.2 million shares of BGC Class A common stock during the nine months ended September 30, 2020 and 2019, respectively, nor the limited partnership interests exchanged for 3.1 million and 3.6 million shares of BGC Class A common stock during the nine months ended September 30, 2020 and 2019, respectively.

3

During the three and nine months ended September 30, 2020, the Company repurchased 2 thousand shares of BGC Class A common stock at an aggregate price of $6 thousand for a weighted-average price of $2.58 per share.

4

The Company did not repurchase any shares of BGC Class A common stock during the three months ended September 30, 2019. During the nine months ended September 30, 2019, the Company repurchased 0.2 million shares of BGC Class A common stock at an aggregate price of $1.2 million for a weighted-average price of $5.30 per share.
Summary of Changes in Carrying Amount of FPUs

The changes in the carrying amount of FPUs were as follows (in thousands):

 

 

 

Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

Balance at beginning of period

 

$

23,638

 

 

$

24,706

 

Consolidated net income allocated to FPUs

 

 

815

 

 

 

1,942

 

Earnings distributions

 

 

(255

)

 

 

(1,297

)

FPUs exchanged

 

 

(797

)

 

 

(733

)

FPUs redeemed

 

 

(121

)

 

 

(58

)

Balance at end of period

 

$

23,280

 

 

$

24,560