Compensation (Tables)

9 Months Ended

Sep. 30, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Compensation Expense

The Company incurred compensation expense related to Class A common stock, LPUs and RSUs held by BGC employees as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Issuance of common stock and grants of exchangeability	$	3,554	$	24,245	$	28,950	$	53,368
Allocations of net income1		8,213		10,273		12,152		19,599
LPU amortization		18,455		4,213		54,288		17,947
RSU amortization		2,785		1,599		7,640		5,309
Equity-based compensation and allocations of net income to    limited partnership units and FPUs	$	33,007	$	40,330	$	103,030	$	96,223

1 Certain LPUs generally receive quarterly allocations of net income, including the Preferred Distribution, and are generally contingent upon services being provided by the unit holders.

Compensation expense related to the issuance of BGC or Newmark Class A common stock and grants of exchangeability on BGC Holdings and Newmark Holdings LPUs held by BGC employees is as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Issuance of common stock and grants of exchangeability	$	3,554	$	24,245	$	28,950	$	53,368

Compensation expense related to the amortization of LPUs held by BGC employees is as follows (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020		2019
Stated vesting schedule	$	18,461		$	4,330		$	53,197	$	18,522
Post-termination payout		(6	)		(117	)		1,091		(575	)
LPU amortization	$	18,455		$	4,213		$	54,288	$	17,947

Compensation expense related to RSUs held by BGC employees is as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
RSU amortization	$	2,785	$	1,599	$	7,640	$	5,309

Activity Associated with Limited Partnership Units Held by BGC Employees

A summary of the activity associated with LPUs held by BGC employees is as follows (in thousands):

	BGC LPUs			Newmark LPUs2
Balance at December 31, 2019		102,407			14,607
Granted		41,937			—
Redeemed/exchanged units		(7,106	)		(650	)
Forfeited units		(381	)		(105	)
Balance at September 30, 2020		136,857			13,852

Summary of the BGC Holdings and Newmark Holdings LPUs held by BGC Employees

The LPUs table above includes both regular and Preferred Units. The Preferred Units are not entitled to participate in partnership distributions other than with respect to the Preferred Distribution (see Note 2—“Limited Partnership Interests in BGC Holdings and Newmark Holdings” for further information on Preferred Units). A summary of the BGC Holdings and Newmark Holdings LPUs held by BGC employees is as follows (in thousands):

	BGC LPUs		Newmark LPUs
Regular Units		93,257		9,885
Preferred Units		43,600		3,967
Balance at September 30, 2020		136,857		13,852

Activity Associated with Limited Partnership Units Awarded to BGC Employees

A summary of the LPUs redeemed in connection with the issuance of BGC Class A common stock or Newmark Class A common stock (at the then-current Exchange Ratio) or granted exchangeability for BGC Class A common stock or Newmark Class A common stock (at the then-current Exchange Ratio) held by BGC employees is as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
BGC Holdings LPUs		614		4,694		5,087		10,515
Newmark Holdings LPUs		104		128		395		470
Total		718		4,822		5,482		10,985

Summary of Outstanding LPUs Held by BGC Employees with Stated Vesting

A summary of the outstanding LPUs held by BGC employees with a stated vesting schedule that do not receive quarterly allocations of net income is as follows (in thousands):

	September 30, 2020		December 31, 2019
BGC Holdings LPUs		43,684		30,699
Newmark Holdings LPUs		438		1,171
Aggregate estimated grant date fair value – BGC and Newmark Holdings LPUs	$	205,360	$	138,324

Activity Associated with Restricted Stock Units

A summary of the activity associated with RSUs held by BGC employees and directors is as follows (RSUs and dollars in thousands):

	RSUs			Weighted- Average Grant Date Fair Value		Fair Value Amount			Weighted- Average Remaining Contractual Term (Years)
Balance at December 31, 2019		4,478		$	5.25	$	23,516			2.50
Granted		5,578			3.40		18,967
Delivered		(1,344	)		5.83		(7,836	)
Forfeited		(458	)		4.31		(1,979	)
Balance at September 30, 2020		8,254		$	3.96	$	32,668			2.60