XML 65 R48.htm IDEA: XBRL DOCUMENT v3.21.2
Compensation (Tables)
 9 Months Ended
Sep. 30, 2021
Share-based Payment Arrangement [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,
2021202020212020
Issuance of common stock and grants of exchangeability$47,177 $3,554 $86,253 $28,950 
Allocations of net income¹6,943 8,213 19,420 12,152 
LPU amortization19,861 18,455 53,696 54,288 
RSU amortization4,509 2,785 10,906 7,640 
Equity-based compensation and allocations of net income
   to limited partnership units and FPUs		$78,490 $33,007 $170,275 $103,030 
_________________________________________
1Certain 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,
2021202020212020
Issuance of common stock and grants of exchangeability$47,177 $3,554 $86,253 $28,950 
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,
2021202020212020
Stated vesting schedule$19,880 $18,461 $53,655 $53,197 
Post-termination payout(18)(6)41 1,091 
LPU amortization$19,862 $18,455 $53,696 $54,288 
Compensation expense related to RSUs held by BGC employees is as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
RSU amortization$4,509 $2,785 $10,906 $7,640 
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, 2020137,652 13,202 
Granted28,487 — 
Redeemed/exchanged units(42,872)(1,820)
Forfeited units(708)(259)
Balance at September 30, 2021122,559 11,123 
Summary of the BGC Holdings and Newmark Holdings LPUs held by BGC Employees
A summary of the BGC Holdings and Newmark Holdings LPUs held by BGC employees is as follows (in thousands):
BGC
LPUs		Newmark
LPUs
Regular Units85,168 8,361 
Preferred Units37,391 2,762 
Balance at September 30, 2021122,559 11,123 
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,
2021202020212020
BGC Holdings LPUs7,812 614 14,477 5,087 
Newmark Holdings LPUs358 104 961 395 
Total8,170 718 15,438 5,482 
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, 2021December 31, 2020
BGC Holdings LPUs43,816 44,529 
Newmark Holdings LPUs261 353 
Aggregate estimated grant date fair value – BGC and Newmark Holdings LPUs$185,023 $201,239 
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):
RSUsWeighted-
Average
Grant
Date Fair
Value		Fair Value
Amount		Weighted-
Average
Remaining
Contractual
Term (Years)
Balance at December 31, 20208,960 $3.75 $33,582 2.46
Granted5,625 4.13 23,225 
Delivered(2,846)4.02 (11,442)
Forfeited(692)4.03 (2,791)
Balance at September 30, 202111,047 $3.70 $42,574 2.44