Earnings Per Share

9 Months Ended

Sep. 30, 2023

Basic Earnings Per Share:

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,
	2023		2022		2023		2022
Basic earnings (loss) per share:
Net income (loss) available to common stockholders	$	17,046	$	5,762	$	16,320	$	46,496
Less: Dividends declared and allocation of undistributed earnings to participating securities	(1,072)		—		(1,072)		—
Net income (loss) attributable to common stockholders	$	15,974	$	5,762	$	15,248	$	46,496
Basic weighted-average shares of common stock outstanding	468,544		371,108		412,178		371,692
Basic earnings (loss) per share	$	0.03	$	0.02	$	0.04	$	0.13

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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Fully diluted earnings (loss) per share:
Net income (loss) attributable to common stockholders	$	15,974	$	5,762	$	15,248	$	46,496
Add back: Allocations of net income (loss) to limited partnership interests, net of tax	—		1,608		(156)		14,222
Add back: Allocations of undistributed earnings to participating securities	823		—		823		—
Less: Reallocation of undistributed earnings to participating securities	(808)		—		(808)		—
Net income (loss) for fully diluted shares	$	15,989	$	7,370	$	15,107	$	60,718
Weighted-average shares:
Common stock outstanding	468,544		371,108		412,178		371,692
Partnership units¹	—		122,734		76,528		127,167
Non-participating RSUs	—		1,770		1,874		1,897

Other2	9,001		1,373		3,965		1,202
Fully diluted weighted-average shares of common stock outstanding	477,545		496,985		494,545		501,958
Fully diluted earnings (loss) per share	$	0.03	$	0.01	$	0.03	$	0.12

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1Partnership units collectively include FPUs, LPUs, and Cantor units (see Note 2—“Limited Partnership Interests in BGC Holdings and Newmark Holdings” for more information).

2Primarily consists of other contracts to issue shares of BGC common stock.

For the three and nine months ended September 30, 2023, 12.6 million and 6.2 million, respectively, of potentially dilutive securities 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, 2023, included 9.6 million participating RSUs and 3.0 million participating restricted stock awards. Anti-dilutive securities for the nine months ended September 30, 2023, included 5.2 million participating RSUs and 0.9 million participating restricted stock awards. For the three and nine months ended September 30, 2022, 0.6 million and 0.7 million of potentially dilutive securities 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, 2022 were comprised of RSUs.

As of September 30, 2023, approximately 62.5 million shares of contingent shares of BGC Class A common stock, non-participating RSUs and non-participating restricted stock awards were excluded from the fully diluted EPS computations because the conditions for issuance had not been met by the end of the period. As of September 30, 2022, approximately 47.3 million shares 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 period.