Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2023

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

Calculation of 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.