Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Calculation of Basic Earnings Per Share from Continuing and Discontinued Operations

The following is the calculation of the Company’s basic EPS (in thousands, except per share data):

	Year Ended December 31,
	2023		2022		2021
Basic earnings (loss) per share:
Net income (loss) available to common stockholders	$	36,265	$	48,712	$	124,007
Less: Dividends declared and allocation of undistributed earnings to participating securities	(2,195)		—		—
Net income (loss) attributable to common stockholders	34,070		48,712		124,007
Basic weighted-average shares of common stock outstanding	426,436		371,561		379,215
Basic earnings (loss) per share	$	0.08	$	0.13	$	0.33

Calculation of Fully Diluted Earnings Per Share from Continuing and Discontinued Operations

The following is the calculation of the Company’s fully diluted EPS (in thousands, except per share data): 

	Year Ended December 31,
	2023		2022		2021
Fully diluted earnings (loss) per share:
Net income (loss) from continuing operations attributable to common stockholders	$	34,070	$	48,712	$	124,007
Add back: Allocations of net income (loss) to limited partnership interests, net of tax	(156)		14,767		49,988
Add back: Allocations of undistributed earnings to participating securities	1,731		—		—
Less: Reallocation of undistributed earnings to participating securities	(1,702)		—		—
Net income (loss) for fully diluted shares	$	33,943	$	63,479	$	173,995
Weighted-average shares:
Common stock outstanding	426,436		371,561		379,215
Partnership units¹	57,239		124,738		155,356
Non-participating RSUs	1,406		1,913		4,074
Other2	4,908		1,202		1,375
Fully diluted weighted-average shares of common stock outstanding	489,989		499,414		540,020
Fully diluted earnings (loss) per share from continuing operations	$	0.07	$	0.13	$	0.32

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

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