Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Calculation of Basic Earnings Per Share

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

	Three Months Ended March 31,
	2024		2023
Basic earnings (loss) per share:
Net income (loss) available to common stockholders	$	49,210	$	18,978
Less: Dividends declared and allocation of undistributed earnings to participating securities	(2,832)		—
Net income (loss) attributable to common stockholders	$	46,378	$	18,978
Basic weighted-average shares of common stock outstanding	470,517		375,220
Basic earnings (loss) per share	$	0.10	$	0.05

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 March 31,
	2024		2023
Fully diluted earnings (loss) per share:
Net income (loss) attributable to common stockholders	$	46,378	$	18,978
Add back: Allocations of net income (loss) to limited partnership interests, net of tax	—		5,177
Add back: Allocations of undistributed earnings to participating securities	2,627		—
Less: Reallocation of undistributed earnings to participating securities	(2,588)		—
Net income (loss) for fully diluted shares	$	46,417	$	24,155
Weighted-average shares:
Common stock outstanding	470,517		375,220
Partnership units¹	—		120,451
Non-participating RSUs	—		4,008
Other2	7,456		1,388
Fully diluted weighted-average shares of common stock outstanding	477,973		501,067
Fully diluted earnings (loss) per share	$	0.10	$	0.05

____________________________

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.