Earnings Per Share

6 Months Ended

Jun. 30, 2024

Basic Earnings Per Share:

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Basic earnings (loss) per share:
Net income (loss) available to common stockholders	$	37,828	$	(19,704)	$	87,038	$	(726)
Less: Dividends declared and allocation of undistributed earnings to participating securities	(1,774)		—		(4,536)		—
Net income (loss) attributable to common stockholders	$	36,054	$	(19,704)	$	82,502	$	(726)

Basic weighted-average shares of common stock outstanding	475,272		391,745		472,895		383,528
Basic earnings (loss) per share	$	0.08	$	(0.05)	$	0.17	$	—

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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Fully diluted earnings (loss) per share:
Net income (loss) attributable to common stockholders	$	36,054	$	(19,704)	$	82,502	$	(726)

Add back: Allocations of undistributed earnings to participating securities	1,438		—		3,994		—
Less: Reallocation of undistributed earnings to participating securities	(1,422)		—		(3,943)		—
Net income (loss) for fully diluted shares	$	36,070	$	(19,704)	$	82,553	$	(726)
Weighted-average shares:
Common stock outstanding	475,272		391,745		472,895		383,528


Other1	5,589		—		6,522		—
Fully diluted weighted-average shares of common stock outstanding	480,861		391,745		479,417		383,528
Fully diluted earnings (loss) per share	$	0.08	$	(0.05)	$	0.17	$	—

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1Primarily consists of contracts to issue shares of BGC common stock.

For the three months ended June 30, 2024 and 2023, 15.9 million and 114.2 million, respectively, of potentially dilutive securities were excluded from the computation of fully diluted EPS because their effect would have been anti-dilutive. For the six months ended June 30, 2024 and 2023, 15.9 million and 120.0 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 June 30, 2024 included 15.5 million participating RSUs and 0.4 million participating restricted stock awards. Anti-dilutive securities for the six months ended June 30, 2024 included 15.0 million participating RSUs and 0.9 million participating restricted stock awards.

As of June 30, 2024, approximately 63.1 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 June 30, 2023, approximately 39.6 million 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.

Contingent shares excluded from the calculation of EPS included: shares promised in connection with acquisition earnout consideration whereby the acquired entity or entities are required to achieve a stated performance target defined in their respective acquisition agreements; other contingent share obligations which include agreements with terminated employees to deliver shares BGC Class A common stock over a set period of time post-termination in accordance with their respective partnership separation agreements; and non-participating RSUs and non-participating restricted stock awards which contain service conditions and/or performance conditions which have not been met during the period. When the service condition and/or performance condition has been met in the period, the securities are included in diluted EPS on the first day of the quarter in which the contingency was met.