Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 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 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	$	—

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 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.