Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule 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,
	2024		2023		2022
Basic earnings (loss) per share:
Net income (loss) available to common stockholders	$	126,988	$	36,265	$	48,712
Less: Dividends declared and allocation of undistributed earnings to participating securities	(5,773)		(2,195)		—
Net income (loss) attributable to common stockholders	121,215		34,070		48,712
Basic weighted-average shares of common stock outstanding	473,390		426,436		371,561
Basic earnings (loss) per share	$	0.26	$	0.08	$	0.13

Schedule 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,
	2024		2023		2022
Fully diluted earnings (loss) per share:
Net income (loss) attributable to common stockholders	$	121,215	$	34,070	$	48,712
Add back: Allocations of net income (loss) to limited partnership interests, net of tax	—		(156)		14,767
Add back: Allocations of undistributed earnings to participating securities	4,620		1,731		—
Less: Reallocation of undistributed earnings to participating securities	(4,567)		(1,702)		—
Net income (loss) for fully diluted shares	$	121,268	$	33,943	$	63,479
Weighted-average shares:
Common stock outstanding	473,390		426,436		371,561
Partnership units¹	—		57,239		124,738
Non-participating RSUs	—		1,406		1,913
Other2	5,752		4,908		1,202
Fully diluted weighted-average shares of common stock outstanding	479,142		489,989		499,414
Fully diluted earnings (loss) per share	$	0.25	$	0.07	$	0.13

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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 contracts to issue shares of BGC common stock.