Earnings Per Share

9 Months Ended

Sep. 30, 2025

Basic Earnings Per Share:

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Basic earnings (loss) per share:
Net income (loss) available to common stockholders	$	27,882	$	14,747	$	140,591	$	101,785
Less: Dividends declared and allocation of undistributed earnings to participating securities	(1,114)		(555)		(5,892)		(4,919)
Net income (loss) attributable to common stockholders	$	26,768	$	14,192	$	134,699	$	96,866

Basic weighted-average shares of common stock outstanding	474,642		473,435		477,965		473,076
Basic earnings (loss) per share	$	0.06	$	0.03	$	0.28	$	0.20

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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Fully diluted earnings (loss) per share:
Net income (loss) attributable to common stockholders	$	26,768	$	14,192	$	134,699	$	96,866

Add back: Allocations of undistributed earnings to participating securities	799		243		4,993		4,065
Less: Reallocation of undistributed earnings to participating securities	(793)		(241)		(4,945)		(4,016)
Net income (loss) for fully diluted shares	$	26,774	$	14,194	$	134,747	$	96,915
Weighted-average shares:
Common stock outstanding	474,642		473,435		477,965		473,076


Other1	3,838		5,217		4,897		6,085
Fully diluted weighted-average shares of common stock outstanding	478,480		478,652		482,862		479,161
Fully diluted earnings (loss) per share	$	0.06	$	0.03	$	0.28	$	0.20

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

For the three months ended September 30, 2025 and 2024, approximately 15.7 million and 16.2 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 nine months ended September 30, 2025 and 2024, 15.8 million and 15.7 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 September 30, 2025 included 15.6 million participating RSUs and 0.1 million participating restricted stock awards. Anti-dilutive securities for the nine months ended September 30, 2025 included 15.6 million participating RSUs and 0.2 million participating restricted stock awards. Anti-dilutive securities for the three months ended September 30, 2024 included 15.8 million participating RSUs and 0.4 million participating restricted stock awards. Anti-dilutive securities for the nine months ended September 30, 2024 included 15.3 million participating RSUs and 0.4 million participating restricted stock awards.

As of September 30, 2025 and 2024, approximately 55.9 million and 61.5 million, respectively, 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.

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 of 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.