Earnings Per Share and Weighted-Average Shares Outstanding (Tables)

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Calculation of Basic Earnings Per Share

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Basic earnings per share:
Net income available to common    stockholders (1)	$	85,475	$	66,563	$	118,599	$	87,107
Basic weighted-average shares of common    stock outstanding		177,020		155,152		178,122		155,348
Basic earnings per share	$	0.48	$	0.43	$	0.67	$	0.56

(1) Includes a reduction for dividends on preferred stock or units in the amount of $3.2 million and $1.7 million for the three months ended September 30, 2019 and 2018, respectively, and $9.7 million and $1.9 million for the nine months ended September 30, 2019 and 2018, respectively.

Calculation of Fully Diluted Earnings Per Share

The following is the calculation of Newmark’s fully diluted EPS (in thousands, except per share data):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Fully diluted earnings per share:
Net income available to common stockholders	$	85,475	$	66,563	$	118,599	$	87,107
Allocations of net income to limited partnership    interests in Newmark Holdings, net of tax		14,025		13,475		3,780		17,473
Net income for fully diluted shares	$	99,500	$	80,038	$	122,379	$	104,580
Weighted-average shares:
Common stock outstanding		177,020		155,152		178,122		155,348
Partnership units (1)		28,466		29,126		5,661		29,356
RSUs		786		157		1,231		196
Other		344		699		399		659
Fully diluted weighted-average    shares of common stock outstanding		206,616		185,134		185,413		185,559
Fully diluted earnings per share	$	0.48	$	0.43	$	0.66	$	0.56

(1)  Partnership units collectively include founding/working partner units, limited partnership units, and Cantor units (See Note 2 – “Limited Partnership Interests” for more information).