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

12 Months Ended

Dec. 31, 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): 

	Year Ended December 31,
	2019		2018		2017
Basic earnings per share:
Net income available to common stockholders (1)	$	104,406	$	101,641	$	144,492
Basic weighted-average shares of common stock outstanding	177,774		157,256		133,413
Basic earnings per share	$	0.59	$	0.65	$	1.08

⁽¹⁾ 

Includes a reduction for dividends on preferred stock or units in the amount of $12.9 million and $5.1 million for the years ended December 31, 2019 and December 31, 2018.

Calculation of Fully Diluted Earnings Per Share

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

	Year Ended December 31,
	2019		2018		2017 (1)
Fully diluted earnings per share:
Net income available to common stockholders	$	104,406	$	101,641	$	144,492
Allocations of net income (loss) to limited partnership interests in Newmark Holdings, net of tax	3,754		3,930		(27,275		)
Net income for fully diluted shares	$	108,160	$105,571		$117,217
Weighted-average shares:
Common stock outstanding	177,774		157,256		133,413
Partnership units (2)	5,583		5,717		4,725
RSUs (Treasury stock method)	1,290		187		237
Newmark exchange shares	369		650		23
Fully diluted weighted-average shares of common stock outstanding	185,016		163,810		138,398
Fully diluted earnings per share	$	0.58	$0.64		$0.85

⁽¹⁾  Allocations of Net income (loss) to limited partnership interests in Newmark Holdings, net of tax consist solely of losses relating to the post-IPO period.

⁽²⁾ 

Partnership units collectively include founding/working partner units, limited partnership units, and Cantor and BGC units (See Note 2 — “Limited Partnership Interests in Newmark Holdings and BGC Holdings” for more information).