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

3 Months Ended

Mar. 31, 2020

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



	Three months ended March 31,
	2020		2019
Basic earnings per share:
Net income available to common stockholders ⁽¹⁾	$	5,737	$	13,680
Basic weighted-average shares of common stock outstanding	177,545		178,611
Basic earnings per share	$	0.03	$	0.08

⁽¹⁾

Includes a reduction for dividends on preferred stock or units in the amount of $2.4 million and $3.2 million for the years ended March 31, 2020 and 2019.

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 March 31,
	2020		2019
Fully diluted earnings per share:
Net income available to common stockholders	$	5,737	$	13,680
Allocations of net income (loss) to limited partnership interests in Newmark Holdings, net of tax	3,196		8,288
Net income for fully diluted shares	$	8,933	$	21,968
Weighted-average shares:
Common stock outstanding	177,545		178,611
Partnership units ⁽¹⁾	84,491		89,991
RSUs (Treasury stock method)	1,370		—
Newmark exchange shares	240		455
Fully diluted weighted-average shares of common stock outstanding	263,646		269,057
Fully diluted earnings per share	$	0.03	$	0.08

⁽¹⁾

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).