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

6 Months Ended

Jun. 30, 2020

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



	Three months ended June 30,					Six Months Ended June 30,
	2020			2019		2020		2019
Basic earnings (loss) per share:
Net income (loss) available to common stockholders ⁽¹⁾	$	(2,131	)	$	19,444	$	3,604	$	33,124
Basic weighted-average shares of common stock outstanding	178,523			178,754		178,034		178,683
Basic earnings (loss) per share	$	(0.01	)	$	0.11	$	0.02	$	0.19

⁽¹⁾

Includes a reduction for dividends on preferred stock or exchangeable preferred partnership units in the amount of $2.4 million and $4.9 million for the three and six months ended June 30, 2020, respectively, and $3.2 million and $6.4 million for the three and six months ended June 30, 2019 (see Note 1 — “Organization and Basis of Presentation”).

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 June 30,					Six Months Ended June 30,
	2020			2019		2020		2019
Fully diluted earnings (loss) per share:
Net income (loss) available to common stockholders	$	(2,131	)	$	19,444	$	3,604	$	33,124
Allocations of net income (loss) to limited partnership interests in Newmark Holdings, net of tax	—			3,864		—		—
Net income (loss) for fully diluted shares	$	(2,131	)	$	23,308	$	3,604	$	33,124
Weighted-average shares:
Common stock outstanding	178,523			178,754		178,034		178,683
Partnership units ⁽¹⁾	—			28,769		—		—
RSUs (Treasury stock method)	—			228		442		324
Newmark exchange shares	—			399		234		427
Fully diluted weighted-average shares of common stock outstanding	178,523			208,150		178,710		179,434
Fully diluted earnings (loss) per share	$	(0.01	)	$	0.11	$	0.02	$	0.18

⁽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).