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

12 Months Ended

Dec. 31, 2020

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


	Year Ended December 31,
		2020		2019		2018
Basic earnings per share:
Net income available to common stockholders (1)		$	70,281	$	104,406	$	101.641
Basic weighted-average shares of common stock outstanding		179,106		177,774		157.256
Basic earnings per share		$	0.39	$	0.59	$	0.65

(1)Includes a reduction for dividends on preferred stock or exchangeable preferred partnership units in the amount of $9.8 million, $12.9 million and $5.1 million for the years ended December 31, 2020, 2019 and 2018, respectively. (see Note 1 — “Organization and Basis of Presentation”).

Schedule 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,
		2020		2019		2018
Fully diluted earnings per share:
Net income available to common stockholders		$	70,281	$	104,406	$	101,641
Allocations of net income to limited partnership interests in Newmark Holdings, net of tax		—		3,754		3,930
Net income for fully diluted shares		$	70,281	$	108,160	$	105,571
Weighted-average shares:
Common stock outstanding		179,106		177,774		157,256


Partnership units (1)		—		5,583		5,717
RSUs (Treasury stock method)		355		1,290		187
Newmark exchange shares		229		369		650
Fully diluted weighted-average shares of common stock outstanding		179,690		185,016		163,810
Fully diluted earnings per share		$	0.39	$	0.58	$	0.64

(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).