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

12 Months Ended

Dec. 31, 2022

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


	Year Ended December 31,
	2022		2021		2020
Basic earnings per share:
Net income available to common stockholders (1)	$	83,275	$	744,528	$	70,281
Basic weighted-average shares of common stock outstanding	180,337		190,179		179,106
Basic earnings per share	$	0.46	$	3.91	$	0.39

(1)Includes a reduction for dividends on EPUs in the amount of $6.2 million and $9.8 million for the years ended December 31, 2021 and 2020, 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,
	2022		2021		2020
Fully diluted earnings per share:
Net income available to common stockholders	$	83,275	$	744,528	$	70,281
Allocations of net income to limited partnership interests in Newmark Holdings, net of tax	27,128		—		—
Net income for fully diluted shares	$	110,403	$	744,528	$	70,281
Weighted-average shares:
Common stock outstanding	180,337		190,179		179,106


Partnership units (1)	59,944		—		—
RSUs (Treasury stock method)	3,255		4,310		355
Newmark exchange shares	1,641		1,324		229
Fully diluted weighted-average shares of common stock outstanding	245,177		195,813		179,690
Fully diluted earnings per share	$	0.45	$	3.80	$	0.39

(1)Partnership units collectively include FPUs, limited partnership units, and Cantor units (see Note 2 — “Limited Partnership Interests in Newmark Holdings and BGC Holdings” for more information).