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

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Basic Earnings Per Share

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Basic earnings per share:
Net income available to common stockholders	$	9,947	$	27,964	$	6,027	$	76,848
Basic weighted-average shares of common stock outstanding	174,129		177,231		173,549		183,311
Basic earnings per share	$	0.06	$	0.16	$	0.03	$	0.42

Schedule 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Fully diluted earnings per share:
Net income available to common stockholders	$	9,947	$	27,964	$	6,027	$	76,848
Allocations of net income to limited partnership interests in Newmark Holdings, net of tax	4,128		9,710		2,266		23,635
Net income for fully diluted shares	$	14,075	$	37,674	$	8,293	$	100,483
Weighted-average shares:
Common stock outstanding	174,129		177,231		173,549		183,311
Partnership units (1)	71,125		61,501		68,658		58,899
RSUs (Treasury stock method)	1,463		2,604		1,193		3,809
Newmark exchange shares	523		2,133		482		2,048
Fully diluted weighted-average shares of common stock outstanding	247,240		243,469		243,882		248,067
Fully diluted earnings per share	$	0.06	$	0.15	$	0.03	$	0.41

(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).