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Stock Transactions and Unit Redemptions | 6 Months Ended
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Jun. 30, 2019
Equity [Abstract] |
Stock Transactions and Unit Redemptions |
(6) | Stock Transactions and Unit Redemptions
As of June 30, 2019, Newmark has two classes of authorized common stock: Class A common stock and Class B common stock. Class A Common Stock Each share of Class A common stock is entitled to one vote. Newmark has 1.0 billion authorized shares of Class A common stock at $0.01 par value per share. Changes in shares of Newmark’s Class A common stock outstanding for the three and six months ended June 30, 2019 and 2018, were as follows:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |  |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |  |
Shares outstanding at beginning of period |  |  | 157,422,916 |  |  |  | 138,921,533 |  |  |  | 156,916,336 |  |  |  | 138,593,787 |
LPU redemption/exchange (1) |  |  | 747,846 |  |  |  | — |  |  |  | 1,122,776 |  |  |  | — |
Other issuances of Class A common stock |  |  | 70,391 |  |  |  | — |  |  |  | 78,842 |  |  |  | 327,746 |
Issuance of Class A common stock for Newmark RSUs |  |  | 51,406 |  |  |  | — |  |  |  | 174,605 |  |  |  | — |
Newmark treasury stock |  |  | (1,613,032 | ) |  |  | — |  |  |  | (1,613,032 | ) |  |  | — |
Shares outstanding at end of period |  |  | 156,679,527 |  |  |  | 138,921,533 |  |  |  | 156,679,527 |  |  |  | 138,921,533 |
| (1) | Because they were included in the Newmark’s fully diluted share count, if dilutive, any exchange of limited partnership interests into Class A common shares would not impact the fully diluted number of shares and units outstanding.
Class B Common Stock Each share of Class B common stock is entitled to 10 votes and is convertible at any time into one share of Class A common stock. Newmark has 500.0 million authorized shares of Class B common stock at $0.01 par value per share. As of June 30, 2019, and December 31, 2018, there were 21.3 million shares of Newmark’s Class B common stock outstanding. Share Repurchases On August 1, 2018, the Newmark Board of Directors and Audit Committee authorized repurchases of shares of Newmark’s Class A common stock and redemptions or repurchases of limited partnership interests or other equity interests in Newmark’s subsidiaries up to $200.0 million, increased from the $100.0 million that had been authorized on March 12, 2018. This authorization includes repurchases of stock or units from executive officers, other employees and partners, including of BGC and Cantor, as well as other affiliated persons or entities. From time to time, we may actively continue to repurchase shares and/or redeem units. In December 2018, Newmark repurchased 50,000 shares of Newmark’s Class A common stock for $0.5 million. In June 2019, Newmark repurchased 1.6 million shares of Newmark's Class A common stock for $13.9 million. As of June 30, 2019, Newmark had approximately $185.6 million remaining from its share repurchase and unit redemption authorization.
Period |  | Total Number of Shares Repurchased |  |  | Average Price Paid per Unit or Share |  |  | Total Number of Shares Purchased as Part of Publicly Announced Program |  |  | Approximate Dollar Value of Units and Shares That May Yet Be Redeemed/ Purchased Under the Plan |
Balance at beginning of period |  |  | 50,000 |  |  | $ | 9.73 |  |  |  | 50,000 |  |  | $ | 199,514 |
January 1, 2019 - March 31, 2019 |  | — |  |  | — |  |  | — |  |  | — |
April 1, 2019 - June 30, 2019 |  |  | 1,613,032 |  |  |  | 8.61 |  |  |  | 1,613,032 |  |  |  | 186,104 |
Total Repurchases |  |  | 1,663,032 |  |  | $ | 8.65 |  |  |  | 1,663,032 |  |  | $ | 185,618 |
Redeemable Partnership Interests The changes in the carrying amount of redeemable partnership interest as of June 30, 2019, and as of December 31, 2018, were as follows (in thousands):
|  | June 30, 2019 |  |  | December 31, 2018 |
Balance at beginning of period |  | $ | 26,170 |  |  | $ | 21,096 |
Income allocation |  |  | 1,663 |  |  |  | 6,779 |
Distributions of income |  |  | (720 | ) |  |  | (2,843 | )
FPU redemptions |  |  | (418 | ) |  |  | (1,101 | )
Issuance |  |  | — |  |  |  | 2,239 |
Other |  |  | 20 |  |  |  | — |
Balance at end of period |  | $ | 26,715 |  |  | $ | 26,170 |

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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