Stock Transactions and Unit Redemptions

6 Months Ended

Jun. 30, 2019

(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