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

6 Months Ended

Jun. 30, 2019

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Basic earnings per share:
Net income available to common stockholders ⁽¹⁾	$	19,444	$	546	$	33,124	$	20,542
Basic weighted-average shares of common stock outstanding		178,754		155,157		178,683		155,447
Basic earnings per share	$	0.11	$	0.00	$	0.19	$	0.13

(1)

Includes a reduction for dividends on preferred stock or units in the amount of $3.2 million and $6.4 million for the three and six months ended June 30, 2019, respectively, and $0.2 million for the three and six months ended June 30, 2018.

Calculation 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 June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Fully diluted earnings per share:
Net income available to common stockholders	$	19,444	$	546	$	33,124	$	20,542
Allocations of net income to limited partnership interests in Newmark Holdings, net of tax		3,864		—		—		12,020
Net income for fully diluted shares	$	23,308	$	546	$	33,124	$	32,562
Weighted-average shares:
Common stock outstanding		178,754		155,157		178,683		155,447
Partnership units ⁽¹⁾		28,769		—		—		96,505
Other		627		781		751		852
Fully diluted weighted-average shares of common stock outstanding		208,150		155,938		179,434		252,804
Fully diluted earnings per share	$	0.11	$	0.00	$	0.18	$	0.13

(1)

Partnership units collectively include founding/working partner units, limited partnership units, and Cantor units (See Note 2 - Limited Partnership Interests for more information).