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Stock Transactions and Unit Redemptions | 3 Months Ended
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Mar. 31, 2021
Equity [Abstract] |
Stock Transactions and Unit Redemptions (STOCK REPURCHASES) | Stock Transactions and Unit Redemptions As of March 31, 2021, 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 were as follows:
| Three Months Ended March 31, |  |
| 2021 |  | 2020 |  |  |  |  |  |
Shares outstanding at beginning of period | 161,175,894 |  |  | 156,265,461 |  |  |  |  |  |  |
Share issuances: |  |  |  |  |  |  |  |  |
LPU redemption/exchange (1) | 1,851,802 |  |  | 181,872 |  |  |  |  |  |  |
Issuance of Class A common stock for Newmark RSUs | 965,469 |  |  | 254,413 |  |  |  |  |  |  |
Other | — |  |  | — |  |  |  |  |  |  |
Treasury stock repurchases | (879,243) |  |  | — |  |  |  |  |  |  |
Shares outstanding at end of period | 163,113,922 |  |  | 156,701,746 |  |  |  |  |  |  |
(1)Because they were included in the Newmark’s fully diluted share count, if dilutive, any exchange of LPUs into Class A common stock 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. As of March 31, 2021 and December 31, 2020, there were 21.3 million shares of Newmark Class B common stock outstanding. Share Repurchases On February 17, 2021, our Board increased its authorized share repurchases of Newmark Class A Common stock and purchases of limited partnership interests in Newmark's subsidiaries to $400.0 million. This authorization includes repurchases of shares or purchase of 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, Newmark may actively continue to repurchase shares and/or purchase units. During the three months ended March 31, 2021, Newmark repurchased 879,243 shares of Class A common stock at an average price of $10.57. As of March 31, 2021, Newmark had $390.4 million remaining from its share repurchase and unit purchase authorization. The following table details Newmark's unit redemptions and share repurchases for cash, under the new program, and does not include unit redemptions and/or cancellations in connection with the grant of shares Newmark's Class A common stock. The gross unit redemptions and share repurchases of Newmark's Class A common stock during the three months ended March 31, 2021 were as follows (in thousands except share and per share amounts):
| Total Number of Shares Repurchased/Purchased |  | Average Price Paid per Unit or Share |  | Approximate Dollar Value of Units and Shares That May Yet Be Repurchased/ Purchased Under the Program
Redemptions |  |  |  |  |
January 2021 | — |  |  | $ | — |  |  |
February 2021 | — |  |  | $ | — |  |  |
March 2021 | 28,962 |  |  | $ | 11.09 |  |  |
Repurchases |  |  |  |  |
January 2021 | — |  |  | $ | — |  |  |
February 2021 | — |  |  | $ | — |  |  |
March 2021 | 879,243 |  |  | $ | 10.57 |  |  |
Total | 908,205 |  |  | $ | 10.59 |  |  | $ | 390,386 |
Redeemable Partnership Interests The changes in the carrying amount of FPUs follow (in thousands):
| March 31, 2021 |  | December 31, 2020
Balance at beginning of period: | $ | 20,045 |  |  | $ | 21,517 |
Income allocation | 525 |  |  | 1,740 |
Distributions of income | — |  |  | (1,740) |
Redemptions | (255) |  |  | (1,472) |
Issuance and other | (124) |  |  | — |
Balance at end of period | $ | 20,191 |  |  | $ | 20,045 |

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: 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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