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Stock Transactions and Unit Redemptions | 6 Months Ended
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Jun. 30, 2021
Equity [Abstract] |
Stock Transactions and Unit Redemptions | Stock Transactions and Unit Redemptions As of June 30, 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 June 30, |  | Six Months Ended June 30, |
|  | 2021 |  | 2020 |  | 2021 |  | 2020 |  |  |  |  |  |
Shares outstanding at beginning of period |  | 163,113,922 |  |  | 156,701,746 |  |  | 161,175,894 |  |  | 156,265,461 |  |  |  |  |  |  |
Share issuances: |  |  |  |  |  |  |  |  |  |  |  |  |  |
LPU redemption/exchange (1) |  | 1,140,363 |  |  | 827,847 |  |  | 2,992,165 |  |  | 1,009,719 |  |  |  |  |  |  |
Issuance of Class A common stock for Newmark RSUs |  | 278,139 |  |  | 281,843 |  |  | 1,243,608 |  |  | 536,256 |  |  |  |  |  |  |
Other(2) |  | 18,817,132 |  |  | — |  |  | 18,817,132 |  |  | — |  |  |  |  |  |  |
Treasury stock repurchases |  | (3,613,098) |  |  | — |  |  | (4,492,341) |  |  |  |  |  |  |  |  |
Shares outstanding at end of period |  | 179,736,458 |  |  | 157,811,436 |  |  | 179,736,458 |  |  | 157,811,436 |  |  |  |  |  |  |
(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. (2)For information, refer to the section titled "2021 Equity Event and Share Count Reduction" in Note 1 "Organization and Basis of Presentation" 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 June 30, 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 and six months ended June 30, 2021, Newmark repurchased 3,613,098 and 4,492,341 shares of Class A common stock, respectively, at an average price of $12.81 and $12.36, respectively. As of June 30, 2021, Newmark had $342.4 million remaining from its share repurchase and unit purchase authorization. On August 5, 2021, the Board and Audit Committee reauthorized the $400 million Newmark share repurchase and unit redemption authorization, which may include purchases from Cantor, its partners or employees or other affiliated persons or entities (see Note 32 — "Subsequent Event"). 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 six months ended June 30, 2021 were as follows (in thousands except units, shares 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 1, 2021 - March 31, 2021 | — |  |  | $ | — |  |  |
April 1, 2021 - June 30, 2021 | 167,894 |  |  | $ | 11.91 |  |  |
Total Redemptions | 167,894 |  |  | $ | 11.91 |  |  |
Repurchases |  |  |  |  |
January 1, 2021 - March 31, 2021 | 879,243 |  |  | $ | 10.58 |  |  |
April 1, 2021 - June 30, 2021 | 3,613,098 |  |  | $ | 12.81 |  |  |
Total Repurchases | 4,492,341 |  |  | $ | 12.36 |  |  |
Total Redemptions and Repurchases | 4,660,235 |  |  | $ | 12.34 |  |  | $ | 342,365 |
Redeemable Partnership Interests The changes in the carrying amount of FPUs follow (in thousands):
| June 30, 2021 |  | December 31, 2020
Balance at beginning of period: | $ | 20,045 |  |  | $ | 21,517 |
Income allocation | 1,294 |  |  | 1,740 |
Distributions of income | — |  |  | (1,740) |
Redemptions | (807) |  |  | (1,472) |
Issuance and other | (125) |  |  | — |
Balance at end of period | $ | 20,407 |  |  | $ | 20,045 |

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