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

6 Months Ended

Jun. 30, 2021

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,
	2021		2020		2021		2020
Basic earnings per share:
Net income available to common stockholders (1)	$	435,178	$	(2,131)	$	466,642	$	3,604
Basic weighted-average shares of common stock outstanding	185,114		178,523		184,190		178,034
Basic earnings per share	$	2.35	$	(0.01)	$	2.53	$	0.02

(1)Includes a reduction for dividends on preferred stock or EPUs in the amount of $4.6 million and $6.2 million for the three and six months ended June 30, 2021, respectively, and $2.4 million and $4.9 million for the three and six months ended June 30, 2020, respectively. (see Note 1 — “Organization and Basis of Presentation”).

Schedule 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,
	2021		2020		2021		2020
Fully diluted earnings per share:
Net income available to common stockholders	$	435,178	$	(2,131)	$	466,642	$	3,604
Allocations of net income to limited partnership interests in Newmark Holdings, net of tax	148,567		—		159,830		—
Net income for fully diluted shares	$	583,745	$	(2,131)	$	626,472	$	3,604
Weighted-average shares:
Common stock outstanding	185,114		178,523		184,190		178,034

Cantor units	23,679		—		23,704		—
Partnership units (1)	59,443		—		59,632		—
RSUs (Treasury stock method)	4,149		—		3,582		442
Newmark exchange shares	1,170		—		1,195		234
Fully diluted weighted-average shares of common stock outstanding	273,555		178,523		272,303		178,710
Fully diluted earnings per share	$	2.13	$	(0.01)	$	2.30	$	0.02

(1)Partnership units collectively include FPUs, limited partnership units, and Cantor and BGC units (see Note 2 — “Limited Partnership Interests in Newmark Holdings and BGC Holdings” for more information).