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Stock Transactions and Unit Redemptions | 3 Months Ended
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Mar. 31, 2023
Equity [Abstract] |
Stock Transactions and Unit Redemptions | Stock Transactions and Unit Redemptions As of March 31, 2023, 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, |  |
|  | 2023 |  | 2022 |  |  |  |  |  |
Shares outstanding at beginning of period |  | 150,384,605 |  |  | 168,272,371 |  |  |  |  |  |  |
Share issuances: |  |  |  |  |  |  |  |  |  |
LPU redemption/exchange (1) |  | 1,927,905 |  |  | 934,868 |  |  |  |  |  |  |
Issuance of Class A common stock for Newmark RSUs |  | 985,540 |  |  | 1,019,474 |  |  |  |  |  |  |
Other |  | (155,240) |  |  | 13,521 |  |  |  |  |  |  |
Treasury stock repurchases |  | — |  |  | (1,682,871) |  |  |  |  |  |  |
Shares outstanding at end of period |  | 153,142,810 |  |  | 168,557,363 |  |  |  |  |  |  |
(1)Because they were included in 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, 2023 and December 31, 2022, 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. On February 10, 2022, the Board and Audit Committee reauthorized the $400.0 million Newmark share repurchase and unit redemption authorization, which may include purchases from Cantor, its partners or employees or other affiliated persons or entities. On November 4, 2022, the Board and Audit Committee reauthorized the $400.0 million Newmark share repurchase and unit redemption authorization, which may include purchases from Cantor, its partners or employees or 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, 2023, Newmark did not repurchase shares of Class A common stock. As of March 31, 2023, Newmark had $392.3 million remaining from its share repurchase and unit purchase authorization. Redeemable Partnership Interests The changes in the carrying amount of FPUs follow (in thousands):
| March 31, 2023 |  | December 31, 2022
Balance at beginning of period: | $ | 16,550 |  |  | $ | 20,947 |
Income allocation | — |  |  | 2,272 |
Distributions of income | — |  |  | (5,130) |
Issuance and other | (618) |  |  | (1,539) |
Balance at end of period | $ | 15,932 |  |  | $ | 16,550 |

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