Income Per Share and Stockholders' Equity

9 Months Ended

Sep. 30, 2023

Earnings Per Share And Stockholders Equity [Abstract]

Income Per Share and Stockholders' Equity

Income Per Share and Stockholders’ Equity

The calculations of basic and diluted income per share attributable to CBRE Group, Inc. stockholders are as follows (dollars in thousands, except share and per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Basic Income Per Share
Net income attributable to CBRE Group, Inc. stockholders	$	190,553	$	446,639	$	508,849	$	1,326,258
Weighted average shares outstanding for basic income per share	307,854,518		319,827,769		309,716,456		325,705,500
Basic income per share attributable to CBRE Group, Inc. stockholders	$	0.62	$	1.40	$	1.64	$	4.07

Diluted Income Per Share
Net income attributable to CBRE Group, Inc. stockholders	$	190,553	$	446,639	$	508,849	$	1,326,258
Weighted average shares outstanding for basic income per share	307,854,518		319,827,769		309,716,456		325,705,500
Dilutive effect of contingently issuable shares	4,366,615		4,914,815		4,228,399		4,852,814
Weighted average shares outstanding for diluted income per share	312,221,133		324,742,584		313,944,855		330,558,314
Diluted income per share attributable to CBRE Group, Inc. stockholders	$	0.61	$	1.38	$	1.62	$	4.01

For the three and nine months ended September 30, 2023, 326,762 and 345,108, respectively, of contingently issuable shares were excluded from the computation of diluted income per share because their inclusion would have had an anti-dilutive effect.

For the three and nine months ended September 30, 2022, 1,506,140 and 1,369,162, respectively, of contingently issuable shares were excluded from the computation of diluted income per share because their inclusion would have had an anti-dilutive effect.

On November 19, 2021, our board of directors authorized a program for the repurchase of up to $2.0 billion of our Class A common stock over five years (the 2021 program). On August 18, 2022, our board of directors authorized an additional $2.0 billion, bringing the total authorized repurchase amount under this program to a total of $4.0 billion. During the three months ended September 30, 2023, we repurchased 6,213,921 shares of our common stock with an average price of $83.03 per share using cash on hand for an aggregate of $515.9 million under the 2021 program. During the nine months ended September 30, 2023, we repurchased 7,582,094 shares of our common stock with an average price of $83.11 per share using cash on hand for an aggregate of $630.2 million under the 2021 program. As of September 30, 2023, we had approximately $1.5 billion of capacity remaining under the 2021 program. During the three months ended September 30, 2022, we repurchased 5,094,577 shares of our common stock using cash on hand for an aggregate of $408.3 million. During the nine months ended September 30, 2022, we repurchased 16,783,086 shares of our common stock using cash on hand for an aggregate of $1.4 billion.