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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2019

Earnings Per Share [Abstract]

Calculation of Basic Earnings Per Share from Continuing and Discontinued Operations

Basic Earnings Per Share:

The following is the calculation of the Company’s basic EPS from continuing and discontinued operations (in thousands, except per share data):

	Three Months Ended March 31,
	2019				2018
Basic earnings (loss) per share:
Net income (loss) from continuing operations available to common stockholders	$	61,868			$	43,998
Net income (loss) from discontinued operations available to common stockholders		—				14,776
Net income (loss) available to common stockholders	$	61,868			$	58,774
Basic weighted-average shares of common stock    outstanding		338,403				307,728
Continuing operations	$	0.18			$	0.14
Discontinued operations		—				0.05
Basic earnings (loss) per share	$	0.18			$	0.19

The following is the calculation of the Company’s fully diluted EPS from discontinued operations (in thousands, except per share data):

	Three Months Ended March 31, 2018
Fully diluted (loss) earnings per share
Net income (loss) from discontinued operations available    to common stockholders	$	14,776
Allocations of net income (loss) to limited    partnership interests, net of tax		9,113
Net income (loss) for fully diluted shares	$	23,889
Weighted-average shares:
Common stock outstanding		307,728
Partnership units1		169,218
RSUs (Treasury stock method)		604
Other		1,385
Fully diluted weighted-average shares of    common stock outstanding		478,935
Fully diluted earnings (loss) per share from discontinued operations	$	0.05

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

Calculation of Fully Diluted Earnings Per Share from Continuing and Discontinued Operations

Continuing Operations

The following is the calculation of the Company’s fully diluted EPS from continuing operations (in thousands, except per share data):

	Three Months Ended March 31,
	2019				2018
Fully diluted (loss) earnings per share
Net income (loss) from continuing operations available    to common stockholders	$	61,868			$	43,998
Allocations of net income (loss) to limited    partnership interests, net of tax		28,897				20,773
Net income (loss) for fully diluted shares	$	90,765			$	64,771
Weighted-average shares:
Common stock outstanding		338,403				307,728
Partnership units1		176,072				169,218
RSUs (Treasury stock method)		179				604
Other		1,412				1,385
Fully diluted weighted-average shares of    common stock outstanding		516,066				478,935
Fully diluted earnings (loss) per share from continuing operations	$	0.18			$	0.14

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

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