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Stock Transactions and Unit Redemptions (Tables) | 12 Months Ended
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Dec. 31, 2019
Equity [Abstract] |
Changes in Shares of Class A Common Stock Outstanding | Changes in shares of the Company’s Class A common stock outstanding for the years ended December 31, 2019 and 2018 were as follows (in thousands):
|  | Year Ended December 31, |
|  | 2019 |  |  | 2018 |
Shares outstanding at beginning of period |  |  | 291,475 |  |  |  | 256,968 |
Share issuances: |  |  |  |  |  |  |  |
Redemption/exchanges of limited partnership interests¹ |  |  | 15,008 |  |  |  | 18,288 |
Issuance of Class A common stock for general corporate purposes |  |  | — |  |  |  | 24,924 |
Deferred stock awards |  |  | — |  |  |  | 979 |
Vesting of restricted stock units (RSUs) |  |  | 435 |  |  |  | 528 |
Acquisitions |  |  | 1,039 |  |  |  | 1,744 |
Other issuances of Class A common stock |  |  | 213 |  |  |  | 101 |
Exchange from Class A to Class B common stock |  |  | — |  |  |  | (11,036 | )
Treasury stock repurchases |  |  | (233 | ) |  |  | (789 | )
Forfeitures of restricted Class A common stock |  |  | (22 | ) |  |  | (232 | )
Shares outstanding at end of period |  |  | 307,915 |  |  |  | 291,475 |
1 | Included in redemption/exchanges of limited partnership interests for the year ended December 31, 2019, are 10.1 million shares of BGC Class A common stock granted in connection with the cancellation of 11.5 million LPUs. Included in redemption/exchanges of limited partnership interests for the year ended December 31, 2018, are 6.8 million shares of BGC Class A common stock granted in connection with the cancellation of 7.6 million LPUs. Because LPUs are included in the Company’s fully diluted share count, if dilutive, redemption/exchange in connection with the issuance of Class A common shares would not impact the fully diluted number of shares and units outstanding.
Gross Unit Redemptions and Share Repurchases of Class A Common Stock | The table below represents the units redeemed and/or shares repurchased for cash and does not include units redeemed/cancelled in connection with the grant of shares of BGC Class A common stock nor the limited partnership interests exchanged for shares of BGC Class A common stock. The gross unit redemptions and share repurchases of BGC Class A common stock during the year ended December 31, 2019 were as follows (in thousands, except for weighted-average price data):
Period |  | Total Number of Units Redeemed or Shares Repurchased |  |  | Weighted- Average Price Paid per Unit or Share |  |  | Approximate Dollar Value of Units and Shares That May Yet Be Redeemed/ Purchased Under the Program |
Redemptions1 |  |  |  |  |  |  |  |  |  |  |  |
January 1, 2019—March 31, 2019 |  |  | 1,203 |  |  | $ | 6.00 |  |  |  |  |
April 1, 2019—June 30, 2019 |  |  | 97 |  |  |  | 5.45 |  |  |  |  |
July 1, 2019—September 30, 2019 |  |  | 73 |  |  |  | 5.24 |  |  |  |  |
October 1, 2019—December 31, 2019 |  |  | 35 |  |  |  | 5.57 |  |  |  |  |
Total Redemptions |  |  | 1,408 |  |  | $ | 5.91 |  |  |  |  |
Repurchases2 |  |  |  |  |  |  |  |  |  |  |  |
January 1, 2019—March 31, 2019 |  |  | 233 |  |  | $ | 5.30 |  |  |  |  |
April 1, 2019—June 30, 2019 |  |  | — |  |  |  | — |  |  |  |  |
July 1, 2019—September 30, 2019 |  |  | — |  |  |  | — |  |  |  |  |
October 1, 2019—December 31, 2019 |  |  | — |  |  |  | — |  |  |  |  |
Total Repurchases |  |  | 233 |  |  | $ | 5.30 |  |  |  |  |
Total Redemptions and Repurchases |  |  | 1,641 |  |  | $ | 5.82 |  |  | $ | 256,691 |
3 | During the year ended December 31, 2019, the Company redeemed 1.4 million LPUs at an aggregate redemption price of $8.0 million for a weighted-average price of $5.92 per unit and 56.9 thousand FPUs at an aggregate redemption price of $320.6 thousand for a weighted-average price of $5.64 per unit. During the year ended December 31, 2018, the Company redeemed 9.2 million LPUs at an aggregate redemption price of $116.5 million for a weighted-average price of $12.61 per unit and approximately 108.9 thousand FPUs at an aggregate redemption price of $1.4 million for a weighted-average price of $12.86 per unit. The table above does not include units redeemed/cancelled in connection with the grant of 10.1 million shares and 6.8 million shares of BGC Class A common stock during the years ended December 31, 2019 and 2018, respectively, nor the limited partnership interests exchanged for 4.4 million and 2.6 million shares of BGC Class A common stock during the years ended December 31, 2019 and 2018, respectively.
4 | During the year ended December 31, 2019, the Company repurchased 0.2 million shares of BGC Class A common stock at an aggregate price of $1.2 million for weighted-average price of $5.30 per share. During the year ended December 31, 2018, the Company repurchased approximately 0.8 million shares of BGC Class A common stock at an aggregate price of $10.4 million for a weighted-average price of $13.23 per share.
Summary of Changes in Carrying Amount of FPUs | The changes in the carrying amount of FPUs for the years ended December 31, 2019 and 2018 were as follows (in thousands):
|  | Year Ended December 31, |
|  | 2019 |  |  | 2018 |
Balance at beginning of period |  | $ | 24,706 |  |  | $ | 46,415 |
Consolidated net income allocated to FPUs |  |  | 1,942 |  |  |  | 8,135 |
Spin-Off |  |  | — |  |  |  | (22,994 | )
Earnings distributions |  |  | (1,942 | ) |  |  | (5,399 | )
FPUs exchanged |  |  | (980 | ) |  |  | (1,192 | )
FPUs redeemed |  |  | (88 | ) |  |  | (259 | )
Balance at end of period |  | $ | 23,638 |  |  | $ | 24,706 |

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- Definition Tabular disclosure of redeemable noncontrolling interest (as defined) included in the statement of financial position as either a liability or temporary equity. As of the date of the statement of financial position, such redeemable noncontrolling interest is currently redeemable, as defined, for cash or other assets of the entity at (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the entity. + References No definition available. + Details
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