Stock Transactions and Unit Redemptions (Tables)

12 Months Ended

Dec. 31, 2019

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

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

^{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