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Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

The Company incurred compensation expense related to Class A common stock, LPUs and RSUs as follows (in thousands):

	Year Ended December 31,
	2019		2018		2017
Issuance of common stock and exchangeability expenses	$	100,948	$	150,147	$	176,463
Allocations of net income¹		20,491		38,352		51,008
LPU amortization		36,708		11,359		1,194
RSU amortization		7,465		5,212		4,576
Equity-based compensation and allocations of net income to limited partnership units and FPUs	$	165,612	$	205,070	$	233,241

1	Certain LPUs generally receive quarterly allocations of net income and are generally contingent upon services being provided by the unit holders, including the Preferred Distribution.

Compensation expense related to the issuance of BGC or Newmark Class A common stock and grants of exchangeability on BGC Holdings and Newmark Holdings LPUs to BGC employees is as follows (in thousands):

	Year Ended December 31,
	2019		2018		2017
Issuance of common stock and exchangeability expense	$	100,948	$	150,147	$	176,463

Compensation expense related to the amortization of LPUs held by BGC employees is as follows (in thousands):

	Year Ended December 31,
	2019			2018		2017
Stated vesting schedule	$	37,047		$	7,475	$	1,196
Post-termination payout		(339	)		3,884		(2	)
LPU amortization	$	36,708		$	11,359	$	1,194

Compensation expense related to RSUs held by BGC employees is as follows (in thousands):

	Year Ended December 31,
	2019		2018		2017
RSU amortization	$	7,465	$	5,212	$	4,576

Activity Associated with Limited Partnership Units Awarded to BGC Employees

Limited Partnership Units

A summary of the activity associated with LPUs awarded to BGC employees is as follows (in thousands):

	BGC LPUs			Newmark LPUs²
Balance at December 31, 2016		50,835			—
Granted		20,309			26,510
Redeemed/exchanged units		(7,283	)		—
Forfeited units		(5,538	)		—
Balance at December 31, 2017		58,323			26,510
Granted		36,821			2,694
Redeemed/exchanged units		(14,908	)		(7,032	)
Forfeited units		(507	)		(59	)
Balance at December 31, 2018		79,729			22,113
Granted		47,916			662
Redeemed/exchanged units		(21,110	)		(1,024	)
Forfeited units		(4,128	)		(7,144	)
Balance at December 31, 2019		102,407			14,607

2	The Newmark LPUs were issued as part of the Separation.

Summary of the BGC Holdings and Newmark Holdings LPUs

The Limited Partnership Units table above includes both regular and Preferred Units. The Preferred Units are not entitled to participate in partnership distributions other than with respect to the Preferred Distribution (see Note 2—“Limited Partnership Interests in BGC Holdings and Newmark Holdings” for further information on Preferred Units). A summary of the BGC Holdings and Newmark Holdings LPUs is as follows (in thousands):

	BGC LPUs		Newmark LPUs
Regular Units		70,831		10,418
Preferred Units		31,576		4,189
Balance at December 31, 2019		102,407		14,607

Activity Associated with Limited Partnership Units Awarded to BGC Employees

A summary of the LPUs redeemed in connection with the issuance of BGC Class A common stock or Newmark Class A common stock (at the current exchange ratio) or granted exchangeability for BGC Class A common stock or Newmark Class A common stock (at the current exchange ratio) is as follows (in thousands):

	Year Ended December 31,
	2019		2018		2017
BGC Holdings LPUs		17,209		18,227		15,460
Newmark Holdings LPUs		500		3,116		1,067
Total		17,709		21,343		16,527

Summary of Outstanding LPUs Held by BGC Employees with Stated Vesting

A summary of the outstanding LPUs held by BGC employees with a stated vesting schedule that do not receive quarterly allocations of net income is as follows (in thousands):

	December 31, 2019		December 31, 2018
BGC Holdings		30,699		12,696
Newmark Holdings		1,171		654
Aggregate estimated grant date fair value – BGC and Newmark Holdings	$	138,324	$	61,595

Activity Associated with Restricted Stock Units

A summary of the activity associated with RSUs held by BGC employees is as follows (units and dollars in thousands):

	RSUs			Weighted- Average Grant Date Fair Value		Fair Value Amount			Weighted- Average Remaining Contractual Term (Years)
Balance at December 31, 2016		1,261		$	7.17	$	9,039			1.61
Granted		567			10.65		6,037
Delivered units		(635	)		6.79		(4,312	)
Forfeited units		(130	)		8.62		(1,113	)
Balance at December 31, 2017		1,063		$	9.08	$	9,651			1.63
Granted		578			12.05		6,964
Delivered units		(553	)		8.59		(4,753	)
Forfeited units		(159	)		11.34		(1,804	)
Balance at December 31, 2018		929		$	10.83	$	10,058			1.75
Granted		4,283			4.61		19,764
Delivered units		(464	)		10.11		(4,692	)
Forfeited units		(270	)		5.99		(1,614	)
Balance at December 31, 2019		4,478		$	5.25	$	23,516			2.50