U.S. GAAP guidance establishes standards for computing and presenting EPS. Basic EPS excludes dilution and is computed by dividing net income (loss) available to common stockholders by the weighted-average number of shares of common stock outstanding and contingent shares for which all necessary conditions have been satisfied except for the passage of time. Net income (loss) is allocated to the Company’s outstanding common stock, FPUs, LPUs and Cantor units (see Note 2—“Limited Partnership Interests in BGC Holdings and Newmark Holdings”).

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

	Three Months Ended March 31,
	2020		2019
Basic earnings (loss) per share:
Net income (loss) available to common stockholders	$	14,314	$	61,868
Basic weighted-average shares of common stock outstanding		358,001		338,403
Basic earnings (loss) per share	$	0.04	$	0.18

Fully diluted EPS is calculated utilizing net income (loss) available to common stockholders plus net income allocations to the limited partnership interests as the numerator. The denominator comprises the Company’s weighted-average number of outstanding BGC shares of common stock and, if dilutive, the weighted-average number of limited partnership interests and other contracts to issue shares of BGC common stock, including RSUs. The limited partnership interests generally are potentially exchangeable into shares of BGC Class A common stock (see Note 2—“Limited Partnership Interests in BGC Holdings and Newmark Holdings”) and are entitled to their pro-rata share of earnings after the deduction for the Preferred Distribution; as a result, they are included in the fully diluted EPS computation to the extent that the effect would be dilutive.

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

	Three Months Ended March 31,
	2020		2019
Fully diluted earnings (loss) per share
Net income (loss) available to common stockholders	$	14,314	$	61,868
Allocations of net income (loss) to limited partnership interests, net of tax		5,945		28,897
Net income (loss) for fully diluted shares	$	20,259	$	90,765
Weighted-average shares:
Common stock outstanding		358,001		338,403
Partnership units¹		178,393		176,072
RSUs (Treasury stock method)		708		179
Other		1,340		1,412
Fully diluted weighted-average shares of common stock outstanding		538,442		516,066
Fully diluted earnings (loss) per share	$	0.04	$	0.18

For the three months ended March 31, 2020, 0.2 million potentially dilutive securities were excluded from the computation of fully diluted EPS because their effect would have been anti-dilutive. For the three months ended March 31, 2019, approximately 0.4 million potentially dilutive securities were excluded from the computation of fully diluted EPS, for being anti-dilutive. Anti-dilutive securities for the three months ended March 31, 2020 and 2019, comprised RSUs.

As of March 31, 2020 and 2019, approximately 18.2 million and 6.2 million shares, respectively, of contingent BGC Class A common stock and LPUs were excluded from the fully diluted EPS computations because the conditions for issuance had not been met by the end of the respective periods.