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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Calculation of Basic Earnings Per Share

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

Calculation of Fully Diluted Earnings Per Share

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

¹ Partnership units collectively include FPUs, LPUs, and Cantor units (see Note 2—“Limited Partnership Interests in BGC Holdings and Newmark Holdings” for more information).

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