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Compensation (Tables) | 6 Months Ended
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Jun. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Compensation Expense | The Company incurred compensation expense related to Class A common stock, LPUs and RSUs held by BGC employees as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Issuance of common stock and grants of exchangeability |  | $ | 2,362 |  |  | $ | 25,587 |  |  | $ | 25,396 |  |  | $ | 29,123 |
Allocations of net income1 |  |  | 2,660 |  |  |  | 4,780 |  |  |  | 3,939 |  |  |  | 9,326 |
LPU amortization |  |  | 19,524 |  |  |  | 10,689 |  |  |  | 35,833 |  |  |  | 13,734 |
RSU amortization |  |  | 3,273 |  |  |  | 2,696 |  |  |  | 4,855 |  |  |  | 3,710 |
Equity-based compensation and allocations of net income to limited partnership units and FPUs |  | $ | 27,819 |  |  | $ | 43,752 |  |  | $ | 70,023 |  |  | $ | 55,893 |
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 held by BGC employees is as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Issuance of common stock and grants of exchangeability |  | $ | 2,362 |  |  | $ | 25,587 |  |  | $ | 25,396 |  |  | $ | 29,123 |
Compensation expense related to the amortization of LPUs held by BGC employees is as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Stated vesting schedule |  | $ | 18,459 |  |  | $ | 10,686 |  |  | $ | 34,736 |  |  | $ | 14,192 |
Post-termination payout |  |  | 1,065 |  |  |  | 3 |  |  |  | 1,097 |  |  |  | (458 | )
LPU amortization |  | $ | 19,524 |  |  | $ | 10,689 |  |  | $ | 35,833 |  |  | $ | 13,734 |
Compensation expense related to RSUs held by BGC employees is as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
RSU amortization |  | $ | 3,273 |  |  | $ | 2,696 |  |  | $ | 4,855 |  |  | $ | 3,710 |
Activity Associated with Limited Partnership Units Held by BGC Employees | A summary of the activity associated with LPUs held by BGC employees is as follows (in thousands):
|  | BGC LPUs |  |  | Newmark LPUs2 |
Balance at December 31, 2019 |  |  | 102,407 |  |  |  | 14,607 |
Granted |  |  | 36,024 |  |  |  | — |
Redeemed/exchanged units |  |  | (3,717 | ) |  |  | (301 | )
Forfeited units |  |  | (2 | ) |  |  | — |
Balance at June 30, 2020 |  |  | 134,712 |  |  |  | 14,306 |
Summary of the BGC Holdings and Newmark Holdings LPUs held by BGC Employees | The LPUs 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 held by BGC employees is as follows (in thousands):
|  | BGC LPUs |  |  | Newmark LPUs |
Regular Units |  |  | 92,471 |  |  |  | 10,192 |
Preferred Units |  |  | 42,241 |  |  |  | 4,114 |
Balance at June 30, 2020 |  |  | 134,712 |  |  |  | 14,306 |
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 then-current Exchange Ratio) or granted exchangeability for BGC Class A common stock or Newmark Class A common stock (at the then-current Exchange Ratio) held by BGC employees is as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
BGC Holdings LPUs |  |  | 471 |  |  |  | 5,101 |  |  |  | 4,473 |  |  |  | 5,621 |
Newmark Holdings LPUs |  |  | 100 |  |  |  | 171 |  |  |  | 291 |  |  |  | 342 |
Total |  |  | 571 |  |  |  | 5,272 |  |  |  | 4,764 |  |  |  | 5,963 |
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):
|  | June 30, 2020 |  |  | December 31, 2019 |
BGC Holdings LPUs |  |  | 42,782 |  |  |  | 30,699 |
Newmark Holdings LPUs |  |  | 446 |  |  |  | 1,171 |
Aggregate estimated grant date fair value – BGC and Newmark Holdings LPUs |  | $ | 195,689 |  |  | $ | 138,324 |
Activity Associated with Restricted Stock Units | A summary of the activity associated with RSUs held by BGC employees and directors is as follows (RSUs and dollars in thousands):
|  | RSUs |  |  | Weighted- Average Grant Date Fair Value |  |  | Fair Value Amount |  |  | Weighted- Average Remaining Contractual Term (Years) |
Balance at December 31, 2019 |  |  | 4,478 |  |  | $ | 5.25 |  |  | $ | 23,516 |  |  |  | 2.50 |
Granted |  |  | 4,433 |  |  |  | 3.73 |  |  |  | 16,536 |  |  |  |  |
Delivered units |  |  | (1,224 | ) |  |  | 5.79 |  |  |  | (7,086 | ) |  |  |  |
Forfeited units |  |  | (161 | ) |  |  | 4.61 |  |  |  | (744 | ) |  |  |  |
Balance at June 30, 2020 |  |  | 7,526 |  |  | $ | 4.28 |  |  | $ | 32,222 |  |  |  | 2.84 |

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