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Compensation (Tables)

6 Months Ended

Jun. 30, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

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