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Earnings Per Share (Tables) | 12 Months Ended
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Dec. 31, 2020
Earnings Per Share [Abstract] |
Calculation of Basic Earnings Per Share from Continuing and Discontinued Operations | The following is the calculation of the Company’s basic EPS from continuing and discontinued operations (in thousands, except per share data):
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Basic earnings (loss) per share: |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) from continuing operations available to common stockholders |  | $ | 48,908 |  |  | $ | 47,562 |  |  | $ | 76,855 |
Net income (loss) from discontinued operations available to common stockholders¹ |  |  | — |  |  |  | — |  |  |  | 121,963 |
Net income (loss) available to common stockholders |  | $ | 48,908 |  |  | $ | 47,562 |  |  | $ | 198,818 |
Basic weighted-average shares of common stock outstanding |  |  | 361,736 |  |  |  | 344,332 |  |  |  | 322,141 |
Continuing operations |  | $ | 0.14 |  |  | $ | 0.14 |  |  | $ | 0.24 |
Discontinued operations |  |  | — |  |  |  | — |  |  |  | 0.38 |
Basic earnings (loss) per share |  | $ | 0.14 |  |  | $ | 0.14 |  |  | $ | 0.62 |
1 | In accordance with ASC 260, includes a reduction for dividends on preferred stock or units.
The following is the calculation of the Company’s fully diluted EPS from discontinued operations (in thousands, except per share data):
|  | Year Ended |
|  | December 31, 2018 |
Fully diluted earnings (loss) per share: |  |  |  |
Net income (loss) from discontinued operations available to common stockholders |  | $ | 121,963 |
Allocations of net income (loss) to limited partnership interests, net of tax |  |  | — |
Net income (loss) for fully diluted shares |  | $ | 121,963 |
Weighted-average shares: |  |  |  |
Common stock outstanding |  |  | 322,141 |
Partnership units¹ |  |  | — |
RSUs (Treasury stock method) |  |  | 368 |
Other |  |  | 1,335 |
Fully diluted weighted-average shares of common stock outstanding |  |  | 323,844 |
Fully diluted earnings (loss) per share from discontinued operations |  | $ | 0.38 |
1 | Partnership units collectively include Founding/Working Partner Units, limited partnership units, and Cantor units (see Note 2—“Limited Partnership Interests in BGC Holdings and Newmark Holdings” for more information).
Calculation of Fully Diluted Earnings Per Share from Continuing and Discontinued Operations | Continuing Operations The following is the calculation of the Company’s fully diluted EPS from continuing operations (in thousands, except per share data):
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Fully diluted earnings (loss) per share: |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) from continuing operations available to common stockholders |  | $ | 48,908 |  |  | $ | 47,562 |  |  | $ | 76,855 |
Allocations of net income (loss) to limited partnership interests, net of tax |  |  | 21,522 |  |  |  | 14,492 |  |  |  | — |
Net income (loss) for fully diluted shares |  | $ | 70,430 |  |  | $ | 62,054 |  |  | $ | 76,855 |
Weighted-average shares: |  |  |  |  |  |  |  |  |  |  |  |
Common stock outstanding |  |  | 361,736 |  |  |  | 344,332 |  |  |  | 322,141 |
Partnership units¹ |  |  | 183,130 |  |  |  | 114,006 |  |  |  | — |
RSUs (Treasury stock method) |  |  | 737 |  |  |  | 38 |  |  |  | 368 |
Other |  |  | 1,245 |  |  |  | 1,367 |  |  |  | 1,335 |
Fully diluted weighted-average shares of common stock outstanding |  |  | 546,848 |  |  |  | 459,743 |  |  |  | 323,844 |
Fully diluted earnings (loss) per share from continuing operations |  | $ | 0.13 |  |  | $ | 0.13 |  |  | $ | 0.24 |
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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