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”). In addition, the EPUs issued by Newmark OpCo are entitled to a preferred payable-in-kind dividend which are recorded as accretion to the carrying amount of the EPUs and is a reduction to “Net income (loss) available to common stockholders” for the calculation of the Company’s “Basic earnings (loss) per share” and “Fully diluted earnings (loss) per share from 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

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, including contingent shares of BGC common stock, and, if dilutive, the weighted-average number of limited partnership interests, including contingent units of BGC Holdings, 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 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

For the years ended December 31, 2020, 2019 and 2018, approximately 0.7 million, 65.6 million and 163.0 million potentially dilutive securities, respectively, were excluded from the computation of fully diluted EPS from continuing operations because their effect would have been anti-dilutive. Anti-dilutive securities for the year ended December 31, 2020 were RSUs. Anti-dilutive securities for the year ended December 31, 2019 included 64.8 million limited partnership interests and 0.8 million RSUs. Anti-dilutive securities for the year ended December 31, 2018 included 162.8 million limited partnership interests and 0.2 million RSUs.

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

For the year ended December 31, 2018 approximately 163.0 million potentially dilutive securities were excluded from the computation of fully diluted EPS from Discontinued Operations. Anti-dilutive securities for the year ended December 31, 2018 included 162.8 million limited partnership interests and 0.2 million RSUs.

For the years ended year ended December 31, 2020 and 2019, there were no standalone BGC Holdings partnership units excluded from the fully diluted EPS weighted average computation from continuing and discontinued operations. For the year ended December 31, 2018, there were approximately 15.6 million of standalone BGC Holdings partnership units excluded from the fully diluted EPS weighted average computation from continuing and discontinued operations, because the conversion into Class A common stock was contingent on the Spin-Off (see Note 2—“Limited Partnership Interests in BGC Holdings and Newmark Holdings” for further information on standalone BGC Holdings partnership units). Additionally, as of December 31, 2020, 2019 and 2018, approximately 27.7 million, 15.8 million and 1.5 million shares, respectively, of contingent shares of BGC Class A common stock, N units, RSUs, 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.