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Earnings Per Share (Tables)

12 Months Ended

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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