Stock Transactions and Unit Redemptions (Tables)

12 Months Ended

Dec. 31, 2020

Changes in Shares of Class A Common Stock Outstanding

Changes in shares of BGC Class A common stock outstanding for the years ended December 31, 2020 and 2019 were as follows (in thousands):

	Year Ended December 31,
	2020			2019
Shares outstanding at beginning of period		307,915			291,475
Share issuances:
Redemptions/exchanges of limited partnership interests¹		13,190			15,008
Vesting of RSUs		1,134			435
Acquisitions		391			1,039
Other issuances of BGC Class A common stock		345			213
Issuance of BGC Class A common stock for general corporate purposes		45			—
Treasury stock repurchases		(2	)		(233	)
Forfeitures of restricted BGC Class A common stock		—			(22	)
Shares outstanding at end of period		323,018			307,915

Included in redemptions/exchanges of limited partnership interests for the year ended December 31, 2020, are 9.5 million shares of BGC Class A common stock granted in connection with the cancellation of 9.2 million LPUs. Included in redemption/exchanges of limited partnership interests for the year ended December 31, 2019, are 10.1 million shares of BGC Class A common stock granted in connection with the cancellation of 11.5 million LPUs. Because LPUs are included in the Company’s fully diluted share count, if dilutive, redemptions/exchanges in connection with the issuance of BGC Class A common stock would not impact the fully diluted number of shares outstanding.

Gross Unit Redemptions and Share Repurchases of Class A Common Stock

The table below represents the units redeemed and/or shares repurchased for cash and does not include units redeemed/cancelled in connection with the grant of shares of BGC Class A common stock nor the limited partnership interests exchanged for shares of BGC Class A common stock. The gross unit redemptions and share repurchases of BGC Class A common stock during the year ended December 31, 2020 were as follows (in thousands, except for weighted-average price data):

Period	Total Number of Units Redeemed or Shares Repurchased		Weighted- Average Price Paid per Unit or Share		Approximate Dollar Value of Units and Shares That May Yet Be Redeemed/ Purchased Under the Program
Redemptions¹
January 1, 2020—March 31, 2020		235	$	4.30
April 1, 2020—June 30, 2020		103		3.05
July 1, 2020—September 30, 2020		1,481		2.80
October 1, 2020—December 31, 2020		720		1.78
Total Redemptions		2,539	$	2.67
Repurchases²
January 1, 2020—March 31, 2020		—	$	—
April 1, 2020—June 30, 2020		—		—
July 1, 2020—September 30, 2020		2		2.58
October 1, 2020—December 31, 2020		—		—
Total Repurchases		2		2.58
Total Redemptions and Repurchases		2,541	$	2.67	$	249,908

^{During the year ended December 31, 2020, the Company redeemed 1.8 million LPUs at an aggregate redemption price of $5.5 million for a weighted-average price of $3.03 per unit and 0.7 million FPUs at an aggregate redemption price of $1.3 million for a weighted-average price of $1.79 per unit. During the year ended December 31, 2019, the Company redeemed 1.4 million LPUs at an aggregate redemption price of $8.0 million for a weighted-average price of $5.92 per unit and approximately 56.9 thousand FPUs at an aggregate redemption price of $320.6 thousand for a weighted-average price of $5.64 per unit. The table above does not include units redeemed/cancelled in connection with the grant of 9.5 million shares and 10.1 million shares of BGC Class A common stock during the years ended December 31, 2020 and 2019, respectively, nor the limited partnership interests exchanged for 3.7 million and 4.4 million shares of BGC Class A common stock during the years ended December 31, 2020 and 2019, respectively.}

⁴

^{During the year ended December 31, 2020, the Company repurchased 2 thousand shares of BGC Class A common stock at an aggregate price of $6 thousand for a weighted-average price of $2.58 per share. During the year ended December 31, 2019, the Company repurchased approximately 0.2 million shares of BGC Class A common stock at an aggregate price of $1.2 million for a weighted-average price of $5.30 per share.}

Summary of Changes in Carrying Amount of FPUs

The changes in the carrying amount of FPUs for the years ended December 31, 2020 and 2019 were as follows (in thousands):

	Year Ended December 31,
	2020			2019
Balance at beginning of period	$	23,638		$	24,706
Consolidated net income allocated to FPUs		815			1,942
Earnings distributions		(815	)		(1,942	)
FPUs exchanged		(1,682	)		(980	)
FPUs redeemed		(1,282	)		(88	)
Balance at end of period	$	20,674		$	23,638