XML 61 R47.htm IDEA: XBRL DOCUMENT
v3.21.2

Compensation (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2021
Share-based Payment Arrangement [Abstract] |
Compensation Expense | 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,
| 2021 |  | 2020 | 2021 |  | 2020
Issuance of common stock and grants of exchangeability | $ | 31,222 |  |  | $ | 2,362 |  | $ | 39,076 |  |  | $ | 25,396 |
Allocations of net income¹ | 6,846 |  |  | 2,660 |  | 12,477 |  |  | 3,939 |
LPU amortization | 16,741 |  |  | 19,524 |  | 33,835 |  |  | 35,833 |
RSU amortization | 3,481 |  |  | 3,273 |  | 6,397 |  |  | 4,855 |
Equity-based compensation and allocations of net income to limited partnership units and FPUs | $ | 58,290 |  |  | $ | 27,819 |  | $ | 91,785 |  |  | $ | 70,023 |
_________________________________________ 1 Certain LPUs generally receive quarterly allocations of net income, including the Preferred Distribution, and are generally contingent upon services being provided by the unit holders. 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,
| 2021 |  | 2020 |  | 2021 |  | 2020
Issuance of common stock and grants of exchangeability | $ | 31,222 |  |  | $ | 2,362 |  |  | $ | 39,076 |  |  | $ | 25,396 |
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,
| 2021 |  | 2020 |  | 2021 |  | 2020
Stated vesting schedule | $ | 16,701 |  |  | $ | 18,459 |  |  | $ | 33,775 |  |  | $ | 34,736 |
Post-termination payout | 39 |  |  | 1,065 |  |  | 59 |  |  | 1,097 |
LPU amortization | $ | 16,740 |  |  | $ | 19,524 |  |  | $ | 33,834 |  |  | $ | 35,833 |
Compensation expense related to RSUs held by BGC employees is as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
RSU amortization | $ | 3,481 |  |  | $ | 3,273 |  |  | $ | 6,397 |  |  | $ | 4,855 |
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 LPUs 2
Balance at December 31, 2020 | 137,652 |  |  | 13,202 |
Granted | 19,292 |  |  | — |
Redeemed/exchanged units | (37,612) |  |  | (1,454) |
Forfeited units | (642) |  |  | (229) |
Balance at June 30, 2021 | 118,690 |  |  | 11,519 |
Summary of the BGC Holdings and Newmark Holdings LPUs held by BGC Employees | 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 | 82,508 |  |  | 8,659 |
Preferred Units | 36,182 |  |  | 2,860 |
Balance at June 30, 2021 | 118,690 |  |  | 11,519 |
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,
| 2021 |  | 2020 |  | 2021 |  | 2020
BGC Holdings LPUs | 5,568 |  |  | 471 |  |  | 6,666 |  |  | 4,473 |
Newmark Holdings LPUs | 246 |  |  | 100 |  |  | 425 |  |  | 291 |
Total | 5,814 |  |  | 571 |  |  | 7,091 |  |  | 4,764 |
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, 2021 |  | December 31, 2020
BGC Holdings LPUs | 41,150 |  |  | 44,529 |
Newmark Holdings LPUs | 279 |  |  | 353 |
Aggregate estimated grant date fair value – BGC and Newmark Holdings LPUs | $ | 163,016 |  |  | $ | 201,239 |
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, 2020 | 8,960 |  |  | $ | 3.75 |  |  | $ | 33,582 |  |  | 2.46
Granted | 4,658 |  |  | 4.30 |  |  | 20,044 |  |  |
Delivered | (2,572) |  |  | 4.04 |  |  | (10,385) |  |  |
Forfeited | (245) |  |  | 3.84 |  |  | (940) |  |  |
Balance at June 30, 2021 | 10,801 |  |  | $ | 3.92 |  |  | $ | 42,301 |  |  | 2.65

X
- Definition Schedule of limited partners units redeemed. + References No definition available. + Details
Name: | bgcp_ScheduleOfLimitedPartnersUnitsRedeemedTableTableTextBlock
Namespace Prefix: | bgcp_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of limited partners units with stated vesting not receive quarterly allocations of net income . + References No definition available. + Details
Name: | bgcp_ScheduleOfLimitedPartnersUnitsWithStatedVestingNotReceiveQuarterlyAllocationsOfNetIncomeTableTableTextBlock
Namespace Prefix: | bgcp_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of limited partnership units regular and preferred units + References No definition available. + Details
Name: | bgcp_ScheduleOfLimitedPartnershipUnitsRegularAndPreferredUnitsTableTableTextBlock
Namespace Prefix: | bgcp_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14.F) -URI http://asc.fasb.org/extlink&oid=115993241&loc=d3e301413-122809 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 + Details
Name: | us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration