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Stock Transactions and Unit Redemptions (Tables) | 9 Months Ended
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Sep. 30, 2021
Equity [Abstract] |
Changes in Shares of Class A Common Stock Outstanding | Changes in shares of BGC Class A common stock outstanding were as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Shares outstanding at beginning of period | 348,795 |  |  | 313,323 |  |  | 323,018 |  |  | 307,915 |
Share issuances: |  |  |  |  |  |  |
Redemptions/exchanges of limited partnership interests¹ | 8,446 |  |  | 1,747 |  |  | 49,033 |  |  | 5,821 |
Vesting of RSUs | 213 |  |  | 115 |  |  | 1,941 |  |  | 915 |
Acquisitions | 343 |  |  | 42 |  |  | 1,130 |  |  | 327 |
Other issuances of BGC Class A common stock | 100 |  |  | 90 |  |  | 366 |  |  | 339 |
Restricted stock forfeitures | (56) |  |  | — |  |  | (140) |  |  | — |
Treasury stock repurchases | (24,433) |  |  | (2) |  |  | (41,940) |  |  | (2) |
Shares outstanding at end of period | 333,408 |  |  | 315,315 |  |  | 333,408 |  |  | 315,315 |
__________________________ 1.Included in redemptions/exchanges of limited partnership interests for the three months ended September 30, 2021 and 2020 are 5.8 million shares of BGC Class A common stock granted in connection with the cancellation of 6.9 million LPUs, and 0.5 million shares of BGC Class A common stock granted in connection with the cancellation of 0.4 million LPUs, respectively. Included in redemptions/exchanges of limited partnership interests for the nine months ended September 30, 2021 and 2020 are 21.2 million shares of BGC Class A common stock granted in connection with the cancellation of 23.2 million LPUs, and 2.6 million shares of BGC Class A common stock granted in connection with the cancellation of 2.5 million LPUs, respectively. 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 three and nine months ended September 30, 2021 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
Redemptions 1,2 |  |  |  |  |  |
January 1, 2021—March 31, 2021 |  | 20 |  |  | $ | 4.40 |  |  |
April 1, 2021—June 30, 2021 |  | 4,715 |  |  | 5.82 |  |  |
July 1, 2021—September 30, 2021 |  | 73 |  |  | 5.14 |  |  |
Total Redemptions |  | 4,808 |  |  | $ | 5.81 |  |  |
Repurchases 3,4 |  |  |  |  |  |
January 1, 2021—March 31, 2021 |  | 965 |  |  | $ | 4.56 |  |  |
April 1, 2021—June 30, 2021 |  | 16,542 |  |  | 6.25 |  |  |
July 1, 2021—July 31, 2021 |  | 10,000 |  |  | 5.00 |  |  |
August 1, 2021—August 31, 2021 |  | 5,899 |  |  | 5.64 |  |  |
September 1, 2021—September 30, 2021 |  | 8,534 |  |  | 5.10 |  |  |
Total Repurchases |  | 41,940 |  |  | $ | 5.59 |  |  |
Total Redemptions and Repurchases |  | 46,748 |  |  | $ | 5.62 |  |  | $ | 322,835 |
__________________________ 1.During the three months ended September 30, 2021, the Company redeemed 16 thousand LPUs at an aggregate redemption price of $71 thousand for a weighted-average price of $4.47 per unit. During the three months ended September 30, 2021, the Company redeemed 57 thousand FPUs at an aggregate redemption price of $302 thousand for a weighted-average price of $5.33 per unit. During the three months ended September 30, 2020, the Company redeemed 1.5 million LPUs at an aggregate redemption price of $4.1 million for a weighted-average price of $2.81 per unit. During the three months ended September 30, 2020, the Company redeemed 27 thousand FPUs at an aggregate redemption price of $73 thousand for an average price of $2.74 per unit. The table above does not include units redeemed/cancelled in connection with the grant of 5.8 million and 0.5 million shares of BGC Class A common stock during the three months ended September 30, 2021 and 2020, respectively, nor the limited partnership interests exchanged for 2.9 million and 1.3 million shares of BGC Class A common stock during the three months ended September 30, 2021 and 2020, respectively. 2.During the nine months ended September 30, 2021, the Company redeemed 4.7 million LPUs at an aggregate redemption price of $27.4 million for an average price of $5.83 per unit. During the nine months ended September 30, 2021, the Company redeemed 0.1 million FPUs at an aggregate redemption price of $0.5 million for an average price of $4.75 per unit. During the nine months ended September 30, 2020, the Company redeemed 1.8 million LPUs at an aggregate redemption price of $5.4 million for an average price of $3.02 per unit. During the nine months ended September 30, 2020, the Company redeemed 28 thousand FPUs at an aggregate redemption price of $77 thousand for an average price of $2.75 per unit. The table above does not include units redeemed/cancelled in connection with the grant of 21.2 million and 2.6 million shares of BGC Class A common stock during the nine months ended September 30, 2021 and 2020, respectively, nor the limited partnership interests exchanged for 28.8 million and 3.1 million shares of BGC Class A common stock during the nine months ended September 30, 2021 and 2020, respectively. 3.During the three months ended September 30, 2021, the Company repurchased 24.4 million shares of BGC Class A common stock at an aggregate price of $126.8 million for a weighted-average price of $5.19 per share. During the three months ended September 30, 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. 4.During the nine months ended September 30, 2021, the Company repurchased 41.9 million shares of BGC Class A common stock at an aggregate price of $234.6 million for a weighted-average price of $5.59 per share. During the nine months ended September 30, 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.
Summary of Changes in Carrying Amount of FPUs | The changes in the carrying amount of FPUs were as follows (in thousands):
| Nine Months Ended September 30,
| 2021 |  | 2020
Balance at beginning of period | $ | 20,674 |  |  | $ | 23,638 |
Consolidated net income allocated to FPUs | 958 |  |  | 815 |
Earnings distributions | (957) |  |  | (255) |
FPUs exchanged | (893) |  |  | (797) |
FPUs redeemed | (1,111) |  |  | (121) |
Balance at end of period | $ | 18,671 |  |  | $ | 23,280 |

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