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Stock Transactions and Unit Redemptions (Tables) | 6 Months Ended
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Jun. 30, 2022
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 June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Shares outstanding at beginning of period | 326,563 |  |  | 334,364 |  |  | 317,023 |  |  | 323,018 |
Share issuances: |  |  |  |  |  |  |
Redemptions/exchanges of limited partnership interests¹ | 5,071 |  |  | 30,156 |  |  | 11,714 |  |  | 40,587 |
Vesting of RSUs | 589 |  |  | 360 |  |  | 2,571 |  |  | 1,728 |
Acquisitions | 274 |  |  | 537 |  |  | 1,186 |  |  | 787 |
Other issuances of BGC Class A common stock | 339 |  |  | 5 |  |  | 342 |  |  | 266 |
Restricted stock forfeitures | (4) |  |  | (84) |  |  | (4) |  |  | (84) |
Treasury stock repurchases | (8,745) |  |  | (16,543) |  |  | (8,745) |  |  | (17,507) |
Shares outstanding at end of period | 324,087 |  |  | 348,795 |  |  | 324,087 |  |  | 348,795 |
____________________________ 1 Included in redemptions/exchanges of limited partnership interests for the three months ended June 30, 2022 and 2021 are 4.7 million shares of BGC Class A common stock granted in connection with the cancellation of 4.8 million LPUs, and 13.8 million shares of BGC Class A common stock granted in connection with the cancellation of 14.6 million LPUs, respectively. Included in redemptions/exchanges of limited partnership interests for the six months ended June 30, 2022 and 2021 are 7.9 million shares of BGC Class A common stock granted in connection with the cancellation of 8.1 million LPUs, and 15.4 million shares of BGC Class A common stock granted in connection with the cancellation of 16.3 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 tables below represent 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 six months ended June 30, 2022 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, 2022—March 31, 2022 |  | 43 |  |  | $ | 4.01 |  |  |
April 1, 2022—June 30, 2022 |  | 1,010 |  |  | $ | 3.81 |  |  |
Total Redemptions |  | 1,053 |  |  | $ | 3.82 |  |  |
Repurchases 3,4 |  |  |  |  |  |
January 1, 2022—March 31, 2022 |  | — |  |  | $ | — |  |  |
April 1, 2022 - April 30, 2022 |  | — |  |  | $ | — |  |  |
May 1, 2022 - May 31, 2022 |  | 1,150 |  |  | $ | 3.70 |  |  |
June 1, 2022 - June 30, 2022 |  | 7,595 |  |  | $ | 3.31 |  |  |
Total Repurchases |  | 8,745 |  |  | $ | 3.36 |  |  |
Total Redemptions and Repurchases |  | 9,798 |  |  | $ | 3.41 |  |  | $ | 158,404 |
___________________________ 1. During the three months ended June 30, 2022, the Company redeemed 1.0 million LPUs at an aggregate redemption price of $3.7 million for a weighted-average price of $3.84 per unit. During the three months ended June 30, 2022, the Company redeemed 40 thousand FPUs at an aggregate redemption price of $0.1 million for a weighted-average price of $2.94 per unit. The table above does not include units redeemed/cancelled in connection with the grant of 4.7 million shares of BGC Class A common stock during the three months ended June 30, 2022, nor the limited partnership interests exchanged for 0.7 million shares of BGC Class A common stock during the three months ended June 30, 2022. 2. During the six months ended June 30, 2022, the Company redeemed 1.0 million LPUs at an aggregate redemption price of $3.8 million for a weighted-average price of $3.85 per unit. During the six months ended June 30, 2022, the Company redeemed 0.1 million FPUs at an aggregate redemption price of $0.2 million for a weighted-average of $3.33 per unit. The table above does not include units redeemed/cancelled in connection with the grant of 7.9 million shares of BGC Class A common stock during the six months ended June 30, 2022, nor the limited partnership interests exchanged for 4.5 million shares of BGC Class A common stock during the six months ended June 30, 2022. 3 During the three months ended June 30, 2022, the Company repurchased 8.7 million shares of BGC Class A common stock at an aggregate price of $29.4 million for a weighted-average price of $3.36 per share. 4 During the six months ended June 30, 2022, the Company repurchased 8.7 million shares of BGC Class A common stock at an aggregate price of $29.4 million for a weighted-average price of $3.36 per share. The gross unit redemptions and share repurchases of BGC Class A common stock during the three and six months ended June 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 |  |  |
Total Redemptions |  | 4,735 |  |  | $ | 5.82 |  |  |
Repurchases 3,4 |  |  |  |  |  |
January 1, 2021—March 31, 2021 |  | 965 |  |  | $ | 4.56 |  |  |
April 2, 2021 - April 30, 2021 |  | 2 |  |  | $ | 5.29 |  |  |
May 1, 2021 - May 31, 2021 |  | 1,018 |  |  | $ | 5.59 |  |  |
June 1, 2021 - June 30, 2021 |  | 15,522 |  |  | $ | 6.29 |  |  |
Total Repurchases |  | 17,507 |  |  | $ | 6.16 |  |  |
Total Redemptions and Repurchases |  | 22,242 |  |  | $ | 6.08 |  |  | $ | 114,584 |
____________________________ 1 During the three months ended June 30, 2021, the Company redeemed 4.7 million LPUs at an aggregate redemption price of $27.3 million for a weighted-average price of $5.84 per unit. During the three months ended June 30, 2021, the Company redeemed 44 thousand FPUs at an aggregate redemption price of $0.2 million for an average price of $4.06 per unit. The table above does not include units redeemed/cancelled in connection with the grant of 13.8 million shares of BGC Class A common stock during the three months ended June 30, 2021, nor the limited partnership interests exchanged for 16.8 million shares of BGC Class A common stock during the three months ended June 30, 2021. 2 During the six months ended June 30, 2021, the Company redeemed 4.7 million LPUs at an aggregate redemption price of $27.3 million for a weighted-average price of $5.83 per unit. During the six months ended June 30, 2021, the Company redeemed 0.1 million FPUs at an aggregate redemption price of $0.2 million for a weighted-average price of $4.11 per unit. The table above does not include units redeemed/cancelled in connection with the grant of 15.4 million shares of BGC Class A common stock during the six months ended June 30, 2021, nor the limited partnership interests exchanged for 25.9 million shares of BGC Class A common stock during the six months ended June 30, 2021. 3 During the three months ended June 30, 2021, the Company repurchased 16.5 million shares of BGC Class A common stock at an aggregate price of $103.4 million for a weighted-average price of $6.25 per share. 4 During the six months ended June 30, 2021, the Company repurchased 17.5 million shares of BGC Class A common stock at an aggregate price of $107.8 million for a weighted-average price of $6.16 per share.
Summary of Changes in Carrying Amount of FPUs | The changes in the carrying amount of FPUs were as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Balance at beginning of period | $ | 17,786 |  |  | $ | 19,989 |  |  | $ | 18,761 |  |  | $ | 20,674 |
Consolidated net income allocated to FPUs | 253 |  |  | 438 |  |  | 721 |  |  | 958 |
Earnings distributions | (465) |  |  | (520) |  |  | (1,539) |  |  | (520) |
FPUs exchanged | (380) |  |  | (253) |  |  | (719) |  |  | (509) |
FPUs redeemed | (748) |  |  | (72) |  |  | (778) |  |  | (1,021) |
Balance at end of period | $ | 16,446 |  |  | $ | 19,582 |  |  | $ | 16,446 |  |  | $ | 19,582 |

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