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Stock Transactions and Unit Redemptions (Tables) | 12 Months Ended
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Dec. 31, 2022
Equity [Abstract] |
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, 2022 and 2021 were as follows (in thousands):
| Year Ended December 31,
| 2022 |  | 2021
Shares outstanding at beginning of period | 317,023 |  |  | 323,018 |
Share issuances: |  |  |
Redemptions/exchanges of limited partnership interests ¹ | 30,998 |  |  | 58,025 |
Vesting of RSUs | 3,284 |  |  | 2,167 |
Acquisitions | 1,206 |  |  | 1,789 |
Other issuances of BGC Class A common stock | 501 |  |  | 417 |
Treasury stock repurchases | (27,087) |  |  | (68,253) |
Forfeitures of restricted BGC Class A common stock | (67) |  |  | (140) |
Shares outstanding at end of period | 325,858 |  |  | 317,023 |
____________________________________ 1. Included in redemptions/exchanges of limited partnership interests for the year ended December 31, 2022 are 20.9 million shares of BGC Class A common stock granted in connection with the cancellation of 21.4 million LPUs. Included in redemption/exchanges of limited partnership interests for the year ended December 31, 2021, are 27.5 million shares of BGC Class A common stock granted in connection with the cancellation of 29.7 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 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 year ended December 31, 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 Could Be Redeemed/ Purchased Under the Program at December 31, 2022
Redemptions 1 |  |  |  |  |  |
January 1, 2022—March 31, 2022 |  | 43 |  |  | $ | 4.01 |  |  |
April 1, 2022—June 30, 2022 |  | 1,010 |  |  | 3.81 |  |  |
July 1, 2022—September 30, 2022 |  | 214 |  |  | 3.91 |  |  |
October 1, 2022—December 31, 2022 |  | 99 |  |  | 3.88 |  |  |
Total Redemptions |  | 1,366 |  |  | $ | 3.84 |  |  |
Repurchases 2 |  |  |  |  |  |
January 1, 2022—March 31, 2022 |  | — |  |  | $ | — |  |  |
April 1, 2022—June 30, 2022 |  | 8,745 |  |  | 3.36 |  |  |
July 1, 2022—September 30, 2022 |  | 12,397 |  | 4.03 |  |  |
October 1, 2022—October 31, 2022 |  | 307 |  | 3.93 |  |  |
November 1, 2022—November 30, 2022 |  | 3,834 |  | 3.99 |  |  |
December 1, 2022—December 31, 2022 |  | 1,804 |  |  | 4.48 |  |  |
Total Repurchases |  | 27,087 |  |  | 3.84 |  |  |
Total Redemptions and Repurchases |  | 28,453 |  |  | $ | 3.84 |  |  | $ | 376,413 |
____________________________________ 1. During the year ended December 31, 2022, the Company redeemed 1.3 million LPUs at an aggregate redemption price of $4.9 million for a weighted-average price of $3.87 per unit and 0.1 million FPUs at an aggregate redemption price of $0.4 million for a weighted-average price of $3.41 per unit. The table above does not include units redeemed/cancelled in connection with the grant of 20.9 million shares of BGC Class A common stock during the year ended December 31, 2022, nor the limited partnership interests exchanged for 10.8 million shares of BGC Class A common stock during the year ended December 31, 2022. 2. During the year ended December 31, 2022, the Company repurchased 27.1 million shares of BGC Class A common stock at an aggregate price of $103.9 million for a weighted-average price of $3.84 per share. The gross unit redemptions and share repurchases of BGC Class A common stock during the year ended December 31, 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 Could Be Redeemed/ Purchased Under the Program at December 31, 2021
Redemptions 1 |  |  |  |  |  |
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 |  |  |
October 1, 2021—December 31, 2021 |  | 38 |  |  | 5.37 |  |  |
Total Redemptions |  | 4,846 |  |  | $ | 5.80 |  |  |
Repurchases 2 |  |  |  |  |  |
January 1, 2021—March 31, 2021 |  | 965 |  |  | $ | 4.56 |  |  |
April 1, 2021—June 30, 2021 |  | 16,542 |  |  | 6.25 |  |  |
July 1, 2021—September 30, 2021 |  | 24,433 |  |  | 5.19 |  |  |
October 1, 2021—December 31, 2021 |  | 26,313 |  |  | 4.97 |  |  |
Total Repurchases |  | 68,253 |  |  | 5.35 |  |  |
Total Redemptions and Repurchases |  | 73,099 |  |  | $ | 5.38 |  |  | $ | 191,809 |
____________________________________ 1. During the year ended December 31, 2021, the Company redeemed 4.7 million LPUs at an aggregate redemption price of $27.5 million for a weighted-average price of $5.83 per unit and 0.1 million FPUs at an aggregate redemption price of $0.6 million for a weighted-average price of $4.86 per unit. The table above does not include units redeemed/cancelled in connection with the grant of 27.5 million shares of BGC Class A common stock during the year ended December 31, 2021, nor the limited partnership interests exchanged for 32.2 million shares of BGC Class A common stock during the year ended December 31, 2021.2. During the year ended December 31, 2021, the Company repurchased 68.3 million shares of BGC Class A common stock at an aggregate price of $365.4 million for a weighted-average price of $5.35 per share.
Summary of Changes in Carrying Amount of FPUs | The changes in the carrying amount of FPUs for the years ended December 31, 2022 and 2021 were as follows (in thousands):
| Year Ended December 31,
| 2022 |  | 2021
Balance at beginning of period | $ | 18,761 |  |  | $ | 20,674 |
Consolidated net income allocated to FPUs | 968 |  |  | 2,031 |
Earnings distributions | (2,041) |  |  | (957) |
FPUs exchanged | (1,339) |  |  | (1,129) |
FPUs redeemed | (830) |  |  | (1,858) |
Balance at end of period | $ | 15,519 |  |  | $ | 18,761 |

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