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Earnings Per Share (Tables) | 9 Months Ended
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Sep. 30, 2023
Earnings Per Share [Abstract] |
Calculation of Basic Earnings Per Share | The following is the calculation of the Company’s basic EPS (in thousands, except per share data):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Basic earnings (loss) per share: |  |  |  |  |  |  |
Net income (loss) available to common stockholders | $ | 17,046 |  |  | $ | 5,762 |  |  | $ | 16,320 |  |  | $ | 46,496 |
Less: Dividends declared and allocation of undistributed earnings to participating securities | (1,072) |  |  | — |  |  | (1,072) |  |  | — |
Net income (loss) attributable to common stockholders | $ | 15,974 |  |  | $ | 5,762 |  |  | $ | 15,248 |  |  | $ | 46,496 |
Basic weighted-average shares of common stock outstanding | 468,544 |  |  | 371,108 |  |  | 412,178 |  |  | 371,692 |
Basic earnings (loss) per share | $ | 0.03 |  |  | $ | 0.02 |  |  | $ | 0.04 |  |  | $ | 0.13 |
Calculation of Fully Diluted Earnings Per Share | The following is the calculation of the Company’s fully diluted EPS (in thousands, except per share data):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Fully diluted earnings (loss) per share: |  |  |  |  |  |  |
Net income (loss) attributable to common stockholders | $ | 15,974 |  |  | $ | 5,762 |  |  | $ | 15,248 |  |  | $ | 46,496 |
Add back: Allocations of net income (loss) to limited partnership interests, net of tax | — |  |  | 1,608 |  |  | (156) |  |  | 14,222 |
Add back: Allocations of undistributed earnings to participating securities | 823 |  |  | — |  |  | 823 |  |  | — |
Less: Reallocation of undistributed earnings to participating securities | (808) |  |  | — |  |  | (808) |  |  | — |
Net income (loss) for fully diluted shares | $ | 15,989 |  |  | $ | 7,370 |  |  | $ | 15,107 |  |  | $ | 60,718 |
Weighted-average shares: |  |  |  |  |  |  |
Common stock outstanding | 468,544 |  |  | 371,108 |  |  | 412,178 |  |  | 371,692 |
Partnership units¹ | — |  |  | 122,734 |  |  | 76,528 |  |  | 127,167 |
Non-participating RSUs | — |  |  | 1,770 |  |  | 1,874 |  |  | 1,897 |
Other 2 | 9,001 |  |  | 1,373 |  |  | 3,965 |  |  | 1,202 |
Fully diluted weighted-average shares of common stock outstanding | 477,545 |  |  | 496,985 |  |  | 494,545 |  |  | 501,958 |
Fully diluted earnings (loss) per share | $ | 0.03 |  |  | $ | 0.01 |  |  | $ | 0.03 |  |  | $ | 0.12 |
____________________________ 1 Partnership units collectively include FPUs, LPUs, and Cantor units (see Note 2—“Limited Partnership Interests in BGC Holdings and Newmark Holdings” for more information). 2 Primarily consists of other contracts to issue shares of BGC common stock.

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