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Earnings Per Share | 9 Months Ended
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Sep. 30, 2023
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share 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 |
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. For the three and nine months ended September 30, 2023, 12.6 million and 6.2 million, respectively, of potentially dilutive securities were excluded from the computation of fully diluted EPS because their effect would have been anti-dilutive. Anti-dilutive securities for the three months ended September 30, 2023, included 9.6 million participating RSUs and 3.0 million participating restricted stock awards. Anti-dilutive securities for the nine months ended September 30, 2023, included 5.2 million participating RSUs and 0.9 million participating restricted stock awards. For the three and nine months ended September 30, 2022, 0.6 million and 0.7 million of potentially dilutive securities were excluded from the computation of fully diluted EPS because their effect would have been anti-dilutive. Anti-dilutive securities for the three and nine months ended September 30, 2022 were comprised of RSUs. As of September 30, 2023, approximately 62.5 million shares of contingent shares of BGC Class A common stock, non-participating RSUs and non-participating restricted stock awards were excluded from the fully diluted EPS computations because the conditions for issuance had not been met by the end of the period. As of September 30, 2022, approximately 47.3 million shares of contingent shares of BGC Class A common stock, N units, RSUs, and LPUs were excluded from the fully diluted EPS computations because the conditions for issuance had not been met by the end of the period.

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