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Earnings Per Share | 12 Months Ended
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Dec. 31, 2024
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):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Basic earnings (loss) per share: |  |  |  |  |
Net income (loss) available to common stockholders | $ | 126,988 |  |  | $ | 36,265 |  |  | $ | 48,712 |
Less: Dividends declared and allocation of undistributed earnings to participating securities | (5,773) |  |  | (2,195) |  |  | — |
Net income (loss) attributable to common stockholders | 121,215 |  |  | 34,070 |  |  | 48,712 |
Basic weighted-average shares of common stock outstanding | 473,390 |  |  | 426,436 |  |  | 371,561 |
Basic earnings (loss) per share | $ | 0.26 |  |  | $ | 0.08 |  |  | $ | 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):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Fully diluted earnings (loss) per share: |  |  |  |  |
Net income (loss) attributable to common stockholders | $ | 121,215 |  |  | $ | 34,070 |  |  | $ | 48,712 |
Add back: Allocations of net income (loss) to limited partnership interests, net of tax | — |  |  | (156) |  |  | 14,767 |
Add back: Allocations of undistributed earnings to participating securities | 4,620 |  |  | 1,731 |  |  | — |
Less: Reallocation of undistributed earnings to participating securities | (4,567) |  |  | (1,702) |  |  | — |
Net income (loss) for fully diluted shares | $ | 121,268 |  |  | $ | 33,943 |  |  | $ | 63,479 |
Weighted-average shares: |  |  |  |  |
Common stock outstanding | 473,390 |  | 426,436 |  |  | 371,561 |
Partnership units¹ | — |  |  | 57,239 |  |  | 124,738 |
Non-participating RSUs | — |  |  | 1,406 |  |  | 1,913 |
Other 2 | 5,752 |  |  | 4,908 |  |  | 1,202 |
Fully diluted weighted-average shares of common stock outstanding | 479,142 |  |  | 489,989 |  |  | 499,414 |
Fully diluted earnings (loss) per share | $ | 0.25 |  |  | $ | 0.07 |  |  | $ | 0.13 |
____________________________________ 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 contracts to issue shares of BGC common stock. For the years ended December 31, 2024, 2023 and 2022, approximately 16.0 million, 14.3 million and 0.5 million of potentially dilutive securities, respectively, were excluded from the computation of fully diluted EPS because their effect would have been anti-dilutive. Anti-dilutive securities for the year ended December 31, 2024, included 15.6 million participating RSUs and 0.4 million participating restricted stock awards. Anti-dilutive securities for the year ended December 31, 2023 included 12.7 million participating RSUs and 1.6 million participating restricted stock awards. Anti-dilutive securities for the year ended December 31, 2022 included 0.5 million RSUs. As of December 31, 2024 and 2023, approximately 59.6 million and 63.3 million, respectively, 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 December 31, 2022, 50.2 million 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 respective periods. Contingent shares excluded from the calculation of EPS included: shares promised in connection with acquisition earnout consideration whereby the acquired entity or entities are required to achieve a stated performance target defined in their respective acquisition agreements; other contingent share obligations which include agreements with terminated employees to deliver shares BGC Class A common stock over a set period of time post-termination in accordance with their respective partnership separation agreements; and non-participating RSUs and non-participating restricted stock awards which contain service conditions and/or performance conditions which have not been met during the period. When the service condition and/or performance condition has been met in the period, the securities are included in diluted EPS on the first day of the quarter in which the contingency was met.

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