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Earnings Per Share
 3 Months Ended
Mar. 31, 2025
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 March 31,
20252024
Basic earnings (loss) per share:
Net income (loss) available to common stockholders$55,164 $49,210 
Less: Dividends declared and allocation of undistributed earnings to participating securities(2,384)(2,832)
Net income (loss) attributable to common stockholders
$52,780 $46,378 
Basic weighted-average shares of common stock outstanding479,166 470,517 
Basic earnings (loss) per share$0.11 $0.10 
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 March 31,
20252024
Fully diluted earnings (loss) per share:
Net income (loss) attributable to common stockholders
$52,780 $46,378 
Add back: Allocations of undistributed earnings to participating securities
2,086 2,627 
Less: Reallocation of undistributed earnings to participating securities
(2,060)(2,588)
Net income (loss) for fully diluted shares$52,806 $46,417 
Weighted-average shares:
Common stock outstanding479,166 470,517 
Other1
6,383 7,456 
Fully diluted weighted-average shares of common stock outstanding
485,549 477,973 
Fully diluted earnings (loss) per share
$0.11 $0.10 
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1Primarily consists of contracts to issue shares of BGC common stock.
For the three months ended March 31, 2025 and 2024, approximately 16.0 million and 17.0 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 March 31, 2025 included 15.6 million participating RSUs and 0.4 million participating restricted stock awards. Anti-dilutive securities for the three months ended March 31, 2024 included 14.4 million participating RSUs and 2.6 million participating restricted stock awards.
As of March 31, 2025 and 2024, approximately 53.3 million and 60.2 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.
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.