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Earnings Per Share
 6 Months Ended
Jun. 30, 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 June 30,Six Months Ended June 30,
2025202420252024
Basic earnings (loss) per share:
Net income (loss) available to common stockholders$57,545 $37,828 $112,709 $87,038 
Less: Dividends declared and allocation of undistributed earnings to participating securities(2,428)(1,774)(4,804)(4,536)
Net income (loss) attributable to common stockholders
$55,117 $36,054 $107,905 $82,502 
Basic weighted-average shares of common stock outstanding480,138 475,272 479,655 472,895 
Basic earnings (loss) per share$0.11 $0.08 $0.22 $0.17 
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 June 30,Six Months Ended June 30,
2025202420252024
Fully diluted earnings (loss) per share:
Net income (loss) attributable to common stockholders
$55,117 $36,054 $107,905 $82,502 
Add back: Allocations of undistributed earnings to participating securities2,142 1,438 4,220 3,994 
Less: Reallocation of undistributed earnings to participating securities
(2,123)(1,422)(4,175)(3,943)
Net income (loss) for fully diluted shares$55,136 $36,070 $107,950 $82,553 
Weighted-average shares:
Common stock outstanding480,138 475,272 479,655 472,895 
Other1
4,498 5,589 5,435 6,522 
Fully diluted weighted-average shares of common stock outstanding
484,636 480,861 485,090 479,417 
Fully diluted earnings (loss) per share
$0.11 $0.08 $0.22 $0.17 
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1Primarily consists of contracts to issue shares of BGC common stock.
For the three months ended June 30, 2025 and 2024, approximately 15.5 million and 15.9 million, respectively, of potentially dilutive securities were excluded from the computation of fully diluted EPS because their effect would have been anti-dilutive. For the six months ended June 30, 2025 and 2024, 15.8 million and 15.9 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 June 30, 2025 included 15.4 million participating RSUs and 0.1 million participating restricted stock awards. Anti-dilutive securities for the six months ended June 30, 2025 included 15.6 million participating RSUs and 0.2 million participating restricted stock awards. Anti-dilutive securities for the three months ended June 30, 2024 included 15.5 million participating RSUs and 0.4 million participating restricted stock awards. Anti-dilutive securities for the six months ended June 30, 2024 included 15.0 million participating RSUs and 0.9 million participating restricted stock awards.
As of June 30, 2025 and 2024, approximately 54.2 million and 63.1 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 of 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.