Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Schedule of allocations of earnings

The Company’s earnings for the three and six months ended June 30, 2013 and 2012 were allocated as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
Net income available to common stockholders	$	34,466	$	1,958	$	41,464	$	10,147
Allocation of income to limited partnership interests in BGC Holdings	$	140,068	$	3,034	$	151,026	$	13,471

Schedule of earnings per share, basic

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,
	2013		2012		2013		2012
Basic earnings per share:
Net income available to common stockholders	$	34,466	$	1,958	$	41,464	$	10,147
Basic weighted-average shares of common stock outstanding (1)		171,758		140,368		167,515		138,257
Basic earnings per share	$	0.20	$	0.01	$	0.25	$	0.07

(1) For the three and six months ended June 30, 2013, basic weighted-average shares of common stock include, on a weighted-average basis, 45.2 million shares of the Company’s Class A common stock (of which approximately 39.1 million are restricted shares) that the Company granted and expects to issue in connection with the global partnership restructuring program (see Note 1—“Organization and Basis of Presentation”).

Schedule of earnings per share, diluted

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,
	2013		2012		2013		2012
Fully diluted earnings per share:
Net income available to common stockholders	$	34,466	$	1,958	$	41,464	$	10,147
Allocation of net income to limited partnership interests in BGC Holdings, net of tax		31,618		1,836		39,361		9,373
Interest expense on convertible notes, net of tax		3,860		—		8,657		—
Dividend equivalent expense on RSUs, net of tax		—		84		3		148
Net income for fully diluted shares	$	69,944	$	3,878	$	89,485	$	19,668
Weighted-average shares:
Common stock outstanding		171,758		140,368		167,515		138,257
Limited partnership interests in BGC Holdings (1)		165,127		132,035		159,255		129,158
Convertible notes		39,780		—		39,722		—
RSUs (Treasury stock method)		630		585		339		765
Other		797		1,768		751		1,302
Fully diluted weighted-average shares of common stock outstanding		378,092		274,756		367,582		269,482
Fully diluted earnings per share	$	0.18	$	0.01	$	0.24	$	0.07

(1) For the three and six months ended June 30, 2013, limited partnership interests in BGC Holdings exclude, on a weighted-average basis, 77.4 million limited partnership units that were redeemed or exchanged in June 2013 in connection with the global partnership restructuring program (see Note 1—“Organization and Basis of Presentation”).