| 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):
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
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2013 |
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2012 |
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|
2013 |
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|
2012 |
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Net income available to
common stockholders
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$ |
34,466 |
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|
$ |
1,958 |
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|
$ |
41,464 |
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|
$ |
10,147 |
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Allocation of income to
limited partnership interests in BGC Holdings
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$ |
140,068 |
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|
$ |
3,034 |
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$ |
151,026 |
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$ |
13,471 |
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| Schedule of earnings per share, basic |
The following
is the calculation of the Company’s basic EPS (in thousands,
except per share data):
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
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2013 |
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2012 |
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2013 |
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|
2012 |
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Basic earnings per
share:
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|
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Net income available to
common stockholders
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$ |
34,466 |
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|
$ |
1,958 |
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$ |
41,464 |
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|
$ |
10,147 |
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|
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Basic weighted-average
shares of common stock outstanding (1)
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|
171,758 |
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|
140,368 |
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|
167,515 |
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|
138,257 |
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Basic earnings per
share
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$ |
0.20 |
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$ |
0.01 |
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$ |
0.25 |
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$ |
0.07 |
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| (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”). |
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| Schedule of earnings per share, diluted |
The following
is the calculation of the Company’s fully diluted EPS (in
thousands, except per share data):
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| |
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Three
Months Ended
June 30, |
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Six
Months Ended
June 30, |
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| |
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2013 |
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|
2012 |
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2013 |
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|
2012 |
|
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Fully diluted earnings
per share:
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|
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Net income available to
common stockholders
|
|
$ |
34,466 |
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|
$ |
1,958 |
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$ |
41,464 |
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$ |
10,147 |
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Allocation of net income to
limited partnership interests in BGC Holdings, net of
tax
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|
31,618 |
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|
1,836 |
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|
39,361 |
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|
9,373 |
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Interest expense on
convertible notes, net of tax
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|
3,860 |
|
|
|
— |
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|
8,657 |
|
|
|
— |
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Dividend equivalent expense
on RSUs, net of tax
|
|
|
— |
|
|
|
84 |
|
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|
3 |
|
|
|
148 |
|
|
|
|
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Net income for fully
diluted shares
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$ |
69,944 |
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$ |
3,878 |
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$ |
89,485 |
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$ |
19,668 |
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Weighted-average
shares:
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Common stock
outstanding
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|
171,758 |
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|
140,368 |
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|
167,515 |
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|
138,257 |
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Limited partnership
interests in BGC Holdings (1)
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|
165,127 |
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|
132,035 |
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|
159,255 |
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|
129,158 |
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|
Convertible
notes
|
|
|
39,780 |
|
|
|
— |
|
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|
39,722 |
|
|
|
— |
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RSUs (Treasury stock
method)
|
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|
630 |
|
|
|
585 |
|
|
|
339 |
|
|
|
765 |
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Other
|
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|
797 |
|
|
|
1,768 |
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|
|
751 |
|
|
|
1,302 |
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|
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Fully diluted
weighted-average shares of common stock outstanding
|
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|
378,092 |
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|
274,756 |
|
|
|
367,582 |
|
|
|
269,482 |
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|
|
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Fully diluted earnings per
share
|
|
$ |
0.18 |
|
|
$ |
0.01 |
|
|
$ |
0.24 |
|
|
$ |
0.07 |
|
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| (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”). |
|