Stock Transactions and Unit Redemptions (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
Equity [Abstract] |
|
Changes in Shares of Class A Common Stock Outstanding |
Changes in shares of the Company’s Class A common stock outstanding for the years ended December 31, 2017 and 2016 were as follows:
|
|
Year Ended December 31, |
|
|
|
2017 |
|
|
2016 |
|
Shares outstanding at beginning of period |
|
|
244,869,624 |
|
|
|
219,063,365 |
|
Share issuances: |
|
|
|
|
|
|
|
|
Exchanges of limited partnership interests¹ |
|
|
9,179,295 |
|
|
|
8,705,906 |
|
Issuance of Class A common stock for general corporate
purposes |
|
|
1,781,328 |
|
|
|
1,648,000 |
|
Vesting of restricted stock units (RSUs) |
|
|
570,944 |
|
|
|
637,719 |
|
Acquisitions |
|
|
1,923,854 |
|
|
|
25,334,451 |
|
Exercise of stock options |
|
|
154,533 |
|
|
|
76,000 |
|
Other issuances of Class A common stock |
|
|
58,809 |
|
|
|
287,442 |
|
Treasury stock repurchases |
|
|
(1,386,769 |
) |
|
|
(10,823,942 |
) |
Forfeitures of restricted Class A common stock |
|
|
(183,246 |
) |
|
|
(59,317 |
) |
Shares outstanding at end of period |
|
|
256,968,372 |
|
|
|
244,869,624 |
|
1 |
Because they are included in the Company’s fully diluted share count, if dilutive, any exchange of limited partnership interests into Class A common shares would not impact the fully diluted number of shares and units outstanding. |
|
Redemption of Unit and Share Repurchase Activity |
The table below represents redemption of units in BGC Holdings and BGC share repurchase activity for the year ended December 31, 2017:
Period |
|
Total Number of
Units Redeemed or
Shares Repurchased |
|
|
Average
Price Paid
per Unit
or Share |
|
|
Approximate Dollar
Value
of Units and Shares
That May Yet Be
Redeemed/Purchased
Under the Plan |
|
Redemptions1 |
|
|
|
|
|
|
|
|
|
|
|
|
January 1, 2017—March 31, 2017 |
|
|
2,927,758 |
|
|
$ |
10.84 |
|
|
|
|
|
April 1, 2017—June 30, 2017 |
|
|
1,908,867 |
|
|
$ |
11.14 |
|
|
|
|
|
July 1, 2017—September 30, 2017 |
|
|
1,675,330 |
|
|
$ |
12.58 |
|
|
|
|
|
October 1, 2017—December 31, 2017 |
|
|
1,984,933 |
|
|
$ |
15.00 |
|
|
|
|
|
Total Redemptions |
|
|
8,496,888 |
|
|
$ |
12.22 |
|
|
|
|
|
Repurchases2 |
|
|
|
|
|
|
|
|
|
|
|
|
January 1, 2017—March 31, 2017 |
|
|
552,955 |
|
|
$ |
11.07 |
|
|
|
|
|
April 1, 2017—June 30, 2017 |
|
|
397,539 |
|
|
$ |
11.25 |
|
|
|
|
|
July 1, 2017—September 30, 2017 |
|
|
295,871 |
|
|
$ |
13.41 |
|
|
|
|
|
October 1, 2017—December 31, 2017 |
|
|
140,404 |
|
|
$ |
15.78 |
|
|
|
|
|
Total Repurchases |
|
|
1,386,769 |
|
|
$ |
12.10 |
|
|
|
|
|
Total Redemptions and Repurchases |
|
|
9,883,657 |
|
|
$ |
12.21 |
|
|
$ |
196,577,825 |
|
1 |
During the year ended December 31, 2017, the Company redeemed approximately 7.6 million limited partnership units at an aggregate redemption price of approximately $94.5 million for an average price of $12.40 per unit and approximately 875.6 thousand FPUs at an aggregate redemption price of approximately $9.4 million for an average price of $10.70 per unit. During the year ended December 31, 2016, the Company redeemed approximately 7.2 million limited partnership units at an aggregate redemption price of approximately $65.7 million for an average price of $9.09 per unit and approximately 319.2 thousand FPUs at an aggregate redemption price of approximately $2.8 million for an average price of $8.64 per unit. |
2 |
During the year ended December 31, 2017, the Company repurchased approximately 1.4 million shares of its Class A common stock at an aggregate purchase price of approximately $16.8 million for an average price of $12.10 per share. During the year ended December 31, 2016, the Company repurchased approximately 10.8 million shares of its Class A common stock at an aggregate purchase price of approximately $96.0 million for an average price of $8.88 per share. |
|
Summary of Changes in Carrying Amount of Redeemable Partnership Interest |
The changes in the carrying amount of redeemable partnership interest for the years ended December 31, 2017 and 2016 were as follows (in thousands):
|
|
Year Ended December 31, |
|
|
|
2017 |
|
|
2016 |
|
Balance at beginning of period |
|
$ |
52,577 |
|
|
$ |
57,145 |
|
Consolidated net income allocated to FPUs |
|
|
6,014 |
|
|
|
7,023 |
|
Earnings distributions |
|
|
(7,449 |
) |
|
|
(7,482 |
) |
FPUs exchanged |
|
|
(1,770 |
) |
|
|
(3,128 |
) |
FPUs redeemed |
|
|
(2,957 |
) |
|
|
(981 |
) |
Balance at end of period |
|
$ |
46,415 |
|
|
$ |
52,577 |
|
|