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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