Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Calculation of Basic Earnings Per Share from Continuing and Discontinued Operations

The following is the calculation of the Company’s basic EPS (in thousands, except per share data):


	Year Ended December 31,
	2021		2020		2019
Basic earnings (loss) per share:
Net income (loss) available to common stockholders	$	124,007	$	45,062	$	43,901
Basic weighted-average shares of common stock outstanding	379,215		361,736		344,332
Basic earnings (loss) per share	$	0.33	$	0.12	$	0.13

Calculation of Fully Diluted Earnings Per Share from Continuing and Discontinued Operations

The following is the calculation of the Company’s fully diluted EPS (in thousands, except per share data):


	Year Ended December 31,
	2021		2020		2019
Fully diluted earnings (loss) per share:
Net income (loss) available to common stockholders	$	124,007	$	45,062	$	43,901
Allocations of net income (loss) to limited partnership interests, net of tax	49,988		19,725		14,970
Net income (loss) for fully diluted shares	$	173,995	$	64,787	$	58,871
Weighted-average shares:
Common stock outstanding	379,215		361,736		344,332
Partnership units¹	155,356		183,130		126,450
RSUs (Treasury stock method)	4,074		737		38
Other	1,375		1,245		1,367
Fully diluted weighted-average shares of common stock outstanding	540,020		546,848		472,187
Fully diluted earnings (loss) per share	$	0.32	$	0.12	$	0.12

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1 Partnership units collectively include FPUs, LPUs, and Cantor units (see Note 2—“Limited Partnership Interests in BGC Holdings and Newmark Holdings” for more information).