Earnings Per Share

6 Months Ended

Jun. 30, 2026

Basic Earnings Per Share:

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,
	2026		2025		2026		2025
Basic earnings (loss) per share:
Net income (loss) available to common stockholders	$	72,487	$	57,545	$	156,635	$	112,709
Less: Dividends declared and allocation of undistributed earnings to participating securities	(2,902)		(2,428)		(6,484)		(4,804)
Net income (loss) attributable to common stockholders	$	69,585	$	55,117	$	150,151	$	107,905

Basic weighted-average shares of common stock outstanding	475,565		480,138		474,886		479,655
Basic earnings (loss) per share	$	0.15	$	0.11	$	0.32	$	0.22

Fully Diluted Earnings Per Share:

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,
	2026		2025		2026		2025
Fully diluted earnings (loss) per share:
Net income (loss) attributable to common stockholders	$	69,585	$	55,117	$	150,151	$	107,905
Add back: Allocations of undistributed earnings to participating securities	2,638		2,142		5,948		4,220
Less: Reallocation of undistributed earnings to participating securities	(2,620)		(2,123)		(5,898)		(4,175)
Net income (loss) for fully diluted shares	$	69,603	$	55,136	$	150,201	$	107,950
Weighted-average shares:
Common stock outstanding	475,565		480,138		474,886		479,655

Other1	3,400		4,498		4,204		5,435
Fully diluted weighted-average shares of common stock outstanding	478,965		484,636		479,090		485,090
Fully diluted earnings (loss) per share	$	0.15	$	0.11	$	0.31	$	0.22

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1Primarily consists of contracts to issue shares of BGC common stock.

For the three months ended June 30, 2026 and 2025, approximately 16.4 million and 15.5 million, respectively, of potentially dilutive securities were excluded from the computation of fully diluted EPS because their effect would have been anti-dilutive. For the six months ended June 30, 2026 and 2025, 16.5 million and 15.8 million, respectively, of potentially dilutive securities were excluded from the computation of fully diluted EPS because their effect would have been anti-dilutive. Anti-dilutive securities for the three months ended June 30, 2026 included 16.2 million participating RSUs and 0.2 million participating restricted stock awards. Anti-dilutive securities for the six months ended June 30, 2026 included 16.3 million participating RSUs and 0.2 million participating restricted stock awards. Anti-dilutive securities for the three months ended June 30, 2025 included 15.4 million participating RSUs and 0.1 million participating restricted stock awards. Anti-dilutive securities for the six months ended June 30, 2025 included 15.6 million participating RSUs and 0.2 million participating restricted stock awards.

As of June 30, 2026 and 2025, approximately 64.0 million and 54.2 million, respectively, contingent shares of BGC Class A common stock, non-participating RSUs and non-participating restricted stock awards were excluded from the fully diluted EPS computations because the conditions for issuance had not been met by the end of the period.

Contingent shares excluded from the calculation of EPS included: shares promised in connection with acquisition earnout consideration whereby the acquired entity or entities are required to achieve a stated performance target defined in their respective acquisition agreements; other contingent share obligations which include agreements with terminated employees to deliver shares of BGC Class A common stock over a set period of time post-termination in accordance with their respective partnership separation agreements; and non-participating RSUs and non-participating restricted stock awards which contain service conditions and/or performance conditions which have not been met during the period. When the service condition and/or performance condition has been met in the period, the securities are included in diluted EPS on the first day of the quarter in which the contingency was met.