BGC's distributable earnings per share calculations assume either that the fully diluted share count includes the shares related to the dilutive instruments, such as the Convertible Senior Notes, but excludes the associated interest expense when the impact would be dilutive, or that the fully diluted share count excludes the shares related to these instruments, but includes the associated interest expense. In the second quarter of 2012, the pre-tax interest expense associated with the Convertible Senior Notes was expected to be $6.2 million while the post-tax interest expense was expected to be $5.2 million, and the associated weighted average share count was expected to be 39.0 million.
SOURCE BGC Partners, Inc.
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