Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2014

Lazard Group Distributed Amounts to LAZ-MD Holdings and Subsidiaries of Lazard Ltd

During the three month periods ended March 31, 2014 and 2013, Lazard Group distributed the following amounts to LAZ-MD Holdings and the subsidiaries of Lazard Ltd (none of which related to tax distributions):


	Three Months Ended March 31,
	2014		2013
LAZ-MD Holdings	$	213	$	–
Subsidiaries of Lazard Ltd		35,917		–

	$	36,130	$	–

Schedule of Share Repurchase Authorized by Board of Directors

Share Repurchase Program—During the years ended December 31, 2013, 2012 and 2011 the Board of Directors of Lazard Ltd authorized the repurchase of Class A common stock and Lazard Group common membership interests as set forth in the table below.


Date	Share Repurchase Authorization		Expiration
February, 2011	$	250,000		December 31, 2012
October, 2011	$	125,000		December 31, 2013
April, 2012	$	125,000		December 31, 2013
October, 2012	$	200,000		December 31, 2014
October, 2013	$	100,000		December 31, 2015

Schedule of Share Repurchase Program

The Company expects that the share repurchase program, with respect to the Class A common stock, will primarily be used to offset a portion of the shares that have been or will be issued under the Lazard Ltd 2005 Equity Incentive Plan (the “2005 Plan”) and the Lazard Ltd 2008 Incentive Compensation Plan (the “2008 Plan”). Pursuant to the share repurchase program, purchases have been made in the open market or through privately negotiated transactions. Purchases with respect to such program are set forth in the table below:


	Number of Shares/Common Membership Interests Purchased		Average Price Per Share/Common Membership Interest
Three Months Ended March 31:

2013		831,157	$	36.30
2014		2,392,674	$	44.69

Accumulated Other Comprehensive Income (Loss), Net of Tax

Accumulated Other Comprehensive Income (Loss), Net of Tax (“AOCI”)—The tables below reflect changes in the balances of each component of AOCI during the three month periods ended March 31, 2014 and 2013:


	Currency Translation Adjustments		Employee Benefit Plans			Total AOCI			Amount Attributable to Noncontrolling Interests			Total Lazard Ltd AOCI
Balance, January 1, 2014	$	3,869	$	(137,431	)	$	(133,562	)	$	(558	)	$	(133,004	)

Activity January 1 to March 31, 2014:
Other comprehensive gain (loss) before reclassifications		5,913		(557	)		5,356			17			5,339
Adjustments for items reclassified to earnings, net of tax		–		1,289			1,289			7			1,282

Net other comprehensive income		5,913		732			6,645			24			6,621

Balance, March 31, 2014	$	9,782	$	(136,699	)	$	(126,917	)	$	(534	)	$	(126,383	)


	Currency Translation Adjustments			Interest Rate Hedge			Employee Benefit Plans			Total AOCI			Amount Attributable to Noncontrolling Interests			Total Lazard Ltd AOCI
Balance, January 1, 2013	$	19,405		$	(2,502	)	$	(128,536	)	$	(111,633	)	$	(1,092	)	$	(110,541	)

Activity January 1 to March 31, 2013:
Other comprehensive loss before reclassifications		(12,433	)		–			(3,423	)		(15,856	)		(175	)		(15,681	)
Adjustments for items reclassified to earnings, net of tax		–			264			1,218			1,482			18			1,464

Net other comprehensive income (loss)		(12,433	)		264			(2,205	)		(14,374	)		(157	)		(14,217	)

Balance, March 31, 2013	$	6,972		$	(2,238	)	$	(130,741	)	$	(126,007	)	$	(1,249	)	$	(124,758	)

Adjustments for Items Reclassified Out of AOCI

The table below reflects adjustments for items reclassified out of AOCI, by component, for the three month periods ended March 31, 2014 and 2013:


	Three Months Ended March 31,
	2014		2013
Amortization of interest rate hedge (a)	$	–	$	264

Amortization relating to employee benefit plans (b)		1,821		1,620
Less – related income taxes		532		402

Net of tax		1,289		1,218

Total reclassifications, net of tax	$	1,289	$	1,482

(a)	Included in “interest expense” on the condensed consolidated statements of operations.

(b)	Included in the computation of net periodic benefit cost (see Note 13 of Notes to Condensed Consolidated Financial Statements). Such amount is included in “compensation and benefits” expense on the condensed consolidated statement of operations.

Changes in Ownership Interests

The following table summarizes the ownership interests in Lazard Group held by Lazard Ltd and LAZ-MD Holdings:


	Lazard Ltd					LAZ-MD Holdings					Total Lazard Group Common Membership Interests
As of March 31:	Common Membership Interests		% Ownership			Common Membership Interests		% Ownership			Total Lazard Group Common Membership Interests
2013		128,216,423		98.8	%		1,549,667		1.2	%		129,766,090
2014		129,056,081		99.5	%		710,009		0.5	%		129,766,090

Net Income Attributable to Noncontrolling Interests

The tables below summarize net income attributable to noncontrolling interests for the three month periods ended March 31, 2014 and 2013 and noncontrolling interests as of March 31, 2014 and December 31, 2013 in the Company’s condensed consolidated financial statements:


	Net Income Attributable to Noncontrolling Interests
	Three Months Ended March 31,
	2014		2013
Edgewater	$	4,120	$	2,366
LAZ-MD Holdings		467		192
Other		–		(269	)

Total	$	4,587	$	2,289


	Noncontrolling Interests As Of
	March 31, 2014		December 31, 2013
Edgewater	$	66,849	$	66,641
LAZ-MD Holdings		2,168		2,566
Other		780		582

Total	$	69,797	$	69,789