Incentive Plans (Tables)

6 Months Ended

Jun. 30, 2017

Summary of Impact of Share-Based Incentive Plans on Compensation and Benefits Expense

The following reflects the amortization expense recorded with respect to share-based incentive plans within “compensation and benefits” expense (with respect to RSUs, PRSUs and restricted stock awards) and “professional services” expense (with respect to deferred stock units (“DSUs”)) within the Company’s accompanying condensed consolidated statements of operations for the three month and six month periods ended June 30, 2017 and 2016:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2017		2016		2017		2016
Share-based incentive awards:
RSUs	$	54,354	$	40,564	$	110,295	$	94,972
PRSUs		16,417		10,335		28,199		27,024
Restricted Stock		13,161		8,342		22,810		31,818
DSUs		1,542		1,446		1,697		1,511
Total	$	85,474	$	60,687	$	163,001	$	155,325

Schedule of Issuance of RSUs and Charges to Retained Earnings

During the six month periods ended June 30, 2017 and 2016, issuances of RSUs pertaining to such dividend participation rights and respective charges to “retained earnings”, net of estimated forfeitures (with corresponding credits to “additional paid-in-capital”), consisted of the following:

	Six Months Ended
	June 30,
	2017		2016
Number of RSUs issued		739,079		841,433
Charges to retained earnings, net of estimated forfeitures	$	31,335	$	28,364

Summary of LFI and Other Similar Deferred Compensation Arrangements

The following is a summary of activity relating to LFI and other similar deferred compensation arrangements during the six month periods ended June 30, 2017 and 2016:

	Prepaid Compensation Asset			Compensation Liability
Balance, January 1, 2017	$	49,650		$	170,388
Granted		77,580			77,580
Settled		-			(95,633	)
Forfeited		(585	)		(933	)
Amortization		(39,503	)		-
Change in fair value related to:
Increase in fair value of underlying investments		-			13,106
Adjustment for estimated forfeitures		-			2,138
Other		942			1,312
Balance, June 30, 2017	$	88,084		$	167,958

	Prepaid Compensation Asset			Compensation Liability
Balance, January 1, 2016	$	75,703		$	193,574
Granted		51,871			51,871
Settled		-			(68,628	)
Forfeited		(704	)		(1,228	)
Amortization		(37,890	)		-
Change in fair value related to:
Decrease in fair value of underlying investments		-			(2,202	)
Adjustment for estimated forfeitures	-				3,385
Other		(873	)		357
Balance, June 30, 2016	$	88,107		$	177,129

The following is a summary of the impact of LFI and other similar deferred compensation arrangements on “compensation and benefits” expense within the accompanying condensed consolidated statements of operations for the three month and six month periods ended June 30, 2017 and 2016:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2017		2016		2017		2016
Amortization, net of forfeitures	$	28,310	$	19,852	$	41,293	$	40,751
Change in the fair value of underlying investments		5,753		312		13,106		(2,202	)
Total	$	34,063	$	20,164	$	54,399	$	38,549

Restricted Stock Units and Deferred Stock Units [Member]

Schedule of Activity Relating to Share-based Awards

The following is a summary of activity relating to RSUs and DSUs during the six month periods ended June 30, 2017 and 2016:

	RSUs					DSUs
	Units			Weighted Average Grant Date Fair Value		Units			Weighted Average Grant Date Fair Value
Balance, January 1, 2017		11,698,138		$	40.65		276,725		$	36.05
Granted (including 739,079 RSUs relating to dividend participation)		5,134,126		$	43.07		38,315		$	44.30
Forfeited		(92,011	)	$	39.98		-			-
Vested		(3,937,970	)	$	45.36		(43,465	)	$	35.77
Balance, June 30, 2017		12,802,283		$	40.17		271,575		$	37.26
Balance, January 1, 2016		9,599,658		$	44.06		312,670		$	35.98
Granted (including 841,433 RSUs relating to dividend participation)		6,486,463		$	34.47		43,238		$	34.95
Forfeited		(94,692	)	$	40.75		-			-
Vested		(4,233,894	)	$	39.10		(84,759	)	$	35.30
Balance, June 30, 2016		11,757,535		$	40.58		271,149		$	36.02

Restricted Stock Awards Class A [Member]

Schedule of Activity Relating to Share-based Awards

The following is a summary of activity related to shares of restricted Class A common stock associated with compensation arrangements during the six month periods ended June 30, 2017 and 2016:

	Restricted Shares			Weighted Average Grant Date Fair Value
Balance, January 1, 2017		1,655,073		$	40.95
Granted		841,355		$	42.58
Forfeited		(32,568	)	$	41.96
Vested		(458,814	)	$	45.57
Balance, June 30, 2017		2,005,046		$	40.56
Balance, January 1, 2016		713,738		$	47.12
Granted		1,795,258		$	36.78
Forfeited		(30,412	)	$	39.96
Vested		(729,457	)	$	36.72
Balance, June 30, 2016		1,749,127		$	40.96

PRSUs [Member]

Schedule of Activity Relating to Share-based Awards

The following is a summary of activity relating to PRSUs during the six month periods ended June 30, 2017 and 2016:

	PRSUs			Weighted Average Grant Date Fair Value
Balance, January 1, 2017		1,590,756		$	40.76
Granted (a)		458,113		$	43.76
Vested		(825,565	)	$	42.27
Balance, June 30, 2017		1,223,304		$	40.86
Balance, January 1, 2016		1,019,038		$	44.49
Granted (a)		627,956		$	32.91
Vested		(417,018	)	$	38.43
Balance, June 30, 2016		1,229,976		$	40.63

(a)

Represents PRSU awards granted during the relevant year at the target payout level.

- Definition

Tabular disclosure of an equity-based arrangement (such as stock or unit options and stock or unit awards) with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain equity-based awards at future dates, sometimes including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares or units issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability.

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