13.	STOCKHOLDERS’ EQUITY

Share Repurchase Program—During the year ended December 31, 2017 and since 2014, the Board of Directors of Lazard authorized the repurchase of Class A common stock as set forth in the table below.

Date	Repurchase Authorization		Expiration
April 2014	$	200,000	December 31, 2015
February 2015	$	150,000	December 31, 2016
January 2016	$	200,000	December 31, 2017
April 2016	$	113,182	December 31, 2017
November 2016	$	236,000	December 31, 2018
October 2017	$	200,000	December 31, 2019

The Company expects that the share repurchase program will primarily be used to offset a portion of the shares that have been or will be issued under 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. The rate at which the Company purchases shares in connection with the share repurchase program may vary from period to period due to a variety of factors. Purchases with respect to such program are set forth in the table below:

Years Ended December 31:	Number of Shares Purchased		Average Price Per Share
2015		3,438,789	$	50.24
2016		8,551,271	$	35.11
2017		6,956,097	$	44.10

There were 10,747,142 and 7,628,786 shares of Class A common stock held by our subsidiaries at December 31, 2017 and 2016, respectively. Such shares of Class A common stock are reported, at cost, as “Class A common stock held by subsidiaries” on the accompanying consolidated statements of financial condition.

During 2017, 2016 and 2015, certain of our executive officers received Class A common stock in connection with the vesting or settlement of previously-granted deferred equity incentive awards. The vesting or settlement of such equity awards gave rise to a tax payable by the executive officers, and, consistent with our past practice, the Company purchased shares of Class A common stock from the executive officers equal in value to all or a portion of the estimated amount of such tax. In addition, during the years ended December 31, 2017 and 2016, the Company purchased shares of Class A common stock from an executive officer. The aggregate value of all such purchases in 2017, 2016 and 2015 was approximately $14,700, $4,900 and $17,700, respectively.

As of December 31, 2017, a total of $248,384 of share repurchase authorization remained available under the Company’s share repurchase program, $48,384 of which will expire on December 31, 2018 and $200,000 of which will expire on December 31, 2019.

During the year ended December 31, 2017, the Company had in place trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), pursuant to which it effected stock repurchases in the open market.

Preferred Stock—Lazard Ltd has 15,000,000 authorized shares of preferred stock, par value $0.01 per share, inclusive of its Series A and Series B preferred stock. Series A and Series B preferred shares were issued in connection with certain prior year business acquisitions and were each non-participating securities convertible into Class A common stock, and had no voting or dividend rights. As of December 31, 2017 and 2016, no shares of Series A or Series B preferred stock were outstanding, respectively. As of December 31, 2015, 7,921 shares of Series A preferred stock were outstanding, and no shares of Series B preferred stock were outstanding. At December 31, 2015, no shares of Series A preferred stock were convertible into shares of Class A common stock on a contingent or a non-contingent basis.

Accumulated Other Comprehensive Income (Loss), Net of Tax—The tables below reflect the balances of each component of AOCI at December 31, 2017, 2016 and 2015 and activity during the years then ended:

	Currency Translation Adjustments			Employee Benefit Plans			Total AOCI			Amount Attributable to Noncontrolling Interests			Total Lazard Ltd AOCI
Balance, January 1, 2017	$	(155,204	)	$	(159,020	)	$	(314,224	)	$	(2	)	$	(314,222	)
Activity January 1 to December 31, 2017:
Other comprehensive income before reclassifications		71,669			2,085			73,754			1			73,753
Adjustments for items reclassified to earnings, net of tax					7,951			7,951						7,951
Net other comprehensive income		71,669			10,036			81,705			1			81,704
Balance, December 31, 2017	$	(83,535	)	$	(148,984	)	$	(232,519	)	$	(1	)	$	(232,518	)

	Currency Translation Adjustments			Employee Benefit Plans			Total AOCI			Amount Attributable to Noncontrolling Interests			Total Lazard Ltd AOCI
Balance, January 1, 2016	$	(97,284	)	$	(137,073	)	$	(234,357	)	$	(1	)	$	(234,356	)
Activity January 1 to December 31, 2016:
Other comprehensive loss before reclassifications		(57,920	)		(24,473	)		(82,393	)		(1	)		(82,392	)
Adjustments for items reclassified to earnings, net of tax		-			2,526			2,526			-			2,526
Net other comprehensive loss		(57,920	)		(21,947	)		(79,867	)		(1	)		(79,866	)
Balance, December 31, 2016	$	(155,204	)	$	(159,020	)	$	(314,224	)	$	(2	)	$	(314,222	)

	Currency Translation Adjustments			Employee Benefit Plans			Total AOCI			Amount Attributable to Noncontrolling Interests			Total Lazard Ltd AOCI
Balance, January 1, 2015	$	(46,102	)	$	(154,665	)	$	(200,767	)	$	(1	)	$	(200,766	)
Activity January 1 to December 31, 2015:
Other comprehensive income (loss) before reclassifications		(51,182	)		11,283			(39,899	)		-			(39,899	)
Adjustments for items reclassified to earnings, net of tax		-			6,309			6,309			-			6,309
Net other comprehensive income (loss)		(51,182	)		17,592			(33,590	)		-			(33,590	)
Balance, December 31, 2015	$	(97,284	)	$	(137,073	)	$	(234,357	)	$	(1	)	$	(234,356	)

The table below reflects adjustments for items reclassified out of AOCI, by component, for the years ended December 31, 2017, 2016 and 2015:

	Year Ended December 31,
	2017		2016		2015
Amortization relating to employee benefit plans (a)	$	10,171	$	4,283	$	7,816
Less - related income taxes		2,220		1,757		1,507
Total reclassifications, net of tax	$	7,951	$	2,526	$	6,309

(a)	Included in the computation of net periodic benefit cost (see Note 15). Such amounts are included in “compensation and benefits” expense on the consolidated statements of operations.

Noncontrolling Interests—Noncontrolling interests principally represent interests held in Edgewater’s management vehicles that the Company is deemed to control, but does not own.

The tables below summarize net income attributable to noncontrolling interests for the years ended December 31, 2017, 2016 and 2015 and noncontrolling interests as of December 31, 2017 and 2016, in the Company’s consolidated financial statements:

	Net Income Attributable to Noncontrolling Interests Year Ended December 31,
	2017		2016		2015
Edgewater	$	6,259	$	5,992	$	6,557
Other		5		2		2
Total	$	6,264	$	5,994	$	6,559

	Noncontrolling Interests as of December 31,
	2017		2016
Edgewater	$	58,568	$	57,238
Other		534		588
Total	$	59,102	$	57,826

Dividends Declared, January 31, 2018—On January 31, 2018, the Board of Directors of Lazard declared dividends totaling $1.71 per share, comprised of a quarterly dividend of $0.41 per share, and an extra cash dividend of $1.30 per share, on our Class A common stock. The dividends are payable on February 23, 2018, to stockholders of record on February 12, 2018.