12.	STOCKHOLDERS’ EQUITY

Share Repurchase Program—During the three month period ended March 31, 2018 and since 2015, 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
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”) and the Lazard Ltd 2018 Incentive Compensation Plan (the “2018 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 quarter to quarter due to a variety of factors. Purchases with respect to such program are set forth in the table below:

Three Months Ended March 31:

Number of

Purchased

Average

Price Per

2017

2,464,967

43.02

2018

2,662,286

54.82

During the three month periods ended March 31, 2018 and 2017, 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 three month periods ended March 31, 2018 and 2017, the Company purchased shares of Class A common stock from certain of our executive officers. The aggregate value of all such purchases during the three month periods ended March 31, 2018 and 2017 was approximately $16,400 and $14,700, respectively.

As of March 31, 2018, a total of $102,435 of share repurchase authorization remained available under the Company’s share repurchase program, which will expire on December 31, 2019.

In addition, on April 25, 2018, the Board of Directors of Lazard authorized the repurchase of up to $300,000 of additional shares of Class A common stock, which authorization will expire on December 31, 2020, bringing the total share repurchase authorization as of April 25, 2018 to approximately $351,000.

During the three month period ended March 31, 2018, 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 both March 31, 2018 and December 31, 2017, no shares of Series A or Series B preferred stock were outstanding, respectively.

Accumulated Other Comprehensive Income (Loss), Net of Tax—The tables below reflect the balances of each component of AOCI at March 31, 2018 and 2017 and activity during the three month periods then ended:

	Three Months Ended March 31, 2018
	Currency Translation Adjustments			Employee Benefit Plans			Total AOCI			Amount Attributable to Noncontrolling Interests			Total Lazard Ltd AOCI
Balance, January 1, 2018	$	(83,535	)	$	(148,984	)	$	(232,519	)	$	(1	)	$	(232,518	)
Activity:
Other comprehensive income (loss) before reclassifications		17,346			(5,014	)		12,332			-			12,332
Adjustments for items reclassified to earnings, net of tax		-			1,062			1,062			-			1,062
Net other comprehensive income (loss)		17,346			(3,952	)		13,394			-			13,394
Balance, March 31, 2018	$	(66,189	)	$	(152,936	)	$	(219,125	)	$	(1	)	$	(219,124	)

	Three Months Ended March 31, 2017
	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:
Other comprehensive income (loss) before reclassifications		16,932			(495	)		16,437			-			16,437
Adjustments for items reclassified to earnings, net of tax		-			1,086			1,086			-			1,086
Net other comprehensive income		16,932			591			17,523			-			17,523
Balance, March 31, 2017	$	(138,272	)	$	(158,429	)	$	(296,701	)	$	(2	)	$	(296,699	)

The table below reflects adjustments for items reclassified out of AOCI, by component, for the three month periods ended March 31, 2018 and 2017:

	Three Months Ended
	March 31,
	2018		2017
Amortization relating to employee benefit plans (a)	$	1,278	$	1,362
Less - related income taxes		216		276
Total reclassifications, net of tax	$	1,062	$	1,086

(a)	Included in the computation of net periodic benefit cost (see Note 14). Such amounts are included in “compensation and benefits” expense on the condensed 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 three month periods ended March 31, 2018 and 2017 and noncontrolling interests as of March 31, 2018 and December 31, 2017 in the Company’s condensed consolidated financial statements:

	Net Income Attributable to Noncontrolling Interests
	Three Months Ended
	March 31,
	2018		2017
Edgewater	$	1,968	$	2,877
Other		1		-
Total	$	1,969	$	2,877

	Noncontrolling Interests as of
	March 31,		December 31,
	2018		2017
Edgewater	$	59,062	$	58,568
Other		558		534
Total	$	59,620	$	59,102

Dividends Declared, April 25, 2018—On April 25, 2018, the Board of Directors of Lazard declared a quarterly dividend of $0.44 per share on our Class A common stock, payable on May 18, 2018, to stockholders of record on May 7, 2018.