Incentive Plans (Tables)

6 Months Ended

Jun. 30, 2018

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 DSUs) within the Company’s accompanying condensed consolidated statements of operations for the three month and six month periods ended June 30, 2018 and 2017:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2018		2017		2018		2017
Share-based incentive awards:
RSUs	$	55,635	$	54,354	$	116,522	$	110,295
PRSUs		17,051		16,417		28,018		28,199
Restricted Stock		12,600		13,161		23,373		22,810
DSUs		1,724		1,542		1,917		1,697
Total	$	87,010	$	85,474	$	169,830	$	163,001

Schedule of Issuance of RSUs and Charges to Retained Earnings

During the six month periods ended June 30, 2018 and 2017, 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,
	2018		2017
Number of RSUs issued		636,207		739,079
Charges to retained earnings, net of estimated forfeitures	$	33,627	$	31,335

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, 2018 and 2017:

	Prepaid Compensation Asset			Compensation Liability
Balance, January 1, 2018	$	60,355		$	182,301
Granted		104,551			104,551
Settled		-			(84,422	)
Forfeited		(618	)		(876	)
Amortization		(50,057	)		-
Change in fair value related to:
Decrease in fair value of underlying investments		-			(1,935	)
Adjustment for estimated forfeitures		-			2,330
Other		(1,424	)		(1,105	)
Balance, June 30, 2018	$	112,807		$	200,844

	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

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, 2018 and 2017:

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2018			2017		2018			2017
Amortization, net of forfeitures	$	36,293		$	28,310	$	52,129		$	41,293
Change in the fair value of underlying investments		(499	)		5,753		(1,935	)		13,106
Total	$	35,794		$	34,063	$	50,194		$	54,399

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, 2018 and 2017:

	RSUs					DSUs
	Units			Weighted Average Grant Date Fair Value		Units			Weighted Average Grant Date Fair Value
Balance, January 1, 2018		12,919,846		$	40.23		278,422		$	37.46
Granted (including 636,207 RSUs relating to dividend participation)		3,974,389		$	54.07		36,744		$	52.18
Forfeited		(105,853	)	$	44.55		-			-
Vested		(5,542,633	)	$	42.86		-			-
Balance, June 30, 2018		11,245,749		$	43.78		315,166		$	39.18
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

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, 2018 and 2017:

	Restricted Shares			Weighted Average Grant Date Fair Value
Balance, January 1, 2018		1,938,160		$	40.54
Granted		529,987		$	54.45
Forfeited		(26,222	)	$	47.00
Vested		(848,187	)	$	44.24
Balance, June 30, 2018		1,593,738		$	43.09
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

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, 2018 and 2017:

	PRSUs			Weighted Average Grant Date Fair Value
Balance, January 1, 2018		1,591,693		$	42.46
Granted (a)		399,869		$	56.80
Vested		(799,402	)	$	46.74
Balance, June 30, 2018		1,192,160		$	44.39
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

(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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