XML 54 R42.htm IDEA: XBRL DOCUMENT

Incentive Plans (Tables)

3 Months Ended

Mar. 31, 2019

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 other share-based awards) and “professional services” expense (with respect to DSUs) within the Company’s accompanying condensed consolidated statements of operations for the three month periods ended March 31, 2019 and 2018:

	Three Months Ended
	March 31,
	2019		2018
Share-based incentive awards:
RSUs	$	55,197	$	60,887
PRSUs		1,321		10,967
Restricted Stock		9,512		10,773
Profits interest participation rights		18,468		-
DSUs		183		193
Total	$	84,681	$	82,820

Schedule of Issuance of RSUs and Charges to Retained Earnings

During the three month periods ended March 31, 2019 and 2018, 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:

	Three Months Ended
	March 31,
	2019		2018
Number of RSUs issued		406,886		535,695
Charges to retained earnings, net of estimated forfeitures	$	15,512	$	28,406

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 three month periods ended March 31, 2019 and 2018:

	Prepaid Compensation Asset			Compensation Liability
Balance, January 1, 2019	$	76,362		$	188,022
Granted		101,017			101,017
Settled		-			(62,997	)
Forfeited		(210	)		(314	)
Amortization		(16,380	)		-
Change in fair value related to:
Increase in fair value of underlying investments		-			13,870
Adjustment for estimated forfeitures		-			1,658
Other		1,118			715
Balance, March 31, 2019	$	161,907		$	241,971

	Prepaid Compensation Asset			Compensation Liability
Balance, January 1, 2018	$	60,355		$	182,301
Granted		103,947			103,947
Settled		-			(72,979	)
Forfeited		(84	)		(138	)
Amortization		(15,373	)		-
Change in fair value related to:
Decrease in fair value of underlying investments		-			(1,436	)
Adjustment for estimated forfeitures	-				517
Other		251			204
Balance, March 31, 2018	$	149,096		$	212,416

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 periods ended March 31, 2019 and 2018:

	Three Months Ended
	March 31,
	2019		2018
Amortization, net of forfeitures	$	17,934	$	15,836
Change in the fair value of underlying investments		13,870		(1,436	)
Total	$	31,804	$	14,400

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 three month period ended March 31, 2019:

	RSUs					DSUs
	Units			Weighted Average Grant Date Fair Value		Units		Weighted Average Grant Date Fair Value
Balance, January 1, 2019		11,362,306		$	43.78		323,546	$	39.27
Granted (including 406,886 RSUs relating to dividend participation)		5,282,074		$	38.18		4,983	$	36.65
Forfeited		(21,323	)	$	44.04		-		-
Settled		(5,424,772	)	$	36.64		-		-
Balance, March 31, 2019		11,198,285		$	44.60		328,529	$	39.23

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 three month period ended March 31, 2019:

	Restricted Shares			Weighted Average Grant Date Fair Value
Balance, January 1, 2019		1,541,058		$	43.16
Granted		1,039,736		$	35.32
Forfeited		(7,776	)	$	37.29
Settled		(876,062	)	$	39.15
Balance, March 31, 2019		1,696,956		$	40.46

PRSUs [Member]

Schedule of Activity Relating to Share-based Awards

The following is a summary of activity relating to PRSUs during the three month period ended March 31, 2019:

	PRSUs			Weighted Average Grant Date Fair Value
Balance, January 1, 2019		1,771,795		$	38.66
Settled		(1,049,153	)	$	32.38
Balance, March 31, 2019		722,642		$	47.77

Profits Interest Participation Rights [Member]

Schedule of Activity Relating to Share-based Awards

The following is a summary of activity relating to profits interest participation rights, including PRPUs, during the three month period ended March 31, 2019:

	Profits Interest Participation Rights		Weighted Average Grant Date Fair Value
Balance, January 1, 2019		-		-
Granted (a)		1,462,702	$	38.65
Balance, March 31, 2019		1,462,702	$	38.65

(a)	Table includes the target number of PRPUs assuming the achievement of applicable performance conditions at the target 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.

+ References + Details