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Incentive Plans (Tables)

9 Months Ended

Sep. 30, 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 and nine month periods ended September 30, 2019 and 2018:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Share-based incentive awards:
RSUs	$	37,206	$	38,121	$	140,597	$	154,643
PRSUs		14,291		3,107		16,540		31,125
Restricted Stock		7,274		6,950		24,871		30,323
Profits interest participation rights		6,224		-		42,105		-
DSUs		194		179		2,159		2,096
Total	$	65,189	$	48,357	$	226,272	$	218,187

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 nine month period ended September 30, 2019:

	Prepaid Compensation Asset			Compensation Liability
Balance, January 1, 2019	$	76,362		$	188,022
Granted		101,552			101,529
Settled		-			(89,140	)
Forfeited		(1,571	)		(3,107	)
Amortization		(83,301	)		-
Change in fair value related to:
Increase in fair value of underlying investments		-			22,118
Adjustment for estimated forfeitures		-			3,704
Other		(990	)		(1,100	)
Balance, September 30, 2019	$	92,052		$	222,026

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 nine month periods ended September 30, 2019 and 2018:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Amortization, net of forfeitures	$	23,325	$	19,145	$	85,469	$	71,274
Change in the fair value of underlying investments		1,764		3,647		22,118		1,712
Total	$	25,089	$	22,792	$	107,587	$	72,986

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 nine month period ended September 30, 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 725,197 RSUs relating to dividend participation)		5,729,741		$	38.51		67,482	$	31.99
Forfeited		(673,873	)	$	43.40		-
Settled		(5,857,462	)	$	37.09		-
Balance, September 30, 2019		10,560,712		$	44.66		391,028	$	38.01

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 nine month period ended September 30, 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		(230,787	)	$	40.59
Settled		(1,165,568	)	$	38.38
Balance, September 30, 2019		1,184,439		$	41.48

PRSUs [Member]

Schedule of Activity Relating to Share-based Awards

The following is a summary of activity relating to PRSUs during the nine month period ended September 30, 2019:

	PRSUs			Weighted Average Grant Date Fair Value
Balance, January 1, 2019		1,771,795		$	38.66
Settled		(1,171,081	)	$	32.44
Balance, September 30, 2019		600,714		$	50.78

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 nine month period ended September 30, 2019:

	Profits Interest Participation Rights		Weighted Average Grant Date Fair Value
Balance, January 1, 2019		-
Granted (a)		1,462,702	$	38.65
Balance, September 30, 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.

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