Share Repurchase Program— Since 2019 and through the three month period ended March 31, 2021, the Board of Directors of Lazard authorized the repurchase of Lazard Ltd Class A common stock (“common stock”), the only class of common stock of Lazard outstanding, as set forth in the table below:

The Company expects that the share repurchase program will continue to 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, as amended (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 period to period due to a variety of factors. Purchases with respect to such program are set forth in the table below:

During the three month periods ended March 31, 2021 and 2020, certain of our executive officers received 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 common stock from certain of our 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, 2021 and 2020, the Company purchased shares of common stock from certain of our executive officers. The aggregate value of all such purchases during the three month periods ended March 31, 2021 and 2020 was approximately $18,600 and $10,000, respectively. Such shares of common stock are reported at cost.

As of March 31, 2021, a total of $177,348 of share repurchase authorization remained available under the Company’s share repurchase program, which will expire on December 31, 2021.

In addition, on April 29, 2021, the Board of Directors of Lazard authorized the repurchase of up to $300,000 of additional shares of common stock, which authorization will expire on December 31, 2022, bringing the total available share repurchase authorization as of April 29, 2021 to approximately $439,000.

During the three month period ended March 31, 2021, 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 common stock, and had no voting or dividend rights. As of both March 31, 2021 and December 31, 2020, no shares of Series A or Series B preferred stock were outstanding.

Accumulated Other Comprehensive Income (Loss) (“AOCI”), Net of Tax—The tables below reflect the balances of each component of AOCI at March 31, 2021 and 2020 and activity during the three month periods then ended:

	Three Months Ended March 31, 2021
	Currency Translation Adjustments			Employee Benefit Plans			Total AOCI			Amount Attributable to Noncontrolling Interests		Total Lazard Ltd AOCI
Balance, January 1, 2021	$	(67,724	)	$	(170,644	)	$	(238,368	)	$	-	$	(238,368	)
Activity:
Other comprehensive income (loss) before reclassifications		(19,743	)		1,065			(18,678	)		1		(18,679	)
Adjustments for items reclassified to earnings, net of tax		-			1,336			1,336			-		1,336
Net other comprehensive income (loss)		(19,743	)		2,401			(17,342	)		1		(17,343	)
Balance, March 31, 2021	$	(87,467	)	$	(168,243	)	$	(255,710	)	$	1	$	(255,711	)

	Three Months Ended March 31, 2020
	Currency Translation Adjustments			Employee Benefit Plans			Total AOCI			Amount Attributable to Noncontrolling Interests			Total Lazard Ltd AOCI
Balance, January 1, 2020	$	(120,586	)	$	(173,064	)	$	(293,650	)	$	(2	)	$	(293,648	)
Activity:
Other comprehensive income (loss) before reclassifications		(50,746	)		9,088			(41,658	)		1			(41,659	)
Adjustments for items reclassified to earnings, net of tax		-			1,895			1,895			-			1,895
Net other comprehensive income (loss)		(50,746	)		10,983			(39,763	)		1			(39,764	)
Balance, March 31, 2020	$	(171,332	)	$	(162,081	)	$	(333,413	)	$	(1	)	$	(333,412	)

The table below reflects adjustments for items reclassified out of AOCI, by component, for the three month periods ended March 31, 2021 and 2020:

	Three Months Ended
	March 31,
	2021		2020
Amortization relating to employee benefit plans (a)	$	1,717	$	2,233
Less - related income taxes		381		338
Total reclassifications, net of tax	$	1,336	$	1,895

Noncontrolling Interests—Noncontrolling interests principally represent (i) interests held in Edgewater’s management vehicles that the Company is deemed to control, but does not own, (ii) profits interest participation rights (see Note 13), (iii) LGAC interests (see Note 1) and (iv) consolidated VIE interests held by employees (see Note 20).

The tables below summarize net income (loss) attributable to noncontrolling interests for the three month periods ended March 31, 2021 and 2020 and noncontrolling interests as of March 31, 2021 and December 31, 2020 in the Company’s condensed consolidated financial statements:

	Net Income (Loss) Attributable to Noncontrolling Interests
	Three Months Ended
	March 31,
	2021			2020
Edgewater	$	1,456		$	(1,403	)
Consolidated VIEs		2,268			(4,288	)
LGAC		(200	)		-
Other		2			-
Total	$	3,526		$	(5,691	)

	Noncontrolling Interests as of
	March 31,		December 31,
	2021		2020
Edgewater	$	45,808	$	45,352
Profits interest participation rights		2,311		1,776
Consolidated VIEs		50,560		40,517
LGAC		2,997		-
Other		18		16
Total	$	101,694	$	87,661

Dividends Declared, April 29, 2021—On April 29, 2021, the Board of Directors of Lazard declared a quarterly dividend of $0.47 per share on our common stock. The dividend is payable on May 21, 2021, to stockholders of record on May 10, 2021.