Stockholders' Equity

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Stockholders' Equity

11. STOCKHOLDERS’ EQUITY

Share Repurchase Program— Since 2021 and through the three month period ended March 31, 2022, 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:

Date	Repurchase Authorization		Expiration
April 2021	$	300,000	December 31, 2022
February 2022	$	300,000	December 31, 2024

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:

Three Months Ended March 31:	Number of Shares Purchased		Average Price Per Share
2021		2,899,541	$	42.30
2022		4,717,821	$	37.26

During the three month periods ended March 31, 2022 and 2021, 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 period ended March 31, 2021, the Company purchased shares of common stock from certain of our executive officers. There were no such purchases (other than for taxes) during the three month period ended March 31, 2022. The aggregate value of all such purchases during the three month periods ended March 31, 2022 and 2021 was approximately $11,500 and $18,600, respectively. Such shares of common stock are reported at cost.

As of March 31, 2022, a total of $318,054 of share repurchase authorization remained available under Lazard Ltd’s share repurchase program, $18,054 of which will expire on December 31, 2022 and $300,000 of which will expire on December 31, 2024.

During the three month period ended March 31, 2022, Lazard Ltd 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, 2022 and December 31, 2021, 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, 2022 and 2021 and activity during the three month periods then ended:

	Three Months Ended March 31, 2022
	Currency Translation Adjustments			Employee Benefit Plans			Total AOCI			Amount Attributable to Noncontrolling Interests			Total Lazard Ltd AOCI
Balance, January 1, 2022	$	(92,178	)	$	(131,669	)	$	(223,847	)	$	-		$	(223,847	)
Activity:
Other comprehensive income (loss) before    reclassifications		(18,068	)		3,439			(14,629	)		(1	)		(14,628	)
Adjustments for items reclassified to earnings,    net of tax		-			849			849			-			849
Net other comprehensive income (loss)		(18,068	)		4,288			(13,780	)		(1	)		(13,779	)
Balance, March 31, 2022	$	(110,246	)	$	(127,381	)	$	(237,627	)	$	(1	)	$	(237,626	)

	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	)

The table below reflects adjustments for items reclassified from AOCI, by component, for the three month periods ended March 31, 2022 and 2021:

	Three Months Ended
	March 31,
	2022		2021
Employee benefit plans:
Amortization relating to employee benefit plans (a)	$	1,116	$	1,717
Less - related income taxes		267		381
Total reclassifications, net of tax	$	849	$	1,336

(a) Included in the computation of net periodic benefit cost (see Note 13). Such amounts are included in “operating expenses—other” on the condensed consolidated statements of operations.

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 12), (iii) LGAC interests (see Note 1) and (iv) consolidated VIE interests held by employees (see Note 19).

The tables below summarize net income (loss) attributable to noncontrolling interests for the three month periods ended March 31, 2022 and 2021 and noncontrolling interests as of March 31, 2022 and December 31, 2021 in the Company’s condensed consolidated financial statements:

	Net Income (Loss) Attributable to Noncontrolling Interests
	Three Months Ended
	March 31,
	2022			2021
Edgewater	$	6,988		$	1,456
LFI Consolidated Funds		(2,751	)		2,268
LGAC		2,860			(200	)
Other		2			2
Total	$	7,099		$	3,526

	Noncontrolling Interests as of
	March 31,			December 31,
	2022			2021
Edgewater	$	47,485		$	44,826
Profits interest participation rights		5,650			4,049
LFI Consolidated Funds		79,100			67,299
LGAC		(12,447	)		(13,445	)
Other		14			15
Total	$	119,802		$	102,744

Dividends Declared, April 27, 2022—On April 27, 2022, 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 20, 2022, to stockholders of record on May 9, 2022.