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Incentive Plans (Tables)
 3 Months Ended
Mar. 31, 2022
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, restricted stock, profits interest participation rights, including PRPUs, 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, 2022 and 2021:

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2022

 

 

2021

 

Share-based incentive awards:

 

 

 

 

 

 

 

 

RSUs

 

$

26,659

 

 

$

34,805

 

PRSUs

 

 

245

 

 

 

5,559

 

Restricted Stock

 

 

4,936

 

 

 

6,067

 

Profits interest participation rights

 

 

21,448

 

 

 

21,573

 

DSUs

 

 

149

 

 

 

187

 

Total

 

$

53,437

 

 

$

68,191

 
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 period ended March 31, 2022:

 

 

 

Prepaid

Compensation

Asset

 

 

Compensation

Liability

 

Balance, January 1, 2022

 

$

108,049

 

 

$

358,877

 

Granted

 

 

166,096

 

 

 

166,096

 

Settled

 

 

-

 

 

 

(115,744

)

Forfeited

 

 

61

 

 

 

(171

)

Amortization

 

 

(32,528

)

 

 

-

 

Change in fair value related to:

 

 

 

 

 

 

 

 

Change in fair value of underlying

   investments

 

 

-

 

 

 

(14,323

)

Adjustment for estimated forfeitures

 

 

-

 

 

 

3,329

 

Other

 

 

129

 

 

 

(303

)

Balance, March 31, 2022

 

$

241,807

 

 

$

397,761

 

 

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, 2022 and 2021:

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2022

 

 

2021

 

Amortization, net of forfeitures

 

$

35,625

 

 

$

30,023

 

Change in the fair value of underlying investments

 

 

(14,323

)

 

 

7,487

 

Total

 

$

21,302

 

 

$

37,510

 
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, 2022:

 

 

 

RSUs

 

 

DSUs

 

 

 

Units

 

 

Weighted

Average

Grant Date

Fair Value

 

 

Units

 

 

Weighted

Average

Grant Date

Fair Value

 

Balance, January 1, 2022

 

 

8,150,782

 

 

$

41.16

 

 

 

338,408

 

 

$

38.01

 

Granted (including 106,885 RSUs relating to dividend

   participation)

 

 

3,692,028

 

 

$

33.09

 

 

 

3,929

 

 

$

37.95

 

Forfeited

 

 

(16,550

)

 

$

42.41

 

 

 

-

 

 

 

-

 

Settled

 

 

(3,767,006

)

 

$

39.14

 

 

 

-

 

 

$

-

 

Balance, March 31, 2022

 

 

8,059,254

 

 

$

38.40

 

 

 

342,337

 

 

$

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 common stock associated with compensation arrangements during the three month period ended March 31, 2022:

 

 

 

Restricted

Shares

 

 

Weighted

Average

Grant Date

Fair Value

 

Balance, January 1, 2022

 

 

871,227

 

 

$

41.24

 

Granted (including 8,948 relating to dividend participation)

 

 

1,005,983

 

 

$

33.17

 

Forfeited

 

 

(710

)

 

$

34.65

 

Settled

 

 

(344,359

)

 

$

38.10

 

Balance, March 31, 2022

 

 

1,532,141

 

 

$

36.65

 
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, 2022:

 

 

PRSUs

 

 

Weighted

Average

Grant Date

Fair Value

 

Balance, January 1, 2022

 

 

32,394

 

 

$

46.63

 

Granted

 

 

62,296

 

 

$

35.44

 

Balance, March 31, 2022

 

 

94,690

 

 

$

39.27

 
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, 2022:

 

 

 

Profits Interest Participation Rights

 

 

Weighted

Average

Grant Date

Fair Value

 

Balance, January 1, 2022

 

 

4,122,993

 

 

$

41.50

 

Granted

 

 

1,521,103

 

 

$

34.53

 

Settled

 

 

(1,902,756

)

 

$

38.76

 

Balance, March 31, 2022 (a)

 

 

3,741,340

 

 

$

40.06

 

 

(a)

Table includes 1,960,613 PRPUs, which represents the target number of PRPUs granted as of March 31, 2022, including 963,660 PRPUs granted during the three month period ended March 31, 2022. The weighted average grant date fair values for PRPUs and other profits interest participation rights outstanding as of January 1, 2022 were $41.82 and $41.20, respectively. The weighted average grant date fair values for PRPUs and other profits interest participation rights granted during the three month period ended March 31, 2022 were $35.44 and $32.95, respectively. The weighted average grant date fair values for PRPUs and other profits interest participation rights settled during the three month period ended March 31, 2022 were $38.86 and $38.65, respectively. The weighted average grant date fair values for PRPUs and other profits interest participation rights outstanding as of March 31, 2022 were $40.20 and $39.90, respectively.