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Stock-Based And Other Deferred Compensation
6 Months Ended
Jun. 30, 2011
Stock-Based And Other Deferred Compensation  
Stock-Based And Other Deferred Compensation

Note 15 – Stock-Based and Other Deferred Compensation

Subsequent to the IPO, the Company granted new and existing employees RSUs and restricted stock. Certain of these awards vest upon the same terms as the RSUs issued at the time of the IPO ("Event-based Awards") and certain of these awards vest from one to five years ("Service-based Awards").

During the six months ended June 30, 2011, pursuant to the Evercore Partners Inc. 2006 Stock Incentive Plan, the Company granted employees 1,619 RSUs that are Service-based Awards. Service-based Awards granted during the six months ended June 30, 2011 had grant date fair values of $32.05 to $36.41 per share. During the six months ended June 30, 2011, 1,240 Service-based Awards vested and 74 Service-based Awards were forfeited.

During the second quarter of 2011, 542 Event-based Awards vested in conjunction of the Company's offering of Class A common stock resulting in an expense of $11,389. The Company also modified and vested 48 Event-based Awards and 27 Event-based Awards were forfeited during the six months ended June 30, 2011.

During the first quarter of 2011, the Company amended the terms of a Service-based Award with the respect to 133 RSUs. Due to this amendment, $2,828 was reclassified from Additional Paid-in Capital to Other Current Liabilities on the Unaudited Condensed Consolidated Statement of Financial Condition.

During the first quarter of 2011, the Company launched a deferred compensation program providing participants the ability to elect to receive a portion of their deferred compensation in supplemental RSUs or deferred cash, which is indexed to a notional investment portfolio. The Company granted 76 RSUs related to this program during the first quarter of 2011 and awarded deferred cash compensation of $9,153, each of which will vest ratably over four years and require payment upon vesting. Compensation expense related to this deferred compensation program was $745 and $1,070 for the three and six months ended June 30, 2011, respectively.

Compensation expense related to stock-based awards, including compensation expense related to the amortization of the LP Units and the vesting of Event-based Awards, was $28,996 and $47,423 for the three and six months ended June 30, 2011, respectively, and $13,543 and $28,408 for the three and six months ended June 30, 2010, respectively.

In August 2011, the Company is expecting to deliver 2,027 shares directly and indirectly related to awards granted in conjunction with the Company's IPO.