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Share-Based and Other Deferred Compensation
9 Months Ended
Sep. 30, 2012
Share-Based and Other Deferred Compensation

Note 15 – Share-Based and Other Deferred Compensation

Subsequent to the IPO, the Company granted new and existing employees RSUs and restricted stock. Certain of these awards vested 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 nine months ended September 30, 2012, the Company granted employees 3,064 Service-based Awards. These awards had grant date fair values ranging from $22.62 to $29.19 per share. During the nine months ended September 30, 2012, 1,687 Service-based Awards vested and 366 Service-based Awards were forfeited.

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 deferred cash, which is indexed to a notional investment portfolio. The Company awarded deferred cash compensation of $3,926 related to this program during the first quarter of 2012 which will vest ratably over four years and require payment upon vesting. Compensation expense related to this deferred compensation program was $1,053 and $3,318 for the three and nine months ended September 30, 2012, respectively, and $475 and $1,310 for the three and nine months ended September 30, 2011, respectively.

Compensation expense related to Service-based Awards, excluding compensation costs related to the amortization of the LP Units was $15,654 and $46,353 for the three and nine months ended September 30, 2012, respectively, and $11,720 and $35,290 for the three and nine months ended September 30, 2011, respectively. Compensation expense related to amortization of the LP Units was $5,464 and $15,293 for the three and nine months ended September 30, 2012, respectively, and $4,833 and $15,808 for the three and nine months ended September 30, 2011, respectively. Compensation expense related to acquisition-related awards and deferred cash consideration was $4,457 and $2,036, respectively, for the three months ended September 30, 2012, and $15,089 and $6,657, respectively, for the nine months ended September 30, 2012. Compensation expense related to acquisition-related awards and deferred cash consideration was $2,075 and $910, respectively, for the three and nine months ended September 30, 2011.

During the nine months ended September 30, 2011, 546 Event-based Awards vested primarily in conjunction with the Company’s offering of Class A Shares resulting in an expense of $11,467. The Company also modified equity-based compensation awards during 2011, resulting in the Company recognizing $1,646 in incremental compensation expense for the nine months ended September 30, 2011.

During the nine months ended September 30, 2012, the Company granted separation benefits to certain employees, resulting in expense included in Employee Compensation and Benefits expense of approximately $151 and $6,865 for the three and nine months ended September 30, 2012, respectively. In conjunction with these arrangements, the Company distributed cash payments of $271 and $4,947 for the three and nine months ended September 30, 2012, respectively. The remainder of the expense is expected to be incurred by the end of 2012.