Compensation and Benefits (Tables)

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [Abstract]

Summary of compensation and benefits expense to employees and members

Compensation and benefits expense to employees and members is comprised of the following:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
	(in thousands)
Cash Compensation and Other Benefits	$	14,808	$	15,073	$	31,849	$	30,419
Non-Cash Compensation		3,618		3,962		7,763		7,751
Total Compensation and Benefits Expense	$	18,426	$	19,035	$	39,612	$	38,170

Schedule of share based compensation activity

Details of non-cash compensation awards granted during the six months ended June 30, 2022 and 2021 are as follows:

	For the Six Months Ended June 30,
	2022				2021
	Amount		Fair Value1		Amount		Fair Value1
Class B-1 Units2		2,376,376	$	3.49		1,438,767	$	2.40

1.Represents the weighted average grant date estimated fair value per share, unit, or option.

2.Represents Class B-1 units issued under the 2007 Equity Incentive Plan (as defined below). These Class B-1 units are entitled to receive dividends for the duration of the holder’s employment, and upon the end of employment are exchanged for shares of Class A common stock in an amount based upon the appreciation in price of the Class A common stock from the date of grant to the date of exchange. Of the units issued during the six months ended June 30, 2022, 2,317,782 units vest on the fifth anniversary of the grant date and 58,594 units vest ratably over four years. Of the units issued during the six months ended June 30, 2021, 1,400,305 units vest on the fifth anniversary of the grant date and 38,462 units vest ratably over four years.

Details of these awards issued on January 1, 2022 are as follows:

	January 1,
	2022
	Amount		Fair Value1
Delayed Exchange Class B Units2		1,084,675	$	6.16
Restricted Shares of Class A Common Stock3		17,057	$	6.16

1.Represents the weighted average grant date estimated fair value per share or unit as of December 31, 2021.

2.Represents Class B units issued under the 2006 Equity Incentive Plan. These units vest immediately upon grant, but may not be exchanged pursuant to the Amended and Restated Operating Agreement of the operating company until the seventh anniversary of the date of grant. These units are also not entitled to any benefits under the Tax Receivable Agreement between the Company and members of the operating company.

3.Represents shares of Class A common stock issued under the 2007 Equity Incentive Plan. These shares vest immediately upon grant, but are restricted and may not be sold until the seventh anniversary of the date of grant.