Compensation and Benefits (Tables)

3 Months Ended

Mar. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [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 March 31,
	2018		2017
	(in thousands)
Cash Compensation and Other Benefits	$	13,714	$	12,951
Non-Cash Compensation	2,460		2,671
Total Compensation and Benefits Expense	$	16,174	$	15,622

Schedule of share based compensation activity

Details of non-cash compensation awards granted during the three months ended March 31, 2018 and 2017 are as follows:

	For the Three Months Ended March 31,
	2018			2017
	Amount	Fair Value1		Amount	Fair Value1
Restricted Class B Units	9,372	$	10.67	40,500	$	11.11
Options to Purchase Shares of Class A Common Stock2	—	$	—	50,000	$	3.04
Options to Purchase Delayed Exchange Class B Units3	1,380,128	$	1.95	2,630,000	$	2.30
Options to Purchase Class B Units2	—	$	—	320,000	$	3.04

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

2 Represents options to purchase shares of Class A common stock or Class B units. These options become exercisable five years from the date of grant.

3 Represents options to purchase Delayed Exchange Class B units issued under 2006 Equity Incentive Plan (as defined below). These options become exercisable five years from the date of grant. Upon exercise, the resulting Delayed Exchange Class B units may not be exchanged pursuant the Amended and Restated Operating Agreement until the seventh anniversary of the exercise date and are not entitled to any benefits under the Tax Receivable Agreement.

Details of awards associated with these elections issued on January 1, 2018 are as follows:

	January 1,
	2018
	Amount	Fair Value1
Options to Purchase Delayed Exchange Class B Units2	1,062,820	$	1.95
Delayed Exchange Class B Units3	300,931	$	7.04

1 Represents the grant date fair value per share or unit.

2 Represents options to purchase Delayed Exchange Class B units issued under 2006 Equity Incentive Plan. These options become exercisable five years from the date of grant. Upon exercise, the resulting Delayed Exchange Class B units may not be exchanged pursuant the Amended and Restated Operating Agreement until the seventh anniversary of the exercise date and are not entitled to any benefits under the Tax Receivable Agreement.

3 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.