Compensation and Benefits (Tables)

3 Months Ended

Mar. 31, 2019

Disclosure Of Compensation Related Costs Sharebased 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,
	2019		2018
	(in thousands)
Cash Compensation and Other Benefits	$	14,445	$	13,714
Non-Cash Compensation		2,744		2,460
Total Compensation and Benefits Expense	$	17,189	$	16,174

Schedule of share based compensation activity

Details of non-cash compensation awards granted during the three months ended March 31, 2019 and 2018 are as follows:

	For the Three Months Ended March 31,
	2019				2018
	Amount		Fair Value1		Amount		Fair Value1
Restricted Class B Units		44,470	$	7.87		9,372	$	10.67
Options to Purchase Delayed Exchange Class B Units2		314,960	$	1.27		1,380,128	$	1.95

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

2 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, 2019 are as follows:

	January 1,
	2019
	Amount		Fair Value1
Phantom Delayed Exchange Class B Units2		1,301,936	$	3.61
Options to Purchase Delayed Exchange Class B Units3		94,488	$	1.27
Delayed Exchange Class B Units4		585,682	$	5.97

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

2 Represents phantom Delayed Exchange Class B units issued under the 2006 Equity Incentive Plan. These phantom units vest ratably over ten years and are not entitled to receive dividends or dividend equivalents until vested. Upon vesting, the resulting Delayed Exchange Class B units may not be exchanged pursuant the Amended and Restated Operating Agreement until the seventh anniversary of the vesting date and are not entitled to any benefits under the Tax Receivable Agreement between the Company and members of the operating company.

3 Represents options to purchase Delayed Exchange Class B units issued under 2006 Equity Incentive Plan. These options are exercisable on 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 between the Company and members of the operating company.

4 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.