Compensation and Benefits (Tables)

9 Months Ended

Sep. 30, 2020

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 September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
	(in thousands)
Cash Compensation and Other Benefits	$	12,768	$	13,166	$	41,483	$	40,744
Non-Cash Compensation		3,040		2,846		9,043		8,476
Total Compensation and Benefits Expense	$	15,808	$	16,012	$	50,526	$	49,220

Schedule of share based compensation activity

Details of non-cash compensation awards granted during the nine months ended September 30, 2020 and 2019 are as follows:

	For the Nine Months Ended September 30,
	2020				2019
	Amount		Fair Value1		Amount		Fair Value1
Class B-1 Units2		2,092,879	$	3.98		—	$	—
Options to Purchase Shares of Class A Common Stock3		146,804	$	2.03		—	$	—
Restricted Shares of Class A Common Stock4		16,806	$	4.74		—	$	—
Restricted Class B Units		—	$	—		44,470	$	7.87
Options to Purchase Delayed Exchange Class B Units5		—	$	—		314,960	$	1.27

1 Represents the grant date 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. Amounts reflected include the impact of a modification as of May 1, 2020, which resulted in the cancellation of 166,804 Class B-1 Units.

3 Represents options to purchase shares of Class A common stock issued under the 2007 Equity Incentive Plan. These options become exercisable five years from the date of grant. Amounts reflected include the impact of a modification as of May 1, 2020, which resulted in the issuance of 146,804 options to purchase shares of Class A common stock.

4 Represents shares of Class A common stock issued under the 2007 Equity Incentive Plan.  These shares vest ratably over a period of four years from the date of grant.  These shares are restricted and may not be sold until the seventh anniversary of the date of grant. Amounts reflected include the impact of a modification as of May 1, 2020, which resulted in the issuance of 16,806 restricted shares of Class A common stock.

5 Represents options to purchase Delayed Exchange Class B units issued under the 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 including the impact of these modification are as follows:

	January 1,
	2020
	Amount		Fair Value1
Delayed Exchange Class B Units2		620,543	$	5.95
Restricted Shares of Class A Common Stock3		16,806	$	5.95
Options to Purchase Restricted Shares of Class A Common Stock4		42,735	$	1.17

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

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.

4 Represents options to purchase shares of Class A common stock issued under the 2007 Equity Incentive Plan. These options are exercisable on the date of grant. Upon exercise, the resulting Class A shares are restricted and may not be sold until the seventh anniversary of the date of exercise.