EQUITY-BASED COMPENSATION

9 Months Ended

Sep. 30, 2013

Share-based Compensation [Abstract]

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION

During the nine months ended September 30, 2013, the Company granted 663,000 restricted OCGH units and 100,000 deferred OCGH units to certain of its employees and 8,508 Class A units to certain of its directors, subject to equal annual vesting generally over periods of five or ten years. The grant date fair value of all OCGH units awarded in 2013 was determined by applying a discount ranging from 25% to 30% to the ClassA unit trading price on the New York Stock Exchange, and assumed a forfeiture rate, based on expected employee turnover, of up to 1.5% annually.

As of September 30, 2013, the Company expected to recognize compensation expense on its unvested equity-based awards of $107.5 million over a weighted average recognition period of 5.2 years.

A summary of the status of the Company’s unvested equity-based awards as of September 30, 2013 and a summary of changes for the nine months then ended are presented below (actual dollars per unit):

	Class A Units				OCGH Units
	Number of Units		Weighted Average Grant Date Fair Value		Number of Units		Weighted Average Grant Date Fair Value
Balance, December 31, 2012	11,669		$	41.91	4,902,348		$	28.17
Granted	8,508		47.83		763,000		34.60
Vested	(3,069	)	39.40		(1,103,569	)	23.80
Forfeited	—		—		(43,600	)	30.05
Balance, September 30, 2013	17,108		$	45.30	4,518,179		$	30.30

As of September 30, 2013, unvested units were expected to vest as follows:

	Number of Units	Weighted Average Remaining  Service Term (Years)
Class A units	17,108	3.7
OCGH units	4,518,179	5.2