Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

The following table summarizes RSU activity for the three months ended March 31, 2014:



	Unvested		Weighted Average Grant Date Fair Value		Vested		Total Number of RSUs Outstanding
Balance at January 1, 2014	8,777,286		$	14.32	22,793,751		31,571,037
Granted	1,252,798		26.34		—		1,252,798
Forfeited⁽²⁾	(797,983	)	9.75		—		(797,983	)
Delivered	—		15.56		(2,524,047	)	(2,524,047	)
Vested ⁽²⁾	(1,040,353	)	20.84		1,040,353		—
Balance at March 31, 2014	8,191,748		$	15.78	21,310,057		29,501,805		⁽¹⁾


(1)	Amount excludes RSUs which have vested and have been issued in the form of Class A shares.


(2)	In connection with the departure of an employee from the Company, 625,000 RSUs previously granted to such employee vested immediately and 625,000

Schedule of Options Granted and Vesting Terms

he following options have been granted under the Company's 2007 Omnibus Equity Incentive Plan:



Date of Grant	Options Granted	Vesting Terms
December 2, 2010⁽¹⁾	5,000,000	Vested and became exercisable with respect to 4/24 of the option shares on December 31, 2011 and the remainder vest in equal installments over each of the remaining 20 quarters with full vesting on December 31, 2016; 1,250,000 of these options were forfeited during the quarter ended March 31, 2014.
January 22, 2011	555,556	Half of such options that vested and became exercisable on December 31, 2011 were exercised on March 5, 2012 and the other half that were due to become exercisable on December 31, 2012 were forfeited during the quarter ended March 31, 2012.
April 9, 2011	25,000	Vested and became exercisable with respect to half of the option shares on December 31, 2011 and the other half vested in four equal quarterly installments starting on March 31, 2012 and ending on December 31, 2012 and are fully vested as of the date of this report.
July 9, 2012	50,000	Will vest and become exercisable with respect to 4/24 of the option shares on June 30, 2013 and the remainder will vest in equal installments over each of the remaining 20 quarters with full vesting on June 30, 2018.
December 28, 2012	200,000	Will vest and become exercisable with respect to 4/24 of the option shares on June 30, 2013 and the remainder will vest in equal installments over each of the remaining 20 quarters with full vesting on June 30, 2018.


(1)	In connection with the departure of an employee from the Company, 1,250,000 share options that were previously granted to such employee vested immediately and 1,250,000

Weighted Average Assumptions used for Options Awarded

Apollo measures the fair value of each option award on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions used for options granted during 2012 and 2011:



Assumptions:	2012			2011
Risk-free interest rate	1.11		%	2.79		%
Weighted average expected dividend yield	8.13		%	2.25		%
Expected volatility factor⁽¹⁾	45.00		%	40.22		%
Expected life in years	6.66			5.72
Fair value of options per share	$	3.01		$	8.44


(1)	The Company determined its expected volatility based on comparable companies using daily stock prices and the Company’s volatility.

Share Option Activity

The following table summarizes the share option activity for the three months ended March 31, 2014:



	Options Outstanding		Weighted Average Exercise Price		Aggregate Fair Value			Weighted Average Remaining Contractual Term
Balance at January 1, 2014	2,950,003		$	8.69	$	16,124		7.08
Exercised	(212,500	)	8.09		(1,179		)	—
Forfeited	(1,250,000	)	8.00		(7,025		)	—
Balance at March 31, 2014	1,487,503		9.36		$	7,920		6.99
Exercisable at March 31, 2014	1,310,419		$	8.42	$	28,244		6.76

Restricted Depository Unit Activity

The following table summarizes RDU activity for the three months ended March 31, 2014:



	Unvested		Weighted Average Grant Date Fair Value		Vested		Total Number of RDUs Outstanding
Balance at January 1, 2014	245,362		$	10.38	120,354		365,716
Granted	18,426		33.05		—		18,426
Forfeited	(2,861	)	8.36		—		(2,861	)
Delivered	—		9.02		(120,354	)	(120,354	)
Balance at March 31, 2014	260,927		$	12.00	—		260,927

Activity of Restricted Depository Units Available for Future Grants

The following table summarizes the activity of RDUs available for future grants:



	RDUs Available For Future Grants
Balance at January 1, 2014	1,652,309
Purchases	9,719
Granted	(18,426	)
Forfeited	2,861
Balance at March 31, 2014	1,646,463

ARI Restricted Stock Awards and ARI RSUs

The following table summarizes activity for the ARI restricted stock awards and ARI RSUs that were granted to both the Company and certain of its employees for the three months ended March 31, 2014:



	ARI Restricted Stock Unvested	ARI RSUs Unvested		Weighted Average Grant Date Fair Value		ARI RSUs Vested	Total Number of ARI RSUs Outstanding
Balance at January 1, 2014	—	274,402		$	15.86	428,372	702,774
Vested awards for employees of the Company	—	(48,000	)	14.90		48,000	—
Vested awards of the Company	—	(52,000	)	14.85		52,000	—
Balance at March 31, 2014	—	174,402		$	16.42	528,372	702,774

Activity for AMTG RSUs

The following table summarizes activity for the AMTG RSUs that were granted to both the Company and certain of its employees for the three months ended March 31, 2014:



	AMTG RSUs Unvested		Weighted Average Grant Date Fair Value		AMTG RSUs Vested	Total Number of AMTG RSUs Outstanding
Balance at January 1, 2014	127,237		$	19.28	70,371	197,608
Vested awards of the employees of the Company	(989	)	16.60		989	—
Vested awards of the Company	(1,562	)	18.20		1,562	—
Balance at March 31, 2014	124,686		$	19.31	72,922	197,608

Schedule of Share-based Compensation, Activity

Below is a reconciliation of the equity-based compensation allocated to Apollo Global Management, LLC for the three months ended March 31, 2014:



	Total Amount		Non- Controlling Interest % in Apollo Operating Group		Allocated to Non- Controlling Interest in Apollo Operating Group⁽¹⁾			Allocated to Apollo Global Management, LLC
RSUs and Share Options	$	58,199	—	%	—			$	58,199
ARI Restricted Stock Awards, ARI RSUs and AMTG RSUs	544		60.6		330			214
AAA RDUs	235		60.6		143			92
Total Equity-Based Compensation	$	58,978			473			58,505
Less ARI Restricted Stock Awards, ARI RSUs and AMTG RSUs ⁽²⁾					(473		)	178
Capital Increase Related to Equity-Based Compensation					$	—		$	58,683


(1)	Calculated based on average ownership percentage for the period considering Class A share issuances during the period.


(2)	Includes equity-based compensation reimbursable by certain funds.

Below is a reconciliation of the equity-based compensation allocated to Apollo Global Management, LLC for the three months ended March 31, 2013:



	Total Amount		Non- Controlling Interest % in Apollo Operating Group		Allocated to Non- Controlling Interest in Apollo Operating Group⁽¹⁾			Allocated to Apollo Global Management, LLC
AOG Units	$	15,004	64.5	%	$	9,702		$	5,302
RSUs and Share Options	28,727		—		—			28,727
ARI Restricted Stock Awards, ARI RSUs and AMTG RSUs	1,296		64.5		836			460
AAA RDUs	259		65.5		167			92
Total Equity-Based Compensation	$	45,286			10,705			34,581
Less ARI Restricted Stock Awards, ARI RSUs and AMTG RSUs					(1,003		)	(291		)
Capital Increase Related to Equity-Based Compensation					$	9,702		$	34,290


(1)	Calculated based on average ownership percentage for the period considering Class A share issuances during the period.