Further information regarding the Company’s equity-based compensation awards is described in Note 11. “Equity-Based and Other Deferred Compensation” in the “Notes to Consolidated Financial Statements” in “Part II. Item 8. Financial Statements and Supplementary Data” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.

The following table represents equity-based compensation expense and related income tax benefit for the three and six months ended June 30, 2019 and 2018, respectively:

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Equity-Based Compensation Expense	$	30,676	$	27,092	$	65,649	$	64,154
Income Tax Benefit	$	2,895	$	2,217	$	6,274	$	5,456

A summary of the status of the Company’s unvested RSUs as of June 30, 2019 and for changes during the six months ended June 30, 2019 is presented below:

	Restricted Stock Units
	PJT Partners Inc.					PJT Partners Holdings LP
				Weighted-					Weighted-
				Average					Average
				Grant Date		Number of			Grant Date
	Number of			Fair Value		Partnership			Fair Value
	Units			(in dollars)		Units			(in dollars)
Balance, December 31, 2018		4,254,205		$	40.99		98,295		$	37.17
Granted		1,955,929			44.02		—			—
Vested		(1,795,850	)		35.69		(1,255	)		26.86
Forfeited		(62,541	)		42.22		—			—
Dividends Reinvested on RSUs		11,146			42.61		—			—
Balance, June 30, 2019		4,362,889		$	44.51		97,040		$	37.30

As of June 30, 2019, there was $126.1 million of estimated unrecognized compensation expense related to unvested RSU awards. This cost is expected to be recognized over a weighted-average period of 1.4 years. The Company assumes a forfeiture rate of 1.0% to 9.0% annually based on expected turnover and periodically reassesses this rate.

A summary of the status of the Company’s unvested RSU awards with both a service and market condition as of June 30, 2019 and for changes during the six months ended June 30, 2019 is presented below:

	RSU Awards with Both Service and Market Conditions
				Weighted-
				Average
				Grant Date
	Number of			Fair Value
	Units			(in dollars)
Balance, December 31, 2018		253,152		$	26.19
Granted		12,658			10.63
Forfeited		(15,968	)		26.19
Balance, June 30, 2019		249,842		$	25.40

As of June 30, 2019, there was $4.5 million of estimated unrecognized compensation expense related to RSU awards with both a service and market condition. This cost is expected to be recognized over a weighted-average period of 2.7 years. The Company assumes a forfeiture rate of 4.0% to 9.0% annually based on expected turnover and periodically reassesses this rate.

The following table presents the assumptions used to determine the fair value of the RSU awards in PJT Partners Inc. with both a service and market condition granted during the six months ended June 30, 2019:

In connection with the acquisition of CamberView, certain individuals were issued restricted shares of the Company’s Class A common stock. Based on the terms of the award, compensation expense will be recognized over four years. For the six months ended June 30, 2019, 3,591 restricted share awards were granted. For the year ended December 31, 2018, 5,100 restricted share awards were granted. As of June 30, 2019, no restricted shares have vested or have forfeited and there was $0.3 million of estimated unrecognized compensation expense related to restricted share awards. This cost is expected to be recognized over a weighted-average period of 2.3 years.

A summary of the status of the Company’s unvested Partnership Units as of June 30, 2019 and for changes during the six months ended June 30, 2019 is presented below:

	Partnership Units
				Weighted-
				Average
	Number of			Grant Date
	Partnership			Fair Value
	Units			(in dollars)
Balance, December 31, 2018		3,323,948		$	24.23
Granted		78,278			39.78
Vested		(156,354	)		30.64
Balance, June 30, 2019		3,245,872		$	24.30

As of June 30, 2019, there was $24.0 million of estimated unrecognized compensation expense related to unvested Partnership Units. This cost is expected to be recognized over a weighted-average period of 0.5 years. The Company assumes a forfeiture rate of 4.0% annually based on expected turnover and periodically reassesses this rate.

A summary of the status of the Company’s unvested Partnership Unit awards with both a service and market condition as of June 30, 2019 and for changes during the six months ended June 30, 2019 is presented below:

	Partnership Unit Awards with Both Service and Market Conditions
				Weighted-
				Average
	Number of			Grant Date
	Partnership			Fair Value
	Units			(in dollars)
Balance, December 31, 2018		5,118,133		$	5.72
Vested		(122,902	)		5.72
Forfeited		(3,798	)		5.72
Balance, June 30, 2019		4,991,433		$	5.72

As of June 30, 2019, there was $2.0 million of estimated unrecognized compensation expense related to Partnership Unit awards with both a service and market condition. This cost is expected to be recognized over a weighted-average period of 0.3 years. The Company assumes a forfeiture rate of 4.0% annually based on expected turnover and periodically reassesses this rate.

The following unvested units, after expected forfeitures, as of June 30, 2019, are expected to vest:

			Weighted- Average
			Service Period
	Units		in Years
Partnership Units		8,212,410		0.4
Restricted Stock Units		4,468,637		1.5
Restricted Share Awards		7,447		2.3
Total Equity-Based Awards		12,688,494		0.8

The Company has periodically issued deferred cash compensation in connection with annual incentive compensation as well as other hiring or retention related awards. These awards typically vest over a period of one to four years. Compensation expense related to deferred cash awards was $6.1 million and $12.7 million for the three and six months ended June 30, 2019, respectively, and $2.1 million and $5.9 million for the three and six months ended June 30, 2018, respectively. As of June 30, 2019, there was $48.4 million of unrecognized compensation expense related to these awards. This cost is expected to be recognized over a weighted-average period of 2.6 years.