Equity-Based and Other Deferred Compensation (Tables)

6 Months Ended

Jun. 30, 2019

Equity-Based Compensation Expense and Related Income Tax Benefit

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

Summary of Unvested Restricted Stock Units

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

Summary of Assumptions Used to Determine Fair Value of RSU Awards

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:

Risk-Free Interest Rate		2.3	%
Dividend Yield		0.5	%
Weighted-Average Volatility Factor		28.2	%
Weighted-Average Expected Life (in years)		2.8
Weighted-Average Fair Value (in dollars)	$	10.63

Summary of Status of Company's Unvested Partnership Units

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

Summary of Unvested Units After Expected Forfeitures which are Expected to Vest

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

RSU Awards Containing Service and Market Conditions

Summary of Unvested Restricted Stock Units

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

Partnership Unit Awards Containing Service and Market Conditions

Summary of Status of Company's Unvested Partnership Units

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