Equity-Based and Other Deferred Compensation (Tables)

3 Months Ended

Mar. 31, 2022

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 months ended March 31, 2022 and 2021, respectively:

	Three Months Ended March 31,
	2022		2021
Equity-Based Compensation Expense	$	59,069	$	29,948
Income Tax Benefit	$	8,022	$	4,027

Summary of Activity Related to Unvested Restricted Stock Units

The following table summarizes activity related to unvested RSUs for the three months ended March 31, 2022:

	Restricted Stock Units
				Weighted-
				Average
				Grant Date
	Number of			Fair Value
	Units			(in dollars)
Balance, December 31, 2021		4,098,671		$	60.14
Granted		1,836,887			63.62
Dividends Reinvested on RSUs		(49,604	)		45.59
Forfeited		(21,872	)		64.97
Vested		(1,502,562	)		50.52
Balance, March 31, 2022		4,361,520		$	65.06

Summary of Assumptions Used for Estimated Fair Value of RSU Awards

The Company estimated the fair value of RSU awards with both a service and market condition at grant using a Monte Carlo simulation. The following table presents the assumptions used for the three months ended March 31, 2022:

Risk-Free Interest Rate	2.0	%
Volatility Factor	37.0	%
Expected Life (in years)	5.0

Summary of Activity Related to Unvested Partnership Units

The following table summarizes activity related to unvested Partnership Units for the three months ended March 31, 2022:

	Partnership Units
				Weighted-
				Average
	Number of			Grant Date
	Partnership			Fair Value
	Units			(in dollars)
Balance, December 31, 2021		248,595		$	53.42
Granted		47,588			59.84
Vested		(79,268	)		49.26
Balance, March 31, 2022		216,915		$	56.35

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

The following unvested units, after expected forfeitures, as of March 31, 2022, are expected to vest:

			Weighted- Average
			Service Period
	Units		in Years
Restricted Stock Units		5,431,907		2.2
Partnership Units		1,202,741		2.8
Restricted Share Awards		2,584		0.5
Total Equity-Based Awards		6,637,232		2.3

RSU Awards Containing Service and Market Conditions

Summary of Activity Related to Unvested Restricted Stock Units

The following table summarizes activity related to unvested RSU awards with both a service and market condition for the three months ended March 31, 2022:

	RSU Awards with Both Service and Market Conditions
				Weighted-
				Average
				Grant Date
	Number of			Fair Value
	Units			(in dollars)
Balance, December 31, 2021		50,280		$	36.53
Granted		1,514,748			41.97
Dividends Reinvested on RSUs		11			34.00
Vested		(4,167	)		13.52
Balance, March 31, 2022		1,560,872		$	41.87

Partnership Unit Awards Containing Service and Market Conditions

Summary of Assumptions Used for Estimated Fair Value of RSU Awards

The Company estimated the fair value of Partnership Unit awards with both a service and market condition at grant using a Monte Carlo simulation. The following table presents the assumptions used for the three months ended March 31, 2022:

Risk-Free Interest Rate	2.0	%
Volatility Factor	37.0	%
Expected Life (in years)	5.0

Summary of Activity Related to Unvested Partnership Units

The following table summarizes activity related to unvested Partnership Unit awards with both a service and market condition for the three months ended March 31, 2022:

	Partnership Unit Awards with Both Service and Market Conditions
			Weighted-
			Average
	Number of		Grant Date
	Partnership		Fair Value
	Units		(in dollars)
Balance, December 31, 2021		—	$	—
Granted		1,107,768		39.10
Balance, March 31, 2022		1,107,768	$	39.10