Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2014

Lazard Group Distributed Amounts to LAZ-MD Holdings and Subsidiaries of Lazard Ltd

During the years ended December 31, 2014, 2013 and 2012, Lazard Group distributed the following amounts to LAZ-MD Holdings and the subsidiaries of Lazard Ltd:


	Year Ended December 31,
	2014		2013		2012
Tax distributions:
LAZ-MD Holdings	$	1,649	$	80	$	–
Subsidiaries of Lazard Ltd		174,266		2,896		–

	$	175,915	$	2,976	$	–

Other distributions:
LAZ-MD Holdings	$	213	$	920	$	5,170
Subsidiaries of Lazard Ltd		146,241		121,620		135,108

	$	146,454	$	122,540	$	140,278

Schedule of Share Repurchase Authorized by Board of Directors

Share Repurchase Program—During the years ended December 31, 2014, 2013, and 2012, the Board of Directors of Lazard Ltd authorized the repurchase of Class A common stock and Lazard Group common membership interests as set forth in the table below.


Date	Repurchase Authorization		Expiration
April, 2012	$	125,000		December 31, 2013
October, 2012	$	200,000		December 31, 2014
October, 2013	$	100,000		December 31, 2015
April, 2014	$	200,000		December 31, 2015

Schedule of Share Repurchase Program

The Company expects that the share repurchase program will primarily be used to offset a portion of the shares that have been or will be issued under the Lazard Ltd 2005 Equity Incentive Plan (the “2005 Plan”) and the Lazard Ltd 2008 Incentive Compensation Plan (the “2008 Plan”). Pursuant to the share repurchase program, purchases have been made in the open market or through privately negotiated transactions. The rate at which the Company purchases shares in connection with the share repurchase program may vary from quarter to quarter due to a variety of factors. Purchases with respect to such program are set forth in the table below:


	Number of Shares Purchased		Average Price Per Share
Years Ended December 31:

2012		12,817,196	$	27.66
2013		3,488,101	$	37.98
2014		4,114,206	$	46.83

Accumulated Other Comprehensive Income (Loss), Net of Tax

Accumulated Other Comprehensive Income (Loss), Net of Tax—The tables below reflect the balances of each component of AOCI at December 31, 2014 and 2013 and activity during the years then ended:


	Currency Translation Adjustments			Employee Benefit Plans			Total AOCI			Amount Attributable to Noncontrolling Interests			Total Lazard Ltd AOCI
Balance, January 1, 2014	$	3,869		$	(137,431	)	$	(133,562	)	$	(558	)	$	(133,004	)

Activity January 1 to December 31, 2014:
Other comprehensive income (loss) before reclassifications		(49,971	)		(21,983	)		(71,954	)		557			(72,511	)
Adjustments for items reclassified to earnings, net of tax		–			4,749			4,749			–			4,749

Net other comprehensive income (loss)		(49,971	)		(17,234	)		(67,205	)		557			(67,762	)

Balance, December 31, 2014	$	(46,102	)	$	(154,665	)	$	(200,767	)	$	(1	)	$	(200,766	)


	Currency Translation Adjustments			Interest Rate Hedge			Employee Benefit Plans			Total AOCI			Amount Attributable to Noncontrolling Interests			Total Lazard Ltd AOCI
Balance, January 1, 2013	$	19,405		$	(2,502	)	$	(128,536	)	$	(111,633	)	$	(1,092	)	$	(110,541	)

Activity January 1 to December 31, 2013:
Other comprehensive income (loss) before reclassifications		(15,536	)		–			(13,500	)		(29,036	)		495			(29,531	)
Adjustments for items reclassified to earnings, net of tax		–			2,502			4,605			7,107			39			7,068

Net other comprehensive income (loss)		(15,536	)		2,502			(8,895	)		(21,929	)		534			(22,463	)

Balance, December 31, 2013	$	3,869		$	–		$	(137,431	)	$	(133,562	)	$	(558	)	$	(133,004	)

Adjustments for Items Reclassified Out of AOCI

The table below reflects adjustments for items reclassified out of AOCI, by component, for the years ended December 31, 2014 and 2013:


	Year Ended December 31,
	2014		2013
Amortization of interest rate hedge (a)	$	–	$	2,502

Amortization relating to employee benefit plans (b)		6,672		6,534
Less – related income taxes		1,923		1,929

Net of tax		4,749		4,605

Total reclassifications, net of tax	$	4,749	$	7,107

(a)	Included in “interest expense” on the consolidated statements of operations.

(b)	Included in the computation of net periodic benefit cost (see Note 15 of Notes to Consolidated Financial Statements). Such amount is included in “compensation and benefits” expense on the consolidated statement of operations.

Changes in Ownership Interests

The following table summarizes the ownership interests in Lazard Group held by Lazard Ltd and LAZ-MD Holdings:


	Lazard Ltd					LAZ-MD Holdings					Total Lazard Group Common Membership Interests
As of December 31:	Common Membership Interests		% Ownership			Common Membership Interests		% Ownership			Total Lazard Group Common Membership Interests
2012		128,216,423		98.8	%		1,549,667		1.2	%		129,766,090
2013		129,056,081		99.5	%		710,009		0.5	%		129,766,090
2014		129,766,090		100	%		–		–	%		129,766,090

Net Income (Loss) Attributable to Noncontrolling Interests

The tables below summarize net income (loss) attributable to noncontrolling interests for the years ended December 31, 2014, 2013 and 2012 and noncontrolling interests as of December 31, 2014 and 2013 in the Company’s consolidated financial statements:


	Net Income (Loss) Attributable to Noncontrolling Interests Year Ended December 31,
	2014		2013			2012
Edgewater	$	6,153	$	3,913		$	3,491
LAZ-MD Holdings		631		1,198			5,114
Other		2		(209	)		(129	)

Total	$	6,786	$	4,902		$	8,476


	Noncontrolling Interests As Of December 31,
	2014		2013
Edgewater	$	62,584	$	66,641
LAZ-MD Holdings		–		2,566
Other		729		582

Total	$	63,313	$	69,789