Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2017

Summary of Impact of Share-Based Incentive Plans on Compensation and Benefits Expense

The following reflects the amortization expense recorded with respect to share-based incentive plans within “compensation and benefits” expense (with respect to RSUs, PRSUs and restricted stock awards) and “professional services” expense (with respect to deferred stock units (“DSUs”)) within the Company’s accompanying consolidated statements of operations:

	Year Ended December 31,
	2017		2016		2015
Share-based incentive awards:
RSUs	$	190,821	$	171,188	$	166,395
PRSUs		40,767		43,018		36,529
Restricted Stock		39,369		45,536		22,342
DSUs		2,008		1,720		1,457
Total	$	272,965	$	261,462	$	226,723

Schedule of Issuance of RSUs and Charges to Retained Earnings

During the years ended December 31, 2017, 2016 and 2015, issuances of RSUs pertaining to such dividend participation rights and respective charges to “retained earnings”, net of estimated forfeitures (with corresponding credits to “additional paid-in-capital”), consisted of the following:

	Year Ended December 31,
	2017		2016		2015
Number of RSUs issued		985,584		1,085,354		693,714
Charges to retained earnings, net of estimated forfeitures	$	41,746	$	37,284	$	34,255

Summary of LFI and Other Similar Deferred Compensation Arrangements

The following is a summary of activity relating to LFI and other similar deferred compensation arrangements during the years ended December 31, 2017 and 2016:

	Prepaid Compensation Asset			Compensation Liability
Balance, January 1, 2017	$	49,650		$	170,388
Granted		77,580			77,580
Settled		-			(96,025	)
Forfeited		(992	)		(1,819	)
Amortization		(67,575	)		-
Change in fair value related to:
Increase in fair value of underlying    investments		-			23,526
Adjustment for estimated forfeitures		-			6,634
Other		1,692			2,017
Balance, December 31, 2017	$	60,355		$	182,301

	Prepaid Compensation Asset			Compensation Liability
Balance, January 1, 2016	$	75,703		$	193,574
Granted		52,121			52,121
Settled		-			(77,457	)
Forfeited		(2,942	)		(5,380	)
Amortization		(73,340	)		-
Change in fair value related to:
Increase in fair value of underlying    investments		-			3,318
Adjustment for estimated forfeitures		-			4,671
Other		(1,892	)		(459	)
Balance, December 31, 2016	$	49,650		$	170,388

The following is a summary of the impact of LFI and other similar deferred compensation arrangements on “compensation and benefits” expense within the accompanying consolidated statements of operations for the years ended December 31, 2017, 2016 and 2015:

	Year Ended Ended December 31,
	2017		2016		2015
Amortization, net of forfeitures	$	73,382	$	75,573	$	85,563
Change in the fair value of underlying investments		23,526		3,318		(3,827	)
Total	$	96,908	$	78,891	$	81,736

Restricted Stock Units and Deferred Stock Units [Member]

Schedule of Activity Relating to Share-based Awards

The following is a summary of activity relating to RSUs and DSUs during the three-year period ended December 31, 2017:

	RSUs					DSUs
	Units			Weighted Average Grant Date Fair Value		Units			Weighted Average Grant Date Fair Value
Balance, January 1, 2015		13,529,116		$	35.19		286,227		$	34.21
Granted (including 693,714 RSUs relating to    dividend participation)		4,296,386		$	48.57		26,443		$	55.11
Forfeited		(469,776	)	$	43.54		-			-
Vested		(7,756,068	)	$	31.12		-			-
Balance, December 31, 2015		9,599,658		$	44.06		312,670		$	35.98
Granted (including 1,085,354 RSUs relating to    dividend participation)		6,878,306		$	34.86		48,814		$	35.23
Forfeited		(239,432	)	$	39.53		-			-
Vested		(4,540,394	)	$	39.16		(84,759	)	$	35.30
Balance, December 31, 2016		11,698,138		$	40.65		276,725		$	36.05
Granted (including  985,584 RSUs relating to    dividend participation)		5,437,591		$	43.03		45,162		$	44.46
Forfeited		(217,720	)	$	40.20		-			-
Vested		(3,998,163	)	$	45.26		(43,465	)	$	35.77
Balance, December 31, 2017		12,919,846		$	40.23		278,422		$	37.46

Restricted Stock Awards Class A [Member]

Schedule of Activity Relating to Share-based Awards

The following is a summary of activity related to shares of restricted Class A common stock associated with compensation arrangements during the three-year period ended December 31, 2017:

	Restricted Shares			Weighted Average Grant Date Fair Value
Balance, January 1, 2015		729,827		$	38.63
Granted		576,886		$	50.88
Forfeited		(45,851	)	$	50.17
Vested		(547,124	)	$	39.50
Balance, December 31, 2015		713,738		$	47.12
Granted		1,795,258		$	36.76
Forfeited		(34,051	)	$	40.48
Vested		(819,872	)	$	37.16
Balance, December 31, 2016		1,655,073		$	40.95
Granted		841,355		$	42.58
Forfeited		(66,592	)	$	40.80
Vested		(491,676	)	$	45.35
Balance, December 31, 2017		1,938,160		$	40.54

PRSUs [Member]

Schedule of Activity Relating to Share-based Awards

The following is a summary of activity relating to PRSUs during the three-year period ended December 31, 2017:

	PRSUs			Weighted Average Grant Date Fair Value
Balance, January 1, 2015		1,347,148		$	37.79
Granted (a)		368,389		$	52.85
Vested		(696,499	)	$	35.96
Balance, December 31, 2015		1,019,038		$	44.49
Granted (a)		627,956		$	32.91
Performance units earned (b)		360,783		$	41.20
Vested		(417,021	)	$	38.43
Balance, December 31, 2016		1,590,756		$	40.76
Granted (a)		458,113		$	43.76
Performance units earned (b)		368,389		$	47.74
Vested		(825,565	)	$	42.27
Balance, December 31, 2017		1,591,693		$	42.46

(a) Represents PRSU awards granted during the relevant year at the target payout level.

(b) Represents shares of Class A common stock earned during the fiscal year under the performance criteria of previously-granted PRSU awards in excess of the target payout level of such awards.