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Incentive Plans (Tables)
9 Months Ended
Sep. 30, 2022
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, restricted stock, profits interest participation rights, including PRPUs, and other share-based awards) and “professional services” expense (with respect to DSUs) within the Company’s accompanying condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2022 and 2021:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Share-based incentive awards:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RSUs

 

$

37,061

 

 

$

30,780

 

 

$

98,012

 

 

$

101,687

 

PRSUs

 

 

498

 

 

 

157

 

 

 

1,387

 

 

 

5,871

 

Restricted Stock

 

 

6,420

 

 

 

2,826

 

 

 

19,197

 

 

 

14,592

 

Profits interest participation rights

 

 

30,762

 

 

 

17,980

 

 

 

80,454

 

 

 

71,662

 

DSUs

 

 

175

 

 

 

149

 

 

 

2,052

 

 

 

1,967

 

Total

 

$

74,916

 

 

$

51,892

 

 

$

201,102

 

 

$

195,779

 

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 nine month period ended September 30, 2022:

 

 

 

Prepaid

Compensation

Asset

 

 

Compensation

Liability

 

Balance, January 1, 2022

 

$

108,049

 

 

$

358,877

 

Granted

 

 

167,654

 

 

 

167,654

 

Settled

 

 

-

 

 

 

(138,338

)

Forfeited

 

 

(2,929

)

 

 

(13,206

)

Amortization

 

 

(131,584

)

 

 

-

 

Change in fair value related to:

 

 

 

 

 

 

 

 

Change in fair value of underlying

   investments

 

 

-

 

 

 

(65,601

)

Adjustment for estimated forfeitures

 

 

-

 

 

 

3,903

 

Other

 

 

(81

)

 

 

(6,129

)

Balance, September 30, 2022

 

$

141,109

 

 

$

307,160

 

 

The following is a summary of the impact of LFI and other similar deferred compensation arrangements on “compensation and benefits” expense within the accompanying condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2022 and 2021:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Amortization, net of forfeitures

 

$

41,956

 

 

$

41,629

 

 

$

125,210

 

 

$

123,422

 

Change in the fair value of underlying investments

 

 

(16,180

)

 

 

(1,368

)

 

 

(65,601

)

 

 

22,610

 

Total

 

$

25,776

 

 

$

40,261

 

 

$

59,609

 

 

$

146,032

 

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 nine month period ended September 30, 2022:

 

 

 

RSUs

 

 

DSUs

 

 

 

Units

 

 

Weighted

Average

Grant Date

Fair Value

 

 

Units

 

 

Weighted

Average

Grant Date

Fair Value

 

Balance, January 1, 2022

 

 

8,150,782

 

 

$

41.16

 

 

 

338,408

 

 

$

38.01

 

Granted (including 336,740 RSUs relating to dividend

   participation)

 

 

5,129,490

 

 

$

33.64

 

 

 

57,757

 

 

$

35.53

 

Forfeited

 

 

(251,988

)

 

$

39.60

 

 

 

-

 

 

 

-

 

Settled

 

 

(4,105,626

)

 

$

38.73

 

 

 

-

 

 

 

-

 

Balance, September 30, 2022

 

 

8,922,658

 

 

$

38.00

 

 

 

396,165

 

 

$

37.65

 

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 common stock associated with compensation arrangements during the nine month period ended September 30, 2022:

 

 

 

Restricted

Shares

 

 

Weighted

Average

Grant Date

Fair Value

 

Balance, January 1, 2022

 

 

871,227

 

 

$

41.24

 

Granted (including 49,713 relating to dividend participation)

 

 

1,046,748

 

 

$

33.31

 

Forfeited

 

 

(78,869

)

 

$

37.56

 

Settled

 

 

(573,660

)

 

$

36.50

 

Balance, September 30, 2022

 

 

1,265,446

 

 

$

37.06

 

PRSUs [Member]  
Schedule of Activity Relating to Share-based Awards

The following is a summary of activity relating to PRSUs during the nine month period ended September 30, 2022:

 

 

PRSUs

 

 

Weighted

Average

Grant Date

Fair Value

 

Balance, January 1, 2022

 

 

32,394

 

 

$

46.63

 

Granted

 

 

62,296

 

 

$

35.44

 

Balance, September 30, 2022

 

 

94,690

 

 

$

39.27

 

Profits Interest Participation Rights [Member]  
Schedule of Activity Relating to Share-based Awards

The following is a summary of activity relating to profits interest participation rights, including PRPUs, during the nine month period ended September 30, 2022:

 

 

 

Profits Interest Participation Rights

 

 

Weighted

Average

Grant Date

Fair Value

 

Balance, January 1, 2022

 

 

4,122,993

 

 

$

41.50

 

Granted

 

 

1,521,103

 

 

$

34.53

 

Forfeited

 

 

(96,323

)

 

$

38.92

 

Settled

 

 

(1,902,756

)

 

$

38.76

 

Balance, September 30, 2022 (a)

 

 

3,645,017

 

 

$

40.09

 

 

(a)

Table includes 1,960,613 PRPUs, which represents the target number of PRPUs granted as of September 30, 2022, including 963,660 PRPUs granted during the nine month period ended September 30, 2022. The weighted average grant date fair values for PRPUs and other profits interest participation rights outstanding as of January 1, 2022 were $41.82 and $41.20, respectively. The weighted average grant date fair values for PRPUs and other profits interest participation rights granted during the nine month period ended September 30, 2022 were $35.44 and $32.95, respectively. The weighted average grant date fair values for other profits interest participation rights forfeited during the nine month period ended September 30, 2022 were $38.92. The weighted average grant date fair values for PRPUs and other profits interest participation rights settled during the nine month period ended September 30, 2022 were $38.86 and $38.65, respectively. The weighted average grant date fair values for PRPUs and other profits interest participation rights outstanding as of September 30, 2022 were $40.20 and $39.96, respectively.