EQUITY-BASED COMPENSATION

3 Months Ended

Mar. 31, 2013

Share-based Compensation [Abstract]

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION

The Company granted 522,000 restricted OCGH units to certain of its employees and 8,508 Class A units to certain of its directors in the first quarter of 2013, subject to equal annual vesting over periods of five or ten years. For purposes of recognizing compensation expense, an additional 50,000 restricted OCGH units issued in the second quarter of 2013 were reflected in the first quarter of 2013. The grant date fair value of all OCGH units awarded in 2013 was determined by applying a 30% discount to the ClassA unit trading price on the New York Stock Exchange and assumes a forfeiture rate of up to 1.5% annually, based on expected employee turnover.

As of March 31, 2013, the Company expected to recognize compensation expense on its unvested equity-based awards of $114.3 million over a weighted average recognition period of 5.5 years.

A summary of the status of the Company’s unvested equity-based awards as of March 31, 2013 and a summary of changes for the three months then ended are presented below (actual dollars per unit):

	Class A Units				OCGH Units
	Number of Units		Weighted Average Grant Date Fair Value		Number of Units		Weighted Average Grant Date Fair Value
Balance, December 31, 2012	11,669		$	41.91	4,902,348		$	28.17
Granted	8,508		47.83		572,000		32.91
Vested	(2,784	)	39.85		(1,050,369	)	23.77
Exchanged	—		—		—		—
Forfeited	—		—		—		—
Balance, March 31, 2013	17,393		$	45.13	4,423,979		$	29.83

As of March 31, 2013, unvested units were expected to vest as follows:

	Number of Units	Weighted Average Remaining  Service Term (Years)
Class A units	17,393	4.2
OCGH units	4,423,979	5.5