Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2017

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 and six months ended June 30, 2017 and 2016, respectively:

	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Equity-Based Compensation Expense	$	27,434	$	21,567	$	60,690	$	42,185
Income Tax Benefit	$	3,640	$	4,328	$	8,310	$	8,463

Summary of Unvested Restricted Stock Units

A summary of the status of the Company’s unvested RSUs in PJT Partners Inc. and PJT Partners Holdings LP as of June 30, 2017 and of changes during the period January 1, 2017 through June 30, 2017 is presented below:

	Restricted Stock Units
	PJT Partners Inc.					PJT Partners Holdings LP
				Weighted-					Weighted-
				Average					Average
				Grant Date		Number of			Grant Date
	Number of			Fair Value		Partnership			Fair Value
	Units			(in dollars)		Units			(in dollars)
Balance, December 31, 2016		5,776,114		$	21.71		443,689		$	25.58
Granted		1,426,158			36.71		—			—
Vested		(617,189	)		23.88		(1,977	)		31.16
Forfeited		(48,428	)		22.06		—			—
Dividends Reinvested on Participating RSUs		5,221			33.38		—			—
Balance, June 30, 2017		6,541,876		$	24.78		441,712		$	25.56

Summary of Status of Company's Unvested Equity-Based Awards

A summary of the status of the Company’s unvested Partnership Units as of June 30, 2017 and of changes during the period January 1, 2017 through June 30, 2017 is presented below:

	Partnership Units
				Weighted-
				Average
	Number of			Grant Date
	Partnership			Fair Value
	Units			(in dollars)
Balance, December 31, 2016		5,591,357		$	21.23
Granted		44,894			37.01
Vested		(4,571	)		28.29
Balance, June 30, 2017		5,631,680		$	21.35

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

The following unvested units, after expected forfeitures, as of June 30, 2017, are expected to vest:

			Weighted-Average
			Service Period
	Units		in Years
Partnership Units		11,633,253		1.8
Restricted Stock Units		6,729,049		1.1
Total Equity-Based Awards		18,362,302		1.5

Service and Market Conditions

Summary of Status of Company's Unvested Equity-Based Awards

A summary of the Company’s unvested equity-based awards in PJT Partners Holdings LP with both a service and market condition as of June 30, 2017 and December 31, 2016 is presented below:

	Equity-Based Awards with Both Service and Market Conditions
			Weighted-
			Average
	Number of		Grant Date
	Partnership		Fair Value
	Units		(in dollars)
Balance, December 31, 2016		6,503,464	$	5.72
Balance, June 30, 2017		6,503,464	$	5.72