Equity-Based and Other Deferred Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Equity-Based Compensation Expense and Related Income Tax Benefit

The following table represents equity-based compensation expense and related income tax benefit for the years ended December 31, 2019, 2018 and 2017:

	Year Ended December 31,
	2019		2018		2017
Equity-Based Compensation Expense	$	111,568	$	117,991	$	115,928
Income Tax Benefit	$	10,709	$	9,987	$	8,664

Summary of Unvested Restricted Stock Units

A summary of the status of the Company’s unvested RSUs as of December 31, 2019 and for changes during the year ended December 31, 2019 is presented below:

	Restricted Stock Units
	PJT Partners Inc.					PJT Partners Holdings LP
				Weighted-					Weighted-
				Average					Average
				Grant Date					Grant Date
	Number of			Fair Value		Number of			Fair Value
	Units			(in dollars)		Units			(in dollars)
Balance, December 31, 2018		4,254,205		$	40.99		98,295		$	37.17
Granted		2,042,990			43.87		—			—
Vested		(1,844,158	)		35.67		(73,908	)		35.72
Forfeited		(337,095	)		40.40		(6,085	)		41.58
Dividends Reinvested on RSUs		21,653			42.59		—			—
Balance, December 31, 2019		4,137,595		$	44.84		18,302		$	41.57

Summary of Assumptions Used to Determine Fair Value of RSU Awards

The following table presents the assumptions used to determine the fair value of the RSU awards with both a service and market condition granted during the year ended December 31, 2019:

Risk-Free Interest Rate	1.7% - 2.3%
Dividend Yield	0.5%
Expected Volatility Factor	28.2% - 29.8%
Weighted-Average Volatility Factor	29.0%
Expected Life (in years)	2.8 - 3.2

Summary of Status of Company's Unvested Partnership Units

A summary of the status of the Company’s unvested Partnership Units as of December 31, 2019 and of changes during the year ended December 31, 2019 is presented below:

	Partnership Units
				Weighted-
				Average
	Number of			Grant Date
	Partnership			Fair Value
	Units			(in dollars)
Balance, December 31, 2018		3,323,948		$	24.23
Granted		138,278			38.90
Vested		(2,897,789	)		22.21
Balance, December 31, 2019		564,437		$	38.18

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

The following unvested units, after expected forfeitures, as of December 31, 2019, are expected to vest:

			Weighted- Average
			Service Period
	Units		in Years
Partnership Units (a)		552,099		1.0
Restricted Stock Units		4,266,067		1.0
Restricted Share Awards		7,903		1.8
Total Equity-Based Awards		4,826,069		1.0

(a) Excludes 3.8 million outstanding Partnership Units subject to market conditions.

RSU Awards Containing Service and Market Conditions

Summary of Unvested Restricted Stock Units

A summary of the status of the Company’s unvested RSU awards with both a service and market condition as of December 31, 2019 and of changes during the year ended December 31, 2019 is presented below:

	RSU Awards with Both Service and Market Conditions
				Weighted-
				Average
				Grant Date
	Number of			Fair Value
	Units			(in dollars)
Balance, December 31, 2018		253,152		$	26.19
Granted		25,158			12.07
Forfeited		(15,968	)		26.19
Balance, December 31, 2019		262,342		$	24.84

Partnership Unit Awards Containing Service and Market Conditions

Summary of Status of Company's Unvested Partnership Units

A summary of the status of the Company’s unvested Partnership Unit awards with both a service and market condition as of December 31, 2019 and of changes during the year ended December 31, 2019 is presented below:

	Partnership Unit Awards with Both Service and Market Conditions
				Weighted-
				Average
	Number of			Grant Date
	Partnership			Fair Value
	Units			(in dollars)
Balance, December 31, 2018		5,118,133		$	5.72
Vested		(1,179,034	)		5.72
Forfeited		(132,916	)		5.72
Balance, December 31, 2019		3,806,183		$	5.72