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EQUITY-BASED COMPENSATION | 6 Months Ended
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Jun. 30, 2012
EQUITY-BASED COMPENSATION |
14. | EQUITY-BASED COMPENSATION
The Partnership has granted equity-based compensation awards to Blackstone’s senior managing directors, non-partner professionals, non-professionals and selected external advisors under the Partnership’s 2007 Equity Incentive Plan (the “Equity Plan”), the majority of which to date were granted in connection with the IPO. The Equity Plan allows for the granting of options, unit appreciation rights or other unit-based awards (units, restricted units, restricted common units, deferred restricted common units, phantom restricted common units or other unit-based awards based in whole or in part on the fair value of the Blackstone Common Units or Blackstone Holdings Partnership Units) which may contain certain service or performance requirements. As of January 1, 2012, the Partnership had the ability to grant 162,195,378 units under the Equity Plan. For the three and six months ended June 30, 2012, the Partnership recorded compensation expense of $244.6 million and $467.0 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $7.2 million and $12.7 million, respectively. For the three and six months ended June 30, 2011, the Partnership recorded compensation expense of $408.6 million and $834.9 million, respectively, in relation to its equity-based awards with corresponding tax benefits of $4.5 million and $8.7 million, respectively. As of June 30, 2012, there was $2.2 billion of estimated unrecognized compensation expense related to unvested awards. This cost is expected to be recognized over a weighted-average period of 2.9 years. Total vested and unvested outstanding units, including Blackstone Common Units, Blackstone Holdings Partnership Units and deferred restricted common units, were 1,128,718,375 as of June 30, 2012. Total outstanding unvested phantom units were 221,356 as of June 30, 2012. A summary of the status of the Partnership’s unvested equity-based awards as of June 30, 2012 and a summary of changes during the period January 1, 2012 through June 30, 2012 is presented below:
|  | Blackstone Holdings |  |  | The Blackstone Group L.P. |
|  |  |  |  |  |  |  | Equity Settled Awards |  |  | Cash Settled Awards |
Unvested Units |  | Partnership Units |  |  | Weighted- Average Grant Date Fair Value |  |  | Deferred Restricted Common Units and Options |  |  | Weighted- Average Grant Date Fair Value |  |  | Phantom Units |  |  | Weighted- Average Grant Date Fair Value |
Balance, December 31, 2011 |  |  | 89,644,650 |  |  | $ | 29.88 |  |  |  | 17,635,945 |  |  | $ | 18.50 |  |  |  | 218,583 |  |  | $ | 13.88 |
Granted |  |  | 1,612,611 |  |  |  | 14.04 |  |  |  | 1,550,478 |  |  |  | 13.25 |  |  |  | 6,736 |  |  |  | 12.82 |
Vested |  |  | (23,409,788 | ) |  |  | 30.36 |  |  |  | (4,598,271 | ) |  |  | 19.94 |  |  |  | (3,963 | ) |  |  | 13.33 |
Forfeited |  |  | (2,063,277 | ) |  |  | 30.58 |  |  |  | (619,522 | ) |  |  | 19.79 |  |  |  | — |  |  |  | — |
Balance, June 30, 2012 |  |  | 65,784,196 |  |  | $ | 29.30 |  |  |  | 13,968,630 |  |  | $ | 17.20 |  |  |  | 221,356 |  |  | $ | 12.22 |
Units Expected to Vest The following unvested units, after expected forfeitures, as of June 30, 2012, are expected to vest:
|  | Units |  |  | Weighted-Average Service Period in Years |
Blackstone Holdings Partnership Units |  |  | 61,474,866 |  |  |  | 2.9 |
Deferred Restricted Blackstone Common Units and Options |  |  | 11,895,121 |  |  |  | 2.6 |
Total Equity-Based Awards |  |  | 73,369,987 |  |  |  | 2.8 |
Phantom Units |  |  | 206,333 |  |  |  | 2.9 |

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 + Details
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