11. Affiliate Equity

The Company recognized compensation expense related to Affiliate equity of $6.3 million ($2.2 million attributable to the controlling interest) and $8.3 million ($5.2 million attributable to the controlling interest) for the three months ended March 31, 2012 and 2013, respectively.

The Company has a conditional right to call and holders of non-controlling interests have a conditional right to put their equity interests at certain intervals. The current redemption value of these interests has been presented as Redeemable non-controlling interests on the Company's Consolidated Balance Sheets. Changes in the current redemption value are recorded to Additional paid-in capital. The following table presents the changes in Redeemable non-controlling interests during the period:


Balance, as of December 31, 2012	$	477.5
Issuance of Redeemable non-controlling interests		3.4
Repurchase of Redeemable non-controlling interests		(12.9	)
Changes in redemption value		44.0

Balance, as of March 31, 2013	$	512.0

During the three months ended March 31, 2012 and 2013, the Company acquired interests from and transferred interests to Affiliate management partners. The following schedule discloses the effect of changes in the Company's ownership interest in its Affiliates on the controlling interest's equity:

	For the Three Months Ended March 31,

	2012			2013
Net income (controlling interest)	$	37.4		$	62.4
Increase (decrease) in controlling interest paid-in capital from purchases and sales of Affiliate equity		(6.0	)		(4.8	)

Change from Net income (controlling interest) and net transfers with non-controlling interests	$	31.4		$	57.6