Affiliate Equity

A summary of Affiliate equity compensation is as follows:



	For the Three Months Ended March 31,
	2013		2014
Affiliate equity compensation	$	11.5	$	14.8
Tax benefit	3.2		2.9

Affiliate equity compensation attributable to the non-controlling interests was $3.2 million and $7.2 million in the three months ended March 31, 2013 and 2014, respectively. As of December 31, 2013 and March 31, 2014, the Company had $68.2 million and $78.0 million of unrecognized Affiliate equity compensation. Of this unrecognized compensation expense, $32.1 million and $42.0 million is attributable to the non-controlling interests, respectively. These expenses will be recognized over a weighted average period of approximately four years (assuming no forfeitures).

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 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:



	For the Three Months Ended March 31, 2014
Balance, beginning of period	$	641.9
Transactions in Redeemable non-controlling interests	(29.8		)
Changes in redemption value	48.5
Balance, end of period	$	660.6

During the three months ended March 31, 2013 and 2014, 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,
	2013			2014
Net income (controlling interest)	$	62.4		$	77.2
Increase (decrease) in controlling interest paid-in capital from purchases and sales of Affiliate equity	(4.8		)	(16.3		)
Change from Net income (controlling interest) and net transfers with non-controlling interests	$	57.6		$	60.9