Affiliate Equity

A summary of Affiliate equity expense is as follows:



	For the Three Months Ended March 31,
	2014		2015
Affiliate equity expense	$	14.8	$	9.3
Tax benefit	2.9		1.5

Affiliate equity expense attributable to the non-controlling interests was $7.2 million and $5.3 million in the three months ended March 31, 2014 and 2015, respectively. As of December 31, 2014 and March 31, 2015, the Company had $71.1 million and $77.9 million, respectively, of unrecognized Affiliate equity expense, which will be recognized over a weighted average period of approximately four years (assuming no forfeitures). Of this unrecognized expense, $41.6 million and $50.5 million was attributable to the non-controlling interests, 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 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:



	Redeemable Non-controlling Interests
Balance, as of December 31, 2014	$	645.5
Transactions in Redeemable non-controlling interests	(12.2		)
Changes in redemption value	109.9
Balance, as of March 31, 2015	$	743.2

During the three months ended March 31, 2014 and 2015, the Company acquired interests from, and transferred interests to, Affiliate management. 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,
	2014			2015
Net income (controlling interest)	$	77.2		$	128.0
Increase (decrease) in controlling interest paid-in capital from purchases and sales of Affiliate equity	(16.3		)	(3.0		)
Change from Net income (controlling interest) and net transfers with non-controlling interests	$	60.9		$	125.0