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Incentive Plans (Tables) | 9 Months Ended
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Sep. 30, 2022
Summary of Impact of Share-Based Incentive Plans on Compensation and Benefits Expense | The following reflects the amortization expense recorded with respect to share-based incentive plans within “compensation and benefits” expense (with respect to RSUs, PRSUs, restricted stock, profits interest participation rights, including PRPUs, and other share-based awards) and “professional services” expense (with respect to DSUs) within the Company’s accompanying condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2022 and 2021:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Share-based incentive awards: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
RSUs |  | $ | 37,061 |  |  | $ | 30,780 |  |  | $ | 98,012 |  |  | $ | 101,687 |
PRSUs |  |  | 498 |  |  |  | 157 |  |  |  | 1,387 |  |  |  | 5,871 |
Restricted Stock |  |  | 6,420 |  |  |  | 2,826 |  |  |  | 19,197 |  |  |  | 14,592 |
Profits interest participation rights |  |  | 30,762 |  |  |  | 17,980 |  |  |  | 80,454 |  |  |  | 71,662 |
DSUs |  |  | 175 |  |  |  | 149 |  |  |  | 2,052 |  |  |  | 1,967 |
Total |  | $ | 74,916 |  |  | $ | 51,892 |  |  | $ | 201,102 |  |  | $ | 195,779 |
Summary of LFI and Other Similar Deferred Compensation Arrangements | The following is a summary of activity relating to LFI and other similar deferred compensation arrangements during the nine month period ended September 30, 2022:
|  | Prepaid Compensation Asset |  |  | Compensation Liability |
Balance, January 1, 2022 |  | $ | 108,049 |  |  | $ | 358,877 |
Granted |  |  | 167,654 |  |  |  | 167,654 |
Settled |  |  | - |  |  |  | (138,338 | )
Forfeited |  |  | (2,929 | ) |  |  | (13,206 | )
Amortization |  |  | (131,584 | ) |  |  | - |
Change in fair value related to: |  |  |  |  |  |  |  |
Change in fair value of underlying investments |  |  | - |  |  |  | (65,601 | )
Adjustment for estimated forfeitures |  |  | - |  |  |  | 3,903 |
Other |  |  | (81 | ) |  |  | (6,129 | )
Balance, September 30, 2022 |  | $ | 141,109 |  |  | $ | 307,160 |
The following is a summary of the impact of LFI and other similar deferred compensation arrangements on “compensation and benefits” expense within the accompanying condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2022 and 2021:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Amortization, net of forfeitures |  | $ | 41,956 |  |  | $ | 41,629 |  |  | $ | 125,210 |  |  | $ | 123,422 |
Change in the fair value of underlying investments |  |  | (16,180 | ) |  |  | (1,368 | ) |  |  | (65,601 | ) |  |  | 22,610 |
Total |  | $ | 25,776 |  |  | $ | 40,261 |  |  | $ | 59,609 |  |  | $ | 146,032 |
Restricted Stock Units and Deferred Stock Units [Member] |
Schedule of Activity Relating to Share-based Awards | The following is a summary of activity relating to RSUs and DSUs during the nine month period ended September 30, 2022:
|  | RSUs |  |  | DSUs |
|  | Units |  |  | Weighted Average Grant Date Fair Value |  |  | Units |  |  | Weighted Average Grant Date Fair Value |
Balance, January 1, 2022 |  |  | 8,150,782 |  |  | $ | 41.16 |  |  |  | 338,408 |  |  | $ | 38.01 |
Granted (including 336,740 RSUs relating to dividend participation) |  |  | 5,129,490 |  |  | $ | 33.64 |  |  |  | 57,757 |  |  | $ | 35.53 |  |
Forfeited |  |  | (251,988 | ) |  | $ | 39.60 |  |  |  | - |  |  |  | - |
Settled |  |  | (4,105,626 | ) |  | $ | 38.73 |  |  |  | - |  |  |  | - |
Balance, September 30, 2022 |  |  | 8,922,658 |  |  | $ | 38.00 |  |  |  | 396,165 |  |  | $ | 37.65 |
Restricted Stock Awards Class A [Member] |
Schedule of Activity Relating to Share-based Awards | The following is a summary of activity related to shares of restricted common stock associated with compensation arrangements during the nine month period ended September 30, 2022:
|  | Restricted Shares |  |  | Weighted Average Grant Date Fair Value |
Balance, January 1, 2022 |  |  | 871,227 |  |  | $ | 41.24 |
Granted (including 49,713 relating to dividend participation) |  |  | 1,046,748 |  |  | $ | 33.31 |
Forfeited |  |  | (78,869 | ) |  | $ | 37.56 |
Settled |  |  | (573,660 | ) |  | $ | 36.50 |
Balance, September 30, 2022 |  |  | 1,265,446 |  |  | $ | 37.06 |
PRSUs [Member] |
Schedule of Activity Relating to Share-based Awards | The following is a summary of activity relating to PRSUs during the nine month period ended September 30, 2022:
|  | PRSUs |  |  | Weighted Average Grant Date Fair Value |
Balance, January 1, 2022 |  |  | 32,394 |  |  | $ | 46.63 |
Granted |  |  | 62,296 |  |  | $ | 35.44 |
Balance, September 30, 2022 |  |  | 94,690 |  |  | $ | 39.27 |
Profits Interest Participation Rights [Member] |
Schedule of Activity Relating to Share-based Awards | The following is a summary of activity relating to profits interest participation rights, including PRPUs, during the nine month period ended September 30, 2022:
|  | Profits Interest Participation Rights |  |  | Weighted Average Grant Date Fair Value |
Balance, January 1, 2022 |  |  | 4,122,993 |  |  | $ | 41.50 |
Granted |  |  | 1,521,103 |  |  | $ | 34.53 |
Forfeited |  |  | (96,323 | ) |  | $ | 38.92 |
Settled |  |  | (1,902,756 | ) |  | $ | 38.76 |
Balance, September 30, 2022 (a) |  |  | 3,645,017 |  |  | $ | 40.09 |
(a) | Table includes 1,960,613 PRPUs, which represents the target number of PRPUs granted as of September 30, 2022, including 963,660 PRPUs granted during the nine month period ended September 30, 2022. The weighted average grant date fair values for PRPUs and other profits interest participation rights outstanding as of January 1, 2022 were $41.82 and $41.20, respectively. The weighted average grant date fair values for PRPUs and other profits interest participation rights granted during the nine month period ended September 30, 2022 were $35.44 and $32.95, respectively. The weighted average grant date fair values for other profits interest participation rights forfeited during the nine month period ended September 30, 2022 were $38.92. The weighted average grant date fair values for PRPUs and other profits interest participation rights settled during the nine month period ended September 30, 2022 were $38.86 and $38.65, respectively. The weighted average grant date fair values for PRPUs and other profits interest participation rights outstanding as of September 30, 2022 were $40.20 and $39.96, respectively.

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- Definition Tabular disclosure of an equity-based arrangement (such as stock or unit options and stock or unit awards) with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain equity-based awards at future dates, sometimes including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares or units issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 710 -SubTopic 10 -Section 30 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6409875&loc=d3e20015-108363 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5047-113901 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 710 -SubTopic 10 -Section 55 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=6409961&loc=d3e20517-108367 + Details
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