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v3.24.2

INCENTIVE PLANS (Tables) | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Impact of Share-Based Incentive Plans on Compensation and Benefits Expense | The following reflects the expense with respect to share-based incentive plans, which is primarily recorded within “compensation and benefits” expense in the Company’s accompanying condensed consolidated statements of operations for the three month and six month periods ended June 30, 2024 and 2023:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Share-based incentive awards: |  |  |  |  |  |  |
RSUs | $ | 67,419 |  |  | $ | 61,972 |  |  | $ | 128,539 |  |  | $ | 112,655 |
PRSUs | 314 |  |  | 562 |  |  | 719 |  |  | 1,351 |
PIPRs | 21,614 |  |  | 18,200 |  |  | 30,287 |  |  | 37,262 |
Total | $ | 89,347 |  |  | $ | 80,734 |  |  | $ | 159,545 |  |  | $ | 151,268 |
Schedule 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 six month period ended June 30, 2024:
| Prepaid Compensation Asset |  | Compensation Liability
Balance, January 1, 2024 | $ | 115,972 |  |  | $ | 365,420 |
Granted | 40,227 |  |  | 40,227 |
Settled | – |  |  | (137,682) |
Amortization and the impact of forfeitures | (62,348) |  |  | (4,243) |
Change in fair value of underlying investments | – |  |  | 8,172 |
Other | (77) |  |  | (1,677) |
Balance, June 30, 2024 | $ | 93,774 |  |  | $ | 270,217 |
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 six month periods ended June 30, 2024 and 2023:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Amortization and the impact of forfeitures | $ | 22,406 |  |  | $ | 57,558 |  |  | $ | 58,105 |  |  | $ | 92,086 |
Change in the fair value of underlying investments | (1,201) |  |  | 9,675 |  |  | 8,172 |  |  | 26,128 |
Total | $ | 21,205 |  |  | $ | 67,233 |  |  | $ | 66,277 |  |  | $ | 118,214 |
Restricted Stock Awards, PRSUs and DSUs |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Schedule of Activity Relating to Share-based Awards | The following is a summary of activity relating to RSUs and PRSUs during the six month period ended June 30, 2024:
| RSUs |  | PRSUs
| Units |  | Weighted Average Grant Date Fair Value |  | Units |  | Weighted Average Grant Date Fair Value
Balance, January 1, 2024 | 12,633,027 |  | $ | 36.16 |  |  | 125,465 |  | $ | 41.07 |
Granted (including 443,272 RSUs relating to dividend participation) | 8,351,633 |  | $ | 38.70 |  |  | – |  | $ | – |
Forfeited | (718,942) |  | $ | 36.22 |  |  | – |  | $ | – |
Settled | (3,730,998) |  | $ | 38.64 |  |  | (63,169) |  | $ | 46.63 |
Balance, June 30, 2024 | 16,534,720 |  | $ | 36.88 |  |  | 62,296 |  | $ | 35.44 |
PIPRs |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Schedule of Activity Relating to Share-based Awards | The following is a summary of activity relating to all PIPRs during the six month period ended June 30, 2024:
| Ordinary PIPRs (a) |  | P-PIPRs |  | SP-PIPRs
| Units |  | Weighted Average Grant Date Fair Value |  | Units |  | Weighted Average Grant Date Fair Value |  | Units |  | Weighted Average Grant Date Fair Value
Balance, January 1, 2024 | 2,640,769 |  | $ | 36.19 |  |  | 1,958,829 |  | $ | 41.12 |  |  | 2,250,000 |  | $ | 15.06 |
Granted | 1,368,964 |  | $ | 38.26 |  |  | – |  | $ | – |  |  | – |  | $ | – |
Forfeited | (61,878) |  | $ | 35.85 |  |  | – |  | $ | – |  |  | – |  | $ | – |
Settled | (601,433) |  | $ | 43.23 |  |  | (995,169) |  | $ | 46.63 |  |  | – |  | $ | – |
Balance, June 30, 2024 | 3,346,422 |  | $ | 35.78 |  |  | 963,660 |  | $ | 35.44 |  |  | 2,250,000 |  | $ | 15.06 |
__________________________ (a)Includes PIPR awards with only service-based vesting conditions.

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