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Compensation and Benefits (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Components of Compensation Expense

Total compensation and benefits consists of the following:

			For the Three Months Ended March 31,
			2023						2022
Salaries, incentive compensation and benefits (1)			$	115,550					$	127,195
Long-term cash incentive compensation expense			6,984						2,649
Restricted share-based award compensation expense			8,978						10,088
Long-term incentive compensation expense			15,962						12,737
Total compensation and benefits			$	131,512					$	139,932
(1) Excluding long-term incentive compensation expense

Restricted Share-Based Award Activity

The following tables summarize the restricted share-based award activity for the three months ended March 31, 2023:

			Weighted-Average Grant Date Fair Value						Restricted Stock Awards and Restricted Stock Units
Unvested at January 1, 2023			$	39.09					5,396,343
Granted			34.99						517,386
Forfeited			40.79						(4,323)
Vested			37.55						(542,487)
Unvested at March 31, 2023			$	38.85					5,366,919

Nonvested Restricted Stock Shares Activity

			Weighted-Average Grant Date Fair Value						Performance Share Units
Unvested at January 1, 2023			$	58.13					231,170
Granted			—						—
Forfeited			—						—
Vested (1)			34.97						(15,000)
Unvested at March 31, 2023			$	54.89					216,170
(1) During the three months ended March 31, 2023, the 60,000 PSUs granted in 2020 met the requisite three-year performance conditions, resulting in the potential vesting of 150% of the PSUs. 45,000 shares of Class A common stock were promptly delivered at that time, while the remaining PSUs remain subject to the qualified retirement vesting condition.

Change in Value of Investments

The change in value of the investments had the following impact on the unaudited consolidated statements of operations:

						For the Three Months Ended March 31,
Statement of Operations Section			Statement of Operations Line Item			2023						2022
Operating expenses (benefit)			Compensation and benefits			$	1,732					$	(707)
Non-operating income (expense)			Other net investment gain (loss)			7,018						(2,961)

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Tabular disclosure of expenditures for salaries, wages, profit sharing and incentive compensation, and other employee benefits, including equity-based compensation, and pension and other postretirement benefit expense.

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Tabular disclosure of investment.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 325
-URI https://asc.fasb.org/topic&trid=2197064

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 321
-URI https://asc.fasb.org/topic&trid=75115024

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI https://asc.fasb.org/topic&trid=2196928

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-URI https://asc.fasb.org/topic&trid=2196965

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+ 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
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

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