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Compensation and Benefits (Tables) | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Components of Compensation Expense | Total compensation and benefits consist of the following:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Salaries, incentive compensation and benefits (1) | $ | 118,271 |  |  | $ | 109,563 |  |  | $ | 350,147 |  |  | $ | 352,221 |
Long-term cash incentive compensation expense | 4,625 |  |  | 2,453 |  |  | 17,969 |  |  | 7,065 |
Restricted share-based award compensation expense | 7,752 |  |  | 10,017 |  |  | 24,477 |  |  | 30,073 |
Long-term incentive compensation expense | 12,377 |  |  | 12,470 |  |  | 42,446 |  |  | 37,138 |
Total compensation and benefits | $ | 130,648 |  |  | $ | 122,033 |  |  | $ | 392,593 |  |  | $ | 389,359 |
(1) Excluding long-term incentive compensation expense
Restricted Share-Based Award Activity | The following tables summarize the restricted share-based award activity for the nine months ended September 30, 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 | 43.40 |  |  | (17,916) |
Vested | 37.55 |  |  | (542,487) |
Unvested at September 30, 2023 | $ | 38.84 |  |  | 5,353,326 |
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 September 30, 2023 | $ | 54.89 |  |  | 216,170 |
(1) During the nine months ended September 30, 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, or 90,000 shares of Class A common stock. 45,000 shares of Class A common stock were promptly delivered at that time, while the remaining 45,000 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 September 30, |  | For the Nine Months Ended September 30,
Statement of Operations Section | Statement of Operations Line Item | 2023 |  | 2022 |  | 2023 |  | 2022
Operating expenses (benefit) | Compensation and benefits | $ | (1,230) |  |  | $ | (1,490) |  |  | $ | 1,216 |  |  | $ | (4,138) |
Non-operating income (expense) | Other net investment gain (loss) | (4,454) |  |  | (3,987) |  |  | 6,127 |  |  | (19,192) |

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