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Compensation and Benefits (Tables)

9 Months Ended

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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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
-Topic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//320/tableOfContent

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

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Topic 325
-Publisher FASB
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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Subparagraph (c)
-Paragraph 2
-SubTopic 10
-Topic 718
-Publisher FASB
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