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Compensation and Benefits (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Components of Compensation Expense | Total compensation and benefits consists of the following:
| For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Salaries, incentive compensation and benefits (1) | $ | 469,869 |  |  | $ | 458,609 |  |  | $ | 516,931 |
Franchise capital award compensation expense | 27,359 |  |  | 11,769 |  |  | 6,887 |
Restricted share-based award compensation expense | 32,167 |  |  | 40,004 |  |  | 39,236 |
Long-term incentive compensation expense | 59,526 |  |  | 51,773 |  |  | 46,123 |
Total compensation and benefits | $ | 529,395 |  |  | $ | 510,382 |  |  | $ | 563,054 |
(1) Excluding long-term incentive compensation expense.
Restricted Share Activity | The following tables summarize the restricted share-based award activity for the years ended December 31, 2023, 2022 and 2021:
| Weighted-Average Grant Date Fair Value |  | Restricted Stock Awards and Restricted Stock Units
Unvested at January 1, 2021 | $ | 35.09 |  |  | 5,293,642 |
Granted | 52.93 |  |  | 741,555 |
Forfeited | 29.99 |  |  | (101,001) |
Vested | 31.51 |  |  | (688,802) |
Unvested at January 1, 2022 | $ | 38.18 |  |  | 5,245,394 |
Granted | 41.86 |  |  | 788,703 |
Forfeited | 40.11 |  |  | (18,671) |
Vested | 34.85 |  |  | (619,083) |
Unvested at January 1, 2023 | $ | 39.09 |  |  | 5,396,343 |
Granted | 34.99 |  |  | 517,386 |
Forfeited | 42.95 |  |  | (19,750) |
Vested | 37.55 |  |  | (542,487) |
Unvested at December 31, 2023 | $ | 38.84 |  |  | 5,351,492 |
| Weighted-Average Grant Date Fair Value |  | Performance Share Units
Unvested at January 1, 2021 | $ | 52.45 |  |  | 60,000 |
Granted | 68.58 |  |  | 75,230 |
Forfeited | — |  |  | — |
Vested | — |  |  | — |
Unvested at January 1, 2022 | $ | 61.42 |  |  | 135,230 |
Granted | 53.50 |  |  | 95,940 |
Forfeited | — |  |  | — |
Vested | — |  |  | — |
Unvested at January 1, 2023 | $ | 58.13 |  |  | 231,170 |
Granted | — |  |  | — |
Forfeited | — |  |  | — |
Vested (1) | 34.97 |  |  | (15,000) |
Unvested at December 31, 2023 | $ | 54.89 |  |  | 216,170 |
(1) During the year ended December 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, 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.
Schedule Of Impact Of Change In Fair Value Of Franchise Awards | The change in value of the investments had the following impact on the Consolidated Statements of Operations:
|  | For the Years Ended December 31,
Statement of Operations Section | Statement of Operations Line Item | 2023 |  | 2022 |  | 2021
Operating expense (benefit) | Compensation and benefits | $ | 4,775 |  |  | $ | (3,391) |  |  | $ | 520 |
Non-operating income (expense) | Net investment gain (loss) of nonconsolidated investment products | 16,543 |  |  | (13,198) |  |  | 2,717 |

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