Compensation and Benefits (Tables)

12 Months Ended

Dec. 31, 2023

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.

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.

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