Compensation and Benefits (Tables)

12 Months Ended

Dec. 31, 2024

Total compensation and benefits consist of the following:


	For the Years Ended December 31,
	2024		2023		2022
Salaries, incentive compensation and benefits (1)	$	521,062	$	469,869	$	458,609
Long-term cash incentive compensation expense	41,790		27,359		11,769
Restricted share-based award compensation expense	31,273		32,167		40,004
Long-term incentive compensation expense	73,063		59,526		51,773
Total compensation and benefits	$	594,125	$	529,395	$	510,382
(1) Excluding long-term incentive compensation expense.

The following tables summarize the restricted share-based award activity for the years ended December 31, 2024, 2023 and 2022:


	Weighted-Average Grant Date Fair Value		Restricted Stock Awards and Restricted Stock Units
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 January 1, 2024	$	38.84	5,351,492
Granted	41.97		504,055
Forfeited	40.26		(36,022)
Vested	37.56		(543,045)
Unvested at December 31, 2024	$	39.26	5,276,480


	Weighted-Average Grant Date Fair Value		Performance Share Units
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	34.97		(15,000)
Unvested at January 1, 2024 (2)	$	54.89	216,170
Granted	—		—
Forfeited	—		—
Adjustment for performance results achieved (1)	45.72		3
Vested (1)	50.52		(39,981)
Unvested at December 31, 2024 (2)	$	37.86	176,192
(1) During the year ended December 31, 2024, the 75,230 PSUs granted in 2021 met the requisite three-year performance conditions for the potential delivery of 75,233 shares (3 additional shares for results achieved). 39,981 shares of Class A common stock were delivered during the year ended December 31, 2024, while the remaining 35,252 units remain subject to the qualified retirement provision.
(2) 80,252 and 45,000 PSUs at December 31, 2024 and December 31, 2023, respectively, had met the requisite three-year performance conditions for vesting but remain outstanding subject to a qualifying 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	2024		2023		2022
Operating expenses (benefit)	Compensation and benefits	$	7,782	$	4,775	$	(3,391)
Non-operating income (expense)	Net investment gain (loss) of nonconsolidated investment products	14,537		16,543		(13,198)
Non-operating income (expense)	Net investment gain (loss) of consolidated investment products	2,264		1,370		(348)