v3.22.2

Share-Based Compensation (Notes) | 6 Months Ended
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Jun. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | Share-Based Compensation The Company has an Omnibus Incentive Plan (the “Omnibus Plan”) and a Partnership Inducement Award Plan (the “Inducement Plan” and collectively, the “Plans”) to motivate and reward Colleagues and other individuals, including those who join the Company through Partnerships, to perform at the highest level and contribute significantly to the Company’s success, thereby furthering the best interests of its shareholders. The Omnibus Plan and the Inducement Plan provide for the Company to make awards of 6,142,862 and 3,000,000 shares of Class A common stock, respectively, at June 30, 2022. During the six months ended June 30, 2022, the Company made awards of restricted stock, unrestricted stock and performance-based restricted stock units under the Plans to its non-employee directors, Colleagues and executive officers. Shares of unrestricted stock issued to directors during the six months ended June 30, 2022 were vested upon issuance, while restricted stock issued to Colleagues, Risk Advisors and executive officers generally either cliff vest after 3 to 4 years or vest ratably over 3 to 5 years. The following table summarizes the activity for non-vested awards granted by the Company under the Plans:
|  | Shares |  | Weighted-Average Grant-Date Fair Value Per Share
Outstanding at December 31, 2021 |  | 3,215,731 |  |  | $ | 28.83 |
Granted |  | 853,576 |  |  | 28.57 |
Vested and settled |  | (356,531) |  |  | 27.05 |
Forfeited |  | (54,194) |  |  | 26.00 |
Outstanding at June 30, 2022 |  | 3,658,582 |  |  | 28.67 |
The total fair value of shares that vested and settled under the Plans was $9.6 million and $3.9 million for the six months ended June 30, 2022 and 2021, respectively. Share-based compensation includes expense recognized for management incentive units and advisor incentives, in addition to issuances under the Plans. The Company recognizes share-based compensation expense for the Plans net of actual forfeitures. The Company recorded total share-based compensation expense of $10.1 million and $4.5 million for the three months ended June 30, 2022 and 2021, respectively, and $17.7 million and $8.1 million for the six months ended June 30, 2022 and 2021, respectively, which is included in commissions, employee compensation and benefits expense in the condensed consolidated statements of comprehensive income (loss).

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