v3.25.2
Equity-Based and Other Deferred Compensation (Tables)
6 Months Ended
Jun. 30, 2025
Equity-Based Compensation Expense and Related Income Tax Benefit

The following table represents equity-based compensation expense and the related income tax benefit for the three and six months ended June 30, 2025 and 2024:

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Equity-Based Compensation Expense

 

$

49,447

 

 

$

46,427

 

 

$

138,250

 

 

$

119,245

 

Income Tax Benefit

 

$

7,275

 

 

$

5,984

 

 

$

19,812

 

 

$

15,861

 

Summary of Activity Related to Unvested Restricted Stock Units

The following table summarizes activity related to unvested RSUs, including those that have fully achieved market conditions in prior periods and remain subject to service conditions, for the six months ended June 30, 2025:

 

 

Restricted Stock Units

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Average

 

 

 

 

 

 

Grant Date

 

 

 

Number of

 

 

Fair Value

 

 

 

Units

 

 

(in dollars)

 

Balance, December 31, 2024

 

 

7,188,089

 

 

$

81.28

 

Granted

 

 

1,323,471

 

 

 

174.75

 

Dividends Reinvested on RSUs

 

 

(43,680

)

 

 

57.37

 

Forfeited

 

 

(32,802

)

 

 

112.74

 

Vested

 

 

(2,143,883

)

 

 

69.63

 

Balance, June 30, 2025

 

 

6,291,195

 

 

$

104.92

 

Summary of Activity Related to Unvested Partnership Units

The following table summarizes activity related to unvested Partnership Units, including those that have fully achieved market conditions in prior periods and remain subject to service conditions, for the six months ended June 30, 2025:

 

 

Partnership Units

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Average

 

 

 

Number of

 

 

Grant Date

 

 

 

Partnership

 

 

Fair Value

 

 

 

Units

 

 

(in dollars)

 

Balance, December 31, 2024

 

 

1,299,131

 

 

$

59.16

 

Granted

 

 

60,227

 

 

 

162.60

 

Vested

 

 

(273,831

)

 

 

45.44

 

Balance, June 30, 2025

 

 

1,085,527

 

 

$

68.36

 

Summary of Unvested Units After Expected Forfeitures which are Expected to Vest

The following unvested units, after expected forfeitures, as of June 30, 2025, are expected to vest:

 

 

 

 

 

Weighted-
Average

 

 

 

 

 

 

Service Period

 

 

 

Units

 

 

in Years

 

Restricted Stock Units

 

 

6,119,999

 

 

 

1.7

 

Partnership Units

 

 

1,079,033

 

 

 

1.4

 

Total Equity-Based Awards

 

 

7,199,032

 

 

 

1.7