UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
|
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2017
OR
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
001-32492
(Commission File Number)
LAZARD LTD
(Exact name of registrant as specified in its charter)
|
Bermuda |
98-0437848 |
|
(State or Other Jurisdiction of Incorporation |
(I.R.S. Employer Identification No.) |
|
or Organization) |
|
Clarendon House
2 Church Street
Hamilton HM11, Bermuda
(Address of principal executive offices)
Registrant’s telephone number: (441) 295-1422
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files). Yes ☒ No ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
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Large accelerated filer ☒ |
Accelerated filer ☐ |
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Non-accelerated filer ☐ |
Smaller reporting company ☐ |
|
|
Emerging growth company ☐ |
If the Registrant is an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of July 21, 2017, there were 129,766,091 shares of the Registrant’s Class A common stock outstanding (including 8,157,267 shares held by subsidiaries).
When we use the terms “Lazard”, “we”, “us”, “our” and “the Company”, we mean Lazard Ltd, a company incorporated under the laws of Bermuda, and its subsidiaries, including Lazard Group LLC, a Delaware limited liability company (“Lazard Group”), that is the current holding company for our businesses. Lazard Ltd’s primary operating asset is its indirect ownership as of June 30, 2017 of all of the common membership interests in Lazard Group and its controlling interest in Lazard Group.
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Page |
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Condensed Consolidated Statements of Financial Condition as of June 30, 2017 and December 31, 2016 |
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2 |
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4 |
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5 |
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6 |
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7 |
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9 |
1
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
JUNE 30, 2017 AND DECEMBER 31, 2016
(UNAUDITED)
(dollars in thousands, except for per share data)
|
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June 30, |
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December 31, |
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2017 |
|
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2016 |
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||
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ASSETS |
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|
|
|
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Cash and cash equivalents |
|
$ |
955,639 |
|
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$ |
1,158,785 |
|
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Deposits with banks and short-term investments |
|
|
756,507 |
|
|
|
419,668 |
|
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Cash deposited with clearing organizations and other segregated cash |
|
|
34,480 |
|
|
|
29,030 |
|
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Receivables (net of allowance for doubtful accounts of $25,094 and $16,386 at June 30, 2017 and December 31, 2016, respectively): |
|
|
|
|
|
|
|
|
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Fees |
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527,470 |
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|
|
564,291 |
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Customers and other |
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127,269 |
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|
73,991 |
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|
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654,739 |
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638,282 |
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Investments |
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421,727 |
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|
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459,422 |
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Property (net of accumulated amortization and depreciation of $307,080 and $286,001 at June 30, 2017 and December 31, 2016, respectively) |
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200,301 |
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|
209,021 |
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Goodwill and other intangible assets (net of accumulated amortization of $61,771 and $60,080 at June 30, 2017 and December 31, 2016, respectively) |
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389,216 |
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382,024 |
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Deferred tax assets |
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1,113,528 |
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1,075,777 |
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Other assets |
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243,625 |
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|
184,499 |
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Total Assets |
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$ |
4,769,762 |
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$ |
4,556,508 |
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See notes to condensed consolidated financial statements.
2
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
JUNE 30, 2017 AND DECEMBER 31, 2016
(UNAUDITED)
(dollars in thousands, except for per share data)
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June 30, |
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December 31, |
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2017 |
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2016 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Liabilities: |
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Deposits and other customer payables |
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$ |
829,993 |
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$ |
472,283 |
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Accrued compensation and benefits |
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|
378,279 |
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|
541,588 |
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Senior debt |
|
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1,189,489 |
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1,188,600 |
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Tax receivable agreement obligation |
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512,834 |
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|
513,610 |
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Deferred tax liabilities |
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8,966 |
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9,168 |
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Other liabilities |
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547,488 |
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537,446 |
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Total Liabilities |
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3,467,049 |
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3,262,695 |
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Commitments and contingencies |
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STOCKHOLDERS’ EQUITY |
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Preferred stock, par value $.01 per share; 15,000,000 shares authorized: |
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Series A - no shares issued and outstanding |
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- |
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- |
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Series B - no shares issued and outstanding |
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- |
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- |
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Common stock: |
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Class A, par value $.01 per share (500,000,000 shares authorized; 129,766,091 shares issued at June 30, 2017 and December 31, 2016, including shares held by subsidiaries as indicated below) |
|
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1,298 |
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|
1,298 |
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Additional paid-in-capital |
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673,242 |
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688,231 |
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Retained earnings |
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1,166,026 |
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1,134,186 |
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Accumulated other comprehensive loss, net of tax |
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(277,785 |
) |
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(314,222 |
) |
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1,562,781 |
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1,509,493 |
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Class A common stock held by subsidiaries, at cost (8,160,804 and 7,628,786 shares at June 30, 2017 and December 31, 2016, respectively) |
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(319,755 |
) |
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(273,506 |
) |
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Total Lazard Ltd Stockholders’ Equity |
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1,243,026 |
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1,235,987 |
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Noncontrolling interests |
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59,687 |
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57,826 |
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Total Stockholders’ Equity |
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1,302,713 |
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1,293,813 |
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Total Liabilities and Stockholders’ Equity |
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$ |
4,769,762 |
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$ |
4,556,508 |
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See notes to condensed consolidated financial statements.
3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTH AND SIX MONTH PERIODS ENDED JUNE 30, 2017 AND 2016
(UNAUDITED)
(dollars in thousands, except for per share data)
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2017 |
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2016 |
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2017 |
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2016 |
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REVENUE |
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Investment banking and other advisory fees |
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$ |
410,275 |
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$ |
286,609 |
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$ |
745,191 |
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$ |
551,752 |
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Asset management fees |
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293,879 |
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241,397 |
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566,803 |
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475,128 |
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Interest income |
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1,609 |
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1,168 |
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3,263 |
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2,540 |
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Other |
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24,183 |
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17,468 |
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52,109 |
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27,338 |
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Total revenue |
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729,946 |
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546,642 |
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1,367,366 |
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1,056,758 |
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Interest expense |
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12,766 |
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11,962 |
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26,722 |
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23,860 |
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Net revenue |
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717,180 |
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534,680 |
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1,340,644 |
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1,032,898 |
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OPERATING EXPENSES |
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Compensation and benefits |
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414,612 |
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308,310 |
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776,413 |
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605,520 |
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Occupancy and equipment |
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30,828 |
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27,163 |
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58,312 |
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|
54,170 |
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Marketing and business development |
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24,027 |
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23,877 |
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43,779 |
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|
43,565 |
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Technology and information services |
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32,032 |
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24,296 |
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|
|
56,056 |
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|
47,227 |
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Professional services |
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11,234 |
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11,245 |
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|
22,696 |
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|
|
21,007 |
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Fund administration and outsourced services |
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18,338 |
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|
|
15,895 |
|
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|
34,251 |
|
|
|
29,330 |
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Amortization and other acquisition-related costs |
|
|
1,257 |
|
|
|
330 |
|
|
|
4,831 |
|
|
|
974 |
|
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Other |
|
|
12,351 |
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|
|
10,328 |
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|
|
21,608 |
|
|
|
19,492 |
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Total operating expenses |
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|
544,679 |
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|
|
421,444 |
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1,017,946 |
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|
821,285 |
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OPERATING INCOME |
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|
172,501 |
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|
|
113,236 |
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322,698 |
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|
211,613 |
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Provision for income taxes |
|
|
51,600 |
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|
31,872 |
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|
91,367 |
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|
59,526 |
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NET INCOME |
|
|
120,901 |
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|
|
81,364 |
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|
231,331 |
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|
152,087 |
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LESS - NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS |
|
|
523 |
|
|
|
1,007 |
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|
3,400 |
|
|
|
4,907 |
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NET INCOME ATTRIBUTABLE TO LAZARD LTD |
|
$ |
120,378 |
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$ |
80,357 |
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$ |
227,931 |
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$ |
147,180 |
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ATTRIBUTABLE TO LAZARD LTD CLASS A COMMON STOCKHOLDERS: |
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WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING: |
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|
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Basic |
|
|
122,368,150 |
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|
|
125,461,948 |
|
|
|
122,591,656 |
|
|
|
125,751,195 |
|
|
Diluted |
|
|
132,139,616 |
|
|
|
132,341,522 |
|
|
|
132,414,496 |
|
|
|
132,616,403 |
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NET INCOME PER SHARE OF COMMON STOCK: |
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|
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Basic |
|
$ |
0.98 |
|
|
$ |
0.64 |
|
|
$ |
1.86 |
|
|
$ |
1.17 |
|
|
Diluted |
|
$ |
0.91 |
|
|
$ |
0.61 |
|
|
$ |
1.72 |
|
|
$ |
1.11 |
|
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DIVIDENDS DECLARED PER SHARE OF COMMON STOCK |
|
$ |
0.41 |
|
|
$ |
0.38 |
|
|
$ |
1.99 |
|
|
$ |
1.93 |
|
See notes to condensed consolidated financial statements.
4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE THREE MONTH AND SIX MONTH PERIODS ENDED JUNE 30, 2017 AND 2016
(UNAUDITED)
(dollars in thousands)
|
|
|
Three Months Ended |
|
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Six Months Ended |
|
||||||||||
|
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|
June 30, |
|
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June 30, |
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||||||||||
|
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|
2017 |
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2016 |
|
|
2017 |
|
|
2016 |
|
||||
|
NET INCOME |
|
$ |
120,901 |
|
|
$ |
81,364 |
|
|
$ |
231,331 |
|
|
$ |
152,087 |
|
|
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency translation adjustments (including a tax benefit of $1,723 for the three months ended June 30, 2016 and $2,869 for the six months ended June 30, 2016) |
|
|
26,167 |
|
|
|
(16,104 |
) |
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|
43,099 |
|
|
|
(4,365 |
) |
|
Employee benefit plans: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
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Actuarial loss (net of tax benefit of $2,215 and $228 for the three months ended June 30, 2017 and 2016, respectively, and $2,476 and $298 for the six months ended June 30, 2017 and 2016, respectively) |
|
|
(8,609 |
) |
|
|
(475 |
) |
|
|
(9,104 |
) |
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|
(616 |
) |
|
Adjustment for items reclassified to earnings (net of tax expense of $196 and $403 for the three months ended June 30, 2017 and 2016, respectively, and $472 and $796 for the six months ended June 30, 2017 and 2016, respectively) |
|
|
1,356 |
|
|
|
1,121 |
|
|
|
2,442 |
|
|
|
2,307 |
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OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX |
|
|
18,914 |
|
|
|
(15,458 |
) |
|
|
36,437 |
|
|
|
(2,674 |
) |
|
COMPREHENSIVE INCOME |
|
|
139,815 |
|
|
|
65,906 |
|
|
|
267,768 |
|
|
|
149,413 |
|
|
LESS - COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS |
|
|
523 |
|
|
|
1,007 |
|
|
|
3,400 |
|
|
|
4,907 |
|
|
COMPREHENSIVE INCOME ATTRIBUTABLE TO LAZARD LTD |
|
$ |
139,292 |
|
|
$ |
64,899 |
|
|
$ |
264,368 |
|
|
$ |
144,506 |
|
See notes to condensed consolidated financial statements.
5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTH PERIODS ENDED JUNE 30, 2017 AND 2016
(UNAUDITED)
(dollars in thousands)
|
|
|
Six Months Ended |
|
|||||
|
|
|
June 30, |
|
|||||
|
|
|
2017 |
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|
2016 |
|
||
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
231,331 |
|
|
$ |
152,087 |
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization of property |
|
|
15,371 |
|
|
|
16,630 |
|
|
Amortization of deferred expenses and share-based incentive compensation |
|
|
209,127 |
|
|
|
199,217 |
|
|
Amortization and other acquisition-related costs |
|
|
4,831 |
|
|
|
974 |
|
|
Deferred tax provision |
|
|
39,936 |
|
|
|
25,159 |
|
|
(Increase) decrease in operating assets: |
|
|
|
|
|
|
|
|
|
Deposits with banks and short-term investments |
|
|
(286,538 |
) |
|
|
(271,010 |
) |
|
Cash deposited with clearing organizations and other segregated cash |
|
|
(4,592 |
) |
|
|
1,697 |
|
|
Receivables-net |
|
|
2,227 |
|
|
|
120 |
|
|
Investments |
|
|
30,454 |
|
|
|
51,342 |
|
|
Other assets |
|
|
(88,178 |
) |
|
|
(52,586 |
) |
|
Increase (decrease) in operating liabilities: |
|
|
|
|
|
|
|
|
|
Deposits and other payables |
|
|
305,645 |
|
|
|
207,503 |
|
|
Accrued compensation and benefits and other liabilities |
|
|
(181,227 |
) |
|
|
(312,862 |
) |
|
Net cash provided by operating activities |
|
|
278,387 |
|
|
|
18,271 |
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
Additions to property |
|
|
(9,408 |
) |
|
|
(11,118 |
) |
|
Disposals of property |
|
|
193 |
|
|
|
159 |
|
|
Net cash used in investing activities |
|
|
(9,215 |
) |
|
|
(10,959 |
) |
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
Proceeds from: |
|
|
|
|
|
|
|
|
|
Contributions from noncontrolling interests |
|
|
- |
|
|
|
93 |
|
|
Excess tax benefits from share-based incentive compensation |
|
|
- |
|
|
|
2,340 |
|
|
Other financing activities |
|
|
- |
|
|
|
8,004 |
|
|
Payments for: |
|
|
|
|
|
|
|
|
|
Capital lease obligations |
|
|
(7,320 |
) |
|
|
(835 |
) |
|
Distributions to noncontrolling interests |
|
|
(1,743 |
) |
|
|
(708 |
) |
|
Payments under tax receivable agreement |
|
|
(776 |
) |
|
|
(10,086 |
) |
|
Purchase of Class A common stock |
|
|
(184,892 |
) |
|
|
(194,729 |
) |
|
Class A common stock dividends |
|
|
(242,427 |
) |
|
|
(242,085 |
) |
|
Settlement of vested share-based incentive compensation |
|
|
(66,085 |
) |
|
|
(54,164 |
) |
|
Other financing activities |
|
|
(8,970 |
) |
|
|
(2,327 |
) |
|
Net cash used in financing activities |
|
|
(512,213 |
) |
|
|
(494,497 |
) |
|
EFFECT OF EXCHANGE RATE CHANGES ON CASH |
|
|
39,895 |
|
|
|
1,556 |
|
|
NET DECREASE IN CASH AND CASH EQUIVALENTS |
|
|
(203,146 |
) |
|
|
(485,629 |
) |
|
CASH AND CASH EQUIVALENTS—January 1 |
|
|
1,158,785 |
|
|
|
1,132,083 |
|
|
CASH AND CASH EQUIVALENTS—June 30 |
|
$ |
955,639 |
|
|
$ |
646,454 |
|
See notes to condensed consolidated financial statements.
6
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2016
(UNAUDITED)
(dollars in thousands)
|
|
|
Series A |
|
|
|
|
|
Additional |
|
|
|
|
|
|
Accumulated Other Comprehensive |
|
|
Class A Common Stock |
|
|
Total Lazard Ltd |
|
|
|
|
|
|
Total |
|
|||||||||||||||||||
|
|
|
Preferred Stock |
|
|
Common Stock |
|
|
Paid-In- |
|
|
Retained |
|
|
Income (Loss), |
|
|
Held By Subsidiaries |
|
|
Stockholders’ |
|
|
Noncontrolling |
|
|
Stockholders’ |
|
|||||||||||||||||||||
|
|
|
Shares |
|
|
$ |
|
|
Shares |
|
|
$ |
|
|
Capital |
|
|
Earnings |
|
|
Net of Tax |
|
|
Shares |
|
|
$ |
|
|
Equity |
|
|
Interests |
|
|
Equity |
|
||||||||||||
|
Balance - January 1, 2016 |
|
|
7,921 |
|
|
$ |
- |
|
|
|
129,766,091 |
|
|
$ |
1,298 |
|
|
$ |
600,034 |
|
|
$ |
1,123,728 |
|
|
$ |
(234,356 |
) |
|
|
4,253,381 |
|
|
$ |
(177,249 |
) |
|
$ |
1,313,455 |
|
|
$ |
53,851 |
|
|
$ |
1,367,306 |
|
|
Comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
147,180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
147,180 |
|
|
|
4,907 |
|
|
|
152,087 |
|
|
Other comprehensive loss - net of tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,674 |
) |
|
|
|
|
|
|
|
|
|
|
(2,674 |
) |
|
|
|
|
|
|
(2,674 |
) |
|
Amortization of share-based incentive compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
155,325 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
155,325 |
|
|
|
|
|
|
|
155,325 |
|
|
Dividend-equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,364 |
|
|
|
(30,691 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,327 |
) |
|
|
|
|
|
|
(2,327 |
) |
|
Class A common stock dividends |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(242,085 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(242,085 |
) |
|
|
|
|
|
|
(242,085 |
) |
|
Purchase of Class A common stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,646,092 |
|
|
|
(194,729 |
) |
|
|
(194,729 |
) |
|
|
|
|
|
|
(194,729 |
) |
|
Delivery of Class A common stock in connection with share-based incentive compensation and related tax benefit of $7,090 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(203,406 |
) |
|
|
|
|
|
|
|
|
|
|
(3,889,417 |
) |
|
|
156,332 |
|
|
|
(47,074 |
) |
|
|
|
|
|
|
(47,074 |
) |
|
Business acquisitions and related equity transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delivery of Class A common stock and related tax benefit of $11,126 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(19,167 |
) |
|
|
|
|
|
|
|
|
|
|
(799,437 |
) |
|
|
30,293 |
|
|
|
11,126 |
|
|
|
|
|
|
|
11,126 |
|
|
Distributions to noncontrolling interests, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
(615 |
) |
|
|
(615 |
) |
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,004 |
|
|
|
|
|
|
|
8,004 |
|
|
Balance - June 30, 2016 |
|
|
7,921 |
|
|
$ |
- |
|
|
|
129,766,091 |
|
|
$ |
1,298 |
|
|
$ |
569,154 |
|
|
$ |
998,132 |
|
|
$ |
(237,030 |
) |
|
|
5,210,619 |
|
|
$ |
(185,353 |
) |
|
$ |
1,146,201 |
|
|
$ |
58,143 |
|
|
$ |
1,204,344 |
|
See notes to condensed consolidated financial statements.
7
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2017
(UNAUDITED)
(dollars in thousands)
|
|
|
|
|
|
Additional |
|
|
|
|
|
|
Accumulated Other Comprehensive |
|
|
Class A Common Stock |
|
|
Total Lazard Ltd |
|
|
|
|
|
|
Total |
|
||||||||||||||
|
|
|
Common Stock |
|
|
Paid-In- |
|
|
Retained |
|
|
Income (Loss), |
|
|
Held By Subsidiaries |
|
|
Stockholders’ |
|
|
Noncontrolling |
|
|
Stockholders’ |
|
||||||||||||||||
|
|
|
Shares |
|
|
$ |
|
|
Capital |
|
|
Earnings |
|
|
Net of Tax |
|
|
Shares |
|
|
$ |
|
|
Equity |
|
|
Interests |
|
|
Equity |
|
||||||||||
|
Balance - January 1, 2017 |
|
|
129,766,091 |
|
|
$ |
1,298 |
|
|
$ |
688,231 |
|
|
$ |
1,134,186 |
|
|
$ |
(314,222 |
) |
|
|
7,628,786 |
|
|
$ |
(273,506 |
) |
|
$ |
1,235,987 |
|
|
$ |
57,826 |
|
|
$ |
1,293,813 |
|
|
Adjustment for the cumulative effect on prior years from the adoption of new accounting guidance related to share-based incentive compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
81,544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
81,544 |
|
|
|
|
|
|
|
||