Company: LAZ
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001628280-25-007441
Chunk: 288

Company: Lazard, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 288
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 millions)Stockholders’ Equity - Beginning of Year$482 $675 Increase (decrease) due to:Net income (loss) (a)281 (69)Other comprehensive income (loss)(37)6 Amortization of share-based incentive compensation278 251 Purchase of common stock(60)(102)Settlement of share-based incentive compensation (b)(66)(54)Common stock dividends(179)(173)LFI Consolidated Funds– (74)Other - net(14)22 Stockholders’ Equity - End of Year$685 $482 

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(a)Excludes net income associated with redeemable noncontrolling interests of $6 million and $12 million in 2024 and 2023, respectively.

(b)The tax withholding portion of share-based compensation is settled in cash, not shares.

See the Consolidated Financial Statements—Consolidated Statements of Changes in Stockholders’ Equity and Redeemable Noncontrolling Interests for further detail.

The Board of Directors of Lazard has issued a series of authorizations to repurchase common stock, which help offset the dilutive effect of our share-based incentive compensation plans. The Company aims to repurchase shares to offset dilution from the shares it expects to issue pursuant to such compensation plans in respect of year-end incentive compensation over time. The rate at which the Company purchases shares in connection with this annual objective may vary from period to period due to a variety of factors. Purchases with respect to such program are set forth in the table below: 

Year Ended December 31:Number ofShares PurchasedAveragePrice PerShare202219,666,798$35.17 20232,782,662$36.67 20241,409,988 $42.20 

As of December 31, 2024, a total of $200 million of share repurchase authorization remained available under Lazard, Inc.’s share repurchase program which will expire on December 31, 2026. As of January 24, 2025, our total outstanding share repurchase authorization was approximately $180 million.  

During the year ended December 31, 2024, Lazard, Inc. had in place trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), pursuant to which it effected stock repurchases in the open market.

On January 29, 2025, the Board of Directors of