猫咪社区

(11)Stockholders' Equity

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Preferred Stock

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猫咪社区's preferred stock is issuable, from time to time, with such designations, preferences and relative participating, optional or other rights, qualifications, limitations or restrictions thereof, as shall be stated and expressed in a resolution or resolutions providing for the issue of such preferred stock adopted by 猫咪社区's board of directors.听听As of December听31, 2015, 听no shares of preferred stock were issued.

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Common Stock

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As discussed in note 1, on July 23, 2014, holders of Series A and Series B common stock received a dividend of two shares of Series C common stock for each share of Series A or Series B common stock held by them as of July 7, 2014.

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猫咪社区's Series A common stock has one vote per share, 猫咪社区's Series B common stock has ten votes per share and 猫咪社区鈥檚 Series C common stock has no votes per share. Each share of the Series B common stock is exchangeable at the option of the holder for one share of Series A common stock.听听All series of our common stock participate on an equal basis with respect to dividends and distributions.

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As of December听31, 2015, there were 2.4 million shares of Series A and 听10.6 million shares of Series C common stock reserved for issuance under exercise privileges of outstanding stock options.

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Purchases of Common Stock

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During the year ended December 31, 2013 the Company repurchased 1,264,550 shares of Series A 猫咪社区 common stock for aggregate cash consideration of $140 million under the authorized repurchase program. Additionally, 猫咪社区 obtained shares of 猫咪社区 Series A common stock on October 3, 2013, pursuant to a transaction in which a subsidiary of Comcast, Inc. exchanged approximately 6.3 million shares of 猫咪社区's Series A common stock for a newly created subsidiary of Liberty which held 猫咪社区's wholly-owned subsidiary Leisure Arts, Inc., approximately $417 million in cash and 猫咪社区's rights in and to a revenue sharing agreement relating to the carriage of CNBC ("CNBC Agreement"). 猫咪社区 recorded a gain of approximately $496 million determined based on the difference between the fair value of the shares obtained in the exchange transaction and the carrying value assets and businesses delivered. These exchange shares obtained were done so through special approval from the Company's Board of Directors and was not considered a repurchase of shares under the Company's formal share repurchase program. 猫咪社区 treated the transaction as a tax-free exchange. In January 2014, the IRS completed its review of the exchange and notified 猫咪社区 that it agreed with the non-taxable characterization of the transaction.

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There were no repurchases of 猫咪社区 common stock made pursuant to the Company鈥檚 authorized repurchase program during the year ended December 31, 2014. 听

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During the year ended December 31, 2015, the Company repurchased 9.2 million shares of 猫咪社区 Media Series A and Series C common stock for aggregate cash consideration of $350 million under the authorized repurchase program.

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All of the foregoing shares obtained have been retired and returned to the status of authorized and available for issuance.

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Potential Recapitalization of Tracking Stock Groups

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During November 2015, 猫咪社区鈥檚 board of directors authorized management to pursue a reclassification of the Company鈥檚 common stock into three new tracking stock groups, one to be designated as the 猫咪社区 Braves tracking stock, one to be designated as the 猫咪社区 Media tracking stock and one to be designated as the 猫咪社区 SiriusXM tracking stock, and to cause to be distributed subscription rights related to the 猫咪社区 Braves tracking stock following the creation of the new tracking stocks.

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