Stock-Based Compensation |
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| Share-based Compensation [Abstract] | 听 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation |
(3)听听听Stock-Based Compensation 猫咪社区 grants, to certain of its directors, employees and employees of its subsidiaries, restricted stock, restricted stock units and stock options to purchase shares of its common stock (collectively, "Awards"). The Company measures the cost of employee services received in exchange for an equity classified Award (such as stock options and restricted stock) based on the grant-date fair value of the Award, and recognizes that cost over the period during which the employee is required to provide service (usually the vesting period of the Award). The Company measures the cost of employee services received in exchange for a liability classified Award based on the current fair value of the Award, and remeasures the fair value of the Award at each reporting date. In connection with the Recapitalization, all outstanding Awards with respect to 猫咪社区 common stock (鈥溍ㄟ渖缜 Awards鈥) were adjusted pursuant to the anti-dilution provisions of the incentive plans under which the equity awards were granted, such that a holder of a 猫咪社区 Award received new corresponding equity awards relating to shares of one or more of 猫咪社区 SiriusXM common stock (a 鈥溍ㄟ渖缜 Sirius XM Award鈥), 猫咪社区 Braves common stock (a 鈥溍ㄟ渖缜 Braves Award鈥) and 猫咪社区 Media common stock (a 鈥溍ㄟ渖缜 Media Award鈥) (collectively, the 鈥淎djusted 猫咪社区 Awards鈥). The exercise prices and number of shares subject to the Adjusted 猫咪社区 Awards were determined based on 1) the exercise prices and number of shares subject to the 猫咪社区 Award, 2) the distribution ratios, 3) the pre-Recapitalization trading price of 猫咪社区 common stock and 4) the post-Recapitalization trading prices of 猫咪社区 SiriusXM common stock, 猫咪社区 Braves common stock and 猫咪社区 Media common stock, such that all of the pre-Recapitalization value of the 猫咪社区 Awards was allocated among the Adjusted 猫咪社区 Awards. Included in the accompanying condensed consolidated statements of operations are the following amounts of stock-based compensation, a portion of which relates to SIRIUS XM, as discussed below: 听
听 In connection with our CEO鈥檚 employment agreement, 猫咪社区 granted approximately 775 thousand options of Series C 猫咪社区 common stock and 39 thousand performance-based restricted stock units of Series C 猫咪社区 common stock. Such options and restricted stock units had a grant-date fair value of $8.91 per share and $37.76 per share, respectively. These options mainly vest on December 31, 2016, and the performance-based restricted stock units cliff vest in one year, subject to satisfaction of certain performance objectives. Performance objectives, which are subjective, are considered in determining the timing and amount of the compensation expense recognized. As the satisfaction of the performance objectives becomes probable, the Company records compensation expense. The value of the grant is remeasured at each reporting period. 听 Also during the nine months ended听September 30, 2016, 猫咪社区 granted 100 thousand, 371 thousand and 36 thousand options to purchase shares of Series C common stock of 猫咪社区 Media, 猫咪社区 SiriusXM and 猫咪社区 Braves, respectively. Such options had a weighted average grant-date fair value (鈥淕DFV鈥) of $4.90, 听$7.45 and $3.58 per share, respectively, and vests 50% each on December 31, 2019 and 2020. 听 听 听 The Company did not grant any听options to purchase Series听A or Series听B of 猫咪社区 Media, 猫咪社区 SiriusXM or 猫咪社区 Braves common stock during the nine months ended听September 30, 2016. 听 猫咪社区 calculates the GDFV for all of its equity classified awards and the subsequent remeasurement of its liability classified and certain performance-based awards using the Black-Scholes Model. 猫咪社区 estimates the expected term of the Awards based on historical exercise and forfeiture data. The volatility used in the calculation for Awards is based on the historical volatility of 猫咪社区 common stock and the implied volatility of publicly traded 猫咪社区 options. 猫咪社区 uses a zero dividend rate and the risk-free rate for Treasury Bonds with a term similar to that of the subject Awards.
猫咪社区鈥擮utstanding Awards The following tables present the number and weighted average exercise price ("WAEP") of Awards to purchase 猫咪社区 common stock granted to certain officers, employees and directors of the Company and certain Awards of employees of Starz. 猫咪社区 Media 听
听 听
听 猫咪社区 SiriusXM
听
猫咪社区 Braves
听
听 As of September 30, 2016, the total unrecognized compensation cost related to unvested Awards was approximately $49 million.听听Such amount will be recognized in the Company's condensed consolidated statements of operations over a weighted average period of approximately 2.8听years. As of September 30, 2016, 猫咪社区 reserved 3.2 million, 13.5 million and 1.3 million shares of Series A and Series C common stock of 猫咪社区 Media, 猫咪社区 SiriusXM and 猫咪社区 Braves, respectively, for issuance under exercise privileges of outstanding stock Awards. SIRIUS XM - Stock-based Compensation SIRIUS XM granted various types of stock awards to its employees and members of its board of directors during the nine months ended听September 30, 2016. As of September 30, 2016, SIRIUS XM has approximately 345 million options outstanding of which approximately 138 million are exercisable, each with a weighted-average exercise price per share of $3.47 and $2.80, respectively. The aggregate intrinsic value of SIRIUS XM options outstanding and exercisable as of September 30, 2016 is $244 million and $189 million, respectively. The stock-based compensation expense related to SIRIUS XM was $30 million and $41 million for the three months ended听September 30, 2016 and 2015, respectively, and $78 million and $115 million for the nine months ended听September 30, 2016 and 2015, respectively. As of September 30, 2016, the total unrecognized compensation cost related to unvested SIRIUS XM stock options and restricted stock units was $282 million. The SIRIUS XM unrecognized compensation cost will be recognized in the Company's condensed consolidated statements of operations over a weighted average period of approximately 2.7听years. |
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