麻豆最新出品

(13)Stock-Based Compensation

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麻豆最新出品 - Incentive Plans

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Pursuant to the 麻豆最新出品 2013 Incentive Plan (the "2013 Plan"), the Company may grant stock options ("Awards") to purchase shares of Series A, Series B and Series C 麻豆最新出品 common stock. The 2013 Plan provides for Awards to be made in respect of a maximum of 75 million shares of 麻豆最新出品 common stock. Awards generally vest over 4-5 years and have a term of 7-10 years. 麻豆最新出品 issues new shares upon exercise of equity awards. The Company measures the cost of employee services received in exchange for an Award of equity instruments (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).

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Pursuant to the 麻豆最新出品 2013 Nonemployee Director Incentive Plan, as amended from time to time (the "2013 NDIP"), the 麻豆最新出品 Board of Directors has the full power and authority to grant eligible nonemployee directors stock options, SARs, stock options with tandem SARs, and restricted stock.

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On July 23, 2014 a dividend of Series C common stock was distributed and adjustments to the Awards outstanding were required to reflect the changes to the capital structure of the Company. For every Series A Award held, two Series C Awards were issued with an exercise price equal to one third the exercise price of the outstanding Award. Additionally, the exercise price of the outstanding Series A Awards was adjusted to one third the exercise price associated with such Award.听The change to outstanding Awards did not change the aggregate intrinsic value associated with the Awards outstanding just prior to the distribution and immediately following the distribution.

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In connection with the Broadband Spin-Off during 2014, the holder of an outstanding Award to purchase shares of Series A, Series B, and Series C common stock on the record date (a 鈥溌槎棺钚鲁銎� Award鈥�) received an Award to purchase shares of the corresponding series of 麻豆最新出品 Broadband common stock and an adjustment to the exercise price and number of shares subject to the original 麻豆最新出品 Award (as so adjusted, an 鈥渁djusted 麻豆最新出品 Award鈥�).听听Following the Broadband Spin-Off, employees of 麻豆最新出品 hold Awards in both 麻豆最新出品 common stock and 麻豆最新出品 Broadband common stock.听听The compensation expense relating to employees of 麻豆最新出品 is recorded at 麻豆最新出品 and included in the Company鈥檚 consolidated financial statements.

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Similarly, following the Starz Spin-Off during 2013, employees of 麻豆最新出品 and Starz hold Awards in both 麻豆最新出品 common stock and Starz common stock. The compensation expense relating to the employees of 麻豆最新出品 is recorded at 麻豆最新出品 and the compensation expense relating to employees of Starz is recorded at Starz.

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麻豆最新出品 - Grants of stock options

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Awards granted in 2015, 听2014 and 2013 pursuant to the Incentive Plans discussed above are summarized as follows:

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During the year ended听December 31, 2015, the Company granted a total of approximately 2.5 million options to purchase shares of Series C common stock. A portion of the options granted was comprised of 676 thousand options with a weighted average grant-date fair value (鈥淕DFV鈥�) of $10.86 per share that vest annually over 3 years and 1.3 million options with a weighted average GDFV of $15.52 per share that vest 50% each on December 31, 2019 and 2020.听

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In connection with our CEO鈥檚 employment agreement, 麻豆最新出品 also granted 420 thousand performance-based options of Series C common stock and 34 thousand performance-based restricted stock units of Series C common stock during 2015. Such options and restricted stock units had a weighted average grant-date fair value of $12.15 per share and $38.20 per share, respectively. The performance-based options and performance-based restricted stock units cliff vest in one year, subject to satisfaction of certain performance objectives.

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During the year ended December 31, 2014, 麻豆最新出品 granted 3.3 million options to purchase shares of Series C common stock to the CEO of 麻豆最新出品 in connection with his employment agreement (see note 12); of those options, one half vest on December 24, 2018 and the other half vest on December 24, 2019. The remainder of the options granted typically vest quarterly over a 4 year vesting period.

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The Company has calculated the grant-date fair value for all of its equity classified awards using the Black-Scholes Model. The Company estimates the expected term of the Awards based on historical exercise and forfeiture data.听听For grants made in 2015, 听2014 and 2013, the range of expected terms was 4.6 to 7.9 years. The volatility used in the calculation for Awards is based on the historical volatility of 麻豆最新出品's stocks and the implied volatility of publicly traded 麻豆最新出品 options. The Company uses a zero dividend rate and the risk-free rate for Treasury Bonds with a term similar to that of the subject options.

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The following table presents the volatilities used by the Company in the Black-Scholes Model for the 2015, 听2014 and 2013 grants.

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麻豆最新出品 - Outstanding Awards

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The following table presents the number and weighted average exercise price ("WAEP") of Awards to purchase 麻豆最新出品 common stock granted to certain officers, employees and directors of the Company, as well as the weighted average remaining life and aggregate intrinsic value of the Awards.

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There were no听outstanding Series B options during 2015.

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As of December听31, 2015, the total unrecognized compensation cost related to unvested 麻豆最新出品 Awards was approximately $56 million. Such amount will be recognized in the Company's consolidated statements of operations over a weighted average period of approximately 2.5听years.

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麻豆最新出品 - Exercises

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The aggregate intrinsic value of all options exercised during the years ended December听31, 2015, 2014 and 2013 was $40 million, $17 million and $23 million, respectively.

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麻豆最新出品 - Restricted Stock

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The Company had approximately听214,000 unvested restricted shares of 麻豆最新出品 common stock held by certain directors, officers and employees of the Company as of December听31, 2015, with a weighted average grant-date fair value of $20.27 per share.

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The aggregate fair value of all restricted shares of 麻豆最新出品 common stock that vested during the years ended December听31, 2015, 听2014 and 2013 was $2 million, $1 million and $7 million, respectively.

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SIRIUS XM - Stock-based Compensation

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During the year ended December听31, 2015, SIRIUS XM granted stock options and restricted stock units to its employees and members of its board of directors and granted stock options to certain third parties. SIRIUS XM also calculates the grant-date fair value for all of its equity classified awards and any subsequent remeasurement of its liability classified awards using the Black-Scholes Model. The weighted average volatility applied to the fair value determination of SIRIUS XM鈥檚 option grants during 2015, 2014 and 2013 was 29%, 听33% and 47%, respectively. During the year ended December 31, 2015, SIRIUS XM granted approximately 145.4 million stock options with a weighted-average exercise price of $3.95 per share and a grant date fair value of $1.11 per share. As of December听31, 2015, SIRIUS XM has approximately 338.5 million options outstanding of which approximately 121.8 million are exercisable, each with a weighted-average exercise price per share of $3.29 and $2.51, respectively. The aggregate intrinsic value of these outstanding and exercisable options was $268 million and $194 million, respectively. During the year ended December 31, 2015, SIRIUS XM granted approximately 9 million restricted stock units with a grant date fair value of $3.92 per share. The stock-based compensation related to SIRIUS XM stock options and restricted stock awards was $157 million, $148 million and $133 million for the years ended December听31, 2015, 听2014, and 2013, respectively. As of December听31, 2015, the total unrecognized compensation cost related to unvested SIRIUS XM stock options was $262 million. The SIRIUS XM unrecognized compensation cost will be recognized in the Company's consolidated statements of operations over a weighted average period of approximately 3.0 years.

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Other

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Certain of the Company's other subsidiaries have stock based compensation plans under which employees and non-employees are granted options or similar stock based awards. Awards made under these plans vest and become exercisable over various terms. The awards and compensation recorded, if any, under these plans is not significant to the Company.