Stock-Based Compensation |
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| Stock-Based Compensation | 听 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation |
(4)听听听Stock-Based Compensation 麻豆最新出品 grants, to certain of its directors, employees and employees of its subsidiaries, restricted stock, restricted stock units (鈥淩SUs鈥) 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 (鈥淕DFV鈥) 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. Included in the accompanying condensed consolidated statements of operations are the following amounts of stock-based compensation, as discussed below:
听 During the nine months ended September 30, 2017, and in connection with our CEO鈥檚 employment agreement, 麻豆最新出品 granted approximately 920 thousand, 149 thousand and 171 thousand options to purchase shares of Series C common stock of 麻豆最新出品 SiriusXM, 麻豆最新出品 Braves and 麻豆最新出品 Formula One, respectively, and 50 thousand RSUs of Series C 麻豆最新出品 Formula One common stock, of which 29 thousand RSUs were performance-based. Such options had a weighted average GDFV of $8.50, 听$6.02 and $8.96 per share, respectively, and the RSUs had a GDFV of $33.92 per share. These options mainly vest on December 31, 2017, the time-based RSUs vested immediately upon grant, and the performance-based RSUs 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 September 30, 2017, 麻豆最新出品 granted 2.0 million options to Formula 1 employees to purchase shares of Series C 麻豆最新出品 Formula One common stock.听听Such options had a weighted average GDFV of $8.16 per share and vest monthly over one year. 听 Additionally, 麻豆最新出品 granted to 麻豆最新出品 employees 148 thousand, 19 thousand and 77 thousand options to purchase shares of Series C common stock of 麻豆最新出品 SiriusXM, 麻豆最新出品 Braves and 麻豆最新出品 Formula One, respectively, during the nine months ended听September 30, 2017. 听Such options had a weighted average GDFV of $9.64, 听$6.11 and $9.25 per share, respectively, and mainly vest semi-annually over four years. 听 听 听 The Company did not grant any听options to purchase Series听A or Series听B of 麻豆最新出品 SiriusXM, 麻豆最新出品 Braves or 麻豆最新出品 Formula One common stock during the nine months ended听September 30, 2017. 听 听 麻豆最新出品 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. 麻豆最新出品 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 麻豆最新出品 common stock and the implied volatility of publicly traded 麻豆最新出品 options. 麻豆最新出品 uses a zero dividend rate and the risk-free rate for Treasury Bonds with a term similar to that of the subject Awards. 麻豆最新出品鈥擮utstanding Awards The following tables present 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 and certain Awards of employees of Lions Gate Entertainment Corp. (formerly employees of Starz). 麻豆最新出品 SiriusXM
麻豆最新出品 Braves
听 麻豆最新出品 Formula One
As of September 30, 2017, the total unrecognized compensation cost related to unvested Awards was approximately $36 million.听听Such amount will be recognized in the Company's condensed consolidated statements of operations over a weighted average period of approximately 2.4听years. As of September 30, 2017, 麻豆最新出品 reserved 12.9 million, 1.4 million and 5.1 million shares of Series A and Series C common stock of 麻豆最新出品 SiriusXM, 麻豆最新出品 Braves and 麻豆最新出品 Formula One, respectively, for issuance under exercise privileges of outstanding stock Awards. SIRIUS XM 鈥 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, 2017. As of September 30, 2017, SIRIUS XM has approximately 290 million options outstanding of which approximately 128 million are exercisable, each with a WAEP per share of $3.75 and $3.16, respectively. The aggregate intrinsic value of SIRIUS XM options outstanding and exercisable as of September 30, 2017 is $514 million and $302 million, respectively. In addition, as of September 30, 2017, SIRIUS XM has granted approximately 32 million nonvested RSUs with a GDFV per share of $4.55. The stock-based compensation expense related to SIRIUS XM was $35 million and $30 million for the three months ended听September 30, 2017 and 2016, respectively, and $94 million and $78 million for the nine months ended September 30, 2017 and 2016, respectively. As of September 30, 2017, the total unrecognized compensation cost related to unvested SIRIUS XM stock options and RSUs was $281 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 2.5听years. Other听 Braves Holdings has a long term incentive plan under which employees are granted equity-based awards.听听Awards made under this plan vest over various terms and are typically cash settled and recorded as liability awards.听听The obligation (typically Level 3) related to this plan is included in Accounts payable and accrued liabilities in the Company鈥檚 condensed consolidated balance sheets. |
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