Cablevision 2011 Annual Report Download - page 153

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Dollars in thousands, except per share amounts)
I-29
CSC Holdings Equity Interests
In October 2009, CSC Holdings issued 1,607,119 shares of common stock, $0.01 par value, to
Cablevision in consideration of a cash contribution of $869,600. CSC Holdings used these proceeds,
along with borrowings under its credit facility, to repurchase a portion of its outstanding senior notes
pursuant to the CSC Holdings September 2009 tender offer (see Note 11).
On November 10, 2009, CSC Holdings, Inc. converted its form of business organization from a
corporation to a limited liability company. All 14,432,750 shares of common stock, $0.01 par value, that
were outstanding while it was a corporation were converted into the same number of membership units.
Dividends
Cablevision may pay dividends on its capital stock only from net profits and surplus as determined under
Delaware law. If dividends are paid on the CNYG common stock, holders of the CNYG Class A
common stock and CNYG Class B common stock are entitled to receive dividends, and other
distributions in cash, stock or property, equally on a per share basis, except that stock dividends with
respect to CNYG Class A common stock may be paid only with shares of CNYG Class A common stock
and stock dividends with respect to CNYG Class B common stock may be paid only with shares of
CNYG Class B common stock.
CSC Holdings may make distributions on its membership interests only if sufficient funds exist as
determined under Delaware law.
Cablevision's and CSC Holdings' indentures governing debt and CSC Holdings credit agreement restrict
the amount of dividends and distributions in respect of any equity interest that can be made.
The Board of Directors of Cablevision declared the following cash dividends to stockholders of record on
both its CNYG Class A common stock and CNYG Class B common stock:
Declaration Date Dividend per Share Record Date Payment Date
October 27, 2011 $0.15 November 11, 2011 December 2, 2011
August 5, 2011 $0.15 August 19, 2011 September 9, 2011
May 4, 2011 $0.15 May 16, 2011 June 6, 2011
February 15, 2011 $0.125 February 28, 2011 March 21, 2011
November 3, 2010 $0.125 November 15, 2010 December 6, 2010
August 4, 2010 $0.125 August 16, 2010 September 7, 2010
May 5, 2010 $0.125 May 17, 2010 June 7, 2010
February 24, 2010 $0.10 March 8, 2010 March 29, 2010
November 2, 2009 $0.10 November 13, 2009 December 4, 2009
July 29, 2009 $0.10 August 10, 2009 September 1, 2009
May 6, 2009 $0.10 May 18, 2009 June 9, 2009
February 25, 2009 $0.10 March 9, 2009 March 31, 2009
Cablevision paid dividends aggregating $162,032, $140,734, and $123,499 in 2011, 2010, and 2009,
respectively, primarily from the proceeds of equity distribution payments from CSC Holdings. The CSC
Holdings equity distribution payments to Cablevision were funded from cash on hand. In addition, as of
December 31, 2011, up to approximately $8,552 will be paid when, and if, restrictions lapse on restricted
shares outstanding.