Cablevision 2012 Annual Report Download - page 157

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Dollars in thousands, except per share amounts)
I-29
trading purposes. These derivative instruments are not designated as hedges, and changes in the fair
values of these derivatives are recognized in earnings as gains (losses) on derivative contracts.
Commitments and Contingencies
Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other
sources are recorded when the Company believes it is probable that a liability has been incurred and the
amount of the contingency can be reasonably estimated.
Common Stock of Cablevision
Each holder of CNYG Class A common stock has one vote per share while holders of CNYG Class B
common stock have ten votes per share. CNYG Class B shares can be converted to CNYG Class A
common stock at anytime with a conversion ratio of one CNYG Class A common share for one CNYG
Class B common share. CNYG Class A stockholders are entitled to elect 25% of Cablevision's Board of
Directors. CNYG Class B stockholders have the right to elect the remaining members of Cablevision's
Board of Directors. In addition, CNYG Class B stockholders are parties to an agreement which has the
effect of causing the voting power of these CNYG Class B stockholders to be cast as a block.
Shares Outstanding
Class A
Common Stock
Class B
Common Stock
Balance at December 31, 2009 ............................................................................... 247,668,143 54,354,251
Conversion of CNYG Class B common stock to CNYG Class A common stock .. 206,028 (206,028)
Employee and non-employee director stock transactions(a) ................................... 4,006,712 -
Share repurchases (see Note 20) ............................................................................. (10,825,600) -
Balance at December 31, 2010 ............................................................................... 241,055,283 54,148,223
Conversion of CNYG Class B common stock to CNYG Class A common stock .. 10,550 (10,550)
Employee and non-employee director stock transactions(a) ................................... (35,172) -
Share repurchases (see Note 20) ............................................................................. (20,860,400) -
Balance at December 31, 2011 ............................................................................... 220,170,261 54,137,673
Employee and non-employee director stock transactions(a) ................................... 3,987,544 -
Share repurchases (see Note 20) ............................................................................. (13,596,687) -
Balance at December 31, 2012 ............................................................................... 210,561,118 54,137,673
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(a) Primarily includes issuances of common stock in connection with employee and non-employee director exercises
of stock options and restricted shares granted to employees, offset by shares acquired by the Company in
connection with the fulfillment of employees' statutory tax withholding obligation for applicable income and other
employment taxes and forfeited employee restricted shares.
CSC Holdings Membership Interests
CSC Holdings has 17,631,479 and 14,432,750 membership units issued and outstanding as of December
31, 2012 and 2011, respectively, which are all owned by Cablevision, its sole owner.
In September 2012, CSC Holdings issued 3,198,729 membership interests to Cablevision in connection
with Cablevision's $735,000 cash contribution to CSC Holdings. Such contribution was funded by the net
proceeds from Cablevision's senior notes issued in September 2012.