Cablevision 2013 Annual Report Download - page 91

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AMC Networks. On April 9, 2013, the Company received $175,000 from AMC Networks (in addition to
the $350,000 distributed to the Company from the joint escrow account in December 2012). The
proceeds of $175,000 and $350,000 were recorded as a gain in discontinued operations for the years
ended December 31, 2013 and 2012, respectively.
Common Stock Repurchases
In June 2010, Cablevision's Board of Directors authorized the repurchase of up to $500,000 of CNYG
Class A common stock. In February 2011, Cablevision's Board of Directors authorized the repurchase of
up to an additional $500,000 of CNYG Class A common stock. In May 2012, Cablevision's Board of
Directors authorized the repurchase of up to another $500,000 of CNYG Class A common stock giving us
the ability to repurchase up to a total of $1,500,000 of CNYG Class A common stock since inception of
the program. Under the repurchase program, shares of CNYG Class A common stock may be purchased
from time to time in the open market. Size and timing of these purchases will be determined based on
market conditions and other factors. Funding for the repurchase program will be met with cash on hand,
cash from operations, and/or borrowings under CSC Holdings' revolving loan facility, which would be
distributed to Cablevision.
During the year ended December 31, 2013, Cablevision did not repurchase any shares. Since inception
through December 31, 2013, Cablevision repurchased an aggregate of 45,282,687 shares for a total cost
of $1,044,678, including commissions of $453. These acquired shares have been classified as treasury
stock in Cablevision's consolidated balance sheets. As of December 31, 2013, the Company had
$455,322 of availability remaining under its stock repurchase authorizations.
Dividends
During the year ended December 31, 2013, the Board of Directors of Cablevision declared the following
cash dividends to stockholders of record on both its Cablevision NY Group Class A common stock and
CNYG Class B common stock:
Declaration Date Dividend Per Share Record Date Payment Date
February 26, 2013 $0.15 March 15, 2013 April 3, 2013
May 7, 2013 $0.15 May 24, 2013 June 14, 2013
July 30, 2013 $0.15 August 15, 2013 September 5, 2013
November 6, 2013 $0.15 November 22, 2013 December 13, 2013
Cablevision paid dividends aggregating $159,709, $163,872 and $162,032 in 2013, 2012 and 2011,
respectively, including accrued dividends on vested restricted shares of $3,092, $5,987, and $3,059,
respectively, primarily from the proceeds of equity distribution payments from CSC Holdings. In
addition, as of December 31, 2013, up to approximately $6,058 will be paid when, and if, restrictions
lapse on restricted shares outstanding.
During the years ended December 31, 2013, 2012 and 2011, CSC Holdings made equity distribution cash
payments to Cablevision aggregating $501,224, $671,809 and $929,947, respectively. These distribution
payments were funded from cash on hand. The proceeds were used to fund:
x Cablevision's dividends paid;
x Cablevision's interest and principal payments on its senior notes;
x Cablevision's payments for the acquisition of treasury shares related to statutory minimum tax
withholding obligations upon the vesting of certain restricted shares;
x Cablevision's repurchases of certain outstanding senior notes in 2013; and
x the repurchase of CNYG Class A common stock under Cablevision's share repurchase program
(see Note 19) in 2012 and 2011.