Cablevision 2014 Annual Report Download - page 117

COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Dollars in thousands, except share and per share amounts)
F-28
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 membership units issued and outstanding as of December 31, 2014 and 2013, 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.
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 CNYG common stock, holders of 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 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
November 5, 2014 ........................................................... $0.15 November 21, 2014 December 12, 2014
July 29, 2014 ................................................................... $0.15 August 15, 2014 September 5, 2014
May 6, 2014..................................................................... $0.15 May 23, 2014 June 13, 2014
February 25, 2014............................................................ $0.15 March 14, 2014 April 3, 2014
November 6, 2013 ........................................................... $0.15 November 22, 2013 December 13, 2013
July 30, 2013 ................................................................... $0.15 August 15, 2013 September 5, 2013
May 7, 2013..................................................................... $0.15 May 24, 2013 June 14, 2013
February 26, 2013............................................................ $0.15 March 15, 2013 April 3, 2013
October 24, 2012 ............................................................. $0.15 November 7, 2012 November 28, 2012
August 1, 2012................................................................. $0.15 August 14, 2012 September 4, 2012
May 1, 2012..................................................................... $0.15 May 17, 2012 June 1, 2012
February 22, 2012............................................................ $0.15 March 9, 2012 March 30, 2012
Cablevision paid dividends aggregating $160,545, $159,709 and $163,872 in 2014, 2013 and 2012, respectively, including accrued
dividends on vested restricted shares of $1,548, $3,092, and $5,987, respectively, primarily from the proceeds of equity distribution
payments from CSC Holdings. In addition, as of December 31, 2014, up to approximately $8,319 will be paid when, and if,
restrictions lapse on restricted shares outstanding.
During the years ended December 31, 2014, 2013 and 2012, CSC Holdings made cash equity distribution payments to Cablevision
aggregating $396,382, $501,224 and $671,809, respectively. These distribution payments were funded from cash on hand. The
proceeds were used to fund:
• Cablevision's dividends paid;
• Cablevision's interest on its senior notes;
• Cablevision's repurchases of certain outstanding senior notes in 2014 and 2013;