Cablevision 2014 Annual Report Download - page 146

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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Dollars in thousands, except share and per share amounts)
F-57
Share-Based Payment Award Activity
The following table summarizes activity relating to Company employees who held Cablevision stock options for the year ended
December 31, 2014:
Shares
Under Option
Time
Vesting
Options
Performance
Based
Vesting
Options
Weighted
Average
Exercise
Price Per
Share
Weighted
Average
Remaining
Contractual
Term
(in years)
Aggregate
Intrinsic
Value (a)
Balance, December 31, 2013 .................................... 4,514,479 10,639,125 $ 13.20 7.21 $ 71,823
Granted ................................................................... 2,000,000 — 17.64
Exercised................................................................ (1,416,813)(3,005,625) 11.74
Balance, December 31, 2014 .................................... 5,097,666 7,633,500 $ 14.41 7.17 $ 79,347
Options exercisable at December 31, 2014............... 1,097,666 7,633,500 $ 13.76 6.48 $ 60,027
Options expected to vest in the future....................... 4,000,000 — $ 15.81 8.68 $ 19,320
(a) The aggregate intrinsic value is calculated as the difference between (i) the exercise price of the underlying award and
(ii) the quoted price of CNYG Class A common stock on December 31, 2014 or December 31, 2013, as indicated, and
December 31, 2014 in the case of the options exercisable and options expected to vest in the future.
In addition, as of December 31, 2014, AMC Networks and Madison Square Garden employees held a total of 143,666 Cablevision
stock options. These stock options are not expensed by the Company, however such stock options may have a dilutive effect on
net income per share attributable to Cablevision stockholders.
For the year ended December 31, 2014, the aggregate intrinsic value of options exercised under Cablevision's stock option plans
was $34,409 determined as of the date of option exercise, as applicable. When an option is exercised, Cablevision issues new
shares of stock.
The following table summarizes activity relating to Company employees who held Cablevision restricted shares for the year ended
December 31, 2014:
Number of
Restricted
Shares
Number of
Performance
Restricted
Shares
Weighted
Average
Fair Value
Per Share at
Date of
Grant
Unvested award balance, December 31, 2013........................................................... 4,670,513 1,534,700 $ 15.89
Granted.................................................................................................................... 2,164,270 737,200 17.66
Vested...................................................................................................................... (652,556)(236,600) 25.94
Awards forfeited...................................................................................................... (867,357) — 15.16
Unvested award balance, December 31, 2014........................................................... 5,314,870 2,035,300 15.46
During the year ended December 31, 2014, 889,156 Cablevision restricted shares issued to employees of the Company vested.
To fulfill the employees' statutory minimum tax withholding obligations for the applicable income and other employment taxes,
365,130 of these shares, with an aggregate value of $6,608, were surrendered to the Company. During the year ended December 31,
2013, 2,073,066 Cablevision restricted shares issued to employees of the Company, AMC Networks and Madison Square Garden
vested. To fulfill the employees' statutory minimum tax withholding obligations for the applicable income and other employment