Dish Network 2015 Annual Report Download - page 146

DISH NETWORK CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued
F-42
The Class A, Class B and Class C common stock are equivalent except for voting rights. Holders of Class A and
Class C common stock are entitled to one vote per share and holders of Class B common stock are entitled to 10
votes per share. Each share of Class B and Class C common stock is convertible, at the option of the holder, into
one share of Class A common stock. Our Class A common stock is publicly traded on the NASDAQ Global Select
Market under the symbol “DISH.” Upon a change in control of DISH Network, each holder of outstanding shares of
Class C common stock is entitled to 10 votes for each share of Class C common stock held. Our principal
stockholder owns the majority of all outstanding Class B common stock. Together with all other stockholders, he
also owns outstanding Class A common stock.
Common Stock Repurchase Program
Our Board of Directors previously authorized the repurchase of up to $1.0 billion of our outstanding Class A
common stock. On November 3, 2015, our Board of Directors extended this authorization such that we are currently
authorized to repurchase up to $1.0 billion of outstanding shares of our Class A common stock through and
including December 31, 2016. As of December 31, 2015, we may repurchase up to $1.0 billion under this program.
During the years ended December 31, 2015, 2014 and 2013, there were no repurchases of our Class A common
stock.
Treasury Stock
As of December 31, 2015 and 2014, we held 56,118,260 shares of treasury stock, respectively. On February 11,
2016, our Board of Directors approved the retirement of our treasury stock.
We account for our treasury stock using the cost method and all treasury share repurchases are reflected on our
Consolidated Balance Sheets as a component of “Treasury stock, at cost.”
13. Employee Benefit Plans
Employee Stock Purchase Plan
Our employees participate in the DISH Network employee stock purchase plan (the “ESPP”), in which we are
authorized to issue up to 2.8 million shares of Class A common stock. At December 31, 2015, we had 1.0 million
shares of Class A common stock which remain available for issuance under the ESPP. Substantially all full-time
employees who have been employed by us for at least one calendar quarter are eligible to participate in the ESPP.
Employee stock purchases are made through payroll deductions. Under the terms of the ESPP, employees may not
deduct an amount which would permit such employee to purchase our capital stock under all of our stock purchase
plans at a rate which would exceed $25,000 in fair value of capital stock in any one year. The purchase price of the
stock is 85% of the closing price of the Class A common stock on the last business day of each calendar quarter in
which such shares of Class A common stock are deemed sold to an employee under the ESPP. During the years
ended December 31, 2015, 2014 and 2013, employee purchases of Class A common stock through the ESPP totaled
approximately 0.1 million, 0.1 million and 0.1 million shares, respectively.
401(k) Employee Savings Plan
We sponsor a 401(k) Employee Savings Plan (the “401(k) Plan”) for eligible employees. Voluntary employee
contributions to the 401(k) Plan may be matched 50% by us, subject to a maximum annual contribution of $2,500
per employee. Forfeitures of unvested participant balances which are retained by the 401(k) Plan may be used to
fund matching and discretionary contributions. Our Board of Directors may also authorize an annual discretionary
contribution to the 401(k) plan, subject to the maximum deductible limit provided by the Internal Revenue Code of
1986, as amended. These contributions may be made in cash or in our stock.