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Securities Authorized for Issuance Under Equity Compensation Plans. The following table and the footnote thereto set
forth certain information as of December 31, 2014, concerning compensation plans of the Company under which equity
securities of the Company are authorized to be issued.
Number of Securities to
Be Issued Upon
Exercise of
Outstanding Options,
Warrants and Rights
Weighted Average Exercise
Price of Outstanding Options,
Warrants and Rights
Number of Securities
Remaining Available for
Future Issuance Under
Equity Compensation
Plans (Excluding
Securities Reflected in
Column (a))
Plan Category (a) (b) (c)
Equity compensation plans approved by security
holders .............................. 151,694 $682.68 —
Equity compensation plans not approved by
security holders ........................ ———
Total .............................. 151,694 $682.68 —
This table does not include information relating to restricted stock grants awarded under the Graham Holdings Company’s Incentive Compensation Plan,
which plan has been approved by the stockholders of the Company. At December 31, 2014, there were 18,275 shares of restricted stock outstanding
under the 2011–2014 Award Cycle and 41,115 shares of restricted stock outstanding under the 2012–2016 Award Cycle that had been awarded
to employees of the Company and its subsidiaries under that Plan. In addition, the Company has from time to time awarded special discretionary grants
of restricted stock to employees of the Company and its subsidiaries. At December 31, 2014, there were a total of 57,721 shares of restricted stock
outstanding under special discretionary grants approved by the Compensation Committee of the Board of Directors. At December 31, 2014, a total of
311,440 shares of restricted stock and stock options were available for future awards.
Performance Graph. The following graph is a comparison of the yearly percentage change in the Company’s
cumulative total shareholder return with the cumulative total return of the Standard & Poor’s 500 Stock Index and a custom
peer group index comprised of education companies. The Standard & Poor’s 500 Stock Index is comprised of 500 U.S.
companies in the industrial, transportation, utilities and financial industries and is weighted by market capitalization. The
new custom peer group of education companies includes American Public Education, Apollo Education Group Inc.,
Bridgepoint Education Inc., Capella Education Co., DeVry Education Group Inc., Grand Canyon Education Inc., ITT
Educational Services Inc., National American University Holdings Inc. and Strayer Education Inc. The old custom peer
group of education companies includes all of the companies in the new peer group as well as Corinthian Colleges Inc.
and Education Management Corp. The Company is using a custom peer index of education companies because the
Company is a diversified education and media company. Its largest business is Kaplan, Inc., a leading global provider
of educational services to individuals, schools and businesses. The graph reflects the investment of $100 on
December 31, 2009, in the Company’s Class B Common Stock the Standard & Poor’s 500 Stock Index, and the custom
peer group index of education companies. For purposes of this graph, it has been assumed that dividends were
reinvested on the date paid in the case of the Company and on a quarterly basis in the case of the Standard & Poor’s
500 Index and the custom peer group index of education companies.
COMPARISON OF CUMULATIVE FIVE YEAR TOTAL RETURN
$50
$100
$150
$250
$200
$0
2009 2010 2011 2012 2013 2014
Graham Holdings Company S&P 500 Index
New Peer Group Old Peer Group
December 31 2009 2010 2011 2012 2013 2014
Graham Holdings Company ............................ 100.00 102.05 89.58 91.63 166.42 219.94
S&P 500 Index ..................................... 100.00 115.06 117.49 136.30 180.44 205.14
New Education Peer Group ............................ 100.00 75.60 76.24 40.23 58.81 65.31
Old Education Peer Group ............................. 100.00 74.72 79.50 36.93 55.33 54.59
2014 FORM 10-K 35