Stock-Based Compensation |
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| Stock-Based Compensation | 听 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation |
(14)听听Stock-Based Compensation Liberty鈥擨ncentive Plans Pursuant to the jvid视频 2017 Omnibus Incentive Plan (the 鈥2017 Plan鈥), the company may grant Awards to purchase shares of Series听A, Series听B and Series听C jvid视频 common stock. The 2017 Plan provides for Awards to be made in respect of a maximum of 50.0听million shares of jvid视频 common stock. Awards generally vest over 4-5 years and have a term of 7-10 years. Liberty issues new shares upon exercise of equity awards. The Company measures the cost of employee services received in exchange for an Award of equity instruments (such as stock options and restricted stock) based on the grant-date fair value (鈥淕DFV鈥) of the Award, and recognizes that cost over the period during which the employee is required to provide service (usually the vesting period of the Award). In connection with the Recapitalization during 2016, all outstanding Awards with respect to jvid视频 common stock (鈥淟iberty Awards鈥) were adjusted pursuant to the anti-dilution provisions of the incentive plans under which the equity awards were granted, such that a holder of a Liberty Award received new corresponding equity awards relating to shares of one or more series of Liberty SiriusXM common stock, Liberty Braves common stock and Liberty Formula One common stock (collectively, the 鈥淎djusted Liberty Awards鈥). All of the pre-Recapitalization value of the Liberty Awards was allocated among the Adjusted Liberty Awards. Liberty鈥擥rants of stock options Awards granted in 2017, 听2016 and 2015 are summarized as follows:
In addition to the stock option grants to the Liberty CEO, and in connection with his employment agreement, Liberty granted performance-based restricted stock units (鈥淩SUs鈥). During the year ended December听31, 2017, Liberty granted 50 thousand RSUs of Series听C Liberty Formula One common stock with a GDFV of $33.92 per share. During the years ended December听31, 2016 and 2015, Liberty granted 39 thousand RSUs and 34 thousand RSUs, respectively, of Series听C jvid视频 common stock. Such RSUs had a GDFV of $37.76 per share and $38.20 per share, respectively. The 2017, 2016 and 2015 performance-based RSUs cliff vested in one year, subject to the satisfaction of certain performance objectives and based on an amount determined by the compensation committee. Performance objectives, which are subjective, are considered in determining the timing and amount of the compensation expense recognized. As the satisfaction of the performance objectives becomes probable, the Company records compensation expense. The value of the grant is remeasured at each reporting period. The Company did not grant any options to purchase Series听A or Series听B of Liberty SiriusXM, Liberty Braves or Liberty Formula One common stock during the year ended December听31, 2017. The Company has calculated the GDFV for all of its equity classified awards using the Black-Scholes Model. The Company estimates the expected term of the Awards based on historical exercise and forfeiture data. For grants made in 2017, 听2016 and 2015, the range of expected terms was 3.5 to 6.7 years. The volatility used in the calculation for Awards is based on the historical volatility of Liberty鈥檚 stocks and the implied volatility of publicly traded Liberty options. The Company uses a zero dividend rate and the risk-free rate for Treasury Bonds with a term similar to that of the subject options. The following table presents the volatilities used by the Company in the Black-Scholes Model for the 2017, 听2016 and 2015 grants.
Liberty鈥擮utstanding Awards The following table presents the number and weighted average exercise price (鈥淲AEP鈥) of Awards to purchase Liberty common stock granted to certain officers, employees and directors of the Company, as well as the weighted average remaining life and aggregate intrinsic value of the Awards. Liberty SiriusXM
听
Liberty Formula One
听
Liberty Braves
听
There were no outstanding Series听B options to purchase shares of Series听B Liberty SiriusXM common stock, Liberty Formula One common stock or Liberty Braves common stock during 2017. As of December听31, 2017, the total unrecognized compensation cost related to unvested Liberty Awards was approximately $30听million. Such amount will be recognized in the Company鈥檚 consolidated statements of operations over a weighted average period of approximately 1.7听years. As of December听31, 2017, 13.0听million, 5.2听million and 1.4听million shares of Series听A and Series听C Liberty SiriusXM, Liberty Formula One and Liberty Braves common stock, respectively, were reserved for issuance under exercise privileges of outstanding stock Awards. 尝颈产别谤迟测鈥抬虫别谤肠颈蝉别蝉 The aggregate intrinsic value of all options exercised during the years ended December听31, 2017, 听2016 and 2015 was $31听million, $24听million and $40听million, respectively. Liberty鈥擱estricted Stock The Company had approximately 229 thousand,听137 thousand and 26 thousand unvested restricted shares of Liberty SiriusXM, Liberty Formula One, and Liberty Braves common stock, respectively, held by certain directors, officers and employees of the Company as of December听31, 2017. These Series听A and Series听C unvested restricted shares of Liberty SiriusXM common stock, Liberty Formula One common stock and Liberty Braves common stock had a weighted average GDFV of $25.30,听$28.43, and $17.04 per share, respectively. The aggregate fair value of all restricted shares of Liberty common stock that vested during the years ended December听31, 2017, 听2016 and 2015 was $85听million, $7听million and $2听million, respectively. SIRIUS听XM鈥擲tock-based Compensation During the year ended December听31, 2017, SIRIUS听XM granted stock options and restricted stock units (鈥淩SUs鈥) to its employees and members of its board of directors. During the years ended December听31, 2017 and 2016, SIRIUS听XM also granted performance-based restricted stock units (鈥淧RSUs鈥) to certain employees, the vesting of which is subject to the employee鈥檚 continuing employment and SIRIUS听XM鈥檚 achievement of certain performance goals. The PRSUs awards cliff vest on the three-year anniversary of the grant date. SIRIUS听XM also calculates the grant-date fair value for all of its equity classified awards and any subsequent remeasurement of its liability classified awards using the Black-Scholes Model. The weighted average volatility applied to the fair value determination of SIRIUS听XM鈥檚 option grants during 2017, 听2016 and 2015 was 24%, 听22%听and 29%, respectively. During the year ended December听31, 2017, SIRIUS听XM granted approximately 27.3听million stock options with a weighted-average exercise price of $5.49 per share and a grant date fair value of $1.17 per share. As of December听31, 2017, SIRIUS听XM has approximately 280.5听million options outstanding of which approximately 131听million are exercisable, each with a weighted-average exercise price per share of $3.76 and $3.23, respectively. The aggregate intrinsic value of these outstanding and exercisable options was $454听million and $279.1听million, respectively. During the year ended December听31, 2017, SIRIUS听XM granted approximately 11.7听million RSUs and PRSUs with a grant date fair value of $5.35 per share. The stock-based compensation related to SIRIUS听XM stock options and restricted stock awards was $124听million, $109听million and $157听million for the years ended December听31, 2017, 听2016, and 2015, respectively. As of December听31, 2017, the total unrecognized compensation cost related to unvested SIRIUS听XM stock options was $242听million. The SIRIUS听XM unrecognized compensation cost will be recognized in the Company鈥檚 consolidated statements of operations over a weighted average period of approximately 2.5 years. |
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