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SEC Filings

10-Q
CHARTER COMMUNICATIONS, INC. /MO/ filed this Form 10-Q on 08/09/2016
Entire Document
 

CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(dollars in millions, except per share amounts and where indicated)


8.    Common Stock

The following table summarizes shares outstanding for the six months ended June 30, 2016 and June 30, 2015:

 
 
Class A Common Stock
 
Class B Common Stock
 
 
 
 
 
BALANCE, December 31, 2014
 
111,999,687

 

Exercise of stock options
 
94,384

 

Restricted stock issuances, net of cancellations
 
6,920

 

Restricted stock units vesting
 
36,702

 

Treasury stock
 
(115,110
)
 

 
 
 
 
 
BALANCE, June 30, 2015
 
112,022,583

 

 
 
 
 
 
BALANCE, December 31, 2015
 
112,438,828

 

Reorganization of common stock
 
(10,771,962
)
 

Issuance of shares in TWC Transaction
 
143,012,155

 

Issuance of shares to Liberty Broadband for cash
 
25,631,339

 

Issuance of share to A/N in Bright House Transaction
 

 
1

Exercise of stock options
 
337,485

 

Restricted stock issuances, net of cancellations
 
9,961

 

Restricted stock units vesting
 
741,886

 

Treasury stock
 
(471,864
)
 

 
 
 
 
 
BALANCE, June 30, 2016
 
270,927,828

 
1


The shares outstanding balance shown above as of December 31, 2015 represents historical shares outstanding of Legacy Charter before applying the Parent Merger Exchange Ratio. The 10.8 million shares associated with the reorganization of Charter Class A common stock represents the reduction to Legacy Charter Class A common shares outstanding as of the acquisition date as a result of applying the Parent Merger Exchange Ratio. See Note 2.

Charter Class B common stock represents the share issued to A/N in connection with the Bright House Transaction. One share of Charter’s Class B common stock has a number of votes reflecting the voting power of the Charter Holdings common units and Charter Holdings convertible preferred units held by A/N as of the applicable record date on an if-converted, if-exchanged basis, and is generally intended to reflect A/N’s economic interests in Charter Holdings.

During the three and six months ended June 30, 2016, the Company withheld 367,725 and 453,071 shares, respectively, of its Class A common stock in payment of $83 million and $99 million, respectively, of income tax withholding owed by employees upon vesting of restricted shares and restricted stock units. During the three and six months ended June 30, 2015, the Company withheld 34,795 and 104,120 shares, respectively, of its Class A common stock in payment of $7 million and $23 million, respectively, of income tax withholding owed by employees upon vesting of restricted shares and restricted stock units. During the three and six months ended June 30, 2016, the Company also withheld 1,688 and 18,793 shares, respectively, of its Class A common stock representing the exercise costs owed by employees upon exercise of stock options.

In December 2015, Charter's board of directors approved the retirement of the then currently held treasury stock and those shares were retired as of December 31, 2015. The Company accounts for treasury stock using the cost method and includes treasury stock as a component of total shareholders' equity (deficit).



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