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SEC Filings

10-Q
CHARTER COMMUNICATIONS, INC. /MO/ filed this Form 10-Q on 11/03/2016
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 nine months ended September 30, 2016 and September 30, 2015:

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

 

Exercise of stock options
 
311,344

 

Restricted stock issuances, net of cancellations
 
6,920

 

Restricted stock units vesting
 
48,343

 

Purchase of treasury stock
 
(119,788
)
 

BALANCE, September 30, 2015
 
112,246,506

 

 
 
 
 
 
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
 
861,287

 

Restricted stock issuances, net of cancellations
 
9,811

 

Restricted stock units vesting
 
1,308,772

 

Purchase of treasury stock
 
(1,824,839
)
 

BALANCE, September 30, 2016
 
270,665,391

 
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.

Share Repurchases

In July 2016, Charter’s board of directors authorized the Company to repurchase up to $750 million of Charter’s Class A common stock.  Under the repurchase program, shares of Charter’s Class A common stock may be purchased from time to time during the course of any six-month period.  As of September 30, 2016, the Company purchased approximately 1.1 million shares of Charter’s Class A common stock for a total of approximately $281 million.

During the three and nine months ended September 30, 2016, the Company withheld 274,545 and 727,616 shares, respectively, of its Class A common stock in payment of $68 million and $167 million, respectively, of income tax withholding owed by employees upon vesting of equity awards. During the three and nine months ended September 30, 2015, the Company withheld 4,192 and 108,312 shares, respectively, of its Class A common stock in payment of $1 million and $24 million, respectively, of income tax withholding owed by employees upon vesting of restricted shares and restricted stock units. During the three and nine months ended September 30, 2016, the Company also withheld 28,397 and 47,190 shares, respectively, of its Class A common stock representing the exercise costs owed by employees upon exercise of stock options.



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