Charter 2010 Annual Report Download - page 113
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F- F-PB
CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010, 2009, AND 2008
(dollars in millions, except share or per share data or where indicated)
In accordance with the Plan, the Company's board of directors adopted the Charter Communications, Inc. 2009 Stock Incentive Plan (the
“2009 Stock Plan”). e 2009 Stock Plan provides for grants of nonqualified stock options, incentive stock options, stock appreciation rights,
dividend equivalent rights, performance units and performance shares, share awards, phantom stock, restricted stock units and restricted
stock. Directors, officers and other employees of the Company and its subsidiaries, as well as others performing consulting services for the
Company, are eligible for grants under the 2009 Stock Plan.
In 2009, the majority of restricted stock and performance units and shares were voluntarily forfeited by participants without termination of
the service period, and the remaining, along with all stock options, were cancelled on the Effective Date.
e Plan included an allocation of not less than 3% of new equity for employee grants with 50% of the allocation to be granted within thirty
days of the Company's emergence from bankruptcy. In December 2009, the Company's board of directors authorized 8 million shares under
the 2009 Stock Plan and awarded to certain employees 2 million shares of restricted stock, one-third of which are to vest on each of the first
three anniversaries of the Effective Date. Such grant of new awards is deemed to be a modification of old awards and was accounted for as a
modification of the original awards. As a result, unamortized compensation cost of $12 million was added to the cost of the new award and is
being amortized over the vesting period.
Under the 2009 Stock Plan, restricted stock vests annually over a one to three-year period beginning from the date of grant. Stock options
vest annually over four years from the grant date and expire ten years from the grant date. As of December 31, 2010 (Successor), total
unrecognized compensation remaining to be recognized in future periods totaled $39 million for restricted stock and $19 million for stock
options and the weighted average period over which it is expected to be recognized is 2 years for restricted stock and 4 years for stock options.
During 2009, no equity awards were granted; however Charter granted $12 million of performance cash and restricted cash under Charter’s
2009 incentive program.
e Company recorded $26 million, $1 million, $26 million and $33 million of stock compensation expense for the year ended December
31, 2010 (Successor), one month ended December 31, 2009 (Successor), eleven months ended November 30, 2009 (Predecessor) and year
ended December 31, 2008 (Predecessor), respectively, which is included in selling, general, and administrative expense.