Charter 2015 Annual Report Download - page 120

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CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND 2013
(dollars in millions, except share or per share data or where indicated)
F- 23
9. Treasury Stock
During the years ended December 31, 2015, 2014 and 2013, the Company withheld 196,523, 141,257 and 150,258 shares,
respectively, of its common stock in payment of $38 million, $19 million and $15 million, respectively, of tax withholdings owed
by employees upon vesting of restricted shares and stock options. As of December 31, 2015, Company also withheld 49,260
shares of its common stock representing the exercise costs owed by employees upon exercise of stock options.
In December 2015 and 2014, Charter's board of directors approved the retirement of treasury stock and 245,783 and 141,257 shares
of treasury stock were retired as of December 31, 2015 and 2014, respectively.
The Company accounted for treasury stock using the cost method and the treasury shares upon repurchase were reflected on the
Company’s consolidated balance sheets as a component of total shareholders’ equity. Upon retirement, these treasury shares were
allocated between additional paid-in capital and accumulated deficit based on the cost of original issue included in additional paid-
in capital.
10. Common Stock
Charter’s Class A common stock and Class B common stock are identical except with respect to certain voting, transfer and
conversion rights. Holders of Class A common stock are entitled to one vote per share and holders of Class B common stock are
entitled to votes equaling 35% of the voting interests in Charter on a fully diluted basis. The Company currently does not have
any outstanding Class B Common Stock.
In 2014 and 2013, the Company issued approximately 5.2 million and 4.5 million shares, respectively, of Charter Class A common
stock as a result of exercises by holders who received warrants pursuant to the Joint Plan of Reorganization upon the Company's
emergence from bankruptcy in 2009. The exercises resulted in proceeds to the Company of approximately $90 million and $76
million, respectively. As of December 31, 2015 and 2014, there were no warrants outstanding.