Annual report pursuant to Section 13 and 15(d)

Stock-based and Long-Term Compensation

v3.3.1.900
Stock-based and Long-Term Compensation
12 Months Ended
Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-based and Long-Term Compensation
Stock-based and Long-Term Compensation
 
During 2015, 2014 and 2013, certain employees of Monitronics were granted stock-based awards of Ascent Capital Series A common stock under Ascent Capital's 2008 Incentive Plan and Ascent Capital's 2015 Omnibus Incentive Plan.

Stock Options

Ascent Capital makes awards of non-qualified stock options for Ascent Capital Series A common stock to certain employees.  The exercise price is typically granted as the closing share price for Ascent Capital Series A common stock as of the grant date.  The awards generally have a life of five to seven years and vest over two to four years.
 
The grant date fair value of the Ascent Capital stock options granted to Monitronics' employees was calculated using the Black-Scholes model. There were no options granted in 2015, 2014 and 2013.

The following table presents the number and weighted average exercise price ("WAEP") of outstanding options to purchase Ascent Capital Series A common stock that were granted to certain Monitronics employees:
 
 
 
Series A
common stock
 
WAEP
Outstanding at January 1, 2015
 
222,410

 
$
49.36

Granted
 

 

Exercised
 

 

Forfeited
 
(20,268
)
 
54.11

Outstanding at December 31, 2015
 
202,142

 
48.88

Exercisable at December 31, 2015
 
189,605

 
$
48.57


 
There was no intrinsic value for both outstanding stock option awards and exercisable stock option awards at December 31, 2015. The weighted average remaining contractual life of outstanding and exercisable awards at December 31, 2015 was 2.4 years and 2.3 years, respectively.

Restricted Stock Awards and Restricted Stock Units

Ascent Capital makes awards of restricted stock and restricted stock units for its Series A common stock to certain Monitronics employees.  The fair values for the restricted stock awards and restricted stock units are the closing price of Ascent Capital Series A common stock on the applicable dates of grants.  Upon the grant of the restricted stock award, the recipient receives a stock certificate that cannot be transfered or sold until the vesting criteria have been met. A restricted stock unit is not issued until the vesting criteria have been met. The awards generally vest over two to five years.

The following table presents the number and weighted average fair value ("WAFV") of unvested restricted stock awards granted to certain Monitronics employees:
 
 
Series A
common stock
 
WAFV
Outstanding at January 1, 2015
 
61,550

 
$
52.64

Granted
 
85,220

 
29.34

Vested
 
(36,492
)
 
46.15

Canceled
 
(11,587
)
 
57.29

Outstanding at December 31, 2015
 
98,691

 
$
34.38



The following table presents the number and WAFV of unvested restricted stock units granted to certain Monitronics employees:
 
 
Series A
Restricted Stock Units
 
WAFV
Outstanding at January 1, 2015
 

 
$

Granted
 
50,000

 
42.34

Vested
 

 

Canceled
 

 

Outstanding at December 31, 2015
 
50,000

 
$
42.34



As of December 31, 2015, the total compensation cost related to unvested equity awards was approximately $4,512,000.  Such amount will be recognized in the consolidated statements of operations over a period of approximately 3 years.