Annual report pursuant to Section 13 and 15(d)

Stock-based and Long-Term Compensation

v3.7.0.1
Stock-based and Long-Term Compensation
12 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-based and Long-Term Compensation
Stock-based and Long-Term Compensation
 
During 2016, 2015 and 2014, certain employees of MONI 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 awards non-qualified stock options for Ascent Capital Series A common stock to the Company's executives and 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 MONI's employees was calculated using the Black-Scholes model. There were no options granted in 2016, 2015 and 2014.

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 MONI employees:
 
 
 
Series A
common stock
 
WAEP
Outstanding at January 1, 2016
 
202,142

 
$
48.88

Granted
 

 

Exercised
 

 

Forfeited
 
(36,437
)
 
49.66

Outstanding at December 31, 2016
 
165,705

 
48.71

Exercisable at December 31, 2016
 
163,458

 
$
48.54


 
There was no intrinsic value for both outstanding stock option awards and exercisable stock option awards at December 31, 2016. The weighted average remaining contractual life of outstanding and exercisable awards at December 31, 2016 was 1.3 years and 1.2 years, respectively.

Restricted Stock Awards and Restricted Stock Units

Ascent Capital makes awards of restricted stock for its common stock to the Company’s executives and certain employees.  Substantially all of these awards have been for its Series A common stock.  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 a restricted stock award, the recipient receives a stock certificate for the number of awards granted. The stock cannot be transfered or sold until the vesting criteria have been met. Upon the grant of a restricted stock unit award, the recipient receives the right to receive a number of shares at vesting and, as such, shares of stock are 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 MONI employees:
 
 
Series A
common stock
 
WAFV
Outstanding at January 1, 2016
 
98,691

 
$
34.38

Granted
 
46,000

 
13.53

Vested
 
(19,236
)
 
22.24

Canceled
 
(8,469
)
 
54.77

Outstanding at December 31, 2016
 
116,986

 
$
26.70



The following table presents the number and WAFV of unvested restricted stock units granted to certain MONI employees:
 
 
Series A
Restricted Stock Units
 
WAFV
Outstanding at January 1, 2016
 
50,000

 
$
42.34

Granted
 
148,133

 
15.17

Vested
 
(9,625
)
 
40.01

Canceled
 

 

Outstanding at December 31, 2016
 
188,508

 
$
21.11



As of December 31, 2016, the total compensation cost related to unvested restricted stock and stock unit awards was approximately $4,158,000.  Such amount will be recognized in the consolidated statements of operations over a period of approximately 3.25 years.