Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

v2.4.1.9
Stockholders' Equity
 3 Months Ended
Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stockholders’ Equity
Stockholders’ Equity

Share-based Compensation
Our Amended and Restated 1986 Stock Option Plan ("Stock Option Plan"), provides for the grant of options and restricted stock awards (collectively "award") for a maximum of 15.7 million shares of GCI Class A common stock, subject to adjustment upon the occurrence of stock dividends, stock splits, mergers, consolidations or certain other changes in corporate structure or capitalization. If an award expires or terminates, the shares subject to the award will be available for further grants of awards under the Stock Option Plan. The Compensation Committee of GCI’s Board of Directors administers the Stock Option Plan. Substantially all restricted stock awards granted vest over periods of up to three years.  Substantially all options vest in equal installments over a period of five years and expire ten years from the date of grant. The requisite service period of our awards is generally the same as the vesting period.  Options granted pursuant to the Stock Option Plan are only exercisable if at the time of exercise the option holder is our employee, non-employee director, or a consultant or advisor working on our behalf.  New shares are issued when stock option agreements are exercised or restricted stock awards are granted.  We have not issued any new options since 2010 when we transitioned to issuing restricted stock awards. We have 1.9 million shares available for grant under the Stock Option Plan at March 31, 2015.

A summary of option activity under the Stock Option Plan as of March 31, 2015 and changes during the period then ended is presented below:
 
Shares (in thousands)
 
Weighted Average Exercise Price
 
Weighted Average Remaining Contractual Term
 
Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2015
308

 
$
6.86

 
 
 
 
Exercised
(38
)
 
$
7.77

 
 
 
 
Outstanding at March 31, 2015
270

 
$
6.74

 
3.9 years
 
$
2,438

Exercisable at March 31, 2015
270

 
$
6.74

 
3.9 years
 
$
2,438



A summary of nonvested restricted stock award activity under the Stock Option Plan as of March 31, 2015 and changes during the period then ended is presented below:
 
Shares (in thousands)
 
Weighted
Average
Grant Date
Fair Value
Nonvested at January 1, 2015
1,744

 
$
9.11

Granted
572

 
$
14.56

Vested
(207
)
 
$
8.05

Forfeited
(2
)
 
$
14.56

Nonvested at March 31, 2015
2,107

 




The weighted average grant date fair value of awards granted during the three months ended March 31, 2015 and 2014, were $14.56 and $9.81, respectively. We have recorded share-based compensation expense of $2.8 million and $1.8 million for the three months ended March 31, 2015 and 2014, respectively. Share-based compensation expense is classified as Selling, General and Administrative Expense in our Consolidated Statements of Operations.  Unrecognized share-based compensation expense was $15.4 million relating to 2.1 million restricted stock awards as of March 31, 2015.  We expect to recognize share-based compensation expense over a weighted average period of 2.0 years for restricted stock awards.