Stockholders' Equity |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders’ Equity |
Stockholders’ Equity
Common Stock
GCI’s Board of Directors has authorized a common stock buyback program for the repurchase of GCI’s Class A and Class B common stock in order to reduce the outstanding shares of Class A and Class B common stock. We are authorized to increase our repurchase limit $5.0 million per quarter indefinitely and to use stock option exercise proceeds to repurchase additional shares. If stock repurchases are less than the total approved quarterly amount the difference may be carried forward and used to repurchase additional shares in future quarters.
During the three months ended June 30, 2016 and 2015, we repurchased 0.5 million and 1.2 million shares, respectively, of our Class A common stock under the stock buyback program at a cost of $8.3 million and $19.7 million, respectively. During the six months ended June 30, 2016 and 2015, we repurchased 1.1 million and 2.3 million shares of our Class A common stock under the stock buyback program at a cost of $19.5 million and $35.9 million, respectively. Under this program we are currently authorized to make up to $86.0 million of repurchases as of June 30, 2016.
We expect to continue the repurchases for an indefinite period dependent on leverage, liquidity, company performance, and market conditions and subject to continued oversight by GCI’s Board of Directors.
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. We have issued only restricted stock awards since 2010. 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. The requisite service period of our awards is generally the same as the vesting period. New shares are issued when restricted stock awards are granted. We have 1.6 million shares available for grant under the Stock Option Plan at June 30, 2016.
A summary of nonvested restricted stock award activity under the Stock Option Plan as of June 30, 2016 and changes during the period then ended is presented below:
The weighted average grant date fair value of awards granted during the six months ended June 30, 2016 and 2015, were $17.68 and $14.70, respectively. The total fair value of awards vesting during the six months ended June 30, 2016 and 2015 were $4.3 million and $4.9 million, respectively. We have recorded share-based compensation expense of $5.0 million and $5.3 million for the six months ended June 30, 2016 and 2015, 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 $13.8 million as of June 30, 2016. We expect to recognize share-based compensation expense over a weighted average period of 1.6 years for restricted stock awards.
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