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Equity and Long-Term Incentive Plans (Tables)
12 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Share-based Compensation, Restricted Stock Units Award Activity
The following table summarizes activity relating to Company employees who held AMC Networks restricted stock units for the year ended December 31, 2016:
 
Number of
Restricted
Stock Units
 
Number of
Performance
Restricted
Stock Units
 
Weighted Average 
Fair Value Per Stock Unit at Date of Grant
Unvested award balance, December 31, 2014
898,854

 
655,843

 
$
62.79

Granted
362,589

 
125,465

 
$
72.95

Released/Vested
(317,222
)
 
(89,929
)
 
$
46.75

Canceled/Forfeited
(90,835
)
 
(7,986
)
 
$
65.94

Unvested award balance, December 31, 2015
853,386

 
683,393

 
$
70.07

Granted
493,659

 
767,693

 
$
60.73

Released/Vested
(257,114
)
 
(79,321
)
 
$
61.28

Canceled/Forfeited
(107,633
)
 
(17,304
)
 
$
71.19

Unvested award balance, December 31, 2016
982,298

 
1,354,461

 
$
66.23


During 2016, AMC Networks granted 349,231 restricted stock units and 508,636 PRSUs to certain executive officers and employees under the AMC Networks Inc. Amended and Restated 2011 Employee Stock Plan. The Company also issued 144,428 restricted stock units and 259,057 performance restricted stock units to certain executive officers and employees under the 2016 Employee Stock Plan. All restricted stock units granted during 2016 vest ratably over a three-year period.
The target number of PRSUs granted represents the right to receive a corresponding number of shares, subject to adjustment based on the performance of the Company against target performance criteria for a three year period. The number of shares issuable at the end of the applicable measurement period ranges from 0% to 200% of the target PRSU award. For purposes of calculating the remaining shares available for issuance under the 2016 Employee Stock Plan, the PRSUs are considered at maximum payout.
The following table summarizes activity relating to Non-employee Directors who held AMC Networks restricted stock units for the year ended December 31, 2016:
 
Number of
Restricted
Stock Units
 
Weighted Average 
Fair Value Per Stock Unit at Date of Grant
Vested award balance, December 31, 2014
114,690

 
$
45.46

Granted
22,659

 
$
78.00

Released/Vested
(9,794
)
 
$
44.32

Vested award balance, December 31, 2015
127,555

 
$
51.33

Granted
27,066

 
$
61.69

Released/Vested

 
$

Vested award balance, December 31, 2016
154,621

 
$
53.15

Schedule of Share-based Compensation, Stock Options, Activity
The following table summarizes activity relating to employees of the Company who held unvested AMC Networks stock options for the year ended December 31, 2016:
 
Shares Under Option
 
Weighted
Average
Exercise Price
Per Share
 
Weighted
Average
Contractual
Term
(in years)
 
Aggregate
Intrinsic
Value(a)
 
Time
Vesting
Options
 
Balance, December 31, 2014
14,045

 
$
16.93

 
1.27
 
$
658

Exercised
(14,045
)
 
$
16.93

 
 
 
 
Balance, December 31, 2015

 
$

 

 
$

Granted
388,385

 
$
48.26

 
 
 
 
Balance, December 31, 2016
388,385

 
$
48.26

 
9.79
 
$
1,585

Options exercisable at December 31, 2016

 
$

 

 
$

(a)
The aggregate intrinsic value is calculated as the difference between (i) the exercise price of the underlying award and (ii) the quoted price of AMC Networks Class A Common Stock on December 31, 2016 or December 31, 2015, as indicated.
During 2016, the AMC Networks granted 388,385 stock options to an executive. The stock options vest ratably over a three-year period and expire 10 years from the grant date. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The determination of volatility is principally based upon implied volatilities from traded options. The expected term represents the period of time that options granted are expected to be outstanding. The risk-free rate assumed in valuing the options is based on the U.S. Treasury yield curve in effect applied against the expected term of the option at the time of the grant. The expected dividend yield is estimated based on historical dividend activity. Below are the weighted average fair value of awards granted in the periods presented and the weighted average of the applicable assumptions used to value stock options at grant date:
 
 
Options granted
Key Assumptions
 
Year Ended December 31, 2016
Weighted average fair value of grants
 
$
14.90

Weighted average assumptions:
 
 
Expected stock price volatility
 
30.18
%
Expected term of options (in years)
 
5.75

Risk free interest rate
 
1.25
%
Expected dividend yield
 

In addition, the following table summarizes activity relating to Cablevision and The Madison Square Garden Company ("MSG") employees who held AMC Networks stock options for the year ended December 31, 2016:
 
Shares Under Option
 
Weighted
Average
Exercise Price
Per Share
 
Weighted
Average
Contractual
Term
(in years)
 
Aggregate
Intrinsic
Value(a)
 
Time
Vesting
Options
 
Performance
Vesting
Options
 
Balance, December 31, 2014
229,497

 
32,500

 
$
15.81

 
1.14
 
$
12,566

Exercised
(94,664
)
 
(32,500
)
 
$
13.62

 
 
 
 
Balance, December 31, 2015
134,833

 

 
$
17.88

 
0.43
 
$
7,659

Exercised
(134,833
)
 

 
$
17.88

 
 
 
 
Balance, December 31, 2016

 

 
$

 

 
$

Options exercisable at December 31, 2016

 

 
$

 

 
$

(a)
The aggregate intrinsic value is calculated as the difference between (i) the exercise price of the underlying award and (ii) the quoted price of AMC Networks Class A Common Stock on December 31, 2016 or December 31, 2015, as indicated.