Equity Plans

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Equity Plans

Equity Plans

In February 2023, AMC Networks granted 297,325 restricted stock units ("RSUs") under the AMC Networks Inc. Amended and Restated 2016 Employee Stock Plan to its chief executive officer. The RSUs vest ratably over a three-year period.

During the three months ended March 31, 2023, 748,181 RSUs of AMC Networks Class A Common Stock previously issued to employees of the Company vested. On the vesting date, 315,874 RSUs were surrendered to the Company to cover the required statutory tax withholding obligations and 432,307 shares of AMC Networks Class A Common Stock were issued. Units are surrendered to satisfy the employees' statutory minimum tax withholding obligations for the applicable income and other employment tax. The units surrendered during the three months ended March 31, 2023 had an aggregate value of $6.0 million, which has been reflected as a financing activity in the condensed consolidated statement of cash flows for the three months ended March 31, 2023.

The Company recorded share-based compensation expenses of $5.9 million (including $0.3 million recorded as part of Restructuring and other related charges) and $8.1 million for the three months ended March 31, 2023 and 2022, respectively. Share-based compensation expenses are recognized in the consolidated statements of income as part of selling, general and administrative expenses.

As of March 31, 2023, there was $17.6 million of total unrecognized share-based compensation cost related to outstanding unvested share-based awards. The unrecognized compensation cost is expected to be recognized over a weighted average remaining period of approximately 2.2 years.