Equity Plans

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Equity Plans

Equity Plans

During the first quarter of 2024, AMC Networks granted 2,016,192 restricted stock units ("RSUs") to certain executive officers and employees under the AMC Networks Inc. Amended and Restated 2016 Employee Stock Plan, which vest ratably over a three-year period.

During the three months ended March 31, 2024, 813,111 RSUs of AMC Networks Class A Common Stock previously issued to employees of the Company vested. On the vesting date, 331,383 RSUs were surrendered to AMC Networks to cover the required statutory tax withholding obligations and 481,728 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, 2024 had an aggregate value of $4.0 million, which has been reflected as a financing activity in the condensed consolidated statement of cash flows for the three months ended March 31, 2024.

The Company recorded share-based compensation expenses of $6.1 million and $5.9 million (including $0.3 million recorded as part of Restructuring and other related charges) for the three months ended March 31, 2024 and 2023, respectively. Share-based compensation expenses are recognized in the condensed consolidated statements of income as part of Selling, general and administrative expenses.

As of March 31, 2024, there was $41.9 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 2.4 years.