SHARE-BASED COMPENSATION

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

The following table presents share-based compensation expense recognized by the Company and unrecognized compensation cost:


	Share-Based Compensation				Unrecognized Compensation Cost As of March 31, 2022
	Three Months Ended March 31,
	2022		2021
Awards issued pursuant to LTIP:
Stock Option Awards	$	22,497	$	24,223	$	130,916
Performance Stock Units	2,026		2,982		40,931
Restricted Share Units	16,009		317		93,723
Other awards	—		759		—
	$	40,532	$	28,281	$	265,570

Stock Option Awards

The following table summarizes activity related to stock options granted to Company employees:


	Shares Under Option	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (a)
Balance at December 31, 2021	50,998,816	$	22.51	8.29	$	6,801
Granted	1,284,633	14.01

Forfeited	(927,472)	22.63
Balance at March 31, 2022 (b)	51,355,977	$	22.30	7.96	276
Options exercisable at March 31, 2022	19,713,832	$	24.23	6.36	$	—

(a)The aggregate intrinsic value is calculated as the difference between the exercise price and the closing price of Altice USA's Class A common stock at the respective date.

(b)Options to purchase 13,147,405 shares are subject to shareholder approval of an increase of shares authorized to be issued pursuant to the Company's 2017 Long Term Incentive Plan ("LTIP").

The total unrecognized compensation cost related to stock options is expected to be recognized over a weighted-average period of approximately 2.52 years.

The weighted-average fair value of stock option awards granted during the three months ended March 31, 2022 was $4.50. The following weighted-average assumptions were used to calculate the fair values of stock option awards granted during the three months ended March 31, 2022:


Risk-free interest rate			1.93%
Expected life (in years)			6.16
Dividend yield			—%
Volatility			37.09%

Performance Stock Unit Awards

The following table summarizes activity related to performance stock units ("PSUs") granted to Company employees:


			Number of PSUs
Balance at December 31, 2021			6,361,894
Forfeited			(163,621)
Balance at March 31, 2022			6,198,273

The PSUs have a weighted average grant date fair value of $10.65 per unit. The total unrecognized compensation cost related to the outstanding PSUs is expected to be recognized over a weighted-average period of approximately 3.83 years.

Restricted Share Units

The following table summarizes activity related to restricted share units granted to Company employees:


			Number of Units
Balance at December 31, 2021			6,617,837
Granted			416,484
Forfeited			(158,111)
Balance at March 31, 2022 (a)			6,876,210

(a)5,023,530 Restricted stock units are subject to shareholder approval of an increase of shares authorized to be issued pursuant to the 2017 LTIP.

Lightpath Plan Awards

As of March 31, 2022, 433,225 Class A-1 management incentive units and 231,928 Class A-2 management incentive units ("Award Units") granted to certain employees of Lightpath were outstanding. Vested units will be redeemed upon a partial exit, a change in control or the completion of an initial public offering, as defined in the Lightpath Holdings LLC agreement. The grant date fair value of the Award Units granted and outstanding aggregated $29,000 and will be expensed in the period in which a partial exit or a liquidity event is consummated.