SHARE-BASED COMPENSATION

6 Months Ended

Jun. 30, 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 June 30, 2022
	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Carry Unit Plan	$	—	$	44	$	—	$	803	$	—
Awards issued pursuant to LTIP (a):
Stock Option Awards	19,910		24,473		42,407		48,696		112,943
Performance Stock Units	1,601		2,868		3,627		5,850		37,133
Restricted Share Units	15,018		261		31,027		578		83,563

	$	36,529	$	27,646	$	77,061	$	55,927	$	233,639

(a)In June 2022, shareholders of the Company approved an increase to the number of shares authorized for issuance under the 2017 Altice USA Long Term Incentive Plan, as amended, by 35,000,000 shares to 89,879,291 shares.

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	3,154,016	13.58

Forfeited	(3,855,252)	22.95
Balance at June 30, 2022	50,297,580	$	21.83	8.12	—
Options exercisable at June 30, 2022	18,581,265	$	24.14	6.88	$	—

(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.

The total unrecognized compensation cost related to stock options is expected to be recognized over a weighted-average period of approximately 2.35 years.

The weighted-average fair value of stock option awards granted during the six months ended June 30, 2022 was $4.51. The following weighted-average assumptions were used to calculate the fair values of stock option awards granted during the six months ended June 30, 2022:


Risk-free interest rate			2.49%
Expected life (in years)			6.12
Dividend yield			—%
Volatility			38.42%

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			(342,117)
Balance at June 30, 2022			6,019,777

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 3.58 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			1,136,256
Forfeited			(213,651)
Balance at June 30, 2022			7,540,442

Lightpath Plan Awards

As of June 30, 2022, 478,725 Class A-1 management incentive units and 250,075 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 $31,785 and will be expensed in the period in which a partial exit or a liquidity event is consummated.