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SEC Filings

10-K
CINEMARK HOLDINGS, INC. filed this Form 10-K on 02/23/2018
Entire Document
 

CINEMARK HOLDINGS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

In thousands, except share and per share data

 

Below is a summary of the Company’s treasury stock activity for the years ended December 31, 2015, 2016 and 2017.

 

 

Number of

Treasury Shares

 

 

Cost

 

Balance at December 31, 2014

 

4,057,135

 

 

$

61,807

 

Restricted stock forfeitures (1)

 

17,897

 

 

 

Restricted stock withholdings (2)

 

108,472

 

 

 

4,770

 

Balance at December 31, 2015

 

4,183,504

 

 

$

66,577

 

Restricted stock forfeitures (1)

 

56,808

 

 

 

Restricted stock withholdings (2)

 

206,690

 

 

 

6,834

 

Balance at December 31, 2016

 

4,447,002

 

 

$

73,411

 

Restricted stock forfeitures (1)

 

10,341

 

 

 

Restricted stock withholdings (2)

 

68,527

 

 

 

2,943

 

Balance at December 31, 2017

 

4,525,870

 

 

$

76,354

 

 

(1)

The Company repurchased forfeited and canceled restricted shares at a cost of $0.001 per share in accordance with the Company’s 2017 Omnibus Incentive Plan.

(2)

The Company withheld restricted shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock.  The Company determined the number of shares to be withheld based upon market values that ranged from $29.17 to $44.67 per share.

As of December 31, 2017, the Company had no plans to retire any shares of treasury stock.

Restricted Stock — Below is a summary of restricted stock activity for the years ended December 31, 2015, 2016 and 2017:

 

 

 

Year Ended

 

 

Year Ended

 

 

Year Ended

 

 

 

December 31, 2015

 

 

December 31, 2016

 

 

December 31, 2017

 

 

 

Shares of

Restricted

Stock

 

 

Weighted

Average

Grant Date

Fair Value

 

 

Shares of

Restricted

Stock

 

 

Weighted

Average

Grant Date

Fair Value

 

 

Shares of

Restricted

Stock

 

 

Weighted

Average

Grant Date

Fair Value

 

Outstanding at January 1

 

 

878,897

 

 

$

24.92

 

 

 

757,775

 

 

$

30.73

 

 

 

606,618

 

 

$

33.51

 

Granted

 

 

226,212

 

 

$

42.79

 

 

 

335,707

 

 

$

30.98

 

 

 

246,534

 

 

$

41.70

 

Vested

 

 

(329,437

)

 

$

23.72

 

 

 

(430,056

)

 

$

26.60

 

 

 

(192,230

)

 

$

36.26

 

Forfeited

 

 

(17,897

)

 

$

27.58

 

 

 

(56,808

)

 

$

33.81

 

 

 

(10,341

)

 

$

33.48

 

Outstanding at December 31

 

 

757,775

 

 

$

30.73

 

 

 

606,618

 

 

$

33.51

 

 

 

650,581

 

 

$

35.81

 

 

During the year ended December 31, 2017, the Company granted 246,534 shares of restricted stock to directors and employees of the Company. The fair value of the restricted stock granted was determined based on the market value of the Company’s common stock on the date of grant, which ranged from $34.82 to $42.37 per share. The Company assumed forfeiture rates ranging from 0% to 10% for the restricted stock awards.  Restricted stock granted to directors vests over a one-year period.  Restricted stock granted to employees vests over periods ranging from one year to four years based on continued service. The recipients of restricted stock are entitled to receive dividends and to vote their respective shares, however, the sale and transfer of the restricted shares is prohibited during the restriction period.

F-31