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Share-based Compensation | 3 Months Ended
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Mar. 31, 2026
Share-Based Payment Arrangement, Disclosure [Abstract] |
Share-based Compensation | Share-based Compensation The Company has three share-based compensation plans: the 2020 Employee Stock Plan, the 2020 Stock Plan for Non-Employee Directors and the MSG Networks Inc. 2010 Employee Stock Plan, in each case as amended from time to time. See Note 16. Share-based Compensation to the Audited Consolidated Financial Statements included in the Form 10-K for more detail on these plans. Share-based compensation expense for the Company’s restricted stock units (“RSUs”), performance stock units (“PSUs”), stock options and/or cash-settled stock appreciation rights (“SARs”) are recorded in the condensed consolidated statements of operations as a component of direct operating expenses or selling, general and administrative expenses. The following table summarizes the Company’s share-based compensation expense:
|  | Three Months Ended |  |
|  | March 31, |  |
|  | 2026 |  | 2025 |  |  |  |
Share-based compensation (a) |  | $ | 23,735 |  |  | $ | 21,421 |  |  |  |  |
Fair value of awards vested |  | $ | 11,614 |  |  | $ | 2,612 |  |  |  |  |
_________________ (a) Share-based compensation excludes costs that have been capitalized of $90 and $326 for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, there was $98,318 of unrecognized compensation cost related to unvested RSUs, PSUs, stock options and SARs held by the Company’s employees. The cost is expected to be recognized over a weighted-average period of approximately 1.9 years. For the three months ended March 31, 2026 and 2025, all RSUs, PSUs and stock options were excluded from the calculation of diluted loss per share because the Company reported a net loss attributable to Sphere Entertainment Co.’s stockholders for the periods and, therefore, their impact on reported loss per share would have been anti-dilutive. Award Activity RSUs During the three months ended March 31, 2026, approximately 145 RSUs were granted, and approximately 107 RSUs vested. PSUs During the three months ended March 31, 2026, approximately 120 PSUs were granted, and approximately 3 PSUs vested. Stock options During the three months ended March 31, 2026, there were no stock options granted or vested and approximately 279 options were exercised.

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