12.	SUBSEQUENT EVENTS

Spin-Off Transaction.

On July 1, 2015, the spin-off was completed. See Note 1 for a description of the transaction.

Restricted Stock Award Agreement.

On July 1, 2015, the Board approved the grant of restricted shares of Company common stock under the 2015 Plan to employees of the Company whose equity awards issued by GHC were forfeited in connection with the spin-off (the “Replacement Shares”) or who did not receive an equity award from GHC in 2015 in anticipation of the spin-off (the “Staking Shares” and, together with the Replacement Shares, the “Restricted Shares”). The Restricted Shares are subject to service-based vesting conditions, with the Replacement Shares scheduled to cliff-vest on the vesting dates of the forfeited awards that they replaced (generally, December 2016), and the Staking Shares scheduled to cliff-vest on January 2, 2018. The Restricted Shares are also subject to the achievement of certain performance goals selected from those specified in the 2015 Plan. The Restricted Shares are subject to the terms and conditions of the 2015 Plan as well as an award agreement to be entered into by each employee receiving a grant and the Company (each, an “Award Agreement”), the material terms of which were also approved by the Board on July 1, 2015.

The Replacement Shares totaled 9,682 and the Staking Shares 26,930, for a total of 36,612 Restricted Shares. The grant date for both issues was July 8, 2015 and the closing price for CABO on that date was $380.50. The total value of the Restricted Shares at grant date was $13,930,866. The Replacement Shares vest on December 16, 2016 (with the exception of 104 shares that vest on February 20, 2017). The Staking Shares all vest on January 2, 2018.

Common Stock Repurchase Program.

On July 1, 2015, the Board authorized up to $250 million of share repurchases (subject to a total cap of 600,000 shares of Company common stock). Purchases under the stock repurchase program may be made from time to time on the open market and in privately negotiated transactions. The size and timing of these purchases will be based on a number of factors, including price and business and market conditions.