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STOCKHOLDERS' DEFICIT | 9 Months Ended
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Sep. 30, 2024
Equity [Abstract] |
STOCKHOLDERS' DEFICIT | STOCKHOLDERS' DEFICIT Pursuant to the Company's 2019 Eq uity Incentive Plan (the "2019 Plan"), the Company historically granted restricted stock units and options to purchase shares of the Company's Class A common stock to certain key individuals. On April 21, 2021, the 2021 Long-Term Incentive Award Plan (the “2021 Plan”) was approved by stockholders and replaced the 2019 Plan. Pursuant to the 2021 Plan, the Company will continue to grant equity awards covering shares of the Company's Class A common stock to certain key individuals. Share-based Compensation Share-based compensation expenses are recorded in Selling, general and administrative expenses in the Consolidated Statements of Comprehensive Loss. The Company periodically issues restricted stock units ("RSUs") and performance-based RSUs ("Performance RSUs") to certain key employees, some of which are settled in cash. The RSUs vest solely due to continued service over time. The Performance RSUs generally vest upon the achievement of certain market goals, performance goals, and continued service. The majority of these awards are being measured over an approximately 3-year period from the date of issuance, while certain Performance RSUs are measured over a 50-month period from the date of issuance. The following table presents the Company's total share based compensation expense by award type:
(In thousands) | Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
RSUs | $ | 5,636 |  |  | $ | 5,112 |  |  | $ | 15,647 |  |  | $ | 16,750 |
Performance RSUs | 2,150 |  |  | 2,288 |  |  | 6,351 |  |  | 6,520 |
Options | 477 |  |  | 791 |  |  | 1,965 |  |  | 4,285 |
Total Share Based Compensation Expense(1) | $ | 8,263 |  |  | $ | 8,191 |  |  | $ | 23,963 |  |  | $ | 27,555 |
(1) Total share based compensation expense includes $1.5 million and $2.0 million of expense from cash settled awards for the three and nine months ended September 30, 2024, respectively. Total share based compensation expense includes $0.4 million and $0.7 million of expense from cash settled awards for the three and nine months ended September 30, 2023, respectively. As of September 30, 2024, there was $38.1 million of unrecognized compensation cost related to share-based compensation arrangements. This cost is expected to be recognized over a weighted average period of approximately 1.6 years and assumes Performance RSUs will be fully earned at target. Special Warrants Each Special Warrant issued under the special warrant agreement entered into in connection with the Company's emergence from bankruptcy in 2019 may be exercised by its holder to purchase one share of Class A common stock or Class B common stock at an exercise price of $0.001 per share, unless the Company in its sole discretion believes such exercise would, alone or in combination with any other existing or proposed ownership of common stock, result in, subject to certain exceptions, (a) such exercising holder owning more than 4.99 percent of the Company's outstanding Class A common stock, (b) more than 22.5 percent of the Company's capital stock or voting interests being owned directly or indirectly by foreign individuals or entities, (c) the Company exceeding any other applicable foreign ownership threshold or (d) violation of any provision of the Communications Act or restrictions on ownership or transfer imposed by the Company's certificate of incorporation or the decisions, rules and policies of the FCC. Any holder exercising Special Warrants must complete and timely deliver to the warrant agent the required exercise forms and certifications required under the special warrant agreement. The Communications Act and FCC regulations prohibit foreign entities or individuals from indirectly (i.e., through a parent company) owning or voting more than 25 percent of a licensee’s equity, unless the FCC determines that greater indirect foreign ownership is in the public interest. As mentioned in Note 6 above, on November 5, 2020, the FCC issued the 2020 Declaratory Ruling, which permits the Company to be up to 100% foreign owned. During the three months ended September 30, 2024 and 2023 there were 3,984 and 9,185 Special Warrants, respectively, exercised for shares of Class A common stock. During the three months ended September 30, 2024 and 2023 there were no Special Warrants exercised for Class B common stock. During the nine months ended September 30, 2024 and 2023, there were 62,547 and 9,383 Special Warrants, respectively, exercised for shares of Class A common stock. During the nine months ended September 30, 2023, there were 59 Special Warrants exercised for Class B common stock. There were no Special Warrants exercised for Class B common stock during the nine months ended September 30, 2024. During the three months ended September 30, 2024 and 2023 stockholders converted 58,476 and no shares, respectively, of the Class B common stock into Class A common stock. During the nine months ended September 30, 2024 and 2023, stockholders converted 61,449 and 129,877 shares, respectively, of the Class B common stock into Class A common stock. Computation of Loss per Share
(In thousands, except per share data) | Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
NUMERATOR: |  |  |  |  |  |  |
Net loss attributable to the Company – common shares | $ | (41,265) |  |  | $ | (9,053) |  |  | $ | (1,041,431) |  |  | $ | (1,115,783) |
DENOMINATOR(1): |  |  |  |  |  |  |
Weighted average common shares outstanding - basic | 151,990 |  |  | 149,695 |  |  | 150,978 |  |  | 149,084 |
Stock options and restricted stock(2): | — |  |  | — |  |  | — |  |  | — |
Weighted average common shares outstanding - diluted | 151,990 |  |  | 149,695 |  |  | 150,978 |  |  | 149,084 |
Net loss attributable to the Company per common share: |  |  |  |  |  |  |
Basic | $ | (0.27) |  |  | $ | (0.06) |  |  | $ | (6.90) |  |  | $ | (7.48) |
Diluted | (0.27) |  |  | (0.06) |  |  | (6.90) |  |  | (7.48) |
(1) All of the outstanding Special Warrants are included in both the basic and diluted weighted average common shares outstanding of the Company for the three and nine months ended September 30, 2024 and 2023. (2) Outstanding equity service awards representing 14.8 million and 14.6 million shares of Class A common stock of the Company for the three months ended September 30, 2024 and 2023, respectively, and 15.2 million and 13.3 million for the nine months ended September 30, 2024 and 2023, respectively, were not included in the computation of diluted earnings per share because to do so would have been antidilutive.

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