STOCKHOLDERS' EQUITY (Tables)

6 Months Ended

Jun. 30, 2023

STOCKHOLDERS' EQUITY

Summary of stock based compensation


		Three Months Ended						Six Months Ended
		June 30,			June 30,			June 30,			June 30,
(In millions)		2023			2022			2023			2022
Equity classified awards:
Special awards expense		$	—		$	—		$	20.2		$	—
Board of director stock award expense			—			—			0.9			0.8
Restricted stock unit expense			3.8			3.5			6.8			6.3
Performance stock unit expense			3.7			15.9			5.4			18.8
Total equity classified awards:			7.5			19.4			33.3			25.9
Liability classified awards:
Restricted and performance stock unit expense			0.3			—			0.4			—
Total liability classified awards:			0.3			—			0.4			—
Total stock-based compensation expense		$	7.8		$	19.4		$	33.7		$	25.9

Schedule of Nonvested RSU, PSU and SPSU Activity



				Weighted					Weighted
		Class A		Average			AMC Preferred		Average
		Common Stock		Grant Date			Equity Unit		Grant Date
		RSUs and PSUs		Fair Value			RSUs and PSUs		Fair Value
Nonvested at January 1, 2023		3,129,241		$	5.91		3,129,241		$	5.91
Granted (1)		2,790,461			6.23		3,042,608			2.22
Granted - Special Award		2,389,589			6.23		2,389,589			2.22
Vested		(983,107)			5.90		(1,246,290)			5.62
Vested - Special Award		(1,284,818)			6.23		(1,294,464)			2.22
Forfeited		(29,317)			5.94		(29,317)			4.11
Cancelled (2)		(884,452)			5.80		(621,269)			6.31
Cancelled - Special Award (2)		(1,104,771)			6.23		(1,095,125)			2.22
Nonvested at June 30, 2023		4,022,826		$	6.16		4,274,973		$	3.32
Tranche Years 2024 and 2025 awarded under the 2023 PSU award and Tranche Year 2024 awarded under the 2022 PSU award with grant date fair values to be determined in years 2024 and 2025, respectively		1,107,857					1,233,808
Total Nonvested at June 30, 2023		5,130,683					5,508,781

(1)

The number of PSU shares granted under the Tranche Year 2023 assumes the Company will attain a performance target at 100% for the Adjusted EBITDA target and 100% for the free cash flow target.

(2)

Represents vested RSUs and PSUs surrendered in lieu of taxes and cancelled awards returned to the 2013 Equity Incentive Plan. As a result, the Company paid taxes for restricted unit withholdings of approximately $14.2 million during the six months ended June 30, 2023.

Schedule of Stockholder's Equity


							Preferred Stock
							Series A Convertible										Accumulated
		Class A Voting					Participating		Depositary Shares of					Additional			Other						Total
		Common Stock					Preferred Stock		AMC Preferred					Paid-in			Comprehensive			Accumulated			Stockholders’
(In millions, except share and per share data)		Shares		Amount			Shares		Equity Units		Amount			Capital			Loss			Deficit			Equity (Deficit)
Balances December 31, 2022		516,838,912		$	5.2		7,245,872		724,587,058		$	0.1		$	5,045.1		$	(77.3)		$	(7,597.6)		$	(2,624.5)
Net loss		—			—		—		—			—			—			—			(235.5)			(235.5)
Other comprehensive loss		—			—		—		—			—			—			(7.3)			—			(7.3)
AMC Preferred Equity Units issuance		—			—		492,880		49,287,989			—			70.5			—			—			70.5
Antara Forward Purchase Agreement (2)		—			—		1,976,213		197,621,297			—			193.7			—			—			193.7
Taxes paid for restricted unit withholdings		—			—		—		—			—			(13.1)			—			—			(13.1)
Stock-based compensation (1)		2,353,477			—		26,944		2,694,450			—			25.9			—			—			25.9
Balances March 31, 2023		519,192,389		$	5.2		9,741,909		974,190,794		$	0.1		$	5,322.1		$	(84.6)		$	(7,833.1)		$	(2,590.3)
Net earnings		—			—		—		—			—			—			—			8.6			8.6
Other comprehensive loss		—			—		—		—			—			—			(40.0)			—			(40.0)
AMC Preferred Equity Units issuance		—			—		212,156		21,215,619			—			32.7			—			—			32.7
Taxes paid for restricted unit withholdings		—			—		—		—			—			(1.1)			—			—			(1.1)
Stock-based compensation		—			—		—		—			—			7.5			—			—			7.5
Balances June 30, 2023		519,192,389		$	5.2		9,954,065		995,406,413			0.1		$	5,361.2		$	(124.6)		$	(7,824.5)		$	(2,582.6)

(1)

Includes 85,552 Class A common stock shares and 153,696 AMC Preferred Equity Units awarded to the Board of Directors, 2,267,925 vested Class A common stock RSUs and PSUs, and 2,540,754 AMC Preferred Equity Units RSUs and PSUs.

(2)

Includes $75.1 million of cash proceeds and $118.6 million carrying value of the debt exchanged for AMC Preferred Equity Units.


							Preferred Stock
							Series A Convertible										Accumulated
		Class A					Participating		Depositary Shares of					Additional			Other						Total AMC
		Common Stock					Preferred Stock		AMC Preferred					Paid-in			Comprehensive			Accumulated			Stockholders’
(In millions, except share and per share data)		Shares		Amount			Shares		Equity Units		Amount			Capital			Income (Loss)			Deficit			Equity (Deficit)
Balances December 31, 2021		513,979,100		$	5.1		5,139,791		513,979,100		$	0.1		$	4,857.4		$	(28.1)		$	(6,624.0)		$	(1,789.5)
Net loss		—			—		—		—			—			—			—			(337.4)			(337.4)
Other comprehensive loss		—			—		—		—			—			—			(5.8)			—			(5.8)
Taxes paid for restricted unit withholdings		—			—		—		—			—			(52.2)			—			—			(52.2)
Stock-based compensation (1)		2,841,495			0.1		28,415		2,841,495			—			6.5			—			—			6.6
Balances March 31, 2022		516,820,595		$	5.2		5,168,206		516,820,595		$	0.1		$	4,811.7		$	(33.9)		$	(6,961.4)		$	(2,178.3)
Net loss		—			—		—		—			—			—			—			(121.6)			(121.6)
Other comprehensive income		—			—		—		—			—			—			(46.3)			—			(46.3)
Stock-based compensation		—			—		—		—			—			19.4			—			—			19.4
Balances June 30, 2022		516,820,595		$	5.2		5,168,206		516,820,595		$	0.1		$	4,831.1		$	(80.2)		$	(7,083.0)		$	(2,326.8)

(1)

Includes 41,650 Class A common stock shares and 41,650 AMC Preferred Equity Units awarded to Board of Directors, 2,799,845 vested Class A common stock RSUs and PSUs, and 2,799,845 vested AMC Preferred Equity Units RSUs and PSUs.