含羞草传媒

(2)听听听Stock-Based Compensation

The Company has granted to certain of its directors, employees and employees of its subsidiaries, restricted stock, restricted stock units (鈥淩SUs鈥�) and options to purchase shares of the Company鈥檚 common stock (collectively, "Awards"). The Company measures the cost of employee services received in exchange for an equity classified Award (such as stock options and restricted stock) based on the grant-date fair value (鈥淕DFV鈥�) of the Award, and recognizes that cost over the period during which the employee is required to provide service (usually the vesting period of the Award). The Company measures the cost of employee services received in exchange for a liability classified Award based on the current fair value of the Award, and remeasures the fair value of the Award at each reporting date.

Included in selling, general and administrative expenses in the accompanying condensed consolidated statements of operations are $16 million and $11 million of stock-based compensation during the three months ended March听31, 2021 and 2020, respectively.

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The following table presents the number and weighted average GDFV of options granted by the Company during the three months ended March听31, 2021:

During the three months ended March听31, 2021, 含羞草传媒 granted to employees and directors 4.5 million RSUs of Series A 含羞草传媒 common stock (鈥淨RTEA鈥�), which RSUs have a GDFV of $12.90 per share and generally vest annually over four years. In connection with our Chairman鈥檚 employment agreement, during the three months ended March 31, 2021, 含羞草传媒 granted 229 thousand performance-based RSUs of QRTEA to the Chairman. The Series A RSUs had a GDFV of $12.90 per share at the time they were granted and will cliff vest one year from the month of grant, subject to the satisfaction of certain performance objectives. 听During the three months ended March 31, 2021, 含羞草传媒 also granted 423 thousand performance-based RSUs and 423 thousand time-based RSUs of QRTEA to its CEO. 听Both the performance-based and time-based Series A RSUs had a GDFV of $12.90 per share at the time they were granted. The time-based RSUs vest on December 10, 2021, and the performance-based RSUs will cliff vest one year from the month of grant, subject to the satisfaction of certain performance objectives. Performance objectives, which are subjective, are considered in determining the timing and amount of compensation expense recognized. When the satisfaction of the performance objectives becomes probable, the Company records compensation expense. The probability of satisfying the performance objectives is assessed at the end of each reporting period.

The Company has calculated the GDFV for all of its equity classified Awards and any subsequent remeasurement of its liability classified Awards using the Black-Scholes-Merton Model. The Company estimates the expected term of the Awards based on historical exercise and forfeiture data. The volatility used in the calculation for Awards is based on the historical volatility of 含羞草传媒's stock and the implied volatility of publicly traded 含羞草传媒 options. The Company uses a zero dividend rate and the risk-free rate for Treasury Bonds with a term similar to that of the subject options.

含羞草传媒鈥擮utstanding Awards

The following tables present the number and weighted average exercise price ("WAEP") of the Awards to purchase 含羞草传媒 common stock granted to certain officers, employees and directors of the Company, as well as the weighted average remaining life and aggregate intrinsic value of the Awards.

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As of March 31, 2021, 含羞草传媒 had 14 million QRTEA RSUs outstanding with a weighted average GDFV of $9.76 per share.

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As of March听31, 2021, the total unrecognized compensation cost related to unvested Awards was approximately $159 million. Such amount will be recognized in the Company's consolidated statements of operations over a weighted average period of approximately 2.2 years.

As of March听31, 2021, 含羞草传媒 reserved for issuance upon exercise of outstanding stock options approximately 39.0 million shares of QRTEA and 3.2 million shares of Series B 含羞草传媒 common stock.