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.


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
Share-based compensation (a)	$	29,000	$	19,497	$	52,735	$	40,918
Fair value of awards vested	$	8,712	$	8,848	$	20,326	$	11,460

(a) Share-based compensation excludes costs that have been capitalized of $191 and $546 for the six months ended June 30, 2026 and 2025, respectively.

As of June 30, 2026, there was $77,221 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 1.84 years.

For the three and six months ended June 30, 2026, 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.

For the three and six months ended June 30, 2025, weighted-average shares used in the calculation of diluted earnings per share included the dilutive effect of 1,279 and 1,383 shares of Class A Common Stock, respectively, issuable under share-based compensation plans. For the three and six months ended June 30, 2025, weighted-average anti-dilutive shares primarily consisted of 7,143 and 6,844 shares under share-based compensation plans, respectively, and were excluded in the calculation of diluted EPS because their effect would have been anti-dilutive.

During the six months ended June 30, 2026 and 2025, approximately 160 and 465 RSUs were granted, respectively, and approximately 145 and 235 RSUs vested, respectively.

During the six months ended June 30, 2026 and 2025, approximately 120 and 368 PSUs were granted, respectively, and approximately 56 and 158 PSUs vested, respectively.