Dolan Cashes In Options

Cablevision Systems CEO James Dolan exercised stock options for about 1.1million shares  in August that netted him  profit of about $12.9 million, according to documents filed with the Securities and Exchange Commission.

According to a Form 4 filing, which details stock sales by public company executives, Dolan exercised options for about 633,885 shares on Aug. 7 at a strike price of $6.24 per share and sold them on the same day for $18.36 each, netting a profit of $7.7 million.

The next day, according to the Form 4, Dolan exercised options for 269,215 shares at $6.24 each; 120,000 shares at $6.37 each; and 74,400 shares at $9.44 each.  He sold those 463,615 shares later that day for $17.98 each, netting a $5.2 million profit.

According to the SEC document, the options were exercisable in 2004, 2005 and 2009 and were set to expire on Sept. 5 and Oct. 1 of this year.

“The Form 4 simply outlines the routine exercise by Mr. Dolan of certain Cablevision stock options that were set to expire,” Cablevision said in a statement.

Cablevision shares were priced at $18.01 each in early trading Tuesday.