SHARE-BASED COMPENSATION

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Under the Company's equity compensation plan (the “Plan”), the Company is authorized to issue share-based compensation awards to key employees, directors and consultants.

Restricted Stock Units (“RSUs”) Activity

The following is a summary of the changes in RSUs under the Plan during the current period:


	Period Ended	Number of Restricted Stock Units		Weighted Average Purchase Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value as of March 31, 2023
	(amounts in thousands)
RSUs outstanding as of:	December 31, 2022	6,070
RSUs awarded	March 31, 2023	6,012
RSUs released	March 31, 2023	(2,846)
RSUs forfeited	March 31, 2023	(140)
RSUs outstanding as of:	March 31, 2023	9,096		$	—	1.84		$	1,299
RSUs vested and expected to vest as of:	March 31, 2023	9,096		$	—	1.84		$	1,294
RSUs exercisable (vested and deferred) as of:	March 31, 2023	5		$	—	$	—	$	—
Weighted average remaining recognition period in years		2.76
Unamortized compensation expense		$	6,680

RSUs with Service and Market Conditions

The Company issued RSUs with service and market conditions that are included in the table above.

Option Activity

There were no options exercised for the three months ended March 31, 2023 and 2022 respectively.

The following table presents the option activity during the current period under the Plan:


	Period Ended	Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Intrinsic Value as of March 31 2023
	(amounts in thousands)
Options outstanding as of:	December 31, 2022	609		$	11.33

Options exercised	March 31, 2023	—		—


Options outstanding as of:	March 31, 2023	609		$	11.33	1.56	$	—
Options vested and expected to vest as of:	March 31, 2023	609		$	11.33	1.56	$	—
Options vested and exercisable as of:	March 31, 2023	609		$	11.33	1.56	$	—
Weighted average remaining recognition period in years		0.0
Unamortized compensation expense		$	—

The following table summarizes significant ranges of outstanding and exercisable options as of the current period:


			Options Outstanding			Options Exercisable
			(amounts in thousands)
Range of Exercise Prices			Number of Options Outstanding March 31, 2023	Weighted Average Remaining Contractual Life	Weighted Average Exercise Price	Number of Options Exercisable March 31, 2023	Weighted Average Exercise Price
From		To
$	3.54	7.01	67	6.2	5.40	67	$	5.40
$	9.66	13.98	542	1	12.06	542	$	12.06
$	3.54	13.98	609	1.56	11.33	609	$	11.33

Recognized Non-Cash Stock-Based Compensation Expense

The following non-cash stock-based compensation expense, which is related primarily to RSUs, is included in each of the respective line items in the Company’s statement of operations:


	Three Months Ended March 31,
	2023		2022
	(amounts in thousands)
Station operating expenses	$	712	$	1,170
Corporate general and administrative expenses	1,178		1,820
Stock-based compensation expense included in operating expenses	1,890		2,990
Income tax benefit (1)	504		671
After-tax stock-based compensation expense	$	1,386	$	2,319

(1) Amounts exclude impact from any compensation expense subject to Section 162(m) of the Code, which is nondeductible for income tax purposes.