SHARE-BASED COMPENSATION

6 Months Ended

Jun. 30, 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 June 30, 2023
	(amounts in thousands)
RSUs outstanding as of:	December 31, 2022	208
RSUs awarded	June 30, 2023	200
RSUs released	June 30, 2023	(112)
RSUs forfeited	June 30, 2023	(12)
RSUs outstanding as of:	June 30, 2023	284		$	—	1.68		$	605
RSUs vested and expected to vest as of:	June 30, 2023	283		$	—	1.68		$	602
RSUs exercisable (vested and deferred) as of:	June 30, 2023	—		$	—	$	—	$	—
Weighted average remaining recognition period in years		2.66
Unamortized compensation expense		$	5,321

*Reverse Stock Split applied

RSUs with Service and Market Conditions

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

Option Activity

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 June 30 2023
	(amounts in thousands)
Options outstanding as of:	December 31, 2022	20		$	339.90



Options expired	June 30, 2023	(5)		397.20
Options outstanding as of:	June 30, 2023	15		$	320.55	1.81	$	—
Options vested and expected to vest as of:	June 30, 2023	15		$	320.55	1.81	$	—
Options vested and exercisable as of:	June 30, 2023	15		$	320.55	1.81	$	—
Weighted average remaining recognition period in years		0.0
Unamortized compensation expense		$	—

*Reverse Stock Split applied

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 June 30, 2023	Weighted Average Remaining Contractual Life	Weighted Average Exercise Price	Number of Options Exercisable June 30, 2023	Weighted Average Exercise Price
From		To
$	106.20	210.3	2	6.0	162.05	2	$	162.05
$	289.80	419.4	13	1.1	347.75	13	$	347.75
$	106.20	419.4	15	1.81	320.55	15	$	320.55

*Reverse Stock Split applied

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 June 30,
	2023		2022
	(amounts in thousands)
Station operating expenses	$	433	$	990
Corporate general and administrative expenses	616		2,113
Stock-based compensation expense included in operating expenses	1,049		3,103
Income tax benefit (1)	195		683
After-tax stock-based compensation expense	$	854	$	2,420


	Six Months Ended June 30,
	2023		2022
	(amounts in thousands)
Station operating expenses	$	1,146	$	2,160
Corporate general and administrative expenses	1,852		3,933
Stock-based compensation expense included in operating expenses	2,998		6,093
Income tax benefit (1)	585		1,354
After-tax stock-based compensation expense	$	2,413	$	4,739

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