SHARE-BASED COMPENSATION

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Under the Entercom 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, 2020
	(amounts in thousands)
RSUs outstanding as of:	December 31, 2019	3,861
RSUs awarded	March 31, 2020	580
RSUs released	March 31, 2020	(1,269)
RSUs forfeited	March 31, 2020	(139)
RSUs outstanding as of:		3,033		$	—	1.5	$	4,913
RSUs vested and expected to vest as of:	March 31, 2020	3,033		$	—	1.5	$	4,913
RSUs exercisable (vested and deferred) as of:	March 31, 2020	41		$	—	0	$	67
Weighted average remaining recognition period in years		2.3
Unamortized compensation expense		$	16,106

RSUs with Service and Market Conditions

The Company issued RSUs with service and market conditions that are included in the table above. These shares vest if: (i) the Company’s stock achieves certain shareholder performance targets over a defined measurement period; and (ii) the employee fulfills a minimum service period. The compensation expense is recognized even if the market conditions are not satisfied and are only reversed in the event the service period is not met, as all of the conditions need to be satisfied. These RSUs are amortized over the longest of the explicit, implicit or derived service periods, which range from approximately one to three years.

Option Activity

The following table provides summary information related to the exercise of stock options:


	Three Months Ended March 31,
Option Exercise Data	2020		2019
	(amounts in thousands)
Intrinsic value of options exercised	$	—	$	1,272
Tax benefit from options exercised ⁽¹⁾	$	—	$	73
Cash received from exercise price of options exercised	$	—	$	244


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

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 2020
	(amounts in thousands)
Options outstanding as of:	December 31, 2019	543		$	12.06
Options granted	March 31, 2020	66		5.40
Options exercised	March 31, 2020	—		—
Options forfeited	March 31, 2020	—		—
Options expired	March 31, 2020	—		—
Options outstanding as of:	March 31, 2020	609		$	11.33	1.6	$	—
Options vested and expected to vest as of:	March 31, 2020	609		$	11.33	1.6	$	—
Options vested and exercisable as of:	March 31, 2020	543		$	12.06	0.6	$	—
Weighted average remaining recognition period in years		1.2
Unamortized compensation expense		$	62

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


			Options Outstanding						Options Exercisable
Range of Exercise Prices				Number of Options Outstanding March 31, 2020	Weighted Average Remaining Contractual Life	Weighted Average Exercise Price	Number of Options Exercisable March 31, 2020		Weighted Average Exercise Price
From		To
$	3.54	7.01	66,775	9.2	5.40	—	$	—
$	9.66	13.98	542,582	0.6	12.06	542,582	$	12.06
$	3.54	13.98	609,357	1.6	11.33	542,582	$	12.06

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,
	2020		2019
	(amounts in thousands)
Station operating expenses	$	502	$	1,416
Corporate general and administrative expenses	1,278		2,157
Stock-based compensation expense included in operating expenses	1,780		3,573
Income tax benefit ⁽¹⁾	368		748
After-tax stock-based compensation expense	$	1,412	$	2,825

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