SHARE-BASED COMPENSATION

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Under the Company's two equity compensation plans (the “Plans”), 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 Plans 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, 2021
	(amounts in thousands)
RSUs outstanding as of:	December 31, 2020	5,539
RSUs awarded	June 30, 2021	801
RSUs released	June 30, 2021	(1,413)
RSUs forfeited	June 30, 2021	(98)
RSUs outstanding as of:	June 30, 2021	4,829		$	—	1.4	$	24,761
RSUs vested and expected to vest as of:	June 30, 2021	4,829		$	—	1.4	$	24,761
RSUs exercisable (vested and deferred) as of:	June 30, 2021	5		$	—	0.0	$	26
Weighted average remaining recognition period in years		1.8
Unamortized compensation expense		$	15,545

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 provides summary information related to the exercise of stock options:


	Six Months Ended June 30,
Option Exercise Data	2021		2020
	(amounts in thousands)
Intrinsic value of options exercised	$	406	$	—
Tax benefit from options exercised	$	108	$	—
Cash received from exercise price of options exercised	$	32	$	—

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


	Period Ended	Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Intrinsic Value as of June 30 2021
	(amounts in thousands)
Options outstanding as of:	December 31, 2020	809		$	8.63

Options exercised	June 30, 2021	(86)		0.38


Options outstanding as of:	June 30, 2021	723		$	9.61	3.2	$	563
Options vested and expected to vest as of:	June 30, 2021	723		$	9.61	3.2	$	563
Options vested and exercisable as of:	June 30, 2021	574		$	11.77	3.0	$	—
Weighted average remaining recognition period in years		1.0
Unamortized compensation expense		$	131

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 June 30, 2021	Weighted Average Remaining Contractual Life	Weighted Average Exercise Price	Number of Options Exercisable June 30, 2021	Weighted Average Exercise Price
From		To
$	0.40	7.01	180,813	4.4	2.28	31,905	$	6.86
$	9.66	13.98	542,582	2.7	12.06	542,582	$	12.06
$	0.40	13.98	723,395	3.2	9.61	574,487	$	11.77

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:


	Six Months Ended June 30,
	2021		2020
	(amounts in thousands)
Station operating expenses	$	2,117	$	1,029
Corporate general and administrative expenses	3,235		3,195
Stock-based compensation expense included in operating expenses	5,352		4,224
Income tax benefit (1)	1,165		950
After-tax stock-based compensation expense	$	4,187	$	3,274


	Three Months Ended June 30,
	2021		2020
	(amounts in thousands)
Station operating expenses	$	1,044	$	527
Corporate general and administrative expenses	1,568		1,917
Stock-based compensation expense included in operating expenses	2,612		2,444
Income tax benefit (1)	501		581
After-tax stock-based compensation expense	$	2,111	$	1,863

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