v2.3.0.11

Share Comp | 6 Months Ended
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Jun. 30, 2011
Disclosure Of Compensation Related Costs Sharebased Payments Abstract |
Disclosure Of Compensation Related Costs Share Based Payments Text Block | 11. SHARE-BASED COMPENSATION Equity Compensation Plan Under the Entercom Equity Compensation Plan (the "Plan"), the Company is authorized to issue share-based compensation awards to key employees, directors and consultants. RSU Activity The following is a summary of the changes in RSUs under the Company's Plan during the current period:
|  |  |  | Number |  |  |  |  | Weighted |  | Aggregate
|  |  |  | Of |  | Weighted |  | Average |  | Intrinsic
|  |  |  | Restricted |  | Average |  | Remaining |  | Value As Of
|  |  |  | Stock |  | Purchase |  | Contractual |  | June 30,
| Period Ended |  |  | Units |  | Price |  | Term (Years) |  | 2011
RSUs outstanding as of: | December 31, 2010 |  |  | 2,329,174 |  |  |  |  |  |  |  |
RSUs awarded |  |  |  | 445,213 |  |  |  |  |  |  |  |
RSUs released |  |  |  | (849,794) |  |  |  |  |  |  |  |
RSUs forfeited |  |  |  | (18,337) |  |  |  |  |  |  |  |
RSUs outstanding as of: | June 30, 2011 |  |  | 1,906,256 |  | $ | - |  | 1.9 |  | $ | 16,546,302
RSUs vested and expected to vest as of: | June 30, 2011 |  |  | 1,691,738 |  | $ | - |  | 1.9 |  | $ | 13,929,164
RSUs exercisable (vested and deferred) as of: | June 30, 2011 |  |  | 86,996 |  | $ | - |  | 0.0 |  | $ | 755,125
Weighted average remaining |  |  |  |  |  |  |  |  |  |  |  |
recognition period in years |  |  |  | 2.6 |  |  |  |  |  |  |  |
Unamortized compensation |  |  |  |  |  |  |  |  |  |  |  |
expense, net of estimated |  |  |  |  |  |  |  |  |  |  |
forfeitures |  |  | $ | 11,416,198 |  |  |  |  |  |  |  |
Options Option Activity The following table presents for the periods indicated: (1) the intrinsic value of options exercised; (2) cash received from options exercised; and (3) the tax benefit from options exercised, before the impact of a valuation allowance:
|  | Six Months Ended June 30,
Other Option Disclosures |  | 2011 |  | 2010
|  | (amounts in thousands)
Intrinsic value of options exercised |  | $ | 512 |  | $ | 783
Tax benefit from options exercised, before impact of valuation allowance |  | $ | 195 |  | $ | 309
Cash received from exercise price of options exercised |  | $ | 67 |  | $ | 110
The following table presents the option activity during the current period under the Company's stock option plan:
|  |  |  |  |  |  |  |  | Weighted |  | Intrinsic
|  |  |  |  |  | Weighted |  | Average |  | Value
|  |  |  |  |  | Average |  | Remaining |  | As of
|  |  | Number of |  | Exercise |  | Contractual |  | June 30,
| Period Ended |  | Options |  | Price |  | Term (Years) |  | 2011
Options outstanding as of: | December 31, 2010 |  |  | 983,150 |  | $ | 3.02 |  |  |  |  |
Options granted |  |  |  | - |  |  | - |  |  |  |  |
Options exercised |  |  |  | (49,875) |  |  | 1.34 |  |  |  |  |
Options forfeited |  |  |  | (17,655) |  |  | 1.50 |  |  |  |  |
Options expired |  |  |  | (12,345) |  |  | 27.59 |  |  |  |  |
Outstanding as of: | June 30, 2011 |  |  | 903,275 |  | $ | 2.80 |  | 7.5 |  | $ | 6,153,469
Options vested and expected to vest as of: | June 30, 2011 |  |  | 864,322 |  | $ | 2.85 |  | 7.5 |  | $ | 5,877,155
Options vested and exercisable as of: | June 30, 2011 |  |  | 397,859 |  | $ | 4.26 |  | 7.2 |  | $ | 2,575,132
Weighted average remaining |  |  |  |  |  |  |  |  |  |  |  |
recognition period in years |  |  |  | 1.6 |  |  |  |  |  |  |  |
Unamortized compensation expense, net of |  |  |  |  |  |  |  |  |  |  |  |
estimated forfeitures |  |  | $ | 357,766 |  |  |  |  |  |  |  |
The following table summarizes significant ranges of outstanding and exercisable options as of the current period:
|  |  |  |  |  | Options Outstanding |  | Options Exercisable
|  |  |  |  |  | Number Of |  | Weighted |  |  |  |  | Number Of |  |  |
|  |  |  |  |  | Options |  | Average |  | Weighted |  | Options |  | Weighted
|  |  |  |  |  | Outstanding |  | Remaining |  | Average |  | Exercisable |  | Average
|  |  |  |  |  | June 30, |  | Contractual |  | Exercise |  | June 30, |  | Exercise
Exercise Prices |  | 2011 |  | Life |  | Price |  | 2011 |  | Price
$ | 1.34 |  | $ | 1.34 |  | 827,525 |  | 7.6 |  | $ | 1.34 |  | 347,903 |  | $ | 1.34
$ | 2.02 |  | $ | 12.08 |  | 54,250 |  | 7.4 |  | $ | 8.92 |  | 28,456 |  | $ | 10.22
$ | 33.90 |  | $ | 47.77 |  | 8,500 |  | 3.2 |  | $ | 36.86 |  | 8,500 |  | $ | 36.86
$ | 48.00 |  | $ | 48.21 |  | 13,000 |  | 0.9 |  | $ | 48.03 |  | 13,000 |  | $ | 48.03
|  |  |  |  |  | 903,275 |  | 7.5 |  | $ | 2.80 |  | 397,859 |  | $ | 4.26
Valuation Of Options The fair value of each option grant, using the Black-Scholes option-pricing model, was esti mated on the date of each grant. The following table presents the range of the assumptions used to determine the fair value over the periods indicated:
| Six Months Ended June 30,
| 2011 |  | 2010
Expected life (years) | no options issued |  | 6.3
Expected volatility factor (%) | no options issued |  | 69.2%
Risk-free interest rate (%) | no options issued |  | 3.0%
Expected dividend yield (%) | no options issued |  | 0.0%
Recognized Non-Cash Compensation Expense The following summarizes recognized stock-based compensation expense related to awards of RSUs and employee stock options:
|  | Six Months Ended
|  | June 30,
|  | 2011 |  | 2010
|  |  | (amounts in thousands)
Station operating expenses |  | $ | 327 |  | $ | 568
Corporate general and administrative expenses |  |  | 4,339 |  |  | 2,534
Stock-based compensation expense included in operating expenses |  |  | 4,666 |  |  | 3,102
Income tax benefit (net of a fully reserved valuation allowance for prior year) |  |  | (1,777) |  |  | -
Total |  | $ | 2,889 |  | $ | 3,102
|  | Three Months Ended
|  | June 30,
|  | 2011 |  | 2010
Station operating expenses |  | $ | 222 |  | $ | 390
Corporate general and administrative expenses |  |  | 1,304 |  |  | 962
Stock-based compensation expense included in operating expenses |  |  | 1,526 |  |  | 1,352
Income tax benefit (net of a fully reserved valuation allowance for prior year) |  |  | (1,777) |  |  | -
Total |  | $ | (251) |  | $ | 1,352
For all of the above periods, stock-based compensation expense consisted primarily of RSU awards. Windfall Tax Benefit Or Paid-In Capital Pool Account A deferred tax asset is recorded as a result of recognizing share-based compensation expense. A current income tax deduction arises at the time an RSU vest s (together with any applicable dividend equivalent payment s) and/or a stock option is exercised. If the current income tax deduction is greater than the associated deferred tax asset, the difference creates a windfall tax benefit, which is recorded in financing activities in the c onsolidated s tatement of c ash f lows. A windfall tax benefit is not recognized for book purposes, however, until it is realized. In the event the current income tax deduction is less than the associated deferred tax asset, the difference is charged to the windfall tax benefit account; otherwise, the shortfall is charged to income tax expense (before a valuation adjustment, if applicable). The amount of the Company's windfall tax benefit account was $1.5 million as of June 30, 2011. Based upon outstanding awards, this amount will be available in the windfall tax benefit account to absorb any future shortfall s.

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- Definition Disclosure of compensation-related costs for share-based compensation which may include disclosure of policies, compensation plan details, allocation of stock compensation, incentive distributions, share-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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