v2.4.0.6
SHARE-BASED COMPENSATION (Block)
 9 Months Ended
Sep. 30, 2012
Disclosure Of Compensation Related Costs Sharebased Payments Abstract  
Disclosure Of Compensation Related Costs Share Based Payments Text Block

6.       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 Plan during the current period:

 

    Number    Weighted Aggregate
    Of Weighted Average Intrinsic
    Restricted  Average Remaining Value As Of
    Stock Purchase Contractual September 30,
 Period Ended  Units Price Term (Years) 2012
             
RSUs outstanding as of: December 31, 2011   1,860,577        
RSUs awarded    290,556        
RSUs released    (358,131)        
RSUs forfeited    (20,790)        
RSUs outstanding as of: September 30, 2012   1,772,212 $ - 1.2 $ 12,157,374
RSUs vested and expected            
to vest as of:September 30, 2012   1,654,227 $ - 1.2 $ 10,751,208
RSUs exercisable (vested and             
deferred) as of:September 30, 2012   86,996 $ - 0.0 $ 596,793
Weighted average remaining             
recognition period in years   1.9        
Unamortized compensation             
expense, net of estimated           
forfeitures  $ 6,692,351        

Options

 

Option Activity

 

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

 

       
  Nine Months Ended September 30,
Other Option Disclosures 2012 2011
  (amounts in thousands)
       
Intrinsic value of options exercised $ 446 $ 520
Tax benefit from options exercised $ 169 $ 198
Cash received from exercise price of options exercised $ 120 $ 69

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

         Weighted Intrinsic
      Weighted Average Value
      Average Remaining As of
   Number of Exercise Contractual September 30,
 Period Ended Options Price Term (Years) 2012
             
Options outstanding as of:December 31, 2011   876,025 $ 2.84     
Options granted    -        
Options exercised    (89,475)   1.34     
Options forfeited    (10,625)   2.60     
Options expired    (21,625)   26.05     
Options outstanding as of:September 30, 2012   754,300 $ 2.36 6.3 $ 3,864,841
             
Options vested and expected to vest as of:September 30, 2012   748,233 $ 2.37 6.3 $ 3,833,005
Options vested and exercisable as of:September 30, 2012   526,614 $ 2.74 6.2 $ 2,640,439
Weighted average remaining            
recognition period in years   0.4        
Unamortized compensation expense,            
net of estimated forfeitures  $ 74,924        

       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
      September 30, Contractual Exercise September 30, Exercise
Exercise Prices 2012 Life Price 2012 Price
$ 1.34 $ 1.34  695,300  6.4 $ 1.34  474,864 $ 1.34
$ 2.02 $ 6.62  20,000  7.0 $ 5.52  12,750 $ 5.35
$ 10.90 $ 11.69  20,500  5.4 $ 11.46  20,500 $ 11.46
$ 11.78 $ 48.21  18,500  3.4 $ 27.24  18,500 $ 27.24
$ 1.34 $ 48.21  754,300  6.3 $ 2.36  526,614 $ 2.74

Recognized Non-Cash Compensation Expense

 

       Stock-based compensation expense consisted primarily of RSU awards. The following summarizes recognized stock-based compensation expense included in the Company's line item expense for awards:

 Nine Months Ended
 September 30,
 2012 2011
  (amounts in thousands)
      
Station operating expenses$ 433 $ 551
Corporate general and administrative expenses  3,551   5,676
Stock-based compensation expense included in operating expenses  3,984   6,227
Income tax benefit  1,120   1,613
Net stock-based compensation expense$ 2,864 $ 4,614

  Three Months Ended
       
  September 30,
  2012 2011
  (amounts in thousands)
       
Station operating expenses $ 169 $ 224
Corporate general and administrative expenses   1,097   1,337
Stock-based compensation expense included in operating expenses   1,266   1,561
Income tax benefit   358   464
Net stock-based compensation expense $ 908 $ 1,097