v2.4.0.8

SHARE-BASED COMPENSATION (Block) | 6 Months Ended
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Jun. 30, 2013
Disclosure Of Compensation Related Costs Sharebased Payments Abstract |
Disclosure Of Compensation Related Costs Share Based Payments Text Block | 7. SHARE-BASED COMPENSATION 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:
|  |  |  | Number |  |  |  |  | Weighted |  | Aggregate
|  |  |  | Of |  | Weighted |  | Average |  | Intrinsic
|  |  |  | Restricted |  | Average |  | Remaining |  | Value As Of
|  |  |  | Stock |  | Purchase |  | Contractual |  | June 30,
| Period Ended |  |  | Units |  | Price |  | Term (Years) |  | 2013
RSUs outstanding as of: | December 31, 2012 |  |  | 1,481,268 |  |  |  |  |  |  |  |
RSUs awarded |  |  |  | 331,377 |  |  |  |  |  |  |  |
RSUs released |  |  |  | (434,280) |  |  |  |  |  |  |  |
RSUs forfeited |  |  |  | (36,857) |  |  |  |  |  |  |  |
RSUs outstanding as of: | June 30, 2013 |  |  | 1,341,508 |  | $ | - |  | 1.4 |  | $ | 12,663,835
RSUs vested and expected |  |  |  |  |  |  |  |  |  |  |  |
to vest as of: | June 30, 2013 |  |  | 1,232,038 |  | $ | - |  | 1.3 |  | $ | 10,809,200
RSUs exercisable (vested and |  |  |  |  |  |  |  |  |  |  |  |
deferred) as of: | June 30, 2013 |  |  | 86,996 |  | $ | - |  | 0.0 |  | $ | 821,242
Weighted average remaining |  |  |  |  |  |  |  |  |  |  |  |
recognition period in years |  |  |  | 2.4 |  |  |  |  |  |  |  |
Unamortized compensation |  |  |  |  |  |  |  |  |  |  |  |
expense, net of estimated |  |  |  |  |  |  |  |  |  |  |
forfeitures |  |  | $ | 6,120,176 |  |  |  |  |  |  |  |
Options Option Activity The following table provides summary information related to the exercise of stock options:
|  | Six Months Ended June 30,
Other Option Disclosures |  | 2013 |  | 2012
|  | (amounts in thousands)
Intrinsic value of options exercised |  | $ | 1,013 |  | $ | 331
Tax benefit from options exercised (1) |  | $ | 385 |  | $ | 126
Cash received from exercise price of options exercised |  | $ | 206 |  | $ | 89
(1) Amount excludes impact from suspended income tax benefits and/or valuation allowances. 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 |  | June 30,
| Period Ended |  | Options |  | Price |  | Term (Years) |  | 2013
Options outstanding as of: | December 31, 2012 |  |  | 742,550 |  | $ | 2.39 |  |  |  |  |
Options granted |  |  |  | - |  |  |  |  |  |  |  |
Options exercised |  |  |  | (143,625) |  |  | 1.45 |  |  |  |  |
Options forfeited |  |  |  | (3,625) |  |  | 1.34 |  |  |  |  |
Options expired |  |  |  | (6,000) |  |  | 15.31 |  |  |  |  |
Options outstanding as of: | June 30, 2013 |  |  | 589,300 |  | $ | 2.49 |  | 5.5 |  | $ | 4,407,160
Options vested and expected to vest as of: | June 30, 2013 |  |  | 589,200 |  | $ | 2.49 |  | 5.5 |  | $ | 4,406,808
Options vested and exercisable as of: | June 30, 2013 |  |  | 584,550 |  | $ | 2.47 |  | 5.5 |  | $ | 4,389,419
Weighted average remaining |  |  |  |  |  |  |  |  |  |  |  |
recognition period in years |  |  |  | 0.3 |  |  |  |  |  |  |  |
Unamortized compensation expense, |  |  |  |  |  |  |  |  |  |  |  |
net of estimated forfeitures |  |  | $ | 6,783 |  |  |  |  |  |  |  |
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 |  | 2013 |  | Life |  | Price |  | 2013 |  | Price
$ | 1.34 |  | $ | 1.34 |  | 535,550 |  | 5.6 |  | $ | 1.34 |  | 535,550 |  | $ | 1.34
$ | 2.02 |  | $ | 10.90 |  | 19,000 |  | 6.1 |  | $ | 5.95 |  | 14,250 |  | $ | 6.03
$ | 11.31 |  | $ | 11.78 |  | 25,750 |  | 4.3 |  | $ | 11.60 |  | 25,750 |  | $ | 11.60
$ | 33.90 |  | $ | 48.21 |  | 9,000 |  | 1.3 |  | $ | 37.72 |  | 9,000 |  | $ | 37.72
$ | 1.34 |  | $ | 48.21 |  | 589,300 |  | 5.5 |  | $ | 2.49 |  | 584,550 |  | $ | 2.47
Recognized Non-Cash Stock-Based Compensation Expense The following summarizes recognized non-cash stock-based compensation expense, which consists primarily of RSUs:
| Six Months Ended
| June 30,
| 2013 |  | 2012
|  | (amounts in thousands)
Station operating expenses | $ | 335 |  | $ | 264
Corporate general and administrative expenses |  | 1,763 |  |  | 2,454
Stock-based compensation expense included in operating expenses |  | 2,098 |  |  | 2,718
Income tax benefit |  | 561 |  |  | 761
Net non-cash compensation expense | $ | 1,537 |  | $ | 1,957
|  | Three Months Ended
|  | June 30,
|  | 2013 |  | 2012
|  | (amounts in thousands)
Station operating expenses |  | $ | 180 |  | $ | 158
Corporate general and administrative expenses |  |  | 776 |  |  | 1,163
Stock-based compensation expense included in operating expenses |  |  | 956 |  |  | 1,321
Income tax benefit |  |  | 245 |  |  | 372
Net stock-based compensation expense |  | $ | 711 |  | $ | 949

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-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 Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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