v3.5.0.2

SHARE-BASED COMPENSATION (Block) | 6 Months Ended
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Jun. 30, 2016
Disclosure Of Compensation Related Costs Sharebased Payments Abstract |
Disclosure Of Compensation Related Costs Share Based Payments Text Block | 6. 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) |  | 2016
RSUs outstanding as of: | December 31, 2015 |  |  | 1,590,417 |  |  |  |  |  |  |  |
RSUs awarded |  |  |  | 1,116,585 |  |  |  |  |  |  |  |
RSUs released |  |  |  | (595,717) |  |  |  |  |  |  |  |
RSUs forfeited |  |  |  | (8,950) |  |  |  |  |  |  |  |
RSUs outstanding as of: | June 30, 2016 |  |  | 2,102,335 |  | $ | - |  | 1.9 |  | $ | 28,528,686
RSUs vested and expected |  |  |  |  |  |  |  |  |  |  |  |
to vest as of: | June 30, 2016 |  |  | 1,905,785 |  | $ | - |  | 1.9 |  | $ | 25,198,200
RSUs exercisable (vested and |  |  |  |  |  |  |  |  |  |  |  |
deferred) as of: | June 30, 2016 |  |  | 48,880 |  | $ | - |  | - |  | $ | 663,302
Weighted average remaining |  |  |  |  |  |  |  |  |  |  |  |
recognition period in years |  |  |  | 2.7 |  |  |  |  |  |  |  |
Unamortized compensation |  |  |  |  |  |  |  |  |  |  |  |
expense, net of estimated |  |  |  |  |  |  |  |  |  |  |
forfeitures |  |  | $ | 14,079,435 |  |  |  |  |  |  |  |
RSUs With Service And Market Conditions T he Company issued RSUs with service and market conditions that are included in the table above. These shares vest if: (1) the Company’s stock achieves certain shareholder performance targets over a defined measurement period; and (2) 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 one to three years. The following table presents the changes in outstanding RSUs with market conditions:
|  |  | Six Months |  | Year
|  |  | Ended |  | Ended
|  |  | June 30, |  | December 31,
|  |  | 2016 |  | 2015
|  |  | (amounts in thousands, except per share data)
Reconciliation Of RSUs With Market Conditions |  |  |  |  |  |
| Beginning of period balance |  |  | 390 |  |  | 290
| Number of RSUs granted |  |  | 470 |  |  | 165
| Number of RSUs forfeited |  |  | - |  |  | -
| Number of RSUs vested |  |  | (225) |  |  | (65)
| End of period balance |  |  | 635 |  |  | 390
| Weighted average fair value of RSUs granted |  |  |  |  |  |
| with market conditions |  | $ | 7.34 |  | $ | 8.39
The fair value of RSUs with service conditions is estimated using the Company’s closing stock price on the date of the grant. To determine the fair value of RSUs with service and market conditions, the Company used the Monte Carlo simulation lattice model. The Company’s determination of the fair value was based on the number of shares granted, the Company’s stock price on the date of grant and certain assumptions regarding a number of highly complex and subjective variables. If other reasonable assumptions were used, the results could differ. The specific assumptions used for these valuations are as follows:
|  | Six Months |  |  | Year
|  | Ended |  |  | Ended
|  | June 30, |  |  | December 31,
|  | 2016 |  | 2015
Expected Volatility Term Structure (1) |  |  | 35% to 45% |  |  | 34% to 39%
Risk-Free Interest Rate (2) |  |  | 0.4% to 1.1% |  |  | 0.1% to 1.1%
Quarterly Dividend Payment As A Constant (3) |  | $ | 0.075 |  | $ | 0.00
RSUs With Service And Performance Conditions In addition to the RSUs included in the table above summarizing the activity in RSUs under the Plan, the Company issued RSUs with both service and performance conditions. Vesting of performance-based awards, if any, is dependent upon the achievement of certain performance targets. If the performance standards are not achieved, all unvested shares will expire and any accrued expense will be reversed. The Company determines the requisite service period on a case-by-case basis to determine the expense recognition period for non-vested performance based RSUs. The fair value is determined based upon the closing price of the Company’s common stock on the date of grant. The Company applies a quarterly probability assessment in computing its non-cash compensation expense and any change in the estimate is reflected as a cumulative adjustment to expense in the quarter of the change. The following table reflects the activity of RSUs with service and performance conditions:
|  |  | Six Months |  | Year
|  |  | Ended |  | Ended
|  |  | June 30, |  | December 31,
|  |  | 2016 |  | 2015
|  |  | (amounts in thousands, except
|  |  |  | per share data)
Reconciliation Of RSUs With Service And Performance |  |
Conditions |  |  |  |  |  |
| Beginning of period balance |  |  | 29 |  |  | 8
| Number of RSUs granted |  |  | - |  |  | 21
| Number of RSUs that did not meet criteria |  |  | (8) |  |  | -
| Number of RSUs vested |  |  | - |  |  | -
| End of period balance |  |  | 21 |  |  | 29
| Average fair value of RSUs granted with performance |  |  |  |  |  |
| conditions |  | $ | - |  | $ | 11.11
As of June 30, 2016, no non-cash compensation expense was recognized for RSUs with performance conditions. Option Activity The following table provides summary information related to the exercise of stock options:
|  | Six Months Ended June 30,
Option Exercise Data |  | 2016 |  | 2015
|  | (amounts in thousands)
Intrinsic value of options exercised |  | $ | 238 |  | $ | 72
Tax benefit from options exercised (1) |  | $ | 92 |  | $ | 27
Cash received from exercise price of options exercised |  | $ | 30 |  | $ | 31
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) |  | 2016
Options outstanding as of: | December 31, 2015 |  |  | 466,925 |  | $ | 1.93 |  |  |  |  |
Options granted |  |  |  | - |  |  | - |  |  |  |  |
Options exercised |  |  |  | (22,500) |  |  | 1.34 |  |  |  |  |
Options forfeited |  |  |  | - |  |  |  |  |  |  |  |
Options expired |  |  |  | (3,125) |  |  |  |  |  |  |  |
Options outstanding as of: | June 30, 2016 |  |  | 441,300 |  | $ | 1.96 |  | 2.6 |  | $ | 5,123,485
Options vested and expected to |  |  |  |  |  |  |  |  |  |  |  |
vest as of: | June 30, 2016 |  |  | 441,300 |  | $ | 1.96 |  | 2.6 |  | $ | 5,123,485
Options vested and exercisable as of: | June 30, 2016 |  |  | 441,300 |  | $ | 1.96 |  | 2.6 |  | $ | 5,123,485
Weighted average remaining |  |  |  |  |  |  |  |  |  |  |  |
recognition period in years |  |  |  | - |  |  |  |  |  |  |  |
Unamortized compensation expense, |  |  |  |  |  |  |  |  |  |  |  |
net of estimated forfeitures |  |  | $ | 7,066 |  |  |  |  |  |  |  |
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
Range Of |  | Outstanding |  | Remaining |  | Average |  | Exercisable |  | Average
Exercise Prices |  | June 30, |  | Contractual |  | Exercise |  | June 30, |  | Exercise
From |  | To |  | 2016 |  | Life |  | Price |  | 2016 |  | Price
$ | 1.34 |  | $ | 1.34 |  | 407,675 |  | 2.6 |  | $ | 1.34 |  | 407,675 |  | $ | 1.34
$ | 2.02 |  | $ | 11.78 |  | 33,625 |  | 2.2 |  | $ | 9.48 |  | 33,625 |  | $ | 9.48
$ | 1.34 |  | $ | 11.78 |  | 441,300 |  | 2.6 |  | $ | 1.96 |  | 441,300 |  | $ | 1.96
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 our statement of operations:
|  | Six Months Ended
|  | June 30,
|  | 2016 |  | 2015
|  |  | (amounts in thousands)
Station operating expenses |  | $ | 590 |  | $ | 545
Corporate general and administrative expenses |  |  | 2,429 |  |  | 1,997
Stock-based compensation expense included in operating expenses |  |  | 3,019 |  |  | 2,542
Income tax benefit (1) |  |  | 1,083 |  |  | 936
Net stock-based compensation expense |  | $ | 1,936 |  | $ | 1,606
|  | Three Months Ended
|  | June 30,
|  | 2016 |  | 2015
|  | (amounts in thousands)
Station operating expenses |  | $ | 363 |  | $ | 368
Corporate general and administrative expenses |  |  | 1,174 |  |  | 1,062
Stock-based compensation expense included in operating expenses |  |  | 1,537 |  |  | 1,430
Income tax benefit (1) |  |  | 531 |  |  | 523
Net stock-based compensation expense |  | $ | 1,006 |  | $ | 907

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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 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 2: 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=51659978&loc=d3e25284-112666 Reference 3: 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 4: 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 5: 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 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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