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SHAREHOLDERS' EQUITY (Block) | 9 Months Ended
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Sep. 30, 2018
Stockholders Equity Note Abstract |
Stockholders Equity Note Disclosure Text Block | 12. SHAREHOLDERS’ EQUITY Dividends On November 2, 2017, the Company’s Board of Directors approved an increase to the annual common stock dividend program to $0.36 per share, beginning with the dividend paid in the fourth quarter of 2017. Management estimates quarterly dividend payments to approximate $12.5 million per quarter (without considering any further reduction in shares from the Company’s stock buyback program). Any future dividends will be at t he discretion of the Board based upon the relevant factors at the time of such consideration, including, without limitation, compliance with the restrictions set forth in the Company’s Credit Facility and the Senior Notes. During the second quarter of 201 6, the Company’s Board of Directors commenced an annual $0.30 per share common stock dividend program, with payments that approximate d $2.9 million per quarter. In addition to the quarterly dividend, the Company paid a sp ecial one-time cash dividend of $0.20 per share of common stock on August 30, 2017, which approximated $7.8 million. T he Company reti red its perpetual cumulative convertible preferred stock (“Preferred”) in full on November 17, 2017 and no further dividends were paid during the nine months ended September 30, 2018. Dividend Equivalents The Company’s grants of RSUs include the right, upon vesting, to receive a cash payment equal to the aggregate amount of dividends, if any, that holders would have received on the shares of common stock underlying their RSUs if such RSUs had been vested during the period. The following table presents the amounts accrued an d unpaid on unvested RSUs:
|  |  |  | Dividend Equivalent Liabilities
|  | Balance Sheet |  | September 30, |  | December 31,
|  | Location |  | 2018 |  | 2017
|  |  |  | (amounts in thousands)
Short-term |  | Other current liabilities |  | $ | 1,449 |  | $ | 830
Long-term |  | Other long-term liabilities |  |  | 905 |  |  | 1,331
Total |  |  |  | $ | 2,354 |  | $ | 2,161
Employee Stock Purchase Plan The Company’s Entercom Employee Stock Purchase Plan (the “ESPP”) allows participants to purchase the Company’s stock at a price equal to 85% of the market value of such shares on the purchase date. The maximum number of shares authorized to be issued under the ESPP is 1.0 million. Pursuant to this plan, the Company does not record compensation expense to the employee as income subject to tax on the difference between the market v alue and the purchase price, as this plan was designed to meet the requirements of Section 423(b) of the Code. The Company recognizes the 15% discount in the Company’s consolidated statements of operations as non-cash c ompensation expense. Pursuant to the CBS Radio Merger Agreement, the Company agreed not to issue or authorize any shares of its capital stock until the earlier of the termination of the CBS Radio Merger Agreement or the consummation of the Merger. As a r esult, the Company effectively suspended the ESPP during the second quarter of 2017. There were no shares purchased and the Company did not recognize any non-cash compensation expense in connection with the ESPP during the second, third or fourth quarters of 2017. As the Merger closed in the fourth quarter of 2017, the Company resumed the ESPP in the first quarter of 2018.
|  | Nine Months Ended
|  | September 30,
|  | 2018 |  | 2017
|  | (amounts in thousands)
Number of shares purchased |  |  | 150 |  |  | 15
Non-cash compensation expense recognized |  | $ | 185 |  | $ | 32
Share Repurchase Program On November 2, 2017, the Company’s Board of Directors a nnounced a share repurchase program (the “2017 Share Repurchase Program”) to permit the Company to purchase up to $100.0 million of the Company’s issued and outstanding shares of Class A common stock through open market purchases. Shares repurchased by the Company under the 2017 Share Repurchase Program will be at the discretion of the Company based upon the relevant facto rs at the time of such consideration, including, without limitation, compliance with the restrictions set forth in the Company’s Credit Facility and the Senior Notes. During the nine months ended September 30, 2018, the Company repurchased 1.8 million shares of Cla ss A common stock at an aggregate average price of $10.57 per share for a total of $19.4 million. The Company did not repurchase any shares during the three months ended September 30, 2018.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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