v3.10.0.1

SHARE-BASED COMPENSATION (Block) | 9 Months Ended
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Sep. 30, 2018
Disclosure Of Compensation Related Costs Sharebased Payments Abstract |
Disclosure Of Compensation Related Costs Share Based Payments Text Block | 8. 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 |  | September 30,
| Period Ended |  |  | Units |  | Price |  | Term (Years) |  | 2018
RSUs outstanding as of: | December 31, 2017 |  |  | 4,285,290 |  |  |  |  |  |  |  |
RSUs awarded |  |  |  | 1,284,050 |  |  |  |  |  |  |  |
RSUs released |  |  |  | (1,492,544) |  |  |  |  |  |  |  |
RSUs forfeited |  |  |  | (339,317) |  |  |  |  |  |  |  |
RSUs outstanding as of: | September 30, 2018 |  |  | 3,737,479 |  | $ | - |  | 1.4 |  | $ | 28,782,654
RSUs vested and expected |  |  |  |  |  |  |  |  |  |  |  |
to vest as of: | September 30, 2018 |  |  | 3,737,479 |  | $ | - |  | 1.4 |  | $ | 28,782,654
RSUs exercisable (vested and |  |  |  |  |  |  |  |  |  |  |  |
deferred) as of: | September 30, 2018 |  |  | 48,880 |  | $ | - |  | - |  | $ | 376,376
Weighted average remaining |  |  |  |  |  |  |  |  |  |  |  |
recognition period in years |  |  |  | 2.1 |  |  |  |  |  |  |  |
Unamortized compensation |  |  |  |  |  |  |  |  |  |  |  |
expense |  | $ | 25,909,972 |  |  |  |  |  |  |  |
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: (i) the Company’s stock achieves certain shareholder performance targets ov er a defined measurement period; and (ii) 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 ne ed to be satisfied. These RSUs are amortized over the longest of the explicit, implicit or derived service periods, which range from approximately one to three years. The following table presents the changes in outstanding RSUs with market conditions:
|  |  | Nine Months |  | Year
|  |  | Ended |  | Ended
|  |  | September 30, |  | December 31,
|  |  | 2018 |  | 2017
|  |  | (amounts in thousands, except per share data)
Reconciliation of RSUs with Service And Market Conditions |  |  |  |  |  |
| Beginning of period balance |  |  | 650 |  |  | 630
| Number of RSUs granted |  |  | - |  |  | 70
| Number of RSUs forfeited |  |  | (110) |  |  | -
| Number of RSUs vested |  |  | (314) |  |  | (50)
| End of period balance |  |  | 226 |  |  | 650
| Weighted average fair value of RSUs granted |  |  |  |  |  |
| with market conditions |  | $ | - |  | $ | 9.81
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 follow s:
|  | Nine Months |  |  | Year
|  | Ended |  |  | Ended
|  | September 30, |  |  | December 31,
|  | 2018 |  | 2017
Expected Volatility Term Structure (1) |  |  | - |  |  | 54%
Risk-Free Interest Rate (2) |  |  | - |  |  | 1.8%
Annual Dividend Payment Per Share (Constant) (3) |  | $ | - |  | $ | 3.3%
Option Activity The following table provides summary information related to the exercise of stock options:
|  | Nine Months Ended September 30,
Option Exercise Data |  | 2018 |  | 2017
|  | (amounts in thousands)
Intrinsic value of options exercised |  | $ | 418 |  | $ | 58
Tax benefit from options exercised (1) |  | $ | 111 |  | $ | 23
Cash received from exercise price of options exercised |  | $ | 68 |  | $ | 22
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) |  | 2018
Options outstanding as of: | December 31, 2017 |  |  | 883,347 |  | $ | 8.38 |  |  |  |  |
Options granted |  |  |  | - |  |  | - |  |  |  |  |
Options exercised |  |  |  | (50,300) |  |  | 1.34 |  |  |  |  |
Options forfeited |  |  |  | - |  |  | - |  |  |  |  |
Options expired |  |  |  | (15,000) |  |  | 9.30 |  |  |  |  |
Options outstanding as of: | September 30, 2018 |  |  | 818,047 |  | $ | 8.80 |  | 1.5 |  | $ | 1,592,166
Options vested and expected to |  |  |  |  |  |  |  |  |  |  |  |
vest as of: | September 30, 2018 |  |  | 818,047 |  | $ | 8.80 |  | 1.5 |  | $ | 1,592,166
Options vested and exercisable as of: | September 30, 2018 |  |  | 818,047 |  | $ | 8.80 |  | 1.5 |  | $ | 1,592,166
Weighted average remaining |  |  |  |  |  |  |  |  |  |  |  |
recognition period in years |  |  |  | - |  |  |  |  |  |  |  |
Unamortized compensation expense |  |  | $ | - |  |  |  |  |  |  |  |
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 |  | September 30, |  | Contractual |  | Exercise |  | September 30, |  | Exercise
From |  | To |  | 2018 |  | Life |  | Price |  | 2018 |  | Price
$ | 1.34 |  | $ | 1.34 |  | 246,637 |  | 0.4 |  | $ | 1.34 |  | 246,637 |  | $ | 1.34
$ | 2.02 |  | $ | 13.98 |  | 571,410 |  | 2.1 |  | $ | 12.02 |  | 571,410 |  | $ | 12.02
$ | 1.34 |  | $ | 13.98 |  | 818,047 |  | 1.5 |  | $ | 8.80 |  | 818,047 |  | $ | 8.80
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 the Company’s statement of operations:
|  | Nine Months Ended
|  | September 30,
|  | 2018 |  | 2017
|  |  | (amounts in thousands)
Station operating expenses |  | $ | 5,295 |  | $ | 937
Corporate general and administrative expenses |  |  | 6,126 |  |  | 3,692
Stock-based compensation expense included in operating expenses |  |  | 11,421 |  |  | 4,629
Income tax benefit (1) |  |  | 2,385 |  |  | 1,528
After-tax stock-based compensation expense |  | $ | 9,036 |  | $ | 3,101
|  | Three Months Ended
|  | September 30,
|  | 2018 |  | 2017
|  | (amounts in thousands)
Station operating expenses |  | $ | 1,653 |  | $ | 360
Corporate general and administrative expenses |  |  | 2,116 |  |  | 1,197
Stock-based compensation expense included in operating expenses |  |  | 3,769 |  |  | 1,557
Income tax benefit (1) |  |  | 787 |  |  | 525
After-tax stock-based compensation expense |  | $ | 2,982 |  | $ | 1,032

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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 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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