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SHAREHOLDERS' EQUITY (Block) | 12 Months Ended
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Dec. 31, 2018
Stockholders Equity Note Abstract |
Stockholders Equity Note Disclosure Text Block | 12. SHAREHOLDERS’ EQUITY Class B Common Stock Shares of Class B common stock are transferable only to Joseph M. Field, David J. Field, certain of their family members, their estates and trusts for any of their benefit. Upon any other transfer, shares of Class B common stock automatically convert into shares of Class A common stock on a one-for-one basis. In connection with the Merger, during 2017, certain members of the Field family caused to be converted an aggregate of 3,152,333 shares of Class B common stock to Class A common stock in accordance with the provisions for voluntary conversion of Class B common stock pursuant to Section 10(e)(i) of the Company’s Articles of Incorporation. Dividends On November 2, 2017, the Company’s Board of Directors approved an increase to the Company’s annual common stock dividend program from $0.30 per share to $0.36 per share, beginning with the dividend paid in the fourth quarter of 2017. The Company expects quarterly dividend payments to be approximately $12.4 million per quarter. Any future dividends will be at the discretion of the Board of Directors 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 2016, the Company’s Board of Directors commenced an annual $0.30 per share common stock dividend program, with payments that approximated $2.9 million per quarter. In addition to the quarterly dividend, the Company paid a special one-time cash dividend of $0.20 per s hare of common stock on August 30, 2017. Pursuant to the Merger Agreement, the Company agreed not to declare or pay any dividends or make other distributions in respect of any shares of the Company’s capital stock, except for the Company’s regular quarter ly cash dividend. The special one-time cash dividend, which approximated $7.8 million, was permitted under the Merger Agreement. Under the Credit Facility and the Senior Notes, the Company may be restricted in the amount a vailable for dividends, share repurchases, investments, and debt repurchases in the future based upon its Consolidated Net Secured Leverage Ratio. The amount available can increase over time based upon the Company’s financial performance and used when its Consolidated Net Secured Leverage Ratio is less than or equal to the maximum Secured Leverage Ratio permitted at the time. There are certain other limitations that apply to its use. The following table presents a summary of the Company’s dividend activit y during the past two years ending December 31, 2018:
|  |  |  |  |  |  | Aggregate
|  | Payment |  | Dividends |  |  | Payment
Equity Type |  | Date |  | per Share |  |  | Amount
Common stock |  | March 15, 2017 |  | $ | 0.075 |  | $ | 2,915,952
|  | June 15, 2017 |  | $ | 0.075 |  | $ | 2,920,860
|  | August 30, 2017 |  | $ | 0.200 |  | $ | 7,791,075
|  | September 15, 2017 |  | $ | 0.075 |  | $ | 2,921,727
|  | December 15, 2017 |  | $ | 0.090 |  | $ | 12,633,039
|  | March 28, 2018 |  | $ | 0.090 |  | $ | 12,440,990
|  | June 28, 2018 |  | $ | 0.090 |  | $ | 12,475,445
|  | September 14, 2018 |  | $ | 0.090 |  | $ | 12,486,825
|  | December 14, 2018 |  | $ | 0.090 |  | $ | 12,366,985
Preferred |  | January 16, 2017 |  | $ | 50,000.00 |  | $ | 550,000
|  | April 16, 2017 |  | $ | 50,000.00 |  | $ | 550,000
|  | July 16, 2017 |  | $ | 50,000.00 |  | $ | 550,000
|  | October 16, 2017 |  | $ | 62,500.00 |  | $ | 687,500
|  | November 17, 2017 |  | $ | 21,527.78 |  | $ | 236,806
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 |  | December 31,
|  | Location |  | 2018 |  | 2017
|  |  |  | (amounts in thousands)
Short-term |  | Other current liabilities |  | $ | 1,279 |  | $ | 830
Long-term |  | Other long-term liabilities |  |  | 1,041 |  |  | 1,331
Total |  |  |  | $ | 2,320 |  | $ | 2,161
Deemed Stock Repurchase When RSUs Vest Upon vesting of RSUs, a tax obligation is created for both the employer and the employee. Unless employees elect to pay their tax withholding obligations in cash, the Company withholds shares of stock in an amount sufficient to cover their tax withholding obligations. The withholding of these shares by the Company is deemed to be a repurchase of its stock. The following table provides summary informat ion on the deemed repurchase of vested RSUs:
|  | Years Ended December 31,
|  | 2018 |  | 2017 |  | 2016
|  | (amounts in thousands)
Shares of stock deemed repurchased |  |  | 506 |  |  | 169 |  |  | 232
Amount recorded as financing activity |  | $ | 5,186 |  | $ | 2,565 |  | $ | 2,268
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 t he 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 compensation expen se. 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 result, the Compan y 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. T he Company resumed the ESPP in the first quarter of 2018.
|  | Years Ended
|  | December 31,
|  | 2018 |  | 2017 |  | 2016
|  | (amounts in thousands)
Number of shares purchased |  |  | 228 |  |  | 15 |  |  | 32
Non-cash compensation expense recognized |  | $ | 252 |  | $ | 32 |  | $ | 67
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 year ended December 31, 2018, the Company repurchased 3.2 million shares of Class A c ommon stock at an aggregate average price of $9.11 per share for a total of $29.4 million.

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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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