v3.19.3.a.u2
SHARE-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Summary of the Changes in RSU's
The following is a summary of the changes in RSUs under the Plan during the current period:
Period Ended
Number
of
Restricted
Stock
Units
Weighted
Average
Purchase
Price
Weighted
Average
Remaining
Contractual
Term (Years)
Aggregate Intrinsic Value as of December 31, 2019
(amounts in thousands)
RSUs outstanding as of:
December 31, 20183,685  
RSUs awarded
1,955  
RSUs released
(1,456) 
RSUs forfeited
(323) 
RSUs outstanding as of:
December 31, 20193,861  $—  1.3$17,993  
RSUs vested and expected to vest as of:
December 31, 20193,861  $—  1.3$17,993  
RSUs exercisable (vested and deferred) as of:
December 31, 201941  $—  —  $193  
Weighted average remaining recognition period in years
2.2
Unamortized compensation expense
$19,840  
Additional Information on RSU Activity
The following table presents additional information on RSU activity:
Years Ended December 31,
201920182017
Shares
Amount
Shares
Amount
Shares
Amount
(amounts in thousands, except per share)
RSUs issued
1,955  $12,926  1,292  $10,078  3,064  $35,628  
RSUs forfeited - service based
(323) (1,753) (396) (1,228) (379) (1,117) 
Net RSUs issued and increase (decrease) to paid-in capital
1,632  $11,173  896  $8,850  2,685  $34,511  
Weighted average grant date fair value per share
$6.61  $9.71  $13.42  
Fair value of shares vested per share
$10.72  $11.07  $10.76  
RSUs vested and released
1,456  1,496  474  
Changes in RSUs with Market Conditions
The following table presents the changes in outstanding RSUs with market conditions:
Years Ended December 31,
201920182017
(amounts in thousands, except per share
data)
Reconciliation of RSUs with Service And Market Conditions
Beginning of period balance
226  650  630  
Number of RSUs granted
—  —  70  
Number of RSUs forfeited
(156) (110) —  
Number of RSUs vested
—  (314) (50) 
End of period balance
70  226  650  
Weighted average fair value of RSUs granted with market conditions
$—  $—  $9.81  
Resticted Stock Unit Valuation Assumptions
The specific assumptions used for these valuations are as follows:
Years Ended December 31,
201920182017
Expected Volatility Structure (1)
—  — %54 %
Risk Free Interest Rate (2)
—  — %1.8 %
Annual Dividend Payment Per Share (Constant) (3)
—  — %3.3 %
_______________
(1)Expected Volatility Term Structure - The Company estimated the volatility term structure using: (i) the historical volatility of its stock; and (ii) the implied volatility provided by its traded options from a trailing month’s average of the closing bid-ask price quotes.
(2)Risk-Free Interest Rate - The Company estimated the risk-free interest rate based upon the implied yield available on U.S. Treasury issues using the Treasury bond rate as of the date of grant.
(3)Annual Dividend Payment Per Share (Constant) - The Company assumed the historical dividend yield in effect at the date of the grant.
Option Activity Under The Plan
The following table presents the option activity during the current year ended under the Plan:
Period Ended
Number of
Options
Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Term (Years)
Intrinsic Value as of December 31, 2019
Options outstanding as of:
December 31, 2018755,210  $9.42  
Options granted
—  —  
Options exercised
(180,300) 1.34  
Options forfeited
—  —  
Options expired
(32,328) 10.21  
Options outstanding as of:
December 31, 2019542,582  $12.06  0.9$—  
Options vested and expected to vest as of:
December 31, 2019542,582  $12.06  0.9$—  
Options vested and exercisable as of:
December 31, 2019542,582  $12.06  0.9$—  
Weighted average remaining recognition period in years
0
Unamortized compensation expense
$—  
Significant Ranges of Outstanding and Exercisable Options
The following table summarizes significant ranges of outstanding and exercisable options as of the current period:
Range of
Exercise Prices
Options Outstanding
Options Exercisable
Number of Options Outstanding December 31, 2019
Weighted
Average
Remaining
Contractual
Life
Weighted
Average
Exercise
Price
Number of Options Exercisable December 31, 2019
Weighted
Average
Exercise
Price
From
To
$9.66  $9.66  201,875  0.9$9.66  201,875  $9.66  
$13.11  $13.98  340,707  0.9$13.48  340,707  $13.48  
$9.66  $13.98  542,582  0.9$12.06  542,582  $12.06  
Summary Information on Granting and Vesting of Options
The following table provides summary information on the granting and vesting of options:
Years Ended December 31,
Option Issuance and Exercise Data
201920182017
(amounts in thousands except for per share and years)
From
To
From
To
From
To
Exercise price range of options issued
$1.34  $1.34  $1.34  $2.02  $1.34  $11.31  
Upon vesting, period to exercise in years
110110110
Fair value per share upon grant
$—  $—  $4  
Number of options granted
—  —  686  
Intrinsic value per share upon exercise
$7.06  $7.33  $7.24  
Intrinsic value of options exercised
$1,272  $829  $60  
Tax benefit from options exercised
$73  $220  $21  
Cash received from exercise price of options exercised
$244  $153  $42  
Summary of 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:
Years Ended December 31,
201920182017
(amounts in thousands)
Station operating expenses
$4,673  $6,855  $1,694  
Corporate general and administrative expenses
11,511  8,294  7,873  
Stock-based compensation expense included in operating expenses
16,184  15,149  9,567  
Income tax benefit (1)
3,703  3,160  3,328  
After-tax stock-based compensation expense
$12,481  $11,989  $6,239  
(1)Amounts exclude impact from any compensation expense subject to Section 162(m) of the Code, which is nondeductible for income tax purposes.