v3.20.2
SHARE-BASED COMPENSATION
 9 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement [Abstract]  
SHARE-BASED COMPENSATION 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 year-to-date period ended September 30, 2020:
Period EndedNumber of Restricted Stock UnitsWeighted Average Purchase PriceWeighted Average Remaining Contractual Term (Years)Aggregate Intrinsic Value as of September 30,
2020
(amounts in thousands)
RSUs outstanding as of:December 31, 20193,861 
RSUs awardedSeptember 30, 2020580 
RSUs releasedSeptember 30, 2020(1,599)
RSUs forfeitedSeptember 30, 2020(190)
RSUs outstanding as of:September 30, 20202,652 $— 1.2$4,296 
RSUs vested and expected to vest as of:September 30, 20202,652 $— 1.2$4,296 
RSUs exercisable (vested and deferred) as of:September 30, 202041 $— 0$67 
Weighted average remaining recognition period in years2.0
Unamortized compensation expense$12,073 
RSUs with Service and Market Conditions
The Company issued RSUs with service and market conditions that are included in the table above.

Option Activity
The following table provides summary information related to the exercise of stock options:
Nine Months Ended
September 30,
Option Exercise Data20202019
(amounts in thousands)
Intrinsic value of options exercised$— $1,272 
Tax benefit from options exercised (1)
$— $73 
Cash received from exercise price of options exercised$— $244 

(1)
Amounts exclude any impact from any compensation expense subject to Section 162(m) of the Code, which is nondeductible for income tax purposes.
The following table presents the option activity under the Plan during the current year-to-date period ended September 30, 2020:
Period EndedNumber of OptionsWeighted Average Exercise PriceWeighted Average Remaining Contractual Term (Years)Intrinsic Value as of September 30
2020
(amounts in thousands)
Options outstanding as of:December 31, 2019543 $12.06 
Options grantedSeptember 30, 202066 5.40 
Options outstanding as of:September 30, 2020609 $11.33 4.0$— 
Options vested and expected to vest as of:September 30, 2020609 $11.33 4.0$— 
Options vested and exercisable as of:September 30, 2020543 $12.06 3.5$— 
Weighted average remaining recognition period in years0.7
Unamortized compensation expense$37 
The following table summarizes significant ranges of outstanding and exercisable options as of the current period:
Options OutstandingOptions Exercisable
Range of
Exercise Prices		Number of Options Outstanding September 30,
2020		Weighted
Average
Remaining
Contractual
Life		Weighted
Average
Exercise
Price		Number of Options Exercisable September 30,
2020		Weighted
Average
Exercise
Price
FromTo
$3.54 7.01 66,775 8.75.40 — $— 
$9.66 13.98 542,582 3.512.06 542,582 $12.06 
$3.54 13.98 609,357 4.011.33 542,582 $12.06 
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,
20202019
(amounts in thousands)
Station operating expenses$1,552 $3,765 
Corporate general and administrative expenses4,616 6,521 
Stock-based compensation expense included in operating expenses6,168 10,286 
Income tax benefit (1)
1,452 2,258 
After-tax stock-based compensation expense$4,716 $8,028 
Three Months Ended
September 30,
20202019
(amounts in thousands)
Station operating expenses$524 $1,107 
Corporate general and administrative expenses1,421 2,234 
Stock-based compensation expense included in operating expenses1,945 3,341 
Income tax benefit (1)
480 770 
After-tax stock-based compensation expense$1,465 $2,571 
(1) Amounts exclude impact from any compensation expense subject to Section 162(m) of the Code, which is nondeductible for income tax purposes.