v3.22.4
SHARE-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of the Changes in RSU's The following is a summary of the changes in RSUs under the Plans 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, 2022
(amounts in thousands)
RSUs outstanding as of:December 31, 20217,342 
RSUs awardedDecember 31, 20221,776 
RSUs releasedDecember 31, 2022(2,371)
RSUs forfeitedDecember 31, 2022(677)
RSUs outstanding as of:December 31, 20226,070 $— 0.8$1,311 
RSUs vested and expected to vest as of:December 31, 20226,070 $— 0.8$1,303 
RSUs exercisable (vested and deferred) as of:December 31, 20225 $— 0.0$1 
Weighted average remaining recognition period in years1.4
Unamortized compensation expense$8,539 
Additional Information on RSU Activity The following table presents additional information on RSU activity:
Years Ended December 31,
202220212020
Shares
Amount
Shares
Amount
Shares
Amount
(amounts in thousands, except per share data)
RSUs issued1,776 $2,742 3,513 $10,836 3,793 $10,073 
RSUs forfeited - service based(677)(2,674)(233)(678)(403)(624)
Net RSUs issued and increase (decrease) to paid-in capital1,099 $68 3,280 $10,158 3,390 $9,449 
Weighted average grant date fair value per share$1.54 $3.08 $2.66 
Fair value of shares vested per share$3.88 $7.49 $7.55 
RSUs vested and released2,371 1,477 1,712 
Changes in RSUs with Market Conditions The following table presents the changes in outstanding RSUs with market conditions:
Years Ended December 31,
202220212020
(amounts in thousands, except per share
data)
Reconciliation of RSUs with Service And Market Conditions
Beginning of period balance31 — 70 
Number of RSUs granted750 31 — 
Number of RSUs forfeited(31)— (70)
Number of RSUs vested— — — 
End of period balance750 31 — 
Weighted average fair value of RSUs granted with market conditions$0.96 $1.34 $— 
Years Ended December 31,
2022
Expected Volatility Structure (1)91 %
Risk Free Interest Rate (2)2.75 %
Annual Dividend Payment Per Share (Constant) (3)— %
(1)Expected Volatility Term Structure - The Company estimated the volatility term structure using: (i) the historical volatility of its stock.
(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 There was no option activity in the year ended December 31, 2022.
Period Ended
Number of
Options
Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Term (Years)
Intrinsic Value as of December 31, 2022
(amounts in thousands, except per share data)
Options outstanding as of:December 31, 2021609 $11.33 
Options exercisedDecember 31, 2022— — 
Options outstanding as of:December 31, 2022609 $11.33 1.8$— 
Options vested and expected to vest as of:December 31, 2022609 $11.33 1.8$— 
Options vested and exercisable as of:December 31, 2022609 $11.33 1.8$— 
Weighted average remaining recognition period in years0
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, 2022
Weighted
Average
Remaining
Contractual
Life
Weighted
Average
Exercise
Price
Number of Options Exercisable December 31, 2022
Weighted
Average
Exercise
Price
From
To
$3.54$7.01 66,775 6.5$5.40 66,775 $5.40 
$9.66$13.98 542,582 1.2$12.06 542,582 $12.06 
$0.17$13.98 609,357 1.8$11.33 609,357 $11.33 
Summary Information on Granting and Vesting of Options The following table provides summary information on the granting and vesting of options:
Years Ended December 31,
Option Issuance and Exercise Data
202220212020
(amounts in thousands except for per share and years)
From
To
From
To
From
To
Exercise price range of options issued$— $— $— $— $— $— 
Upon vesting, period to exercise in years000000
Fair value per share upon grant$— $— $— 
Number of options granted— — — 
Intrinsic value per share upon exercise$— $4.07 $— 
Intrinsic value of options exercised$— $814 $— 
Tax benefit from options exercised$— $217 $— 
Cash received from exercise price of options exercised$— $86 $— 
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,
202220212020
(amounts in thousands)
Station operating expenses$3,290 $4,181 $2,348 
Corporate general and administrative expenses5,039 8,753 6,907 
Stock-based compensation expense included in operating expenses8,329 12,934 9,255 
Income tax benefit (1)
1,656 2,929 2,222 
After-tax stock-based compensation expense$6,673 $10,005 $7,033 
(1)Amounts exclude impact from any compensation expense subject to Section 162(m) of the Code, which is nondeductible for income tax purposes.