v3.23.3

SHARE-BASED COMPENSATION | 9 Months Ended
--- | ---
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION Under the Company's 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 (and prior equity compensation plans) during the current period:
RSU Activity |  | Period Ended |  | Number of Restricted Stock Units(1) |  | Weighted Average Purchase Price |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value as of September 30, 2023
|  | (RSU and dollar amounts in thousands)
RSUs outstanding as of: |  | December 31, 2022 |  | 208 |  |  |  |  |  |  |
RSUs awarded |  | September 30, 2023 |  | 200 |  |  |  |  |  |  |
RSUs released |  | September 30, 2023 |  | (113) |  |  |  |  |  |  |
RSUs forfeited |  | September 30, 2023 |  | (15) |  |  |  |  |  |  |
RSUs outstanding as of: |  | September 30, 2023 |  | 281 |  |  | $ | — |  |  | 1.48 |  | $ | 154 |
RSUs vested and expected to vest as of: |  | September 30, 2023 |  | 271 |  |  | $ | — |  |  | 1.48 |  | $ | 149 |
RSUs exercisable (vested and deferred) as of: |  | September 30, 2023 |  | 170 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Weighted average remaining recognition period |  |  |  | 2.49 years |  |  |  |  |  |
Unamortized compensation expense |  |  |  | $ | 4,937 |  |  |  |  |  |  |
(1)Reverse Stock Split applied 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 presents the option activity during the current period under the Plan (and prior equity compensation plans):
Option Activity | Period Ended |  | Number of Options(1) |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Intrinsic Value as of September 30, 2023
| (RSU and dollar amounts in thousands)
Options outstanding as of: | December 31, 2022 |  | 20 |  |  | $ | 339.90 |  |  |  |  |
Options expired | September 30, 2023 |  | (5) |  |  | 397.20 |  |  |  |  |
Options outstanding as of: | September 30, 2023 |  | 15 |  |  | $ | 320.55 |  |  | 1.56 |  | $ | — |
Options vested and expected to vest as of: | September 30, 2023 |  | 15 |  |  | $ | 320.55 |  |  | 1.56 |  | $ | — |
Options vested and exercisable as of: | September 30, 2023 |  | 15 |  |  | $ | 320.55 |  |  | 1.56 |  | $ | — |
Weighted average remaining recognition period |  |  | 0 years |  |  |  |  |  |
Unamortized compensation expense |  |  | $ | — |  |  |  |  |  |  |
(1)Reverse Stock Split applied The following table summarizes significant ranges of outstanding and exercisable options as of the current period:
|  |  |  | Options Outstanding(1) |  | Options Exercisable(1)
|  |  |  | (amounts in thousands)
Range of Exercise Prices |  | Number of Options Outstanding September 30, 2023 |  | Weighted Average Remaining Contractual Life |  | Weighted Average Exercise Price |  | Number of Options Exercisable September 30, 2023 |  | Weighted Average Exercise Price
From |  | To
$ | 106.20 |  |  | 210.3 |  |  | 2 |  |  | 5.7 |  | 162.05 |  |  | 2 |  |  | $ | 162.05 |
$ | 289.80 |  |  | 419.4 |  |  | 13 |  |  | 0.8 |  | 347.75 |  |  | 13 |  |  | $ | 347.75 |
$ | 106.20 |  |  | 419.4 |  |  | 15 |  |  | 1.56 |  | 320.55 |  |  | 15 |  |  | $ | 320.55 |
(1)Reverse Stock Split applied 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:
|  | Three Months Ended September 30, 2023
Non-Cash Stock-Based Compensation Expense |  | 2023 |  | 2022
|  | (amounts in thousands)
Station operating expenses |  | $ | 303 |  |  | $ | 828 |
Corporate general and administrative expenses |  | 446 |  |  | 24 |
Stock-based compensation expense included in operating expenses |  | 749 |  |  | 852 |
Income tax benefit (1) |  | 103 |  |  | 50 |
After-tax stock-based compensation expense |  | $ | 646 |  |  | $ | 802 |
|  | Nine Months Ended September 30, 2023
Non-Cash Stock-Based Compensation Expense |  | 2023 |  | 2022
|  | (amounts in thousands)
Station operating expenses |  | $ | 1,449 |  |  | $ | 2,989 |
Corporate general and administrative expenses |  | 2,298 |  |  | 3,956 |
Stock-based compensation expense included in operating expenses |  | 3,747 |  |  | 6,945 |
Income tax benefit (1) |  | 689 |  |  | 1,404 |
After-tax stock-based compensation expense |  | $ | 3,058 |  |  | $ | 5,541 |
(1) Amounts exclude impact from any compensation expense subject to Section 162(m) of the Code, which is nondeductible for income tax purposes.

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