v3.24.1

SHARE-BASED COMPENSATION (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
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(1) |  | Weighted Average Purchase Price |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value as of December 31, 2023
| (amounts in thousands)
RSUs outstanding as of: | December 31, 2022 |  | 208 |  |  |  |  |  |  |
RSUs awarded | December 31, 2023 |  | 200 |  |  |  |  |  |  |
RSUs released | December 31, 2023 |  | (114) |  |  |  |  |  |  |
RSUs forfeited | December 31, 2023 |  | (22) |  |  |  |  |  |  |
RSUs outstanding as of: | December 31, 2023 |  | 272 |  |  | $ | — |  |  | 1.3 years |  | $ | 62 |
RSUs vested and expected to vest as of: | December 31, 2023 |  | 254 |  |  | $ | — |  |  | 1.3 years |  | $ | 58 |
RSUs exercisable (vested and deferred) as of: | December 31, 2023 |  | — |  |  | $ | — |  |  | 0.0 years |  | $ | — |
Weighted average remaining recognition period |  |  | 2.3 years |  |  |  |  |  |
Unamortized compensation expense |  |  | $ | 3,882 |  |  |  |  |  |  |
(1) Reverse Stock Split applied
Additional Information on RSU Activity | The following table presents additional information on RSU activity:
| Year Ended December 31,
| 2023 |  | 2022 |  |
| Shares |  | Amount |  | Shares |  | Amount |  |  |  |
| (amounts in thousands, except per share data)
RSUs issued | 200 |  |  | $ | 1,589 |  |  | 59 |  |  | $ | 2,742 |  |  |  |  |
RSUs forfeited - service based | (22) |  |  | (1,201) |  |  | (22) |  |  | (2,674) |  |  |  |  |
Net RSUs issued and increase (decrease) to paid-in capital | 178 |  |  | $ | 388 |  |  | 37 |  |  | $ | 68 |  |  |  |  |
Weighted average grant date fair value per share | $ | 7.94 |  |  |  |  | $ | 46.20 |  |  |  |  |  |  |
Fair value of shares vested per share | $ | 84.81 |  |  |  |  | $ | 116.40 |  |  |  |  |  |  |
RSUs vested and released | 114 |  |  |  |  | 79 |  |  |  |  |  |  |
Changes in RSUs with Market Conditions | The following table presents the changes in outstanding RSUs with market conditions:
| Year Ended December 31,
| 2023 |  | 2022 |  |
| (amounts in thousands, except per share data)
Reconciliation of RSUs with Service And Market Conditions |  |  |  |  |
Beginning of period balance | 25 |  |  | 1 |  |  |
Number of RSUs granted | — |  |  | 25 |  |  |
Number of RSUs forfeited | — |  |  | (1) |  |  |
Number of RSUs vested | — |  |  | — |  |  |
End of period balance | 25 |  |  | 25 |  |  |
Weighted average fair value of RSUs granted with market conditions | n/a |  | $ | 28.80 |  |  |
The table sets forth the assumptions used in the Monte Carlo simulations used to determine the fair values of the RSU awards with service and market conditions granted in 2022 (no RSU's with service and market conditions were granted in 2023):
RSU's and Assumptions by Grant Year |  |  | 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 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 | The following table summarized the changes in outstanding options for 2023.
| Period Ended |  | Number of Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term |  | Intrinsic Value as of December 31, 2023
| (amounts in thousands, except per share data)
Options outstanding as of: | December 31, 2022 |  | 20 |  | $ | 339.90 |  |  |  |  |
Options expired | December 31, 2023 |  | (5) |  | 397.20 |  |  |  |  |
Options outstanding as of: | December 31, 2023 |  | 15 |  | $ | 320.55 |  |  | 1.3 years |  | $ | — |
Options vested and expected to vest as of: | December 31, 2023 |  | 15 |  | $ | 320.55 |  |  | 1.3 years |  | $ | — |
Options vested and exercisable as of: | December 31, 2023 |  | 15 |  | $ | 320.55 |  |  | 1.3 years |  | $ | — |
Weighted average remaining recognition period |  |  | 0.0 years |  |  |  |  |  |
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, 2023 |  | Weighted Average Remaining Contractual Life |  | Weighted Average Exercise Price |  | Number of Options Exercisable December 31, 2023 |  | Weighted Average Exercise Price
From |  | To |  |  |  |  |
$106.20 |  | $ | 210.30 |  |  | 2,223 |  |  | 5.5 |  | $ | 162.05 |  |  | 2,223 |  |  | $ | 162.05 |
$289.80 |  | $ | 419.40 |  |  | 12,957 |  |  | 0.6 |  | $ | 347.75 |  |  | 12,957 |  |  | $ | 347.75 |
$106.20 |  | $ | 419.40 |  |  | 15,180 |  |  | 1.3 |  | $ | 320.55 |  |  | 15,180 |  |  | $ | 320.55 |
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:
| Year Ended December 31,
| 2023 |  | 2022 |  |
| (amounts in thousands)
Station operating expenses | $ | 1,703 |  |  | $ | 3,290 |  |  |
Corporate general and administrative expenses | 2,684 |  |  | 5,039 |  |  |
Stock-based compensation expense included in operating expenses | 4,387 |  |  | 8,329 |  |  |
Income tax benefit (1) | 1,437 |  |  | 1,656 |  |  |
After-tax stock-based compensation expense | $ | 2,950 |  |  | $ | 6,673 |  |  |
(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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