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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