Stock Incentive Plan (Tables)
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12 Months Ended |
Dec. 31, 2018 |
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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| Schedule of Stock-Based Compensation Expense Recognized |
The following table reflects the components of stock-based
compensation expense recognized in the Consolidated Statements of
Operations for the years ended December 31, 2018 and 2017:
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Year Ended December 31,
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2017 |
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2018
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(Dollars in
thousands) |
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Stock option compensation expense included in unallocated corporate
expenses
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|
153 |
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$ |
329 |
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Restricted stock shares compensation expense included in
unallocated corporate expenses
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1,100 |
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|
—
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Stock option compensation expense included in broadcast operating
expenses
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33 |
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122 |
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Restricted stock shares compensation expense included in broadcast
operating expenses
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224 |
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|
—
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Stock option compensation expense included in digital media
operating expenses
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30 |
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77 |
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Restricted stock shares compensation expense included in digital
media operating expenses
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124 |
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—
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Stock option compensation expense included in publishing operating
expenses
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21 |
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15 |
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Restricted stock shares compensation expense included in publishing
operating expenses
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36 |
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—
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Total stock-based compensation expense, pre-tax
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1,721 |
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$ |
543 |
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Tax expense from stock-based compensation expense
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(688 |
) |
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(141 |
) |
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Total stock-based compensation expense, net of tax
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1,033 |
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$ |
402 |
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| Schedule of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options and Restricted Stock Awards using Black-Scholes Option Valuation Model |
There were no stock options granted during the year ended
December 31, 2017. The weighted-average assumptions used to
estimate the fair value of the stock options and restricted stock
awards using the Black-Scholes valuation model were as follows for
the years ended December 31, 2018:
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Year Ended
December 31, 2018 |
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Expected volatility
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41.84 |
% |
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Expected dividends
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|
7.89 |
% |
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Expected term (in years)
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7.4 |
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Risk-free interest rate
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2.93 |
% |
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| Schedule of Stock Option Activity |
Activity with respect to the company’s option awards during
the two years ended December 31, 2018 is as follows (Dollars
in thousands, except weighted average exercise price and weighted
average grant date fair value):
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Options
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Shares |
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Weighted
Average
Exercise Price |
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Weighted
Average
Grant Date
Fair Value |
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Weighted
Average
Remaining
Contractual Term |
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Aggregate
Intrinsic Value |
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Outstanding at January 1, 2017
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1,720,000 |
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$ |
5.12 |
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$ |
2.89 |
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4.5 years |
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$ |
2,428 |
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Granted
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— |
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Exercised
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(127,663 |
) |
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4.02 |
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2.03 |
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401 |
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Forfeited or expired
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(163,875 |
) |
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5.75 |
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2.99 |
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136 |
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Outstanding at December 31, 2017
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1,428,462 |
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$ |
5.20 |
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$ |
2.96 |
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3.7 years |
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$ |
653 |
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Exercisable at December 31, 2017
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934,959 |
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5.66 |
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3.77 |
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2.7 years |
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414 |
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Expected to Vest
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468,581 |
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$ |
5.21 |
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$ |
2.98 |
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3.7 years |
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$ |
239 |
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Outstanding at January 1, 2018
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1,428,462 |
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$ |
5.20 |
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$ |
2.96 |
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3.7 years |
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$ |
653 |
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Granted
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650,000 |
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3.30 |
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1.86 |
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—
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Exercised
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(17,615 |
) |
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2.49 |
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2.11 |
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35 |
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Forfeited or expired
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(79,875 |
) |
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4.42 |
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3.20 |
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28 |
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Outstanding at December 31, 2018
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1,980,972 |
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$ |
4.63 |
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$ |
2.61 |
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4.1 years |
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$ |
— |
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Exercisable at December 31, 2018
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1,055,716 |
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5.51 |
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3.38 |
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2.2 years |
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—
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Expected to Vest
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878,531 |
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$ |
4.65 |
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$ |
2.63 |
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4.0 years |
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$ |
— |
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| Schedule of Information Regarding Restricted Stock Activity |
The fair values of shares of restricted stock awards are determined
based on the closing price of the company’s common stock on
the grant dates. Activity with respect to the company’s
restricted stock awards during the year ended December 31,
2017 is as follows:
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Restricted Stock Awards
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Shares |
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Weighted
Average
Grant Date
Fair Value |
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Weighted
Average
Remaining
Contractual
Term |
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Aggregate
Intrinsic
Value |
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Non-Vested at
January 1, 2017
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— |
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$ |
— |
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— years |
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$ |
— |
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Granted
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211,658 |
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7.01 |
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— |
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1,484 |
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Lapse of restrictions
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(211,658 |
) |
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(7.01 |
) |
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— |
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1,488 |
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Forfeited or expired
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— |
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— |
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— |
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— |
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Outstanding at December 31, 2017
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— |
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$ |
— |
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— |
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$ |
— |
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| Stock Options Outstanding Additional Information |
Additional information regarding options outstanding as of
December 31, 2018, is as follows:
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Range of
Exercise Prices
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Options |
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Weighted Average
Contractual Life
Remaining
(Years) |
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Weighted
Average
Exercise Price |
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Exercisable
Options |
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Weighted
Average
Exercise Price |
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| $ |
2.38 - $3.00 |
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308,755 |
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2.5 |
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$ |
2.67 |
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240,755 |
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$ |
2.65 |
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| $ |
3.01 - $3.28 |
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571,000 |
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6.7 |
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3.25 |
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— |
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— |
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| $ |
3.29 - $4.63 |
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75,750 |
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6.4 |
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3.73 |
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4,250 |
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3.99 |
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| $ |
4.64 - $4.85 |
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421,292 |
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4.7 |
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4.85 |
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212,036 |
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4.85 |
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| $ |
4.86 - $6.65 |
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34,625 |
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1.1 |
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5.39 |
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32,125 |
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5.43 |
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| $ |
6.66 - $8.76 |
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569,550 |
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1.7 |
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6.99 |
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566,550 |
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6.99 |
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1,980,972 |
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4.1 |
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$ |
4.63 |
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1,055,716 |
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$ |
5.51 |
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