Quarterly report pursuant to Section 13 or 15(d)

Stock Incentive Plan (Tables)

v3.19.1
Stock Incentive Plan (Tables)
 3 Months Ended
Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Stock-Based Compensation Expense Recognized

The following table reflects the components of stock-based compensation expense recognized in the Condensed Consolidated Statements of Operations for the three month period ended March 31, 2019 and 2018:

 

    Three Months Ended March 31,  
    2018     2019  
    (Dollars in thousands)  

Stock option compensation expense included in corporate expenses

   $ 24     $ 107  

Stock option compensation expense included in broadcast operating expenses

     13       39  

Stock option compensation expense included in digital media operating expenses

     5       26  

Stock option compensation expense included in publishing operating expenses

     4       4  
 

 

 

    

 

 

  

Total stock-based compensation expense, pre-tax

   $ 46     $ 176  
 

 

 

    

 

 

  

Tax benefit (expense) for stock-based compensation expense

     (12 )      (46 ) 
 

 

 

    

 

 

  

Total stock-based compensation expense, net of tax

   $ 34     $ 130  
 

 

 

    

 

 

  
Schedule of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options and Restricted Stock Awards using Black-Scholes Option Valuation Model

The weighted-average assumptions used to estimate the fair value of the stock options using the Black-Scholes valuation model were as follows for the three month period ended March 31, 2019 and 2018:

 

     Three Months Ended     Three Months Ended  
     March 31, 2018     March 31, 2019  

Expected volatility

      41.99 %      47.54 % 

Expected dividends

      6.93 %      9.22 % 

Expected term (in years)

      7.5       7.5  

Risk-free interest rate

      2.75 %      2.61 % 
Schedule of Stock Option Activity

Activity with respect to the company’s option awards during the three month period ended March 31, 2019 is as follows:

 

Options

    Shares     Weighted Average
Exercise Price		      Weighted Average
Grant Date
Fair Value		      Weighted Average
Remaining
Contractual Term		      Aggregate
Intrinsic
Value		  
     (Dollars in thousands, except weighted average exercise price and weighted average grant date fair value)  

Outstanding at January 1, 2019

      1,980,972     $ 4.63      $ 2.61        4.1 years      $ —    

Granted

      5,000       2.82        1.43           —    

Exercised

      —         —          —             —    

Forfeited or expired

      (155,750 )      6.43        4.53           2  
  

 

 

             

Outstanding at March 31, 2019

      1,830,222     $ 4.49      $ 2.46        4.1 years      $ 10  
  

 

 

             

Exercisable at March 31, 2019

      1,112,844     $ 5.13      $ 2.89        2.7 years      $ 10  
  

 

 

             

Expected to Vest

      681,150     $ 4.51      $ 2.47        4.1 years      $ 10