Quarterly report pursuant to Section 13 or 15(d)

Stock Option Plan (Tables)

v2.4.0.6
Stock Option Plan (Tables)
 9 Months Ended
Sep. 30, 2012
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 and nine months ended September 30, 2011 and 2012:

 

     Three Months Ended
September 30,		     Nine Months Ended
September 30,		  
     2011     2012     2011     2012  
     (Dollars in thousands)  

Stock option compensation expense included in corporate expenses

    $ 97      $ 195      $ 395      $ 652   

Restricted stock compensation expense included in corporate expenses

      —          —          4        —     

Stock option compensation expense included in broadcast operating expenses

      51        71        195        241   

Stock option compensation expense included in Internet operating expenses

      15        28        47        87   

Stock option compensation expense included in publishing operating expenses

      2        5        5        15   
  

 

 

    

 

 

    

 

 

    

 

 

  

Total stock-based compensation expense, pre-tax

    $ 165      $ 299      $ 646      $ 995   

Tax provision for stock-based compensation expense

      (37 )      (119 )      (247 )      (430 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total stock-based compensation expense, net of tax

    $ 128      $ 180      $ 399      $ 565   
  

 

 

    

 

 

    

 

 

    

 

 

  
Weighted-Average Assumptions used to Estimate Fair Value of Stock Options using Black-Scholes Option Valuation Model

The weighted-average assumptions used to estimate the fair value of the stock options using the Black-Scholes option valuation model were as follows for the three and nine months ended September 30, 2011 and 2012:

 

     Three Months Ended
September 30,		      Nine Months  Ended
September 30, 		 
     2011     20121      2011     2012  

Expected volatility

      101.5 %      n/a         101.5 %      102.4 % 

Expected dividends

      —   %      n/a         —   %      5.07 % 

Expected term (in years)

      7.5        n/a         7.5        8.2   

Risk-free interest rate

      1.59 %      n/a         1.64 %      1.66 % 
Stock Option

Stock option information with respect to the company’s stock-based compensation plans during the nine months ended September 30, 2012 is as follows (dollars in thousands, except weighted average exercise price and weighted average grant date fair value):

 

Options

    Shares     Weighted Average
Exercise Price		      Weighted Average Grant
Date Fair Value		      Weighted Average
Remaining Contractual Term		      Aggregate
Intrinsic Value		  

Outstanding at January 1, 2012

      1,640,392      $ 5.01       $ 4.07         5.2 years       $ 2,935   

Granted

      626,000        2.74         1.51            1,566   

Exercised

      (108,605 )      0.62         0.44            458   

Forfeited or expired

      (68,263 )      14.00         7.91            9   
  

 

 

             

Outstanding at September 30, 2012

      2,089,524        4.26         3.36         5.7 years         3,991   
  

 

 

             

Exercisable at September 30, 2012

      770,949        6.34         4.86         3.2 years         1,090   
  

 

 

             

Expected to Vest

      1,251,987        3.05         2.49         7.1 years         2,754