Quarterly report pursuant to Section 13 or 15(d)

Stock Incentive Plan (Tables)

v3.10.0.1
Stock Incentive Plan (Tables)
 9 Months Ended
Sep. 30, 2018
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 and nine month periods ended September 30, 2018 and 2017:

 

     Three Months Ended September 30,      Nine Months Ended September 30,  
     2017      2018      2017     2018  
     (Dollars in thousands)      (Dollars in thousands)  

Stock option compensation expense included in unallocated corporate expenses

    $ 27      $ 120      $ 126     $ 220  

Restricted stock shares compensation expense included in unallocated corporate expenses

      225        —          1,100       —    

Stock option compensation expense included in broadcast operating expenses

      7        40        41       82  

Restricted stock shares compensation expense included in broadcast operating expenses

      —          —          224       —    

Stock option compensation expense included in digital media operating expenses

      6        27        25       50  

Restricted stock shares compensation expense included in digital media operating expenses

      —          —          124       —    

Stock option compensation expense included in publishing operating expenses

      3        4        17       11  

Restricted stock shares compensation expense included in publishing operating expenses

      —          —          36       —    
  

 

 

     

 

 

     

 

 

    

 

 

  

Total stock-based compensation expense, pre-tax

    $ 268      $ 191      $ 1,693     $ 363  
  

 

 

     

 

 

     

 

 

    

 

 

  

Tax expense for stock-based compensation expense

      (107 )       (49 )       (677 )      (94 ) 
  

 

 

     

 

 

     

 

 

    

 

 

  

Total stock-based compensation expense, net of tax

    $ 161      $ 142      $ 1,016     $ 269  
  

 

 

     

 

 

     

 

 

    

 

 

  
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 and nine month periods ended September 30, 2018:

 

     Three Months Ended
September 30, 2018 		     Nine Months Ended
September 30, 2018 		 

Expected volatility

      —          41.84 % 

Expected dividends

      —          7.89 % 

Expected term (in years)

      —          7.4  

Risk-free interest rate

      —          2.93 % 
Schedule of Stock Option Activity

Activity with respect to the company’s option awards during the nine month period ended September 30, 2018 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, 2018

      1,428,462     $ 5.20      $ 2.96      3.7 years    $ 653  

Granted

      650,000       3.30        1.86        

Exercised

      (17,615 )      2.49        2.11         $ 35  

Forfeited or expired

      (71,375 )      4.42        3.20         $ 28  
  

 

 

             

Outstanding at September 30, 2018

      1,989,472     $ 4.63      $ 2.60      4.3 years    $ 312  
  

 

 

             

Exercisable at September 30, 2018

      1,055,716     $ 5.51      $ 3.38      2.5 years    $ 179  
  

 

 

             

Expected to Vest

      886,601     $ 4.65      $ 2.62      4.3 years    $ 128