Quarterly report pursuant to Section 13 or 15(d)

Stock Incentive Plan (Tables)

v3.20.1
Stock Incentive Plan (Tables)
 3 Months Ended
Mar. 31, 2020
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 periods ended March 31, 2020 and 2019:
    
Three Months Ended March 31,
  
    
2019
     
2020
  
    
(Dollars in thousands)
  
Stock option compensation expense included in corporate expenses
    $ 107     
$
50
 
Stock option compensation expense included in broadcast operating expenses
      39     
 
37
 
Stock option compensation expense included in digital media operating expenses
      26     
 
15
 
Stock option compensation expense included in publishing operating expenses
      4     
 
1
 
  
 
 
     
 
 
  
Total stock-based compensation expense,
pre-tax
    $ 176     
$
103
 
  
 
 
     
 
 
  
Tax benefit (expense) for stock-based compensation expense
      (46 )    
 
(27
) 
  
 
 
     
 
 
  
Total stock-based compensation expense, net of tax
    $ 130     
$
76
 
  
 
 
     
 
 
  
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 periods ended March 31, 2020 and 2019:
 
    
Three Months Ended
    
Three Months Ended
  
    
March 31, 2019
    
March 31, 2020
  
Expected volatility
      47.54 %      53.96 % 
Expected dividends
      9.22 %      7.30 % 
Expected term (in years)
      7.5       7.6  
Risk-free interest rate
      2.61 %      1.14 % 
Schedule of Stock Option Activity
Activity with respect to the Company’s option awards during the three month period ended March 31, 2020 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, 2020
      1,860,722     $ 4.63      $ 2.61        4.1 years      $ —    
Granted
      743,000       1.37        0.35           —    
Exercised
      —         —          —             —    
Forfeited or expired
      (212,925 )      6.43        4.35        
$
 —    
  
 
 
             
Outstanding at March 31, 2020
   
 
2,390,797
 
  
$
3.27
 
   
$
1.56
 
   
 
4.9 years
 
   
$
 —    
  
 
 
             
Exercisable at March 31, 2020
   
 
1,140,047
 
  
$
4.62
 
   
$
2.37
 
   
 
2.7 years
 
   
$
 —    
  
 
 
             
Expected to Vest
   
 
1,187,587
 
  
$
3.30
 
   
$
1.58
 
   
 
4.9 years
 
   
$
 —    
  
 
 
             
Schedule of Information Regarding Restricted Stock Activity
Activity with respect to the Company’s restricted stock awards during the three month period ended March 31, 2020 is as follows:
 
Restricted Stock Awards
    Shares      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, 2020
      107,990      $ 1.85        1.67 years      $ 156  
Granted
      —          —          —          —    
Lapsed
      —          —          —          —    
Forfeited
      —          —          —          —    
  
 
 
           
Outstanding at March 31, 2020
   
 
107,990
 
    $
1.85
     
 
1.42 years
 
    $
93