Annual report pursuant to Section 13 and 15(d)

Stock Incentive Plan (Tables)

v3.20.4
Stock Incentive Plan (Tables)
 12 Months Ended
Dec. 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 Consolidated Statements of Operations for the years ended December 31, 2020 and 2019:
    
Year Ended December 31,
  
           2019           
      2020      
  
    
(Dollars in thousands)
  
Stock option compensation expense included in unallocated corporate expenses
    $ 271     
$
152
 
Restricted stock shares compensation expense included in unallocated corporate expenses
      623     
 
—  
 
Stock option compensation expense included in broadcast operating expenses
      111     
 
136
 
Restricted stock shares compensation expense included in broadcast operating expenses
      383     
 
—  
 
Stock option compensation expense included in digital media operating expenses
      71     
 
56
 
Stock option compensation expense included in publishing operating expenses
      1     
 
1
 
  
 
 
     
 
 
  
Total stock-based compensation expense,
pre-tax
    $ 1,460     
$
345
 
Tax expense from stock-based compensation expense
      (380 )    
 
(90
) 
  
 
 
     
 
 
  
Total stock-based compensation expense, net of tax
    $ 1,080     
$
255
 
  
 
 
     
 
 
  
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 years ended December 31, 2020 and 2019:
 
     Year Ended
December 31, 2019		    
Year Ended
December 31, 2020
  
Expected volatility
      56.12 %      53.96 % 
Expected dividends
      16.27 %      7.30 % 
Expected term (in years)
      6.7       7.6  
Risk-free interest rate
      1.69 %      1.14 % 
Schedule of Stock Option Activity
Activity with respect to the company’s option awards during the two years ended December 31, 2020 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, 2019
      1,980,972     $ 4.63      $ 2.61        4.1 years      $ —    
Granted
      88,750       1.63        0.44           —    
Exercised
      (200 )      2.38        2.05           —    
Forfeited or expired
      (208,800 )      5.77        4.06           2  
  
 
 
             
Outstanding at December 31, 2019
      1,860,722     $ 4.39      $ 2.37        3.6 years      $ —    
  
 
 
             
Exercisable at December 31, 2019
      1,248,844       4.93        2.78        2.3 years        —    
  
 
 
             
Expected to Vest
      580,978     $ 4.40      $ 2.38        3.5 years      $ —    
Outstanding at January 1, 2020
   
 
1,860,722
 
  
$
4.39
 
   
$
2.37
 
   
 
3.6 years
 
   
$
—  
 
Granted
   
 
743,000
 
  
 
1.37
 
   
 
0.35
 
      
 
—  
 
Exercised
   
 
—  
 
  
 
—  
 
   
 
—  
 
      
 
—  
 
Forfeited or expired
   
 
(312,702
) 
  
 
5.71
 
   
 
3.80
 
      
 
—  
 
  
 
 
             
Outstanding at December 31, 2020
   
 
2,291,020
 
  
 
3.23
 
   
 
1.52
 
   
 
4.3 years
 
   
$
—  
 
  
 
 
             
Exercisable at December 31, 2020
   
 
1,229,770
 
  
 
4.37
 
   
 
2.22
 
   
 
2.4 years
 
   
 
—  
 
  
 
 
             
Expected to Vest
   
 
1,007,657
 
  
 
3.26
 
   
 
1.54
 
   
 
4.2 years
 
   
$
—  
 
Schedule of Information Regarding Restricted Stock Activity
Activity with respect to the company’s restricted stock awards during the year ended December 31, 2020 is as follows:
 
Restricted Stock Awards
   Shares     Weighted
Average
Grant Date
Fair Value		     Weighted
Average
Remaining
Contractual
Term		     Aggregate
Intrinsic
Value		  
Non-Vested
at January 1, 2020
     107,990     $ 1.85       1.67 years     $ 156  
Granted
     —         —         —         —    
Lapse of restrictions
     —         —         —         —    
Forfeited or expired
     —         —         —         —    
 
 
 
        
Outstanding at December 31, 2020
     107,990     $ 1.85       0.7 years     $ 112  
 
 
 
        
Stock Options Outstanding Additional Information
Additional information regarding options outstanding as of December 31, 2020, is as follows:
 
Range of
Exercise Prices
     Options     Weighted Average
Contractual Life
Remaining
(Years)		     Weighted
Average
Exercise Price		     Exercisable
Options		      Weighted
Average
Exercise Price		  
$
1.00 - $3.00
       1,047,353       5.5     $ 1.68       276,853      $ 2.48  
$
3.01 - $3.28
       533,000       4.8       3.25       274,000        3.25  
$
3.29 - $4.63
       63,500       4.7       3.77       31,750        3.77  
$
4.64 - $4.85
       398,542       2.7       4.85       398,542        4.85  
$
4.86 - $6.65
       1,000       1.0       6.38       1,000        6.38  
$
6.66 - $8.76
       247,625       0.6       7.00       247,625        7.00  
 
 
 
        
 
 
     
 
 
2,291,020
 
  
 
4.3
 
  
$
3.23
 
  
 
1,229,770
 
   
$
4.37