Annual report pursuant to Section 13 and 15(d)

Stock Incentive Plan (Tables)

v3.22.0.1
Stock Incentive Plan (Tables)
 12 Months Ended
Dec. 31, 2021
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, 2021, and 2020:
 
  
Year Ended December 31,
 
 
  
2020
 
  
2021
 
 
  
(Dollars in thousands)
 
Stock option compensation expense included in unallocated corporate expenses
    $ 152     
$
99
 
Stock option compensation expense included in broadcast operating expenses
      136     
 
123
 
Stock option compensation expense included in digital media operating expenses
      56     
 
97
 
Stock option compensation expense included in publishing operating expenses
      1     
 
—  
 
    
 
 
     
 
 
  
Total stock-based compensation expense,
pre-tax
    $ 345     
$
319
 
Tax expense from stock-based compensation expense
      (90 )    
 
(83
) 
    
 
 
     
 
 
  
Total stock-based compensation expense, net of tax
    $ 255     
$
236
 
    
 
 
     
 
 
  
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, 2021, and 2020:
 
     Year Ended
December 31, 2020		    
Year Ended
December 31, 2021
  
Expected volatility
      53.96 %   
 
75.98
% 
Expected dividends
      7.30 %   
 
—
% 
Expected term (in years)
      7.6    
 
7.8
 
Risk-free interest rate
      1.14 %   
 
1.03
% 
Schedule of Stock Option Activity
Activity with respect to the company’s option awards during the two years ended December 31, 2021, 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, 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      $ —    
           
Outstanding at January 1, 2021
   
 
2,291,020
 
  
$
3.23
 
   
$
1.52
 
   
 
4.3 years
 
   
$
—  
 
Granted
   
 
270,000
 
  
 
2.14
 
   
 
1.55
 
            
 
—  
 
Exercised
   
 
(475,657
) 
  
 
2.31
 
   
 
1.08
 
            
 
728
 
Forfeited or expired
   
 
(159,946
) 
  
 
6.71
 
   
 
4.70
 
            
 
—  
 
    
 
 
                                     
Outstanding at December 31, 2021
   
 
1,925,417
 
  
 
3.01
 
   
 
1.37
 
   
 
4.4 years
 
   
$
1,310
 
    
 
 
                                     
Exercisable at December 31, 2021
   
 
924,292
 
  
 
4.25
 
   
 
1.93
 
   
 
2.4 years
 
   
 
83
 
    
 
 
                                     
Expected to Vest
   
 
950,568
 
  
 
3.05
 
   
 
1.38
 
   
 
4.4 years
 
   
$
1,248
 
Schedule of Information Regarding Restricted Stock Activity
Activity with respect to the company’s restricted stock awards during the year ended December 31, 2021, 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  
    
 
 
                             
Non-Vested
at January 1, 2021
   
 
107,990
 
   
$
1.85
 
   
 
0.7 years
 
   
$
112
 
Granted
   
 
—  
 
   
 
—  
 
   
 
—  
 
   
 
—  
 
Lapse of restrictions
   
 
(107,990
) 
   
 
1.85
 
   
 
—  
 
   
 
200
 
Forfeited or expired
   
 
—  
 
   
 
—  
 
   
 
—  
 
   
 
—  
 
    
 
 
                             
Outstanding at December 31, 2021
   
 
—  
 
   
$
—  
 
   
 
—  
 
   
$
—  
 
    
 
 
                             
Stock Options Outstanding Additional Information
Additional information regarding options outstanding as of December 31, 2021, 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
       906,000       6.4     $ 1.61       50,250      $ 1.41  
$
3.01 - $3.28
       471,500       3.9       3.25       342,000        3.25  
$
3.29 - $4.63
       63,500       3.7       3.77       47,625        3.77  
$
4.64 - $4.85
       383,542       1.7       4.85       383,542        4.85  
$
4.86 - $6.65
       1,000       0.3       6.38       1,000        6.38  
$
6.66 - $8.76
       99,875       0.2       7.05       99,875        7.05  
       
 
 
                    
 
 
           
       
 
1,925,417
 
  
 
4.4
 
  
$
3.01
 
  
 
924,292
 
   
$
4.25