Annual report pursuant to Section 13 and 15(d)

Stock Incentive Plan (Tables)

v3.22.4
Stock Incentive Plan (Tables)
 12 Months Ended
Dec. 31, 2022
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, 2022, and 2021:
 
 
  
Year Ended December 31,
 
 
  
2021
 
  
2022
 
 
  
(Dollars in thousands)
 
Stock option compensation expense included in unallocated corporate expenses
    $ 99     
$
83
 
Restricted stock shares compensation expense included in corporate expenses
      —       
 
54
 
Stock option compensation expense included in broadcast operating expenses
      123     
 
88
 
Stock option compensation expense included in digital media operating expenses
      97     
 
59
 
    
 
 
     
 
 
  
Total stock-based compensation expense,
pre-tax
    $ 319     
$
284
 
Tax expense from stock-based compensation expense
      (83 )    
 
(74
) 
    
 
 
     
 
 
  
Total stock-based compensation expense, net of tax
    $ 236     
$
210
 
    
 
 
     
 
 
  
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, 2022, and 2021:
 
 
  
Year Ended
December 31,
2021
 
 
Year Ended
December 31,
2022
 
Expected volatility
      75.98 %   
 
85.06
% 
Expected dividends
      — %      —
% 
Expected term (in years)
      7.8    
 
9.0
 
Risk-free interest rate
      1.03 %   
 
1.97
% 
Schedule of Stock Option Activity
Activity with respect to the company’s option awards during the two years ended December 31, 2022, 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, 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  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at January 1, 2022
  
 
1,925,417
 
 
$
3.01
 
 
$
1.37
 
 
 
4.4
 years
 
 
$
1,310
 
Granted
  
 
127,500
 
 
 
3.01
 
 
 
2.44
 
 
 
 
 
 
 
—  
 
Exercised
  
 
(42,913
) 
 
 
2.27
 
 
 
1.12
 
 
 
 
 
 
 
52
 
Forfeited or expired
  
 
(303,664
) 
 
 
5.16
 
 
 
2.75
 
 
 
 
 
 
 
3
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding at December 31, 2022
  
 
1,706,340
 
 
 
2.68
 
 
 
1.23
 
 
 
4.2
years
 
 
$
—  
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exercisable at December 31, 2022
  
 
968,590
 
 
 
3.30
 
 
 
1.37
 
 
 
2.6
years
 
 
 
—  
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expected to Vest
  
 
700,494
 
 
 
2.70
 
 
 
1.24
 
 
 
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, 2022, 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, 2021
      107,990     $ 1.85        1.67 years      $  156  
Granted
      —         —          —          —    
Lapse of restrictions
      (107,990 )      1.85        —          200  
Forfeited or expired
      —         —          —          —    
    
 
 
                            
Outstanding at December 31, 2021
      —       $ —          —        $ —    
    
 
 
                            
Non-Vested
at January 1, 2022
   
 
—  
 
  
$
—  
 
   
 
—  
 
   
$
—  
 
Granted
   
 
14,854
 
  
 
3.66
 
   
 
—  
 
   
 
54
 
Lapse of restrictions
   
 
—  
 
  
 
—  
 
   
 
—  
 
   
 
—  
 
Forfeited or expired
   
 
—  
 
  
 
—  
 
   
 
—  
 
   
 
—  
 
    
 
 
                            
Outstanding at December 31, 2022
   
 
14,854
 
  
$
 3.66
 
   
 
1.20 years
 
   
$
16
 
    
 
 
                            
Stock Options Outstanding Additional Information
Additional information regarding options outstanding as of December 31, 2022, 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  
       904,000       5.4     $ 1.63       266,250      $ 1.54  
$ 3.01 - $3.28         455,587       3.9       3.25       355,587        3.25  
$ 3.29 - $4.63         63,500       2.7       3.77       63,500        3.77  
$ 4.64 - $6.65         278,753       1.1       4.85       278,753        4.85  
$ 6.66 - $8.76         4,500       0.4       8.49       4,500        8.49  
       
 
 
                    
 
 
           
       
 
1,706,340
 
  
 
4.2
 
  
$
2.68
 
  
 
968,590
 
   
$
3.30