Quarterly report pursuant to Section 13 or 15(d)

STOCK INCENTIVE PLAN (Tables)

v3.5.0.2
STOCK INCENTIVE PLAN (Tables)
 6 Months Ended
Jun. 30, 2016
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 six months ended June 30, 2015 and 2016: 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
 
2015
 
2016
 
2015
 
2016
 
 
 
(Dollars in thousands)
 
Stock option compensation expense included in corporate expenses
 
$
88
 
$
81
 
$
316
 
$
202
 
Restricted stock awards compensation expense included in corporate expenses
 
 
14
 
 
—
 
 
15
 
 
24
 
Stock option compensation expense included in broadcast operating expenses
 
 
25
 
 
20
 
 
77
 
 
48
 
Stock option compensation expense included in digital media operating expenses
 
 
19
 
 
14
 
 
55
 
 
39
 
Stock option compensation expense included in publishing operating expenses
 
 
10
 
 
10
 
 
24
 
 
11
 
Total stock-based compensation expense, pre-tax
 
$
156
 
$
125
 
$
487
 
$
324
 
Tax provision for stock-based compensation expense
 
 
(63)
 
 
(50)
 
 
(195)
 
 
(130)
 
Total stock-based compensation expense, net of tax
 
$
93
 
$
75
 
$
292
 
$
194
 
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 and restricted stock awards using the Black-Scholes valuation model were as follows for the three and six months ended June 30, 2015 and 2016: 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
 
2015
 
2016
 
2015
 
2016
 
Expected volatility
 
 
n/a
 
 
46.77
%
 
52.37
%
 
47.03
%
Expected dividends
 
 
n/a
 
 
4.08
%
 
4.28
%
 
5.36
%
Expected term (in years)
 
 
n/a
 
 
6.0
 
 
3.0
 
 
7.5
 
Risk-free interest rate
 
 
n/a
 
 
1.38
%
 
0.85
%
 
1.66
%
Schedule of Stock Option Activity
Stock option information with respect to the company’s stock-based equity plans during the six months ended June 30, 2016 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, 2016
 
 
1,581,123
 
$
4.87
 
$
3.39
 
4.3 years
 
$
1,738
 
Granted
 
 
549,500
 
 
4.85
 
 
1.33
 
 
 
 
 
 
Exercised
 
 
(117,443)
 
 
2.85
 
 
1.85
 
 
 
 
 
 
Forfeited or expired
 
 
(70,377)
 
 
8.01
 
 
5.91
 
 
 
 
 
 
Outstanding at June 30, 2016
 
 
1,942,803
 
$
4.88
 
$
2.81
 
4.9 years
 
$
4,585
 
Exercisable at June 30, 2016
 
 
1,062,178
 
$
5.03
 
$
3.56
 
3.4 years
 
$
2,342
 
Expected to Vest
 
 
836,164
 
$
4.69
 
$
1.89
 
6.6 years
 
$
2,130
 
Schedule of Information Regarding Restricted Stock Activity
The fair values of shares of restricted stock awards are determined based on the closing price of the company common stock on the grant dates. Information regarding the company’s restricted stock awards during the six months ended June 30, 2016 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, 2016
 
 
8,000
 
$
5.83
 
 
0.2 years
 
$
40
 
Granted
 
 
—
 
 
—
 
 
—
 
 
—
 
Lapsed
 
 
(8,000)
 
 
5.83
 
 
—
 
 
52
 
Forfeited
 
 
—
 
 
—
 
 
—
 
 
—
 
Unvested outstanding at June 30, 2016
 
 
—
 
$
—
 
 
—
 
$
—