Quarterly report pursuant to Section 13 or 15(d)

STOCK INCENTIVE PLAN (Tables)

v3.5.0.2
STOCK INCENTIVE PLAN (Tables)
 9 Months Ended
Sep. 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 nine months ended September 30, 2015 and 2016:
 
 
 
Three Months Ended 
September 30,
 
Nine Months Ended 
September 30,
 
 
 
2015
 
2016
 
2015
 
2016
 
 
 
(Dollars in thousands)
 
Stock option compensation expense included in corporate expenses
 
$
97
 
$
94
 
$
413
 
$
296
 
Restricted stock awards compensation expense included in corporate expenses
 
 
14
 
 
-
 
 
29
 
 
24
 
Stock option compensation expense included in broadcast operating expenses
 
 
30
 
 
19
 
 
107
 
 
67
 
Stock option compensation expense included in digital media operating expenses
 
 
20
 
 
12
 
 
75
 
 
51
 
Stock option compensation expense included in publishing operating expenses
 
 
9
 
 
9
 
 
33
 
 
20
 
Total stock-based compensation expense, pre-tax
 
$
170
 
$
134
 
$
657
 
$
458
 
Tax provision for stock-based compensation expense
 
 
(68)
 
 
(54)
 
 
(263)
 
 
(183)
 
Total stock-based compensation expense, net of tax
 
$
102
 
$
80
 
$
394
 
$
275
 
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 option and restricted stock awards using the Black-Scholes valuation model were as follows for the three and nine months ended September 30, 2015 and 2016:
 
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
 
2015
 
2016
 
2015
 
 
2016
 
Expected volatility
 
 
n/a
 
 
n/a
 
 
52.37
%
 
 
47.03
%
Expected dividends
 
 
n/a
 
 
n/a
 
 
4.28
%
 
 
5.36
%
Expected term (in years)
 
 
n/a
 
 
n/a
 
 
3.0
 
 
 
7.4
 
Risk-free interest rate
 
 
n/a
 
 
n/a
 
 
0.85
%
 
 
1.64
%
Schedule of Stock Option Activity
Activity with respect to the company’s option awards during the nine months ended September 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
 
$
1,786
 
Granted
 
 
549,500
 
 
4.85
 
 
1.33
 
 
 
 
 
 
 
Exercised
 
 
(331,246)
 
 
2.92
 
 
1.99
 
 
 
 
 
 
 
Forfeited or cancelled
 
 
(3,500)
 
 
5.44
 
 
2.38
 
 
 
 
 
 
 
Expired
 
 
(66,877)
 
 
8.16
 
 
6.11
 
 
 
 
 
 
 
Outstanding at September 30, 2016
 
 
1,729,000
 
$
5.11
 
$
2.90
 
 
4.8 years
 
$
2,047
 
Exercisable at September 30, 2016
 
 
848,375
 
$
5.55
 
$
3.94
 
 
3.1 years
 
$
844
 
Expected to Vest
 
 
836,154
 
$
4.69
 
$
1.90
 
 
4.8 years
 
$
1,174
 
Schedule of Information Regarding Restricted Stock Activity
Activity with respect to the company’s restricted stock awards during the nine months ended September 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 September 30, 2016
 
 
—
 
$
—
 
 
—
 
$
—