Quarterly report pursuant to Section 13 or 15(d)

STOCK INCENTIVE PLAN (Tables)

v3.7.0.1
STOCK INCENTIVE PLAN (Tables)
 6 Months Ended
Jun. 30, 2017
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 month periods ended June 30, 2017 and 2016:
 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
 
2016
 
2017
 
2016
 
2017
 
 
 
(Dollars in thousands)
 
Stock option compensation expense included in corporate expenses
 
$
81
 
$
28
 
$
202
 
$
99
 
Restricted stock shares compensation expense included in corporate expenses
 
 
–
 
 
–
 
 
24
 
 
875
 
Stock option compensation expense included in broadcast operating expenses
 
 
20
 
 
6
 
 
48
 
 
34
 
Restricted stock shares compensation expense included in broadcast operating expenses
 
 
–
 
 
–
 
 
–
 
 
224
 
Stock option compensation expense included in digital media operating expenses
 
 
14
 
 
5
 
 
39
 
 
19
 
Restricted stock shares compensation expense included in digital media operating expenses
 
 
–
 
 
–
 
 
–
 
 
124
 
Stock option compensation expense included in publishing operating expenses
 
 
10
 
 
5
 
 
11
 
 
14
 
Restricted stock shares compensation expense included in publishing operating expenses
 
 
–
 
 
–
 
 
–
 
 
36
 
 Total stock-based compensation expense, pre-tax
 
$
125
 
$
44
 
$
324
 
$
1,425
 
Tax benefit (expense) for stock-based compensation expense
 
 
(50)
 
 
(18)
 
 
(130)
 
 
(570)
 
Total stock-based compensation expense, net of tax
 
$
75
 
$
26
 
$
194
 
$
855
 
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 three and six month periods ended June 30, 2016:
 
 
 
Three Months Ended
 
Six Months Ended
 
 
 
June 30, 2016
 
June 30, 2016
 
Expected volatility
 
 
46.77
%
 
47.03
%
Expected dividends
 
 
4.08
%
 
5.36
%
Expected term (in years)
 
 
6.0
 
 
7.5
 
Risk-free interest rate
 
 
1.38
%
 
1.66
%
Schedule of Stock Option Activity
Activity with respect to the company’s option awards during the six month period ended June 30, 2017 is as follows:
 
 
 
 
 
 
Weighted Average
 
Weighted Average
 
Weighted Average
Remaining Contractual
 
Aggregate
Intrinsic
 
Options
 
Shares
 
Exercise Price
 
Grant Date Fair Value
 
Term
 
Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in thousands, except weighted average exercise price and weighted average grant date fair value)
 
Outstanding at January 1, 2017
 
 
1,720,000
 
$
5.12
 
$
2.89
 
 
4.5 years
 
$
2,428
 
Granted
 
 
—
 
 
—
 
 
—
 
 
 
 
 
 
 
Exercised
 
 
(107,471)
 
 
4.24
 
 
2.05
 
 
 
 
 
 
 
Forfeited or expired
 
 
(122,125)
 
 
5.87
 
 
3.03
 
 
 
 
 
 
 
Outstanding at June 30, 2017
 
 
1,490,404
 
$
5.13
 
$
2.93
 
 
4.1 years
 
$
2,979
 
Exercisable at June 30, 2017
 
 
988,276
 
$
5.53
 
$
3.69
 
 
3.1 years
 
$
1,582
 
Expected to Vest
 
 
476,771
 
$
5.13
 
$
2.95
 
 
4.1 years
 
$
1,357
 
Schedule of Information Regarding Restricted Stock Activity
Activity with respect to the company’s restricted stock awards during the six month period ended June 30, 2017 is as follows:
 
 
 
 
Weighted Average
 
Weighted Average Remaining
 
Aggregate
 
Restricted Stock Awards
 
Shares
 
Grant Date Fair Value
 
Contractual Term
 
Intrinsic Value
 
 
 
(Dollars in thousands, except weighted average exercise price and weighted average grant date fair value)
 
Outstanding at January 1, 2017
 
 
—
 
$
—
 
 
—
 
$
—
 
Granted
 
 
178,592
 
 
7.05
 
 
0.2 years
 
 
1,331
 
Lapsed
 
 
(178,592)
 
 
7.25
 
 
—
 
 
1,295
 
Forfeited
 
 
—
 
 
—
 
 
—
 
 
—
 
Outstanding at June 30, 2017
 
 
—
 
$
—
 
 
—
 
$
—