Quarterly report pursuant to Section 13 or 15(d)

STOCK INCENTIVE PLAN (Tables)

v3.8.0.1
STOCK INCENTIVE PLAN (Tables)
 3 Months Ended
Mar. 31, 2018
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 month period ended March 31, 2018 and 2017:
 
 
 
Three Months Ended March 31,
 
 
 
2017
 
2018
 
 
 
(Dollars in thousands)
 
Stock option compensation expense included in corporate expenses
 
$
71
 
$
24
 
Restricted stock shares compensation expense included in corporate expenses
 
 
875
 
 
—
 
Stock option compensation expense included in broadcast operating expenses
 
 
28
 
 
13
 
Restricted stock shares compensation expense included in broadcast operating expenses
 
 
224
 
 
—
 
Stock option compensation expense included in digital media operating expenses
 
 
14
 
 
5
 
Restricted stock shares compensation expense included in digital media operating expenses
 
 
124
 
 
—
 
Stock option compensation expense included in publishing operating expenses
 
 
9
 
 
4
 
Restricted stock shares compensation expense included in publishing operating expenses
 
 
36
 
 
—
 
Total stock-based compensation expense, pre-tax
 
$
1,381
 
$
46
 
Tax benefit (expense) for stock-based compensation expense
 
 
(552)
 
 
(12)
 
Total stock-based compensation expense, net of tax
 
$
829
 
$
34
 
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 month period ended March 31, 2018:
 
 
 
Three Months Ended
 
 
 
March 31, 2018
 
Expected volatility
 
 
41.99
%
Expected dividends
 
 
6.93
%
Expected term (in years)
 
 
7.5
 
Risk-free interest rate
 
 
2.75
%
Schedule of Stock Option Activity
Activity with respect to the company’s option awards during the three month period ended March 31, 2018 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, 2018
 
 
1,428,462
 
$
5.20
 
$
2.96
 
3.7 years
 
$
653
 
Granted
 
 
63,500
 
 
3.77
 
 
2.26
 
 
 
 
 
 
Exercised
 
 
(8,125)
 
 
2.41
 
 
2.00
 
 
 
$
11
 
Forfeited or expired
 
 
(40,750)
 
 
4.66
 
 
3.36
 
 
 
$
11
 
Outstanding at March 31, 2018
 
 
1,443,087
 
$
5.17
 
$
2.93
 
3.7 years
 
$
317
 
Exercisable at March 31, 2018
 
 
1,092,081
 
$
5.44
 
$
3.36
 
2.9 years
 
$
259
 
Expected to Vest
 
 
333,280
 
$
5.17
 
$
2.94
 
3.7 years
 
$
58