Quarterly report pursuant to Section 13 or 15(d)

Stock Incentive Plan (Tables)

v3.19.2
Stock Incentive Plan (Tables)
6 Months Ended
Jun. 30, 2019
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, 2019 and 2018:
 
   
Three Months Ended June 30,
   
Six Months Ended June 30,
 
   
2018
   
2019
   
2018
   
2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
(Dollars in thousands)
   
(Dollars in thousands)
 
Stock option compensation expense included in unallocated corporate expenses
  $ 76    
$
79
    $ 100    
$
186
 
Restricted stock shares compensation expense included in unallocated corporate expenses
    —        
423
      —        
423
 
Stock option compensation expense included in broadcast operating expenses
    29      
29
      42      
68
 
Restricted stock shares compensation expense included in broadcast operating expenses
    —        
383
      —        
383
 
Stock option compensation expense included in digital media operating expenses
    18      
20
      23      
46
 
Stock option compensation expense included in publishing operating expenses
    3      
2
      7      
6
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total stock-based compensation expense,
pre-tax
  $ 126    
$
936
    $ 172    
$
1,112
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Tax expense for stock-based compensation expense
    (33    
(243
    (45    
(289
   
 
 
   
 
 
   
 
 
   
 
 
 
Total stock-based compensation expense, net of tax
  $ 93    
$
693
    $ 127    
$
823
 
   
 
 
   
 
 
   
 
 
   
 
 
 
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, 2019 and 2018:
 
   
Three Months Ended
   
Six Months Ended
   
Three Months Ended
   
Six Months Ended
 
   
June 30, 2018
   
June 30, 2018
   
June 30, 2019
   
June 30, 2019
 
Expected volatility
    41.82     41.84     n/a       47.54
Expected dividends
    8.0     7.89     n/a       9.22
Expected term (in years)
    7.4       7.4       n/a       7.5  
Risk-free interest rate
    2.95     2.93     n/a       2.61
Schedule of Stock Option Activity
Activity with respect to the Company’s option awards during the six month period ended June 30, 2019 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, 2019
    1,980,972     $ 4.63     $ 2.61       4.1 years     $ —    
Granted
    5,000       2.82       1.43               —    
Exercised
    (200     2.38       2.05               —    
Forfeited or expired
    (159,625     6.39       4.50            
$
2
 
   
 
 
                                 
Outstanding at June 30, 2019
   
1,826,147
   
$
4.49
   
$
2.46
     
3.9 years
   
$
3
 
   
 
 
                                 
Exercisable at June 30, 2019
   
1,289,269
   
$
4.88
   
$
2.77
     
2.8 years
   
$
3
 
   
 
 
                                 
Expected to Vest
   
509,766
   
$
4.51
   
$
2.47
     
3.9 years
   
$
3
 
   
 
 
                                 
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, 2019 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, 2019
   
—  
   
$
—  
     
—  
   
$
—  
 
Granted
   
389,061
     
2.07
     
—  
     
806
 
Lapsed
   
(389,061
   
2.07
     
—  
     
919
 
Forfeited
   
—  
     
—  
     
—  
     
—  
 
   
 
 
                         
Outstanding at June 30, 2019
    —      
$
—  
     
—  
   
$
—