Quarterly report pursuant to Section 13 or 15(d)

STOCK OPTION PLAN (Tables)

v2.4.0.6
STOCK OPTION PLAN (Tables)
 6 Months Ended
Jun. 30, 2012
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, 2011 and 2012:

 

      Three Months Ended
June 30,		     Six Months Ended
June 30,		  
      2011     2012     2011     2012  
     (Dollars in thousands)  

Stock option compensation expense included in corporate expenses

    $ 115      $ 250      $ 298      $ 457   

Restricted stock compensation expense included in corporate expenses

      —          —          4        —     

Stock option compensation expense included in broadcast operating expenses

      44        83        144        170   

Stock option compensation expense included in Internet operating expenses

      13        31        32        59   

Stock option compensation expense included in Publishing operating expenses

      3        5        3        10   
  

 

 

    

 

 

    

 

 

    

 

 

  

Total stock-based compensation expense, pre-tax

      175      $ 369        481      $ 696   

Tax provision for stock-based compensation expense

      (70 )      (168 )      (210 )      (311 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total stock-based compensation expense, net of tax

    $ 105      $ 201      $ 270      $ 385   
  

 

 

    

 

 

    

 

 

    

 

 

  
Weighted-Average Assumptions used to Estimate Fair Value of Stock Options using Black-Scholes Option Valuation Model

The weighted-average assumptions used to estimate the fair value of the stock options using the Black-Scholes option valuation model were as follows for the three and six months ended June 30, 2011 and 2012:

 

     Three Months Ended June 30,      Six Months Ended June 30,  
      2011      2012      2011     2012  

Expected volatility

      n/a         n/a         100.5 %      102.4 % 

Expected dividends

      n/a         n/a         —   %      5.07 % 

Expected term (in years)

      n/a         n/a         7.6        8.2   

Risk-free interest rate

      n/a         n/a         3.08 %      1.66 % 
Stock Option

Stock option information with respect to the company’s stock-based compensation plans during the six months ended June 30, 2012 is as follows (Dollars in thousands, except weighted average exercise price and weighted average grant date fair value):

 

Options

    Shares     Weighted Average
Exercise Price		     Weighted Average Grant
Date Fair Value		     Weighted Average
Remaining
Contractual Term		     Aggregate Intrinsic
Value		  

Outstanding at January 1, 2012

      1,640,392      $ 5.01      $ 4.07        5.2 years      $ 584   

Granted

      626,000        2.74        1.51          1,710   

Exercised

      (100,605 )      0.62        0.44          421   

Forfeited or expired

      (59,113 )      14.21        7.99          10   
  

 

 

          

Outstanding at June 30, 2012

      2,106,674        4.29        3.37        5.9 years        4,447   
  

 

 

          

Exercisable at June 30, 2012

      638,974        7.29        5.53        3.0 years        785   
  

 

 

          

Expected to Vest

      1,393,581        2.97        2.40        7.1 years        3,658