Annual report pursuant to Section 13 and 15(d)

STOCK OPTION PLAN (Tables)

v2.4.0.6
STOCK OPTION PLAN (Tables)
12 Months Ended
Dec. 31, 2012
Stock-Based Compensation Expense Recognized

The following table reflects the components of stock-based compensation expense recognized in the Consolidated Statements of Operations for the years ended December 31, 2010, 2011 and 2012:

 

     Year Ended December 31,  
     2010     2011     2012  
     (Dollars in thousands)  

Stock option compensation expense included in corporate expenses

   $ 947      $ 603      $ 933   

Restricted stock shares compensation expense included in corporate expenses

     17        4        —     

Stock option compensation expense included in broadcast operating expenses

     380        281        305   

Stock option compensation expense included in Internet operating expenses

     79        52        111   

Stock option compensation expense included in publishing operating expenses

     14        10        19   
  

 

 

   

 

 

   

 

 

 

Total stock-based compensation expense, pre-tax

   $ 1,437      $ 950      $ 1,368   
  

 

 

   

 

 

   

 

 

 

Tax benefit (expense) from stock-based compensation expense

     (792     (220     (579
  

 

 

   

 

 

   

 

 

 

Total stock-based compensation expense, net of tax

   $ 645      $ 730      $ 789   
  

 

 

   

 

 

   

 

 

 
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 years ended December 31, 2010, 2011 and 2012:

 

     Year Ended December 31,  
     2010     2011     2012  

Expected volatility

     94.26     101.49     102.37

Expected dividends

     0.0     0.0     5.07

Expected term (in years)

     7.3        7.5        8.2   

Risk-free interest rate

     3.11     1.64     1.66
Stock Option

Stock option information with respect to the company’s stock-based compensation plans during the three years ended December 31, 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, 2010

     1,341,875      $ 5.01       $ 3.80         5.0 years       $ 4,762   

Granted

     430,500        5.20         4.32            —     

Exercised

     (557,451     0.61         0.41            1,718   

Forfeited or expired

     (62,926     11.88         8.79            —     
  

 

 

            

Outstanding at December 31, 2010

     1,151,998      $ 6.83       $ 5.36         5.0 years       $ 748   
  

 

 

            

Exercisable at December 31, 2010

     560,151      $ 8.79       $ 5.73         3.3 years       $ 554   
  

 

 

            

Expected to Vest

     561,959      $ 4.97       $ 5.01         6.5 years       $ 184   

Outstanding at January 1, 2011

     1,151,998      $ 6.83       $ 5.36         5.0 years       $ 748   

Granted

     630,000        2.43         2.05            116   

Exercised

     (41,112     0.59         0.42            125   

Forfeited or expired

     (100,494     11.47         7.72            22   
  

 

 

            

Outstanding at December 31, 2011

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

 

 

            

Exercisable at December 31, 2011

     655,228        7.56         5.47         2.9 years         414   
  

 

 

            

Expected to Vest

     980,189      $ 3.31       $ 3.13         6.8 years       $ 170   

Outstanding at January 1, 2012

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

Granted

     626,000        2.74         1.51            1,704   

Exercised

     (261,205     1.57         1.28            910   

Forfeited or expired

     (78,088     14.06         8.03            10,824   
  

 

 

            

Outstanding at December 31, 2012

     1,927,099      $ 4.37       $ 3.45         5.4 years       $ 3,899   
  

 

 

            

Exercisable at December 31, 2012

     707,024        6.58         5.41         2.9 years         1,004   
  

 

 

            

Expected to Vest

     1,158,461      $ 3.09       $ 2.32         6.8 years       $ 2,749   
Information Regarding Restricted Stock

Information regarding the company’s restricted stock during the years ended December 31, 2010 and 2011 is as follows:

 

Restricted Stock

   Shares     Weighted Average Grant
Date Fair Value
 

Non-Vested at January 1, 2010

     5,000      $ 0.36   

Granted

     10,000        2.03   

Lapsed

     (5,000     0.36   

Forfeited

     —       
  

 

 

   

Non-Vested at December 31, 2010

     10,000      $ 2.03   
  

 

 

   

Non-Vested at January 1, 2011

     10,000      $ 2.03   

Granted

    

Lapsed

     (10,000     2.03   

Forfeited

     —       
  

 

 

   

Non-Vested at December 31, 2011

     —        $ —     
  

 

 

   
Additional Information Regarding Options Outstanding

Additional information regarding options outstanding as of December 31, 2012, is as follows:

 

Range of Exercise Prices

   Options      Weighted Average
Contractual Life
Remaining
(Years)
     Weighted
Average
Exercise Price
     Exercisable
Options
     Weighted
Average
Exercise Price
 

$ 0.36 - $ 3.00

     1,206,024         6.5       $ 2.40         223,399       $ 1.48   

$ 3.01 - $ 6.00

     500,750         4.6         5.07         263,300         5.05   

$ 6.01 - $ 9.00

     1,500         2.4         7.99         1,500         7.99   

$ 9.01 - $ 12.00

     93,400         1.7         11.80         93,400         11.80   

$ 12.01 - $ 15.00

     87,775         1.4         13.89         87,775         13.89   

$ 15.01 - $ 18.00

     27,750         0.9         16.75         27,750         16.75   

$ 18.01 - $ 21.00

     9,250         1.4         18.89         9,250         18.89   

$ 21.01 - $ 24.00

     —           —           —           —        

$ 24.01 - $ 25.50

     650         0.7         24.78         650         24.78   
  

 

 

          

 

 

    

$ 0.36 - $ 25.50

     1,927,099         5.4       $ 4.37         707,024       $ 6.58