Annual report pursuant to Section 13 and 15(d)

Stock Incentive Plan (Tables)

v3.20.1
Stock Incentive Plan (Tables)
 12 Months Ended
Dec. 31, 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 Consolidated Statements of Operations for the years ended December 31, 2019 and 2018:
    
Year Ended December 31,
  
     2018     
2019
  
    
(Dollars
 in
 thousands)
  
Stock option compensation expense included in unallocated corporate expenses
    $ 329     
$
271
 
Restricted stock shares compensation expense included in unallocated corporate expenses
      —       
 
623
 
Stock option compensation expense included in broadcast operating expenses
      122     
 
111
 
Restricted stock shares compensation expense included in broadcast operating expenses
      —       
 
383
 
Stock option compensation expense included in digital media operating expenses
      77     
 
71
 
Restricted stock shares compensation expense included in digital media operating expenses
      —       
 
—
 
Stock option compensation expense included in publishing operating expenses
      15     
 
1
 
Restricted stock shares compensation expense included in publishing operating expenses
      —       
 
—
 
  
 
 
     
 
 
  
Total stock-based compensation expense,
pre-tax
    $ 543     
$
1,460
 
Tax expense from stock-based compensation expense
      (141 )    
 
(380
) 
  
 
 
     
 
 
  
Total stock-based compensation expense, net of tax
    $
 
 402     
$
1,080
 
  
 
 
     
 
 
  
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 years ended December 31, 2019 and 2018:
 
     Year Ended
December 31, 2018		    
Year Ended
December 31, 2019
  
Expected volatility
      41.84 %      56.12 % 
Expected dividends
      7.89 %      16.27 % 
Expected term (in years)
      7.4       6.7  
Risk-free interest rate
      2.93 %      1.69 % 
Schedule of Stock Option Activity
Activity with respect to the company’s option awards during the two years ended December 31, 2019 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, 2018
      1,428,462     $  5.20    $  2.96      3.7 years      $  653
Granted
      650,000       3.30        1.86           —    
Exercised
      (17,615 )      2.49        2.11           35  
Forfeited or expired
      (79,875 )      4.42        3.20           28  
  
 
 
             
Outstanding at December 31, 2018
      1,980,972     $ 4.63      $ 2.61        4.1 years      $ —    
  
 
 
             
Exercisable at December 31, 2018
      1,055,716       5.51        3.38        2.2 years        —    
  
 
 
             
Expected to Vest
      878,531     $ 4.65      $ 2.63        4.0 years      $ —    
Outstanding at January 1, 2019
   
 
1,980,972
 
  
$
4.63
 
   
$
2.61
 
   
 
4.1 years
 
   
$
0
 
Granted
   
 
88,750
 
  
 
1.63
 
   
 
0.44
 
   
 
0
 
   
 
0
 
Exercised
   
 
(200
) 
  
 
2.38
 
   
 
2.05
 
   
 
0
 
   
 
0
 
Forfeited or expired
   
 
(208,800
) 
  
 
5.77
 
   
 
4.06
 
   
 
0
 
   
 
2
 
  
 
 
             
Outstanding at December 31, 2019
   
 
1,860,722
 
  
$
4.39
 
   
$
2.37
 
   
 
3.6 years
 
   
$
0
 
  
 
 
             
Exercisable at December 31, 2019
   
 
1,248,844
 
  
 
4.93
 
   
 
2.78
 
   
 
2.3 years
 
   
 
0
 
  
 
 
             
Expected to Vest
   
 
580,978
 
  
$
4.40
 
   
$
2.38
 
   
 
3.5 years
 
   
$
0
 
Schedule of Information Regarding Restricted Stock Activity
Activity with respect to the company’s restricted stock awards during the year ended December 31, 2019 is as follows:
 
Restricted Stock Awards
    Shares      Weighted Average
Grant Date Fair Value		      Weighted Average
Remaining Contractual Term		      Aggregate Intrinsic
Value		  
Non-Vested
at January 1, 2019
      —      $ —        —   years      $ —  
Granted
      497,051        2.02       
—
        1,006  
Lapse of restrictions
      (389,061 )       2.07       
—
        919  
Forfeited or expired
      —        —       
—
        —  
  
 
 
           
Outstanding at December 31, 2019
      107,990      $ 1.85        1.67 years      $ 156  
  
 
 
           
Stock Options Outstanding Additional Information
Additional information regarding options outstanding as of December 31, 2019, is as follows:
 
            Weighted Average                     
            Contractual Life    Weighted             Weighted  
Range of           Remaining    Average      Exercisable      Average  
Exercise Prices
    Options      (Years)    Exercise Price      Options      Exercise Price  
$2.38 - $3.00  
      357,005      3.0    $ 2.43        268,255      $ 2.70  
$3.01 - $3.28  
      565,000      5.7      3.25        176,500        3.25  
$3.29 - $4.63  
      67,750      5.4      3.78        20,125        3.81  
$4.64 - $4.85  
      411,792      3.7      4.85        324,789        4.85  
$4.86 - $6.65  
      10,750      1.4      5.68        10,750        5.68  
$6.66 - $8.76  
      448,425      1.1      7.00        448,425        7.00  
  
 
 
           
 
 
     
  
 
1,860,722
 
   
3.6
   
$
 4.39
 
   
 
1,248,844
 
   
$
 4.93