Quarterly report pursuant to Section 13 or 15(d)

Stock Incentive Plan (Tables)

v3.20.2
Stock Incentive Plan (Tables)
6 Months Ended
Jun. 30, 2020
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, 2020 and 2019:
    
Three Months
Ended June 30,
    
Six Months Ended
June 30,
 
    
2019
    
2020
    
2019
    
2020
 
    
(Dollars in thousands)
    
(Dollars in thousands)
 
Stock option compensation expense included in unallocated corporate expenses
   $ 79     
$
43
 
   $ 186     
$
93
 
Restricted stock shares compensation expense included in unallocated corporate expenses
     423     
 
—  
 
     423     
 
—  
 
Stock option compensation expense included in broadcast operating expenses
     29     
 
37
 
     68     
 
74
 
Restricted stock shares compensation expense included in broadcast operating expenses
     383     
 
—  
 
     383     
 
—  
 
Stock option compensation expense included in digital media operating expenses
     20     
 
16
 
     46     
 
31
 
Stock option compensation expense included in publishing operating expenses
     2     
 
—  
 
     6     
 
1
 
  
 
 
    
 
 
    
 
 
    
 
 
 
Total stock-based compensation expense,
pre-tax
   $ 936     
$
96
 
   $ 1,112     
$
199
 
  
 
 
    
 
 
    
 
 
    
 
 
 
Tax expense for stock-based compensation expense
     (243   
 
(25
     (289   
 
(52
  
 
 
    
 
 
    
 
 
    
 
 
 
Total stock-based compensation expense, net of tax
   $ 693     
$
71
 
   $ 823     
$
147
 
  
 
 
    
 
 
    
 
 
    
 
 
 
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, 2020 and 2019:
 
    
Three Months Ended
June 30, 2019
    
Six Months Ended
June 30, 2019
   
Three Months Ended
June 30, 2020
    
Six Months Ended
June 30, 2020
 
Expected volatility
     n/a        47.54     n/a        53.96
Expected dividends
     n/a        9.22     n/a        7.30
Expected term (in years)
     n/a        7.5       n/a        7.6  
Risk-free interest rate
     n/a        2.61     n/a        1.14
Schedule of Stock Option Activity
Activity with respect to the company’s option awards during the
six-month
period ended June 30, 2020 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, 2020
     1,860,722     $ 4.63      $ 2.61        4.1 years      $  —    
Granted
     743,000       1.37        0.35           —    
Exercised
     —         —          —             —    
Forfeited or expired
     (221,425     6.46        4.35         $ —    
  
 
 
            
Outstanding at June 30, 2020
  
 
2,382,297
 
 
$
3.26
 
  
$
1.56
 
  
 
4.7 years
 
  
$
—    
  
 
 
            
Exercisable at June 30, 2020
  
 
1,262,547
 
 
$
4.47
 
  
$
2.32
 
  
 
2.7 years
 
  
$
—    
  
 
 
            
Expected to Vest
  
 
1,063,203
 
 
$
3.29
 
  
$
1.58
 
  
 
4.6 years
 
  
$
—    
  
 
 
            
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, 2020 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, 2020
     107,990      $ 1.85        1.67 years      $ 156  
Granted
     —          —          —          —    
Lapsed
     —          —          —          —    
Forfeited
     —          —          —          —    
  
 
 
          
Outstanding at June 30, 2020
  
 
107,990
 
   $
1.85
    
 
1.12 years
 
   $
122