Quarterly report pursuant to Section 13 or 15(d)

Stock Incentive Plan

v3.23.1
Stock Incentive Plan
 3 Months Ended
Mar. 31, 2023
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock Incentive Plan
NOTE 15. STOCK INCENTIVE PLAN
The following table reflects the components of stock-based compensation expense recognized in the Condensed Consolidated Statements of Operations for the three-month periods ended March 31, 2023 and 2022:
 
    
Three Months Ended March 31,
  
    
    2022    
     
    2023    
  
    
(Dollars in thousands)
  
Stock option compensation expense included in corporate expenses
    $ 2     
$
35
 
Restricted stock shares compensation expense included in corporate expenses
      54     
 
—  
 
Stock option compensation expense included in broadcast operating expenses
      30     
 
26
 
Stock option compensation expense included in digital media operating expenses
      20     
 
13
 
Stock option compensation expense included in publishing operating expenses
   
 
—  
 
   
 
1
 
    
 
 
     
 
 
  
Total stock-based compensation expense,
pre-tax
    $ 106     
$
75
 
    
 
 
     
 
 
  
Tax provision for stock-based compensation expense
      (28 )    
 
(19
) 
    
 
 
     
 
 
  
Total stock-based compensation expense, net of tax
    $ 78     
$
56
 
    
 
 
     
 
 
  
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-month periods ended March 31, 2023 and 2022:
 
    
Three Months Ended
March 31, 2022
    
Three Months Ended
March 31, 2023
  
Expected volatility
      84.69 %   
 
87.94
% 
Expected dividends
      0.00 %   
 
0.00
% 
Expected term (in years)
      9.5    
 
8.4
 
Risk-free interest rate
      1.61 %   
 
3.69
% 
 
Activity with respect to our option awards during the three-month period ended March 31, 2023 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, 2023
      1,706,340     $ 2.68      $ 1.23        4.2 years      $ —    
Granted
      1,249,500       1.06        0.87                 —    
Exercised
      —         —          —                   —    
Forfeited or expired
      (119,747 )      4.94        1.43                 —    
    
 
 
                                     
Outstanding at March 31, 2023
   
 
2,836,093
 
  
 
1.89
 
   
 
1.07
 
   
 
6.0 years
 
   
$
37
 
    
 
 
                                     
Exercisable at March 31, 2023
   
 
1,083,343
 
  
 
2.76
 
   
 
1.20
 
   
 
3.2 years
 
   
 
—  
 
    
 
 
                                     
Expected to Vest
   
 
1,664,236
 
  
 
1.90
 
   
 
1.07
 
   
 
6.0 years
 
   
$
35
 
    
 
 
                                     
Activity with respect to our restricted stock awards during the three-month period ended March 31, 2023 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, 2023
      14,854        3.66        1.20      $ 16  
Granted
      —          —          —          —    
Lapsed
      —       
 
—  
 
      —          —    
Forfeited
      —       
 
—  
 
      —          —    
    
 
 
                             
Outstanding at March 31, 2023
   
 
14,854
 
   
 
3.66
 
   
 
1.0
 
   
$
16
 
    
 
 
                             
The aggregate intrinsic value represents the difference between the company’s closing stock price on March 31, 2023 of $1.09 and the option exercise price of the shares for stock options that were in the money, multiplied by the number of shares underlying such options. The total fair value of options vested during the periods ended March 31, 2023 and 2022, was $0.1 million and $0.2 million, respectively.
As of March 31, 2023, there was $1.3 million of total unrecognized compensation cost related to
non-vested
stock option awards. This cost is expected to be recognized over a weighted-average period of 3.2 years.