Quarterly report pursuant to Section 13 or 15(d)

Stock Incentive Plan (Tables)

v3.23.1
Stock Incentive Plan (Tables)
3 Months Ended
Mar. 31, 2023
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-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
 
    
 
 
    
 
 
 
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-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
Schedule of Stock Option Activity
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
 
    
 
 
                                    
Schedule of Information Regarding Restricted Stock Activity
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