Annual report pursuant to Section 13 and 15(d)

STOCK INCENTIVE PLAN (Tables)

v2.4.0.8
STOCK INCENTIVE PLAN (Tables)
12 Months Ended
Dec. 31, 2013
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
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, 2011, 2012 and 2013:

 

     Year Ended December 31,  
     2011     2012     2013  
     (Dollars in thousands)  

Stock option compensation expense included in corporate expenses

   $ 603     $ 933     $ 766   

Restricted stock shares compensation expense included in corporate expenses

     4       —          481   

Stock option compensation expense included in broadcast operating expenses

     281       305       302   

Stock option compensation expense included in Internet operating expenses

     52        111        253   

Stock option compensation expense included in publishing operating expenses

     10        19        47   
  

 

 

   

 

 

   

 

 

 

Total stock-based compensation expense, pre-tax

   $ 950      $ 1,368     $ 1,849   
  

 

 

   

 

 

   

 

 

 

Tax benefit (expense) from stock-based compensation expense

     (220 )     (579 )     (740
  

 

 

   

 

 

   

 

 

 

Total stock-based compensation expense, net of tax

   $ 730     $ 789     $ 1,109   
  

 

 

   

 

 

   

 

 

 
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 and restricted shares using the Black-Scholes valuation model were as follows for the years ended December 31, 2011, 2012 and 2013:

 

     Year Ended December 31,  
     2011     2012     2013  

Expected volatility

     101.49     102.37     100.78

Expected dividends

     0.0     5.07     2.05

Expected term (in years)

     7.5        8.2        6.6   

Risk-free interest rate

     1.64     1.66     1.06
Stock Option

Stock option information with respect to the company’s stock-based equity plans during the three years ended December 31, 2013 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, 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   

Outstanding at January 1, 2013

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

Granted

     735,750        6.93         4.90            1,303   

Exercised

     (410,983     3.46         2.47            1,883   

Forfeited or expired

     (89,799     12.30         7.43            72   
  

 

 

            

Outstanding at December 31, 2013

     2,162,067      $ 5.09       $ 3.57       5.5 years    $ 8,491   
  

 

 

            

Exercisable at December 31, 2013

     514,751        6.29         4.52       2.7 years      1,919   
  

 

 

            

Expected to Vest

     1,564,128      $ 4.71       $ 3.28       6.4 years    $ 6,240   
Information Regarding Restricted Stock

Information regarding the company’s restricted stock during the years ended December 31, 2011 and 2013 is as follows:

 

Restricted Stock

   Shares     Weighted Average Grant
Date Fair Value
 

Non-Vested at January 1, 2011

     10,000      $ 2.03   

Granted

    

Lapsed

     (10,000     2.03   

Forfeited

     —       
  

 

 

   

Non-Vested at December 31, 2011

     —        $ —     
  

 

 

   

Non-Vested at January 1, 2013

     —        $ —     

Granted

     79,810        6.02   

Lapsed

     (79,810     6.02   

Forfeited

     —          —     
  

 

 

   

Non-Vested at December 31, 2013

     —        $ —     
  

 

 

   
Additional Information Regarding Options Outstanding

Additional information regarding options outstanding as of December 31, 2013, 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

     997,166         5.9       $ 2.51         196,000       $ 2.00   

$3.01 - $ 6.00

     289,625         3.9         5.15         171,725         5.17   

$6.01 - $ 9.00

     728,250         6.5         6.93         —           —     

$9.01 - $ 12.00

     70,050         1.2         11.80         70,050         11.80   

$12.01 - $ 15.00

     58,475         0.9         13.88         58,475         13.88   

$15.01 - $ 18.00

     13,876         0.4         16.75         13,876         16.75   

$18.01 - $ 21.00

     4,625         0.9         18.89         4,625         18.89   

$21.01 - $ 24.00

     —           —           —           —           —     

$24.01 - $ 25.50

     —           —           —           —           —     
  

 

 

          

 

 

    

$0.36 - $ 25.50

     2,162,067         5.5       $ 5.09         514,751       $ 6.29