Annual report pursuant to Section 13 and 15(d)

STOCK INCENTIVE PLAN (Tables)

v2.4.1.9
STOCK INCENTIVE PLAN (Tables)
 12 Months Ended
Dec. 31, 2014
STOCK INCENTIVE PLAN [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, 2012, 2013 and 2014:

Year Ended December 31,
2012   2013     2014  
(Dollars in thousands)
Stock option compensation expense included in corporate expenses $ 933     $ 766     $ 1,025  
Restricted stock shares compensation expense included in corporate expenses     —       481       —  
Stock option compensation expense included in broadcast operating expenses     305       302       325  
Stock option compensation expense included in Internet operating expenses     111       253       165  
Stock option compensation expense included in publishing operating expenses     19       47       61  
Total stock-based compensation expense, pre-tax   $ 1,368     $ 1,849     $ 1,576  
Tax benefit (expense) from stock-based compensation expense     (579 )     (740 )     (630 )
Total stock-based compensation expense, net of tax   $ 789     $ 1,109     $ 946  
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 and restricted stock awards using the Black-Scholes valuation model were as follows for the years ended December 31, 2012, 2013 and 2014:

 

Year Ended December 31,  
2012     2013     2014  
Expected volatility 102.37 %     100.78 %     74.98 %
Expected dividends 5.07 %     2.05 %     2.70 %
Expected term (in years)     8.2       6.6       7.8  
Risk-free interest rate     1.66 %     1.06 %     2.27 %


Schedule of Stock Option Activity

Stock option information with respect to the company's stock-based equity plans during the three years ended December 31, 2014 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, 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
             
Outstanding at January 1, 2014     2,162,067   $ 5.09     $ 3.57   5.5 years   $ 8,491
Granted     25,000   8.40     4.73     —
Exercised     (278,837 )   4.38     3.43     1,260
Forfeited or expired     (92,026 )   12.25     7.89     43
Outstanding at December 31, 2014     1,816,204   $ 4.88     $ 3.39   4.8 years   $ 5,718
Exercisable at December 31, 2014     663,417   5.32     3.90   3.0 years   2,015
Expected to Vest     1,094,574   $ 4.62     $ 3.10   5.9 years   $ 3,515


Schedule of Information Regarding Restricted Stock Activity
Information regarding the company's restricted stock during the year ended December 31, 2013 is as follows:
Restricted Stock Shares    
Weighted Average Grant
Date Fair Value
Non-Vested at January 1, 2013   —     $ —
Granted   79,810       6.02
Lapsed   (79,810 )     6.02
Forfeited     —       —
Non-Vested at December 31, 2013     —     $ —
Schedule of Additional Information Regarding Options Outstanding

Additional information regarding options outstanding as of December 31, 2013, is as follows:

 

Weighted Average
Contractual Life   Weighted       Weighted  
Range of Remaining   Average   Exercisable   Average  
Exercise Prices Options (Years)   Exercise Price   Options   Exercise Price  
$  0.36 -  $  3.00     887,704       5.0   $   1.62     259,204   $ 2.17  
$  3.01  - $  6.00     156,625       2.9     4.20     145,775   5.17  
$ 6.01 -   $  9.00     697,125       5.5     4.90     183,688   6.93  
$ 9.01  -  $ 12.00     45,450       0.7     8.63     45,450   11.80  
$ 12.01 - $ 15.00     29,300       0.4     8.75     29,300   13.88  
$  0.36 -  $ 15.00     1,816,204       4.8   $   3.39     663,417   $ 5.32