Quarterly report pursuant to Section 13 or 15(d)

Stock Incentive Plan (Tables)

v3.20.2
Stock Incentive Plan (Tables)
9 Months Ended
Sep. 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 nine
 months
ended September 30, 2020 and 2019:
    
Three Months Ended
September 30,
    
Nine Months Ended

September 30,
 
    
2019
    
2020
    
2019
   
2020
 
    
(Dollars in thousands)
    
(Dollars in thousands)
 
Stock option compensation expense included in unallocated corporate expenses
   $ 43     
$
30
 
   $ 229    
$
122
 
Restricted stock shares compensation expense included in unallocated corporate expenses
     100     
 
—  
 
     523    
 
—  
 
Stock option compensation expense included in broadcast operating expenses
     20     
 
32
 
     88    
 
106
 
Restricted stock shares compensation expense included in broadcast operating expenses
     —       
 
—  
 
     383    
 
—  
 
Stock option compensation expense included in digital media operating expenses
     12     
 
12
 
     58    
 
44
 
Stock option compensation expense included in publishing operating expenses
     2     
 
—  
 
     8    
 
1
 
  
 
 
    
 
 
    
 
 
   
 
 
 
Total stock-based compensation expense,
pre-tax
   $ 177     
$
74
 
   $ 1,289    
$
273
 
  
 
 
    
 
 
    
 
 
   
 
 
 
Tax expense for stock-based compensation expense
     (46   
 
(19
     (335  
 
(71
  
 
 
    
 
 
    
 
 
   
 
 
 
Total stock-based compensation expense, net of tax
   $ 131     
$
55
 
   $ 954    
$
202
 
  
 
 
    
 
 
    
 
 
   
 
 
 
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 nine
 
months
 
ended
September 30, 2020 and 2019:
 
    
Three Months Ended
   
Nine Months Ended
   
Three Months Ended
    
Nine Months Ended
 
    
September 30, 2019
   
September 30, 2019
   
September 30, 2020
    
September 30, 2020
 
Expected volatility
  
 
50.45
%
  
 
 
50.07
%
  
 
 
n/a   
 
 
53.96
%
 
Expected dividends
  
 
15.75
%
  
 
 
14.91
%
  
 
 
n/a   
 
 
7.30
%
Expected term (in years)
  
 
7.7   
 
 
7.7   
 
 
n/a   
 
 
7.6
 
Risk-free interest rate
  
 
1.71
%
 
 
1.83
%
 
 
n/a   
 
 
1.14
%
Schedule of Stock Option Activity
Activity with respect to the company’s option awards during the nine
 months
ended September 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     $ 4.39      $ 2.37        3.6 years      $ —    
Granted
     743,000       1.37        0.35           —    
Exercised
     —         —          —             —    
Forfeited or expired
     (293,425     5.67        3.85        
$
—    
  
 
 
            
Outstanding at September 30, 2020
  
 
2,310,270
 
 
$
3.26
 
  
$
1.53
 
  
 
4.5 years
 
  
$
—  
 
  
 
 
            
Exercisable at September 30, 2020
  
 
1,199,020
 
 
$
4.52
 
  
$
2.30
 
  
 
2.5 years
 
  
$
—  
 
  
 
 
            
Expected to Vest
  
 
1,055,132
 
 
$
3.29
 
  
$
1.55
 
  
 
4.5 years
 
  
$
—  
 
  
 
 
            
Schedule of Information Regarding Restricted Stock Activity
Activity with respect to the company’s restricted stock awards during the nine
months
ended September 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 September 30, 2020
  
 
107,990
 
   $
1.85
 
  
0.92 years
   $
99