STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2017

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

6.  STOCKHOLDERS’ EQUITY:

Stock Repurchase Program

In December 2015, the Company’s Board of Directors authorized a repurchase of shares of the Company’s Class A and Class D common stock (the “December 2015 Repurchase Authorization”). Under the December 2015 Repurchase Authorization, the Company is authorized, but is not obligated, to repurchase up to $3.5 million worth of its Class A and/or Class D common stock. On March 25, 2016, the Company’s Board of Directors reaffirmed the December 2015 Repurchase Authorization without any limitation on price, and on September 23, 2016 increased the authorization to $7.0 million. As of March 31, 2017, the Company had approximately $7.0 million remaining under the authorization with respect to its Class A and Class D common stock. Repurchases may be made from time to time in the open market or in privately negotiated transactions in accordance with applicable laws and regulations. The timing and extent of any repurchases will depend upon prevailing market conditions, the trading price of the Company’s Class A and/or Class D common stock and other factors, and subject to restrictions under applicable law. The Company executes upon the stock repurchase program in a manner consistent with market conditions and the interests of the stockholders, including maximizing stockholder value. During the three months ended March 31, 2017, the Company did not repurchase any Class A common stock or Class D common stock on the open market. During the three months ended March 31, 2016, the Company did not repurchase any Class A common stock and repurchased 60,566 shares of Class D common stock in the amount of $81,000 at an average price of $1.34 per share.

In addition, the Company has limited but ongoing authority to purchase shares of Class D common stock (in one or more transactions at any time there remain outstanding grants) under the Company’s 2009 Stock Plan (as defined below) to satisfy any employee or other recipient tax obligations in connection with the exercise of an option or a share grant under the 2009 Stock Plan, to the extent that the Company has capacity under its financing agreements (i.e., its current credit facilities and indentures) (each a “Stock Vest Tax Repurchase”). During the three months ended March 31, 2017, the Company executed a Stock Vest Tax Repurchase of 317,103 shares of Class D Common Stock in the amount of $915,000 at an average price of $2.89 per share. During the three months ended March 31, 2016, the Company executed a Stock Vest Tax Repurchase of 330,111 shares of Class D Common Stock in the amount of $568,000 at an average price of $1.72 per share.

Stock Option and Restricted Stock Grant Plan

A stock option and restricted stock plan (“the 2009 Stock Plan”) was approved by the stockholders at the Company’s annual meeting on December 16, 2009.  The Company had the authority to issue up to 8,250,000 shares of Class D Common Stock under the 2009 Stock Plan.  On September 26, 2013, the Board of Directors adopted, and our stockholders approved on November 14, 2013, certain amendments to and restatement of the 2009 Stock Plan (the “Amended and Restated 2009 Stock Plan”). The amendments under the Amended and Restated 2009 Stock Plan primarily affected (i) the number of shares with respect to which options and restricted stock grants may be granted under the 2009 Stock Plan and (ii) the maximum number of shares that can be awarded to any individual in any one calendar year. The Amended and Restated 2009 Stock Plan increased the authorized plan shares remaining available for grant to 7,000,000 shares of Class D common stock after giving effect to the issuances prior to the amendment. Prior to the amendment, under the 2009 Plan, in any one calendar year, the compensation committee could not grant to any one participant options to purchase, or grants of, a number of shares of Class D common stock in excess of 1,000,000.  Under the Amended and Restated 2009 Stock Plan, this limitation was eliminated. The purpose of eliminating this limitation is to provide the compensation committee with maximum flexibility in setting executive compensation. On April 13, 2015, the Board of Directors adopted, and our stockholders approved on June 2, 2015, a further amendment to the Amended and Restated 2009 Stock Plan. This further amendment increased the authorized plan shares remaining available for grant to 8,250,000 shares of Class D common stock. As of March 31, 2017, 7,932,932 shares of Class D common stock were available for grant under the Amended and Restated 2009 Stock Plan.

On October 26, 2015, the Compensation Committee awarded David Kantor, Chief Executive Officer, Radio Division, 100,000 restricted shares of the Company’s Class D common stock, and stock options to purchase 300,000 shares of the Company’s Class D common stock. The grants were effective November 5, 2015, and will vest in approximately equal 1/3 tranches on November 5, 2016, November 5, 2017 and November 5, 2018.

Stock-based compensation expense for the three months ended March 31, 2017 and 2016, was $133,000 and $772,000, respectively.

The Company did not grant stock options during the three months ended March 31, 2017 and 2016.

Transactions and other information relating to stock options for the three months ended March 31, 2017, are summarized below:

					Weighted-Average
					Remaining		Aggregate
	Number of		Weighted-Average		Contractual Term		Intrinsic
	Options		Exercise Price		(In Years)		Value
Outstanding at December 31, 2016		3,700,000	$	2.03		4.21	$	3,675,000
Grants		—	$	—
Exercised		—	$	—
Forfeited/cancelled/expired		100,000	$	7.50
Balance as of March 31, 2017		3,600,000	$	1.88		4.08	$	5,110,000
Vested and expected to vest at March 31, 2017		3,559,000	$	1.88		4.03	$	5,060,000
Unvested at March 31, 2017		250,000	$	2.12		8.55	$	300,000
Exercisable at March 31, 2017		3,350,000	$	1.86		3.75	$	4,810,000

The aggregate intrinsic value in the table above represents the difference between the Company’s stock closing price on the last day of trading during the three months ended March 31, 2017, and the exercise price, multiplied by the number of shares that would have been received by the holders of in-the-money options had all the option holders exercised their options on March 31, 2017. This amount changes based on the fair market value of the Company’s stock. There were no options exercised and no options vested during the three months ended March 31, 2017 and 2016.

As of March 31, 2017, $40,000 of total unrecognized compensation cost related to stock options is expected to be recognized over a weighted-average period of 1 year. The weighted-average fair value per share of shares underlying stock options was $1.32 at March 31, 2017.

The Company did not grant shares of restricted stock during the three months ended March 31, 2017 and 2016.

Transactions and other information relating to restricted stock grants for the three months ended March 31, 2017, are summarized below:

			Average
			Fair Value
			at Grant
	Shares		Date
Unvested at December 31, 2016		358,000	$	2.31
Grants		—	$	—
Vested		11,000	$	1.49
Forfeited/cancelled/expired		—	$	—
Unvested at March 31, 2017		347,000	$	2.33

Restricted stock grants were and are included in the Company’s outstanding share numbers on the effective date of grant. As of March 31, 2017, $90,000 of total unrecognized compensation cost related to restricted stock grants is expected to be recognized over the weighted-average period of 1.1 years.