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Stock Incentive Plan (Tables)
3 Months Ended
Mar. 31, 2021
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, 2021 and 2020:
   
Three Months Ended March 31,
 
   
2020
   
2021
 
   
(Dollars in thousands)
 
Stock option compensation expense included in corporate expenses
  $50   
$
28
 
Stock option compensation expense included in broadcast operating expenses
   37   
 
28
 
Stock option compensation expense included in digital media operating expenses
   15   
 
22
 
Stock option compensation expense included in publishing operating expenses
   1    —   
   
 
 
   
 
 
 
Total stock-based compensation expense,
pre-tax
  $103   
$
78
 
   
 
 
   
 
 
 
Tax benefit (expense) for stock-based compensation expense
   (27  
 
20
 
   
 
 
   
 
 
 
Total stock-based compensation expense, net of tax
  $76   
$
58
 
   
 
 
   
 
 
 
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, 2021 and 2020:
 
   
Three Months Ended
 
Three Months Ended
   
March 31, 2020
 
March 31, 2021
Expected volatility
  53.96% 74.83%
Expected dividends
  7.30% 0.00%
Expected term (in years)
  7.6 7.7
Risk-free interest rate
  1.14% 0.96%
Schedule of Stock Option Activity
Activity with respect to the
c
ompany’s option awards during the three-month period ended March 31, 2021 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, 2021
   2,291,020  $3.23   $1.52   
 
4.3 years
 
  $—   
Granted
   210,000   2.01    1.44   
 
 
 
   —   
Exercised
   (185,782  2.11    0.97   
 
 
 
   188 
Forfeited or expired
   (151,946  6.77    4.82   
 
 
 
   —   
   
 
 
            
 
 
 
     
Outstanding at March 31, 2021
  
 
2,163,292
 
 
$
2.96
 
  
$
1.33
 
  
 
4.8 years
 
  
$
1,360
 
   
 
 
            
 
 
 
     
Exercisable at March 31, 2021
  
 
1,086,417
 
 
$
3.92
 
  
$
1.76
 
  
 
2.8 years
 
  
$
248
 
   
 
 
            
 
 
 
     
Expected to Vest
  
 
1,022,493
 
 
$
2.98
 
  
$
1.34
 
  
 
4.7 years
 
  
$
1,056
 
   
 
 
            
 
 
 
     
Schedule of Information Regarding Restricted Stock Activity
Activity with respect to the
c
ompany’s restricted stock awards during the three-month period ended March 31, 2021 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, 2021
   107,990   $1.85    1.67 years   $112 
Granted
   —      —      —      —   
Lapsed
   —      —      —      —   
Forfeited
   —      —      —      —   
   
 
 
                
Outstanding at March 31, 2021
  
 
107,990
 
  $
1.85
   
 
0.4 years
 
  $
317