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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2020
Stock-Based Compensation |
Stock-Based Compensation | ​ ​ 7. Stock-Based Compensation 2005 Incentive Compensation Plan On October 16, 2013 our stockholders approved the Second Amended and Restated Saga Communications, Inc. 2005 Incentive Compensation Plan, which was amended in 2018 after approval of the amendment by our stockholders at our 2018 annual meeting (as amended, the “Second Restated 2005 Plan”). The 2005 Incentive Compensation Plan, which replaced our 2003 Stock Option Plan, was first approved by stockholders in 2005 and subsequently this plan was re-approved by stockholders in 2010. The changes made in 2013 in the Second Restated 2005 Plan (i) increased the number of authorized shares by 233,334 shares of Common Stock, (ii) extended the date for making awards to September 6, 2018, (iii) included directors as participants, (iv) targeted awards according to groupings of participants based on ranges of base salary of employees and/or retainers of directors, (v) required participants to retain 50% of their net annual restricted stock awards during their employment or service as a director, and (vi) included a clawback provision. The 2018 amendment to the Second Restated 2005 Plan (i) extended the date for making awards to September 6, 2023 and (ii) increased the number of authorized shares under the Plan by 90,000 shares of Class B Common Stock. The Second Restated 2005 Plan allows for the granting of restricted stock, restricted stock units, incentive stock options, nonqualified stock options, and performance awards to eligible employees and non-employee directors. The number of shares of Common Stock that may be issued under the Second Restated 2005 Plan may not exceed 370,000 shares of Class B Common Stock, 990,000 shares of Class A Common Stock of which up to 620,000 shares of Class A Common Stock may be issued pursuant to incentive stock options and 370,000 Class A Common Stock issuable upon conversion of Class B Common Stock. Awards denominated in Class A Common Stock may be granted to any employee or director under the Second Restated 2005 Plan. However, awards denominated in Class B Common Stock may only be granted to Edward K. Christian, President, Chief Executive Officer, Chairman of the Board of Directors, and the holder of 100% of the outstanding Class B Common Stock of the Company. Stock options granted under the Second Restated 2005 Plan may be for terms not exceeding ten years from the date of grant and may not be exercised at a price which is less than 100% of the fair market value of shares at the date of grant. Stock-Based Compensation Our stock-based compensation expense is measured and recognized for all stock-based awards to employees using the estimated fair value of the award. Compensation expense is recognized over the period during which an employee is required to provide service in exchange for the award. For these awards, we have recognized compensation expense using a straight-line amortization method. Accounting guidance requires that stock-based compensation expense be based on awards that are ultimately expected to vest; therefore stock-based compensation has been adjusted for estimated forfeitures. When estimating forfeitures, we consider voluntary termination behaviors as well as trends of actual option forfeitures. All stock options were fully vested and expensed at December 31, 2012, therefore there was no compensation expense related to stock options for the years ended December 31, 2020, 2019 and 2018. We calculated the fair value of each option award on the date of grant using the Black-Scholes option pricing model. The estimated expected volatility, expected term of options and estimated annual forfeiture rate were determined based on historical experience of similar awards, giving consideration to the contractual terms of the stock-based awards, vesting schedules and expectations of future employee behavior. The risk-free interest rate was based on the U.S. Treasury yield curve in effect at the time of grant. There were no options granted during 2020, 2019 and 2018 and there were no stock options outstanding as of December 31, 2020. The following summarizes the restricted stock transactions for the year ended December 31: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted
​ | ​ | ​ | ​ | Average
​ | ​ | ​ | ​ | Grant Date
​ |  | Shares |  | Fair Value
​ | ​ | ​ | ​ | ​ | ​
Outstanding at January 1, 2018 |  | 96,639 | ​ | $ | 44.85
Granted |  | 63,811 | ​ |  | 37.37
Vested |  | (49,493) | ​ |  | 43.98
Forfeited/canceled/expired |  | (1,781) | ​ |  | 45.39
Outstanding at December 31, 2018 |  | 109,176 | ​ | $ | 40.87
Granted |  | 72,985 | ​ |  | 31.18
Vested |  | (51,021) | ​ |  | 42.66
Forfeited/canceled/expired |  | (2,916) | ​ |  | 40.30
Outstanding at December 31, 2019 |  | 128,224 | ​ | $ | 34.66
Vested |  | (62,137) | ​ | ​ | 36.50
Forfeited/canceled/expired |  | (2,332) | ​ | ​ | 33.65
Non-vested and outstanding at December 31, 2020 |  | 63,755 | ​ | $ | 32.90
Weighted average remaining contractual life (in years) |  | 1.6 | ​ |  |
​ There were no restricted stock grants awarded in 2020. The weighted average grant date fair value of restricted stock that vested during 2019 and 2018 was $2,276,000 and $2,385,000, respectively. The net value of unrecognized compensation cost related to unvested restricted stock awards aggregated $1,896,000, $4,195,000 and $4,166,000 at December 31, 2020, 2019 and 2018, respectively. For the years ended December 31, 2020, 2019 and 2018 we had $2,221,000, $2,129,000 and $2,201,000, respectively, of total compensation expense related to restricted stock-based arrangements. The expense is included in corporate general and administrative expenses in our results of operations. The associated tax benefit recognized for the years ended December 31, 2020, 2019 and 2018 was $235,000, $227,000 and $251,000, respectively.

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