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Equity And Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2016
Equity And Stock-Based Compensation [Abstract] |
Equity And Stock-Based Compensation | Note 15 – Equity and Stock-Based Compensation Former Executive Stock-Based Compensation As part of his compensation package, Mr. James J. Cotter, Sr., our now deceased former Chairman of the Board and Chief Executive Officer, was granted restricted Class A Non-voting Common Stock (“Class A Stock”) for 2014. Mr. Cotter, Sr.’s stock compensation was granted fully vested with a five-year restriction on sale and the applicable compensation expense was recorded in the year of grant. The 2014 stock grants were issued in the first quarter of 2015. Employee and Director Stock Option Plan The Company may grant stock options and other share-based payment awards of our Class A Stock to eligible employees, directors, and consultants under the 2010 Stock Incentive Plan (the “Plan”). The aggregate total number of shares of the Class A Nonvoting Common Stock authorized for issuance under the Plan is 1,250,000. As of June 30, 2016, we had 551,800 shares remaining for future issuances. Since the adoption of the Plan in 2010, the Company has granted awards primarily in the form of stock options. In the 1 st quarter of 2016, the Company started to award restricted stock units (“RSUs”) to directors and certain members of management. Stock options are generally granted at exercise prices equal to the grant-date market prices and typically expire no later than five years from the grant date. In contrast to a stock option where the grantee buys the Company’s share at an exercise price determined on grant date, an RSU entitles the grantee to receive one share for every RSU based on a vesting plan. At the discretion of our Compensation and Stock Options Committee, the vesting period of stock options and RSUs ranges from zero to four years. At the time the options are exercised or RSUs vest, at the discretion of management, we will issue treasury shares or make a new issuance of shares to the option or RSU holder. Stock Options We estimate the grant-date fair value of our stock options using the Black-Scholes option-valuation model, which takes into account assumptions such as the dividend yield, the risk-free interest rate, the expected stock price volatility, and the expected life of the options. We expense the estimated grant-date fair values of options over the vesting period on a straight-line basis. Based on our historical experience and the relative market price to strike price of the options, we have not hereto estimated any forfeitures of vested or unvested options. For the six months ended June 30, 2016 and 2015, respectively, the weighted average assumptions used in the option-valuation model were as follows: ﻿ ﻿
﻿ |  |  |  |
﻿ | Six Months Ended June 30
﻿ | 2016 |  | 2015
﻿Stock option exercise price | $ | 11.87 | $ | 13.42
﻿Risk-free interest rate |  | 1.20% |  | 2.28%
﻿Expected dividend yield |  | -- |  | --
﻿Expected option life in years |  | 3.75 |  | 4.00
﻿Expected volatility |  | 25.01% |  | 31.87%
﻿Weighted average fair value | $ | 2.49 | $ | 3.82
﻿ For the quarter and six months ended June 30, 2016, we recorded compensation expense of $91,000 and $190,000, respective ly. For the quarter and six months ended June 30, 2015, we recorded compensation expense of $76,000 and $133,000, respective ly. At June 30, 2016, the total unrecognized estimated compensation expense related to non-vested stock options was $781,000, which we expect to recognize over a weighted average vesting period of 1.99 years. No stock options were exercised during the quarter and six months ended June 30, 2016. The intrinsic, unrealized value of all options outstanding, vested and expected to vest, at June 30, 2016 was $2.0 million, of which 71.5% are currently exercisable. The following table summarizes the information of options outstanding and exercisable as of June 30, 2016 and December 31, 2015: ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  | Options Outstanding |  | Exercisable Options
﻿ |  | Number of Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Years of Contractual Life |  | Number of Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Years of Contractual Life
﻿(Shares in thousands) |  | Class A |  | Class B |  | Class A |  | Class B |  | Class A & B |  | Class A |  | Class B |  | Class A |  | Class B |  | Class A & B
﻿Balance - December 31, 2014 |  | 568 |  | 185 |  | $ | 6.88 |  | $ | 9.90 |  | 2.40 |  | 348 |  | 185 |  | $ | 6.82 |  | $ | 9.90 |  | 3.63
﻿Granted |  | 112 |  | -- |  |  | 13.30 |  |  | -- |  |  |  | 101 |  | -- |  |  | -- |  |  | -- |  |
﻿Exercised |  | (185) |  | (185) |  |  | 6.09 |  |  | 9.90 |  |  |  | (185) |  | (185) |  |  | -- |  |  | -- |  |
﻿Forfeited |  | (8) |  | -- |  |  | 6.23 |  |  | -- |  |  |  | (8) |  | -- |  |  | -- |  |  | -- |  |
﻿Balance - December 31, 2015 |  | 487 |  | -- |  | $ | 7.64 |  | $ | -- |  | 2.89 |  | 256 |  | -- |  | $ | 7.64 |  | $ | -- |  | 2.14
﻿Granted |  | 169 |  | -- |  |  | 11.87 |  |  | -- |  |  |  | 61 |  | -- |  |  | -- |  |  | -- |  |
﻿Exercised |  | -- |  | -- |  |  | -- |  |  | -- |  |  |  | -- |  | -- |  |  | -- |  |  | -- |  |
﻿Forfeited |  | (24) |  | -- |  |  | $8.49 |  |  | -- |  |  |  | (2) |  | -- |  |  | -- |  |  | -- |  |
﻿Balance - June 30, 2016 |  | 632 |  | -- |  | $ | 9.54 |  |  | -- |  | 2.99 |  | 315 |  | -- |  | $ | 8.12 |  | $ | -- |  | 1.97
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ Restricted Stock Units We estimate the grant-date fair values of our RSUs using the Company’s stock price at grant-date and record such fair values as compensation expense over the vesting period on a straight-line basis. In March 2016 and April 2016, RSU awards of 62,528 units and 5,625 units, respectively, were granted to directors and certain members of management. These RSU awards aggregating to 68,153 units remained unvested as of June 30, 2016. These RSU awards vest 25% at the end of each year for 4 years (in the case of members of management) and vest 100% at the end of one year (in the case of directors). During the quarter and six months ended June 30, 2016, we recognized compensation expense of $129,000 and $160,000, respectively. The total unrecognized compensation expense related to these unvested RSUs was $655,000 as of June 30, 2016. Common Stock Buyback On May 16, 2014, the Company's board of directors authorized management, at its discretion, to spend up to an aggregate of $10.0 million to acquire shares of Reading’s Common Stock. This approved stock repurchase plan supersedes and effectively cancelled the program that was approved by the board on May 14, 2004, which allowed management to purchase up to 350,000 shares of Reading’s Common Stock. The repurchase program allows Reading to repurchase its shares in accordance with the requirements of the SEC on the open market, in block trades and in privately negotiated transactions, depending on market conditions and other factors. All purchases are subject to the availability of shares at prices that are acceptable to Reading, and accordingly, no assurances can be given as to the timing or number of shares that may ultimately be acquired pursuant to this authorization. Under this approved buyback program, the Company has repurchased $7.2 million worth of common stock at an average price of $12.92 per share. This leaves $2.8 million available under the May 16, 2014 for repurchase as of June 30, 2016.

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