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Equity And Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2016
Equity And Stock-Based Compensation [Abstract] |
Equity And Stock-Based Compensation | Note 15 – Equity and Stock-Based Compensation 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 September 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 1st 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 nine months ended September 30, 2016 and 2015, respectively, the weighted average assumptions used in the option-valuation model were as follows: ﻿ ﻿
﻿ |  |  |  |
﻿ | Nine Months Ended September 30
﻿ | 2016 |  | 2015
﻿Stock option exercise price | $ | 11.87 | $ | 13.30
﻿Risk-free interest rate |  | 1.20% |  | 2.23%
﻿Expected dividend yield |  | -- |  | --
﻿Expected option life in years |  | 3.75 |  | 4.00
﻿Expected volatility |  | 25.01% |  | 31.86%
﻿Weighted average fair value | $ | 2.49 | $ | 3.82
﻿ For the quarter and nine months ended September 30, 2016, we recorded compensation expense of $74,000 and $264,000, respectively. For the quarter and nine months ended September 30, 2015, we recorded compensation expense of $75,000 and $209,000, respectively. At September 30, 2016, the total unrecognized estimated compensation expense related to non-vested stock options was $661,000, which we expect to recognize over a weighted average vesting period of 1.94 years. No stock options were exercised during the quarter and nine months ended September 30, 2016. The intrinsic, unrealized value of all options outstanding, vested and expected to vest, at September 30, 2016 was $2.1 million, of which 75.8% are currently exercisable. The following table summarizes the information of options outstanding and exercisable as of September 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 |  |  | -- |  |  |  | 75 |  | -- |  |  | -- |  |  | -- |  |
﻿Exercised |  | -- |  | -- |  |  | -- |  |  | -- |  |  |  | -- |  | -- |  |  | -- |  |  | -- |  |
﻿Forfeited |  | (74) |  | -- |  |  | 7.02 |  |  | -- |  |  |  | (29) |  | -- |  |  | -- |  |  | -- |  |
﻿Balance - September 30, 2016 |  | 582 |  | -- |  | $ | 9.82 |  |  | -- |  | 2.83 |  | 302 |  | -- |  | $ | 8.18 |  | $ | -- |  | 1.89
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ Termination of Previous President’s Unvested Stock Options Mr. James Cotter, Jr. has asserted in past communications with the Company that options to acquire 50,000 shares of Class A Stock, issued to him in connection with his retention as the President of our Company, survived his termination as President. We continued to show these options as outstanding in our previous filings, pending a determination of the issue by our Compensation and Stock Options Committee. On August 3, 2016, our Compensation and Stock Options Committee met, reviewed the issue and determined that such 50,000 options had in fact terminated with the termination of Mr. Cotter, Jr’s employment as President. Accordingly, these options are not, and have not been since the effective date of Mr. Cotter, Jr’s termination, outstanding and the aggregate currently outstanding options are 582,000. This was recorded as a forfeiture during the quarter ended September 30, 2016. 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 both our directors and certain members of management. These RSU awards aggregating to 68,153 units remained unvested as of September 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 nine months ended September 30, 2016, we recognized compensation expense of $130,000 and $290,000, respectively. The total unrecognized compensation expense related to these unvested RSUs was $526,000 as of September 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 September 30, 2016. Management currently intends to use this $2.8 million in full before the end of the year to acquire additional shares of common stock, subject to the cost of such shares and the Company’s other cash needs.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=65895303&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68057994&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 + Details
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