There are two variants of the ${var-value} notation, one without a colon, as shown, and one with a colon: ${var:-value}.
The first version, without colon, means 'if $var is set to any value (including an empty string), use it; otherwise, use value instead'.
The second version, with colon, means 'if $var is set to any value except the empty string, use it; otherwise, use value instead'.
This pattern holds for other variable substitutions too, notably:
${var:=value}
- if
$var is set to any non-empty string, leave it unchanged; otherwise, set $var to value.
${var=value}
- if
$var is set to any value (including an empty string), leave it unchanged; otherwise, set $var to value.
${var:?message}
- if
$var is set to any non-empty string, do nothing; otherwise, complain using the given message' (where a default message is supplied if message is itself empty).
${var?message}
- if
$var is set to any value (including an empty string), do nothing; otherwise, complain using the given message'.
These notations all apply to any POSIX-compatible shell (Bourne, Korn, Bash, and others). You can find the manual for the bash version online — in the section Shell Parameter Expansion. Bash also has a number of non-standard notations, many of which are extremely useful but not necessarily shared with other shells.