Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Feb. 15, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-K | |
Document Period End Date | Dec. 31, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | FY | |
Entity Registrant Name | Entercom Communications Corp. | |
Entity Central Index Key | 1,067,837 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Well Known Seasoned Issuer | No | |
Entity Public Float | $ 445,584,872 | |
Trading Symbol | ETM | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock Shares Outstanding | 32,759,616 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock Shares Outstanding | 7,197,532 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets Abstract | ||
Cash | $ 9,169 | $ 31,540 |
Accounts receivable, net of allowance for doubtful accounts | 87,157 | 70,249 |
Prepaid expenses, deposits and other | 6,220 | 5,937 |
Prepaid and refundable federal and state income taxes | 55 | 30 |
Deferred tax assets | 3,464 | 2,248 |
Total current assets | 106,065 | 110,004 |
Net property and equipment | 57,993 | 44,662 |
Radio broadcasting licenses | 807,381 | 718,992 |
Goodwill | 32,629 | 38,850 |
Assets held for sale | 6,106 | 868 |
Investment in deconsolidated subsidiaries | 0 | 0 |
Deferred charges and other assets, net of accumulated amortization | 11,934 | 13,239 |
TOTAL ASSETS | 1,022,108 | 926,615 |
Liabilities Abstract | ||
Accounts payable | 73 | 324 |
Accrued expenses | 16,772 | 13,938 |
Accrued compensation and other current liabilities | 19,924 | 13,499 |
Financing method lease obligations, current portion | 0 | 0 |
Long-term debt, current portion | 31,832 | 3,000 |
Total current liabilities | 68,601 | 30,761 |
Long-term debt, net of current portion | 455,187 | 476,929 |
Deferred tax liabilities | 81,643 | 63,470 |
Other long-term liabilities | 27,608 | 26,434 |
Total long-term liabilities | 564,438 | 566,833 |
Total liabilities | $ 633,039 | $ 597,594 |
CONTINGENCIES AND COMMITMENTS | ||
Perpetual Cumulative Convertible Preferred Stock | $ 27,619 | $ 0 |
SHAREHOLDERS' EQUITY: | ||
Preferred stock | 0 | 0 |
Common stock | 397 | 391 |
Additional paid-in capital | 611,754 | 608,515 |
Accumulated deficit | (250,701) | (279,885) |
Accumulated other comprehensive income (loss) | 0 | 0 |
Total shareholders' equity | 361,450 | 329,021 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1,022,108 | 926,615 |
Common Class A [Member] | ||
SHAREHOLDERS' EQUITY: | ||
Common stock | 325 | 319 |
Common Class B [Member] | ||
SHAREHOLDERS' EQUITY: | ||
Common stock | 72 | 72 |
Common Class C Member | ||
SHAREHOLDERS' EQUITY: | ||
Common stock | $ 0 | $ 0 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Class of Stock [Line Items] | ||
Preferred Stock, Par Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 25,000,000 | 25,000,000 |
Preferred Stock, Shares Issued and Outstanding | 11 | 0 |
Common Stock, Value | $ 397 | $ 391 |
Common Class A [Member] | ||
Class of Stock [Line Items] | ||
Common Stock, Value | $ 325 | $ 319 |
Common Stock, Par Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares Issued and Outstanding | 32,480,551 | 31,862,294 |
Common Class B [Member] | ||
Class of Stock [Line Items] | ||
Common Stock, Value | $ 72 | $ 72 |
Common Stock, Par Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares Issued and Outstanding | 7,197,532 | 7,197,532 |
Common Class C Member | ||
Class of Stock [Line Items] | ||
Common Stock, Value | $ 0 | $ 0 |
Common Stock, Par Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock, Shares Issued and Outstanding | 0 | 0 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement Abstract | |||
NET REVENUES | $ 411,378 | $ 379,789 | $ 377,618 |
OPERATING EXPENSE: | |||
Station operating expenses, including non-cash compensation expense | 287,711 | 259,184 | 252,596 |
Depreciation and amortization expense | 8,419 | 7,794 | 8,545 |
Corporate general and administrative expenses, including non-cash compensation expense | 26,479 | 26,572 | 24,381 |
Impairment loss | 0 | 0 | 850 |
Merger and acquisition costs and restructuring charges | 6,836 | 1,042 | 0 |
Net time brokerage agreement (income) fees | (1,285) | 0 | 0 |
Net (gain) loss on sale or disposal of assets | (2,364) | (379) | (1,321) |
Total operating expense | 325,796 | 294,213 | 285,051 |
OPERATING INCOME (LOSS) | 85,582 | 85,576 | 92,567 |
OTHER (INCOME) EXPENSE: | |||
Net interest expense | 37,961 | 38,821 | 44,232 |
Interest and dividend income | 0 | 0 | 0 |
Net (gain) loss on extinguishment of debt | 0 | 0 | 0 |
Net (gain) loss on derivative instruments | 0 | 0 | 0 |
Net (gain) loss on investments | 0 | 21 | 0 |
Other income | 0 | 0 | (165) |
TOTAL OTHER EXPENSE | 37,961 | 38,842 | 44,067 |
INCOME (LOSS) BEFORE INCOME TAXES (BENEFIT) | 47,621 | 46,734 | 48,500 |
INCOME TAXES (BENEFIT) | 18,437 | 19,911 | 22,476 |
NET INCOME (LOSS) | 29,184 | 26,823 | 26,024 |
Preferred stock dividend | (752) | 0 | 0 |
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | $ 28,432 | $ 26,823 | $ 26,024 |
NET INCOME (LOSS) PER SHARE - BASIC | |||
NET INCOME (LOSS) PER SHARE - BASIC | $ 0.75 | $ 0.71 | $ 0.7 |
NET INCOME (LOSS) PER SHARE - DILUTED | |||
NET INCOME (LOSS) PER SHARE - DILUTED | $ 0.73 | $ 0.69 | $ 0.68 |
WEIGHTED AVERAGE SHARES: | |||
Basic | 38,083,947 | 37,763,353 | 37,417,807 |
Diluted | 39,037,623 | 38,664,066 | 38,301,495 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Class A [Member] | Common Class B [Member] | Additional Paid In Capital [Member] | Retained Earnings [Member] |
Opening Balance SHARES at Dec. 31, 2012 | 31,226,047 | 7,197,532 | |||
Conversion of Class B common stock to Class A common stock SHARES | 0 | 0 | |||
Compensation expense related to granting of restricted stock awards SHARES | 96,560 | 0 | |||
Issuance of common stock related to an incentive plan SHARES | 0 | 0 | |||
Common stock repurchase SHARES | 0 | 0 | |||
Exercise of stock options SHARES | 171,625 | 0 | |||
Purchase of vested employee restricted stock units SHARES | (186,000) | (186,038) | 0 | ||
Ending Balance SHARES at Dec. 31, 2013 | 31,308,194 | 7,197,532 | |||
Opening Balance VALUE at Dec. 31, 2012 | $ 269,494 | $ 312 | $ 72 | $ 601,847 | $ (332,737) |
Net income (loss) | 26,024 | 26,024 | |||
Compensation expense related to granting of restricted stock awards VALUE | 4,270 | 1 | 0 | 4,269 | 0 |
Issuance of common stock related to an incentive plan VALUE | 0 | 0 | 0 | 0 | 0 |
Common stock repurchase VALUE | 0 | 0 | 0 | 0 | 0 |
Purchase of vested employee restricted stock units | (1,640) | (2) | 0 | (1,638) | 0 |
Forfeitures of dividend equivalents VALUE | 0 | 0 | 0 | 0 | 0 |
Realization of tax benefit for dividend equivalent payments VALUE | 0 | 0 | 0 | 0 | 0 |
Exercise of stock options VALUE | 245 | 2 | 0 | 243 | 0 |
Preferred stock dividend | 0 | ||||
Net unrealized gain (loss) on investments VALUE | 0 | ||||
Net unrealized gain (loss) on derivatives VALUE | 0 | 0 | 0 | 0 | |
Ending Balance VALUE at Dec. 31, 2013 | $ 298,393 | $ 313 | $ 72 | 604,721 | (306,713) |
Conversion of Class B common stock to Class A common stock SHARES | 0 | 0 | |||
Compensation expense related to granting of restricted stock awards SHARES | 638,102 | 0 | |||
Issuance of common stock related to an incentive plan SHARES | 0 | 0 | |||
Common stock repurchase SHARES | 0 | 0 | |||
Exercise of stock options SHARES | 57,500 | 0 | |||
Purchase of vested employee restricted stock units SHARES | (142,000) | (141,502) | 0 | ||
Ending Balance SHARES at Dec. 31, 2014 | 31,862,294 | 7,197,532 | |||
Net income (loss) | $ 26,823 | 26,823 | |||
Compensation expense related to granting of restricted stock awards VALUE | 5,232 | $ 7 | $ 0 | 5,225 | 0 |
Issuance of common stock related to an incentive plan VALUE | 0 | 0 | 0 | 0 | 0 |
Common stock repurchase VALUE | 0 | 0 | 0 | 0 | 0 |
Purchase of vested employee restricted stock units | (1,514) | (1) | 0 | (1,513) | 0 |
Forfeitures of dividend equivalents VALUE | 5 | 0 | 0 | 0 | 5 |
Realization of tax benefit for dividend equivalent payments VALUE | 0 | 0 | 0 | 0 | 0 |
Exercise of stock options VALUE | 82 | 0 | 0 | 82 | 0 |
Preferred stock dividend | 0 | ||||
Net unrealized gain (loss) on derivatives VALUE | 0 | 0 | 0 | 0 | |
Ending Balance VALUE at Dec. 31, 2014 | $ 329,021 | $ 319 | $ 72 | 608,515 | (279,885) |
Conversion of Class B common stock to Class A common stock SHARES | 0 | 0 | |||
Compensation expense related to granting of stock options SHARES | 0 | ||||
Compensation expense related to granting of restricted stock awards SHARES | 738,195 | 0 | |||
Issuance of common stock related to an incentive plan SHARES | 0 | 0 | |||
Exercise of stock options SHARES | 11,750 | 11,750 | 0 | ||
Purchase of vested employee restricted stock units SHARES | (132,000) | (131,688) | 0 | ||
Ending Balance SHARES at Dec. 31, 2015 | 32,480,551 | 7,197,532 | |||
Net income (loss) | $ 29,184 | 29,184 | |||
Compensation expense related to granting of restricted stock awards VALUE | 5,524 | $ 7 | $ 0 | 5,517 | 0 |
Issuance of common stock related to an incentive plan VALUE | 0 | 0 | 0 | 0 | 0 |
Common stock repurchase VALUE | 0 | 0 | 0 | 0 | 0 |
Purchase of vested employee restricted stock units | (1,562) | (1) | 0 | (1,561) | 0 |
Forfeitures of dividend equivalents VALUE | 0 | 0 | 0 | 0 | 0 |
Exercise of stock options VALUE | 35 | 0 | 0 | 35 | 0 |
Preferred stock dividend | (752) | (752) | |||
Net unrealized gain (loss) on investments VALUE | 0 | 0 | 0 | 0 | 0 |
Net unrealized gain (loss) on derivatives VALUE | 0 | 0 | 0 | 0 | 0 |
Ending Balance VALUE at Dec. 31, 2015 | $ 361,450 | $ 325 | $ 72 | $ 611,754 | $ (250,701) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
OPERATING ACTIVITIES: | |||
Net income (loss) | $ 29,184 | $ 26,823 | $ 26,024 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 8,419 | 7,794 | 8,545 |
Amortization of deferred financing costs | 3,203 | 4,165 | 4,144 |
Net deferred taxes (benefit) and other | 18,322 | 19,811 | 22,422 |
Tax benefit on exercise of options | 0 | 0 | 0 |
Provision for bad debts | 1,553 | 1,004 | 824 |
Net (gain) loss on sale or disposal of assets | (2,364) | (379) | (1,251) |
Non-cash stock-based compensation expense | 5,524 | 5,232 | 4,270 |
Net (gain) loss on investments | 0 | 21 | 0 |
Net (gain) loss on derivatives | 0 | 0 | 0 |
Deferred rent | 1,017 | 807 | 206 |
Unearned revenue - long-term | (10) | (33) | (82) |
Net (gain) loss on extinguishment of debt | 0 | 0 | 0 |
Deferred compensation | 584 | 1,291 | 2,380 |
Tax benefit for vesting of restricted stock unit awards | 0 | 0 | 0 |
Impairment loss | 0 | 0 | 850 |
Net accretion expense for asset retirement obligations | 13 | (11) | 18 |
Other income | 0 | 0 | (165) |
Changes in assets and liabilities: | |||
Accounts receivable | (4,027) | 565 | (1,678) |
Prepaid expenses and deposits | 642 | (1,586) | (743) |
Prepaid and refundable income taxes | 0 | 0 | 0 |
Accounts payable and accrued liabilities | 700 | 1,633 | (952) |
Accrued interest expense | 769 | (132) | (523) |
Accrued liabilities - long-term | 146 | (1,311) | (1,140) |
Prepaid expenses - long-term | 1,115 | (398) | 200 |
Net cash provided by (used in) operating activities | 64,790 | 65,296 | 63,349 |
INVESTING ACTIVITIES: | |||
Additions to property and equipment | (7,043) | (8,408) | (4,325) |
Proceeds from sale of property, equipment, intangibles and other assets | 427 | 2,153 | 8 |
Purchases of radio station assets | (83,553) | 0 | 0 |
Deferred charges and other assets | (1,575) | (800) | (475) |
Purchases of investments | (9) | 0 | 0 |
Proceeds from investments and capital projects | 9 | 0 | 209 |
Proceeds from termination of radio station contract | 0 | 0 | 0 |
Proceeds from insurance recovery | 0 | 0 | 0 |
Station acquisition deposits and costs | 0 | 0 | 0 |
Net cash provided by (used in) investing activities | (91,744) | (7,055) | (4,583) |
FINANCING ACTIVITIES: | |||
Deferred financing expenses related to bank facility amendment | 0 | 0 | (1,040) |
Proceeds from issuance of long-term debt | 58,000 | 15,500 | 33,000 |
Proceeds from the financing method of lease obligations | 0 | 0 | 0 |
Payments of long-term debt | (51,250) | (53,000) | (86,023) |
Proceeds from the exercise of stock options | 35 | 82 | 245 |
Purchase of vested employee restricted stock units | (1,562) | (1,514) | (1,640) |
Payment of dividend equivalents on vested restricted stock units | (7) | 0 | 0 |
Payment of dividends | (413) | 0 | 0 |
Payment of fees associated with the issuance of preferred stock | (220) | 0 | 0 |
Net cash provided by (used in) financing activities | 4,583 | (38,932) | (55,458) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (22,371) | 19,309 | 3,308 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 31,540 | 12,231 | 8,923 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 9,169 | 31,540 | 12,231 |
Cash paid during the period for: | |||
Interest | 34,822 | 35,593 | 41,010 |
Income taxes | 81 | 79 | 69 |
Dividends | $ 413 | $ 0 | $ 0 |
BASIS OF PRESENTATION AND ORGAN
BASIS OF PRESENTATION AND ORGANIZATION (Block) | 12 Months Ended |
Dec. 31, 2015 | |
Organization Consolidation And Presentation Of Financial Statements Abstract | |
Business Description And Basis Of Presentation Text Block | 1 . BASIS OF PRESENTATION Nature Of Business – Entercom Communications Corp. (the “Company”) is the fourth-largest radio broadcasting company in the United States with a portfolio that includes 125 radio stations in 27 top markets across the country. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES (Block) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies Abstract | |
Significant Accounting Policies Text Block | 2 . SIGNIFICANT ACCOUNTING POLICIES Principles Of Consolidation – The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are 100% owned by the Company. All intercompany transactions and balances have been eliminated in consolidation. The Company also considers the applicability of any variable interest entities (“VIEs”) that are required to be consolidated by the primary beneficiary. From time to time, the Company may enter into a time brokerage agreement (“TBA”) in connection with a pending acquisiti on or disposition of radio stations and the requirement to consolidate or deconsolidate a VIE may apply, depending on the facts and circumstances related to each transaction. As of December 31, 2015 , there were no outstanding VIEs. Reportable Segment - Th e Company operates under one reportable business segment, radio broadcasting, for which segment disclosure is consistent with the management decision-making process that determines the allocation of resources and the measuring of performance. Radio station s serving the same geographic area, which may be comprised of a city or combination of cities, are referred to as markets or as distinct operating segments. The Company has 2 7 operating segments. These operating segments are aggregated to create one report able segment. Management’s Use Of Estimates – The preparation of consolidated financial statements, in conformity with accounting principles generally accepted in the United States of America, requires the Company to make estimates and assumptions that a ffect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities, as of the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Significa nt estimates and assumptions are used for, but not limited to: (1) asset impairments, including broadcasting licenses and goodwill; (2) income tax valuation allowances for deferred tax assets; (3) allowance for doubtful accounts; (4) self-insurance reserve s; (5) fair value of equity awards; (6) estimated lives for tangible and intangible assets; (7) contingency and litigation reserves; (8) fair value measurements; (9) acquisition purchase price asset and liability allocations; and (10) uncertain tax positio ns. The Company’s accounting estimates require the use of judgment as future events and the effect of these events cannot be predicted with certainty. The accounting estimates may change as new events occur, as more experience is acquired and as more infor mation is obtained. The Company evaluates and updates assumptions and estimates on an ongoing basis and may use outside experts to assist in the Company’s evaluation, as considered necessary. Actual results could differ from those estimates. Income Tax es – The Company applies the liability method to the accounting for deferred income taxes. Deferred income taxes are recognized for all temporary differences between the tax and financial reporting bases of the Company’s assets and liabilities based on ena cted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. A valuation allowance is recorded for a net deferred tax asset balance when it is more likely than not that the benefits of the tax asset will not be realized. The Company reviews on a continuing basis the need for a deferred tax asset valuation allowance in the jurisdictions in which it operates. Any adjustment to the deferred tax asset valuation allowance is recorded in the cons olidated statements of operations in the period that such an adjustment is required. The Company applies the guidance for income taxes and intra - period allocation to the recognition of uncertain tax positions. This guidance clarifies the recognition, de -recognition and measurement in financial statements of income tax positions taken in previously filed tax returns or tax positions expected to be taken in tax returns, including a decision whether to file or not to file in a particular jurisdiction. The g uidance requires that any liability created for unrecognized tax benefits is disclosed. The application of this guidance may also affect the tax bases of assets and liabilities and therefore may change or create deferred tax liabilities or assets. This gu idance also clarifies the method to allocate income taxes (benefit) to the different components of income (loss), such as: (1) income (loss) from continuing operations; (2) income (loss) from discontinued operations; (3) extraordinary items; (4) other comp rehensive income (loss); (5) the cumulative effects of accounting changes; and (6) other charges or credits recorded directly to shareholders’ equity. See Note 14 for a further discussion of income taxes. Property And Equipment – Property and equipment are carried at cost. Major additions or improvements are capitalized, including interest expense when material, while repairs and maintenance are charged to expense when incurred. Upon sale or retirement, the related cost and accumul ated depreciation are removed from the accounts, and any gain or loss is recognized in the statement of operations. D epreciation expense on property and equipment is determined on a straight-line basis. D epreciation expense for property and equipment is reflected in the following table : Property And Equipment Years Ended December 31, 2015 2014 2013 (amounts in thousands) Depreciation expense $ 7,419 $ 6,748 $ 7,543 A s of December 31, 2015 , the Company ha d capital expenditure commitments outstanding of $ 1.4 million. During 2014, the Company wrote off a significant amount of unused and obsolete assets that primarily consisted of fully depreciated assets. The following is a summary of the categories of property and equipment along with the range of estimated useful lives used for depreciation purposes: Depreciation Period Property And Equipment In Years December 31, From To 2015 2014 (amounts in thousands) Land, land easements and land improvements - 15 $ 16,764 $ 12,020 Buildings 20 40 22,711 21,836 Equipment 3 40 108,399 97,509 Furniture and fixtures 5 10 10,868 9,906 Leasehold improvements shorter of economic life or lease term 23,119 21,245 181,861 162,516 Accumulated depreciation (124,870) (118,667) 56,991 43,849 Capital improvements in progress 1,002 813 Net property and equipment $ 57,993 $ 44,662 Long-Lived Assets - The Company evaluates the recoverability of its long-lived assets, which include property and equipment, broadcasting licenses (subject to an eight-year renewal cycle), goodwill, deferred charges, and other assets. See Note 4 for further discussion. If events or changes in circumstances were to indicate that an asset’s carrying value is not recoverable, a write-down of the asset would be recorded through a charge to operations. The determination and measurement of the fair va lue of long-lived assets requires the use of significant judgments and estimates. Future events may impact these judgments and estimates. During the second quarter of 2013, the Company conducted an evaluation of useful lives for longer-lived assets, such as broadcast towers and buildings. As a result of this review, which was based upon current facts and circumstances, the Company determined that future acquisitions may warrant the use of longer lives anywhere between 15 years and 40 years. Revenue Recognition – The Company generates revenue from the sale to advertisers of various services and products, including but not limited to: (1) commercial broadcast time; (2) digital advertising ; (3) local events; (4) e-commerce where an advertiser’s goods and services are sold through our websites; and (5) digital product and marketing solutions. Revenue from services and products is recognized when delivered. Advertiser payments received in advance of when the prod ucts or services are delivered are recorded on the Company’s balance sheet as unearned revenue. Revenues presented in the consolidated financial statements are reflected on a net basis, after the deduction of advertising agency fees by the advertising ag encies. The Company also evaluates when it is appropriate to recognize revenue based on the gross amount invoiced to the customer or the net amount retained by the Company if a third party is involved. The following table presents the amounts of unearned revenues as of the periods indicated: Unearned Revenues December 31, Balance Sheet Location 2015 2014 (amounts in thousands) Current Other current liabilities $ 306 $ 191 Long-term Other long-term liabilities $ - $ 10 Concentration Of Credit Risk – The Company’s revenues and accounts receivable relate primarily to the sale of advertising within its radio stations’ broadcast areas. Credit is extended based on an evaluation of the customers’ financial condition and, generally, collateral is not required. Credit losses are provided for in the financial statements and consistently have been within management’s expectations. The Company also maintains deposit accounts with financial institutions. At times, such deposits may exceed FDIC insurance limits. Debt Issuance Costs And Original Issue Discount – The costs related to the issuance of debt are capitalized and amortized over the lives of the related debt and such amortization is accounted for as interest expense . S ee Note 8 for further discussion for the amount of deferred financing expense and original issue discount that was included in interest expense in the accompanying consolidated statements of operations. Extinguishment Of Debt –The Company may am end, append or replace, in part or in full, its outstanding debt. The Company reviews its unamortized financing costs associated with its outstanding debt to determine the amount subject to extinguishment under the accounting provisions for an exchange of debt instruments with substantially different terms or changes in a line-of-credit or revolving-debt arrangement. See Note 8 for a discussion of the Company’s long-term debt . In addition, refer to the recent accounting pronouncements section of th is note, Debt Issuance Costs, for a change in the balance sheet presentation of debt issuance costs effective January 1, 2016. Corporate General And Administrative Expense – Corporate general and administrative expense consists of corporate overhead cos ts and non-cash compensation expense. Included in corporate general and administrative expenses are those costs not specifically allocable to any of the Company’s individual business properties. Time Brokerage Agreement (Income) Fees – TBA fees or income consist of fees paid or received under agreements which permit an acquirer to program and market stations prior to an acquisition. The Company sometimes enters into a TBA prior to the consummation of station acquisitions and dispositions. The Company may also enter into a Joint Sales Agreement (“JSA”) to market, but not to program, a station for a defined period of time. Barter Transactions – The Company provides advertising broadcast time in exchange for certain products, supplies and services. The terms of the exchanges generally permit the Company to preempt such broadcast time in favor of advertisers who purchase time on regular terms. T he Company includes the value of such exchanges in both broadcasting net revenues and station operating expenses. Barter valuation is based upon management’s estimate of the fair value of the products, supplies and services received. See Note 15 , Su pplemental Cash Flow Disclosures On Non-Cash Investing And Financing Activities, for a summary of the Company’s barter transactions. Business Combinations – Accounting guidance for business combinations provides the criteria to recognize intangible assets apart from goodwill. Other than goodwill, the Company uses a direct value method to determine the fair value of all intangible assets required to be recogn ized for business combinations. For a discussion of impairment testing of those assets acquired in a business combination, including goodwill, see Note 4 . Asset Retirement Obligations – The Com pany reasonably estimates the fair value of an asset retirement obligation. For an asset retirement obligation that is conditional (uncertainty about the timing and/or method of settlement), the Company factors into its fair value measurement a probabilit y factor as the obligation depends upon a future event that may or may not be within the control of the Company. The Company’s asset retirement obligations are not significant when compared to its net outstanding property and equipment. Accrued Compensat ion – Certain types of employee compensation, which amounts are included in the balance sheets under other current liabilities, are paid in subsequent periods. See Note 6 for amounts reflected in the balance sheets. Cash And Cash Equivalents – Cash consists primarily of amounts held on deposit with financial institutions. From time to time, the Company may invest in cash equivalents, which consists of investments in immediately available money market accounts and all highly liquid debt instruments with initial maturities of three months or less. As of December 31, 2015 and 2014 , the Company had no cash equivalents on hand. Derivative Financial Instruments – The Company follows accounting guidance for its derivative financial instruments that it enters into from time to time, including certain derivative instruments embedded in other contracts, and hedging activities. Leases – The Company follows accounting guidance for its leases, which includes the recognition of escalated rents on a straight-line basis over the term of the lease agreement, as described further in Note 7 . Share-Based Compensation – T he Comp any records compensation expense for all share-based payment awards made to employees and directors, at estimated fair value. The Company also uses the simplified method in developing an estimate of the expected term of certain stock options. For further d iscussion of share-based compensation, see Note 13 . Investments – For those investments in which the Company has the ability to exercise significant influence over the operating and financial policies of the investee, the investment is accounted f or under the equity method. For those investments in which the Company does not have such significant influence, the Company applies the accounting guidance for certain investments in debt and equity securities. An investment is classified into one of thre e categories: held-to-maturity, available-for-sale, or trading securities, and, depending upon the classification, is carried at fair value based upon quoted market prices or historical cost when quoted market prices are unavailable. The Company also p rovides certain quantitative and qualitative disclosures for those investments that are impaired (other than temporarily) at the balance sheet date and for those investments for which an impairment has not been recognized. Advertising And Promotion Cost s – Costs of media advertising and associated production costs are expensed when incurred. Insurance And Self-Insurance Liabilities – The Company uses a combination of insurance and self-insurance mechanisms to provide for the potential liabilities for wo rkers’ compensation, general liability, property, director and officers’ liability, vehicle liability and employee health care benefits. Liabilities associated with the risks that are retained by the Company are estimated, in part, by considering claims ex perience, demographic factors, severity factors, outside expertise and other actuarial assumptions. For any legal costs expected to be incurred in connection with a loss contingency, the Company recognizes the expense as incurred. Recognition Of Insuran ce Recoveries – The Company recognizes insurance recoveries when all of the contingencies related to the insurance claims have been satisfied. Sports Programming Costs – Programming costs which are for a specified number of events are amortized on an ev ent-by-event basis, and programming costs which are for a specified season are amortized over the season on a straight-line basis. The Company allocates that portion of sports programming costs that are related to sponsorship and marketing activities to s ales and marketing expenses on a straight-line basis over the term of the agreement. Accrued L itigation - The Company evaluates the likelihood of an unfavorable outcome in legal or regulatory proceedings to which it is a party and records a loss contingen cy when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These judgments are subjective, based on the status of such legal or regulatory proceedings, the merits of the Company’s defenses and consulta tion with corporate and external legal counsel. Actual outcomes of these legal and regulatory proceedings may materially differ from the Company’s estimates. The Company expenses legal costs as incurred in professional fees. See Note 20 , Contingencies And Commitments . Software Costs – The Company capitalizes direct internal and external costs incurred to develop internal-use software during the application development state. Internal-use software includes w ebsite development activities such as the planning and design of additional functionality and features for existing sites and/or the planning and design of new sites . Costs related to the maintenance , content development and training of internal-use software are expensed as incurred. Capitalized costs are amortized over the estimated useful life of three years using the straight-line method . Recent Accounting Pronouncements A ll new accounting pronouncements that are in effect that may impact the Company’s financial statements have been implemented. The Company does not believe that there are any other new accounting pronouncements that have been issued, other than for a few of those as listed below, that might have a material impact on the Company’s financial position or results of operations. Leasing Transactions In February 2016, the accounting guidance was modified to require that all leases with a term of more than one year, covering leased assets such as real estate, broadcasting towers and equipment, be reflected on the balance sheet as assets and liabilities for the rights and obligations created by these leases. While the Company is currently reviewing the effects of this guidance , the Company believes that this would result in: (1) an increase in the assets and liabilities reflected on the Company’s consolidated balance sheets; and (2) an increase in the Company’s interest expense and de preciation and amortization expense and a decrease to the Company’s station operating expense reflected on its consolidated statements of operations. This guidance is effective for the Company as of January 1, 2019. Balance Sheet Classification Of Defer red Taxes In November 2015, the accounting guidance for balance sheet classification of deferred taxes was modified to present deferred taxes for each jurisdiction as noncurrent on the balance sheet. Previously, deferred taxes were presented for each ju risdiction as a net current asset or liability and net noncurrent asset or liability. This guidance is effective for the Company as of January 1, 2017. The Company anticipates that this guidance will have no impact on the Company’s cash flows or results of operation and no material impact on the Company’s financial position. Business Combinations In September 2015, the accounting guidance for business combinations was modified to reflect measurement period adjustments to be recorded prospectively rather than retroactively to the assets and liabilities initially recorded under purchase price accounting. This guidance was effective for the Company as of January 1, 2016. The Company anticipates that this guidance could have an impact on the Company’s finan cial position and results of operations in the period that the adjustment is recorded for a previously reported business combination. There should be no material impact to the Company’s cash flows. Fees Paid In A Cloud Computing Arrangement In April 2015 , the accounting guidance was revised to identify when a cloud computing service includes a software license that is to be capitalized and treated consistently with the acquisition of other software licenses. This guidance was effective for the Company as of January 1, 2016. The Company believes that this accounting guidance will not have any material effect on the Company’s results of operations, cash flows or financial condition. Debt Issuance Costs In April 2015, the accounting guidance was amended to modify the presentation of debt issuance costs on the balance sheet by requiring that all costs, including incremental third-party costs, be reflected as an offset to the associated debt liability rather than as a deferred charge. This gui dance was subsequently modified in August 2015 to allow the existing presentation to continue for line-of-credit arrangements. This guidance was effective for the Company as of January 1, 2016. The impact of this guidance to the Company will be for balance sheet presentation purposes only and will have no impact on the Company’s results of operations, cash flows or financial condition. Consolidation In February 2015, the accounting guidance for consolidation was amended which revises the analysis of an d reduces the need to consolidate certain entities. This guidance was effective for the Company as of Januar y 1, 2016. The Company believes that this accounting guidance will not have any material effect on the Company’s results of operations, cash flows o r financial condition. Extraordinary Items In January 2015, the accounting guidance was updated to eliminate the concept of an extraordinary item and the requirement to consider whether an underlying event or transaction is extraordinary. If an item is considered extraordinary, it is presented in the income statement net of tax, after income from continuing operations. Eliminating the concept of extraordinary removes the uncertainty for the preparer as to whether the item had been treated properly. This guidance was effective for the Company as of January 1, 2016. The Company believes that this accounting guidance will not have any impact to the Company’s cash flows or financial condition as this only impacts the Company’s presentation on the Company’s r esults of operations . Derivatives And Hedging In November 2014, the accounting guidance was updated for determining whether the host contract in a hybrid financial instrument issued in the form of a share is more akin to debt or to equity. This update d oes not change the current criteria for determining when separation of certain embedded derivative features in a hybrid financial instrument is required, but clarifies how current accounting guidance should be interpreted in the evaluation of the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share, reducing existing diversity in practice. This guidance was effective for the Company as of January 1, 2016. The Company believes that this accounting guidance will not have any material effect on the Company’s results of operations, cash flows or financial condition. Stock-Based Performance Awards In June 2014, the accounting guidance was updated for stock-based awards when the terms of an award provide that a performance target that affects vesting could be achieved after the requisite service period. The current accounting standard for stock-based compensation as it applies to awards with performance conditions should be applied. This gui dance was effective for the Company as of January 1, 2016. The Company believes that this accounting guidance will not have any material effect on the Company’s results of operations, cash flows or financial condition. Revenue Recognition In August 2015, the effective date of the accounting guidance for revenue recognition from contracts with customers was deferred for an additional year. The guidance was originally issued in May 2014. Along with the update, most industry-specific revenue guidance was e liminated. The new guidance is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from cost s incurred to obtain or fulfill a contract. The guidance will be applied using one of two retrospective methods. The guidance is effective for the Company as of January 1, 2018. The Company has not determined the potential effects of this guidance on its f inancial statements. Reporting Discontinued Operations In April 2014, the criteria for reporting discontinued operations, including enhanced disclosures, was modified under new accounting guidance. Under the new guidance, only disposals that have a major effect through a strategic shift on an organization’s operations and financial results should be presented as discontinued operations. In addition, the new guidance requires expanded disclosures that will provide financial statement users with more i nformation about the assets, liabilities, income, and expenses of discontinued operations. The guidance was effective for the Company as of January 1, 2015. The Company believes that this accounting guidance did not have any impact on the Company’s cash f lows or financial condition as this only impacts the Company’s presentation of the Company’s results of operations . In 2015, the Company disposed of a market cluster of radio stations. This disposition did not qualify as discontinued operations under this new guidance, whereas under prior guidance, this disposition would have qualified as discontinued operations. |
ACCOUNTS RECEIVABLE AND RELATED
ACCOUNTS RECEIVABLE AND RELATED ALLOWANCE FOR DOUBTFALL ACCOUNTS (Block) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Loans Notes Trade And Other Receivables Disclosure Text Block | 3 . ACCOUNTS RECEIVABLE AND RELATED ALLOWANCE FOR DOUBTFUL ACCOUNTS Accounts receivable are primarily attributable to advertising which has been provided and for which payment has not been received from the advertiser. Accounts receivable are net of agency commissions and an estimated allowance for doubtful accounts. Estimates of the allowance for doubtful accounts are recorded based on management’s judgment of the collectability of the accounts receivable based on historical information, relat ive improvements or deteriorations in the age of the accounts receivable and changes in current economic conditions. The accounts receivable balances and reserve for doubtful accounts are presented in the following table: Net Accounts Receivable December 31, 2015 2014 (amounts in thousands) Accounts receivable $ 89,291 $ 72,698 Allowance for doubtful accounts (2,134) (2,449) Accounts receivable, net of allowance for doubtful accounts $ 87,157 $ 70,249 See the table in Note 6 for accounts receivable credits outstanding as of the periods indicated. The following table presents the changes in the allowance for doubtful accounts Changes In Allowance For Doubtful Accounts Additions Balance At Charged To Deductions Balance At Beginning Costs And From End Of Year Ended Of Year Expenses Reserves Year (amounts in thousands) December 31, 2015 $ 2,449 $ 1,553 $ (1,868) $ 2,134 December 31, 2014 2,413 1,004 (968) 2,449 December 31, 2013 2,703 824 (1,114) 2,413 |
INTANGIBLE ASSETS AND GOODWILL
INTANGIBLE ASSETS AND GOODWILL (Block) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwil And Intangible Assets Disclosure [Abstract] | |
Goodwill And Intangible Assets Disclosure Text Block | 4 . INTANGIBLE ASSETS AND GOODWILL (A) Indefinite-Lived Intangibles Goodwill and certain intangible assets are not amortized for book purposes. They may be, however, amortized for tax purposes. The Company accounts for its acquired broadcasting licenses as indefinite-lived intangible assets and, similar to goodwill, these assets are reviewed at least annually for impairment. At the time of each review, if the fair val ue is less than the carrying value of goodwill and certain intangibles (such as broadcasting licenses), then a charge is recorded to the results of operations. T he Company may only write down the carrying value of i ts indefinite-lived intangibles. The Company is not permitted to increase the carrying value if the fair value of these assets subsequently increases. The following table presents the changes in broadcasting licenses that include an acquisition for multiple radio stations in new markets along with a related transaction that covers the exchange of certain stations in Denver for a station in Los Angeles (see Note 18 for further discussion): Broadcasting Licenses Carrying Amount December 31, December 31, 2015 2014 (amounts in thousands) Beginning of period balance as of January 1, $ 718,992 $ 718,542 Acquisition of radio stations 79,209 - Acquisition of a radio station through an exchange 53,057 - Acquisitions - other 100 450 Assets held for sale (1,397) - Disposition of radio stations previously reflected as held for sale (32,979) - Disposition of a radio station previously reflected as deconsolidated subsidiary (9,601) - Ending period balance $ 807,381 $ 718,992 The following table presents the changes in goodwill that include an acquisition for multiple radio stations in new markets along with a related transaction that covers the exchange of certain stations in Denver for a station in Los Angeles ( see Note 18 for further discussion ) Goodwill Carrying Amount December 31, December 31, 2015 2014 (amounts in thousands) Goodwill balance before cumulative loss on impairment as of January 1, $ 164,465 $ 164,465 Accumulated loss on impairment as of January 1, (125,615) (125,615) Goodwill beginning balance after cumulative loss on impairment as of January 1, 38,850 38,850 Loss on impairment during year - - Acquisition of radio stations 5,866 - Acquisition of radio stations through an exchange 266 - Adjustment to acquired goodwill associated with an assumed fair value liability (1,364) - Disposition of radio stations previously reflected as assets held for sale (10,230) - Disposition of a radio station previously reflected as a deconsolidated subsidiary (759) - Ending period balance $ 32,629 $ 38,850 Broadcasting Licenses Impairment Test The Company performs its annual broadcasting license impairment test during the second quarter of each year by evaluating its broadcasting licenses for impairment at the market level using the direct method . During the second quarter for each of the years 2015, 2014 and 2013, t he Company completed its annual impairment test for broadcasting licenses and determined that the fair value of its broadcasting licenses was greater than the amount reflected in the balance sheet for each of the Company’s markets and, accordingly, no impairment was recorded. For the four new markets added during the second half of 2015, similar valuation techniques that are used in the testing process wer e applied to the valuation of the broadcasting licenses under purchase price accounting. E ach market’s broadcasting licenses are combined into a single unit of accounting for purposes of testing impairment, as the broadcasting licenses in each market are operated as a single asset. The Company determines the fair value of the broadcasting licenses in each of its markets by relying on a discounted cash flow approach (a 10 - year income model) assuming a start-up scenario in which the only assets held by an investor are broadcasting licenses. The Company’s fair value analysis contains assumptions based upon past experience , reflects expectations of industry observers and includes judgments about future performance using industry normalized information for an average station within a certain market. These assumptions include, but are not limited to: (1) the discount rate; (2) the market share and profit margin of an average station within a market, based upon market size and station type ; (3) the forecast growth rate of each radio market; ( 4 ) the estimated capital start-up costs and losses incurred during the early years; (5) the likely media competition within the market area ; (6) the tax rate; and (7) future terminal values. The methodology used by the Company in determining its key estimates and assumptions was applied consistently to each market. Of the seven variables identified above, the Company believes that the assumptions in items (1) through (3) above are the most important and sensitive in the determination of fair value. The following table reflects the estimates and assumptions used in the second quarter of each year ( no interim tests were performed in these years) : Estimates And Assumptions Second Second Second Second Quarter Quarter Quarter Quarter 2015 2014 2013 2012 Discount rate 9.7% 9.6% 9.8% 10.0% Operating profit margin ranges expected for average stations in the markets where the Company operates 25% to 40% 25% to 40% 25% to 41% 21% to 41% Long-term revenue growth rate range of the Company's markets 1.5% to 2.0% 1.5% to 2.0% 1.5% to 2.0% 1.5% to 2.0% The Company has made reasonable estimates and assumptions to calculate the fair value of its broadcasting licenses. T hese estimates and assumptions could be materially different from actual results. If actual market conditions are less favorable than those projected by the industry or the Company, or if events occur or circumstances change that would reduce the fair value of the Company’s broadcasting licenses below the amount reflected in the balance sheet, the Company may be required to conduct an interim test and possibly recognize impairment charges, which may be material, in future periods. There were no events or circumstances since the Company ’s second quarter annual license impairment test that indicated an interim review of broadcasting licenses was required. Goodwill Impairment Test The Company performs its annual goodwill impairment test during the second quarter of each year by evaluating its goodwill for each reporting unit. During the second quarter in each of the years 2015, 2014 and 2013, t he results of step one indicated that it was not necessary to perform the second step analysis in any of the reporting units that contained goodwill. For the four new markets added during the second half of 2015, similar valuation techniques that are used in the testing process were applied to the valuation of goodwill under purchase price accounting. The Company also performed a reasonableness test on the fair value results for goodwill on a combined basis by comparing the carrying value of the Company’s assets to the C ompany’s enterprise value based upon its stock price. The Company determined that t he results were reasonable. In step one of the Company’s goodwill analysis, the Company considered the results of the market approach and , when appropriate, the income approach in computing the fair value of the Company’s reporting units. In the market approach, the Company applied an estimated market multiple to each reporting unit’s operating profit to calculate the fair value. In the income approach, the Company utilized the discounted cash flow methodology to calculate the fair value of the reporting unit . Management believes that these approaches are commonly used and appropriate methodologies for valuing broadcast radio stations. Factors contributing to the determination of the reporting unit’s operating performance were historical performance and/o r management’s estimates of future performance. The Company has determined that a radio market is a reporting unit and the Company assesses goodwill in each of the Company’s markets . If the fair value of any reporting unit is less than the amount reflected on the balance sheet, an indication exists that the amount of goodwill attributed to a reporting unit may be impaired, and the Company is required to perform a second step of the impairment test. The Company uses quantitative rather than qualitative factors to determine whether it is necessary to perform the two-step goodwill impairment test. In the second step, the Company compares the amount reflected on the balance sheet to the implied fair value of the reporting unit’s goodwill, determined by allocating the reporting unit’s fair value to all of its assets and liabilities in a manner similar to a purchase price allocation. To determine the fair value, the Company uses a market approach and, when appropriate, an income approach in computing the fair value of each reporting unit. The market approach calculates the fair value of each market ’s radio stations by analyzing recent sales and offering prices of similar properties expressed as a multiple of cash flow . The income approach utilizes a discounted cash flow method by projecting the subject property’s income over a specified time and capitalizing at an appropriate market rate to arrive at an indication of the most probable selling price. The following table reflects the estimates and assumptions used in the second quarter of each year ( no interim tests were performed in these years): Estimates And Assumptions Second Second Second Second Quarter Quarter Quarter Quarter 2015 2014 2013 2012 Discount rate 9.7% 9.6% 9.8% 10.0% Long-term revenue growth rate range of the Company's markets 1.5% to 2.0% 1.5% to 2.0% 1.5% to 2.0% 1.5% to 2.0% Market multiple used in the market valuation approach 7.5x to 8.0x 7.5x to 8.0x 7.5x to 8.0x 7.5x to 8.0x If actual market conditions are less favorable than those projected by the industry or the Company, or if events occur or circumstances change that would reduce the fair value of the Company’s goodwill below the amount reflected in the balance sheet, the C ompany may be required to conduct an interim test and possibly recognize impairment charges, which could be material, in future periods. There were no events or circumstances since the Company’s second quarter annual goodwill test that indicated an interim review of goodwill was required . (B) Definite-Lived Intangibles The Company has definite-lived intangible assets that consist of advertiser lists and customer relationships, and acquired advertising contracts. These assets are amortized over the period for which the assets are expected to contribute to the Company’s future cash flows and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For 2015 , 2014 and 2013 , the Company reviewed the carrying value and the useful lives of these assets and determined they were appropriate. See Note 5 for: (1) a listing of the assets comprising definite-lived assets, which are included in deferred charges an d other assets on the balance sheets; (2) the amount of amortization expense for definite-lived assets ; and (3) the Company’s estimate of amortization expense for definite-lived assets in future periods. |
DEFERRED CHARGES AND OTHER ASSE
DEFERRED CHARGES AND OTHER ASSETS (Block) | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure Abstract | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure Text Block | 5 . DEFERRED CHARGES AND OTHER ASSETS Deferred charges and other assets, including definite-lived intangible assets, consist of the following: Deferred Charges And Other Assets December 31, 2015 2014 Period Of Asset Reserve Net Asset Reserve Net Amortization (amounts in thousands) Deferred contracts and other agreements $ 1,788 $ 1,442 $ 346 $ 1,788 $ 1,374 $ 414 Term of contract Leasehold premium 735 426 309 846 515 331 Less than 1 year Other definitive-lived assets 861 836 25 833 833 - 3 years Total definite-lived intangibles 3,384 2,704 680 3,467 2,722 745 Debt issuance costs 23,154 16,457 6,697 23,154 13,594 9,560 Term of debt Prepaid assets - long-term 2,233 - 2,233 467 - 467 Software costs and other 6,367 4,043 2,324 5,665 3,198 2,467 $ 35,138 $ 23,204 $ 11,934 $ 32,753 $ 19,514 $ 13,239 The following table presents the various categories of amortization expense , including deferred financing expense which is reflected as interest expense: Amortization Expense Deferred Charges And Other Assets For The Years Ended December 31, 2015 2014 2013 (amounts in thousands) Definite-lived assets $ 150 $ 147 $ 203 Deferred financing expense 2,863 3,860 3,870 Software costs 850 899 800 Total $ 3,863 $ 4,906 $ 4,873 The following table presents the Company’s estimate of amortization expense, for each of the five succeeding years for : (1) deferred charges and other assets ; and (2) definite-lived assets : Future Amortization Expense Definite-Lived Total Other Assets Years ending December 31, (amounts in thousands) 2016 $ 3,711 $ 3,626 85 2017 2,391 2,313 78 2018 1,585 1,511 74 2019 1,043 971 72 2020 70 - 70 Thereafter 301 - 301 Total $ 9,101 $ 8,421 $ 680 |
OTHER CURRENT LIABILITIES (Bloc
OTHER CURRENT LIABILITIES (Block) | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Current Abstract | |
Accounts Payable Accrued Liabilities And Other Liabilities Disclosure Current Text Block | 6 . OTHER CURRENT LIABILITIES O ther current liabilities consist of the following as of the periods indicated: Other Current Liabilities December 31, 2015 2014 (amounts in thousands) Accrued compensation $ 8,865 $ 5,783 Accounts receivable credits 3,575 2,398 Advertiser obligations 1,198 928 Accrued interest payable 3,547 2,777 Other 2,739 1,613 Total other current liabilities $ 19,924 $ 13,499 |
OTHER LONG-TERM LIABILITIES (Bl
OTHER LONG-TERM LIABILITIES (Block) | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Noncurrent Abstract | |
Accounts Payable Accrued Liabilities And Other Liabilities Disclosure Noncurrent Text Block | 7 . OTHER LONG-TERM LIABILITIES Deferred Rent Liabilities Under the Company’s leases, t he Company recognizes: (1) escalated rents, including any rent-free periods, on a straight-line basis over the term of the lease for those lease agreements where the Company receives the right to control the use of the entire leased property at the beginning of the lease term; (2) amortization expense over the shorter of the economic lives of the leasehold assets or the lease term, excluding any lease renewals unless the lease renewals are reasonab ly assured; (3) landlord incentive payments to the Company as deferred rent that is amortized as reductions to lease rent expense over the lease term; and (4) rental costs associated with ground or building operating leases, that are incurred during a cons truction period, as rental expense. For those leasehold improvements acquired in a business combination or acquired subsequent to lease inception, the amortization period is based on the lesser of the useful life of the leasehold improvements or the pe riod of the lease including all renewal periods that are reasonably assured of exercise at the time of the acquisition. The following table reflects deferred rent liabilities included under other long-term liabilities: Deferred Rent Liabilities December 31, 2015 2014 (amounts in thousands) Deferred rent liabilities $ 6,137 $ 5,120 |
LONG-TERM DEBT (Block)
LONG-TERM DEBT (Block) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure Text Block | 8 . LONG-TERM DEBT Long-term debt, including financing method lease obligations, was comprised of the following : Long-Term Debt December 31, 2015 2014 (amounts in thousands) Credit Facility Revolver, due November 23, 2016 $ 26,000 $ - Term B Loan, due November 23, 2018 242,750 262,000 Senior Notes 10.5% senior unsecured notes, due December 1, 2019 220,000 220,000 Total 488,750 482,000 Current amount of long-term debt (31,832) (3,000) Unamortized original issue discount (1,731) (2,071) Total long-term debt $ 455,187 $ 476,929 Outstanding standby letter of credit $ 670 $ 620 (A) Senior Debt The Credit Facility As of December 31, 2015 , the amount outstanding under the term loan component (the “Term B Loan”) of the Company’s senior secured credit facility (the “Credit Facility”) was $ 242.8 million and the amount outstanding under the revolving credit facility (the “Revolver”) of the Credit Facility was $ 26.0 million. The amount available under the Revolver, which includes the impact of outstanding letters of credit, was $ 13.3 million as of December 31, 2015 . On November 23, 2011, the Company entered into a credit agreement with a syndicate of lenders for a $ 425 million Credit Facility that was initially comprised of: (a) a $ 50 million Revolver (reduced to $ 40 million in December 2015) that matures on November 23, 2016; and (b) a $ 375 million Term B Loan that matures on November 23, 2018. The Credit Facility is secured by a pledge of 100% of the capital stock and other equity interest in all of the Company’s wholly owned subsidiaries. In addition, the Credit Facility is secured by a lien on substantially all of the Company’s assets, with limited exclusions (including the Company’s real property ) . The assets securing the Credit Facility are subject t o customary release provisions which would enable the Company to sell such assets free and clear of encumbrance, subject to certain conditions and exceptions. The Term B Loan requires mandatory prepayments equal to 50 % of Excess Cash Flow, as defined within the agreement, subject to incremental step-downs to 0 % , de pending on the Consolidated Leverage Ratio . The Excess Cash Flow payment is due in the first quarter of each year and is based on the Excess Cash Flow and Leverage Ratio for the prior year. The Excess Cash Flow payment due in the first quarter of 2016, net of prepayment s made through December 31, 2015, is included under the current portion of long-term debt. The Company expects to fund the payment using cash from operating activities. Management believes that over the next 12 months the Company can continue to maintain compliance with its financial covenants . The Company’s operating cash flow is positive, and management believes that it is adequate to fund the Company’s operating needs and mandatory debt repayments under the Company’s Credit Facility . As of December 31, 2015 , the Company is in compliance with all financial covenants and all ot her terms of the Credit Facility in all material respects. The Company’s ability to maintain compliance with its covenants is highly dependent on its results of operations. The amount outstanding under the Revolver as of December 31, 2015 was primarily used to partially fund an acquisition de scribed under Note 18 . During December 2015, the Company reduced the total Revolver capacity from $ 50 million to $ 40 million. The Company anticipates that it will use funds from operations to fu lly retire the Revolver, which matures on November 23, 2016. Management believes that cash on hand and cash from operating activities will be sufficient to permit the Company to meet its liquidity req uirements over the next 12 months, including its debt repayments. The Credit Facility requires the Company to maintain compliance with certain financial covenants which are defined terms within the agreement, including: a maximum Consolidated Leverage Ratio that cannot exceed 4.75 times as of December 31, 201 5 and which decreases to 4.5 times as of March 31, 2016 and thereafter; and a minimum Consolidated Interest Coverage Ratio of 2.0 times as of D ecember 31, 201 5 and thereafter. The Term B Loan was last amended o n December 2, 2013 which reduc ed the interest rates. Under the December 2, 2013 amendment of the Term B Loan and depending on the Consolidated Leverage Ratio, the Company may elect an interest rate per annum equal to: (1) the Eurodollar London Interbank Offered Rate (“LIBOR”) plus fees of 3.0 % ; and (2) the Base Rate plus fees of 2.0 % . The Term B Loan includes a LI BOR floor of 1.0 % . Under the Revolver and depending on the Consolidated Leverage Ratio, the Company may elect an interest rate per annum equal to: (1) LIBOR plus fees that can range from 4.5 % to 5.0 % ; or (2) the Base Rate plus fees that can range from 3.5 % to 4.0 % , where the Base Rate is the highest of: (a) the administrative agent’s prime rate; (b) t he Federal Funds Rate plus 0.5 % ; and (c) LIBOR plus 1.0 % . In addition, the Revolver requires the Company to pay a commitment fee of 0.5 % per annum for the unuse d amount of the Revolver. Failure to comply with the Company’s financial covenants or other terms of its Credit Facility and any subsequent failure to negotiate and obtain any required relief from its lenders could result in a default under the Company’s Credit Facility. Any event of default could have a material adverse effect on the Company’s business and financial condition. In addition, a default under either the Company’s Credit Facility or the indenture governing the Company’s Senior Notes could cause a cross default in the other instru ment and result in the acceleration of the maturity of all outstanding debt. T he acceleration of the Company’s debt could have a material adverse effect on its business. The Company may seek from time to time to amend its Credit Facility or obtain other funding or additional funding, which may result in higher interest rates. ( B ) Senior Unsecured Debt The Senior Notes The Senior Notes may be redeemed at any time on or after December 1, 2015 at a redemption price of 105.25 % of the principal amount plus accrued interest. The redemption price decreases over time. O n November 23, 2011 , the Company issued $ 220.0 million of 10.5 % unsecured Senior Notes which matu re on December 1, 2019. The Company received net proceeds of $ 212.7 million, which include d a discount of $ 2.9 million , and incurred deferred financing costs of $ 6.1 million. These amounts are amortized over the term under the effective interest rate method. Interest on the Senior Notes is payable semi-annually in arrears on June 1 and Decemb er 1 of each year . The Senior Notes are in minimum denominations of $ 2,000 . Th e Senior Notes are unsecured and rank: (1) senior in right of payment to the Company’s future subordinated debt; (2) equally in right of payment with all of the Company’s existing and future senior debt; (3) effectively subordinated to the Company’s existi ng and future secured debt (including the debt under the Company’s Credit Facility), to the extent of the value of the collateral securing such debt; and (4) structurally subordinated to all of the liabilities of the Company’s subsidiaries that do not guar antee the Senior Notes, to the extent of the assets of those subsidiaries. Financial statements of the subsidiaries are not included in accordance with Rule 3-10 of Regulation S-X as: (1) Entercom Communications Corp., after excluding all subsidiaries (the “Parent Company”), has no independent assets or operations; (2) Entercom Radio , LLC (“Radio”) is a 100% owned finance subsidiary of the Parent Company; (3) the Parent Company has guaranteed the Credit Facility and Senior Notes; (4) all of the Parent Company’s direct and indirect subsidiaries other than Radio have guaranteed the Credit Facility and Senior Notes; (5) all of the guarantees are full and unconditional (subject to the customary automatic release provisions); and (6) all of the guarantees are joint and several. Radio, which is a wholly owne d subsidiary of the Parent Company , holds the ownership interest in various subsidiary companies that own the operating assets, including broadcasting licenses, permits, authorizations and cash royalties. Radio is the borrower under the Credit Facility an d is the issuer of the Senior Notes . The assets securing both the Credit Facility and the Senior Notes are subject to customary release provisions which would enable the Company to sell such assets free and clear of encumbrance, subject to certain conditi ons and exceptions. Under certain covenants, the Company’s subsidiary guarantors are restricted from paying dividends or distributions in excess of amounts defined under the Senior Notes, and the subsidiary guarantors are limited in their ability to incu r additional indebtedness under certain restrictive covenants. See Note 21 for financial statements of the P arent Company . A default under the Company’s Senior Notes could cause a default under the Company’s Credit Facility. Any event of default, therefore, could have a material adverse effect on the Company’s business and financial condition. ( C ) Net Interest Expense The components of net interest expense are as follows: Net Interest Expense Years Ended December 31, 2015 2014 2013 (amounts in thousands) Interest expense $ 34,764 $ 34,656 $ 40,091 Amortization of deferred financing costs 2,863 3,860 3,870 Amortization of original issue discount of senior notes 340 305 274 Interest income and other investment income (6) - (3) Total net interest expense $ 37,961 $ 38,821 $ 44,232 The weighted average interest rate under the Credit Facility (before taking into account the fees on the unused portion of the Revolver) was: ( 1) 4.1 % as of December 31, 2015 ; and (2) 4.0 % as of December 31, 2014 . ( D ) Interest Rate Transactions As of December 31, 2015 and 2014 , there were no derivative interest rate transactions outstanding. The Company from time to time enters into interest rate transactions with different lenders to diversify its risk associated with interest rate fluctuations of its variable rate debt . Under these transactions, the Company agrees with other parties (participating members of the Company’s Credit Facility ) to exchange, at specified intervals, the difference between fixed rate and floating rate interest amounts calculated by reference to an agreed notional principal amount against the variable debt. The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedge transactions. This process includes ongoing effectiveness assessments by relating all derivatives that are designated as fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company’s derivative activities, all of which are for purposes other than trading, are initiated within the guidelines of corporate risk-management policies. The Company reviews the correlation and effectiveness of its derivatives on a periodic basis. The Company’s credit exposure under these hedging agreements, or similar agreements the Company m ay enter into in the future, is the cost of replacing such agreements in the event of nonperformance by the Company’s counterparty. For those interest rate transactions that may be entered into with the same counterparty, the Company will enter into a mast er netting agreement that would allow, under certain circumstances, the Company a nd the counterparty to settle financial assets and liabilities on a net basis. ( E ) Aggregate Principal Maturities The minimum a ggregate principal maturities on the Company’s outstanding debt (excluding any impact from required principal payments based upon the Company’s future operating performance) are as follow s: Principal Debt Maturities Credit Senior Facility Notes Total (amounts in thousands) Years ending December 31: 2016 $ 31,832 $ - $ 31,832 2017 168 - 168 2018 236,750 - 236,750 2019 - 220,000 220,000 2020 - - - Thereafter - - - Total $ 268,750 $ 220,000 $ 488,750 (F) Outstanding Letters Of Credit The Company is required to maintain standby letters of credit in connection with insurance coverage as described in Note 20 . (G ) Guarantor and Non-Guarantor Financial Information Radio , which is a wholly owned subsidiary of Entercom Communications Corp., holds the ownership interest in various subsidiary companies that own the operating assets, including broadcasting licenses, permits and authorizations. Radio (1) is the borrower under the Credit Facility , as described in Note 8 (A) ; and (2) is the issuer of the Senior Notes , as described in Note 8 (B ). As of December 31, 2015 , Entercom Communications Corp. and each direct and indirect subsidiar y of Radio is a guarantor of Radio’s obligations under both the Credit Facility and the Senior Notes . Separate condensed consolidating financial information is not included as Entercom Communications Corp. does not have independent assets or operations, Radio is a 100% owned finance subsidiary of Entercom Communications Corp., and all guarantees by Entercom Communications Corp. and its guarantor subsidiaries are full, unconditional (subject to the customary automatic release provisions) , joint and several under its Credit Facility and are full, unconditional, joint and several under its Senior Notes. Under the Credit Facility , Radio is permitted to make distributions to Entercom Communications Corp. in amounts as defined, which are required to pay Entercom Communications Corp.’s reasonable overhead costs, including income taxes and other costs associated with conducting the operations of Radio and its subsidiaries . Under the indenture governing the Senior Notes , Radio is permitted to make distributions to Entercom Communications Corp. in amounts, as defined, that are required to pay Entercom Communications Corp’s overhead costs and other costs associated with conducting the operations of Radio and its subsidiaries. |
TOWER SALE AND LEASEBACK (Block
TOWER SALE AND LEASEBACK (Block) | 12 Months Ended |
Dec. 31, 2015 | |
Tower Sale And Leaseback [Abstract] | |
Tower Sale And Leaseback [Text Block] | 12 . TOWER SALE AND LEASEBACK During the second quarter of 2013, the Company: (1) recorded current and deferred gain s of $ 1.6 million and $ 9.9 million, respectively , from the sale of certain towers; and (2) applied sale and leaseback accounting to the leases that the Company had entered into for radio station space on these same towers. All of the leases were accounted for as operating leases. The current gain was included in 2013 in the statement of operations under net ( gain) loss on sale or disposal of assets . The deferred gain is amortized on a straight-line basis over the 16.5 year life of the lease s and during this period the gain will be reflected as a net (gain) loss on sale or disposal of assets. Minimum rental commitments at December 31, 2015 for these non-cancellable leases are included within the operating lease commitment table under Note 20 . |
SHAREHOLDERS' EQUITY (Block)
SHAREHOLDERS' EQUITY (Block) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders Equity Note Abstract | |
Stockholders Equity Note Disclosure Text Block | 10 . SHAREHOLDERS’ EQUITY Class B Common Stock Shares of Class B common stock are transferable only to Joseph M. Field, David J. Field, certain of their family members, their estates and trusts for any of their benefit. Upon any other transfer, shares of Class B common stock automatically convert into shares of Class A common stock on a one-for-one basis. Dividends The Company does not currently pay, and has not paid, dividends on its common stock since 2008. Any future dividends will be at the discretion of the Board of Directors based upon the relevant factors at the time of such consideration, including, without limitation, compliance with the restrictions set forth in the Credit Facility, the indenture governing the Senior Notes and the Preferred. The payment of dividends on the Preferred and the repayment of the liquidation preference of the P referred will take preference over any dividends or other payments to the Company’s common stockholders. Under the Credit Facility, the Company has $ 40 million available for dividends, share repurchases, investments and debt repurchases, which can be used when its pro forma Consolidated Leverage Ratio is less than or equal to the maximum Leverage Ratio permitted at the time. The amount available can increase over time based upon the Company’s financial performance and used whe n its pro forma Consolidated Leverage Ratio is less than or equal to the maximum Leverage Ratio permitted at the time. There are certain other limitations that apply to its use. The following table presents a summary of the Company’s dividend activity as of December 31, 2015 : Aggregate Record Payment Dividends Payment Equity Type Date Date Per Share Amount Perpetual convertible cumulative preferred stock October 15, 2015 October 16, 2015 $ 37,500.00 $ 412,500 Dividend Equivalents The Company’s grants of restricted stock units (“RSUs”) include the right, upon vesting, to receive a cash payment equal to the aggregate amount of dividends, if any, that holders would have received on the shares of common stock underlying their RSUs if such RSUs had been vested during the period. The fol lowing table presents the amounts accrued and unpaid on unvested RSUs: Dividend Equivalent Liabilities Balance Sheet December 31, Location 2015 2014 (amounts in thousands) Long-term Other long-term liabilities $ 210 $ 216 Deemed Stock Repurchase When RSUs Vest Upon vesting of RSUs, a tax obligation is created for both the employer and the employee. Unless employees elect to pay their tax withholding obligations in cash, the Company withholds shares of stock in an amount sufficient to cover their tax withholding obligations. The withholding of these shares by the Company is deemed to be a repurchase of its stock. The following table provides summary informat ion on the deemed repurchase of vested RSUs: Years Ended December 31, 2015 2014 2013 (amounts in thousands) Shares of stock deemed repurchased 132 142 186 Amount recorded as financing activity $ 1,562 $ 1,514 $ 1,640 |
SHARE-BASED COMPENSATION (Block
SHARE-BASED COMPENSATION (Block) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments Abstract | |
Disclosure Of Compensation Related Costs Share Based Payments Text Block | 13 . SHARE-BASED COMPENSATION Equity Compensation Plan Under the Entercom Equity Compensation Plan (the “Plan”), the Company is authorized to issue share-based compensation awards to key employees, directors and consultants. The RSUs and options that have been issued generally vest over periods of up to four years. The options expire ten years from the date of grant. The Company issues new shares of Class A common stock upon the exercise of stock options and the later of vesting or issuance of RSUs. On January 1 of each year, the number of shares of Class A common stock aut horized under the Plan is automatically increased by 1.5 million, or a lesser number as may be determined by the Company’s Board of Directors. The Board of Directors elected to forego the January 1, 2015 and January 1, 2016 increase in the share s available for grant. As of December 31, 2015 , the shares available for grant were 2.5 million shares. The Plan includes certain performance criteria for purposes of satisfying expense deduction requirements for income tax purposes. Accounting For Share-Based Compensation The measurement and recognition of compensation expense, for all share-based payment awards made to employees and directors, is based on estimated fair values. The fair value is determined at the time of grant: ( 1) using the Company’s stock price for RSUs; and (2) using the Black Scholes model for options. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Company’s consolid ated statements of operations. Estimated forfeitures are revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. RSU Activity The following is a summary of the changes in RSUs under the Plan during the current period: Number Weighted Aggregate Of Weighted Average Intrinsic Restricted Average Remaining Value As Of Stock Purchase Contractual December 31, Period Ended Units Price Term (Years) 2015 RSUs outstanding as of: December 31, 2014 1,258,685 RSUs awarded 795,693 RSUs released (406,463) RSUs forfeited (57,498) RSUs outstanding as of: December 31, 2015 1,590,417 $ - 1.1 $ 18,051,233 RSUs vested and expected to vest as of: December 31, 2015 1,512,428 $ - 1.0 $ 16,242,396 RSUs exercisable (vested and deferred) as of: December 31, 2015 81,380 $ - - $ 923,663 Weighted average remaining recognition period in years 1.8 Unamortized compensation expense, net of estimated forfeitures $ 7,988,821 The following table presents additional information on RSU activity : Years Ended December 31, 2015 2014 2013 Shares Amount Shares Amount Shares Amount (amounts in thousands, except per share) RSUs issued 796 $ 9,045 685 $ 5,754 361 $ 2,906 RSUs forfeited - service based (58) (709) (47) (727) (64) (685) RSUs forfeited - market based - - - - (200) (2,110) Net RSUs issued and increase (decrease) to paid-in capital 738 $ 8,336 638 $ 5,027 97 $ 111 Weighted average grant date fair value per share $ 11.36 $ 8.40 $ 8.05 Fair value of shares vested per share $ 11.85 $ 10.58 $ 8.76 RSUs vested and released 406 410 547 RSUs With Service And Market Conditions T he Company issued RSUs with service and market conditions that are included in the table above . These shares vest if: (1) the Company’s stock achieves certain shareholder performance targets ov er a defined measurement period; and (2) the employee fulfills a minimum service period. The compensation expense is recognized even if the market conditions are not satisfied and are only reversed in the event the service period is not met, as all of the conditions ne ed to be satisfied. These RSUs are amortized over the longest of the explicit, implicit or derived service periods, which range from one to two years. The following table presents the changes in outstanding RSUs with market conditions : Years Ended December 31, 2015 2014 2013 (amounts in thousands, except per share data) Reconciliation Of RSUs With Market Conditions Beginning of period balance 290 - 200 Number of RSUs granted 165 290 - Number of RSUs forfeited - - (200) Number of RSUs vested (65) - - End of period balance 390 290 - Average fair value of RSUs issued with market conditions $ 8.39 $ 6.90 $ - The fair value of RSUs with service conditions is estimated using the Company’s closing stock price on the date of the grant. To determine the fair value of RSUs with service and market conditions, the Company used the Monte Carlo simulation lattice model. The Company’s determination of the fair value was based on the number of shares granted, the Company’s stock price on the date of grant and certain assumptions regarding a number of highly complex and subjective variables. If other reasonable assumptions were used, the results could differ. The specific assumptions used for these valuations are as follows: Years Ended December 31, 2015 2014 Expected Volatility Structure (1) 34% to 39% 33% to 42% Risk Free Interest Rate (2) 0.1% to 1.1% 0.1% to 0.4% Dividend Yield (3) 0.0% 0.0% Expected Volatility Term Structure - The Company estimated the volatility term structure using: (1) the historical volatility of its stock; and (2) the implied volatility provided by its traded options from a trailing month’s average of the closing bid-ask price quotes. Risk-Free Interest Rate - The Company estimated the risk-free interest rate based upon the implied yield available on U.S. Treasury issues using the Treasury bond rate as of the date of grant. Dividend Yield - The Company c alculated the dividend yield at the time of grant based upon the Company’s most recent history of not paying a dividend on its common stock. RSUs With Service And Performance Conditions In addition to the RSUs included in the table above summarizing the activity in RSUs under the Plan, the Company issued RSUs with both service and performance conditions. Vesting of performance-based awards, if any, is dependent upon the achievement of certain performance targets . If the performance standards are not achieved, all unvested shares will expire and any accrued expense will be reversed . The Company determines the requisite service period on a cas e-by-case basis to determine the expense recognition period for non-vested performance based RSUs. The fair value is determined based upon the closing price of the Company’s common stock on the date of grant. The Company applies a quarterly probability as sessment in computing its non-cash compensation expense and any change in the estimate is reflected as a cumulative adjustment to expense in the quarter of the change. The following table reflects the activity of RSUs with service and performance condit ions: Years Ended December 31, 2015 2014 2013 (amounts in thousands, except per share data) Reconciliation Of RSUs With Performance Conditions Beginning of period balance 8 - - Number of RSUs granted 21 11 - Number of RSUs that did not meet criteria - (3) - Number of RSUs vested - - - End of period balance 29 8 - Average fair value of RSUs issued with performance conditions $ 11.11 $ 9.60 $ - As of December 31, 2015 , no non-cash compensation expense was accrued. Option Activity The following table presents the option activity during the current year ended under the Plan: Weighted Intrinsic Weighted Average Value Average Remaining As Of Number Of Exercise Contractual December 31, Period Ended Options Price Term (Years) 2015 Options outstanding as of: December 31, 2014 486,675 $ 2.11 Options granted - - Options exercised (11,750) 3.02 Options forfeited (3,750) 8.72 Options expired (4,250) 13.63 Options outstanding as of: December 31, 2015 466,925 $ 1.93 3.1 $ 4,401,204 Options vested and expected to vest as of: December 31, 2015 466,925 $ 1.93 3.1 $ 4,401,204 Options vested and exercisable as of: December 31, 2015 466,925 $ 1.93 3.1 $ 4,401,204 Weighted average remaining recognition period in years - Unamortized compensation expense, net of estimated forfeitures $ 10,307 The following table summarizes significant ranges of outstanding and exercisable options as of the current period : Options Outstanding Options Exercisable Number Of Weighted Number Of Options Average Weighted Options Weighted Range Of Outstanding Remaining Average Exercisable Average Exercise Prices December 31, Contractual Exercise December 31, Exercise From To 2015 Life Price 2015 Price $ 1.34 $ 1.34 432,925 3.1 $ 1.34 432,925 $ 1.34 $ 2.02 $ 11.78 34,000 2.7 $ 9.50 34,000 $ 9.50 $ 1.34 $ 11.78 466,925 3.1 $ 1.93 466,925 $ 1.93 The following table provides summary information on the granting and vesting of options: Years Ended December 31, Option Issuance And Exercise Data 2015 2014 2013 (amounts in thousands except for per share and years) From To From To From To Exercise price range of options issued $ - $ - $ - $ - $ 8.72 $ 8.72 Upon vesting, period to exercise in years - - - - 1 10 Fair value per share upon grant $ - $ - $ 6.07 Fair value per share upon exercise $ 8.57 $ 8.99 $ 7.15 Intrinsic value of options exercised $ 101 $ 517 $ 1,228 Tax benefit from options exercised (1) $ 38 $ 196 $ 466 Cash received from exercise price of options exercised $ 35 $ 82 $ 245 Number of options granted - - 5 (1) Amount excludes impact from suspended income tax benefits and/or valuation allowances. (1) Amount excludes impact from suspended income tax benefits and/or valuation allowances. Valuation Of Options The Company estimates the fair value of option awards on the date of grant using an option-pricing model. The Company used the straight-line single option method for recognizing compensation expense , which was reduced for estimated forfeitures based on awards ultimately expected to vest. The Company’s determination of the fair value of share-based payment awards on the date of grant using an option-pricing model is affected by the Company’s stock price, as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, the Company’s expected stock price volatility over the term of the awards, and actual and projected employee stock option exercise behaviors. Option-pricing models were developed for use in estimating the value of traded options that have no vesting or hedging restrictions and are fully transferable. The Company’s stock options have certain characteristics that are different from traded options, and changes in the subjective assumptions could affect the estimated value. For options granted, the Company used the Black-Scholes option-pricing model and determined: (1) the term by using the simplified plain-vanilla method as the Company’s employee exercise history may not be indicative for estimating future exercises ; (2) a historical volatility over a period commensurate with the expected term, with the observation of the volatility on a daily basis; (3) a risk-free interest rate that was consistent with the expected term of the stock options and based on the U.S. Treasury yield curve in effect at the time of the grant; and (4) an annual dividend yield based upon the Company’s most recent quarterly dividend at the time of grant. The following table presents the range of the assumptions used to determine the fair value : Option Valuation Estimates Years Ended December 31, 2015 2014 2013 Expected life (years) no options issued no options issued 6.3 Expected volatility factor (%) 78.8 Risk-free interest rate (%) 2.0 Expected dividend yield (%) - Recognized Non-Cash Stock-Based Compensation Expense The following non-cash stock-based compensation expense, which is comprised primarily of RSUs, is included in each of the respective line items in our statement of operations: Years Ended December 31, 2015 2014 2013 (amounts in thousands) Station operating expenses $ 1,259 $ 919 $ 766 Corporate general and administrative expenses 4,265 4,313 3,504 Stock-based compensation expense included in operating expenses 5,524 5,232 4,270 Income tax benefit (1) 2,036 1,502 1,080 Net stock-based compensation expense $ 3,488 $ 3,730 $ 3,190 |
NET INCOME (LOSS) PER COMMON SH
NET INCOME (LOSS) PER COMMON SHARE (Block) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share Abstract | |
Earnings Per Share Text Block | 11. NET INCOME (LOSS) PER COMMON SHARE Net income per common share is calculated as basic net income per share and diluted net income per share. Basic net income per share excludes dilution and is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted net income per share is computed in the same manner as basic net income after assuming issuance of common stock for all potentially dilutive equivalent shares, which includes the potential dilution that could occur: (1) if the RSUs with service conditions were fully vested (using the treasury stock method); (2) if all of the Company’s outstanding stock options that are in-the-money were exercised (using the treasury stock method); (3) if the RSUs with ser vice and market conditions were considered contingently issuable; (4) if the RSUs with service and performance conditions were considered contingently issuable; and (5) if the perpetual cumulative convertible preferred stock was converted (using the as if converted method). The Company considered the allocation of undistributed net income for multiple classes of common stock and determined that it was appropriate to allocate undistributed net income between the Company’s Class A and Class B common stock on an equal basis. For purposes of making this determination, the Company’s charter provides that the holders of Class A and Class B common stock have equal rights and privileges except with respect to voting on most matters voted by Joseph Field or David F ield. T he following tables present the computations of basic and diluted net income (loss) per share: Year Ended December 31, 2015 2014 2013 (amounts in thousands, except share and per share data) Basic Income (Loss) Per Share Numerator Net income (loss) available to the Company $ 29,184 $ 26,823 $ 26,024 Preferred stock dividends 752 - - Net income (loss) available to common shareholders $ 28,432 $ 26,823 $ 26,024 Denominator Basic weighted average shares outstanding 38,083,647 37,763,353 37,417,807 Basic net income (loss) per share available to common shareholders $ 0.75 $ 0.71 $ 0.70 Diluted Income (Loss) Per Share Numerator Net income (loss) available to the Company $ 29,184 $ 26,823 $ 26,024 Preferred stock dividends 752 - - Net income (loss) available to common shareholders $ 28,432 $ 26,823 $ 26,024 Denominator Basic weighted average shares outstanding 38,083,647 37,763,353 37,417,807 Effect of RSUs and options under the treasury stock method 953,976 900,713 883,688 Diluted weighted average shares outstanding 39,037,623 38,664,066 38,301,495 Diluted net income (loss) per share available to common shareholders $ 0.73 $ 0.69 $ 0.68 Incremental Shares Disclosed As Anti-Dilutive T he following table provides the incremental shares excluded as they were anti-dilutive : Impact Of Equity Awards Years Ended December 31, 2015 2014 2013 (amounts in thousands, except per share data) Dilutive or anti-dilutive for all potentially dilutive equivalent shares dilutive dilutive dilutive Excluded shares as anti-dilutive under the treasury stock method: Options excluded 14 30 37 Price range of options excluded: from $ 11.24 $ 10.11 $ 10.52 Price range of options excluded: to $ 11.78 $ 33.90 $ 48.21 RSUs with service conditions 8 1 4 Excluded RSUs with service and market conditions as market conditions not met 165 193 - Excluded RSUs with service and performance conditions until performance criteria is probable 29 11 - Excluded preferred stock as anti-dilutive under the as if method 882 - - |
INCOME TAXES (Block)
INCOME TAXES (Block) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure Abstract | |
Income Tax Disclosure Text Block | 14 . INCOME TAXES Effective Tax Rate - Overview The Company’s effective income tax rate may be impacted by: (1) changes in the level of income in any of the Company’s taxing jurisdictions; (2) changes in the statutes and rules applicable to taxable income in the jurisdictions in which the Company operates; (3) changes in the expected outcome of income tax audits; (4) changes in the estimate of expenses that are not deductible for tax purposes; (5) income taxes in certain states where the states’ current taxable in come is dependent on factors other than the Company’s consolidated net income; and (6) adding facilities in states that on average have different income tax rates from states in which the Company currently operates and the resulting effect on previously re ported temporary differences between the tax and financial reporting bases of the Company’s assets and liabilities . The Company’s annual effective tax rate may also be materially impacted by tax expense associated with non-amortizable assets such as broadc asting licenses and goodwill and changes in the deferred tax valuation allowance . An impairment loss for financial statement purposes will result in an income tax benefit during the period incurred as the amortization of broadcasting licenses and goodwil l is deductible for income tax purposes. Exp ected And Reported Income Taxes (Benefit) Income tax expense (benefit) computed using the United States federal statutory rates is reconciled to the reported income tax expense (benefit) as follows: Years Ended December 31, 2015 2014 2013 (amounts in thousands) Federal statutory income tax rate 35% 35% 35% Computed tax expense at federal statutory rates on income before income taxes $ 16,667 $ 16,357 $ 16,975 State income tax expense, net of federal benefit 1,333 2,491 3,399 Non-recognition of expense due to full valuation allowance (244) - 54 Tax benefit shortfall associated with share-based awards 12 62 997 Nondeductible expenses and other 669 1,001 1,051 Income taxes $ 18,437 $ 19,911 $ 22,476 For 2015 T he effective income tax rate was 38.7 % . This rate was higher t han the federal statutory rate of 35 % primarily due to the combination of: (1) an increase in net deferred tax liabilities associated with non-amortizable assets such as broadcasting licenses and goodwill; (2) an adjustment for expenses that are not deductible for tax purposes; and (3) a tax benefit shortfall associated with share-based awards. The income tax rate has been trending down as expenses not deductible for tax purposes have decreased due to the issuance to senior management of a higher percentage of awards that were market based. Effective during the second half of 2015, the estimated annual income tax rate increased due to the impact of acquisitions on the Company’s state income apportionments to states with higher income tax rates. This increase was offset by a discrete state income tax credit due to recent legislation that allowed for the release of a partial valuation allowan ce in a certain single member state. For 2014 T he effective income tax rate was 42.6 % . This rate was higher t han the federal statutory rate of 35 % primarily due to the combination of: (1) an increase in net d eferred tax liabilities associated with non-amortizable assets such as broadcasting licenses and goodwill; (2) an adjustment for expenses that are not deductible for tax purposes; and (3) a tax benefit shortfall associated with share-based awards. In addi tion, the Company recorded a discrete tax benefit from legislatively reduced income tax rates in certain states. For 2013 T he effective income tax rate was 46.3 % . This rate was higher t han the federal statutory rate of 35 % primarily due to the combination of: (1) an increase in net deferred tax liabilities associated with non-amortizable assets such as broadcasting licenses and goodwill; (2) an adjustment for expenses that are not deductible for tax purposes; a nd (3) a tax benefit shortfall associated with share-based awards. Income Tax Expense Income tax expense (benefit) for each year is summarized as follows: Years Ended December 31, 2015 2014 2013 Current: Federal $ 25 $ - $ - State 90 100 54 Total current 115 100 54 Deferred: Federal 17,042 17,373 19,051 State 1,280 2,438 3,371 Total deferred 18,322 19,811 22,422 Total income taxes (benefit) $ 18,437 $ 19,911 $ 22,476 Deferred Tax Assets And Deferred Tax Liabilities The income tax accounting process to determine the Company’s deferred tax assets and liabilities involves estimating all temporary differences between the tax and financial reporting bases of the Company’s assets and liabilities based on tax laws and statutory tax rates applicable to the period in which the differences are expected to affect taxable income. These estimates include assessing the likely future tax consequences of events that have been recognized in the Company’s financial statements or tax returns . C hanges to the se estimates could have a future impact on the Company’s financial positio n or results of operations. The tax effects of significant temporary differences that comprise the net deferred tax assets and liabilities are as follows: December 31, 2015 2014 (amounts in thousands) Deferred tax assets: Employee benefits $ 783 $ 678 Deferred compensation 988 588 Provision for doubtful accounts 835 959 Deferred gain on tower transaction 235 236 Other 987 505 Total current deferred tax assets before valuation allowance 3,828 2,966 Valuation allowance (231) (620) Total current deferred tax assets - net 3,597 2,346 Federal and state income tax loss carryforwards 129,944 130,074 Share-based compensation 3,218 2,648 Investments - impairments 499 498 Lease rental obligations 3,440 2,289 Deferred compensation 3,968 4,322 Deferred gain on tower transaction 3,039 3,281 Other non-current 1,014 1,154 Total non-current deferred tax assets before valuation allowance 145,122 144,266 Valuation allowance (20,407) (20,146) Total non-current deferred tax assets - net 124,715 124,120 Total deferred tax assets $ 128,312 $ 126,466 Deferred tax liabilities: Advertiser broadcasting obligations $ (133) $ (98) Total current deferred tax liabilities (133) (98) Deferral of gain recognition on the extinguishment of debt (4,568) (6,119) Property, equipment and certain intangibles (other than broadcasting licenses and goodwill) 4,804 5,579 Broadcasting licenses and goodwill (206,594) (187,050) Total non-current deferred tax liabilities (206,358) (187,590) Total deferred tax liabilities $ (206,491) $ (187,688) Total net deferred tax liabilities $ (78,179) $ (61,222) Valuation Allowance For Deferred T a x Assets Judgment is required in estimating valuation allowances for deferred tax assets. Deferred tax assets are reduced by a valuation allowance if an assessment of their components indicates that it is more likely than not that all or some portion of these asset s will not be realized. The realization of a deferred tax asset ultimately depends on the existence of sufficient taxable income in the carryforward periods under tax law. The Company periodically assess es the need for valuation allowances for deferred tax assets based on more-likely-than-not realization threshold criteria. In the Company’s assessment, appropriate consideration is given to all positive and negative evidence related to the realization of the deferred tax assets. This assessment considers, am ong other matters, forecasts of future profitability , the duration of statutory carryforward periods and any ownership change limitations under Internal Revenue Code Section 382 o n the Company’s future income that can be used to offset historic losses. As changes occur in the Company’s assessments regarding its ability to recover its deferred tax assets, the Company’s tax provision is increased in any period in which the Company determines that the recovery is not probable. The following table presents the changes in the deferred tax asset valuation allowance for the periods indicated : Increase Increase (Decrease) (Decrease) Charged Charged (Credited) (Credited) Balance At To Income To Balance At Beginning Taxes Balance End Of Year Ended Of Year (Benefit) Sheet Year (amounts in thousands) December 31, 2015 $ 20,766 $ (165) $ 37 $ 20,638 December 31, 2014 20,238 528 - 20,766 December 31, 2013 18,333 1,905 - 20,238 Liabilities For Uncertain Tax Positions The Company recognizes liabilities for uncertain tax positions based on whether evidence indicates that it is more likely than not that the position will be sustained on audit. It is inherently difficult and subjective to estimate such amounts, as this requires the Company to estimate the probability of various possible outcomes. The Company reevaluates these uncertain tax positions on a quarterly basis. Changes in assumptions may result in the recognition of a tax benefit or an additional charge to the tax provision. The Company classifies interest and penalties that are related to income tax liabilities as a component of income tax expense . T he income tax liabilities and accrued interest and penalties are presented as non - current liabilities , as payments are not anticipated within one year of the balance sheet date. These non - current income tax liabilities are recorded in other long-term liabilities in the consolidated balance sheets . The Company’s liabilities for uncertai n tax positions are reflected in the following table: December 31, 2015 2014 (amounts in thousands) Liabilities for uncertain tax positions Tax $ 67 $ 67 Interest and penalties 170 150 Total $ 237 $ 217 The amounts for interest and penalties expense reflected in the statements of operations were eliminated in the statements of cash flows under net deferred taxes (benefit) and other as no cash payments were made during these periods. The follo wing table presents the expense (income) for uncertain tax positions, which amounts were reflected in the consolidated statements of operations as an increase (decrease) to income tax expense: Years Ended December 31, 2015 2014 2013 (amounts in thousands) Interest and penalties (income) 20 18 11 Total income taxes (benefit) from uncertain tax positions $ 20 $ 18 $ 11 The increa se in liabilities for uncertain tax positions for 2015 primarily reflects the addition of interest related to existing uncertain tax positions. The following table presents the gross amount of changes in unrecognized tax benefits : Years Ended December 31, 2015 2014 2013 (amounts in thousands) Beginning of year balance $ (7,690) $ (7,690) $ (7,690) Prior year positions Gross Increases - - - Gross Decreases - - - Current year positions Gross Increases - - - Gross Decreases - - - Settlements with tax authorities - - - Reductions due to statute lapse - - - End of year balance $ (7,690) $ (7,690) $ (7,690) Ending liability balance included above that was reflected as an offset to deferred tax assets $ (7,623) $ (7,623) $ (7,623) The gross amount of the Company’s unrecognized tax benefits is reflected in the above table which , if recognized, would impact the Company’s effective income tax rate in the period of recognition. The total amount of unrecognized tax benefits could increas e or decrease within the next 12 months for a number of reasons including the expiration of statutes of limitations, audit settlements and tax examination activities . As of December 31, 2015 , there were no significant unrecognized net tax benefits (exclusive of interest and penalties) that over the next 12 months are subject to the expiration of various statutes of limitation. Interest and penalties accrued on uncertain tax positions are released upon the expiration of statutes of limitations. Federal And State Income Tax Audits The Company is subject to federal and state income tax audits from time to time that could result in proposed assessments. Management believes that the Company has made sufficient tax provisions for tax periods that are within the statutory period of limitations not previously audited and that are potentially open for examination by the taxing authorities. Potential liabilities associated with these years will be resolved when an event occurs to warrant closure, prima rily through the completion of audits by the taxing jurisdictions, or if the statute of limitations expires. To the extent audits or other events result in a material adjustment to the accrued estimates, the effect would be recognized during the period of the event. There can be no assurance, however, that the ultimate outcome of audits will not have a material adverse impact on the Company’s financial position, results of operations or cash flows. The Company cannot predict with certainty how these audits will be resolved and whether the Company will be required to make additional tax payments, which may include penalties and interest. During 2010, the Company concluded an audit by the IRS with no proposed adjustment for the tax years of 2004 through 2008. For most states where the Company conducts business, the Company is subject to examination for the preceding three to six years. In certain states, the period could be longer. Income Tax Payments, Refunds And Credits The Company accrued a $ 0.1 million Alternative Minimum Tax (“AMT”) associated with expected income subject to tax for 2015, before the offset of available net operating loss carryforwards (“NOLs”). The AMT is available to be carried forward indefinitely to be used as a credit to offset future income tax liabilities. The following table provides the amount of income tax payments and income tax refunds for the periods indicated: Years Ended December 31, 2015 2014 2013 (amounts in thousands) State income tax payments $ 81 $ 79 $ 69 Federal and state income tax refunds $ - $ 10 $ 5 Net Operating Loss Carryforwards The Company has recorded a valuation allowance for certain of its state NOLs as the Company does not expect to obtain a benefit in future periods. In addition, u tilization in future years of the NOL carryforwards may be subject to limitations due to the changes in ownership provisions under Section 382 of the Internal Revenue Code and similar state provisions. W indfall tax benefits will be recognized for book purposes and recorded to paid-in capital only when realized. The Company does not recognize a deferred tax asset for unrealized tax benefits associated with the tax deductions in excess of the compensation recorded (excess tax benefit). The Company applies the “with and without” approach for utilization of tax attributes upon realization of NOLs in the future. This method allocates stock-based compensation benefits last among other tax benefits recognized. The NOLs reflected in the following table exclud e these windfall stock compensation deductions . In addition, the NOLs reflect an estimate of the NOLs for the 201 5 tax filing year as these returns will not be filed until later in 201 6 : Net Operating Losses December 31, 2015 Suspended NOLs Windfall NOL Expiration Period (amounts in thousands) (in years) Federal NOL carryforwards $ 292,800 $ 10,799 2030 to 2035 State NOL carryforwards $ 614,834 $ 8,806 2016 to 2034 State income tax credit $ 1,248 to 2018 |
EMPLOYEE SAVINGS AND BENEFIT PL
EMPLOYEE SAVINGS AND BENEFIT PLANS (Block) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation And Retirement Disclosure Abstract | |
Compensation And Employee Benefit Plans Text Block | 16 . EMPLOYEE SAVINGS AND BENEFIT PLANS Deferred Compensation Plans The Company provides certain of its employees and the Board of Directors with an opportunity to defer a portion of their compensation on a tax-favored basis. The obligations by the Company to pay these benefits under the deferred compensation plans represent unsecured general obligations that rank equally with the Company’s other unsecured indebtedness. Amounts deferred under these plans were included in other long-term liabilities in the consolidated balance sheets. Any c hange in the deferred compensation liability for each period is recorded to corporate general and administrative expense s and to station operating expenses in the statement of operations. Years Ended December 31, Benefit Plan Disclosures 2015 2014 2013 (amounts in thousands) Deferred compensation Beginning of period balance $ 11,017 $ 10,459 $ 8,377 Employee compensation deferrals 534 420 369 Employee compensation payments (1,464) (734) (297) Increase (decrease) in plan fair value 50 872 2,010 End of period balance $ 10,137 $ 11,017 $ 10,459 401(k) S avings Plan T he Company has a savings plan which is intended to be qualified under Section 401(k) of the Internal Revenue Code. The plan is a defined contribution plan, available to a l l eligible employees, and allows participants to contribute up to the legal maximum of their eligible compensation, not to exceed the maximum tax-deferred amount allowed by the Internal Revenue Service. The Company’s discretionary matching contribution is subject to certain conditions. The Company’s contributions for 2015 , 2014 and 2013 were $ 0.9 million, $ 0.8 million and $ 0.9 million, respectveily . |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS (Block) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures Abstract | |
Fair Value Disclosures Text Block | 17 . FAIR VALUE OF FINANCIAL INSTRUMENTS Fair Value Of Financial Instruments Subject To Fair Value Measurements The Company has determined the types of financial assets and liabilities subject to fair value measurement are: (1) certain tangible and intangible assets subject to impairment testing as described in Note 4 ; (2) financial instruments as described in Note 8 ; (3 ) interes t rate derivative transactions that are outstanding from time to time (none currently outstanding) ; (4) deemed deferred compensation plans as described in Note 16 ; and (5) lease abandonment liabilities as described in Note 18 . The fair value is the price that would be received upon the sale of an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent to the inputs of the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy assigns the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows: Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Level 2 – Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reported date. Level 3 – Pricing inputs include significant inputs that are generally less observable than objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. At each balance sheet date, the Company performs an analysis of all instruments and includes in Level 3 all of those whose fair value is based on significant unobservable inputs. Recurring Fair Value Measurements The following table set s forth the Company's financial assets and /or liabilities that were accounted for at fair value on a recurring basis and are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value and its placement within the fair value hierarchy levels. Value Measurements At Reporting Date December 31, Description 2015 2014 (amounts in thousands) Liabilities Deferred compensation - Level 1 (1) $ 10,137 $ 11,017 (1) The Company’s deferred compensation liability, which is included in other long-term liabilities, is recorded at fair value on a recurring basis. The unfunded plan allows participants to hypothetically invest in various specified investment options. The def erred compensation plan liability is valued at Level 1 as it is based on quoted market prices of the underlying investments. Non-Recurring Fair Value Measurements The Company has certain assets that are measured at fair value on a non-recurring basis and are adjusted to fair value only when the carrying values are more than the fair values. The categorization of the framework used to price the assets is considered Level 3, due to the subjective nature of the unobservable inputs used to determine the fair valu e . The Company reviewed the fair value of its broadcasting licenses, goodwill and net property and equipment and other intangibles, and concluded that these assets were not impaired as the fair value of these assets equaled or exceeded their carrying values. During 2013, the Company determined that land it had reclassified as held for sale was in excess of the fair value less the cost to sell. T he Company measured $ 2.1 million of land held for sale using significant unobservable inputs (Level 3) and recorded an impairment loss of $ 0.9 million. This land was lat er sold in October 2014. Fair Value Of Financial Instruments Subject To Disclosures The estimated fair value of financial instruments is determined using the best available market information and appropriate valuation methodologies. Considerable judgment is necessary, however, in interpreting market data to develop the estimates of fair value. Accordingly, the estimates presented are not necessarily indicative of the amounts that the Company could realize in a current market exchange, or the value that ultimately will be realized upon maturity or disposition. The use of different m arket assumptions may have a material effect on the estimated fair value amounts. The carrying amount of the following assets and liabilities approximates fair value due to the short maturity of these instruments: (1) cash and cash equivalents; (2) accounts receivable; and (3) accounts payable, including accrued liabilities. The following table presents the carrying value of financial instruments and, where practicable, the fair value as of the periods indicated: December 31, December 31, 2015 2014 Carrying Fair Carrying Fair Value Value Value Value (amounts in thousands) Term B Loan (1) $ 242,750 $ 242,447 $ 262,000 $ 261,345 Revolver (2) $ 26,000 $ 26,000 $ - $ - Senior Notes (3) $ 218,269 $ 227,000 $ 217,929 $ 237,134 Letters of credit (4) $ 670 $ 620 The following methods and assumptions were used to estimate the fair value of financial instruments: (1) The Company’s determination of the fair value of the Term B Loan was based on quoted prices for this instrument and is considered a Level 2 measurement as the pricing inputs are other than quoted prices in active markets . (2) The fair value of the Revolver is considered to approximate the carrying value as the interest payments are based on LIBOR that reset periodically. The Revolver is considered a Level 2 measurement as the pricing inputs are other than quoted prices in active markets . (3) The Company utilizes a Level 2 valuation input based upon the market trading prices of the Senior Notes to compute the fair value as these Senior Notes are traded in the debt securities market. The Senior Notes are considered a Level 2 measurement as the pricing inputs are other than quoted prices in active markets . ( 4 ) The Company does not believe it is practicable to estimate the fair value of the outstanding standby letter s of credit and does not expect any material loss since the performance of the letter s of credit is not likely to be required. |
ACQUISITIONS AND OTHER (Block)
ACQUISITIONS AND OTHER (Block) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Mergers Acquisitions And Dispositions Disclosures Text Block | 18 . BUSINESS COMBINATIONS The Company consummated acquisitions under the purchase method of accounting, and the purchase price was allocated to the assets and liabilities based upon their respective fair values as determined as of the acquisition date. Merger and acquisition costs are excluded from the purchase price as these costs are expensed for book purposes and amortized for tax purposes . 2015 Acquisitions Acquisition Of Lincoln Financial Media Company On July 16, 2015 , the Company acquired under a Stock Purchase Agreement (“SPA”) with The Lincoln National Life Insurance Company the stock of one of its subsidiaries, Lincoln Financial Media Company (“Lincoln”), which hold through subsidiaries the assets and liabilities of radio stations serving the Atlanta, Denver, Miami and San Diego markets. The purchase price was $ 105.0 million of which: (1) $ 77.5 million was paid in cash using $ 42.0 million in borrowing under the Company’s Revolver together with cash on hand; and (2) $ 27.5 million was paid with the Company’s issuance of Preferred . The SPA , originally dated December 7, 2014 and subsequently amended on July 10, 2015, pr ovided for a working capital reimbursement to Lincoln of $ 11.0 million before a working capital credit to the Company of $ 2.7 million. The SPA provide d for a step-up in basis for tax purposes. Three Denve r radio stations acquired from Lincoln together with another Denver radio station were included in an exchange transaction as described below in Note 18 . The Company recorded goodwill on its books, which is fully deductible for income tax purposes . Management believes that this acquisition provides the Company with an opportunity to increase its national footprint to compete more effectively for national business and to benefit from certain operational synergies. In addition, this acquisition allo ws for certain operational synergies in programming, sales and administration that were not available to Lincoln. The preliminary purchase price allocations are based upon a preliminary valuation of assets and liabilities and the estimates and assumptio ns are subject to change as the Company obtains additional information during the measurement period, which may be up to one year from the acquisition date. The assets and liabilities pending finalization include the valuation of acquired intangible assets and working capital. Differences between the preliminary and final valuation could be substantially different from the initial estimates. As Reported As Revised September 30, December 31, Useful Lives In Years Description 2015 Adjustment 2015 From To (Amounts in thousands) Cash $ 2,246 $ $ 2,246 Net accounts receivable 11,908 25 11,933 less than 1 year Prepaid expenses, deposits and other 953 17 970 less than 1 year Total current assets 15,107 42 15,149 Land 7,368 - 7,368 non-depreciating Land improvements 87 - 87 15 15 Building 1,067 - 1,067 15 25 Leasehold improvements 973 - 973 2 11 Equipment and towers 8,651 - 8,651 3 40 Furniture and fixtures 29 - 29 5 5 Total tangible property 18,175 - 18,175 Assets held for sale 1,885 - 1,885 Other intangibles 487 - 487 1 5 Broadcasting licenses 79,209 - 79,209 non-amortizing Goodwill 5,866 (1,364) 4,502 non-amortizing Deferred tax assets - 1,364 1,364 over remaining lease life Total intangible and other assets 87,447 - 87,447 Total assets $ 120,729 $ 42 $ 120,771 Accounts payable $ 723 $ - $ 723 less than 1 year Accrued expenses 3,232 234 3,466 less than 1 year Other current liabilities 12 - 12 less than 1 year Total current liabilities 3,967 234 4,201 Unfavorable contracts and other liabilities 3,272 - 3,272 over remaining lease life Total liabilities acquired $ 7,239 $ 234 $ 7,473 Net assets acquired $ 113,490 $ (192) $ 113,298 The allocations as of December 31, 2015, were revised during the fourth quarter of 2015 due to : (1) a change in working capital based upon information that was not available at the time of the original estimate; and (2) the recording of a deferred tax asset associated with certain underlying unfavorable lease and contract liabilities, net of a deferred tax liability for a separate company state valuation allowance. The allocations presented in the table are based upon management’s estimate of the fair values using valuation techniques including income, cost and market approaches. In estimating the fai r value of the acquired assets and assumed liabilities, the fair value estimates are based on, but not limited to, expected future revenue and cash flows that assume expected future growth rates of 1.0 % to 1.5 % ; and an e stimated discount rate of 9.6 % . The gross profit margins are similar to the ranges used in the Company’s second quarter 2015 annual license impairment testing. The fair value for accounts receivable is net of an estimate for bad de bts. The Company determines the fair value of the broadcasting licenses in each of these markets by relying on a discounted cash flow approach assuming a start-up scenario in which the only assets held by an investor are broadcasting licenses. The Company’ s fair value analysis contains assumptions based upon past experience, reflects expectations of industry observers and includes judgments about future performance using industry normalized information for an average station within a certain market. Any exc ess of the purchase price over the net assets acquired was reported as goodwill. Exchange Transaction: Denver, Colorado, And Los Angeles, California On November 24, 2015, the Company completed an asset exchange agreement (“AEA”) with Bonneville International Corporation (“Bonneville”) that was entered into on July 10, 2015. The Company divested four Denver, Colorado, radio stations as consideration by the Company in exchange for a radio station in Los Angeles, California. The Company, which did not require cash to complete this transaction, now owns : (1) one station in Los Angeles, a new market for the Company ; and (2) five radio stations in the Denver market , an existing market for the Company . The Company recorded both the disposition and the acquisition on its balance sheet as of December 31, 2015. On July 17 , 2015 the C ompany entered into two TBAs . Pursuant to these TBAs, on July 17, 2015 , the Company commenced operation of the Los Angeles station and Bonneville commenced operation of the Denver stations. During the period of the TBA s (July 17, 2015 through November 24, 2015) , the Company : ( i ) include d net revenues and station operating expenses associated with the Company’s operati on of the Los Angeles station in the Company’s consolidated financial statements; and (ii) exclude d net revenues and station operating expens es associated with Bonneville’s operati on of the Denver stations in the Company’s consolidated financial statements. The Company incurred no TBA expense to Bonneville for operation of the Los Angeles station and received $ 0.3 million of monthly TBA income from Bonneville during the period of the TBA. The Company did not consider the net revenues and station operating expenses to be material to the Company’s financial position, results of operations or cash flows. Certain of the Denver r adio stations that were exchanged with Bonneville qualified as assets held for sale as of September 30, 2015. In addition, during the period of the TBA, certain of the assets and liabilities that were held in a trust (KKFN FM) and operated by Bonneville w ere deconsolidated by the Company as of September 30, 2015 as Bonneville was the primary beneficiary absorbing the majority of the profits and losses. For all other assets during the period of the TBA, the Company was the primary beneficiary absorbing the majority of the profits and losses. Upon closing, there were no remaining assets held for sale or outstanding VIEs related to this transaction. The following preliminary purchase price allocations are based upon a preliminary valuation of assets and liabilities and the estimates and assumptions are subject to change as the Company obtains additional information during the measurement period, which may be up to one year from the acquisition date. The assets and liabilities pending finalization include the valuation of acquired intangible assets and liabilities . Differences between the preliminary and final valuation could be substantially diffe rent from the initial estimates. As Reported As Revised September 30, December 31, Useful Lives In Years Description 2015 Adjustment 2015 From To (amounts in thousands) Other receivables $ 4,175 $ 689 $ 4,864 Equipment 1,012 - 1,012 3 15 Furniture and fixtures 121 - 121 5 5 Total tangible property 1,133 - 1,133 Advertiser lists and customer relationships 1 - 1 3 3 Trademarks and trade names 2 - 2 5 5 Broadcasting licenses 53,371 (314) 53,057 non-amortizing Goodwill 641 (375) 266 non-amortizing Total intangible assets 54,015 (689) 53,326 Total assets 59,323 - 59,323 Unfavorable contract and lease liabilities (323) - (323) 1 4 Net assets acquired $ 59,000 $ - $ 59,000 Fair value of net assets provided as consideration $ 59,000 $ - $ 59,000 The allocations as of December 31, 2015 were revised primarily to reflect a change in the original estimate of accounts receivable available for recovery. The allocations presented in the table are based upon management’s estimate of the fair values using valuation techniques including income, cost and market approaches. In estimating the fair value of the acquired assets and assumed liabilities, the fair value estimates are based on, but not limited to, expected future revenue and cash flows that ass umes the expected future growth rate of 1.0 % and an estimated discount rate of 9.2 % . The gross profit margin range was similar to the ranges used in the Company’s second quarter 2015 annual impairment testi ng for broadcasting licenses. The Company determines the fair value of the broadcasting licenses in each of these markets by relying on a discounted cash flow approach assuming a start-up scenario in which the only assets held by an investor are broadcasti ng licenses. The Company’s fair value analysis contains assumptions based upon past experience, reflects expectations of industry observers and includes judgments about future performance using industry normalized information for an average station within a certain market. Any excess of the purchase price over the net assets acquired was reported as goodwill. In valuing the non-monetary assets that were part of the consideration transferred, the Company utilized the fair value as of the acquisition date , with any excess of the purchase price over the net assets acquired reported as goodwill. The fair value was measured from the perspective of a market participant, applying the same methodology and types of assumptions as described above in estimating the fair value of the acquired assets and liabilities. Applying these methodologies requires significant judgment. The Company reported in the statements of operations for the year ended December 31, 2015 a non cash gain of $ 1.5 million under gain (lo ss) on sale or disposal of assets on the Denver assets provided as consideration, primarily from the non-Lincoln assets included in the exchange. Summary Of Lincoln And Bonneville Transactions By Radio Station Bonneville Exchange Markets Radio Stations Transactions Los Angeles, CA KSWD FM Company acquired from Bonneville Denver, CO KOSI FM Company disposed to Bonneville Denver, CO KYGO FM; KEPN AM Company disposed to Bonneville Denver, CO KKFN FM The trust disposed to Bonneville Lincoln Acquisition Markets Radio Stations Transactions Denver, CO KKFN FM The trust acquired from Lincoln Denver, CO KYGO FM; KEPN AM Company acquired from Lincoln Denver, CO KQKS FM; KRWZ AM Company acquired from Lincoln Atlanta, GA WSTR FM; WQXI AM Company acquired from Lincoln Miami, FL WAXY AM/FM; WLYF FM; WMXJ FM Company acquired from Lincoln San Diego, CA KBZT FM; KSON FM/KSOQ FM; KIFM FM Company acquired from Lincoln Merger And Acquisition Costs And Restructuring Charges Merger and acquisition costs and restructuring charges were expensed as a separate line item in the statement of operations. These costs consist primarily of legal, professional, advisory services and restructuring costs (as identified below) related to the Company’s acquisition of Lincoln and the Company’s exchange agreement with Bonneville. During the third and fourth quarter s of 2015, the Company initiated a restructuring plan primarily as a r esult of the integration of the Lincoln radio stations acquired in July 2015. The restructuring plan included : (1) costs associated with exiting contractual vendor obligations as these obligations were duplicative; (2) a workforce reduction and realignment charges that included one-time termination benefits and related costs ; and (3) lease abandonment costs as described below . The estimated amount of unpaid restructuring charges as of December 31, 2015 were included in accrued expenses as most expenses are expected to be paid within one year . In connection with the Lincoln acquisition, the Company assumed a studio lease in one of its markets that included excess space. During the fourth quarter of 2015, the Company ceased using a portion of the space after analyz ing its future needs as well as comparing its space utilization in other of the Company’s markets. As a result, the Company recorded a lease abandonment expense during the fourth quarter of 2015. Lease abandonment costs include future lease liabilities of fset by estimated sublease income. Due to the location of the space in an area of the city that is not considered prime, including a very high vacancy rate in the existing and neighboring building in a soft rental market that is expected to continue throu ghout the remaining term of the lease, the Company did not include an estimate to sublease any of the space. The Company will continue to evaluate the opportunities to sublease this space and revise its sublease estimates accordingly. Any increase in the estimate of sublease income will be reflected through the income statement and such amount will also reduce the lease abandonment liability. The lease expires in the year 2026. The lease liability is discounted using a credit risk adjusted basis utilizin g the estimated rental cash flows over the remaining term of the agreement. Years Ended December 31, 2015 2014 2013 (amounts in thousands) Restructuring charges - beginning balance $ - $ - $ - Costs to exit duplicative contracts 646 - - Workforce reduction 1,538 - - Lease abandonment costs 687 - - Changes in estimates (13) - - Total restructuring charges 2,858 - - - Merger and acquisition costs 3,978 1,042 - Total merger & acquisition costs and restructuring charges $ 6,836 $ 1,042 $ - Total restructuring charges $ 2,858 $ - $ - Deductions from reserves through payments (1,172) - - Restructuring charges unpaid and outstanding $ 1,686 $ - $ - Under purchase price accounting for the Lincoln and Bonneville acquisitions, the Company recorded unfavorable lease and contract liabilities for studio and transmitter site property leases and vendor contracts as these contracts contained terms that were considered to be above market rates. The unfavorable liabilities are reflected in other long-term liabilities in the consolidated balance sheets and are amortized as a reduction to station operating expenses on a straight-line basis over the lives of the leases and contracts. The future amortization of unfavorable leases and contracts is as follows: As Of December 31, 2015 (amounts in thousands) Years ending December 31, 2016 $ 1,041 2017 875 2018 295 2019 167 2020 147 Thereafter 518 $ 3,043 Lease Abandonment Costs During the second quarter of 2013, the Company entered into a sublease for pre viously abandoned studio space. As a result, the Company eliminated a lease abandonment liability of $ 0.7 million and recorded a reduction to station operating expense s of $ 0.6 million, net of broker’s commission. The lease expires during the third quarter of 2018. Acquisitions For 2014 and 2013 There were no acquisitions during these periods. Unaudited Pro Forma Summary Of Financial Information The following pro forma information presents the consolidated results of operations as if the Lincoln and the Bonneville exchange transactions had occurred as of the beginning of the prior pro forma period presented, after giving effect to certain adjustments, including : (1) depreciation and amortization of assets ; (2 ) amortization of unfavorable contracts related to the fair value adjustments of the assets acquired; ( 3) change in the effective tax rate; (4) interest expense on any debt incurred ; (5) merger and acquisition costs and restructuring charges; and (6) accrued dividends on the Preferred . For purposes of this presentation , the pro forma data : (a) excludes certain Lincoln radio stations disposed to Bonneville as the Company never operated these stations and does not expect to operate these stations at a future time (KYGO FM; KKFN FM and KEPN AM); and (b) ex clude s a radio station disposed to Bonneville and operated by the Company prior to the TBA (KOSI FM) as these assets were a key component of the assets acquired . These unaudited pro forma results have been prepared for comparative purposes only and do not purport to be indicative of what would have occurred had the acquisitions been made as of that date or results which may occur in the future. Years Ended December 31, 2015 2014 2013 (amounts in thousands, except per share data) Pro Forma Pro Forma Actual Net revenues $ 442,485 $ 437,597 $ 377,618 Net income (loss) available to the Company $ 33,050 $ 22,736 $ 26,024 Net income (loss) available to common shareholders $ 30,850 $ 21,086 $ 26,024 Net income (loss) available to commons shareholders per common share - basic $ 0.81 $ 0.56 $ 0.70 Net income (loss) available to commons shareholders per common share - diluted $ 0.79 $ 0.55 $ 0.68 Weighted shares outstanding basic 38,084 37,763 37,418 Weighted shares outstanding diluted 39,038 38,664 38,301 Conversion of preferred stock for dilutive purposes under the as if method anti-dilutive anti-dilutive n/a |
PERPETUAL CUMULATIVE CONVERTIBL
PERPETUAL CUMULATIVE CONVERTIBLE PREFERRED STOCK (Block) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement Abstract | |
PreferredStockTextBlock | 9 . PERPETUAL CUMULATIVE CONVERTIBLE PREFERRED STOCK In connection with an acquisition on July 16, 2015 as described in Note 18 , Business Combinations, the Company issued perpetual cumulative convertible preferred stock (“Preferred”) that ranks senior to common stock in its capital structure. The payment of dividends on the Preferred and the repayment of the liquidation preference of the Preferred will t ake preference over any dividends or other payments to the Company’s common shareholders. The Preferred is convertible by the holder into a fixed number of 1.9 million shares at a price of $ 14.35 , subject to customary anti-dilution provisions after a three -year waiting period. At certain times (including during the first three years after issuance), the Company can redeem the Preferred in cash at a price of 100 %. The dividend rate on the Preferred increases over time from 6 % to 12 %. Due to the legal obliga tion to pay cumulative dividends as a liquidation preference, the dividends are accrued as they are earned instead of when they are declared. The Company reflected the Preferred as mezzanine due to a change in control contingency provision that provides the holder with a redeemable feature. For accounting purposes, the Preferred is not considered mandatorily redeemable at the holder’s option until the contingency is met. The Company incurred issuance costs, which are recorded as a reduction of the Pref erred. The following table reflects the Preferred shares authorized, issued and outstanding : December 31, December 31, 2015 2014 (amounts in thousands, except shares) Perpetual cumulative convertible preferred stock $0.01 par value Shares issued and outstanding 11 - Aggregate liquidation preference $ 27,500 $ - Less stock issuance costs (220) - Plus accrued dividend as of the end of period 339 - Net carrying value $ 27,619 $ - |
CONTINGENCIES AND COMMITMENTS (
CONTINGENCIES AND COMMITMENTS (Block) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies Disclosure Abstract | |
Commitments And Contingencies Disclosure Text Block | 20 . CONTINGENCIES AND COMMITMENTS Contingencies The Company is subject to various outstanding claims which arise in the ordinary course of business and to other legal proceedings. Management anticipates that any potential liability of the Company, which may arise out of or with respect to these matters, will not materially affect the Company’s financial position, results of operations or cash flows. Insurance The Company uses a combination of insurance and self-insurance mechanisms to mitigate the potential liabilities for workers’ com pensation, general liability, property, directors’ and officers’ liability, vehicle liability and employee health care benefits. Liabilities associated with the risks that are retained by the Company are estimated, in part, by considering claims experience , demographic factors, severity factors, outside expertise and other actuarial assumptions. Under these policies, the Company is required to maintain letters of credit in the amount of $ 0.7 million. Broadcast Licenses The Company could face increased costs in the form of fines and a greater risk that the Company could lose any one or more of its broadcasting licenses if the Federal Communications Commission (the “FCC”) concludes that programming broadcast by a Company station was obscen e, indecent or profane and such conduct warrants license revocation. The FCC's authority to impose a fine for the broadcast of such material is $ 325,000 for a single incident, with a maximum fine of up to $ 3,000,000 for a continuing viola tion. In the past, the FCC has issued Notices of Apparent Liability and a Forfeiture Order with respect to several of the Company’s stations proposing fines for certain programming which the FCC deemed to have been indecent. These cases are the subject of pending administrative appeals. The FCC has also investigated other complaints from the public that some of the Company’s stations broadcast indecent programming. These investigations remain pending. The FCC initiated an investigation into an incident w here a person died in January 2007 after participating in a contest at one of the Company’s stations and this investigation remains pending . The Company has determined that, at this time, the amount of potential fines and penalties , if any, can not be estim ated . The Company has filed, on a timely basis, renewal applications for those radio stations with radio broadcasting licenses that are subject to renewal with the FCC. The Company’s costs to renew its licenses with the FCC are nominal and are expensed as incurred rather than capitalized. Seven of the Company’s FCC radio station license renewal applications filed in the most recent 2011-2014 renewal application window have not yet been granted . For five of those seven stations, license renewal applications filed during the prior 2003-2006 renewal application window have also not yet been granted. The Co mpany continues to operate these radio stations under their existing licenses until the licenses are renewed. The FCC may delay the renewal pending the resolution of open inquiries. The affected stations are, however, authorized to continue operations unt il the FCC acts upon the renewal applications. Pending Divestiture In December 2015, the Company entered into an agreement with a buyer to dispose of KRWZ AM in Denver, Colorado, for the amount of $ 3.8 million in cash. The Company believes that the elimination of this station, with a marginal market share, will not alter the Company’s competitive position in the market for the remaining four stations the Company will continue to operate in this market. The Company anticipates that this transaction, which is subject to FCC approval, will close in the first half of 2016. Upon completion of this transaction, the Company expects to report a nominal gain on the disposition of these assets. Accounting guideli nes for variable interest entities require that the primary beneficiary consolidate the entity into its financial statements. The Company will remain as the primary beneficiary until the transaction is completed as the Company will absorb all of the profit s and losses from the operation of the entity holding the Denver, Colorado, radio station, KRWZ AM. Other Matters During the third quarter of 2014, the Company settled a legal claim for $ 1.0 million. The amount was included in corporate general and administrative expenses for the year ended December 31, 2014. Leases And Other Contracts Rental expense is incurred principally for office and broadcasting facilities. Certain of the leases contain clauses that provide for contingent rental expense based upon defined events such as cost of living adjustments and/or maintenance costs in excess of pre-defined amounts. The Company also has rent obligations under a sale and leaseback transaction whereby the Company sold certain of its radio broadcasting towers to a third party for cash in return for long-term leases on these towers. These sale and leaseback obligations are listed in the future minimum annual commitments table. The Company sold these towers as operating these towers to maximize tower rental income was not part of the Company’s core strategy. The following table provides the Company’s rent expense for the periods indicated: Years Ended December 31, 2015 2014 2013 (amounts in thousands) Rent Expense $ 16,116 $ 14,556 $ 13,226 The Company also has various commitments under the following types of contracts: Future Minimum Annual Commitments Sale Rent Under Leaseback Programming Operating Operating And Related Leases Leases Contracts Total (amounts in thousands) Years ending December 31, 2016 $ 17,167 $ 841 $ 81,589 $ 99,597 2017 17,174 865 32,317 50,356 2018 14,552 891 9,957 25,400 2019 12,935 918 2,129 15,982 2020 9,903 946 551 11,400 Thereafter 28,301 9,691 258 38,250 $ 100,032 $ 14,152 $ 126,801 $ 240,985 |
GUARANTOR ARRANGEMENTS (Block)
GUARANTOR ARRANGEMENTS (Block) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Supplement Abstract | |
Commitments Contingencies And Guarantees Text Block | 21 . GUARANTOR ARRANGEMENTS Guarantor Arrangements T he Company recognizes, at the inception of a guarantee, a liability for the fair value of the obligation undertaken by issuing the guarantee. The following is a summary of agreements that the Company has determined are within the scope of guarantor arrangements : The Company enters into indemnification agreements in the ordinary course of business. Under these agreements, the Company typically indemnifies, holds harmless, and agrees to reimburse the indemnified party for losses suffered or incurred by the indemnified party. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited. The Company believes that the estimated fair value of these agreements is minimal. Accordingly, the Company has not recorded liabilities for these agreements as of December 31, 2015 . Under the Company’s Credit Facility, the Company is required to reimburse lenders for any increased costs that they may incur in the event o f a change in law, rule or regulation resulting in their reduced returns from any change in capital requirements. The Company cannot estimate the potential amount of any future payment under this provision, nor can the Company predict if such an event will ever occur. In connection with many of the Company’s acquisitions, the Company enters into time brokerage agreements or local marketing agreements for specified periods of time, usually six months or less, whereby the Company typically indemnifies the ow ner and operator of the radio station, their employees, agents and contractors from liability, claims and damages arising from the activities of operating the radio station under such agreements. The maximum potential amount of any future payments the Comp any could be required to make for any such previous indemnification obligations is indeterminable at this time. The Company has not, however, previously incurred any significant costs to defend lawsuits or settle claims relating to any such indemnification obligation. Financial Statements Of Parent The condensed financial data of the Parent Company has been prepared in accordance with Rule 12-04 of Regulation S-X. The P aren t C ompany ’s financial data includes the financial data of Entercom Communications Corp., excluding all subsidiaries . The most significant restrictions on the payment of dividends by Radio (as contemplated by Rule 4-08(e) of Regulation S-X) are set forth in the Credit Facility and the indenture governing the Senior No tes. Under both the Credit Facility and the indenture governing the Senior Notes, Radio is permitted to make distributions to the Parent Company in amounts, as defined, as follow : (a) amounts which are required to pay the Parent Company’s reasonable overhead costs, including income taxes and other costs associated with conducting the operations of Radio and its subsidiaries; and (b) certain amounts which qualify as “Restricted Paym ents.” With respect to the Credit Facility, the permitted Restricted Payment is generally $40 million plus Cumulative Retained Excess Cash Flow. The Company’s ability to make a Restricted Payment in these amounts under the Credit Facility is a function of its leverage ratio. With respect to the indenture governing the Senior Notes, the permitted Restricted Payment is generally $60 million plus a variable amount. The variable amount is a function of the Company’s EBITDA and the Company’s leverage ratio. Effectively all of Radio’s assets are subject to these distribution limitations to the Parent Company . The following tables set forth the condensed financial data (other than the statement s of shareholders’ equity and statements of compreh ensive income as th ese statement s are not condensed) of the Parent Company: the balance sheets as of December 31, 2015 and 2014 ; the statements of operations for the year s ended December 31, 2015 , 2014 and 2013 ; the statements of shareholders’ equity for the year s ended December 31, 2015 , 2014 and 2013 ; and the statements of cash flows for the year s ended December 31, 2015 , 2014 and 2013 . ENTERCOM COMMUNICATIONS CORP. CONDENSED PARENT COMPANY BALANCE SHEETS (amounts in thousands) 2015 2014 ASSETS Current Assets $ 7,289 $ 6,446 Property And Equipment - Net 472 495 Deferred Charges And Other Assets - Net 3,807 2,233 Investment In Subsidiaries / Intercompany 424,493 360,091 TOTAL ASSETS $ 436,061 $ 369,265 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities $ 19,631 $ 14,041 Long Term Liabilities 27,361 26,203 Total Liabilities 46,992 40,244 Perpectual Cumulative Convertible Preferred Stock 27,619 - Shareholders' Equity: Class A, B and C Common Stock 397 391 Additional Paid-In Capital 611,754 608,515 Accumulated Deficit (250,701) (279,885) Total shareholders' equity 361,450 329,021 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 436,061 $ 369,265 See notes to condensed Parent Company financial statements. ENTERCOM COMMUNICATIONS CORP. CONDENSED PARENT COMPANY INCOME STATEMENTS (amounts in thousands) YEARS ENDED DECEMBER 31, 2015 2014 2013 NET REVENUES $ 1,536 $ 1,309 $ 615 OPERATING (INCOME) EXPENSE: Depreciation and amortization expense 1,123 1,217 1,122 Corporate general and administrative expenses 26,395 26,463 24,229 Merger and acquisition costs and restructuring charges 6,836 1,042 - Net (gain) loss on sale or disposal of assets (601) (601) (1,954) Total operating expense 33,753 28,121 23,397 OPERATING INCOME (LOSS) (32,217) (26,812) (22,782) OTHER (INCOME) EXPENSE: Net interest expense, including amortization of deferred financing expense - 15 1 Other expense (income) - - (165) Income from equity investment in subsidiaries (79,838) (73,561) (71,118) TOTAL OTHER (INCOME) EXPENSE (79,838) (73,546) (71,282) INCOME (LOSS) BEFORE INCOME TAXES (BENEFIT) 47,621 46,734 48,500 INCOME TAXES (BENEFIT) 18,437 19,911 22,476 NET INCOME (LOSS) AVAILABLE TO THE COMPANY 29,184 26,823 26,024 Preferred stock dividend (752) - - NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS $ 28,432 $ 26,823 $ 26,024 See notes to condensed Parent Company financial statements. ENTERCOM COMMUNICATIONS CORP. PARENT COMPANY STATEMENTS OF SHAREHOLDERS' EQUITY YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013 (amounts in thousands, except share data) Retained Common Stock Additional Earnings Class A Class B Paid-in (Accumulated Shares Amount Shares Amount Capital Deficit) Total Balance, December 31, 2012 31,226,047 $ 312 7,197,532 $ 72 $ 601,847 $ (332,737) $ 269,494 Net income (loss) available to the Company - - - - - 26,024 26,024 Compensation expense related to granting of stock awards 96,560 1 - - 4,269 - 4,270 Exercise of stock options 171,625 2 - - 243 - 245 Purchase of vested employee restricted stock units (186,038) (2) - - (1,638) - (1,640) Balance, December 31, 2013 31,308,194 313 7,197,532 72 604,721 (306,713) 298,393 Net income (loss) available to the Company - - - - - 26,823 26,823 Compensation expense related to granting of stock awards 638,102 7 - - 5,225 - 5,232 Exercise of stock options 57,500 - - - 82 - 82 Purchase of vested employee restricted stock units (141,502) (1) - - (1,513) - (1,514) Forfeitures of dividend equivalents - - - - - 5 5 Balance, December 31, 2014 31,862,294 319 7,197,532 72 608,515 (279,885) 329,021 Net income (loss) available to the Company - - - - - 29,184 29,184 Compensation expense related to granting of stock awards 738,195 7 - - 5,517 - 5,524 Exercise of stock options 11,750 - - - 35 - 35 Purchase of vested employee restricted stock units (131,688) (1) - - (1,561) - (1,562) Preferred stock dividend - - - - (752) - (752) Balance, December 31, 2015 32,480,551 $ 325 7,197,532 $ 72 $ 611,754 $ (250,701) $ 361,450 See notes to Parent Company financial statements. ENTERCOM COMMUNICATIONS CORP. CONDENSED PARENT COMPANY STATEMENTS OF CASH FLOWS (amounts in thousands) YEARS ENDED DECEMBER 31, 2015 2014 2013 OPERATING ACTIVITIES: Net cash provided by (used in) operating activities $ (25,355) $ (21,652) $ (18,167) INVESTING ACTIVITIES: Additions to property and equipment (304) (213) (146) Deferred charges and other assets (1,142) (481) (468) Proceeds (distributions) from investments in subsidiaries 29,030 23,610 20,208 Net cash provided by (used in) investing activities 27,584 22,916 19,594 FINANCING ACTIVITIES: Payment of fees associated with the issuance of preferred stock (220) - - Proceeds from the exercise of stock options 35 82 245 Purchase of vested employee restricted stock units (1,562) (1,514) (1,640) Payment of dividend equivalents on vested restricted stock units (7) - - Payment of dividends (413) - - Net cash provided by (used in) financing activities (2,167) (1,432) (1,395) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 62 (168) 32 CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 133 301 269 CASH AND CASH EQUIVALENTS, END OF YEAR $ 195 $ 133 $ 301 See notes to condensed Parent Company financial statements. Accounting Policies T he Parent Company follows the accounting policies as described in Note 2 except that the Parent Company accounts for its investment in its subsidiaries using the equity method. Debt – For a discussion of debt obligations of the Company, refer to Note 8 . Other - For further information, reference should be made to the notes to the consolidated financial statements of the Company. |
ASSETS HELD FOR SALE (Block)
ASSETS HELD FOR SALE (Block) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations And Disposal Groups Abstract | |
Disposal Groups Including Discontinued Operations Disclosure Text Block | 19 . ASSETS HELD FOR SALE Long-lived assets to be sold are classified as held for sale in the period in which they meet all the criteria for the disposal of long-lived assets. The Company measures assets held for sale at the lower of their carrying amount or fair value less cost to sell. Additionally, the Company determined that these assets comprise operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the Company. As of December 31, 2015 , the Company classified a ssets held for sale, which primarily reflect : (1) an AM radio station in Denver, Colorado, that is described in Note 20 , Contingencies And Commitments; (2) land, building and a tower at a tower/antenna site to be sold to a government agency; and (3) land and a building that the Company formerly used as its main studio facility in one of its markets and a co-located tower/antenna structure for two of its AM radio stations that the Company plans to relocate to other suitable sites . Goodwill, which is usually measured at the market level rather than the station level, is not included with the sale of the Denver radio station. It is expected that the cash flows of this radio station will not be migrated to other Company-owned radio s tations in the Denver market. As a result, the Company determined that it was not appropriate to include an amount of goodwill that is attributable to this radio station. Long-lived assets are reviewed for impairment whenever events or changes in circ umstances indicate that the carrying amount of an asset may not be recoverable. The Company determined that the carrying value of these assets was less than the fair value by utilizing offers from third parties for a bundle of assets. This is considered a Level 3 measurement. The major categories of these assets are as follows: As Of December 31, Assets Held For Sale 2015 (amounts in thousands) Land and land improvements $ 3,972 Building 1,036 Equipment 497 Total property and equipment 5,505 Depreciation and amortization 796 Net property and equipment 4,709 Radio broadcasting licenses 1,397 Total intangibles 1,397 Assets held for sale $ 6,106 During the fourth quarter of 2014, the Company completed the sale of land at a former transmitter site that was previously reflected as held for sale and received $ 2.1 million in cash. Impairment Of Assets Held For Sale In 2013, the Company determined that the carrying value of land it was holding for sale was in excess of the fair value less the cost to sell . The Level 3 fair valu e measurement was determined using a third party’s offer as representative of the fair value. The third party’s offer was accepted by the Company in early July 2013. As a result, the Company recorded an impairment of $ 0.9 million in 2013. |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION (Block) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | 15 . SUPPLEMENTAL CASH FLOW DISCLOSURES ON NON-CASH INV ESTING AND FINANCING ACTIVITIES The following table provides non-cash disclosures during the periods indicated: Years Ended December 31, 2015 2014 2013 (amounts in thousands) Operating Activities Barter revenues $ 4,002 $ 3,826 $ 3,821 Barter expenses $ 4,258 $ 3,665 $ 3,766 Financing Activities Increase in paid-in capital from the issuance of RSUs $ 9,045 $ 5,754 $ 2,906 Decrease in paid-in capital from the forfeiture of RSUs (709) (727) (2,795) Net paid-in capital of RSUs issued (forfeited) $ 8,336 $ 5,027 $ 111 Perpetual cumulative convertible preferred stock issued in connection with an acquisition $ 27,500 $ - $ - Dividend accrued on perpetual cumulative convertible preferred stock $ 339 $ - $ - Retirement of finance method lease obligations and other $ - $ - $ 12,679 Investing Activities Net radio station assets given up in a market $ 59,000 $ - $ - Net radio station assets acquired in a market $ 59,000 $ - $ - Radio station assets acquired through the issuance of perpetual cumulative convertible preferred stock $ 27,500 $ - $ - |
SUBSEQUENT EVENTS (Block)
SUBSEQUENT EVENTS (Block) | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events Abstract | |
Schedule Of Subsequent Events Text Block | 22 . SUBSEQUENT EVENTS Events occurring after December 31, 2015 and through the date that these consolidated financial statements were issued were evaluated to ensure that any subsequent events that met the criteria for recognition have been included. |
SUMMARIZED QUARTERLY FINANCIAL
SUMMARIZED QUARTERLY FINANCIAL DATA (Unaudited) (Block) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure Abstract | |
Quarterly Financial Information Text Block | 23 . SUMMARIZED QUARTERLY FINANCIAL DATA (Unaudited) The following table presents unaudited operating results for each quarter within the two most recent years. The Company believes that all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to present fairly the following quarterly results when read in conjunction with the financial statements included elsewhere in this report. Results of operations for any particular quart er are not necessarily indicative of results of operations for a full year. The Company’s financial results are also not comparable from quarter to quarter due to the Company’s acquisitions and dispositions of radio stations as described in Note 18 and due to the seasonality of revenues, with revenues usually the lowest in the first quarter of ea ch year . Quarters Ended December 31 September 30 June 30 March 31 (amounts in thousands, except per share data) 2015 Net revenues $ 117,704 $ 114,662 $ 100,592 $ 78,420 Operating income $ 32,555 $ 23,159 $ 20,615 $ 9,253 Net income (loss) available to the Company $ 14,088 $ 8,442 $ 6,747 $ (93) Net income (loss) available to common shareholders $ 13,675 $ 8,103 $ 6,747 $ (93) Net income (loss) available to common shareholders per share - basic (1) $ 0.36 $ 0.21 $ 0.18 $ - Weighted average common shares outstanding - basic 38,088 38,076 38,074 38,026 Net income (loss) available to common shareholders per share - diluted (1) $ 0.34 $ 0.21 $ 0.17 $ - Weighted average common shares outstanding - diluted 40,974 38,913 38,929 38,026 Quarters Ended December 31 September 30 June 30 March 31 (amounts in thousands, except per share data) 2014 Net revenues $ 101,513 $ 99,840 $ 100,201 $ 78,235 Operating income $ 28,531 $ 21,205 $ 23,916 $ 11,924 Net income (loss) available to the Company $ 10,850 $ 6,473 $ 8,137 $ 1,363 Net income (loss) available to common shareholders $ 10,850 $ 6,473 $ 8,137 $ 1,363 Net income (loss) available to common shareholders per share - basic (1) $ 0.29 $ 0.17 $ 0.22 $ 0.04 Weighted average common shares outstanding - basic 37,779 37,693 37,687 37,660 Net income (loss) available to common shareholders per share - diluted (1) $ 0.28 $ 0.17 $ 0.21 $ 0.04 Weighted average common shares outstanding - diluted 38,730 38,482 38,446 38,501 Basic and diluted n et income per share is computed independently for each quarter and the full year based upon respective average shares outstanding. Therefore, the sum of the quarterly per share amounts may not equal the annual per share amounts reported. |
SIGNIFICANT ACCOUNTING POLICI30
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies Abstract | |
Principles Of Consolidation | Principles Of Consolidation – The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are 100% owned by the Company. All intercompany transactions and balances have been eliminated in consolidation. The Company also considers the applicability of any variable interest entities (“VIEs”) that are required to be consolidated by the primary beneficiary. From time to time, the Company may enter into a time brokerage agreement (“TBA”) in connection with a pending acquisiti on or disposition of radio stations and the requirement to consolidate or deconsolidate a VIE may apply, depending on the facts and circumstances related to each transaction. As of December 31, 2015 , there were no outstanding VIEs. |
Reportable Segment | Reportable Segment - Th e Company operates under one reportable business segment, radio broadcasting, for which segment disclosure is consistent with the management decision-making process that determines the allocation of resources and the measuring of performance. Radio station s serving the same geographic area, which may be comprised of a city or combination of cities, are referred to as markets or as distinct operating segments. The Company has 2 7 operating segments. These operating segments are aggregated to create one report able segment. |
Management's Use Of Estimates | Management’s Use Of Estimates – The preparation of consolidated financial statements, in conformity with accounting principles generally accepted in the United States of America, requires the Company to make estimates and assumptions that a ffect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities, as of the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Significa nt estimates and assumptions are used for, but not limited to: (1) asset impairments, including broadcasting licenses and goodwill; (2) income tax valuation allowances for deferred tax assets; (3) allowance for doubtful accounts; (4) self-insurance reserve s; (5) fair value of equity awards; (6) estimated lives for tangible and intangible assets; (7) contingency and litigation reserves; (8) fair value measurements; (9) acquisition purchase price asset and liability allocations; and (10) uncertain tax positio ns. The Company’s accounting estimates require the use of judgment as future events and the effect of these events cannot be predicted with certainty. The accounting estimates may change as new events occur, as more experience is acquired and as more infor mation is obtained. The Company evaluates and updates assumptions and estimates on an ongoing basis and may use outside experts to assist in the Company’s evaluation, as considered necessary. Actual results could differ from those estimates. |
Income Taxes | Income Tax es – The Company applies the liability method to the accounting for deferred income taxes. Deferred income taxes are recognized for all temporary differences between the tax and financial reporting bases of the Company’s assets and liabilities based on ena cted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. A valuation allowance is recorded for a net deferred tax asset balance when it is more likely than not that the benefits of the tax asset will not be realized. The Company reviews on a continuing basis the need for a deferred tax asset valuation allowance in the jurisdictions in which it operates. Any adjustment to the deferred tax asset valuation allowance is recorded in the cons olidated statements of operations in the period that such an adjustment is required. The Company applies the guidance for income taxes and intra - period allocation to the recognition of uncertain tax positions. This guidance clarifies the recognition, de -recognition and measurement in financial statements of income tax positions taken in previously filed tax returns or tax positions expected to be taken in tax returns, including a decision whether to file or not to file in a particular jurisdiction. The g uidance requires that any liability created for unrecognized tax benefits is disclosed. The application of this guidance may also affect the tax bases of assets and liabilities and therefore may change or create deferred tax liabilities or assets. This gu idance also clarifies the method to allocate income taxes (benefit) to the different components of income (loss), such as: (1) income (loss) from continuing operations; (2) income (loss) from discontinued operations; (3) extraordinary items; (4) other comp rehensive income (loss); (5) the cumulative effects of accounting changes; and (6) other charges or credits recorded directly to shareholders’ equity. See Note 14 for a further discussion of income taxes. |
Property And Equipment | Property And Equipment – Property and equipment are carried at cost. Major additions or improvements are capitalized, including interest expense when material, while repairs and maintenance are charged to expense when incurred. Upon sale or retirement, the related cost and accumul ated depreciation are removed from the accounts, and any gain or loss is recognized in the statement of operations. D epreciation expense on property and equipment is determined on a straight-line basis. D epreciation expense for property and equipment is reflected in the following table : Property And Equipment Years Ended December 31, 2015 2014 2013 (amounts in thousands) Depreciation expense $ 7,419 $ 6,748 $ 7,543 A s of December 31, 2015 , the Company ha d capital expenditure commitments outstanding of $ 1.4 million. During 2014, the Company wrote off a significant amount of unused and obsolete assets that primarily consisted of fully depreciated assets. The following is a summary of the categories of property and equipment along with the range of estimated useful lives used for depreciation purposes: Depreciation Period Property And Equipment In Years December 31, From To 2015 2014 (amounts in thousands) Land, land easements and land improvements - 15 $ 16,764 $ 12,020 Buildings 20 40 22,711 21,836 Equipment 3 40 108,399 97,509 Furniture and fixtures 5 10 10,868 9,906 Leasehold improvements shorter of economic life or lease term 23,119 21,245 181,861 162,516 Accumulated depreciation (124,870) (118,667) 56,991 43,849 Capital improvements in progress 1,002 813 Net property and equipment $ 57,993 $ 44,662 |
Revenue Recognition | Revenue Recognition – The Company generates revenue from the sale to advertisers of various services and products, including but not limited to: (1) commercial broadcast time; (2) digital advertising ; (3) local events; (4) e-commerce where an advertiser’s goods and services are sold through our websites; and (5) digital product and marketing solutions. Revenue from services and products is recognized when delivered. Advertiser payments received in advance of when the prod ucts or services are delivered are recorded on the Company’s balance sheet as unearned revenue. Revenues presented in the consolidated financial statements are reflected on a net basis, after the deduction of advertising agency fees by the advertising ag encies. The Company also evaluates when it is appropriate to recognize revenue based on the gross amount invoiced to the customer or the net amount retained by the Company if a third party is involved. The following table presents the amounts of unearned revenues as of the periods indicated: Unearned Revenues December 31, Balance Sheet Location 2015 2014 (amounts in thousands) Current Other current liabilities $ 306 $ 191 Long-term Other long-term liabilities $ - $ 10 |
Concentration Of Credit Risk | Concentration Of Credit Risk – The Company’s revenues and accounts receivable relate primarily to the sale of advertising within its radio stations’ broadcast areas. Credit is extended based on an evaluation of the customers’ financial condition and, generally, collateral is not required. Credit losses are provided for in the financial statements and consistently have been within management’s expectations. The Company also maintains deposit accounts with financial institutions. At times, such deposits may exceed FDIC insurance limits. |
Long-Lived Assets | Long-Lived Assets - The Company evaluates the recoverability of its long-lived assets, which include property and equipment, broadcasting licenses (subject to an eight-year renewal cycle), goodwill, deferred charges, and other assets. See Note 4 for further discussion. If events or changes in circumstances were to indicate that an asset’s carrying value is not recoverable, a write-down of the asset would be recorded through a charge to operations. The determination and measurement of the fair va lue of long-lived assets requires the use of significant judgments and estimates. Future events may impact these judgments and estimates. During the second quarter of 2013, the Company conducted an evaluation of useful lives for longer-lived assets, such as broadcast towers and buildings. As a result of this review, which was based upon current facts and circumstances, the Company determined that future acquisitions may warrant the use of longer lives anywhere between 15 years and 40 years. |
Debt Issuance Costs And Original Issue Discount | Debt Issuance Costs And Original Issue Discount – The costs related to the issuance of debt are capitalized and amortized over the lives of the related debt and such amortization is accounted for as interest expense . S ee Note 8 for further discussion for the amount of deferred financing expense and original issue discount that was included in interest expense in the accompanying consolidated statements of operations. |
Extinguishment Of Debt | Extinguishment Of Debt –The Company may am end, append or replace, in part or in full, its outstanding debt. The Company reviews its unamortized financing costs associated with its outstanding debt to determine the amount subject to extinguishment under the accounting provisions for an exchange of debt instruments with substantially different terms or changes in a line-of-credit or revolving-debt arrangement. See Note 8 for a discussion of the Company’s long-term debt . In addition, refer to the recent accounting pronouncements section of th is note, Debt Issuance Costs, for a change in the balance sheet presentation of debt issuance costs effective January 1, 2016. |
Corporate General And Administrative Expense | Corporate General And Administrative Expense – Corporate general and administrative expense consists of corporate overhead cos ts and non-cash compensation expense. Included in corporate general and administrative expenses are those costs not specifically allocable to any of the Company’s individual business properties. |
Time Brokerage Agreement (Income) Fees | Time Brokerage Agreement (Income) Fees – TBA fees or income consist of fees paid or received under agreements which permit an acquirer to program and market stations prior to an acquisition. The Company sometimes enters into a TBA prior to the consummation of station acquisitions and dispositions. The Company may also enter into a Joint Sales Agreement (“JSA”) to market, but not to program, a station for a defined period of time. |
Barter Transactions | Barter Transactions – The Company provides advertising broadcast time in exchange for certain products, supplies and services. The terms of the exchanges generally permit the Company to preempt such broadcast time in favor of advertisers who purchase time on regular terms. T he Company includes the value of such exchanges in both broadcasting net revenues and station operating expenses. Barter valuation is based upon management’s estimate of the fair value of the products, supplies and services received. See Note 15 , Su pplemental Cash Flow Disclosures On Non-Cash Investing And Financing Activities, for a summary of the Company’s barter transactions. |
Business Combinations | Business Combinations – Accounting guidance for business combinations provides the criteria to recognize intangible assets apart from goodwill. Other than goodwill, the Company uses a direct value method to determine the fair value of all intangible assets required to be recogn ized for business combinations. For a discussion of impairment testing of those assets acquired in a business combination, including goodwill, see Note 4 . |
Asset Retirement Obligations | Asset Retirement Obligations – The Com pany reasonably estimates the fair value of an asset retirement obligation. For an asset retirement obligation that is conditional (uncertainty about the timing and/or method of settlement), the Company factors into its fair value measurement a probabilit y factor as the obligation depends upon a future event that may or may not be within the control of the Company. The Company’s asset retirement obligations are not significant when compared to its net outstanding property and equipment. |
Accrued Compensation | Accrued Compensat ion – Certain types of employee compensation, which amounts are included in the balance sheets under other current liabilities, are paid in subsequent periods. See Note 6 for amounts reflected in the balance sheets. |
Cash And Cash Equivalents | Cash And Cash Equivalents – Cash consists primarily of amounts held on deposit with financial institutions. From time to time, the Company may invest in cash equivalents, which consists of investments in immediately available money market accounts and all highly liquid debt instruments with initial maturities of three months or less. As of December 31, 2015 and 2014 , the Company had no cash equivalents on hand. |
Derivative Financial Instruments | Derivative Financial Instruments – The Company follows accounting guidance for its derivative financial instruments that it enters into from time to time, including certain derivative instruments embedded in other contracts, and hedging activities. |
Leases | Leases – The Company follows accounting guidance for its leases, which includes the recognition of escalated rents on a straight-line basis over the term of the lease agreement, as described further in Note 7 . |
Share-Based Compensation | Share-Based Compensation – T he Comp any records compensation expense for all share-based payment awards made to employees and directors, at estimated fair value. The Company also uses the simplified method in developing an estimate of the expected term of certain stock options. For further d iscussion of share-based compensation, see Note 13 . |
Investments | Investments – For those investments in which the Company has the ability to exercise significant influence over the operating and financial policies of the investee, the investment is accounted f or under the equity method. For those investments in which the Company does not have such significant influence, the Company applies the accounting guidance for certain investments in debt and equity securities. An investment is classified into one of thre e categories: held-to-maturity, available-for-sale, or trading securities, and, depending upon the classification, is carried at fair value based upon quoted market prices or historical cost when quoted market prices are unavailable. The Company also p rovides certain quantitative and qualitative disclosures for those investments that are impaired (other than temporarily) at the balance sheet date and for those investments for which an impairment has not been recognized. |
Advertising And Promotion Costs | Advertising And Promotion Cost s – Costs of media advertising and associated production costs are expensed when incurred. |
Insurance And Self-Insurance Liabilities | Insurance And Self-Insurance Liabilities – The Company uses a combination of insurance and self-insurance mechanisms to provide for the potential liabilities for wo rkers’ compensation, general liability, property, director and officers’ liability, vehicle liability and employee health care benefits. Liabilities associated with the risks that are retained by the Company are estimated, in part, by considering claims ex perience, demographic factors, severity factors, outside expertise and other actuarial assumptions. For any legal costs expected to be incurred in connection with a loss contingency, the Company recognizes the expense as incurred. |
Recognition Of Insurance Recoveries | Recognition Of Insuran ce Recoveries – The Company recognizes insurance recoveries when all of the contingencies related to the insurance claims have been satisfied. |
Sports Programming Costs | Sports Programming Costs – Programming costs which are for a specified number of events are amortized on an ev ent-by-event basis, and programming costs which are for a specified season are amortized over the season on a straight-line basis. The Company allocates that portion of sports programming costs that are related to sponsorship and marketing activities to s ales and marketing expenses on a straight-line basis over the term of the agreement. |
Accrued Litigation | Accrued L itigation - The Company evaluates the likelihood of an unfavorable outcome in legal or regulatory proceedings to which it is a party and records a loss contingen cy when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These judgments are subjective, based on the status of such legal or regulatory proceedings, the merits of the Company’s defenses and consulta tion with corporate and external legal counsel. Actual outcomes of these legal and regulatory proceedings may materially differ from the Company’s estimates. The Company expenses legal costs as incurred in professional fees. See Note 20 , Contingencies And Commitments . |
Software Costs | Software Costs – The Company capitalizes direct internal and external costs incurred to develop internal-use software during the application development state. Internal-use software includes w ebsite development activities such as the planning and design of additional functionality and features for existing sites and/or the planning and design of new sites . Costs related to the maintenance , content development and training of internal-use software are expensed as incurred. Capitalized costs are amortized over the estimated useful life of three years using the straight-line method . |
New Accounting Pronouncements and Changes in Accounting Principles | Recent Accounting Pronouncements A ll new accounting pronouncements that are in effect that may impact the Company’s financial statements have been implemented. The Company does not believe that there are any other new accounting pronouncements that have been issued, other than for a few of those as listed below, that might have a material impact on the Company’s financial position or results of operations. Leasing Transactions In February 2016, the accounting guidance was modified to require that all leases with a term of more than one year, covering leased assets such as real estate, broadcasting towers and equipment, be reflected on the balance sheet as assets and liabilities for the rights and obligations created by these leases. While the Company is currently reviewing the effects of this guidance , the Company believes that this would result in: (1) an increase in the assets and liabilities reflected on the Company’s consolidated balance sheets; and (2) an increase in the Company’s interest expense and de preciation and amortization expense and a decrease to the Company’s station operating expense reflected on its consolidated statements of operations. This guidance is effective for the Company as of January 1, 2019. Balance Sheet Classification Of Defer red Taxes In November 2015, the accounting guidance for balance sheet classification of deferred taxes was modified to present deferred taxes for each jurisdiction as noncurrent on the balance sheet. Previously, deferred taxes were presented for each ju risdiction as a net current asset or liability and net noncurrent asset or liability. This guidance is effective for the Company as of January 1, 2017. The Company anticipates that this guidance will have no impact on the Company’s cash flows or results of operation and no material impact on the Company’s financial position. Business Combinations In September 2015, the accounting guidance for business combinations was modified to reflect measurement period adjustments to be recorded prospectively rather than retroactively to the assets and liabilities initially recorded under purchase price accounting. This guidance was effective for the Company as of January 1, 2016. The Company anticipates that this guidance could have an impact on the Company’s finan cial position and results of operations in the period that the adjustment is recorded for a previously reported business combination. There should be no material impact to the Company’s cash flows. Fees Paid In A Cloud Computing Arrangement In April 2015 , the accounting guidance was revised to identify when a cloud computing service includes a software license that is to be capitalized and treated consistently with the acquisition of other software licenses. This guidance was effective for the Company as of January 1, 2016. The Company believes that this accounting guidance will not have any material effect on the Company’s results of operations, cash flows or financial condition. Debt Issuance Costs In April 2015, the accounting guidance was amended to modify the presentation of debt issuance costs on the balance sheet by requiring that all costs, including incremental third-party costs, be reflected as an offset to the associated debt liability rather than as a deferred charge. This gui dance was subsequently modified in August 2015 to allow the existing presentation to continue for line-of-credit arrangements. This guidance was effective for the Company as of January 1, 2016. The impact of this guidance to the Company will be for balance sheet presentation purposes only and will have no impact on the Company’s results of operations, cash flows or financial condition. Consolidation In February 2015, the accounting guidance for consolidation was amended which revises the analysis of an d reduces the need to consolidate certain entities. This guidance was effective for the Company as of Januar y 1, 2016. The Company believes that this accounting guidance will not have any material effect on the Company’s results of operations, cash flows o r financial condition. Extraordinary Items In January 2015, the accounting guidance was updated to eliminate the concept of an extraordinary item and the requirement to consider whether an underlying event or transaction is extraordinary. If an item is considered extraordinary, it is presented in the income statement net of tax, after income from continuing operations. Eliminating the concept of extraordinary removes the uncertainty for the preparer as to whether the item had been treated properly. This guidance was effective for the Company as of January 1, 2016. The Company believes that this accounting guidance will not have any impact to the Company’s cash flows or financial condition as this only impacts the Company’s presentation on the Company’s r esults of operations . Derivatives And Hedging In November 2014, the accounting guidance was updated for determining whether the host contract in a hybrid financial instrument issued in the form of a share is more akin to debt or to equity. This update d oes not change the current criteria for determining when separation of certain embedded derivative features in a hybrid financial instrument is required, but clarifies how current accounting guidance should be interpreted in the evaluation of the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share, reducing existing diversity in practice. This guidance was effective for the Company as of January 1, 2016. The Company believes that this accounting guidance will not have any material effect on the Company’s results of operations, cash flows or financial condition. Stock-Based Performance Awards In June 2014, the accounting guidance was updated for stock-based awards when the terms of an award provide that a performance target that affects vesting could be achieved after the requisite service period. The current accounting standard for stock-based compensation as it applies to awards with performance conditions should be applied. This gui dance was effective for the Company as of January 1, 2016. The Company believes that this accounting guidance will not have any material effect on the Company’s results of operations, cash flows or financial condition. Revenue Recognition In August 2015, the effective date of the accounting guidance for revenue recognition from contracts with customers was deferred for an additional year. The guidance was originally issued in May 2014. Along with the update, most industry-specific revenue guidance was e liminated. The new guidance is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from cost s incurred to obtain or fulfill a contract. The guidance will be applied using one of two retrospective methods. The guidance is effective for the Company as of January 1, 2018. The Company has not determined the potential effects of this guidance on its f inancial statements. Reporting Discontinued Operations In April 2014, the criteria for reporting discontinued operations, including enhanced disclosures, was modified under new accounting guidance. Under the new guidance, only disposals that have a major effect through a strategic shift on an organization’s operations and financial results should be presented as discontinued operations. In addition, the new guidance requires expanded disclosures that will provide financial statement users with more i nformation about the assets, liabilities, income, and expenses of discontinued operations. The guidance was effective for the Company as of January 1, 2015. The Company believes that this accounting guidance did not have any impact on the Company’s cash f lows or financial condition as this only impacts the Company’s presentation of the Company’s results of operations . In 2015, the Company disposed of a market cluster of radio stations. This disposition did not qualify as discontinued operations under this new guidance, whereas under prior guidance, this disposition would have qualified as discontinued operations. |
SIGNIFICANT ACCOUNTING POLICI31
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies Abstract | |
Schedule of depreciation expense on property pland and equipment | Property And Equipment Years Ended December 31, 2015 2014 2013 (amounts in thousands) Depreciation expense $ 7,419 $ 6,748 $ 7,543 |
Schedule of property plant and equipment by category | Depreciation Period Property And Equipment In Years December 31, From To 2015 2014 (amounts in thousands) Land, land easements and land improvements - 15 $ 16,764 $ 12,020 Buildings 20 40 22,711 21,836 Equipment 3 40 108,399 97,509 Furniture and fixtures 5 10 10,868 9,906 Leasehold improvements shorter of economic life or lease term 23,119 21,245 181,861 162,516 Accumulated depreciation (124,870) (118,667) 56,991 43,849 Capital improvements in progress 1,002 813 Net property and equipment $ 57,993 $ 44,662 |
Schedule of Deferred Revenue, by Arrangement | Unearned Revenues December 31, Balance Sheet Location 2015 2014 (amounts in thousands) Current Other current liabilities $ 306 $ 191 Long-term Other long-term liabilities $ - $ 10 |
ACCOUNTS RECEIVABLE AND RELAT32
ACCOUNTS RECEIVABLE AND RELATED ALLOWANCE FOR DOUBTFUL ACCOUNTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Schedule of accounts receivable balances and reserve for doubtful amount | Net Accounts Receivable December 31, 2015 2014 (amounts in thousands) Accounts receivable $ 89,291 $ 72,698 Allowance for doubtful accounts (2,134) (2,449) Accounts receivable, net of allowance for doubtful accounts $ 87,157 $ 70,249 |
Schedule of changes in allowance for doubtful accounts | Changes In Allowance For Doubtful Accounts Additions Balance At Charged To Deductions Balance At Beginning Costs And From End Of Year Ended Of Year Expenses Reserves Year (amounts in thousands) December 31, 2015 $ 2,449 $ 1,553 $ (1,868) $ 2,134 December 31, 2014 2,413 1,004 (968) 2,449 December 31, 2013 2,703 824 (1,114) 2,413 |
INTANGIBLE ASSETS AND GOODWIL33
INTANGIBLE ASSETS AND GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of the changes in broadcasting license | Broadcasting Licenses Carrying Amount December 31, December 31, 2015 2014 (amounts in thousands) Beginning of period balance as of January 1, $ 718,992 $ 718,542 Acquisition of radio stations 79,209 - Acquisition of a radio station through an exchange 53,057 - Acquisitions - other 100 450 Assets held for sale (1,397) - Disposition of radio stations previously reflected as held for sale (32,979) - Disposition of a radio station previously reflected as deconsolidated subsidiary (9,601) - Ending period balance $ 807,381 $ 718,992 |
Schedule of assumptions and estimates for broadcasting licences impairment testing | Estimates And Assumptions Second Second Second Second Quarter Quarter Quarter Quarter 2015 2014 2013 2012 Discount rate 9.7% 9.6% 9.8% 10.0% Operating profit margin ranges expected for average stations in the markets where the Company operates 25% to 40% 25% to 40% 25% to 41% 21% to 41% Long-term revenue growth rate range of the Company's markets 1.5% to 2.0% 1.5% to 2.0% 1.5% to 2.0% 1.5% to 2.0% |
Schedule of changes in goodwill | Goodwill Carrying Amount December 31, December 31, 2015 2014 (amounts in thousands) Goodwill balance before cumulative loss on impairment as of January 1, $ 164,465 $ 164,465 Accumulated loss on impairment as of January 1, (125,615) (125,615) Goodwill beginning balance after cumulative loss on impairment as of January 1, 38,850 38,850 Loss on impairment during year - - Acquisition of radio stations 5,866 - Acquisition of radio stations through an exchange 266 - Adjustment to acquired goodwill associated with an assumed fair value liability (1,364) - Disposition of radio stations previously reflected as assets held for sale (10,230) - Disposition of a radio station previously reflected as a deconsolidated subsidiary (759) - Ending period balance $ 32,629 $ 38,850 |
Schedule of assumptions and estimates for goodwill impairment testing | Estimates And Assumptions Second Second Second Second Quarter Quarter Quarter Quarter 2015 2014 2013 2012 Discount rate 9.7% 9.6% 9.8% 10.0% Long-term revenue growth rate range of the Company's markets 1.5% to 2.0% 1.5% to 2.0% 1.5% to 2.0% 1.5% to 2.0% Market multiple used in the market valuation approach 7.5x to 8.0x 7.5x to 8.0x 7.5x to 8.0x 7.5x to 8.0x |
DEFERRED CHARGES AND OTHER AS34
DEFERRED CHARGES AND OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure Abstract | |
Schedule of Deferred Charges and Other Assets | Deferred Charges And Other Assets December 31, 2015 2014 Period Of Asset Reserve Net Asset Reserve Net Amortization (amounts in thousands) Deferred contracts and other agreements $ 1,788 $ 1,442 $ 346 $ 1,788 $ 1,374 $ 414 Term of contract Leasehold premium 735 426 309 846 515 331 Less than 1 year Other definitive-lived assets 861 836 25 833 833 - 3 years Total definite-lived intangibles 3,384 2,704 680 3,467 2,722 745 Debt issuance costs 23,154 16,457 6,697 23,154 13,594 9,560 Term of debt Prepaid assets - long-term 2,233 - 2,233 467 - 467 Software costs and other 6,367 4,043 2,324 5,665 3,198 2,467 $ 35,138 $ 23,204 $ 11,934 $ 32,753 $ 19,514 $ 13,239 |
Schdule of Deferred Charges Amortization Expense | Amortization Expense Deferred Charges And Other Assets For The Years Ended December 31, 2015 2014 2013 (amounts in thousands) Definite-lived assets $ 150 $ 147 $ 203 Deferred financing expense 2,863 3,860 3,870 Software costs 850 899 800 Total $ 3,863 $ 4,906 $ 4,873 |
Schdule of Future Estimated Amortization Expense | Future Amortization Expense Definite-Lived Total Other Assets Years ending December 31, (amounts in thousands) 2016 $ 3,711 $ 3,626 85 2017 2,391 2,313 78 2018 1,585 1,511 74 2019 1,043 971 72 2020 70 - 70 Thereafter 301 - 301 Total $ 9,101 $ 8,421 $ 680 |
OTHER CURRENT AND LONG-TERM LIA
OTHER CURRENT AND LONG-TERM LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Disclosure Abstract | |
Schedule of Accounts Payable and Accrued Liabilities | Other Current Liabilities December 31, 2015 2014 (amounts in thousands) Accrued compensation $ 8,865 $ 5,783 Accounts receivable credits 3,575 2,398 Advertiser obligations 1,198 928 Accrued interest payable 3,547 2,777 Other 2,739 1,613 Total other current liabilities $ 19,924 $ 13,499 |
Schedule of Deferred Rent Liabilities | Deferred Rent Liabilities December 31, 2015 2014 (amounts in thousands) Deferred rent liabilities $ 6,137 $ 5,120 |
LONG-TERM DEBT LIABILITIES (Tab
LONG-TERM DEBT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Long-Term Debt December 31, 2015 2014 (amounts in thousands) Credit Facility Revolver, due November 23, 2016 $ 26,000 $ - Term B Loan, due November 23, 2018 242,750 262,000 Senior Notes 10.5% senior unsecured notes, due December 1, 2019 220,000 220,000 Total 488,750 482,000 Current amount of long-term debt (31,832) (3,000) Unamortized original issue discount (1,731) (2,071) Total long-term debt $ 455,187 $ 476,929 Outstanding standby letter of credit $ 670 $ 620 |
Schedule Of Net Interest Expense | Net Interest Expense Years Ended December 31, 2015 2014 2013 (amounts in thousands) Interest expense $ 34,764 $ 34,656 $ 40,091 Amortization of deferred financing costs 2,863 3,860 3,870 Amortization of original issue discount of senior notes 340 305 274 Interest income and other investment income (6) - (3) Total net interest expense $ 37,961 $ 38,821 $ 44,232 |
Schedule of Maturities of Long-term Debt | Principal Debt Maturities Credit Senior Facility Notes Total (amounts in thousands) Years ending December 31: 2016 $ 31,832 $ - $ 31,832 2017 168 - 168 2018 236,750 - 236,750 2019 - 220,000 220,000 2020 - - - Thereafter - - - Total $ 268,750 $ 220,000 $ 488,750 |
SHAREHOLDER'S EQUITY (Tables)
SHAREHOLDER'S EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders Equity Note Abstract | |
Schedule of dividends payable on unvested restricted stock units | Dividend Equivalent Liabilities Balance Sheet December 31, Location 2015 2014 (amounts in thousands) Long-term Other long-term liabilities $ 210 $ 216 |
Schedule Of Vested Employee Restricted Stock Units And Value | Years Ended December 31, 2015 2014 2013 (amounts in thousands) Shares of stock deemed repurchased 132 142 186 Amount recorded as financing activity $ 1,562 $ 1,514 $ 1,640 |
Schedule of dividend activity | Aggregate Record Payment Dividends Payment Equity Type Date Date Per Share Amount Perpetual convertible cumulative preferred stock October 15, 2015 October 16, 2015 $ 37,500.00 $ 412,500 |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments Abstract | |
Schedule Of Restricted Stock Units Market Based | Years Ended December 31, 2015 2014 2013 (amounts in thousands, except per share data) Reconciliation Of RSUs With Market Conditions Beginning of period balance 290 - 200 Number of RSUs granted 165 290 - Number of RSUs forfeited - - (200) Number of RSUs vested (65) - - End of period balance 390 290 - Average fair value of RSUs issued with market conditions $ 8.39 $ 6.90 $ - |
Schedule Of Other Options Dislcosure | Years Ended December 31, Option Issuance And Exercise Data 2015 2014 2013 (amounts in thousands except for per share and years) From To From To From To Exercise price range of options issued $ - $ - $ - $ - $ 8.72 $ 8.72 Upon vesting, period to exercise in years - - - - 1 10 Fair value per share upon grant $ - $ - $ 6.07 Fair value per share upon exercise $ 8.57 $ 8.99 $ 7.15 Intrinsic value of options exercised $ 101 $ 517 $ 1,228 Tax benefit from options exercised (1) $ 38 $ 196 $ 466 Cash received from exercise price of options exercised $ 35 $ 82 $ 245 Number of options granted - - 5 |
Stock Option Valuation Assumptions | Option Valuation Estimates Years Ended December 31, 2015 2014 2013 Expected life (years) no options issued no options issued 6.3 Expected volatility factor (%) 78.8 Risk-free interest rate (%) 2.0 Expected dividend yield (%) - |
Schedule Of significant ranges of outstanding and exercisable options | Options Outstanding Options Exercisable Number Of Weighted Number Of Options Average Weighted Options Weighted Range Of Outstanding Remaining Average Exercisable Average Exercise Prices December 31, Contractual Exercise December 31, Exercise From To 2015 Life Price 2015 Price $ 1.34 $ 1.34 432,925 3.1 $ 1.34 432,925 $ 1.34 $ 2.02 $ 11.78 34,000 2.7 $ 9.50 34,000 $ 9.50 $ 1.34 $ 11.78 466,925 3.1 $ 1.93 466,925 $ 1.93 |
Schedule of recognized stock-based compensation expense | Years Ended December 31, 2015 2014 2013 (amounts in thousands) Station operating expenses $ 1,259 $ 919 $ 766 Corporate general and administrative expenses 4,265 4,313 3,504 Stock-based compensation expense included in operating expenses 5,524 5,232 4,270 Income tax benefit (1) 2,036 1,502 1,080 Net stock-based compensation expense $ 3,488 $ 3,730 $ 3,190 |
Schedule Of Restricted Stock Units Vested And Released | Years Ended December 31, 2015 2014 2013 Shares Amount Shares Amount Shares Amount (amounts in thousands, except per share) RSUs issued 796 $ 9,045 685 $ 5,754 361 $ 2,906 RSUs forfeited - service based (58) (709) (47) (727) (64) (685) RSUs forfeited - market based - - - - (200) (2,110) Net RSUs issued and increase (decrease) to paid-in capital 738 $ 8,336 638 $ 5,027 97 $ 111 Weighted average grant date fair value per share $ 11.36 $ 8.40 $ 8.05 Fair value of shares vested per share $ 11.85 $ 10.58 $ 8.76 RSUs vested and released 406 410 547 |
Resticted Stock Unit Valuation Assumptions | Years Ended December 31, 2015 2014 Expected Volatility Structure (1) 34% to 39% 33% to 42% Risk Free Interest Rate (2) 0.1% to 1.1% 0.1% to 0.4% Dividend Yield (3) 0.0% 0.0% |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest | Number Weighted Aggregate Of Weighted Average Intrinsic Restricted Average Remaining Value As Of Stock Purchase Contractual December 31, Period Ended Units Price Term (Years) 2015 RSUs outstanding as of: December 31, 2014 1,258,685 RSUs awarded 795,693 RSUs released (406,463) RSUs forfeited (57,498) RSUs outstanding as of: December 31, 2015 1,590,417 $ - 1.1 $ 18,051,233 RSUs vested and expected to vest as of: December 31, 2015 1,512,428 $ - 1.0 $ 16,242,396 RSUs exercisable (vested and deferred) as of: December 31, 2015 81,380 $ - - $ 923,663 Weighted average remaining recognition period in years 1.8 Unamortized compensation expense, net of estimated forfeitures $ 7,988,821 |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding | Weighted Intrinsic Weighted Average Value Average Remaining As Of Number Of Exercise Contractual December 31, Period Ended Options Price Term (Years) 2015 Options outstanding as of: December 31, 2014 486,675 $ 2.11 Options granted - - Options exercised (11,750) 3.02 Options forfeited (3,750) 8.72 Options expired (4,250) 13.63 Options outstanding as of: December 31, 2015 466,925 $ 1.93 3.1 $ 4,401,204 Options vested and expected to vest as of: December 31, 2015 466,925 $ 1.93 3.1 $ 4,401,204 Options vested and exercisable as of: December 31, 2015 466,925 $ 1.93 3.1 $ 4,401,204 Weighted average remaining recognition period in years - Unamortized compensation expense, net of estimated forfeitures $ 10,307 |
Schedule Of Restricted Stock Units Performance Based [Text Block] | Years Ended December 31, 2015 2014 2013 (amounts in thousands, except per share data) Reconciliation Of RSUs With Performance Conditions Beginning of period balance 8 - - Number of RSUs granted 21 11 - Number of RSUs that did not meet criteria - (3) - Number of RSUs vested - - - End of period balance 29 8 - Average fair value of RSUs issued with performance conditions $ 11.11 $ 9.60 $ - |
NET INCOME PER COMMON SHARE (Ta
NET INCOME PER COMMON SHARE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract] | |
Schedule of Earnings Per Share Reconciliation [Table Text Block] | Year Ended December 31, 2015 2014 2013 (amounts in thousands, except share and per share data) Basic Income (Loss) Per Share Numerator Net income (loss) available to the Company $ 29,184 $ 26,823 $ 26,024 Preferred stock dividends 752 - - Net income (loss) available to common shareholders $ 28,432 $ 26,823 $ 26,024 Denominator Basic weighted average shares outstanding 38,083,647 37,763,353 37,417,807 Basic net income (loss) per share available to common shareholders $ 0.75 $ 0.71 $ 0.70 Diluted Income (Loss) Per Share Numerator Net income (loss) available to the Company $ 29,184 $ 26,823 $ 26,024 Preferred stock dividends 752 - - Net income (loss) available to common shareholders $ 28,432 $ 26,823 $ 26,024 Denominator Basic weighted average shares outstanding 38,083,647 37,763,353 37,417,807 Effect of RSUs and options under the treasury stock method 953,976 900,713 883,688 Diluted weighted average shares outstanding 39,037,623 38,664,066 38,301,495 Diluted net income (loss) per share available to common shareholders $ 0.73 $ 0.69 $ 0.68 |
Equity Award Impact Schedule | Impact Of Equity Awards Years Ended December 31, 2015 2014 2013 (amounts in thousands, except per share data) Dilutive or anti-dilutive for all potentially dilutive equivalent shares dilutive dilutive dilutive Excluded shares as anti-dilutive under the treasury stock method: Options excluded 14 30 37 Price range of options excluded: from $ 11.24 $ 10.11 $ 10.52 Price range of options excluded: to $ 11.78 $ 33.90 $ 48.21 RSUs with service conditions 8 1 4 Excluded RSUs with service and market conditions as market conditions not met 165 193 - Excluded RSUs with service and performance conditions until performance criteria is probable 29 11 - Excluded preferred stock as anti-dilutive under the as if method 882 - - |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure Abstract | |
Schedule Of Income Tax Expense Reconciliation | Years Ended December 31, 2015 2014 2013 (amounts in thousands) Federal statutory income tax rate 35% 35% 35% Computed tax expense at federal statutory rates on income before income taxes $ 16,667 $ 16,357 $ 16,975 State income tax expense, net of federal benefit 1,333 2,491 3,399 Non-recognition of expense due to full valuation allowance (244) - 54 Tax benefit shortfall associated with share-based awards 12 62 997 Nondeductible expenses and other 669 1,001 1,051 Income taxes $ 18,437 $ 19,911 $ 22,476 |
Schedule of Components of Income Tax Expense (Benefit) | Years Ended December 31, 2015 2014 2013 Current: Federal $ 25 $ - $ - State 90 100 54 Total current 115 100 54 Deferred: Federal 17,042 17,373 19,051 State 1,280 2,438 3,371 Total deferred 18,322 19,811 22,422 Total income taxes (benefit) $ 18,437 $ 19,911 $ 22,476 |
Schedule of Deferred Tax Assets and Liabilities | December 31, 2015 2014 (amounts in thousands) Deferred tax assets: Employee benefits $ 783 $ 678 Deferred compensation 988 588 Provision for doubtful accounts 835 959 Deferred gain on tower transaction 235 236 Other 987 505 Total current deferred tax assets before valuation allowance 3,828 2,966 Valuation allowance (231) (620) Total current deferred tax assets - net 3,597 2,346 Federal and state income tax loss carryforwards 129,944 130,074 Share-based compensation 3,218 2,648 Investments - impairments 499 498 Lease rental obligations 3,440 2,289 Deferred compensation 3,968 4,322 Deferred gain on tower transaction 3,039 3,281 Other non-current 1,014 1,154 Total non-current deferred tax assets before valuation allowance 145,122 144,266 Valuation allowance (20,407) (20,146) Total non-current deferred tax assets - net 124,715 124,120 Total deferred tax assets $ 128,312 $ 126,466 Deferred tax liabilities: Advertiser broadcasting obligations $ (133) $ (98) Total current deferred tax liabilities (133) (98) Deferral of gain recognition on the extinguishment of debt (4,568) (6,119) Property, equipment and certain intangibles (other than broadcasting licenses and goodwill) 4,804 5,579 Broadcasting licenses and goodwill (206,594) (187,050) Total non-current deferred tax liabilities (206,358) (187,590) Total deferred tax liabilities $ (206,491) $ (187,688) Total net deferred tax liabilities $ (78,179) $ (61,222) |
Schedule of Deferred Tax Assets Valuation Allowance | Increase Increase (Decrease) (Decrease) Charged Charged (Credited) (Credited) Balance At To Income To Balance At Beginning Taxes Balance End Of Year Ended Of Year (Benefit) Sheet Year (amounts in thousands) December 31, 2015 $ 20,766 $ (165) $ 37 $ 20,638 December 31, 2014 20,238 528 - 20,766 December 31, 2013 18,333 1,905 - 20,238 |
Schedule of Liabilities For Uncertain Tax Positions | December 31, 2015 2014 (amounts in thousands) Liabilities for uncertain tax positions Tax $ 67 $ 67 Interest and penalties 170 150 Total $ 237 $ 217 |
Schedule of Expense Income For Uncertain Tax Positions | Years Ended December 31, 2015 2014 2013 (amounts in thousands) Interest and penalties (income) 20 18 11 Total income taxes (benefit) from uncertain tax positions $ 20 $ 18 $ 11 |
Schedule of Changes in Unrecognized Tax Benefits | Years Ended December 31, 2015 2014 2013 (amounts in thousands) Beginning of year balance $ (7,690) $ (7,690) $ (7,690) Prior year positions Gross Increases - - - Gross Decreases - - - Current year positions Gross Increases - - - Gross Decreases - - - Settlements with tax authorities - - - Reductions due to statute lapse - - - End of year balance $ (7,690) $ (7,690) $ (7,690) Ending liability balance included above that was reflected as an offset to deferred tax assets $ (7,623) $ (7,623) $ (7,623) |
Schedule of Income Tax Payments and Refunds | Years Ended December 31, 2015 2014 2013 (amounts in thousands) State income tax payments $ 81 $ 79 $ 69 Federal and state income tax refunds $ - $ 10 $ 5 |
Summary of Operating Loss Carryforwards [Table Text Block] | Net Operating Losses December 31, 2015 Suspended NOLs Windfall NOL Expiration Period (amounts in thousands) (in years) Federal NOL carryforwards $ 292,800 $ 10,799 2030 to 2035 State NOL carryforwards $ 614,834 $ 8,806 2016 to 2034 State income tax credit $ 1,248 to 2018 |
EMPLOYEE SAVINGS AND BENEFIT 41
EMPLOYEE SAVINGS AND BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation And Retirement Disclosure Abstract | |
Schedule Of Deferred Compensation Plan | Years Ended December 31, Benefit Plan Disclosures 2015 2014 2013 (amounts in thousands) Deferred compensation Beginning of period balance $ 11,017 $ 10,459 $ 8,377 Employee compensation deferrals 534 420 369 Employee compensation payments (1,464) (734) (297) Increase (decrease) in plan fair value 50 872 2,010 End of period balance $ 10,137 $ 11,017 $ 10,459 |
FAIR VALUE OF FINANCIAL INSTR42
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures Abstract | |
Schedule of recurring fair value measurements | Value Measurements At Reporting Date December 31, Description 2015 2014 (amounts in thousands) Liabilities Deferred compensation - Level 1 (1) $ 10,137 $ 11,017 |
Schedule Of Carrying Value Of Financial Instruments | December 31, December 31, 2015 2014 Carrying Fair Carrying Fair Value Value Value Value (amounts in thousands) Term B Loan (1) $ 242,750 $ 242,447 $ 262,000 $ 261,345 Revolver (2) $ 26,000 $ 26,000 $ - $ - Senior Notes (3) $ 218,269 $ 227,000 $ 217,929 $ 237,134 Letters of credit (4) $ 670 $ 620 |
ACQUISITIONS, DIVESTITURES AND
ACQUISITIONS, DIVESTITURES AND PRO FORMA SUMMARY (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of merger and acquisition costs | Years Ended December 31, 2015 2014 2013 (amounts in thousands) Restructuring charges - beginning balance $ - $ - $ - Costs to exit duplicative contracts 646 - - Workforce reduction 1,538 - - Lease abandonment costs 687 - - Changes in estimates (13) - - Total restructuring charges 2,858 - - - Merger and acquisition costs 3,978 1,042 - Total merger & acquisition costs and restructuring charges $ 6,836 $ 1,042 $ - Total restructuring charges $ 2,858 $ - $ - Deductions from reserves through payments (1,172) - - Restructuring charges unpaid and outstanding $ 1,686 $ - $ - |
Schedule of unaudited pro forma summary of financial information | Years Ended December 31, 2015 2014 2013 (amounts in thousands, except per share data) Pro Forma Pro Forma Actual Net revenues $ 442,485 $ 437,597 $ 377,618 Net income (loss) available to the Company $ 33,050 $ 22,736 $ 26,024 Net income (loss) available to common shareholders $ 30,850 $ 21,086 $ 26,024 Net income (loss) available to commons shareholders per common share - basic $ 0.81 $ 0.56 $ 0.70 Net income (loss) available to commons shareholders per common share - diluted $ 0.79 $ 0.55 $ 0.68 Weighted shares outstanding basic 38,084 37,763 37,418 Weighted shares outstanding diluted 39,038 38,664 38,301 Conversion of preferred stock for dilutive purposes under the as if method anti-dilutive anti-dilutive n/a |
Schedule of the future amortization of unfavoarble leases from acquisition | As Of December 31, 2015 (amounts in thousands) Years ending December 31, 2016 $ 1,041 2017 875 2018 295 2019 167 2020 147 Thereafter 518 $ 3,043 |
Schedule Of Acquisition Valuation [Table Text Block] | As Reported As Revised September 30, December 31, Useful Lives In Years Description 2015 Adjustment 2015 From To (Amounts in thousands) Cash $ 2,246 $ $ 2,246 Net accounts receivable 11,908 25 11,933 less than 1 year Prepaid expenses, deposits and other 953 17 970 less than 1 year Total current assets 15,107 42 15,149 Land 7,368 - 7,368 non-depreciating Land improvements 87 - 87 15 15 Building 1,067 - 1,067 15 25 Leasehold improvements 973 - 973 2 11 Equipment and towers 8,651 - 8,651 3 40 Furniture and fixtures 29 - 29 5 5 Total tangible property 18,175 - 18,175 Assets held for sale 1,885 - 1,885 Other intangibles 487 - 487 1 5 Broadcasting licenses 79,209 - 79,209 non-amortizing Goodwill 5,866 (1,364) 4,502 non-amortizing Deferred tax assets - 1,364 1,364 over remaining lease life Total intangible and other assets 87,447 - 87,447 Total assets $ 120,729 $ 42 $ 120,771 Accounts payable $ 723 $ - $ 723 less than 1 year Accrued expenses 3,232 234 3,466 less than 1 year Other current liabilities 12 - 12 less than 1 year Total current liabilities 3,967 234 4,201 Unfavorable contracts and other liabilities 3,272 - 3,272 over remaining lease life Total liabilities acquired $ 7,239 $ 234 $ 7,473 Net assets acquired $ 113,490 $ (192) $ 113,298 |
PERPETUAL CUMULATIVE CONVERTIBA
PERPETUAL CUMULATIVE CONVERTIBALE PREFERRED STOCK (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
PreferredStockIncludingAdditionalPaidInCapitalAbstract | |
Schedule Of Preferred Stock [Table Text Block] | December 31, December 31, 2015 2014 (amounts in thousands, except shares) Perpetual cumulative convertible preferred stock $0.01 par value Shares issued and outstanding 11 - Aggregate liquidation preference $ 27,500 $ - Less stock issuance costs (220) - Plus accrued dividend as of the end of period 339 - Net carrying value $ 27,619 $ - |
CONTINGENCIES, GUARANTOR ARRANG
CONTINGENCIES, GUARANTOR ARRANGEMENTS AND COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies Guarantor Disclosure [Abstract] | |
Scehdule of Rent Expense | Years Ended December 31, 2015 2014 2013 (amounts in thousands) Rent Expense $ 16,116 $ 14,556 $ 13,226 |
Schedule of Contracts and Commitments | Future Minimum Annual Commitments Sale Rent Under Leaseback Programming Operating Operating And Related Leases Leases Contracts Total (amounts in thousands) Years ending December 31, 2016 $ 17,167 $ 841 $ 81,589 $ 99,597 2017 17,174 865 32,317 50,356 2018 14,552 891 9,957 25,400 2019 12,935 918 2,129 15,982 2020 9,903 946 551 11,400 Thereafter 28,301 9,691 258 38,250 $ 100,032 $ 14,152 $ 126,801 $ 240,985 |
Schedule of Condensed Parent Company Balance Sheet | ENTERCOM COMMUNICATIONS CORP. CONDENSED PARENT COMPANY BALANCE SHEETS (amounts in thousands) 2015 2014 ASSETS Current Assets $ 7,289 $ 6,446 Property And Equipment - Net 472 495 Deferred Charges And Other Assets - Net 3,807 2,233 Investment In Subsidiaries / Intercompany 424,493 360,091 TOTAL ASSETS $ 436,061 $ 369,265 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities $ 19,631 $ 14,041 Long Term Liabilities 27,361 26,203 Total Liabilities 46,992 40,244 Perpectual Cumulative Convertible Preferred Stock 27,619 - Shareholders' Equity: Class A, B and C Common Stock 397 391 Additional Paid-In Capital 611,754 608,515 Accumulated Deficit (250,701) (279,885) Total shareholders' equity 361,450 329,021 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 436,061 $ 369,265 See notes to condensed Parent Company financial statements. |
Schedule of Condensed Parent Company Income Statement | ENTERCOM COMMUNICATIONS CORP. CONDENSED PARENT COMPANY INCOME STATEMENTS (amounts in thousands) YEARS ENDED DECEMBER 31, 2015 2014 2013 NET REVENUES $ 1,536 $ 1,309 $ 615 OPERATING (INCOME) EXPENSE: Depreciation and amortization expense 1,123 1,217 1,122 Corporate general and administrative expenses 26,395 26,463 24,229 Merger and acquisition costs and restructuring charges 6,836 1,042 - Net (gain) loss on sale or disposal of assets (601) (601) (1,954) Total operating expense 33,753 28,121 23,397 OPERATING INCOME (LOSS) (32,217) (26,812) (22,782) OTHER (INCOME) EXPENSE: Net interest expense, including amortization of deferred financing expense - 15 1 Other expense (income) - - (165) Income from equity investment in subsidiaries (79,838) (73,561) (71,118) TOTAL OTHER (INCOME) EXPENSE (79,838) (73,546) (71,282) INCOME (LOSS) BEFORE INCOME TAXES (BENEFIT) 47,621 46,734 48,500 INCOME TAXES (BENEFIT) 18,437 19,911 22,476 NET INCOME (LOSS) AVAILABLE TO THE COMPANY 29,184 26,823 26,024 Preferred stock dividend (752) - - NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS $ 28,432 $ 26,823 $ 26,024 See notes to condensed Parent Company financial statements. |
Schedule of Condensed Parent Company Shareholder's Equity | ENTERCOM COMMUNICATIONS CORP. PARENT COMPANY STATEMENTS OF SHAREHOLDERS' EQUITY YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013 (amounts in thousands, except share data) Retained Common Stock Additional Earnings Class A Class B Paid-in (Accumulated Shares Amount Shares Amount Capital Deficit) Total Balance, December 31, 2012 31,226,047 $ 312 7,197,532 $ 72 $ 601,847 $ (332,737) $ 269,494 Net income (loss) available to the Company - - - - - 26,024 26,024 Compensation expense related to granting of stock awards 96,560 1 - - 4,269 - 4,270 Exercise of stock options 171,625 2 - - 243 - 245 Purchase of vested employee restricted stock units (186,038) (2) - - (1,638) - (1,640) Balance, December 31, 2013 31,308,194 313 7,197,532 72 604,721 (306,713) 298,393 Net income (loss) available to the Company - - - - - 26,823 26,823 Compensation expense related to granting of stock awards 638,102 7 - - 5,225 - 5,232 Exercise of stock options 57,500 - - - 82 - 82 Purchase of vested employee restricted stock units (141,502) (1) - - (1,513) - (1,514) Forfeitures of dividend equivalents - - - - - 5 5 Balance, December 31, 2014 31,862,294 319 7,197,532 72 608,515 (279,885) 329,021 Net income (loss) available to the Company - - - - - 29,184 29,184 Compensation expense related to granting of stock awards 738,195 7 - - 5,517 - 5,524 Exercise of stock options 11,750 - - - 35 - 35 Purchase of vested employee restricted stock units (131,688) (1) - - (1,561) - (1,562) Preferred stock dividend - - - - (752) - (752) Balance, December 31, 2015 32,480,551 $ 325 7,197,532 $ 72 $ 611,754 $ (250,701) $ 361,450 See notes to Parent Company financial statements. |
Schedule of Condensed Parent Company Cash flow | ENTERCOM COMMUNICATIONS CORP. CONDENSED PARENT COMPANY STATEMENTS OF CASH FLOWS (amounts in thousands) YEARS ENDED DECEMBER 31, 2015 2014 2013 OPERATING ACTIVITIES: Net cash provided by (used in) operating activities $ (25,355) $ (21,652) $ (18,167) INVESTING ACTIVITIES: Additions to property and equipment (304) (213) (146) Deferred charges and other assets (1,142) (481) (468) Proceeds (distributions) from investments in subsidiaries 29,030 23,610 20,208 Net cash provided by (used in) investing activities 27,584 22,916 19,594 FINANCING ACTIVITIES: Payment of fees associated with the issuance of preferred stock (220) - - Proceeds from the exercise of stock options 35 82 245 Purchase of vested employee restricted stock units (1,562) (1,514) (1,640) Payment of dividend equivalents on vested restricted stock units (7) - - Payment of dividends (413) - - Net cash provided by (used in) financing activities (2,167) (1,432) (1,395) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 62 (168) 32 CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 133 301 269 CASH AND CASH EQUIVALENTS, END OF YEAR $ 195 $ 133 $ 301 See notes to condensed Parent Company financial statements. |
Schedule of Completed and Pending Transactions | Bonneville Exchange Markets Radio Stations Transactions Los Angeles, CA KSWD FM Company acquired from Bonneville Denver, CO KOSI FM Company disposed to Bonneville Denver, CO KYGO FM; KEPN AM Company disposed to Bonneville Denver, CO KKFN FM The trust disposed to Bonneville Lincoln Acquisition Markets Radio Stations Transactions Denver, CO KKFN FM The trust acquired from Lincoln Denver, CO KYGO FM; KEPN AM Company acquired from Lincoln Denver, CO KQKS FM; KRWZ AM Company acquired from Lincoln Atlanta, GA WSTR FM; WQXI AM Company acquired from Lincoln Miami, FL WAXY AM/FM; WLYF FM; WMXJ FM Company acquired from Lincoln San Diego, CA KBZT FM; KSON FM/KSOQ FM; KIFM FM Company acquired from Lincoln |
Schedule Of Pending Purchase Price Allocation [Table Text Block] | As Reported As Revised September 30, December 31, Useful Lives In Years Description 2015 Adjustment 2015 From To (amounts in thousands) Other receivables $ 4,175 $ 689 $ 4,864 Equipment 1,012 - 1,012 3 15 Furniture and fixtures 121 - 121 5 5 Total tangible property 1,133 - 1,133 Advertiser lists and customer relationships 1 - 1 3 3 Trademarks and trade names 2 - 2 5 5 Broadcasting licenses 53,371 (314) 53,057 non-amortizing Goodwill 641 (375) 266 non-amortizing Total intangible assets 54,015 (689) 53,326 Total assets 59,323 - 59,323 Unfavorable contract and lease liabilities (323) - (323) 1 4 Net assets acquired $ 59,000 $ - $ 59,000 Fair value of net assets provided as consideration $ 59,000 $ - $ 59,000 |
ASSETS HELD FOR SALE (Tables)
ASSETS HELD FOR SALE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property Plant And Equipment Assets Held For Sale Disclosure [Abstract] | |
Disclosure Of Long Lived Assets Held For Sale [Text Block] | As Of December 31, Assets Held For Sale 2015 (amounts in thousands) Land and land improvements $ 3,972 Building 1,036 Equipment 497 Total property and equipment 5,505 Depreciation and amortization 796 Net property and equipment 4,709 Radio broadcasting licenses 1,397 Total intangibles 1,397 Assets held for sale $ 6,106 |
SUPPLEMENTAL CASH FLOW DISCLOSU
SUPPLEMENTAL CASH FLOW DISCLOSURES ON NON-CASH INVESTING AND FINANCING ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Years Ended December 31, 2015 2014 2013 (amounts in thousands) Operating Activities Barter revenues $ 4,002 $ 3,826 $ 3,821 Barter expenses $ 4,258 $ 3,665 $ 3,766 Financing Activities Increase in paid-in capital from the issuance of RSUs $ 9,045 $ 5,754 $ 2,906 Decrease in paid-in capital from the forfeiture of RSUs (709) (727) (2,795) Net paid-in capital of RSUs issued (forfeited) $ 8,336 $ 5,027 $ 111 Perpetual cumulative convertible preferred stock issued in connection with an acquisition $ 27,500 $ - $ - Dividend accrued on perpetual cumulative convertible preferred stock $ 339 $ - $ - Retirement of finance method lease obligations and other $ - $ - $ 12,679 Investing Activities Net radio station assets given up in a market $ 59,000 $ - $ - Net radio station assets acquired in a market $ 59,000 $ - $ - Radio station assets acquired through the issuance of perpetual cumulative convertible preferred stock $ 27,500 $ - $ - |
SUMMARIZED QUARTERLY FINANCIA48
SUMMARIZED QUARTERLY FINANCIAL DATA (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure Abstract | |
Schedule of Quarterly Financial Information [Table Text Block] | Quarters Ended December 31 September 30 June 30 March 31 (amounts in thousands, except per share data) 2015 Net revenues $ 117,704 $ 114,662 $ 100,592 $ 78,420 Operating income $ 32,555 $ 23,159 $ 20,615 $ 9,253 Net income (loss) available to the Company $ 14,088 $ 8,442 $ 6,747 $ (93) Net income (loss) available to common shareholders $ 13,675 $ 8,103 $ 6,747 $ (93) Net income (loss) available to common shareholders per share - basic (1) $ 0.36 $ 0.21 $ 0.18 $ - Weighted average common shares outstanding - basic 38,088 38,076 38,074 38,026 Net income (loss) available to common shareholders per share - diluted (1) $ 0.34 $ 0.21 $ 0.17 $ - Weighted average common shares outstanding - diluted 40,974 38,913 38,929 38,026 Quarters Ended December 31 September 30 June 30 March 31 (amounts in thousands, except per share data) 2014 Net revenues $ 101,513 $ 99,840 $ 100,201 $ 78,235 Operating income $ 28,531 $ 21,205 $ 23,916 $ 11,924 Net income (loss) available to the Company $ 10,850 $ 6,473 $ 8,137 $ 1,363 Net income (loss) available to common shareholders $ 10,850 $ 6,473 $ 8,137 $ 1,363 Net income (loss) available to common shareholders per share - basic (1) $ 0.29 $ 0.17 $ 0.22 $ 0.04 Weighted average common shares outstanding - basic 37,779 37,693 37,687 37,660 Net income (loss) available to common shareholders per share - diluted (1) $ 0.28 $ 0.17 $ 0.21 $ 0.04 Weighted average common shares outstanding - diluted 38,730 38,482 38,446 38,501 |
SIGNIFICANT ACCOUNTING POLICI49
SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 7,419 | $ 6,748 | $ 7,543 |
Construction commitments | 1,400 | ||
Summary of the categories of property and equipment | |||
Property, Plant and Equipment, Gross | 181,861 | 162,516 | |
Accumulated depreciation | (124,870) | (118,667) | |
Net property and equipment before construction in progress | 56,991 | 43,849 | |
Capital improvements in progress | 1,002 | 813 | |
Property, Plant and Equipment, net of accumulated depreciation | 57,993 | 44,662 | |
Deferred Revenue | |||
Current - accrued compensation and other current liabilities | 306 | 191 | |
Long-term - other long term liabilities | 0 | 10 | |
Land Improvements [Member] | |||
Summary of the categories of property and equipment | |||
Property, Plant and Equipment, Gross | $ 16,764 | 12,020 | |
Land Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Tangible assets amortization period | 15 years | ||
Land Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Tangible assets amortization period | 0 years | ||
Building [Member] | |||
Summary of the categories of property and equipment | |||
Property, Plant and Equipment, Gross | $ 22,711 | 21,836 | |
Building [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Tangible assets amortization period | 40 years | ||
Building [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Tangible assets amortization period | 20 years | ||
Equipment [Member] | |||
Summary of the categories of property and equipment | |||
Property, Plant and Equipment, Gross | $ 108,399 | 97,509 | |
Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Tangible assets amortization period | 40 years | ||
Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Tangible assets amortization period | 3 years | ||
Furniture and Fixtures [Member] | |||
Summary of the categories of property and equipment | |||
Property, Plant and Equipment, Gross | $ 10,868 | 9,906 | |
Furniture and Fixtures [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Tangible assets amortization period | 10 years | ||
Furniture and Fixtures [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Tangible assets amortization period | 5 years | ||
Leaseholds and Leasehold Improvements [Member] | |||
Summary of the categories of property and equipment | |||
Property, Plant and Equipment, Gross | $ 23,119 | $ 21,245 |
ACCOUNTS RECEIVABLE AND RELAT50
ACCOUNTS RECEIVABLE AND RELATED ALLOWANCE FOR DOUBTFUL ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts Receivable, Net [Abstract] | |||||
Accounts receivable | $ 89,291 | $ 72,698 | |||
Allowance for doubtful accounts | $ (2,134) | $ (2,413) | $ (2,703) | (2,134) | (2,449) |
Accounts receivable, net of allowance for doubtful accounts | $ 87,157 | $ 70,249 | |||
Allowance for doubtful accounts | |||||
Allowance for doubtful accounts | 2,449 | 2,413 | 2,703 | ||
Additions Charged to Costs and Expenses | (1,553) | (1,004) | (824) | ||
Deduction From Reserves | (1,868) | (968) | (1,114) | ||
Allowance for doubtful accounts | $ 2,134 | $ 2,449 | $ 2,413 |
INTANGIBLE ASSETS AND GOODWIL51
INTANGIBLE ASSETS AND GOODWILL (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Jun. 30, 2015number | Jun. 30, 2014number | Jun. 30, 2013number | Jun. 30, 2012number | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Changes in goodwill [Roll Forward] | |||||||
Goodwill before cumulative loss on impairment | $ 164,465 | $ 164,465 | |||||
Accumulated loss on impairment | (125,615) | $ (125,615) | |||||
Beginning balance after cumulative loss on impairment | $ 38,850 | 38,850 | |||||
Loss on impairment during the year | 0 | 0 | |||||
Acquisition | 5,866 | 0 | |||||
Dispositions | (10,230) | 0 | |||||
Deconsolidation of a subsidiary | (759) | 0 | |||||
Goodwill Acquired Through Exchange | 266 | 0 | |||||
Adjustments to acquired goodwill | (1,364) | 0 | |||||
Ending balance | 32,629 | 38,850 | |||||
Broadcasting License Impairment Testing [Member] | |||||||
Estimates and assumptions used for impairment test [Line Items] | |||||||
Discount rates | 9.70% | 9.60% | 9.80% | 10.00% | |||
Broadcasting License Impairment Testing [Member] | Maximum [Member] | |||||||
Estimates and assumptions used for impairment test [Line Items] | |||||||
Operating profit margin ranges of the markets of the Company | 40.00% | 40.00% | 41.00% | 41.00% | |||
Long-term revenue growth rate ranges of the markets of the Company | 2.00% | 2.00% | 2.00% | 2.00% | |||
Broadcasting License Impairment Testing [Member] | Minimum [Member] | |||||||
Estimates and assumptions used for impairment test [Line Items] | |||||||
Operating profit margin ranges of the markets of the Company | 25.00% | 25.00% | 25.00% | 21.00% | |||
Long-term revenue growth rate ranges of the markets of the Company | 1.50% | 1.50% | 1.50% | 1.50% | |||
Goodwill Impairment Testing [Member] | |||||||
Estimates and assumptions used for impairment test [Line Items] | |||||||
Discount rates | 9.70% | 9.60% | 9.80% | 10.00% | |||
Goodwill Impairment Testing [Member] | Maximum [Member] | |||||||
Estimates and assumptions used for impairment test [Line Items] | |||||||
Long-term revenue growth rate ranges of the markets of the Company | 2.00% | 2.00% | 2.00% | 2.00% | |||
Market approach for step one goodwill analysis [Abstract] | |||||||
Estimates of market multiples | number | 8 | 8 | 8 | 8 | |||
Goodwill Impairment Testing [Member] | Minimum [Member] | |||||||
Estimates and assumptions used for impairment test [Line Items] | |||||||
Long-term revenue growth rate ranges of the markets of the Company | 1.50% | 1.50% | 1.50% | 1.50% | |||
Market approach for step one goodwill analysis [Abstract] | |||||||
Estimates of market multiples | number | 7.5 | 7.5 | 7.5 | 7.5 | |||
Radio Broadcasting Licences [Member] | |||||||
Changes in broadcasting licenses [Line Items] | |||||||
Impairment loss | 0 | 0 | |||||
Acquisition of radio stations | 79,209 | 0 | |||||
Assets held for sale | (1,397) | 0 | |||||
Deconsolidation of a subsidiary | (32,979) | 0 | |||||
Acquisition - other | 100 | 450 | |||||
Dispositions | (9,601) | 0 | |||||
Indefinitelived Intangible Assets Acquired Through Exchange | $ 53,057 | $ 0 |
DEFERRED CHARGES AND OTHER AS52
DEFERRED CHARGES AND OTHER ASSETS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Deferred Costs Other Assets [Line Items] | |||
Total definitive-lived intagible, Asset | $ 3,384 | $ 3,467 | |
Total definite-lived intangibles, Reserve | 2,704 | 2,722 | |
Net | 680 | 745 | |
Deferred Costs | |||
Debt Issuance costs | 23,154 | 23,154 | |
Debt Issuance costs - amortization | 16,457 | 13,594 | |
Debt Issuance costs - net | 6,697 | 9,560 | |
Prepaid assets - long term | 2,233 | 467 | |
Software costs and other | 6,367 | 5,665 | |
Software costs and other - Amortization | 4,043 | 3,198 | |
Software costs and other - net | 2,324 | 2,467 | |
Total deferred charges and other assets | 35,138 | 32,753 | |
Total Reserve | 23,204 | 19,514 | |
Total Net | 11,934 | 13,239 | |
Amortization Expense | |||
Definite-lived assets | 150 | 147 | $ 203 |
Deferred financing expense | 2,863 | 3,860 | 3,870 |
Software costs | 850 | 899 | 800 |
Total amortization expense for deferred charges and other assets | 3,863 | 4,906 | $ 4,873 |
Deferred Contracts And Other Agreements | |||
Deferred Costs Other Assets [Line Items] | |||
Total definitive-lived intagible, Asset | 1,788 | 1,788 | |
Total definite-lived intangibles, Reserve | 1,442 | 1,374 | |
Net | 346 | 414 | |
Leasehold Premium | |||
Deferred Costs Other Assets [Line Items] | |||
Total definitive-lived intagible, Asset | 735 | 846 | |
Total definite-lived intangibles, Reserve | 426 | 515 | |
Net | 309 | 331 | |
Other definitive lived assets | |||
Deferred Costs Other Assets [Line Items] | |||
Total definitive-lived intagible, Asset | 861 | 833 | |
Total definite-lived intangibles, Reserve | 836 | 833 | |
Net | $ 25 | $ 0 |
DEFERRED CHARGES AND OTHER AS53
DEFERRED CHARGES AND OTHER ASSETS - Future Amortization Exp (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Amortization Expense For Deferred Charges Other Assets And Definite Lived Assets [Line Items] | |
2,016 | $ 3,711 |
2,017 | 2,391 |
2,018 | 1,585 |
2,019 | 1,043 |
2,020 | 70 |
Thereafter | 301 |
Total amortization expense for deferred charges and other assets | 9,101 |
Other Deferred Assets [Member] | |
Amortization Expense For Deferred Charges Other Assets And Definite Lived Assets [Line Items] | |
2,016 | 3,626 |
2,017 | 2,313 |
2,018 | 1,511 |
2,019 | 971 |
2,020 | 0 |
Thereafter | 0 |
Total amortization expense for deferred charges and other assets | 8,421 |
Finite Lived Assets [Member] | |
Amortization Expense For Deferred Charges Other Assets And Definite Lived Assets [Line Items] | |
2,016 | 85 |
2,017 | 78 |
2,018 | 74 |
2,019 | 72 |
2,020 | 70 |
Thereafter | 301 |
Total amortization expense for deferred charges and other assets | $ 680 |
OTHER CURRENT AND LONG-TERM L54
OTHER CURRENT AND LONG-TERM LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Accrued compensation | $ 8,865 | $ 5,783 |
Accounts receivable credits | 3,575 | 2,398 |
Derivative valuation - short-term | 0 | 0 |
Advertiser obligations | 1,198 | 928 |
Accrued interest payable | 3,547 | 2,777 |
Other | 2,739 | 1,613 |
Accrued compensation and other current liabilities | 19,924 | 13,499 |
Deferred rent liabilities | ||
Deferred rent liabilities | $ 6,137 | $ 5,120 |
LONG-TERM DEBT LIABILITIES (Det
LONG-TERM DEBT LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total | $ 488,750 | $ 482,000 |
Current amount of long-term debt | (31,832) | (3,000) |
Unamortized original issue discount | (1,731) | (2,071) |
Total long-term debt | 455,187 | 476,929 |
Outstanding standby letter of credit | $ 670 | 620 |
Stated interest rate percentage, senior unsecured debt | 10.50% | |
Revolver, due November 23, 2016 | ||
Debt Instrument [Line Items] | ||
Credit Facility | $ 26,000 | 0 |
Term B Loan, due November 23, 2018 | ||
Debt Instrument [Line Items] | ||
Credit Facility | 242,750 | 262,000 |
Unsecured notes due December 1, 2019 | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | $ 220,000 | $ 220,000 |
LONG-TERM DEBT LIABILITIES - Se
LONG-TERM DEBT LIABILITIES - Senior Debt (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($)number | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Credit Facility | $ 425 | |
Consolidated Leverage Ratio | 4.4 | |
Consolidated Interest Coverage Ratio | number | 3.1 | |
Weighted average interest rate under the senior debt | 4.10% | 4.00% |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Consolidated Interest Coverage Ratio | number | 2 | |
Mandatory Prepayment Percentage | 0.00% | |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Consolidated Leverage Ratio | 4.75 | |
Mandatory Prepayment Percentage | 50.00% | |
March 31 2016 or After | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Consolidated Leverage Ratio | 4.5 | |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Undrawn amount of the Revolver | $ 13.3 | |
Line of Credit Facility, Amount Outstanding | 26 | |
Revolving Credit Facility | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Credit Facility | 40 | |
Revolving Credit Facility | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Credit Facility | 50 | |
Term Loan B | ||
Debt Instrument [Line Items] | ||
Credit Facility | 375 | |
Line of Credit Facility, Amount Outstanding | $ 242.8 | |
Senior Debt Obligations | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Commitment fee | 0.50% | |
Senior Debt Obligations | Revolving Credit Facility | Libor Rate Plus | ||
Debt Instrument [Line Items] | ||
Variable rate | 1.00% | |
Senior Debt Obligations | Revolving Credit Facility | Federal Rate Plus | ||
Debt Instrument [Line Items] | ||
Variable rate | 0.50% | |
Senior Debt Obligations | Revolving Credit Facility | Minimum [Member] | Libor Rate Plus | ||
Debt Instrument [Line Items] | ||
Variable rate plus fees | 4.50% | |
Senior Debt Obligations | Revolving Credit Facility | Minimum [Member] | Base Rate Plus | ||
Debt Instrument [Line Items] | ||
Variable rate plus fees | 3.50% | |
Senior Debt Obligations | Revolving Credit Facility | Maximum [Member] | Libor Rate Plus | ||
Debt Instrument [Line Items] | ||
Variable rate plus fees | 5.00% | |
Senior Debt Obligations | Revolving Credit Facility | Maximum [Member] | Base Rate Plus | ||
Debt Instrument [Line Items] | ||
Variable rate plus fees | 4.00% | |
Senior Debt Obligations | Term Loan B | Libor Rate Plus | ||
Debt Instrument [Line Items] | ||
Variable rate plus fees | 3.00% | |
Senior Debt Obligations | Term Loan B | Base Rate Plus | ||
Debt Instrument [Line Items] | ||
Variable rate plus fees | 2.00% | |
Senior Debt Obligations | Term Loan B | Libor Rate Floor | ||
Debt Instrument [Line Items] | ||
Variable rate plus fees | 1.00% |
LONG-TERM DEBT LIABILITIES - 57
LONG-TERM DEBT LIABILITIES - Senior Unsecured Debt (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2011 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Redemption of the principal amount | 105.25% | |
Debt Instrument, Interest Rate, Stated Percentage | 10.50% | |
Senior Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Senior Notes | $ 220,000,000 | |
Net Proceeds | 212,700,000 | |
Debt Instrument Original Issue Discount | 2,900,000 | |
Minimum denominations | $ 2,000 | |
Deferred Finance Costs, Current, Net | $ 6,100,000 |
LONG-TERM DEBT LIABILITIES - De
LONG-TERM DEBT LIABILITIES - Debt Extinguishment and Net Interest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net Interest Expense | |||
Interest expense | $ 34,764 | $ 34,656 | $ 40,091 |
Amortization of deferred financing costs | 2,863 | 3,860 | 3,870 |
Amortization of original issue discount of senior notes | 340 | 305 | 274 |
Interest expense on interest rate hedging agreements | 0 | 0 | 0 |
Interest income and other investment income | (6) | 0 | (3) |
Total net interest expense | $ 37,961 | $ 38,821 | $ 44,232 |
LONG-TERM DEBT LIABILITIES - Ma
LONG-TERM DEBT LIABILITIES - Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Aggregate Principal Maturities [Line Items] | ||
2,016 | $ 31,832 | |
2,017 | 168 | |
2,018 | 236,750 | |
2,019 | 220,000 | |
2,020 | 0 | |
Thereafter | 0 | |
Total | 488,750 | $ 482,000 |
Credit Facility | ||
Aggregate Principal Maturities [Line Items] | ||
2,016 | 31,832 | |
2,017 | 168 | |
2,018 | 236,750 | |
2,019 | 0 | |
2,020 | 0 | |
Thereafter | 0 | |
Total | 268,750 | |
Senior Notes | ||
Aggregate Principal Maturities [Line Items] | ||
2,016 | 0 | |
2,017 | 0 | |
2,018 | 0 | |
2,019 | 220,000 | |
2,020 | 0 | |
Thereafter | 0 | |
Total | $ 220,000 |
TOWER SALE AND LEASEBACK (Detai
TOWER SALE AND LEASEBACK (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2013 | Jun. 30, 2014 | |
Tower Sale And Leaseback [Abstract] | ||
SaleLeasebackTransactionCurrentPeriodGainRecognized | $ 1.6 | |
SaleLeasebackTransactionDeferredGainGross | $ 9.9 |
SHAREHOLDER'S EQUITY (Details)
SHAREHOLDER'S EQUITY (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Dividends And Shares Activitiy [Line Items] | |||
Dvidend Equivalent liability - short term | $ 0 | $ 0 | |
Dvidend Equivalent liability - long term | 210 | 216 | |
Total Dividend Equivalent Liability | 210 | 216 | |
Dividend payments | $ 413 | $ 0 | $ 0 |
Shares of stock deemed repurchased | 132 | 142 | 186 |
Amount recorded as financing activity | $ (1,562) | $ (1,514) | $ (1,640) |
The total cost to repurchase | 0 | $ 0 | $ 0 |
Credit Facility Available For Dividend Equity Or Debt Repurchase | $ 40,000 |
SHARE-BASED COMPENSATION - Equi
SHARE-BASED COMPENSATION - Equity Compensation Plan and RSU Acitivity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Stock Unit Activity [Abstract] | |||
RSUs issued | 795,693 | 685,000 | 361,000 |
RSUs forfeited | (57,498) | ||
Net RSUs issued and increase (decrease) to paid-in capital | 738,000 | 638,000 | 97,000 |
RSUs vested and released | 406,463 | 410,000 | 547,000 |
RSUs issued, Amount | $ 9,045 | $ 5,754 | $ 2,906 |
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures To Paid In Capital | $ 8,336 | $ 5,027 | $ 111 |
Equity Compensation Plan [Abstract] | |||
Additional shares available for grant during the next period | 1,500,000 | ||
Shares available for grant | 2,500,000 |
SHARE-BASED COMPENSATION - RSU
SHARE-BASED COMPENSATION - RSU Activity - Summary of Change (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Number of Restricted Stock Units [Roll Forward] | |||
RSUs beginning | 1,258,685 | ||
RSUs awarded | 795,693 | 685,000 | 361,000 |
RSUs released | (406,463) | (410,000) | (547,000) |
RSUs forfeited | (57,498) | ||
RSUs ending | 1,590,417 | 1,258,685 | |
Weighted Average Purchase Price RSUs | $ 0 | ||
Weighted Average Remaining Contractual Term (Years) RSUs | 1 year 1 month 6 days | ||
Aggregate Intrinsic Value RSUs | $ 18,051,233 | ||
Number of RSUs vested and expected to vest | 1,512,428 | ||
Weighted Average Purchase Price of RSUs vested and expected to vest | $ 0 | ||
Weighted Average Remaining Contractual Term (Years) of RUSs vested and expected to vest | 1 year | ||
Aggregate Intrinsic Value RSUs vested and expected to vest | $ 16,242,396 | ||
Number of RSUs exercisable | 81,380 | ||
Weighted Average Purchase Price of RUSs exercisable | $ 0 | ||
Weighted Average Remaining Contractual Term (Years) of RUSs exercisable | 0 years | ||
Aggregate Intrinsic Value RSUs exercisable | $ 923,663 | ||
Weighted average remaining recognition period in years | 1 year 9 months 18 days | ||
Unamortized compensation expense, net of estimated forfeitures | $ 7,988,821 |
SHARE-BASED COMPENSATION - RSUs
SHARE-BASED COMPENSATION - RSUs with Market Conditions (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Restricted Stock Units With Market Conditions [Line Items] | |||
RSUs issued | 795,693 | 685,000 | 361,000 |
RSUs issued, Amount | $ 9,045 | $ 5,754 | $ 2,906 |
Reconciliation Of RSUs With Market Conditions [Abstract] | |||
RSUs beginning | 1,258,685 | ||
Number of RSUs granted | 795,693 | 685,000 | 361,000 |
Number of RSUs forfeited | (57,498) | ||
Number of RSUs vested | (406,463) | (410,000) | (547,000) |
RSUs ending | 1,590,417 | 1,258,685 | |
Net RSUs increase (decrease) to APIC | $ 5,524 | $ 5,232 | $ 4,270 |
Fair value of each RSU issued with market conditions | $ 11.3630653266332 | $ 8.4 | $ 8.04986149584488 |
Average fair value of performance condition RSUs issued | $ 11.85 | $ 10.58 | $ 8.76 |
Restricted Stock Units With Market Conditions [Member] | |||
Share-based Compensation Restricted Stock Units With Market Conditions [Line Items] | |||
RSUs issued | 165,000 | 290,000 | |
Reconciliation Of RSUs With Market Conditions [Abstract] | |||
RSUs beginning | 290,000 | ||
Number of RSUs granted | 165,000 | 290,000 | |
Number of RSUs forfeited | 0 | 0 | (200,000) |
Number of RSUs vested | (65,000) | 0 | |
RSUs ending | 390,000 | 290,000 | |
RSUs forfeited | $ 0 | $ 0 | $ (2,110) |
Fair value of each RSU issued with market conditions | $ 8.39 | $ 6.9 | |
Restricted Stock Units With Market Conditions [Member] | Maximum [Member] | |||
Reconciliation Of RSUs With Market Conditions [Abstract] | |||
RSUs beginning | 8,000 | ||
RSUs ending | 8,000 | ||
Restricted Stock Units With Service Conditions [Member] | |||
Reconciliation Of RSUs With Market Conditions [Abstract] | |||
Number of RSUs forfeited | (58,000) | (47,000) | (64,000) |
RSUs forfeited | $ (709) | $ (727) | $ (685) |
Restricted Stock Units With Performance Conditions [Member] | |||
Share-based Compensation Restricted Stock Units With Market Conditions [Line Items] | |||
RSUs issued | 21,000 | 11,000 | |
Reconciliation Of RSUs With Market Conditions [Abstract] | |||
Number of RSUs granted | 21,000 | 11,000 | |
Number of RSUs forfeited | 0 | (3,000) | |
Number of RSUs vested | 0 | 0 | |
RSUs ending | 29,000 | ||
Fair value of each RSU issued with market conditions | $ 11.11 | $ 9.6 |
SHARE-BASED COMPENSATION - Othe
SHARE-BASED COMPENSATION - Other Options Disclosures (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Options Disclosures [Line Items] | |||
Fair value per option issued | $ 0 | $ 0 | $ 6.07 |
Intrinsic value of options exercised | $ 101 | $ 517 | $ 1,228 |
Tax benefit from options exercised, before impact of valuation allowance | 38 | 196 | 466 |
Cash received from exercise price of options exercised | $ 35 | $ 82 | $ 245 |
Number of options issued | 0 | 0 | 5,000 |
Maximum [Member] | |||
Other Options Disclosures [Line Items] | |||
Exercise price range of options issued | $ 0 | $ 0 | $ 8.72 |
Minimum [Member] | |||
Other Options Disclosures [Line Items] | |||
Exercise price range of options issued | $ 0 | $ 0 | $ 8.72 |
SHARE-BASED COMPENSATION - Opti
SHARE-BASED COMPENSATION - Options Activity (Details) | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Options activity [Roll Forward] | |
Options beginning | 486,675 |
Options granted | 0 |
Options exercised | (11,750) |
Options forfeited | (3,750) |
Options expired | (4,250) |
Options ending | 466,925 |
Weighted average exercise price - beginning | $ / shares | $ 2.11 |
Weighted average exercise price - options exercised | $ / shares | 3.02 |
Weighted average exercise price - options forfeited | $ / shares | 8.72 |
Weighted average exercise price - options expired | $ / shares | 13.63 |
Weighted average exercise price - ending | $ / shares | $ 1.93 |
Weighted Average Remaining Contractual Term (Years) Options | 3 years 1 month 6 days |
Intrinsic Value Options | $ | $ 4,401,204 |
Options vested and expected to vest | 466,925 |
Options vested and exercisable | 466,925 |
Weighted average exercise price options vested and expected to vest | $ / shares | $ 1.93 |
Weighted average exercise price options vested and exerciable | $ / shares | $ 1.93 |
Weighted average remaining contractual period (Years) options vested and expected to vest | 3 years 1 month 6 days |
Weighted average remaining contractual period (years) options vested and exercisable | 3 years 1 month 6 days |
Intrinsic value options vested and expected to vest | $ | $ 4,401,204 |
Intrinsic value options vested and exercisable | $ | $ 4,401,204 |
Weighted average remaining recognition period in years | 0 years |
Unamortized compensation expense, net of estimated forfeitures | $ | $ 10,307 |
SHARE-BASED COMPENSATION - Valu
SHARE-BASED COMPENSATION - Valuation Method (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Options Activity [Member] | |||
Valuation Methodology [Abstract] | |||
Expected life (years) | 6 years 3 months 18 days | ||
Expected volatility factor (%) | 78.80% | ||
Risk-free interest rate (%) | 2.00% | ||
Expected dividend yield (%) | 0.00% | ||
Restricted Stock Units Activity [Member] | |||
Valuation Methodology [Abstract] | |||
Expected volatility factor (%) - Minimum | 34.00% | 33.00% | |
Expected volatility factor (%) - Maximum | 39.00% | 42.00% | |
Risk-free interest rate (%) - Minimum | 0.10% | 0.10% | |
Risk-free interest rate (%) - Maximum | 1.10% | 0.40% | |
Expected dividend yield (%) | 0.00% | 0.00% |
SHARE-BASED COMPENSATION - Ot68
SHARE-BASED COMPENSATION - Other Award Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Significant ranges of outstanding and exercisable options [Line Items] | |||
Number of options outstanding | 466,925 | 486,675 | |
Weighted average remaining contractual life options outstanding | 3 years 1 month 6 days | ||
Weighted average exercise price options outstanding | $ 1.93 | $ 2.11 | |
Number of options exercisable | 466,925 | ||
Weighted average exercise price options exercisable | $ 1.93 | ||
Recognized Non-Cash Compensation Expense [Line Items] | |||
Total Non cash compensation expense recognized | $ 3,488 | $ 3,730 | $ 3,190 |
The amount of the Company's windfall tax benefit account | $ 3,218 | 2,648 | |
Exercise prices from 1.34 to 1.34 | |||
Significant ranges of outstanding and exercisable options [Line Items] | |||
Number of options outstanding | 432,925 | ||
Weighted average remaining contractual life options outstanding | 3 years 1 month 6 days | ||
Weighted average exercise price options outstanding | $ 1.34 | ||
Number of options exercisable | 432,925 | ||
Weighted average exercise price options exercisable | $ 1.34 | ||
Exercise prices from 2.02 to 11.78 | |||
Significant ranges of outstanding and exercisable options [Line Items] | |||
Number of options outstanding | 34,000 | ||
Weighted average remaining contractual life options outstanding | 2 years 8 months 12 days | ||
Weighted average exercise price options outstanding | $ 9.5 | ||
Number of options exercisable | 34,000 | ||
Weighted average exercise price options exercisable | $ 9.5 | ||
Station operating expenses [Member] | |||
Recognized Non-Cash Compensation Expense [Line Items] | |||
Total Non cash compensation expense recognized | $ 1,259 | 919 | 766 |
Corporate general and administrative expenses [Member] | |||
Recognized Non-Cash Compensation Expense [Line Items] | |||
Total Non cash compensation expense recognized | 4,265 | 4,313 | 3,504 |
Stock-based compensation expense included in operating expenses [Member] | |||
Recognized Non-Cash Compensation Expense [Line Items] | |||
Total Non cash compensation expense recognized | 5,524 | 5,232 | 4,270 |
Income tax benefit (net of a fully reserved valuation allowance for prior year) [Member] | |||
Recognized Non-Cash Compensation Expense [Line Items] | |||
Total Non cash compensation expense recognized | $ 2,036 | $ 1,502 | $ 1,080 |
NET INCOME PER COMMON SHARE (De
NET INCOME PER COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Impact Of Equity Awards [Line Items] | |||||||||||
Price range of option: from | $ 11.24 | $ 10.11 | $ 10.52 | ||||||||
Price range of option: to | $ 11.78 | $ 33.9 | $ 48.21 | ||||||||
Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||
Net Income (Loss) Attributable to Parent | $ 14,088 | $ 8,442 | $ 6,747 | $ (93) | $ 10,850 | $ 6,473 | $ 8,137 | $ 1,363 | $ 29,184 | $ 26,823 | $ 26,024 |
Preferred stock dividend | 752 | 0 | 0 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 13,675 | $ 8,103 | $ 6,747 | $ (93) | $ 10,850 | $ 6,473 | $ 8,137 | $ 1,363 | $ 28,432 | $ 26,823 | $ 26,024 |
Weighted Average Number Of Shares Outstanding Basic | 38,088,000 | 38,076,000 | 38,074,000 | 38,026,000 | 37,779,000 | 37,693,000 | 37,687,000 | 37,660,000 | 38,083,947 | 37,763,353 | 37,417,807 |
Earnings Per Share Basic | $ 0.75 | $ 0.71 | $ 0.7 | ||||||||
Incremental Common Shares Attributable to Share-based Payment Arrangements | 953,976 | 900,713 | 883,688 | ||||||||
Weighted Average Number Of Diluted Shares Outstanding | 40,974,000 | 38,913,000 | 38,929,000 | 38,026,000 | 38,730,000 | 38,482,000 | 38,446,000 | 38,501,000 | 39,037,623 | 38,664,066 | 38,301,495 |
Earnings Per Share Diluted | $ 0.73 | $ 0.69 | $ 0.68 | ||||||||
Options Activity [Member] | |||||||||||
Impact Of Equity Awards [Line Items] | |||||||||||
Excluded shares as anti-dilutive under the treasury stock method | 14,000 | 30,000 | 37,000 | ||||||||
Restricted Stock Units Activity [Member] | Restricted Stock Units Service Conditions [Member] | |||||||||||
Impact Of Equity Awards [Line Items] | |||||||||||
Excluded shares as anti-dilutive under the treasury stock method | 8,000 | 1,000 | 4,000 | ||||||||
Restricted Stock Units Activity [Member] | Restricted Stock Units Service And Market Conditions But Market Not Met [Member] | |||||||||||
Impact Of Equity Awards [Line Items] | |||||||||||
Excluded shares as anti-dilutive under the treasury stock method | 165,000 | 193,000 | 0 | ||||||||
Restricted Stock Units Activity [Member] | Restricted Stock Units Service And Performance Conditions But Performance Not Met [Member] | |||||||||||
Impact Of Equity Awards [Line Items] | |||||||||||
Excluded shares as anti-dilutive under the treasury stock method | 29,000 | 11,000 | 0 | ||||||||
Restricted Stock Units Activity [Member] | Perpetual Cumulative Convertible Preferred Stock [Member] | |||||||||||
Impact Of Equity Awards [Line Items] | |||||||||||
Excluded shares as anti-dilutive under the treasury stock method | 882,000 | 0 | 0 |
INCOME TAXES - Expected And Rep
INCOME TAXES - Expected And Reported Income Taxes (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||
Federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
Computed tax expense (benefit) at federal statutory rates on income (loss) before income taxes (benefit) | $ 16,667 | $ 16,357 | $ 16,975 |
State income tax expense (benefit), net of federal benefit | 1,333 | 2,491 | 3,399 |
Federal tax expense associated with non-amortizable assets | 0 | 0 | 0 |
Non recognition of expense due to full valuation allowance | (244) | 0 | 54 |
Valuation allowance current year activity | 0 | 0 | 0 |
Decrease in valuation allowance for change in federal net operating loss carryback rules | 0 | 0 | 0 |
Change in uncertain tax positions | 0 | 0 | 0 |
Tax benefit shortfall associated with share-based awards | 12 | 62 | 997 |
Nondeductible expenses and other | 669 | 1,001 | 1,051 |
Income taxes (benefit) | $ 18,437 | $ 19,911 | $ 22,476 |
Effective income tax rate | 38.70% | 42.60% | 46.30% |
Impairment loss | $ 0 | $ 0 | $ 850 |
INCOME TAXES - Expense (Benefit
INCOME TAXES - Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||
Federal | $ 25 | $ 0 | $ 0 |
State | 90 | 100 | 54 |
Total current | 115 | 100 | 54 |
Deferred: | |||
Federal | 17,042 | 17,373 | 19,051 |
State | 1,280 | 2,438 | 3,371 |
Total deferred | 18,322 | 19,811 | 22,422 |
Income taxes (benefit) | $ 18,437 | $ 19,911 | $ 22,476 |
INCOME TAXES - Deferred Tax Ass
INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Employee benefits | $ 783 | $ 678 |
Deferred compensation | 988 | 588 |
Provision for doubtful accounts | 835 | 959 |
Deferred gain on tower transaction | 235 | 236 |
Derivative financial instruments | 0 | 0 |
Other | 987 | 505 |
Total current deferred tax assets before valuation allowance | 3,828 | 2,966 |
Valuation allowance | (231) | (620) |
Total current deferred tax assets - net | 3,597 | 2,346 |
Federal and state income tax loss carryforwards | 129,944 | 130,074 |
Share-based compensation | 3,218 | 2,648 |
Investments - impairments | 499 | 498 |
Deferred gain on tower transaction, long term | 3,039 | 3,281 |
Lease rental obligations | 3,440 | 2,289 |
Deferred compensation | 3,968 | 4,322 |
Other | 1,014 | 1,154 |
Total non-current deferred tax assets before valuation allowance | 145,122 | 144,266 |
Valuation allowance | (20,407) | (20,146) |
Total non-current deferred tax assets - net | 124,715 | 124,120 |
Total deferred tax assets | 128,312 | 126,466 |
Deferred tax liabilities: | ||
Advertiser broadcasting obligations | (133) | (98) |
Total current deferred tax liabilities | (133) | (98) |
Deferral of gain recognition on the extinguishment of debt | (4,568) | (6,119) |
Property, equipment and certain intangibles (other than broadcasting licenses and goodwill) | (4,804) | (5,579) |
Broadcasting licenses and goodwill | (206,594) | (187,050) |
Deferred Tax Liabilities Noncurrent Gross | 206,358 | 187,590 |
Total deferred tax liabilities | (206,491) | (187,688) |
Deferred Tax Assets (Liabilities), Net | $ 78,179 | $ 61,222 |
INCOME TAXES - Valuation Allowa
INCOME TAXES - Valuation Allowance And Uncertain Tax Position (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Deferred Tax Asset Valuation Allowance [Roll Forward] | |||
Balance at beginning year | $ 20,766 | $ 20,238 | $ 18,333 |
Increase (Decrease) Charged/ (Credited) To Income Tax | (165) | 528 | 1,905 |
Increase (Decrease) Charged/ (Credited) To OCI | 37 | 0 | 0 |
Balance at end of year | 20,638 | 20,766 | 20,238 |
Liabilities for uncertain tax positions | |||
Tax | 67 | 67 | |
Interest and penalties | 170 | 150 | |
Total | 237 | 217 | |
Expense (income) from uncertain tax positions | |||
Tax expense (income) | 0 | 0 | 0 |
Interest and penalties (income) | 20 | 18 | 11 |
Total income taxes (benefit) from uncertain tax positions | 20 | 18 | 11 |
The gross amount of changes in unrecognized tax benefits for the period: | |||
Beginning of year balance | (7,690) | (7,690) | (7,690) |
Gross increases prior year positions | 0 | 0 | 0 |
Gross decreases prior year positions | 0 | 0 | 0 |
Gross increases current year positions | 0 | 0 | 0 |
Gross decreases current year positions | 0 | 0 | 0 |
Settlements with tax authorities | 0 | 0 | 0 |
Reductions due to statute lapse | 0 | 0 | 0 |
End of year balance | (7,690) | (7,690) | (7,690) |
Ending liability balance included above that was reflected as an offset to deferred tax assets | $ (7,623) | $ (7,623) | $ (7,623) |
INCOME TAXES - Income Tax Payme
INCOME TAXES - Income Tax Payments Refunds Net Operating Loss Carryforwards (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Payments And Refunds | |||
Income Taxes Paid Local And State Tax Authorities | $ 81 | $ 79 | $ 69 |
Federal and state income tax refunds | 0 | $ 10 | $ 5 |
Operating Loss Carryforwards [Line Items] | |||
State income tax credits | 1,248 | ||
Domestic Country [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
NOL carryforwards | 292,800 | ||
Operating Loss Carryforwards Suspended Windfall | 10,799 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
NOL carryforwards | 614,834 | ||
Operating Loss Carryforwards Suspended Windfall | $ 8,806 |
SUPPLEMENTAL CASH FLOW DISCLO75
SUPPLEMENTAL CASH FLOW DISCLOSURES ON NON-CASH INVESTING AND FINANCING ACTIVITIES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flow Noncash [Line Items] | |||
Net Paid In Captital Of Rsus | $ 8,336 | $ 5,027 | $ 111 |
Perpetual Cumulative Convertible Preferred Stock Issued For Acquisition | 27,500 | 0 | 0 |
Dividend Accrued On Perpetual Cumulative Convertible Preferred Stock | 339 | 0 | 0 |
Finance Method Lease Obligations Retirement | 0 | 0 | 12,679 |
Net Radio Station Assets Given Up | 59,000 | 0 | 0 |
Net Radio Station Assets Acquired | 59,000 | 0 | 0 |
Radio Station Assets Acquired Using Preferred Stock | 27,500 | 0 | 0 |
Barter And Other Transactions [Abstract] | |||
Barter Revenues | 4,002 | 3,826 | 3,821 |
Barter expenses | 4,258 | 3,665 | 3,766 |
Issuance [Member] | |||
Cash Flow Noncash [Line Items] | |||
Net Paid In Captital Of Rsus | 9,045 | 5,754 | 2,906 |
Forfeited [Member] | |||
Cash Flow Noncash [Line Items] | |||
Net Paid In Captital Of Rsus | $ 709 | $ 727 | $ 2,795 |
EMPLOYEE SAVINGS AND BENEFIT 76
EMPLOYEE SAVINGS AND BENEFIT PLANS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Deferred Compensation Plans | |||
Beginning of period balance | $ 11,017 | $ 10,459 | $ 8,377 |
Employee compensation deferrals | 534 | 420 | 369 |
Employee compensation payments | (1,464) | (734) | (297) |
Increase (decrease) in plan fair value | 50 | 872 | 2,010 |
End of period balance | 10,137 | 11,017 | 10,459 |
Company's contribution to the 401K Plan | |||
401(K) savings plan expense | $ 900 | $ 800 | $ 900 |
FAIR VALUE OF FINANCIAL INSTR77
FAIR VALUE OF FINANCIAL INSTRUMENTS - Recurring basis (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets | ||
Cash equivalents | $ 0 | |
Liabilities | ||
Deferred Compensation | 10,137,000 | $ 11,017,000 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets | ||
Cash equivalents | $ 0 |
FAIR VALUE OF FINANCIAL INSTR78
FAIR VALUE OF FINANCIAL INSTRUMENTS - Non-Recurring basis (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Goodwill, Impairment Loss | $ 0 | $ 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value of assets held for sale | $ 2,100 |
FAIR VALUE OF FINANCIAL INSTR79
FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Value (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Senior Notes | ||
Fair Value Of Instruments [Line Items] | ||
Carrying value of debt | $ 218,269 | $ 217,929 |
Fair value of debt | 227,000 | 237,134 |
Finance Method Lease Obligations | ||
Fair Value Of Instruments [Line Items] | ||
Carrying value of debt | 0 | 0 |
Letter of credit | ||
Fair Value Of Instruments [Line Items] | ||
Carrying value of debt | 670 | 620 |
Revolver, due November 23, 2016 [Member] | ||
Fair Value Of Instruments [Line Items] | ||
Carrying value of debt | 26,000 | 0 |
Fair value of debt | 26,000 | 0 |
Term Loan B [Member] | ||
Fair Value Of Instruments [Line Items] | ||
Carrying value of debt | 242,750 | 262,000 |
Fair value of debt | $ 242,447 | $ 261,345 |
ASSETS HELD FOR SALE (Details)
ASSETS HELD FOR SALE (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2013 | Dec. 31, 2015 | |
Assets Held-for-sale, at Carrying Value1 [Abstract] | ||
Assets Held-for-sale, at Carrying Value | $ 3.8 | |
ImpairmentOfRealEstate | $ 0.9 | |
ProceedsFromSaleOfLandHeldForUse | $ 2.1 |
ACQUISITIONS, DIVESTITURES AN81
ACQUISITIONS, DIVESTITURES AND PRO FORMA SUMMARY (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Gross | $ 83,553 | $ 0 | $ 0 | ||
Purchase price allocation [Abstract] | |||||
Property, Plant and Equipment, Gross | 181,861 | 162,516 | |||
Property Plant And Equipment Net | 57,993 | 44,662 | |||
Depreciation | 7,419 | 6,748 | 7,543 | ||
The expense recognized in the consolidated statement of income as merger and acquisition costs [Abstract] | |||||
Merger and acquisition costs | 6,836 | 1,042 | 0 | ||
Merger and acquisition costs and restructuring charges | 6,836 | 1,042 | 0 | ||
Restructuring Charges | 2,858 | ||||
Unaudited Pro Forma Summary Of Financial Information | |||||
Net revenues | 442,485 | 437,597 | 377,618 | ||
Net income | $ 33,050 | $ 22,736 | $ 26,024 | ||
Net income per common share - basic | $ 0.81 | $ 0.56 | $ 0.7 | ||
Net income per common share - diluted | $ 0.79 | $ 0.55 | $ 0.68 | ||
Business Acquisitions Pro Forma Net Income Loss Available to Common Shareholders | $ 30,850 | $ 21,086 | $ 26,024 | ||
Lease Abandonment Liability | 700 | ||||
Lease Abandonment Expense Recovery | 600 | ||||
Acquisition Price Paid Using Convertible Preferred Stock | 27,500 | 0 | |||
Adjustment [Member] | |||||
The expense recognized in the consolidated statement of income as merger and acquisition costs [Abstract] | |||||
Restructuring Charges | (13) | ||||
Lease abandonment expense [Member] | |||||
The expense recognized in the consolidated statement of income as merger and acquisition costs [Abstract] | |||||
Restructuring Charges | 687 | ||||
Cost Of Terminating Contracts [Member] | |||||
The expense recognized in the consolidated statement of income as merger and acquisition costs [Abstract] | |||||
Restructuring Charges | 646 | ||||
One Time Termination Expenses [Member] | |||||
The expense recognized in the consolidated statement of income as merger and acquisition costs [Abstract] | |||||
Restructuring Charges | 1,538 | ||||
Accrued Restructuring Costs [Member] | |||||
The expense recognized in the consolidated statement of income as merger and acquisition costs [Abstract] | |||||
Restructuring Charges | 1,686 | 0 | 0 | ||
Realized Restructuring Costs [Member] | |||||
The expense recognized in the consolidated statement of income as merger and acquisition costs [Abstract] | |||||
Restructuring Charges | (1,172) | 0 | $ 0 | ||
Equipment [Member] | |||||
Purchase price allocation [Abstract] | |||||
Property, Plant and Equipment, Gross | $ 108,399 | 97,509 | |||
Equipment [Member] | Maximum [Member] | |||||
Purchase price allocation [Abstract] | |||||
Tangible assets amortization period | 40 years | ||||
Equipment [Member] | Minimum [Member] | |||||
Purchase price allocation [Abstract] | |||||
Tangible assets amortization period | 3 years | ||||
Building [Member] | |||||
Purchase price allocation [Abstract] | |||||
Property, Plant and Equipment, Gross | $ 22,711 | 21,836 | |||
Building [Member] | Maximum [Member] | |||||
Purchase price allocation [Abstract] | |||||
Tangible assets amortization period | 40 years | ||||
Building [Member] | Minimum [Member] | |||||
Purchase price allocation [Abstract] | |||||
Tangible assets amortization period | 20 years | ||||
Radio Broadcasting Licences [Member] | |||||
Purchase price allocation [Abstract] | |||||
Total intangible assets | $ 79,209 | 0 | |||
LFM [Member] | |||||
Acquisition [Line Items] | |||||
Acquisition price paid from borrowing | 42,000 | ||||
Purchases of radio station assets | (77,500) | ||||
Purchase price allocation [Abstract] | |||||
Total tangible assets | $ 18,175 | 18,175 | |||
Total intangible assets | 87,447 | 87,447 | |||
Total assets | $ 120,729 | 120,729 | 120,771 | ||
Net assets acquired | 113,490 | 113,490 | 113,298 | ||
Total current assets | 15,107 | 15,107 | 15,149 | ||
Total current liabilities | 3,967 | 3,967 | 4,201 | ||
Total liabilities acquired | 7,239 | 7,239 | 7,473 | ||
Total long-term assets acquired | 3,272 | ||||
The expense recognized in the consolidated statement of income as merger and acquisition costs [Abstract] | |||||
Merger and acquisition costs and restructuring charges | 0 | 3,978 | $ 1,042 | ||
Unaudited Pro Forma Summary Of Financial Information | |||||
Acquisition Price Paid Using Convertible Preferred Stock | 27,500 | ||||
Aquisition Related Working Capital Reimbursement | 11,000 | ||||
Aquisition Related Working Capital Credit | 2,700 | ||||
Aquisition Purchase Price Total | $ 105,000 | ||||
Discount Rates | 9.60% | ||||
LFM [Member] | Adjustment [Member] | |||||
Purchase price allocation [Abstract] | |||||
Total assets | $ 42 | ||||
Net assets acquired | (192) | ||||
Total current assets | 42 | ||||
Total current liabilities | 234 | ||||
Total liabilities acquired | 234 | ||||
LFM [Member] | Cash [Member] | |||||
Purchase price allocation [Abstract] | |||||
Total current assets | 2,246 | 2,246 | 2,246 | ||
LFM [Member] | Accounts Receivable [Member] | |||||
Purchase price allocation [Abstract] | |||||
Total current assets | 11,908 | 11,908 | 11,933 | ||
LFM [Member] | Accounts Receivable [Member] | Adjustment [Member] | |||||
Purchase price allocation [Abstract] | |||||
Total current assets | 25 | ||||
LFM [Member] | Prepaid Expenses And Other Current Assets [Member] | |||||
Purchase price allocation [Abstract] | |||||
Total current assets | 953 | 953 | 970 | ||
LFM [Member] | Prepaid Expenses And Other Current Assets [Member] | Adjustment [Member] | |||||
Purchase price allocation [Abstract] | |||||
Total current assets | $ 17 | ||||
LFM [Member] | Maximum [Member] | |||||
Unaudited Pro Forma Summary Of Financial Information | |||||
Fair Value Inputs Long Term Revenue Growth Rate | 1.50% | ||||
LFM [Member] | Minimum [Member] | |||||
Unaudited Pro Forma Summary Of Financial Information | |||||
Fair Value Inputs Long Term Revenue Growth Rate | 1.00% | ||||
LFM [Member] | Unfavorable lease liability [Member] | |||||
Purchase price allocation [Abstract] | |||||
Total current liabilities | 3,272 | 3,272 | |||
LFM [Member] | Accrued Liabilities [Member] | |||||
Purchase price allocation [Abstract] | |||||
Total current liabilities | 3,232 | 3,232 | $ 3,466 | ||
LFM [Member] | Accrued Liabilities [Member] | Adjustment [Member] | |||||
Purchase price allocation [Abstract] | |||||
Total current liabilities | 234 | ||||
LFM [Member] | Accounts Payable [Member] | |||||
Purchase price allocation [Abstract] | |||||
Total current liabilities | 723 | 723 | 723 | ||
LFM [Member] | Liability [Member] | |||||
Purchase price allocation [Abstract] | |||||
Total current liabilities | 12 | 12 | 12 | ||
LFM [Member] | Leasehold improvements [Member] | |||||
Purchase price allocation [Abstract] | |||||
Total tangible assets | 973 | 973 | |||
LFM [Member] | Furniture and equipment [Member] | |||||
Purchase price allocation [Abstract] | |||||
Total tangible assets | 29 | 29 | |||
LFM [Member] | Equipment [Member] | |||||
Purchase price allocation [Abstract] | |||||
Total tangible assets | 8,651 | 8,651 | |||
LFM [Member] | Land and Land Improvements [Member] | |||||
Purchase price allocation [Abstract] | |||||
Total tangible assets | 87 | 87 | |||
LFM [Member] | Land [Member] | |||||
Purchase price allocation [Abstract] | |||||
Total tangible assets | 7,368 | 7,368 | |||
LFM [Member] | Building [Member] | |||||
Purchase price allocation [Abstract] | |||||
Total tangible assets | 1,067 | 1,067 | |||
LFM [Member] | Radio Broadcasting Licences [Member] | |||||
Purchase price allocation [Abstract] | |||||
Total intangible assets | 79,209 | 79,209 | |||
LFM [Member] | Goodwill [Member] | |||||
Purchase price allocation [Abstract] | |||||
Total intangible assets | 5,866 | 4,502 | |||
LFM [Member] | Goodwill [Member] | Adjustment [Member] | |||||
Purchase price allocation [Abstract] | |||||
Total intangible assets | (1,364) | ||||
LFM [Member] | Assets Held For Sale [Member] | |||||
Purchase price allocation [Abstract] | |||||
Total intangible assets | 1,885 | 1,885 | |||
LFM [Member] | Lease Agreements [Member] | |||||
Purchase price allocation [Abstract] | |||||
Total intangible assets | 487 | 487 | |||
LFM [Member] | Other Noncurrent Assets [Member] | |||||
Purchase price allocation [Abstract] | |||||
Total intangible assets | 1,364 | ||||
Total long-term assets acquired | 0 | 0 | |||
LFM [Member] | Other Noncurrent Assets [Member] | Adjustment [Member] | |||||
Purchase price allocation [Abstract] | |||||
Total intangible assets | 1,364 | ||||
BonnevilleSwap [Member] | |||||
Acquisition [Line Items] | |||||
Net time brokerage agreement (income) fees | 300 | ||||
Purchase price allocation [Abstract] | |||||
Total tangible assets | 1,133 | 1,133 | |||
Total intangible assets | 54,015 | 53,326 | |||
Total assets | 59,323 | 59,323 | 59,323 | ||
Net assets acquired | 59,000 | 59,000 | $ 59,000 | ||
Unaudited Pro Forma Summary Of Financial Information | |||||
Fair Value Inputs Long Term Revenue Growth Rate | 1.00% | ||||
Discount Rates | 9.20% | ||||
BonnevilleSwap [Member] | Adjustment [Member] | |||||
Purchase price allocation [Abstract] | |||||
Total intangible assets | $ (689) | ||||
BonnevilleSwap [Member] | Accounts Receivable [Member] | |||||
Purchase price allocation [Abstract] | |||||
Total current assets | 4,175 | 4,175 | 4,864 | ||
BonnevilleSwap [Member] | Accounts Receivable [Member] | Adjustment [Member] | |||||
Purchase price allocation [Abstract] | |||||
Total current assets | 689 | ||||
BonnevilleSwap [Member] | Unfavorable lease liability [Member] | |||||
Purchase price allocation [Abstract] | |||||
Other long-term liabilities | $ 323 | 323 | 323 | ||
BonnevilleSwap [Member] | Furniture and equipment [Member] | |||||
Purchase price allocation [Abstract] | |||||
Total tangible assets | 121 | 121 | |||
BonnevilleSwap [Member] | Equipment [Member] | |||||
Purchase price allocation [Abstract] | |||||
Total tangible assets | 1,012 | 1,012 | |||
BonnevilleSwap [Member] | Radio Broadcasting Licences [Member] | |||||
Purchase price allocation [Abstract] | |||||
Total intangible assets | 53,371 | 53,057 | |||
BonnevilleSwap [Member] | Radio Broadcasting Licences [Member] | Adjustment [Member] | |||||
Purchase price allocation [Abstract] | |||||
Total intangible assets | (314) | ||||
BonnevilleSwap [Member] | Goodwill [Member] | |||||
Purchase price allocation [Abstract] | |||||
Total intangible assets | 641 | 266 | |||
BonnevilleSwap [Member] | Goodwill [Member] | Adjustment [Member] | |||||
Purchase price allocation [Abstract] | |||||
Total intangible assets | (375) | ||||
BonnevilleSwap [Member] | Advertiser lists and customer relationships [Member] | |||||
Purchase price allocation [Abstract] | |||||
Total intangible assets | 1 | 1 | |||
BonnevilleSwap [Member] | Trademarks [Member] | |||||
Purchase price allocation [Abstract] | |||||
Total intangible assets | $ 2 | 2 | |||
KOSI [Member] | |||||
Unaudited Pro Forma Summary Of Financial Information | |||||
Expected gain on sale of station | 1,500 | ||||
AHFS [Member] | |||||
Purchase price allocation [Abstract] | |||||
Total intangible assets | 1,397 | ||||
Total assets | 6,106 | ||||
Property Plant And Equipment Net | 4,709 | ||||
Depreciation | 796 | ||||
AHFS [Member] | Radio Broadcasting Licences [Member] | |||||
Purchase price allocation [Abstract] | |||||
Total intangible assets | 1,397 | ||||
AHFS [Member] | Goodwill [Member] | |||||
Purchase price allocation [Abstract] | |||||
Total intangible assets | 0 | ||||
AHFS [Member] | Other Noncurrent Assets [Member] | |||||
Purchase price allocation [Abstract] | |||||
Total intangible assets | 0 | ||||
Property, Plant and Equipment, Gross | 5,505 | ||||
AHFS [Member] | Other Noncurrent Assets [Member] | Leasehold improvements [Member] | |||||
Purchase price allocation [Abstract] | |||||
Property, Plant and Equipment, Gross | 0 | ||||
AHFS [Member] | Other Noncurrent Assets [Member] | Equipment [Member] | |||||
Purchase price allocation [Abstract] | |||||
Property, Plant and Equipment, Gross | 497 | ||||
AHFS [Member] | Other Noncurrent Assets [Member] | Land [Member] | |||||
Purchase price allocation [Abstract] | |||||
Property, Plant and Equipment, Gross | 3,972 | ||||
AHFS [Member] | Other Noncurrent Assets [Member] | Building [Member] | |||||
Purchase price allocation [Abstract] | |||||
Property, Plant and Equipment, Gross | $ 1,036 |
PERPETUAL CUMULATIVE CONVERTI82
PERPETUAL CUMULATIVE CONVERTIBALE PREFERRED STOCK (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Preferred Units [Line Items] | |||
Convertible Preferred Stock Shares Issued Upon Conversion | 1,900,000 | ||
Preferred Stock to Cash Redemption Percentage | 100.00% | ||
Shares Issued Price Per Share | $ 14.35 | ||
Preferred Stock Carrying Value [Abstract] | |||
Preferred Stock, Shares Issued | 11 | 0 | |
Acquisition Price Paid Using Convertible Preferred Stock | $ 27,500 | $ 0 | |
Payment of fees associated with the issuance of preferred stock | (220) | 0 | $ 0 |
Accrued Preferred Stock Dividend | 339 | 0 | |
Perpetual Convertible Preferred Stock, Value, Issued | $ 27,619 | $ 0 | |
DividendsPayableAmountPerShare | $ 37,500 | ||
Maximum [Member] | |||
Preferred Units [Line Items] | |||
Preferred Stock Dividend Rate [Percentage] | 12.00% | ||
Minimum [Member] | |||
Preferred Units [Line Items] | |||
Preferred Stock Dividend Rate [Percentage] | 6.00% |
CONTINGENCIES AND COMMITMENTS83
CONTINGENCIES AND COMMITMENTS (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments And Contingencies Disclosure Abstract | ||||
Letter of credit requirement | $ 670,000 | $ 620,000 | ||
FCC' s fine single Incident | 325,000 | |||
FCC's maximum fine | 3,000,000 | |||
Rental Expense for office and broadcasting facilities | 16,116,000 | $ 14,556,000 | $ 13,226,000 | |
Payments for legal settlements | $ 1,000,000 | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||
Total commitments 2016 | 99,597,000 | |||
Total commitments 2017 | 50,356,000 | |||
Total commitments 2018 | 25,400,000 | |||
Total commitments 2019 | 15,982,000 | |||
Total commitments 2020 | 11,400,000 | |||
Thereafter | 38,250,000 | |||
Total | 240,985,000 | |||
Operating Leases | ||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||
Total commitments 2016 | 17,167,000 | |||
Total commitments 2017 | 17,174,000 | |||
Total commitments 2018 | 14,552,000 | |||
Total commitments 2019 | 12,935,000 | |||
Total commitments 2020 | 9,903,000 | |||
Thereafter | 28,301,000 | |||
Total | 100,032,000 | |||
Programming And Related Contracts | ||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||
Total commitments 2016 | 81,589,000 | |||
Total commitments 2017 | 32,317,000 | |||
Total commitments 2018 | 9,957,000 | |||
Total commitments 2019 | 2,129,000 | |||
Total commitments 2020 | 551,000 | |||
Thereafter | 258,000 | |||
Total | 126,801,000 | |||
Sale Leaseback Operating Lease [Member] | ||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||
Total commitments 2016 | 841,000 | |||
Total commitments 2017 | 865,000 | |||
Total commitments 2018 | 891,000 | |||
Total commitments 2019 | 918,000 | |||
Total commitments 2020 | 946,000 | |||
Thereafter | 9,691,000 | |||
Total | 14,152,000 | |||
Unfavorable Contract Liabilities [Member] | ||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||
Total commitments 2016 | 1,041,000 | |||
Total commitments 2017 | 875,000 | |||
Total commitments 2018 | 295,000 | |||
Total commitments 2019 | 167,000 | |||
Total commitments 2020 | 147,000 | |||
Thereafter | 518,000 | |||
Total | $ 3,043,000 |
GUARANTOR - Condensed Balance S
GUARANTOR - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets Abstract | ||||
Current Assets | $ 106,065 | $ 110,004 | ||
Property And Equipment - Net | 57,993 | 44,662 | ||
Deferred Charges And Other Assets - Net | 11,934 | 13,239 | ||
Investments In Affiliates Subsidiaries Associates And Joint Ventures | 0 | 0 | ||
Assets | 1,022,108 | 926,615 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Liabilities Current | 68,601 | 30,761 | ||
Liabilities Noncurrent | 564,438 | 566,833 | ||
Liabilities, Total | 633,039 | 597,594 | ||
Perpetual Convertible Preferred Stock, Value, Issued | 27,619 | 0 | ||
Stockholders Equity Abstract | ||||
Common Stock Value | 397 | 391 | ||
Additional Paid In Capital Common Stock | 611,754 | 608,515 | ||
Retained Earnings Accumulated Deficit | (250,701) | (279,885) | ||
Accumulated Other Comprehensive Income Loss Net Of Tax | 0 | 0 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 361,450 | 329,021 | $ 298,393 | $ 269,494 |
Liabilities And Stockholders Equity | 1,022,108 | 926,615 | ||
Parent Company [Member] | ||||
Assets Abstract | ||||
Current Assets | 7,289 | 6,446 | ||
Property And Equipment - Net | 472 | 495 | ||
Deferred Charges And Other Assets - Net | 3,807 | 2,233 | ||
Investments In Affiliates Subsidiaries Associates And Joint Ventures | 424,493 | 360,091 | ||
Assets | 436,061 | 369,265 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Liabilities Current | 19,631 | 14,041 | ||
Liabilities Noncurrent | 27,361 | 26,203 | ||
Liabilities, Total | 46,992 | 40,244 | ||
Perpetual Convertible Preferred Stock, Value, Issued | 27,619 | 0 | ||
Stockholders Equity Abstract | ||||
Common Stock Value | 397 | 391 | ||
Additional Paid In Capital Common Stock | 611,754 | 608,515 | ||
Retained Earnings Accumulated Deficit | (250,701) | (279,885) | ||
Accumulated Other Comprehensive Income Loss Net Of Tax | 0 | 0 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 361,450 | 329,021 | $ 298,393 | $ 269,494 |
Liabilities And Stockholders Equity | $ 436,061 | $ 369,265 |
GUARANTOR - Condensed Income St
GUARANTOR - Condensed Income Statement (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
NET REVENUES | $ 117,704,000 | $ 114,662,000 | $ 100,592,000 | $ 78,420,000 | $ 101,513,000 | $ 99,840,000 | $ 100,201,000 | $ 78,235,000 | $ 411,378,000 | $ 379,789,000 | $ 377,618,000 |
Operating Expenses Abstract | |||||||||||
Depreciation Depletion And Amortization | 8,419,000 | 7,794,000 | 8,545,000 | ||||||||
General and Administrative Expense | 26,479,000 | 26,572,000 | 24,381,000 | ||||||||
Acquisition Costs | 6,836,000 | 1,042,000 | 0 | ||||||||
Net (gain) loss on sale or disposal of assets | (2,364,000) | (379,000) | (1,321,000) | ||||||||
Operating Expenses | 325,796,000 | 294,213,000 | 285,051,000 | ||||||||
Operating Income Loss | 32,555,000 | 23,159,000 | 20,615,000 | 9,253,000 | 28,531,000 | 21,205,000 | 23,916,000 | 11,924,000 | 85,582,000 | 85,576,000 | 92,567,000 |
Other income | 0 | 0 | (165,000) | ||||||||
TOTAL OTHER (INCOME) EXPENSE | 37,961,000 | 38,842,000 | 44,067,000 | ||||||||
INCOME (LOSS) BEFORE INCOME TAXES (BENEFIT) | 47,621,000 | 46,734,000 | 48,500,000 | ||||||||
Income Tax Expense (Benefit) | 18,437,000 | 19,911,000 | 22,476,000 | ||||||||
Net Income (Loss) Attributable to Parent | 14,088,000 | 8,442,000 | 6,747,000 | (93,000) | 10,850,000 | 6,473,000 | 8,137,000 | 1,363,000 | 29,184,000 | 26,823,000 | 26,024,000 |
Preferred stock dividend | 752,000 | 0 | 0 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 13,675,000 | $ 8,103,000 | $ 6,747,000 | $ (93,000) | $ 10,850,000 | $ 6,473,000 | $ 8,137,000 | $ 1,363,000 | 28,432,000 | 26,823,000 | 26,024,000 |
Parent Company [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
NET REVENUES | 1,536,000 | 1,309,000 | 615,000 | ||||||||
Operating Expenses Abstract | |||||||||||
Depreciation Depletion And Amortization | 1,123,000 | 1,217,000 | 1,122,000 | ||||||||
General and Administrative Expense | 26,395,146.06 | 26,463,178.27 | 24,229,000 | ||||||||
Acquisition Costs | 6,835,853.94 | 1,041,821.73 | 0 | ||||||||
Net (gain) loss on sale or disposal of assets | (600,744) | (600,744) | (1,954,282.62) | ||||||||
Operating Expenses | 33,753,256 | 28,121,256 | 23,396,717.38 | ||||||||
Operating Income Loss | (32,217,256) | (26,812,256) | (22,781,717.38) | ||||||||
Net interest expense, including amortization of deferred financing expense | 0 | 15,000 | 1,000 | ||||||||
Other income | 0 | 0 | 0 | ||||||||
Income from equity investment in subsidiaries | (79,838,256) | (73,561,256) | (71,117,717.38) | ||||||||
TOTAL OTHER (INCOME) EXPENSE | (79,838,256) | (73,546,256) | (71,281,717.38) | ||||||||
INCOME (LOSS) BEFORE INCOME TAXES (BENEFIT) | 47,621,000 | 46,734,000 | 48,500,000 | ||||||||
Income Tax Expense (Benefit) | 18,437,000 | 19,911,000 | 22,476,000 | ||||||||
Net Income (Loss) Attributable to Parent | 29,184,000 | 26,823,000 | 26,024,000 | ||||||||
Preferred stock dividend | 752,000 | 0 | 0 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 28,432,000 | $ 26,823,000 | $ 26,024,000 |
GUARANTOR - Condensed Sharehold
GUARANTOR - Condensed Shareholder's Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Opening Balance VALUE | $ 329,021 | $ 298,393 | $ 329,021 | $ 298,393 | $ 269,494 | ||||||
Net income (loss) | $ 14,088 | $ 8,442 | $ 6,747 | (93) | $ 10,850 | $ 6,473 | $ 8,137 | 1,363 | 29,184 | 26,823 | 26,024 |
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures | 5,524 | 5,232 | 4,270 | ||||||||
Issuance of common stock related to an incentive plan VALUE | 0 | 0 | 0 | ||||||||
Common stock repurchase VALUE | 0 | 0 | 0 | ||||||||
Purchase of vested employee restricted stock units | $ (1,562) | $ (1,514) | $ (1,640) | ||||||||
Purchase of vested employee restricted stock units SHARES | (132,000) | (142,000) | (186,000) | ||||||||
Forfeitures of dividend equivalents VALUE | $ 0 | $ 5 | $ 0 | ||||||||
Realization of tax benefit for dividend equivalent payments VALUE | 0 | 0 | |||||||||
Net unrealized gain (loss) on derivatives VALUE | $ 0 | 0 | |||||||||
Exercise of stock options SHARES | 11,750 | ||||||||||
Exercise of stock options VALUE | $ 35 | 82 | 245 | ||||||||
Ending Balance VALUE | $ 361,450 | $ 329,021 | 361,450 | 329,021 | 298,393 | ||||||
PreferredStockDividendsIncomeStatementImpact | 752 | 0 | 0 | ||||||||
Common Class A [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Opening Balance VALUE | $ 319 | $ 313 | $ 319 | $ 313 | $ 312 | ||||||
Opening Balance SHARES | 31,862,294 | 31,308,194 | 31,862,294 | 31,308,194 | 31,226,047 | ||||||
Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures | 738,195 | 638,102 | 96,560 | ||||||||
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures | $ 7 | $ 7 | $ 1 | ||||||||
Stock Issued During Period Shares Employee Stock Purchase Plans | 0 | 0 | 0 | ||||||||
Issuance of common stock related to an incentive plan VALUE | $ 0 | $ 0 | $ 0 | ||||||||
Common stock repurchase SHARES | 0 | 0 | |||||||||
Common stock repurchase VALUE | 0 | $ 0 | $ 0 | ||||||||
Purchase of vested employee restricted stock units | $ (1) | $ (1) | $ (2) | ||||||||
Purchase of vested employee restricted stock units SHARES | (131,688) | (141,502) | (186,038) | ||||||||
Forfeitures of dividend equivalents VALUE | $ 0 | $ 0 | $ 0 | ||||||||
Realization of tax benefit for dividend equivalent payments VALUE | 0 | $ 0 | |||||||||
Net unrealized gain (loss) on derivatives VALUE | $ 0 | $ 0 | |||||||||
Exercise of stock options SHARES | 11,750 | 57,500 | 171,625 | ||||||||
Exercise of stock options VALUE | $ 0 | $ 0 | $ 2 | ||||||||
Ending Balance SHARES | 32,480,551 | 31,862,294 | 32,480,551 | 31,862,294 | 31,308,194 | ||||||
Ending Balance VALUE | $ 325 | $ 319 | $ 325 | $ 319 | $ 313 | ||||||
Common Class B [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Opening Balance VALUE | $ 72 | $ 72 | $ 72 | $ 72 | $ 72 | ||||||
Opening Balance SHARES | 7,197,532 | 7,197,532 | 7,197,532 | 7,197,532 | 7,197,532 | ||||||
Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures | 0 | 0 | 0 | ||||||||
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures | $ 0 | $ 0 | $ 0 | ||||||||
Stock Issued During Period Shares Employee Stock Purchase Plans | 0 | 0 | 0 | ||||||||
Issuance of common stock related to an incentive plan VALUE | $ 0 | $ 0 | $ 0 | ||||||||
Common stock repurchase SHARES | 0 | 0 | |||||||||
Common stock repurchase VALUE | 0 | $ 0 | $ 0 | ||||||||
Purchase of vested employee restricted stock units | $ 0 | $ 0 | $ 0 | ||||||||
Purchase of vested employee restricted stock units SHARES | 0 | 0 | 0 | ||||||||
Forfeitures of dividend equivalents VALUE | $ 0 | $ 0 | $ 0 | ||||||||
Realization of tax benefit for dividend equivalent payments VALUE | 0 | 0 | |||||||||
Net unrealized gain (loss) on derivatives VALUE | $ 0 | $ 0 | $ 0 | ||||||||
Exercise of stock options SHARES | 0 | 0 | 0 | ||||||||
Exercise of stock options VALUE | $ 0 | $ 0 | $ 0 | ||||||||
Ending Balance SHARES | 7,197,532 | 7,197,532 | 7,197,532 | 7,197,532 | 7,197,532 | ||||||
Ending Balance VALUE | $ 72 | $ 72 | $ 72 | $ 72 | $ 72 | ||||||
Additional Paid In Capital [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Opening Balance VALUE | $ 608,515 | $ 604,721 | 608,515 | 604,721 | 601,847 | ||||||
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures | 5,517 | 5,225 | 4,269 | ||||||||
Issuance of common stock related to an incentive plan VALUE | 0 | 0 | 0 | ||||||||
Common stock repurchase VALUE | 0 | 0 | 0 | ||||||||
Purchase of vested employee restricted stock units | (1,561) | (1,513) | (1,638) | ||||||||
Forfeitures of dividend equivalents VALUE | 0 | 0 | 0 | ||||||||
Realization of tax benefit for dividend equivalent payments VALUE | 0 | 0 | |||||||||
Net unrealized gain (loss) on derivatives VALUE | 0 | 0 | 0 | ||||||||
Exercise of stock options VALUE | 35 | 82 | 243 | ||||||||
Ending Balance VALUE | 611,754 | 608,515 | 611,754 | 608,515 | 604,721 | ||||||
PreferredStockDividendsIncomeStatementImpact | 752 | ||||||||||
Retained Earnings [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Opening Balance VALUE | (279,885) | (306,713) | (279,885) | (306,713) | (332,737) | ||||||
Net income (loss) | 29,184 | 26,823 | 26,024 | ||||||||
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures | 0 | 0 | 0 | ||||||||
Issuance of common stock related to an incentive plan VALUE | 0 | 0 | 0 | ||||||||
Common stock repurchase VALUE | 0 | 0 | 0 | ||||||||
Purchase of vested employee restricted stock units | 0 | 0 | 0 | ||||||||
Forfeitures of dividend equivalents VALUE | 0 | 5 | 0 | ||||||||
Realization of tax benefit for dividend equivalent payments VALUE | 0 | 0 | |||||||||
Net unrealized gain (loss) on derivatives VALUE | 0 | 0 | 0 | ||||||||
Exercise of stock options VALUE | 0 | 0 | 0 | ||||||||
Ending Balance VALUE | (250,701) | (279,885) | (250,701) | (279,885) | (306,713) | ||||||
Parent Company [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Opening Balance VALUE | 329,021 | 298,393 | 329,021 | 298,393 | 269,494 | ||||||
Net income (loss) | 29,184 | 26,823 | 26,024 | ||||||||
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures | 5,524 | 5,232 | 4,270 | ||||||||
Purchase of vested employee restricted stock units | (1,562) | (1,514) | (1,640) | ||||||||
Forfeitures of dividend equivalents VALUE | 0 | 5 | 0 | ||||||||
Realization of tax benefit for dividend equivalent payments VALUE | 0 | 0 | |||||||||
Net unrealized gain (loss) on derivatives VALUE | $ 0 | 0 | 0 | ||||||||
Exercise of stock options SHARES | 11,750 | ||||||||||
Exercise of stock options VALUE | $ 35 | 82 | 245 | ||||||||
Ending Balance VALUE | $ 361,450 | $ 329,021 | 361,450 | 329,021 | 298,393 | ||||||
PreferredStockDividendsIncomeStatementImpact | 752 | 0 | 0 | ||||||||
Parent Company [Member] | Common Class A [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Opening Balance VALUE | $ 319 | $ 313 | $ 319 | $ 313 | $ 312 | ||||||
Opening Balance SHARES | 31,862,294 | 31,308,194 | 31,862,294 | 31,308,194 | 31,226,047 | ||||||
Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures | 738,195 | 638,102 | 96,560 | ||||||||
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures | $ 7 | $ 7 | $ 1 | ||||||||
Purchase of vested employee restricted stock units | $ (1) | $ (1) | $ (2) | ||||||||
Purchase of vested employee restricted stock units SHARES | (131,688) | (141,502) | (186,038) | ||||||||
Forfeitures of dividend equivalents VALUE | $ 0 | $ 0 | $ 0 | ||||||||
Realization of tax benefit for dividend equivalent payments VALUE | 0 | 0 | |||||||||
Net unrealized gain (loss) on derivatives VALUE | $ 0 | $ 0 | $ 0 | ||||||||
Exercise of stock options SHARES | 0 | 57,500 | 171,625 | ||||||||
Exercise of stock options VALUE | $ 0 | $ 0 | $ 2 | ||||||||
Ending Balance SHARES | 32,480,551 | 31,862,294 | 32,480,551 | 31,862,294 | 31,308,194 | ||||||
Ending Balance VALUE | $ 325 | $ 319 | $ 325 | $ 319 | $ 313 | ||||||
Parent Company [Member] | Common Class B [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Opening Balance VALUE | $ 72 | $ 72 | $ 72 | $ 72 | $ 72 | ||||||
Opening Balance SHARES | 7,197,532 | 7,197,532 | 7,197,532 | 7,197,532 | 7,197,532 | ||||||
Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures | 0 | 0 | 0 | ||||||||
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures | $ 0 | $ 0 | $ 0 | ||||||||
Purchase of vested employee restricted stock units | $ 0 | $ 0 | $ 0 | ||||||||
Purchase of vested employee restricted stock units SHARES | 0 | 0 | 0 | ||||||||
Forfeitures of dividend equivalents VALUE | $ 0 | $ 0 | $ 0 | ||||||||
Realization of tax benefit for dividend equivalent payments VALUE | 0 | 0 | |||||||||
Net unrealized gain (loss) on derivatives VALUE | 0 | $ 0 | $ 0 | ||||||||
Exercise of stock options SHARES | 0 | 0 | |||||||||
Exercise of stock options VALUE | $ 0 | $ 0 | $ 0 | ||||||||
Ending Balance SHARES | 7,197,532 | 7,197,532 | 7,197,532 | 7,197,532 | 7,197,532 | ||||||
Ending Balance VALUE | $ 72 | $ 72 | $ 72 | $ 72 | $ 72 | ||||||
Parent Company [Member] | Additional Paid In Capital [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Opening Balance VALUE | $ 608,515 | $ 604,721 | 608,515 | 604,721 | 601,847 | ||||||
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures | 5,517 | 5,225 | 4,269 | ||||||||
Purchase of vested employee restricted stock units | (1,561) | (1,513) | (1,638) | ||||||||
Forfeitures of dividend equivalents VALUE | 0 | 0 | 0 | ||||||||
Realization of tax benefit for dividend equivalent payments VALUE | 0 | 0 | |||||||||
Net unrealized gain (loss) on derivatives VALUE | 0 | 0 | 0 | ||||||||
Exercise of stock options VALUE | 35 | 82 | 243 | ||||||||
Ending Balance VALUE | 611,754 | 608,515 | 611,754 | 608,515 | 604,721 | ||||||
PreferredStockDividendsIncomeStatementImpact | 752 | ||||||||||
Parent Company [Member] | Retained Earnings [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Opening Balance VALUE | $ (279,885) | $ (306,713) | (279,885) | (306,713) | (332,737) | ||||||
Net income (loss) | 29,184 | 26,823 | 26,024 | ||||||||
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures | 0 | 0 | 0 | ||||||||
Purchase of vested employee restricted stock units | 0 | 0 | 0 | ||||||||
Forfeitures of dividend equivalents VALUE | 0 | 5 | 0 | ||||||||
Realization of tax benefit for dividend equivalent payments VALUE | 0 | 0 | |||||||||
Net unrealized gain (loss) on derivatives VALUE | 0 | 0 | 0 | ||||||||
Exercise of stock options VALUE | 0 | 0 | 0 | ||||||||
Ending Balance VALUE | $ (250,701) | $ (279,885) | $ (250,701) | $ (279,885) | $ (306,713) |
GUARANTOR - Condensed Cash Flow
GUARANTOR - Condensed Cash Flow (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
OPERATING ACTIVITIES: | |||
Net Cash Provided By Used In Operating Activities | $ 64,790 | $ 65,296 | $ 63,349 |
INVESTING ACTIVITIES: | |||
Additions to property and equipment | (7,043) | (8,408) | (4,325) |
Deferred charges and other assets | $ (1,575) | (800) | (475) |
Proceeds (distributions) from investments in subsidiaries | |||
Net cash provided by (used in) investing activities | $ (91,744) | (7,055) | (4,583) |
FINANCING ACTIVITIES: | |||
Payments of long-term debt | (51,250) | (53,000) | (86,023) |
Proceeds from the exercise of stock options | 35 | 82 | 245 |
Payment of dividend equivalents on vested restricted stock units | (7) | 0 | 0 |
NetCashProvidedByUsedInFinancingActivities | 4,583 | (38,932) | (55,458) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (22,371) | 19,309 | 3,308 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 31,540 | 12,231 | 8,923 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 9,169 | 31,540 | 12,231 |
Payments of Dividends, Common Stock | 413 | 0 | 0 |
Payments Of Stock Issuance Cost | 220 | 0 | 0 |
Parent Company [Member] | |||
OPERATING ACTIVITIES: | |||
Net Cash Provided By Used In Operating Activities | (25,355) | (21,652) | (18,167) |
INVESTING ACTIVITIES: | |||
Additions to property and equipment | (304) | (213) | (146) |
Deferred charges and other assets | (1,142) | (481) | (468) |
Proceeds (distributions) from investments in subsidiaries | 29,030 | 23,610 | 20,208 |
Net cash provided by (used in) investing activities | 27,584 | 22,916 | 19,594 |
FINANCING ACTIVITIES: | |||
Proceeds from the exercise of stock options | 35 | 82 | 245 |
Purchase of vested restricted stock units | 1,562 | 1,514 | 1,640 |
Payment of dividend equivalents on vested restricted stock units | (7) | 0 | 0 |
NetCashProvidedByUsedInFinancingActivities | (2,167) | (1,432) | (1,395) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 62 | (168) | 32 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 133 | 301 | 269 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 195 | 133 | 301 |
Payments of Dividends, Common Stock | (413) | 0 | 0 |
Payments Of Stock Issuance Cost | $ (220) | $ 0 | $ 0 |
SUMMARIZED QUARTERLY FINANCIA88
SUMMARIZED QUARTERLY FINANCIAL DATA - Unaudited (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement Abstract | |||||||||||
Income Tax Expense (Benefit) | $ 18,437 | $ 19,911 | $ 22,476 | ||||||||
Net income (loss) | $ 14,088 | $ 8,442 | $ 6,747 | $ (93) | $ 10,850 | $ 6,473 | $ 8,137 | $ 1,363 | 29,184 | 26,823 | 26,024 |
Earnings Per Share Abstract | |||||||||||
Basic net income (loss) per common share | $ 0.36 | $ 0.21 | $ 0.18 | $ 0 | $ 0.29 | $ 0.17 | $ 0.22 | $ 0.04 | |||
Diluted net income (loss) per common share | $ 0.34 | $ 0.21 | $ 0.17 | $ 0 | $ 0.28 | $ 0.17 | $ 0.21 | $ 0.04 | |||
Quarterly Financial Information Disclosure Abstract | |||||||||||
Sales Revenue, Net | $ 117,704 | $ 114,662 | $ 100,592 | $ 78,420 | $ 101,513 | $ 99,840 | $ 100,201 | $ 78,235 | 411,378 | 379,789 | 377,618 |
Operating Income Loss | 32,555 | 23,159 | 20,615 | 9,253 | 28,531 | 21,205 | 23,916 | 11,924 | 85,582 | 85,576 | 92,567 |
Net Income (Loss) Attributable to Parent | $ 14,088 | $ 8,442 | $ 6,747 | $ (93) | $ 10,850 | $ 6,473 | $ 8,137 | $ 1,363 | $ 29,184 | $ 26,823 | $ 26,024 |
Basic net income (loss) per common share | $ 0.36 | $ 0.21 | $ 0.18 | $ 0 | $ 0.29 | $ 0.17 | $ 0.22 | $ 0.04 | |||
Weighted average basic common shares outstanding | 38,088,000 | 38,076,000 | 38,074,000 | 38,026,000 | 37,779,000 | 37,693,000 | 37,687,000 | 37,660,000 | 38,083,947 | 37,763,353 | 37,417,807 |
Diluted net income (loss) per common share | $ 0.34 | $ 0.21 | $ 0.17 | $ 0 | $ 0.28 | $ 0.17 | $ 0.21 | $ 0.04 | |||
Weighted Average Number Of Diluted Shares Outstanding | 40,974,000 | 38,913,000 | 38,929,000 | 38,026,000 | 38,730,000 | 38,482,000 | 38,446,000 | 38,501,000 | 39,037,623 | 38,664,066 | 38,301,495 |
Changes in broadcasting licenses [Line Items] | |||||||||||
Preferred stock dividend | $ 752 | $ 0 | $ 0 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 13,675 | $ 8,103 | $ 6,747 | $ (93) | $ 10,850 | $ 6,473 | $ 8,137 | $ 1,363 | 28,432 | 26,823 | $ 26,024 |
Radio Broadcasting Licences [Member] | |||||||||||
Changes in broadcasting licenses [Line Items] | |||||||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 0 | $ 0 |