Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 30, 2014 | Mar. 03, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | SAGA COMMUNICATIONS INC | ||
Entity Central Index Key | 886136 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $210,152,282 | ||
Trading Symbol | SGA | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 4,955,806 | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 843,034 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $17,907 | $17,628 |
Accounts receivable, less allowance of $395 ($578 in 2013) | 20,661 | 19,815 |
Prepaid expenses and other current assets | 2,957 | 2,350 |
Barter transactions | 1,217 | 1,263 |
Deferred income taxes | 845 | 1,025 |
Total current assets | 43,587 | 42,081 |
Net property and equipment | 55,187 | 56,337 |
Other assets: | ||
Broadcast licenses, net | 86,762 | 88,460 |
Goodwill | 326 | 0 |
Other intangibles, deferred costs and investments, net of accumulated amortization of $11,796 ($12,205 in 2013) | 6,182 | 6,346 |
Total assets | 192,044 | 193,224 |
Current liabilities: | ||
Accounts payable | 2,133 | 1,962 |
Accrued expenses: | ||
Payroll and payroll taxes | 6,788 | 6,700 |
Other | 2,756 | 2,787 |
Barter transactions | 1,356 | 1,475 |
Current portion of long-term debt | 0 | 1,078 |
Total current liabilities | 13,033 | 14,002 |
Deferred income taxes | 23,786 | 20,571 |
Long-term debt | 36,078 | 45,000 |
Broadcast program rights | 805 | 1,163 |
Other liabilities | 3,097 | 2,787 |
Total liabilities | 76,799 | 83,523 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, 1,500 shares authorized, none issued and outstanding | 0 | 0 |
Additional paid-in capital | 52,496 | 51,456 |
Retained earnings | 91,178 | 86,693 |
Treasury stock (1,489 shares in 2014 and 1,488 in 2013, at cost) | -28,501 | -28,520 |
Total stockholders’ equity | 115,245 | 109,701 |
Total liabilities and stockholders' equity | 192,044 | 193,224 |
Class A Common Stock | ||
Stockholders' equity: | ||
Common stock | 64 | 64 |
Class B Common Stock | ||
Stockholders' equity: | ||
Common stock | $8 | $8 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Allowance for accounts receivable | $395 | $578 |
Accumulated amortization on other intangibles, deferred costs and investments | $11,796 | $12,205 |
Preferred Stock, Shares Authorized | 1,500 | 1,500 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Treasury stock, shares (in shares) | 1,489 | 1,488 |
Common Class A [Member] | ||
Common Stock, par value (in dollars per share) | $0.01 | $0.01 |
Common Stock, Shares Authorized | 35,000 | 35,000 |
Common Stock, Shares, Issued | 6,446 | 6,409 |
Common Class B [Member] | ||
Common Stock, par value (in dollars per share) | $0.01 | $0.01 |
Common Stock, Shares Authorized | 3,500 | 3,500 |
Common Stock, Shares, Issued | 843 | 816 |
Common Stock, Shares, Outstanding | 843 | 816 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net operating revenue | $133,998 | $129,478 | $130,259 |
Operating expenses (income): | |||
Station operating expense | 98,424 | 92,977 | 90,288 |
Corporate general and administrative | 8,901 | 8,172 | 7,960 |
Other operating (income) expense | -1,210 | 0 | 0 |
Impairment of intangible assets | 1,936 | 2,033 | 0 |
Operating Expenses, Total | 108,051 | 103,182 | 98,248 |
Operating income from continuing operations | 25,947 | 26,296 | 32,011 |
Other (income) expenses: | |||
Interest expense | 1,064 | 1,305 | 1,733 |
Write-off debt issuance costs | 0 | 55 | 0 |
Other (income) expenses | -71 | -106 | 279 |
Income from continuing operations before income tax | 24,954 | 25,042 | 29,999 |
Income tax provision: | |||
Current | 6,665 | 7,187 | 7,399 |
Deferred | 3,385 | 2,805 | 4,540 |
Income tax provision | 10,050 | 9,992 | 11,939 |
Income from continuing operations, net of income tax | 14,904 | 15,050 | 18,060 |
Income (loss) from discontinued operations, net of income tax | 0 | 223 | -135 |
Net income | $14,904 | $15,273 | $17,925 |
Basic earnings (loss) per share | |||
From continuing operations | $2.57 | $2.62 | $3.19 |
From discontinued operations | $0 | $0.04 | ($0.02) |
Basic earnings per share | $2.57 | $2.66 | $3.17 |
Weighted average common shares | 5,700 | 5,681 | 5,659 |
Diluted earnings (loss) per share | |||
From continuing operations | $2.55 | $2.60 | $3.18 |
From discontinued operations | $0 | $0.04 | ($0.02) |
Diluted earnings per share | $2.55 | $2.64 | $3.16 |
Weighted average common and common equivalent shares | 5,753 | 5,745 | 5,672 |
Dividends declared per share | $1.80 | $1.80 | $1.24 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Class A [Member] | Common Class B [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] |
In Thousands, except Share data | ||||||
Balance at Dec. 31, 2011 | $92,975 | $64 | $8 | $50,662 | $70,831 | ($28,590) |
Balance, shares at Dec. 31, 2011 | 6,359,000 | 797,000 | ||||
Net income | 17,925 | 17,925 | ||||
Net proceeds from exercised options | 267 | 267 | ||||
Net proceeds from exercised options (in shares) | 10,000 | |||||
Dividends declared per common share | -7,010 | -7,010 | ||||
Compensation expense related to restricted stock awards | 110 | 110 | ||||
Share-based compensation cost | 22 | 22 | ||||
Purchase of shares held in treasury | -80 | -80 | ||||
Balance at Dec. 31, 2012 | 104,209 | 64 | 8 | 51,061 | 81,746 | -28,670 |
Balance, shares at Dec. 31, 2012 | 6,369,000 | 797,000 | ||||
Net income | 15,273 | 15,273 | ||||
Conversion of shares from Class B to Class A | 0 | |||||
Conversion of shares from Class B to Class A (in shares) | 1,000 | -1,000 | ||||
Issuance of restricted stock | 0 | |||||
Issuance of restricted stock (in shares) | 30,000 | 20,000 | ||||
Net proceeds from exercised options | 275 | 275 | ||||
Net proceeds from exercised options (in shares) | 9,000 | |||||
Dividends declared per common share | -10,326 | -10,326 | ||||
Compensation expense related to restricted stock awards | 135 | 135 | ||||
Purchase of shares held in treasury | -95 | -95 | ||||
401(k) plan contribution | 230 | -15 | 245 | |||
Balance at Dec. 31, 2013 | 109,701 | 64 | 8 | 51,456 | 86,693 | -28,520 |
Balance, shares at Dec. 31, 2013 | 6,409,000 | 816,000 | ||||
Net income | 14,904 | 14,904 | ||||
Conversion of shares from Class B to Class A (in shares) | 3,000 | -3,000 | ||||
Issuance of restricted stock (in shares) | 27,000 | 30,000 | ||||
Net proceeds from exercised options | 244 | 244 | ||||
Net proceeds from exercised options (in shares) | 7,000 | |||||
Dividends declared per common share | -10,419 | -10,419 | ||||
Compensation expense related to restricted stock awards | 826 | 826 | ||||
Purchase of shares held in treasury | -254 | -254 | ||||
401(k) plan contribution | 243 | -30 | 273 | |||
Balance at Dec. 31, 2014 | $115,245 | $64 | $8 | $52,496 | $91,178 | ($28,501) |
Balance, shares at Dec. 31, 2014 | 6,446,000 | 843,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income | $14,904 | $15,273 | $17,925 |
Income (loss) from discontinued operations, net of tax | 0 | 223 | -135 |
Income from continuing operations | 14,904 | 15,050 | 18,060 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 6,702 | 6,768 | 6,858 |
Deferred income taxes | 3,385 | 2,805 | 4,540 |
Impairment of intangible assets | 1,936 | 2,033 | 0 |
Broadcast program rights amortization | 637 | 637 | 614 |
Amortization of deferred costs | 187 | 204 | 231 |
Compensation expense related to restricted stock awards | 826 | 135 | 110 |
(Gain) loss on sale of assets | -1,281 | -126 | 221 |
Other (gains) losses, net | 0 | 20 | 59 |
Share-based compensation expense | 0 | 0 | 22 |
Barter revenue, net | -208 | -11 | -294 |
Deferred and other compensation | -129 | 19 | 3 |
Write-off of debt issuance costs | 0 | 55 | 0 |
Income tax expense (benefit) on exercise of options | 10 | -13 | 0 |
Changes in assets and liabilities: | |||
Decrease (increase) in receivables and prepaid expenses | -1,521 | 160 | -742 |
Payments for broadcast program rights | -627 | -628 | -626 |
(Decrease) increase in accounts payable, accrued expenses, and other liabilities | 595 | -396 | 1,850 |
Total adjustments | 10,512 | 11,662 | 12,846 |
Net cash provided by continuing operating activities | 25,416 | 26,712 | 30,906 |
Net cash provided by discontinued operating activities | 0 | 0 | 49 |
Net cash provided by operating activities | 25,416 | 26,712 | 30,955 |
Cash flows from investing activities: | |||
Acquisition of property and equipment | -5,524 | -5,152 | -4,809 |
Proceeds from sale and disposal of assets | 90 | 792 | 42 |
Proceeds from sale of networks | 1,640 | 0 | 0 |
Proceeds from sale of television station | 0 | 2,960 | 0 |
Acquisition of broadcast properties | -903 | 0 | 0 |
Other investing activities | -11 | -410 | -157 |
Net cash used in continuing investing activities | -4,708 | -1,810 | -4,924 |
Net cash used in discontinued investing activities | 0 | 0 | -34 |
Net cash used in investing activities | -4,708 | -1,810 | -4,958 |
Cash flows from financing activities: | |||
Payments on long-term debt | -10,000 | -12,750 | -10,250 |
Cash dividends paid | -10,419 | -10,326 | -7,010 |
Payments for debt issuance costs | 0 | -289 | 0 |
Other financing activities | -10 | 176 | 187 |
Net cash used in financing activities | -20,429 | -23,189 | -17,073 |
Net increase in cash and cash equivalents | 279 | 1,713 | 8,924 |
Cash and cash equivalents, beginning of year | 17,628 | 15,915 | 6,991 |
Cash and cash equivalents, end of year | $17,907 | $17,628 | $15,915 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||
Summary of Significant Accounting Policies | 1. | Summary of Significant Accounting Policies | ||||||||||||
Nature of Business | ||||||||||||||
Saga Communications, Inc. is a broadcasting company whose business is devoted to acquiring, developing and operating broadcast properties. As of December 31, 2014 we owned or operated ninety-two radio stations, four television stations, five low-power television stations and one radio information network serving twenty-five markets throughout the United States. | ||||||||||||||
Basis of Presentation | ||||||||||||||
On January 16, 2013 the Company consummated a four-for-three stock split of its Class A and Class B Common Stock, to shareholders of record as of the close of business on December 28, 2012. The stock split increased the Company’s issued and outstanding shares of common stock from 3,659,753 shares of Class A Common Stock and 597,504 shares of Class B Common Stock to 4,879,186 and 796,672 shares, respectively. | ||||||||||||||
All share and per share information in the accompanying financial statements for periods prior to the split have been restated retroactively to reflect the stock split. The common stock and additional paid-in capital accounts reflect the retroactive capitalization of the four-for-three stock split. | ||||||||||||||
Principles of Consolidation | ||||||||||||||
The consolidated financial statements include the accounts of Saga Communications, Inc. and our wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. | ||||||||||||||
Use of Estimates | ||||||||||||||
The preparation of the financial statements in conformity with accounting principles generally accepted in the United States (GAAP) requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. While we do not believe that the ultimate settlement of any amounts reported will materially affect our financial position or results of future operations, actual results may differ from estimates provided. | ||||||||||||||
Concentration of Risk | ||||||||||||||
Our top six markets when combined represented 43 %, 44 % and 44 % of our net operating revenue for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||
We sell advertising to local and national companies throughout the United States. We perform ongoing credit evaluations of our customers and generally do not require collateral. We maintain an allowance for doubtful accounts at a level which we believe is sufficient to cover potential credit losses. | ||||||||||||||
Cash and Cash Equivalents | ||||||||||||||
Cash and cash equivalents consist of cash on hand and time deposits with original maturities of three months or less. We did not have any time deposits at December 31, 2014 and 2013. | ||||||||||||||
Financial Instruments | ||||||||||||||
Our financial instruments are comprised of cash and cash equivalents, accounts receivable, accounts payable and long-term debt. The carrying value of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to their short maturities. The carrying value of long-term debt approximates fair value as it carries interest rates that either fluctuate with the euro-dollar rate, prime rate or have been reset at the prevailing market rate at December 31, 2014. | ||||||||||||||
Allowance for Doubtful Accounts | ||||||||||||||
A provision for doubtful accounts is recorded based on our judgment of the collectability of receivables. Amounts are written off when determined to be fully uncollectible. Delinquent accounts are based on contractual terms. The activity in the allowance for doubtful accounts during the years ended December 31, 2014, 2013 and 2012 was as follows: | ||||||||||||||
Write Off of | ||||||||||||||
Balance | Charged to | Uncollectible | Balance at | |||||||||||
at Beginning | Costs and | Accounts, Net of | End of | |||||||||||
Year Ended | of Period | Expenses | Recoveries | Period | ||||||||||
(In thousands) | ||||||||||||||
31-Dec-14 | $ | 578 | $ | 139 | $ | -322 | $ | 395 | ||||||
31-Dec-13 | $ | 577 | $ | 293 | $ | -292 | $ | 578 | ||||||
31-Dec-12 | $ | 794 | $ | 134 | $ | -351 | $ | 577 | ||||||
Barter Transactions | ||||||||||||||
Our radio and television stations trade air time for goods and services used principally for promotional, sales and other business activities. An asset and a liability are recorded at the fair market value of goods or services received. Barter revenue is recorded when commercials are broadcast, and barter expense is recorded when goods or services received are used. | ||||||||||||||
Property and Equipment | ||||||||||||||
Property and equipment are carried at cost. Expenditures for maintenance and repairs are expensed as incurred. When property and equipment is sold or otherwise disposed of, the related cost and accumulated depreciation is removed from the respective accounts and the gain or loss realized on disposition is reflected in earnings. Depreciation is provided using the straight-line method based on the estimated useful life of the assets. We review our property and equipment for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of these assets is measured by comparison of their carrying amounts to future undiscounted cash flows the assets are expected to generate. If the assets are considered to be impaired, the impairment to be recognized equals the amount by which the carrying value of the assets exceeds its fair market value. We did not record any impairment of property and equipment during 2014, 2013 and 2012. | ||||||||||||||
Property and equipment consisted of the following: | ||||||||||||||
Estimated | December 31, | |||||||||||||
Useful Life | 2014 | 2013 | ||||||||||||
(In thousands) | ||||||||||||||
Land and land improvements | — | $ | 11,026 | $ | 10,984 | |||||||||
Buildings | 31.5 years | 33,275 | 32,378 | |||||||||||
Towers and antennae | 7-15 years | 26,191 | 25,761 | |||||||||||
Equipment | 3-15 years | 79,216 | 77,908 | |||||||||||
Furniture, fixtures and leasehold improvements | 7-20 years | 8,104 | 7,926 | |||||||||||
Vehicles | 5 years | 3,790 | 3,805 | |||||||||||
161,602 | 158,762 | |||||||||||||
Accumulated depreciation | -106,415 | -102,425 | ||||||||||||
Net property and equipment | $ | 55,187 | $ | 56,337 | ||||||||||
Depreciation expense for the years ended December 31, 2014, 2013 and 2012 was $6,648,000, $6,716,000 and $6,805,000, respectively. | ||||||||||||||
Intangible Assets | ||||||||||||||
Intangible assets deemed to have indefinite useful lives, which include broadcast licenses, are not amortized and are subject to impairment tests which are conducted as of October 1 of each year, or more frequently if impairment indicators arise. | ||||||||||||||
We have 99 broadcast licenses serving 25 markets, some of which are currently under renewal, while others require renewal over the period of 2015-2022. In determining that the Company’s broadcast licenses qualified as indefinite-lived intangible assets, management considered a variety of factors including our broadcast licenses may be renewed indefinitely at little cost; our broadcast licenses are essential to our business and we intend to renew our licenses indefinitely; we have never been denied the renewal of an FCC broadcast license nor do we believe that there will be any compelling challenge to the renewal of our broadcast licenses; and we do not believe that the technology used in broadcasting will be replaced by another technology in the foreseeable future. | ||||||||||||||
Separable intangible assets that have finite lives are amortized over their useful lives using the straight-line method. Favorable lease agreements are amortized over the leases ranging from 4 to 26 years. Other intangibles are amortized over one to eleven years. | ||||||||||||||
Deferred Costs | ||||||||||||||
The costs related to the issuance of debt are capitalized and amortized to interest expense over the life of the debt. During the years ended December 31, 2014, 2013 and 2012, we recognized interest expense related to the amortization of debt issuance costs of $187,000 , $204,000 and $231,000, respectively. In 2013 we also wrote-off unamortized debt issuance costs of $55,000, pre-tax, in connection with an amendment to our credit facility. See Note 4 – Long-Term Debt. | ||||||||||||||
At December 31, 2014 and 2013 the net book value of deferred costs was $636,000, and $823,000, respectively, and was presented in Other intangibles, deferred costs and investments in our Consolidated Balance Sheets. | ||||||||||||||
Broadcast Program Rights | ||||||||||||||
We record the capitalized costs of broadcast program rights when the license period begins and the programs are available for use. Amortization of the program rights is recorded using the straight-line method over the license period or based on the number of showings. Amortization of broadcast program rights is included in station operating expense. Unamortized broadcast program rights are classified as current or non-current based on terms of the syndication agreements and estimated usage in future years. | ||||||||||||||
Treasury Stock | ||||||||||||||
In March 2013, our board of directors authorized an increase in the amount committed to our Stock Buy-Back Program (the “Buy-Back Program”) from $60 million to $75.8 million. The Buy-Back Program allows us to repurchase our Class A Common Stock. As of December 31, 2014, we had remaining authorization of $29.7 million for future repurchases of our Class A Common Stock. | ||||||||||||||
Repurchases of shares of our Common Stock are recorded as Treasury stock and result in a reduction of Stockholders’ equity. During 2014, 2013 and 2012, we acquired 6,165 shares at an average price of $41.15 per share, 2,179 shares at an average price of $43.98 per share and 2,924 shares at an average price of $27.30 per share, respectively. | ||||||||||||||
Revenue Recognition | ||||||||||||||
Revenue from the sale of commercial broadcast time to advertisers is recognized when commercials are broadcast. Revenue is reported net of advertising agency commissions. Agency commissions, when applicable are based on a stated percentage applied to gross billing. All revenue is recognized in accordance with the Securities and Exchange Commission’s (“SEC”) Staff Accounting Bulletin (“SAB”) No. 104, Topic 13, Revenue Recognition Revised and Updated and The Accounting Standards Codification (ASC) Topic 605, Revenue Recognition. | ||||||||||||||
Time Brokerage Agreements/Local Marketing Agreements | ||||||||||||||
We have entered into Time Brokerage Agreements (“TBA’s”) or Local Marketing Agreements (“LMA’s”) in certain markets. In a typical TBA/LMA, the FCC licensee of a station makes available, for a fee, blocks of air time on its station to another party that supplies programming to be broadcast during that air time and sells its own commercial advertising announcements during the time periods specified. Revenue and expenses related to TBA’s/LMA’s are included in the accompanying Consolidated Statements of Income. Assets and liabilities related to the TBA’s/LMA’s are included in the accompanying Consolidated Balance Sheets. | ||||||||||||||
Advertising and Promotion Costs | ||||||||||||||
Advertising and promotion costs are expensed as incurred. Such costs amounted to $3,056,000, $3,225,000 and $3,182,000 for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||
Income Taxes | ||||||||||||||
Deferred tax assets and liabilities are determined based on temporary differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Our effective tax rate is higher than the federal statutory rate as a result of the inclusion of state taxes in the income tax amount. | ||||||||||||||
Dividends | ||||||||||||||
On December 3, 2014 the Company’s Board of Directors declared a quarterly cash dividend of $0.20 per share and a special cash dividend of $1.20 per share on its Classes A and B Common Stock. This dividend totaling $8.2 million was paid on December 29, 2014 to shareholders of record on December 15, 2014. | ||||||||||||||
On September 23, 2014 the Company’s Board of Directors declared a quarterly cash dividend of $0.20 per share on its Classes A and B Common Stock. This dividend totaling $1.1 million was paid on October 17, 2014 to shareholders of record on October 3, 2014. | ||||||||||||||
On June 30, 2014 the Company’s Board of Directors declared a quarterly cash dividend of $0.20 per share on its Classes A and B Common Stock. This dividend totaling $1.1 million was paid on July 25, 2014 to shareholders of record on July 11, 2014. | ||||||||||||||
On November 21, 2013 the Company’s Board of Directors declared a special cash dividend of $1.80 per share on its Classes A and B Common Stock. This dividend totaling $10.3 million was paid on December 12, 2013 to shareholders of record on December 2, 2013. | ||||||||||||||
On October 2, 2012 the Company’s Board of Directors declared a special cash dividend of $1.24 per share on its Classes A and B Common Stock. This dividend totaling $7.0 million was paid on December 3, 2012 to shareholders of record on November 15, 2012. | ||||||||||||||
Stock-Based Compensation | ||||||||||||||
Stock-based compensation cost for stock option awards is estimated on the date of grant using a Black-Scholes valuation model and is expensed on a straight-line method over the vesting period of the options. Stock-based compensation expense is recognized net of estimated forfeitures. The fair value of restricted stock awards is determined based on the closing market price of the Company’s Class A Common Stock on the grant date and is adjusted at each reporting date based on the amount of shares ultimately expected to vest. See Note 7 — Stock-Based Compensation for further details regarding the expense calculated under the fair value based method. | ||||||||||||||
Earnings Per Share | ||||||||||||||
Earnings per share is calculated using the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security. The Company has participating securities related to restricted stock units, granted under the Company’s Second Amended and Restated 2005 Incentive Compensation Plan, that earn dividends on an equal basis with common shares. In applying the two-class method, earnings are allocated to both common shares and participating securities. | ||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | ||||||||||||||
Years Ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
(In thousands, except per share data) | ||||||||||||||
Numerator: | ||||||||||||||
Net income | $ | 14,904 | $ | 15,273 | $ | 17,925 | ||||||||
Less: Net income allocated to unvested participating securities | 234 | 135 | — | |||||||||||
Net income available to common stockholders | $ | 14,670 | $ | 15,138 | $ | 17,925 | ||||||||
Denominator: | ||||||||||||||
Denominator for basic earnings per share-weighted average shares | 5,700 | 5,681 | 5,659 | |||||||||||
Effect of dilutive securities: | ||||||||||||||
Stock options | 53 | 64 | 13 | |||||||||||
Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions | 5,753 | 5,745 | 5,672 | |||||||||||
Basic earnings per share | $ | 2.57 | $ | 2.66 | $ | 3.17 | ||||||||
Diluted earnings per share | $ | 2.55 | $ | 2.64 | $ | 3.16 | ||||||||
The number of stock options outstanding that had an antidilutive effect on our earnings per share calculation, and therefore have been excluded from dilutive earnings per share calculation, was 45,000, 13,000 and 93,000 for the years ended December 31, 2014, 2013, and 2012, respectively. The actual effect of these shares, if any, on the diluted earnings per share calculation will vary significantly depending on fluctuations in the stock price. | ||||||||||||||
Recently Adopted Accounting Pronouncements | ||||||||||||||
In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, to change the criteria for determining which disposals can be presented as discontinued operations and to enhance the related disclosure requirements for discontinued operations. We early adopted ASU 2014-08 in our fourth quarter of 2014 and applied the new guidance in accounting for the sale of the Michigan Radio Network, the Michigan Farm Network, the Minnesota News Network and the Minnesota Farm Network. We determined that the sale of our networks did not represent a strategic shift that will have a major effect on our operations and financial results, and accordingly it was not reported as a discontinued operation. | ||||||||||||||
Recent Accounting Pronouncements | ||||||||||||||
In August 2014, the FASB issued Accounting Standards Update No. 2014-15, “Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”), which requires management to evaluate, at each annual and interim reporting period, whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern and provide related disclosures. ASU 2014-15 is effective for the first interim period within annual reporting periods beginning after December 15, 2016 and is not expected to have a material impact on the Company’s consolidated financial statements. | ||||||||||||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. This new standard provides guidance for the recognition, measurement and disclosure of revenue resulting from contracts with customers and will supersede virtually all of the current revenue recognition guidance under GAAP. The standard is effective for the first interim period within annual reporting periods beginning after December 15, 2016. The Company is currently evaluating the impact of the provisions of this new standard on our consolidated financial statements. | ||||||||||||||
In July 2013, the FASB issued ASU No. 2013-11, Presentation of Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, an amendment to FASB ASC Topic 740, Income Taxes. This amendment requires the netting of unrecognized tax benefits against a deferred tax asset for a loss or other carryforward that would apply in the settlement of uncertain tax positions. This amendment was adopted on January 1, 2014 and did not have a material impact on our consolidated financial statements. | ||||||||||||||
In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-04, Obligations Resulting from Joint and Several Liability Arrangements Which the Total Amount of the Obligation is Fixed at the Reporting Date, an amendment to FASB ASC Topic 405, Liabilities. This update provides guidance on the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements, including debt arrangements, other contractual obligations, and settled litigation and judicial rulings, for which the total amount of the obligation is fixed at the reporting date. This amendment was adopted on January 1, 2014 and did not have a material impact on our consolidated financial statements. | ||||||||||||||
Broadcast_Licenses_Goodwill_an
Broadcast Licenses, Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||
Broadcast Licenses and Other Intangibles Assets | 2. | Broadcast Licenses, Goodwill and Other Intangible Assets | |||||||||
We evaluate our FCC licenses for impairment annually, or more frequently if events or changes in circumstances indicate that the asset might be impaired. We operate our broadcast licenses in each market as a single asset and determine the fair value by relying on a discounted cash flow approach assuming a start-up scenario in which the only assets held by an investor are broadcast licenses. The fair value calculation contains assumptions incorporating variables that are based on past experiences and judgments about future operating performance using industry normalized information for an average station within a market. These variables include, but are not limited to: (1) the forecasted growth rate of each radio or television market, including population, household income, retail sales and other expenditures that would influence advertising expenditures; (2) the estimated available advertising revenue within the market and the related market share and profit margin of an average station within a market; (3) estimated capital start-up costs and losses incurred during the early years; (4) risk-adjusted discount rate; (5) the likely media competition within the market area; and (6) terminal values. If the carrying amount of FCC licenses is greater than their estimated fair value in a given market, the carrying amount of FCC licenses in that market is reduced to its estimated fair value. | |||||||||||
We also evaluate goodwill in each of its reporting units (reportable segment) for impairment annually, or more frequently if certain circumstances are present. If the carrying amount of goodwill in a reporting unit is greater than the implied value of goodwill determined by completing a hypothetical purchase price allocation using estimated fair value of the reporting unit, the carrying amount of goodwill in that reporting unit is reduced to its implied value. | |||||||||||
We utilize independent appraisals in testing FCC licenses and goodwill for impairment when indicators of impairment are present. | |||||||||||
We evaluate amortizable intangible assets for recoverability when circumstances indicate impairment may have occurred, using an undiscounted cash flow methodology. If the future undiscounted cash flows for the intangible asset are less than net book value, then the net book value is reduced to the estimated fair value. Amortizable intangible assets are included in Other intangibles, deferred costs and investments in the Consolidated Balance Sheets. | |||||||||||
Broadcast Licenses | |||||||||||
We have recorded the changes to broadcast licenses for the years ended December 31, 2014 and 2013 as follows: | |||||||||||
Radio | Television | Total | |||||||||
(In thousands) | |||||||||||
Balance at January 1, 2013 | $ | 80,773 | $ | 9,588 | $ | 90,361 | |||||
Acquisitions | 132 | — | 132 | ||||||||
Impairment charge | -2,033 | — | -2,033 | ||||||||
Balance at December 31, 2013 | $ | 78,872 | $ | 9,588 | $ | 88,460 | |||||
Acquisitions | 219 | 19 | 238 | ||||||||
Impairment charge | -1,936 | — | -1,936 | ||||||||
Balance at December 31, 2014 | $ | 77,155 | $ | 9,607 | $ | 86,762 | |||||
2014 Impairment Test | |||||||||||
We completed our annual impairment test of broadcast licenses during the fourth quarter of 2014 and determined that the fair value of the broadcast licenses were less than the amount reflected in the balance sheet for one of the Company’s radio markets, Columbus, Ohio, and recorded non-cash impairment charge of $1,936,000 to reduce the carrying value of these assets to the estimated fair market value. The reasons for the impairment to the broadcasting licenses recognized in the fourth quarter of 2014 were primarily due to declines in available market revenue, market revenue share, profit margins and estimated long-term growth rates in our Columbus, OH market. | |||||||||||
The following table reflects certain key estimates and assumptions used in the impairment test in the fourth quarter of 2014. The ranges for operating profit margin and market long-term revenue growth rates vary by market. In general, when comparing between 2014 and 2013: (1) the market specific operating profit margin range remained relatively consistent; (2) the market long-term revenue growth rates were relatively consistent; (3) the discount rate remained relatively consistent; and (4) current year revenues were 1.6% lower than previously projected for 2014. | |||||||||||
Fourth | Fourth | ||||||||||
Quarter | Quarter | ||||||||||
2014 | 2013 | ||||||||||
Discount rates | 12.3% - 12.4% | 12.2% - 12.4% | |||||||||
Operating profit margin ranges | 20.8% - 36.4% | 19.9% - 35.8% | |||||||||
Market long-term revenue growth rates | 1.2 % - 4.1% | 1.9 % - 3.3% | |||||||||
If actual market conditions are less favorable than those estimated by us or if events occur or circumstances change that would reduce the fair value of our broadcast licenses below the carrying value, we may be required to recognize additional impairment charges in future periods. Such a charge could have a material effect on our consolidated financial statements. | |||||||||||
2013 Impairment Test | |||||||||||
We completed our annual impairment test of broadcast licenses during the fourth quarter of 2013 and determined that the fair value of the broadcast licenses were less than the amount reflected in the balance sheet for three of the Company’s radio markets, Asheville, North Carolina; Keene, New Hampshire/Brattleboro, Vermont; and Mitchell, South Dakota, and recorded non-cash impairment charge of $2,033,000 to reduce the carrying value of these assets to the estimated fair market value. The reasons for the impairment to the broadcasting licenses recognized in the fourth quarter of 2013 were primarily due to declines in available market revenue, market revenue share, profit margins, and estimated long-term growth rates, combined with an increase in technical equipment costs in three of our markets. | |||||||||||
The following table reflects certain key estimates and assumptions used in the impairment test in the fourth quarter of 2013. The ranges for operating profit margin and market long-term revenue growth rates vary based on our specific markets. In general, when comparing between 2013 and 2012: (1) the market specific operating profit margin range remained relatively consistent; (2) the market long-term revenue growth rates were relatively consistent; (3) the discount rate remained relatively consistent; and (4) current year revenues were 2.3% lower than previously projected for 2013. | |||||||||||
Fourth | Fourth | ||||||||||
Quarter | Quarter | ||||||||||
2013 | 2012 | ||||||||||
Discount rates | 12.2% - 12.4% | 12.0% - 12.2% | |||||||||
Operating profit margin ranges | 19.9% - 35.8% | 17.4% - 35.8% | |||||||||
Market long-term revenue growth rates | 1.9 % - 3.3% | 1.75 % - 3.1% | |||||||||
2012 Impairment Test | |||||||||||
During the fourth quarter of 2012, we completed our annual impairment test of broadcast licenses and determined that the fair value of the broadcast licenses was greater than the carrying value recorded for each of our markets and, accordingly, no impairment was recorded. | |||||||||||
Goodwill | |||||||||||
During the fourth quarter of 2014, the Company performed its annual impairment test of its goodwill in accordance with ASC 350 and determined under the first step that the fair value of the Radio reporting unit was in excess of its carrying value (each segment is a reporting unit), and therefore, no impairment was indicated. For the years presented there was no goodwill related to the television reporting unit. | |||||||||||
We have recorded the changes to goodwill for each of the years ended December 31, 2014 and 2013 as follows: | |||||||||||
Radio | Television | Total | |||||||||
(In thousands) | |||||||||||
Balance at January 1, 2013 | $ | — | $ | — | $ | — | |||||
Acquisitions | — | — | — | ||||||||
Balance at December 31, 2013 | $ | — | $ | — | $ | — | |||||
Acquisitions | 326 | — | 326 | ||||||||
Balance at December 31, 2014 | $ | 326 | $ | — | $ | 326 | |||||
Other Intangible Assets | |||||||||||
We have recorded amortizable intangible assets at December 31, 2014 as follows: | |||||||||||
Gross | |||||||||||
Carrying | Accumulated | Net | |||||||||
Amount | Amortization | Amount | |||||||||
(In thousands) | |||||||||||
Non-competition agreements | $ | 3,861 | $ | 3,861 | $ | — | |||||
Favorable lease agreements | 5,862 | 5,613 | 249 | ||||||||
Other intangibles | 1,766 | 1,609 | 157 | ||||||||
Total amortizable intangible assets | $ | 11,489 | $ | 11,083 | $ | 406 | |||||
We have recorded amortizable intangible assets at December 31, 2013 as follows: | |||||||||||
Gross | |||||||||||
Carrying | Accumulated | Net | |||||||||
Amount | Amortization | Amount | |||||||||
(In thousands) | |||||||||||
Non-competition agreements | $ | 4,511 | $ | 4,511 | $ | — | |||||
Favorable lease agreements | 5,862 | 5,577 | 285 | ||||||||
Other intangibles | 1,741 | 1,592 | 149 | ||||||||
Total amortizable intangible assets | $ | 12,114 | $ | 11,680 | $ | 434 | |||||
Aggregate amortization expense for these intangible assets for the years ended December 31, 2014, 2013 and 2012, was $54,000, $52,000 and $51,000, respectively. Our estimated annual amortization expense for the years ending December 31, 2015, 2016, 2017, 2018 and 2019 is $39,000, $39,000, $39,000, $39,000 and $39,000, respectively. | |||||||||||
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||
Dec. 31, 2014 | |||
Discontinued Operations and Disposal Groups [Abstract] | |||
Discontinued Operations | 3 | Discontinued Operations | |
On April 3, 2012 we entered into a definitive agreement to sell our Greenville, Mississippi TV station (“WXVT”) for $3 million, subject to certain adjustments, to H3 Communications, LLC (“H3”). This transaction was completed on January 31, 2013 and we recognized a gain of approximately $223,000, net of tax, on the sale of WXVT during the first quarter of 2013, included within income from discontinued operations. | |||
In accordance with authoritative guidance we have reported the results of operations of WXVT as discontinued operations in the accompanying consolidated financial statements. For all previously reported periods, certain amounts in the consolidated financial statements have been reclassified. The assets and liabilities of WXVT have been classified as held for sale and the net results of operations have been reclassified from continuing operations to discontinued operations. WXVT was previously included in the Company’s television segment. | |||
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Long-Term Debt | 4 | Long-Term Debt | ||||||
Long-term debt consisted of the following: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Credit Agreement: | ||||||||
Term loan | $ | 30,000 | $ | 30,000 | ||||
Revolving credit facility | 5,000 | 15,000 | ||||||
Secured debt of affiliate | 1,078 | 1,078 | ||||||
36,078 | 46,078 | |||||||
Amounts payable within one year | — | 1,078 | ||||||
$ | 36,078 | $ | 45,000 | |||||
Future maturities of long-term debt are as follows: | ||||||||
Year Ending December 31, | (In thousands) | |||||||
2015 | $ | — | ||||||
2016 | — | |||||||
2017 | 1,078 | |||||||
2018 | 35,000 | |||||||
2019 | — | |||||||
Thereafter | — | |||||||
$ | 36,078 | |||||||
On May 31, 2013, we amended our $120 million credit facility (the “Credit Facility”) to (i) extend the maturity date to May 31, 2018 ; (ii) change the allocation between the term loan (the “Term Loan”) and the revolving loan (the “Revolving Credit Facility”) to $30 million and $90 million, respectively; (iii) modify the Consolidated Fixed Charge Coverage ratio to exclude distributions up to $20 million made when the Consolidated Leverage Ratio is less than 2.50 to 1.00 from the fixed charge component of such ratio; (iv) revise the interest rates and commitment fees, as set forth below; (v) remove the cap on additional business acquisitions if the Consolidated Leverage Ratio is less than 2.50 to 1.00, and if equal to or greater than such amount, cap such acquisitions at $35 million subject to certain conditions; and (vi) remove the cap on the annual aggregate of dividends, distributions, and stock redemptions if the Consolidated Leverage Ratio is less than 2.50 to 1.00, and if equal to or greater than such amount, such annual aggregate amount becomes subject to a pro forma covenant compliance. | ||||||||
We had $85 million of unused borrowing capacity under the Revolving Credit Facility at December 31, 2014. The unused portion of the Revolving Credit Facility is available for general corporate purposes, including working capital, capital expenditures, permitted acquisitions and related transaction expenses and permitted stock buybacks. | ||||||||
The Term Loan principal amortizes in equal installments of 5 % of the Term Loan during each year, however, upon satisfaction of certain conditions, as defined in the Credit Facility, no amortization payment is required. The Credit Facility is also subject to mandatory prepayment requirements, including but not limited to, certain sales of assets, certain insurance proceeds, certain debt issuances and certain sales of equity. Optional prepayments of the Credit Facility are permitted without any premium or penalty, other than certain costs and expenses. As of December 31, 2014, we have no required amortization payment for the subsequent twelve month period. | ||||||||
Interest rates under the Credit Facility are payable, at our option, at alternatives equal to LIBOR (0.16925 % at December 31, 2014, 0.169% at December 31, 2013) plus 1.25 % to 2.25 % or the base rate plus 0.25 % to 1.25 %. The spread over LIBOR and the base rate vary from time to time, depending upon our financial leverage. We also pay quarterly commitment fees of 0.25 % to 0.35 % per annum on the unused portion of the Revolving Credit Facility. | ||||||||
We have pledged substantially all of our assets (excluding our FCC licenses and certain other assets) in support of the Credit Facility and each of our subsidiaries has guaranteed the Credit Facility and has pledged substantially all of their assets (excluding their FCC licenses and certain other assets) in support of the Credit Facility. | ||||||||
The Credit Facility contains a number of financial covenants (all of which we were in compliance with at December 31, 2014) which, among other things, require us to maintain specified financial ratios and impose certain limitations on us with respect to investments, additional indebtedness, dividends, distributions, guarantees, liens and encumbrances. | ||||||||
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||
Supplemental Cash Flow Information | 5. | Supplemental Cash Flow Information | |||||||||
Years Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
(In thousands) | |||||||||||
Cash paid during the period for: | |||||||||||
Interest | $ | 874 | $ | 1,103 | $ | 1,559 | |||||
Income taxes | $ | 7,319 | $ | 7,134 | $ | 6,999 | |||||
Non-cash transactions: | |||||||||||
Barter revenue | $ | 3,844 | $ | 3,855 | $ | 4,188 | |||||
Barter expense | $ | 3,636 | $ | 3,844 | $ | 3,894 | |||||
Acquisition of property and equipment | $ | 91 | $ | 104 | $ | 99 | |||||
On May 31, 2013, we amended our Credit Facility to, among other things, change the allocation between the Term Loan and the Revolving Credit Facility to $30 million and $90 million, respectively. This change in allocation was a non-cash transaction resulting in an increase of $27,750,000 on the Revolving Credit Facility outstanding and a decrease in the Term Loan outstanding of $27,750,000. | |||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Income Tax Disclosure [Abstract] | |||||||||||
Income Taxes | 6 | Income Taxes | |||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax liabilities and assets are as follows: | |||||||||||
December 31, | |||||||||||
2014 | 2013 | ||||||||||
(In thousands) | |||||||||||
Deferred tax liabilities: | |||||||||||
Property and equipment | $ | 7,727 | $ | 8,235 | |||||||
Intangible assets | 18,134 | 14,425 | |||||||||
Prepaid expenses | 621 | 601 | |||||||||
Total deferred tax liabilities | 26,482 | 23,261 | |||||||||
Deferred tax assets: | |||||||||||
Allowance for doubtful accounts | 158 | 232 | |||||||||
Compensation | 3,264 | 3,355 | |||||||||
Other accrued liabilities | 119 | 128 | |||||||||
Loss carry forwards | — | 7 | |||||||||
3,541 | 3,722 | ||||||||||
Less: valuation allowance | — | 7 | |||||||||
Total net deferred tax assets | 3,541 | 3,715 | |||||||||
Net deferred tax liabilities | $ | 22,941 | $ | 19,546 | |||||||
Current portion of deferred tax assets | $ | 845 | $ | 1,025 | |||||||
Non-current portion of deferred tax liabilities | -23,786 | -20,571 | |||||||||
Net deferred tax liabilities | $ | -22,941 | $ | -19,546 | |||||||
Deferred tax assets are required to be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. At December 31, 2014, we do not have a valuation allowance for net deferred tax assets. | |||||||||||
At December 31, 2014 and 2013, net deferred tax liabilities include a deferred tax asset of $2,082,000 and $2,089,000, respectively, relating to deferred compensation and stock-based compensation expense. Full realization of the tax asset related to stock based compensation requires stock options to be exercised at a price equaling or exceeding the sum of the grant price plus the fair value of the option at the grant date and restricted stock to vest at a price equaling or exceeding the fair market value at the grant date. Accounting guidance, however, does not allow a valuation allowance to be recorded unless the company’s future taxable income is expected to be insufficient to recover the asset. Accordingly, there can be no assurance that the price of the Company’s common stock will increase to levels sufficient to realize the entire tax benefit currently reflected in the balance sheets at December 31, 2014 and 2013. See Note 7 — Stock-Based Compensation for further discussion of stock-based compensation expense. | |||||||||||
The significant components of the provision for income taxes are as follows: | |||||||||||
Years Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
(In thousands) | |||||||||||
Current: | |||||||||||
Federal | $ | 5,540 | $ | 6,210 | $ | 6,160 | |||||
State | 1,125 | 1,125 | 1,150 | ||||||||
Total current | 6,665 | 7,335 | 7,310 | ||||||||
Total deferred | 3,385 | 2,805 | 4,540 | ||||||||
$ | 10,050 | $ | 10,140 | $ | 11,850 | ||||||
Taxes are allocated as follows: | |||||||||||
Continuing operations | $ | 10,050 | $ | 9,992 | $ | 11,939 | |||||
Discontinued operations | — | 148 | -89 | ||||||||
$ | 10,050 | $ | 10,140 | $ | 11,850 | ||||||
In addition, we recognized a tax expense of $10,000, a tax benefit of $9,200 and a tax expense of $25,000 as a result of stock option exercises for the difference between compensation expense for financial statement and income tax purposes for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||
The reconciliation of income tax at the U.S. federal statutory tax rates to income tax expense (benefit) is as follows: | |||||||||||
Years Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
(In thousands) | |||||||||||
Tax expense at U.S. statutory rates | $ | 8,630 | $ | 8,894 | $ | 10,486 | |||||
State tax expense, net of federal benefit | 1,249 | 1,192 | 1,356 | ||||||||
Other, net | 178 | 105 | 42 | ||||||||
Change in valuation allowance on loss carry forwards | -7 | -51 | -34 | ||||||||
$ | 10,050 | $ | 10,140 | $ | 11,850 | ||||||
Discontinued operations | — | 148 | 89 | ||||||||
$ | 10,050 | $ | 9,992 | $ | 11,939 | ||||||
The Company files income taxes in the U.S. federal jurisdiction, and in various state and local jurisdictions. The Company is no longer subject to U.S. federal examinations by the Internal Revenue Service (IRS) for years prior to 2009. During the first quarter of 2012, the IRS commenced an examination of the Company’s 2010 U.S. federal income tax return which was completed in the third quarter of 2012 and resulted in no changes to the return. The Company is subject to examination for income and non-income tax filings in various states. | |||||||||||
As of December 31, 2014 and 2013 there were no accrued balances recorded related to uncertain tax positions. | |||||||||||
We classify income tax-related interest and penalties as interest expense and corporate general and administrative expense, respectively. For the years ended December 31, 2014 and 2013, we had no tax-related interest or penalties and had $0 accrued at December 31, 2014 and 2013. | |||||||||||
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Share-based Compensation [Abstract] | ||||||||||||||
Stock-Based Compensation | 7. Stock-Based Compensation | |||||||||||||
2005 Incentive Compensation Plan | ||||||||||||||
On October 16, 2013 our stockholders approved the Second Amended and Restated Saga Communications, Inc. 2005 Incentive Compensation Plan (the “Second Restated 2005 Plan”). The 2005 Incentive Compensation Plan was first approved by stockholders in 2005 and replaced our 2003 Stock Option Plan (the “2003 Plan”), subsequently this plan was re-approved by stockholders in 2010. The changes in the Second Restated 2005 Plan (i) increased the number of authorized shares by 233,334 shares of Common Stock, (ii) extended the date for making awards to September 6, 2018, (iii) includes directors as participants, (iv) targets awards according to groupings of participants based on ranges of base salary of employees and/or retainers of directors, (v) requires participants to retain 50 % of their net annual restricted stock awards during their employment or service as a director, and (vi) includes a clawback provision. The Second Restated 2005 plan allows for the granting of restricted stock, restricted stock units, incentive stock options, nonqualified stock options, and performance awards to eligible employees and non-employee directors. | ||||||||||||||
The number of shares of Common Stock that may be issued under the Second Restated 2005 Plan may not exceed 280,000 shares of Class B Common Stock, 900,000 shares of Class A Common Stock of which up to 620,000 shares of Class A Common Stock may be issued pursuant to incentive stock options and 280,000 Class A Common Stock issuable upon conversion of Class B Common Stock. Awards denominated in Class A Common Stock may be granted to any employee or director under the Second Restated 2005 Plan. However, awards denominated in Class B Common Stock may only be granted to Edward K. Christian, President, Chief Executive Officer, Chairman of the Board of Directors, and the holder of 100% of the outstanding Class B Common Stock of the Company. Stock options granted under the Second Restated 2005 Plan may be for terms not exceeding ten years from the date of grant and may not be exercised at a price which is less than 100% of the fair market value of shares at the date of grant. | ||||||||||||||
Stock-Based Compensation | ||||||||||||||
The Company’s stock-based compensation expense is measured and recognized for all stock-based awards to employees using the estimated fair value of the award. Compensation expense is recognized over the period during which an employee is required to provide service in exchange for the award. For these awards, we have recognized compensation expense using a straight-line amortization method. Accounting guidance requires that stock-based compensation expense be based on awards that are ultimately expected to vest; therefore stock-based compensation has been adjusted for estimated forfeitures. When estimating forfeitures, we consider voluntary termination behaviors as well as trends of actual option forfeitures. For the year ended December 31, 2012, we had $22,000 of total compensation expense related to stock options. This expense is included in corporate general and administrative expense in our results of operations. The associated future income tax benefit recognized for the year ended December 31, 2012 was $9,000. The stock options were fully expensed at December 31, 2012, therefore there was no compensation expense related to stock options for the years ended December 31, 2014 and 2013. | ||||||||||||||
We calculated the fair value of each option award on the date of grant using the Black-Scholes option pricing model. The estimated expected volatility, expected term of options and estimated annual forfeiture rate were determined based on historical experience of similar awards, giving consideration to the contractual terms of the stock-based awards, vesting schedules and expectations of future employee behavior. The risk-free interest rate was based on the U.S. Treasury yield curve in effect at the time of grant. | ||||||||||||||
The following summarizes the stock option transactions for the Second Restated 2005 Plan, and the 2003 Plan for the year ended December 31: | ||||||||||||||
Weighted | ||||||||||||||
Average | ||||||||||||||
Weighted | Remaining | Aggregate | ||||||||||||
Number of | Average | Contractual | Intrinsic | |||||||||||
Options | Exercise Price | Term (Years) | Value | |||||||||||
Outstanding at January 1, 2012 | 303,632 | $ | 37.4 | 3.6 | $ | 135,886 | ||||||||
Granted | — | — | ||||||||||||
Exercised | -9,796 | 27.26 | ||||||||||||
Forfeited/canceled/expired | -33,176 | 61.69 | ||||||||||||
Outstanding at December 31, 2012 | 260,660 | $ | 34.69 | 3 | $ | 1,253,039 | ||||||||
Granted | — | — | ||||||||||||
Exercised | -8,910 | 29.41 | ||||||||||||
Forfeited/canceled/expired | -17,963 | 54.35 | ||||||||||||
Outstanding at December 31, 2013 | 233,787 | $ | 33.38 | 2.1 | $ | 4,058,035 | ||||||||
Granted | — | — | ||||||||||||
Exercised | 7,294 | 34.8 | ||||||||||||
Forfeited/canceled/expired | 13,323 | 57.93 | ||||||||||||
Outstanding at December 31, 2014 | 213,170 | $ | 31.79 | 1.2 | $ | 2,519,147 | ||||||||
Vested and Exercisable at December 31, 2014 | 213,170 | $ | 31.79 | 1.2 | $ | 2,519,147 | ||||||||
The total intrinsic value of stock options exercised during the years ended December 31, 2014, 2013 and 2012 was $100,300, $155,500, and $72,200, respectively. Cash received from stock options exercised during the years ended December 31, 2014, 2013 and 2012 was $291,600, $311,500 and $287,600, respectively. | ||||||||||||||
The following summarizes the non-vested stock option transactions for the Second Restated 2005 Plan, and the 2003 Plan for the year ended December 31: | ||||||||||||||
Weighted | ||||||||||||||
Average | ||||||||||||||
Number of | Grant Date | |||||||||||||
Options | Fair Value | |||||||||||||
Non-vested at January 1, 2012 | 9,283 | $ | 14.48 | |||||||||||
Granted | — | — | ||||||||||||
Vested | -9,283 | 14.48 | ||||||||||||
Forfeited/canceled/expired | — | — | ||||||||||||
Non-vested at December 31, 2012 | — | $ | — | |||||||||||
There were no options granted during 2014 and 2013. | ||||||||||||||
The following summarizes the restricted stock transactions for the year ended December 31: | ||||||||||||||
Weighted | ||||||||||||||
Average | ||||||||||||||
Grant Date | ||||||||||||||
Shares | Fair Value | |||||||||||||
Outstanding at January 1, 2012 | 13,212 | $ | 19.61 | |||||||||||
Granted | — | — | ||||||||||||
Vested | -7,641 | 20.82 | ||||||||||||
Forfeited/canceled/expired | -40 | 17.97 | ||||||||||||
Outstanding at December 31, 2012 | 5,531 | $ | 17.97 | |||||||||||
Granted | 50,062 | 46.51 | ||||||||||||
Vested | -5,531 | 17.97 | ||||||||||||
Forfeited/canceled/expired | — | — | ||||||||||||
Outstanding at December 31, 2013 | 50,062 | $ | 46.51 | |||||||||||
Granted | 56,756 | 38.11 | ||||||||||||
Vested | 16,529 | 46.51 | ||||||||||||
Forfeited/canceled/expired | 457 | 46.51 | ||||||||||||
Non-vested and outstanding at December 31, 2014 | 89,832 | $ | 41.2 | |||||||||||
Weighted average remaining contractual life (in years) | 7 | |||||||||||||
The weighted average grant date fair value of restricted stock that vested during 2014, 2013 and 2012 was $769,000, $99,000 and $159,000, respectively. The net value of unrecognized compensation cost related to unvested restricted stock awards aggregated $3,526,000, $2,210,000 and $16,000 at December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||
For the years ended December 31, 2014, 2013 and 2012 we had $826,000, $135,000 and $110,000, respectively, of total compensation expense related to restricted stock-based arrangements. The expense is included in corporate general and administrative expenses in our results of operations. The associated tax benefit recognized for the years ended December 31, 2014, 2013 and 2012 was $330,000, $53,000 and $45,000, respectively. | ||||||||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||
Dec. 31, 2014 | |||
Compensation and Retirement Disclosure [Abstract] | |||
Employee Benefit Plans | 8. | Employee Benefit Plans | |
401(k) Plan | |||
We have a defined contribution pension plan (“401(k) Plan”) that covers substantially all employees. Employees can elect to have a portion of their wages withheld and contributed to the plan. The 401(k) Plan also allows us to make a discretionary contribution. Total administrative expense under the 401(k) Plan was $7,000, $5,000 and $12,000 in 2014, 2013 and 2012, respectively. The Company’s discretionary contribution to the plan was approximately $260,000 $240,000 and $230,000 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||
Deferred Compensation Plan | |||
In 1999 we established a Nonqualified Deferred Compensation Plan which allows officers and certain management employees to annually elect to defer a portion of their compensation, on a pre-tax basis, until their retirement. The retirement benefit to be provided is based on the amount of compensation deferred and any earnings thereon. Deferred compensation expense for the years ended December 31, 2014, 2013 and 2012 was $123,000, $193,000 and $126,000, respectively. We invest in company-owned life insurance policies to assist in funding these programs. The cash surrender values of these policies are in a rabbi trust and are recorded as our assets. | |||
Split Dollar Officer Life Insurance | |||
The Company provides split dollar insurance benefits to certain executive officers and records an asset equal to the cumulative premiums paid on the related policies, as the Company will fully recover these premiums under the terms of the plan. The Company retains a collateral assignment of the cash surrender values and policy death benefits payable to insure recovery of these premiums. | |||
Acquisitions_and_Dispositions
Acquisitions and Dispositions | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Combinations [Abstract] | |||||
Acquisitions and Dispositions | 9. Acquisitions and Dispositions | ||||
We actively seek and explore opportunities for expansion through the acquisition of additional broadcast properties. The consolidated statements of income include the operating results of the acquired stations from their respective dates of acquisition. All acquisitions were accounted for as purchases and, accordingly, the total purchase consideration was allocated to the acquired assets and assumed liabilities based on their estimated fair values as of the acquisition dates. The excess of the consideration paid over the estimated fair value of net assets acquired have been recorded as goodwill, which is deductible for tax purposes. The Company accounts for acquisition under the provisions of FASB ASC Topic 805, Business Combinations. | |||||
Management assigned fair values to the acquired property and equipment through a combination of cost and market approaches based upon each specific asset’s replacement cost, with a provision for depreciation, and to the acquired intangibles, primarily an FCC license, based on the Greenfield valuation methodology, a discounted cash flow approach. | |||||
On January 31, 2014, we acquired one FM station (WFIZ-FM) and three FM Translators serving the Ithaca, New York market for approximately $720,000. We financed this transaction through funds generated from operations. The proforma results of operations for the acquisition of WFIZ-FM are not material to our financial statements and as such are not presented. | |||||
The final allocation of the purchase price is as follows: | |||||
Fair Value | |||||
(in thousands) | |||||
Assets Acquired: | |||||
Current assets | $ | 45 | |||
Property and equipment | 425 | ||||
Broadcast licenses-Radio segment | 174 | ||||
Other intangibles, deferred costs and investments | 3 | ||||
Fair value of assets acquired | 647 | ||||
Goodwill-Radio segment | 73 | ||||
Total cash consideration | $ | 720 | |||
On February 28, 2014 we acquired an FM translator serving the Jonesboro, Arkansas market for approximately $35,000, of which $7,500 was allocated to broadcast licenses and $27,500 was allocated to goodwill. | |||||
On May 9, 2014 we acquired an FM translator serving the Clarksville, Tennessee market for approximately $30,000, of which $7,500 was allocated to broadcast licenses and $22,500 was allocated to goodwill. | |||||
On May 14, 2014 we acquired an FM translator serving the Portland, ME market for approximately $44,750, of which $7,500 was allocated to broadcast licenses and $37,250 was allocated to goodwill. | |||||
On May 16, 2014 we acquired two FM translators serving the Asheville, NC market for approximately $100,000, of which $15,000 was allocated to broadcast licenses and $85,000 was allocated to goodwill. | |||||
On June 16, 2014 we acquired an FM translator serving the Des Moines, IA market for approximately $87,500, of which $7,500 was allocated to broadcast licenses and $80,000 was allocated to goodwill. | |||||
On November 4, 2014 we acquired an LPTV servicing the Victoria, TX market for approximately $18,500, which was allocated to broadcast licenses. | |||||
On December 2, 2014, we sold the Michigan Radio Network, the Michigan Farm Network, the Minnesota News Network and the Minnesota Farm Network, for approximately $1,640,000. The net assets of these networks approximated $430,000, and as such recognized a gain of approximately $1,210,000 that is included in Other operating (income) expenses in our Consolidated Statements of Income. The proforma results of operations for the sale of these networks is not material to our financial statements and as such are not presented. These radio networks have historically been presented within our radio segment. The radio networks did not meet the criteria of discontinued operations. | |||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||
Dec. 31, 2014 | |||
Related Party Transactions [Abstract] | |||
Related Party Transactions | 10. | Related Party Transactions | |
Principal Stockholder Employment Agreement | |||
In June 2011, we entered into a new employment agreement with Edward K. Christian, Chairman, President and CEO, which became effective as of June 1, 2011, and replaces and supersedes his prior employment agreement. The new employment agreement terminates on March 31, 2018. The agreement provides for an annual base salary of $860,000 (subject to annual increases on each anniversary date not less than the greater of 3 % or a defined cost of living increase). Mr. Christian may defer any or all of his annual salary. | |||
Under the agreement, Mr. Christian is eligible for discretionary and performance bonuses, stock options and/or stock grants in amounts determined by the Compensation Committee and will continue to participate in the Company’s benefit plans. The Company will maintain insurance policies, will furnish an automobile, will pay for an executive medical plan and will maintain an office for Mr. Christian at its principal executive offices and in Sarasota County, Florida. The agreement provides certain payments to Mr. Christian in the event of his disability, death or a change in control. Upon a change in control, Mr. Christian may terminate his employment. The agreement also provides generally that, upon a change in control, the Company will pay Mr. Christian an amount equal to 2.99 times the average of his total annual salary and bonuses for each of the three immediately preceding periods of twelve consecutive months, plus an additional amount for tax liabilities, related to the payment. For the three years ended December 31, 2014 his average annual compensation, as defined by the employment agreement was approximately $1,460,000. | |||
In addition, if Mr. Christian’s employment is terminated for any reason, other than for cause, the Company will continue to provide health insurance and medical reimbursement and maintain existing life insurance policies for a period of ten years, and the current split dollar life insurance policy shall be transferred to Mr. Christian and his wife, and the Company shall reimburse Mr. Christian for any tax consequences of such transfer. The agreement contains a covenant not to compete restricting Mr. Christian from competing with the Company in any of its markets if he voluntarily terminates his employment with the Company or is terminated for cause, for a three year period thereafter. | |||
On December 27, 2012, Mr. Christian agreed to defer approximately $100,000 of his 2013 salary to be paid 100% on January 10, 2014. On December 16, 2013, Mr. Christian agreed to defer approximately $100,000 of his 2014 salary to be paid 100% on January 16, 2015. On December 2, 2014, Mr. Christian agreed to defer approximately $100,000 of his 2015 salary to be paid 100% on January 8, 2016. | |||
Change in Control Agreements | |||
In December 2007, Samuel D. Bush, Senior Vice President and Chief Financial Officer, Steven J. Goldstein, Executive Vice President and Group Program Director, Warren S. Lada, Executive Vice President of Operations and Marcia K. Lobaito, Senior Vice President, Corporate Secretary and Director of Business Affairs, entered into Change in Control Agreements. A change in control is defined to mean the occurrence of (a) any person or group becoming the beneficial owner, directly or indirectly, of more than 30% of the combined voting power of the Company’s then outstanding securities and Mr. Christian ceasing to be Chairman and CEO of the Company; (b) the consummation of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which results in the voting securities of the Company outstanding immediately prior thereto continuing to represent more than 50% of the combined voting securities of the Company or such surviving entity; or (c) the approval of the stockholders of the Company of a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of its assets. | |||
If there is a change in control, the Company shall pay a lump sum payment within 45 days thereof of 1.5 times the average of the executive’s last three full calendar years of such executive’s base salary and any annual cash bonus paid. In the event that such payment constitutes a “parachute payment” within the meaning of Section 280G subject to an excise tax imposed by Section 4999 of the Internal Revenue Code, the Company shall pay the executive an additional amount so that the executive will receive the entire amount of the lump sum payment before deduction for federal, state and local income tax and payroll tax. In the event of a change in control (other than the approval of plan of liquidation), the Company or the surviving entity may require as a condition to receipt of payment that the executive continue in employment for a period of up to six months after consummation of the change in control. During such six months, executive will continue to earn his pre-existing salary and benefits. In such case, the executive shall be paid the lump sum payment upon completion of the continued employment. If, however, the executive fails to remain employed during this period of continued employment for any reason other than (a) termination without cause by the Company or the surviving entity, (b) death, (c) disability or (d) breach of the agreement by the Company or the surviving entity, then executive shall not be paid the lump sum payment. In addition, if the executive’s employment is terminated by the Company without cause within six months prior to the consummation of a change in control, then the executive shall be paid the lump sum payment within 45 days of such change in control. | |||
Transactions with Affiliate and Other Related Party Transactions | |||
Surtsey Media, LLC (“Surtsey Media”) owns the assets of television station KVCT in Victoria, Texas. Surtsey Media is a multi-media company 100%-owned by the daughter of Mr. Christian, our President, Chief Executive Officer and Chairman. We operate KVCT under a Time Brokerage Agreement (“TBA”) with Surtsey Media which we entered into in May 1999. Under the FCC’s ownership rules, we are prohibited from owning or having an attributable or cognizable interest in this station. Under the TBA, during 2012, we paid Surtsey Media fees of approximately $3,100 per month plus accounting fees and reimbursement of expenses actually incurred in operating the station. In January 2012, the TBA was amended. Pursuant to the amendment, (i) the term is extended nine years commencing from June 1, 2013, with rights to extend for two additional eight year terms, (ii) we paid Surtsey Media an extension fee of $27,950 upon execution of the amendment, (iii) the monthly fees, payable to Surtsey Media are increased for each extension period, and (iv) we have an exclusive option, while the TBA is in effect, to purchase all of the assets of station KVCT, subject to certain conditions, based on a formula. Under the amended TBA, during 2014 and 2013 we paid Surtsey Media fees of approximately $3,600 and $3,400 per month, respectively plus accounting fees and reimbursement of expenses actually incurred in operating the station. | |||
In March 2003, we entered into an agreement of understanding with Surtsey Media whereby we have guaranteed up to $1,250,000 of the debt incurred, in closing the acquisition of a construction permit for KFJX-TV station in Pittsburg, Kansas, a full power Fox affiliate serving Joplin, Missouri. At December 31, 2014, there was $1,078,000 of debt outstanding under this agreement. We do not have any recourse provision in connection with our guarantee that would enable us to recover any amounts paid under the guarantee. As a result, at December 31, 2014, we have recorded $1,078,000 in debt and $1,000,000 in intangible assets, primarily broadcast licenses. In consideration for the guarantee, Surtsey Media entered into various agreements with us relating to the station, including a Shared Services Agreement, Technical Services Agreement, and Agreement for the Sale of Commercial Time and Broker Agreement (the “Station Agreements”). We paid fees under the agreements during 2012 of approximately $4,100 per month plus accounting fees and reimbursement of expenses actually incurred in operating the station. We generally prepay Surtsey quarterly for its estimated expenses. The station went on the air for the first time on October 18, 2003. Under the FCC’s ownership rules we are prohibited from owning or having an attributable or cognizable interest in this station. In January 2012, the Station Agreements were amended. Pursuant to the amendment, (i) the Broker Agreement and the Technical Services Agreement are terminated, (ii) the terms of the continuing Station Agreements are extended nine years commencing from June 1, 2013 , with rights to extend for two additional eight year terms, (iii) we paid Surtsey Media $37,050 upon execution of the amendment, (iv) the monthly fees payable to Surtsey Media were increased for each extension period, and (v) we have an exclusive option, while the Agreement for the Sale of Commercial Time and Shared Services Agreement are in effect, to purchase all of the assets of Station KFJX subject to certain conditions, based on a formula, together with a payment of $1.2 million. Under the amended Station Agreements, during 2014 and 2013 we paid fees of approximately $4,800 and $4,500 per month, respectively, plus accounting fees and reimbursement of expenses actually incurred in operating the station. | |||
Surtsey Productions, Inc., the parent company of Surtsey Media, leases office space in a building owned by us, and paid us rent of $6,000, $6,000, and $10,000 during the years ended December 31, 2014, 2013 and 2012, respectively. | |||
In December 2013, we sold a used vehicle to the son of Mr. Christian. The vehicle was sold at its fair market value of $41,000. In February 2012, we sold a used vehicle to the daughter of Mr. Christian. The vehicle was sold at its fair market value of $38,000. | |||
Common_Stock
Common Stock | 12 Months Ended | ||
Dec. 31, 2014 | |||
Stockholders' Equity Note [Abstract] | |||
Common Stock | 11. | Common Stock | |
Dividends. Stockholders are entitled to receive such dividends as may be declared by our Board of Directors out of funds legally available for such purpose. However, no dividend may be declared or paid in cash or property on any share of any class of Common Stock unless simultaneously the same dividend is declared or paid on each share of the other class of common stock. In the case of any stock dividend, holders of Class A Common Stock are entitled to receive the same percentage dividend (payable in shares of Class A Common Stock) as the holders of Class B Common Stock receive (payable in shares of Class B Common Stock). | |||
Voting Rights. Holders of shares of Common Stock vote as a single class on all matters submitted to a vote of the stockholders, with each share of Class A Common Stock entitled to one vote and each share of Class B Common Stock entitled to ten votes, except (i) in the election for directors, (ii) with respect to any “going private” transaction between the Company and the principal stockholder, and (iii) as otherwise provided by law. | |||
In the election of directors, the holders of Class A Common Stock, voting as a separate class, are entitled to elect twenty-five percent, or two, of our directors. The holders of the Common Stock, voting as a single class with each share of Class A Common Stock entitled to one vote and each share of Class B Common Stock entitled to ten votes, are entitled to elect the remaining directors. The Board of Directors consisted of six members at December 31, 2014. Holders of Common Stock are not entitled to cumulative voting in the election of directors. | |||
The holders of the Common Stock vote as a single class with respect to any proposed “going private” transaction with the principal stockholder or an affiliate of the principal stockholder, with each share of each class of Common Stock entitled to one vote per share. | |||
Under Delaware law, the affirmative vote of the holders of a majority of the outstanding shares of any class of common stock is required to approve, among other things, a change in the designations, preferences and limitations of the shares of such class of common stock. | |||
Liquidation Rights. Upon our liquidation, dissolution, or winding-up, the holders of Class A Common Stock are entitled to share ratably with the holders of Class B Common Stock in accordance with the number of shares held in all assets available for distribution after payment in full of creditors. | |||
In any merger, consolidation, or business combination, the consideration to be received per share by the holders of Class A Common Stock and Class B Common Stock must be identical for each class of stock, except that in any such transaction in which shares of common stock are to be distributed, such shares may differ as to voting rights to the extent that voting rights now differ among the Class A Common Stock and the Class B Common Stock. | |||
Other Provisions. Each share of Class B Common Stock is convertible, at the option of its holder, into one share of Class A Common Stock at any time. One share of Class B Common Stock converts automatically into one share of Class A Common Stock upon its sale or other transfer to a party unaffiliated with the principal stockholder or, in the event of a transfer to an affiliated party, upon the death of the transferor. | |||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies | 12. | Commitments and Contingencies | |||
Leases | |||||
We lease certain land, buildings and equipment under noncancellable operating leases. Rent expense for the year ended December 31, 2014 was $1,503,000 ($1,394,000 and $1,400,000 for the years ended December 31, 2013 and 2012, respectively). | |||||
Minimum annual rental commitments under noncancellable operating leases consisted of the following at December 31, 2014 (in thousands): | |||||
2015 | $ | 1,427 | |||
2016 | 1,169 | ||||
2017 | 1,011 | ||||
2018 | 868 | ||||
2019 | 645 | ||||
Thereafter | 3,751 | ||||
$ | 8,871 | ||||
Broadcast Program Rights | |||||
We have entered into contracts for broadcast program rights that expire at various dates during the next five years. The aggregate minimum payments relating to these commitments consisted of the following at December 31, 2014 (in thousands): | |||||
2015 | $ | 642 | |||
2016 | 488 | ||||
2017 | 237 | ||||
2018 | 36 | ||||
2019 | 20 | ||||
Thereafter | 24 | ||||
$ | 1,447 | ||||
Amounts due within one year (included in accounts payable) | 642 | ||||
$ | 805 | ||||
Contingencies | |||||
In 2003, in connection with our acquisition of one FM radio station, WJZK-FM serving the Columbus, Ohio market, we entered into an agreement whereby we would pay the seller up to an additional $1,000,000 if we obtain approval from the FCC for a city of license change. | |||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |
Dec. 31, 2014 | ||
Fair Value Disclosures [Abstract] | ||
Fair Value Measurements | 13. | Fair Value Measurements |
Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value: | ||
Level 1 — Quoted prices in active markets for identical assets or liabilities. | ||
Level 2 — Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. | ||
Level 3 — Unobservable inputs in which there is little or no market data available, which requires management to develop its own assumptions in pricing the asset or liability. | ||
We measure the fair value of time deposits based on quoted market prices of similar assets and other significant inputs derived from or corroborated by observable market data and are considered a level 2. Interest on the Credit Facility is at a variable rate, and as such the debt obligation outstanding approximates fair value and is considered a level 2. | ||
Non-Recurring Fair Value Measurements | ||
The Company has certain assets that are measured at fair value on a non-recurring basis under the circumstances and events described in Note 2 — Broadcast Licenses and Other Intangibles, and are adjusted to fair value only when the carrying values are more than the fair values. | ||
During the fourth quarter of 2014, as a result of our annual impairment test, the Company wrote down broadcast licenses with a carrying value of $15,218,000 to their fair value of $13,282,000, resulting in a non-cash impairment charge of $1,936,000, which is included in net income for the year ended December 31, 2014. The categorization of the framework used to price the assets is considered a level 3, due to the subjective nature of the unobservable inputs used to determine the fair value. (See Note 2 for the disclosure of certain key assumptions used to develop the unobservable inputs.) | ||
During the fourth quarter of 2013, as a result of our annual impairment test, the Company wrote down broadcast licenses with a carrying value of $8,620,000 to their fair value of $6,587,000, resulting in a non-cash impairment charge of $2,033,000, which is included in net income for the year ended December 31, 2013. The categorization of the framework used to price the assets is considered a level 3, due to the subjective nature of the unobservable inputs used to determine the fair value. (See Note 2 for the disclosure of certain key assumptions used to develop the unobservable inputs.) | ||
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||
Segment Information | 14. | Segment Information | ||||||||||||
We evaluate the operating performance of our markets individually. For purposes of business segment reporting, we have aligned operations with similar characteristics into two business segments: Radio and Television. | ||||||||||||||
The Radio segment includes twenty-three markets, which includes all ninety-two of our radio stations and one radio information network. The Television segment includes two markets and consists of four television stations and five low power television (“LPTV”) stations. The Radio and Television segments derive their revenue from the sale of commercial broadcast inventory. The category “Corporate general and administrative” represents the income and expense not allocated to reportable segments. | ||||||||||||||
Corporate | ||||||||||||||
Radio | Television | and Other | Consolidated | |||||||||||
(In thousands) | ||||||||||||||
Year ended December 31, 2014: | ||||||||||||||
Net operating revenue | $ | 113,627 | $ | 20,371 | $ | — | $ | 133,998 | ||||||
Station operating expense | 85,167 | 13,257 | — | 98,424 | ||||||||||
Corporate general and administrative | — | — | 8,901 | 8,901 | ||||||||||
Other operating (income) expense | -1,210 | — | — | -1,210 | ||||||||||
Impairment of intangible assets | 1,936 | — | — | 1,936 | ||||||||||
Operating income (loss) from continuing operations | $ | 27,734 | 7,114 | -8,901 | 25,947 | |||||||||
Depreciation and amortization | $ | 5,023 | 1,411 | 268 | 6,702 | |||||||||
Capital additions | $ | 3,856 | 929 | 739 | 5,524 | |||||||||
Broadcast licenses, net | $ | 77,155 | 9,607 | — | 86,762 | |||||||||
Total assets at December 31, 2014 | $ | 142,068 | 22,509 | 27,467 | 192,044 | |||||||||
Corporate | ||||||||||||||
Radio | Television | and Other | Consolidated | |||||||||||
(In thousands) | ||||||||||||||
Year ended December 31, 2013: | ||||||||||||||
Net operating revenue | $ | 109,818 | $ | 19,660 | $ | — | $ | 129,478 | ||||||
Station operating expense | 79,933 | 13,044 | — | 92,977 | ||||||||||
Corporate general and administrative | — | — | 8,172 | 8,172 | ||||||||||
Impairment of intangible assets | 2,033 | — | — | 2,033 | ||||||||||
Operating income (loss) from continuing operations | $ | 27,852 | $ | 6,616 | $ | -8,172 | $ | 26,296 | ||||||
Depreciation and amortization | $ | 5,119 | $ | 1,421 | $ | 228 | $ | 6,768 | ||||||
Capital additions | $ | 3,884 | $ | 872 | $ | 396 | $ | 5,152 | ||||||
Broadcast licenses, net | $ | 78,872 | $ | 9,588 | $ | — | $ | 88,460 | ||||||
Total assets at December 31, 2013 | $ | 143,927 | $ | 23,274 | $ | 26,023 | $ | 193,224 | ||||||
Corporate | ||||||||||||||
Radio | Television | and Other | Consolidated | |||||||||||
(In thousands) | ||||||||||||||
Year ended December 31, 2012: | ||||||||||||||
Net operating revenue | $ | 111,763 | $ | 18,496 | $ | — | $ | 130,259 | ||||||
Station operating expense | 77,992 | 12,296 | — | 90,288 | ||||||||||
Corporate general and administrative | — | — | 7,960 | 7,960 | ||||||||||
Operating income (loss) from continuing operations | $ | 33,771 | $ | 6,200 | $ | -7,960 | $ | 32,011 | ||||||
Depreciation and amortization | $ | 5,222 | $ | 1,411 | $ | 225 | $ | 6,858 | ||||||
Capital additions | $ | 3,786 | $ | 977 | $ | 46 | $ | 4,809 | ||||||
Quarterly_Results_of_Operation
Quarterly Results of Operations | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||
Quarterly Results of Operations | 15. Quarterly Results of Operations (Unaudited) | |||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||||||||
Net operating revenue | $ | 29,423 | $ | 28,957 | $ | 33,831 | $ | 33,832 | $ | 34,373 | $ | 32,929 | $ | 36,371 | $ | 33,760 | ||||||||||
Station operating expenses | 22,947 | 22,088 | 23,499 | 23,493 | 26,366 | 23,598 | 25,612 | 23,798 | ||||||||||||||||||
Corporate G&A | 2,153 | 1,948 | 2,120 | 1,982 | 2,307 | 2,051 | 2,321 | 2,191 | ||||||||||||||||||
Other operating (income) expense | — | — | — | — | — | — | -1,210 | — | ||||||||||||||||||
Impairment of intangible assets | — | — | — | — | — | — | 1,936 | 2,033 | ||||||||||||||||||
Operating income from continuing operations | 4,323 | 4,921 | 8,212 | 8,357 | 5,700 | 7,280 | 7,712 | 5,738 | ||||||||||||||||||
Other (income) expenses: | ||||||||||||||||||||||||||
Interest expense | 272 | 358 | 272 | 357 | 268 | 308 | 252 | 282 | ||||||||||||||||||
Other | -15 | 25 | -30 | 66 | 7 | -144 | -33 | 2 | ||||||||||||||||||
Income from continuing operations before tax | 4,066 | 4,538 | 7,970 | 7,934 | 5,425 | 7,116 | 7,493 | 5,454 | ||||||||||||||||||
Income tax provision | 1,627 | 1,812 | 3,193 | 3,130 | 2,180 | 2,820 | 3,050 | 2,230 | ||||||||||||||||||
Income from continuing operations, net of tax | 2,439 | 2,726 | 4,777 | 4,804 | 3,245 | 4,296 | 4,443 | 3,224 | ||||||||||||||||||
Income (loss) from discontinued operations, net of tax | — | 223 | — | — | — | — | — | — | ||||||||||||||||||
Net income | $ | 2,439 | $ | 2,949 | $ | 4,777 | $ | 4,804 | $ | 3,245 | $ | 4,296 | $ | 4,443 | $ | 3,224 | ||||||||||
Basic earnings (loss) per share: | ||||||||||||||||||||||||||
From continuing operations | $ | 0.43 | $ | 0.48 | $ | 0.83 | $ | 0.85 | $ | 0.56 | $ | 0.76 | $ | 0.77 | $ | 0.56 | ||||||||||
From discontinued operations | — | 0.04 | — | — | — | — | — | — | ||||||||||||||||||
Earnings per share | $ | 0.43 | $ | 0.52 | $ | 0.83 | $ | 0.85 | $ | 0.56 | $ | 0.76 | $ | 0.77 | $ | 0.56 | ||||||||||
Weighted average common shares | 5,690 | 5,673 | 5,699 | 5,683 | 5,699 | 5,686 | 5,709 | 5,686 | ||||||||||||||||||
Diluted earnings (loss) per share: | ||||||||||||||||||||||||||
From continuing operations | $ | 0.42 | $ | 0.47 | $ | 0.82 | $ | 0.84 | $ | 0.56 | $ | 0.75 | $ | 0.76 | $ | 0.56 | ||||||||||
From discontinued operations | — | 0.04 | — | — | — | — | — | — | ||||||||||||||||||
Diluted earnings per share | $ | 0.42 | $ | 0.51 | $ | 0.82 | $ | 0.84 | $ | 0.56 | $ | 0.75 | $ | 0.76 | $ | 0.56 | ||||||||||
Weighted average common and common equivalent shares | 5,757 | 5,738 | 5,754 | 5,745 | 5,742 | 5,754 | 5,757 | 5,751 | ||||||||||||||||||
During the fourth quarter of 2014, the Company recognized a gain on the sale of four of our information networks (Michigan Radio Network, Michigan Farm Network, Minnesota News Network and Minnesota Farm Network) of $1,210,000 and a pre-tax impairment charge of $1,936,000 to reduce the carrying value of certain radio broadcast licenses to their estimated fair value. | ||||||||||||||||||||||||||
During the fourth quarter of 2013, the Company recognized a pre-tax impairment charge of $2,033,000 to reduce the carrying value of certain radio broadcast licenses to their estimated fair value. | ||||||||||||||||||||||||||
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2014 | |
Loss Contingency, Information about Litigation Matters [Abstract] | |
Litigation | 16. Litigation |
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 statements. | |
Nielsen Audio, Inc. (formerly Arbitron, Inc.) (“Nielsen”) filed suit against the Company and one of its subsidiaries, Lakefront Communications, LLC, in the United States District Court in Delaware alleging they have infringed certain of Arbitron’s copyrights. The case was dismissed on December 1, 2014 when we entered into agreements to license historic Nielsen data in selected markets, in conjunction with entering into licenses to receive Nielsen reports and services for future periods in those markets. The historic data that was licensed will allow us to make historic period comparisons as we utilize the Nielsen reports and services in the future, and the related license fee for the historic data was expensed in 2014. | |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||
Nature of Business | Nature of Business | |||||||||||||
Saga Communications, Inc. is a broadcasting company whose business is devoted to acquiring, developing and operating broadcast properties. As of December 31, 2014 we owned or operated ninety-two radio stations, four television stations, five low-power television stations and one radio information network serving twenty-five markets throughout the United States. | ||||||||||||||
Basis of Presentation | Basis of Presentation | |||||||||||||
On January 16, 2013 the Company consummated a four-for-three stock split of its Class A and Class B Common Stock, to shareholders of record as of the close of business on December 28, 2012. The stock split increased the Company’s issued and outstanding shares of common stock from 3,659,753 shares of Class A Common Stock and 597,504 shares of Class B Common Stock to 4,879,186 and 796,672 shares, respectively. | ||||||||||||||
All share and per share information in the accompanying financial statements for periods prior to the split have been restated retroactively to reflect the stock split. The common stock and additional paid-in capital accounts reflect the retroactive capitalization of the four-for-three stock split. | ||||||||||||||
Principles of Consolidation | Principles of Consolidation | |||||||||||||
The consolidated financial statements include the accounts of Saga Communications, Inc. and our wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. | ||||||||||||||
Use of Estimates | Use of Estimates | |||||||||||||
The preparation of the financial statements in conformity with accounting principles generally accepted in the United States (GAAP) requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. While we do not believe that the ultimate settlement of any amounts reported will materially affect our financial position or results of future operations, actual results may differ from estimates provided. | ||||||||||||||
Concentration of Risk | Concentration of Risk | |||||||||||||
Our top six markets when combined represented 43 %, 44 % and 44 % of our net operating revenue for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||
We sell advertising to local and national companies throughout the United States. We perform ongoing credit evaluations of our customers and generally do not require collateral. We maintain an allowance for doubtful accounts at a level which we believe is sufficient to cover potential credit losses. | ||||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | |||||||||||||
Cash and cash equivalents consist of cash on hand and time deposits with original maturities of three months or less. We did not have any time deposits at December 31, 2014 and 2013. | ||||||||||||||
Financial Instruments | Financial Instruments | |||||||||||||
Our financial instruments are comprised of cash and cash equivalents, accounts receivable, accounts payable and long-term debt. The carrying value of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to their short maturities. The carrying value of long-term debt approximates fair value as it carries interest rates that either fluctuate with the euro-dollar rate, prime rate or have been reset at the prevailing market rate at December 31, 2014. | ||||||||||||||
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts | |||||||||||||
A provision for doubtful accounts is recorded based on our judgment of the collectability of receivables. Amounts are written off when determined to be fully uncollectible. Delinquent accounts are based on contractual terms. The activity in the allowance for doubtful accounts during the years ended December 31, 2014, 2013 and 2012 was as follows: | ||||||||||||||
Write Off of | ||||||||||||||
Balance | Charged to | Uncollectible | Balance at | |||||||||||
at Beginning | Costs and | Accounts, Net of | End of | |||||||||||
Year Ended | of Period | Expenses | Recoveries | Period | ||||||||||
(In thousands) | ||||||||||||||
31-Dec-14 | $ | 578 | $ | 139 | $ | -322 | $ | 395 | ||||||
31-Dec-13 | $ | 577 | $ | 293 | $ | -292 | $ | 578 | ||||||
31-Dec-12 | $ | 794 | $ | 134 | $ | -351 | $ | 577 | ||||||
Barter Transactions | Barter Transactions | |||||||||||||
Our radio and television stations trade air time for goods and services used principally for promotional, sales and other business activities. An asset and a liability are recorded at the fair market value of goods or services received. Barter revenue is recorded when commercials are broadcast, and barter expense is recorded when goods or services received are used. | ||||||||||||||
Property and Equipment | Property and Equipment | |||||||||||||
Property and equipment are carried at cost. Expenditures for maintenance and repairs are expensed as incurred. When property and equipment is sold or otherwise disposed of, the related cost and accumulated depreciation is removed from the respective accounts and the gain or loss realized on disposition is reflected in earnings. Depreciation is provided using the straight-line method based on the estimated useful life of the assets. We review our property and equipment for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of these assets is measured by comparison of their carrying amounts to future undiscounted cash flows the assets are expected to generate. If the assets are considered to be impaired, the impairment to be recognized equals the amount by which the carrying value of the assets exceeds its fair market value. We did not record any impairment of property and equipment during 2014, 2013 and 2012. | ||||||||||||||
Property and equipment consisted of the following: | ||||||||||||||
Estimated | December 31, | |||||||||||||
Useful Life | 2014 | 2013 | ||||||||||||
(In thousands) | ||||||||||||||
Land and land improvements | — | $ | 11,026 | $ | 10,984 | |||||||||
Buildings | 31.5 years | 33,275 | 32,378 | |||||||||||
Towers and antennae | 7-15 years | 26,191 | 25,761 | |||||||||||
Equipment | 3-15 years | 79,216 | 77,908 | |||||||||||
Furniture, fixtures and leasehold improvements | 7-20 years | 8,104 | 7,926 | |||||||||||
Vehicles | 5 years | 3,790 | 3,805 | |||||||||||
161,602 | 158,762 | |||||||||||||
Accumulated depreciation | -106,415 | -102,425 | ||||||||||||
Net property and equipment | $ | 55,187 | $ | 56,337 | ||||||||||
Depreciation expense for the years ended December 31, 2014, 2013 and 2012 was $6,648,000, $6,716,000 and $6,805,000, respectively. | ||||||||||||||
Intangible Assets | Intangible Assets | |||||||||||||
Intangible assets deemed to have indefinite useful lives, which include broadcast licenses, are not amortized and are subject to impairment tests which are conducted as of October 1 of each year, or more frequently if impairment indicators arise. | ||||||||||||||
We have 99 broadcast licenses serving 25 markets, some of which are currently under renewal, while others require renewal over the period of 2015-2022. In determining that the Company’s broadcast licenses qualified as indefinite-lived intangible assets, management considered a variety of factors including our broadcast licenses may be renewed indefinitely at little cost; our broadcast licenses are essential to our business and we intend to renew our licenses indefinitely; we have never been denied the renewal of an FCC broadcast license nor do we believe that there will be any compelling challenge to the renewal of our broadcast licenses; and we do not believe that the technology used in broadcasting will be replaced by another technology in the foreseeable future. | ||||||||||||||
Separable intangible assets that have finite lives are amortized over their useful lives using the straight-line method. Favorable lease agreements are amortized over the leases ranging from 4 to 26 years. Other intangibles are amortized over one to eleven years. | ||||||||||||||
Deferred Costs | Deferred Costs | |||||||||||||
The costs related to the issuance of debt are capitalized and amortized to interest expense over the life of the debt. During the years ended December 31, 2014, 2013 and 2012, we recognized interest expense related to the amortization of debt issuance costs of $187,000 , $204,000 and $231,000, respectively. In 2013 we also wrote-off unamortized debt issuance costs of $55,000, pre-tax, in connection with an amendment to our credit facility. See Note 4 – Long-Term Debt. | ||||||||||||||
At December 31, 2014 and 2013 the net book value of deferred costs was $636,000, and $823,000, respectively, and was presented in Other intangibles, deferred costs and investments in our Consolidated Balance Sheets. | ||||||||||||||
Broadcast Program Rights | Broadcast Program Rights | |||||||||||||
We record the capitalized costs of broadcast program rights when the license period begins and the programs are available for use. Amortization of the program rights is recorded using the straight-line method over the license period or based on the number of showings. Amortization of broadcast program rights is included in station operating expense. Unamortized broadcast program rights are classified as current or non-current based on terms of the syndication agreements and estimated usage in future years. | ||||||||||||||
Treasury Stock | Treasury Stock | |||||||||||||
In March 2013, our board of directors authorized an increase in the amount committed to our Stock Buy-Back Program (the “Buy-Back Program”) from $60 million to $75.8 million. The Buy-Back Program allows us to repurchase our Class A Common Stock. As of December 31, 2014, we had remaining authorization of $29.7 million for future repurchases of our Class A Common Stock. | ||||||||||||||
Repurchases of shares of our Common Stock are recorded as Treasury stock and result in a reduction of Stockholders’ equity. During 2014, 2013 and 2012, we acquired 6,165 shares at an average price of $41.15 per share, 2,179 shares at an average price of $43.98 per share and 2,924 shares at an average price of $27.30 per share, respectively. | ||||||||||||||
Revenue Recognition | Revenue Recognition | |||||||||||||
Revenue from the sale of commercial broadcast time to advertisers is recognized when commercials are broadcast. Revenue is reported net of advertising agency commissions. Agency commissions, when applicable are based on a stated percentage applied to gross billing. All revenue is recognized in accordance with the Securities and Exchange Commission’s (“SEC”) Staff Accounting Bulletin (“SAB”) No. 104, Topic 13, Revenue Recognition Revised and Updated and The Accounting Standards Codification (ASC) Topic 605, Revenue Recognition. | ||||||||||||||
Time Brokerage Agreements/Local Marketing Agreements | Time Brokerage Agreements/Local Marketing Agreements | |||||||||||||
We have entered into Time Brokerage Agreements (“TBA’s”) or Local Marketing Agreements (“LMA’s”) in certain markets. In a typical TBA/LMA, the FCC licensee of a station makes available, for a fee, blocks of air time on its station to another party that supplies programming to be broadcast during that air time and sells its own commercial advertising announcements during the time periods specified. Revenue and expenses related to TBA’s/LMA’s are included in the accompanying Consolidated Statements of Income. Assets and liabilities related to the TBA’s/LMA’s are included in the accompanying Consolidated Balance Sheets. | ||||||||||||||
Advertising and Promotion Costs | Advertising and Promotion Costs | |||||||||||||
Advertising and promotion costs are expensed as incurred. Such costs amounted to $3,056,000, $3,225,000 and $3,182,000 for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||
Income Taxes | Income Taxes | |||||||||||||
Deferred tax assets and liabilities are determined based on temporary differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Our effective tax rate is higher than the federal statutory rate as a result of the inclusion of state taxes in the income tax amount. | ||||||||||||||
Dividends | Dividends | |||||||||||||
On December 3, 2014 the Company’s Board of Directors declared a quarterly cash dividend of $0.20 per share and a special cash dividend of $1.20 per share on its Classes A and B Common Stock. This dividend totaling $8.2 million was paid on December 29, 2014 to shareholders of record on December 15, 2014. | ||||||||||||||
On September 23, 2014 the Company’s Board of Directors declared a quarterly cash dividend of $0.20 per share on its Classes A and B Common Stock. This dividend totaling $1.1 million was paid on October 17, 2014 to shareholders of record on October 3, 2014. | ||||||||||||||
On June 30, 2014 the Company’s Board of Directors declared a quarterly cash dividend of $0.20 per share on its Classes A and B Common Stock. This dividend totaling $1.1 million was paid on July 25, 2014 to shareholders of record on July 11, 2014. | ||||||||||||||
On November 21, 2013 the Company’s Board of Directors declared a special cash dividend of $1.80 per share on its Classes A and B Common Stock. This dividend totaling $10.3 million was paid on December 12, 2013 to shareholders of record on December 2, 2013. | ||||||||||||||
On October 2, 2012 the Company’s Board of Directors declared a special cash dividend of $1.24 per share on its Classes A and B Common Stock. This dividend totaling $7.0 million was paid on December 3, 2012 to shareholders of record on November 15, 2012. | ||||||||||||||
Stock-Based Compensation | Stock-Based Compensation | |||||||||||||
Stock-based compensation cost for stock option awards is estimated on the date of grant using a Black-Scholes valuation model and is expensed on a straight-line method over the vesting period of the options. Stock-based compensation expense is recognized net of estimated forfeitures. The fair value of restricted stock awards is determined based on the closing market price of the Company’s Class A Common Stock on the grant date and is adjusted at each reporting date based on the amount of shares ultimately expected to vest. See Note 7 — Stock-Based Compensation for further details regarding the expense calculated under the fair value based method. | ||||||||||||||
Earnings Per Share | Earnings Per Share | |||||||||||||
Earnings per share is calculated using the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security. The Company has participating securities related to restricted stock units, granted under the Company’s Second Amended and Restated 2005 Incentive Compensation Plan, that earn dividends on an equal basis with common shares. In applying the two-class method, earnings are allocated to both common shares and participating securities. | ||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | ||||||||||||||
Years Ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
(In thousands, except per share data) | ||||||||||||||
Numerator: | ||||||||||||||
Net income | $ | 14,904 | $ | 15,273 | $ | 17,925 | ||||||||
Less: Net income allocated to unvested participating securities | 234 | 135 | — | |||||||||||
Net income available to common stockholders | $ | 14,670 | $ | 15,138 | $ | 17,925 | ||||||||
Denominator: | ||||||||||||||
Denominator for basic earnings per share-weighted average shares | 5,700 | 5,681 | 5,659 | |||||||||||
Effect of dilutive securities: | ||||||||||||||
Stock options | 53 | 64 | 13 | |||||||||||
Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions | 5,753 | 5,745 | 5,672 | |||||||||||
Basic earnings per share | $ | 2.57 | $ | 2.66 | $ | 3.17 | ||||||||
Diluted earnings per share | $ | 2.55 | $ | 2.64 | $ | 3.16 | ||||||||
The number of stock options outstanding that had an antidilutive effect on our earnings per share calculation, and therefore have been excluded from dilutive earnings per share calculation, was 45,000, 13,000 and 93,000 for the years ended December 31, 2014, 2013, and 2012, respectively. The actual effect of these shares, if any, on the diluted earnings per share calculation will vary significantly depending on fluctuations in the stock price. | ||||||||||||||
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements | |||||||||||||
In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, to change the criteria for determining which disposals can be presented as discontinued operations and to enhance the related disclosure requirements for discontinued operations. We early adopted ASU 2014-08 in our fourth quarter of 2014 and applied the new guidance in accounting for the sale of the Michigan Radio Network, the Michigan Farm Network, the Minnesota News Network and the Minnesota Farm Network. We determined that the sale of our networks did not represent a strategic shift that will have a major effect on our operations and financial results, and accordingly it was not reported as a discontinued operation. | ||||||||||||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | |||||||||||||
In August 2014, the FASB issued Accounting Standards Update No. 2014-15, “Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”), which requires management to evaluate, at each annual and interim reporting period, whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern and provide related disclosures. ASU 2014-15 is effective for the first interim period within annual reporting periods beginning after December 15, 2016 and is not expected to have a material impact on the Company’s consolidated financial statements. | ||||||||||||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. This new standard provides guidance for the recognition, measurement and disclosure of revenue resulting from contracts with customers and will supersede virtually all of the current revenue recognition guidance under GAAP. The standard is effective for the first interim period within annual reporting periods beginning after December 15, 2016. The Company is currently evaluating the impact of the provisions of this new standard on our consolidated financial statements. | ||||||||||||||
In July 2013, the FASB issued ASU No. 2013-11, Presentation of Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, an amendment to FASB ASC Topic 740, Income Taxes. This amendment requires the netting of unrecognized tax benefits against a deferred tax asset for a loss or other carryforward that would apply in the settlement of uncertain tax positions. This amendment was adopted on January 1, 2014 and did not have a material impact on our consolidated financial statements. | ||||||||||||||
In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-04, Obligations Resulting from Joint and Several Liability Arrangements Which the Total Amount of the Obligation is Fixed at the Reporting Date, an amendment to FASB ASC Topic 405, Liabilities. This update provides guidance on the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements, including debt arrangements, other contractual obligations, and settled litigation and judicial rulings, for which the total amount of the obligation is fixed at the reporting date. This amendment was adopted on January 1, 2014 and did not have a material impact on our consolidated financial statements. | ||||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||
Activity in the allowance for doubtful accounts | The activity in the allowance for doubtful accounts during the years ended December 31, 2014, 2013 and 2012 was as follows: | |||||||||||||
Write Off of | ||||||||||||||
Balance | Charged to | Uncollectible | Balance at | |||||||||||
at Beginning | Costs and | Accounts, Net of | End of | |||||||||||
Year Ended | of Period | Expenses | Recoveries | Period | ||||||||||
(In thousands) | ||||||||||||||
31-Dec-14 | $ | 578 | $ | 139 | $ | -322 | $ | 395 | ||||||
31-Dec-13 | $ | 577 | $ | 293 | $ | -292 | $ | 578 | ||||||
31-Dec-12 | $ | 794 | $ | 134 | $ | -351 | $ | 577 | ||||||
Property and equipment | Property and equipment consisted of the following: | |||||||||||||
Estimated | December 31, | |||||||||||||
Useful Life | 2014 | 2013 | ||||||||||||
(In thousands) | ||||||||||||||
Land and land improvements | — | $ | 11,026 | $ | 10,984 | |||||||||
Buildings | 31.5 years | 33,275 | 32,378 | |||||||||||
Towers and antennae | 7-15 years | 26,191 | 25,761 | |||||||||||
Equipment | 3-15 years | 79,216 | 77,908 | |||||||||||
Furniture, fixtures and leasehold improvements | 7-20 years | 8,104 | 7,926 | |||||||||||
Vehicles | 5 years | 3,790 | 3,805 | |||||||||||
161,602 | 158,762 | |||||||||||||
Accumulated depreciation | -106,415 | -102,425 | ||||||||||||
Net property and equipment | $ | 55,187 | $ | 56,337 | ||||||||||
Computation of basic and diluted earnings per share | The following table sets forth the computation of basic and diluted earnings per share: | |||||||||||||
Years Ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
(In thousands, except per share data) | ||||||||||||||
Numerator: | ||||||||||||||
Net income | $ | 14,904 | $ | 15,273 | $ | 17,925 | ||||||||
Less: Net income allocated to unvested participating securities | 234 | 135 | — | |||||||||||
Net income available to common stockholders | $ | 14,670 | $ | 15,138 | $ | 17,925 | ||||||||
Denominator: | ||||||||||||||
Denominator for basic earnings per share-weighted average shares | 5,700 | 5,681 | 5,659 | |||||||||||
Effect of dilutive securities: | ||||||||||||||
Stock options | 53 | 64 | 13 | |||||||||||
Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions | 5,753 | 5,745 | 5,672 | |||||||||||
Basic earnings per share | $ | 2.57 | $ | 2.66 | $ | 3.17 | ||||||||
Diluted earnings per share | $ | 2.55 | $ | 2.64 | $ | 3.16 | ||||||||
Broadcast_Licenses_Goodwill_an1
Broadcast Licenses, Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||
Changes to broadcast licenses | We have recorded the changes to broadcast licenses for the years ended December 31, 2014 and 2013 as follows: | ||||||||||
Radio | Television | Total | |||||||||
(In thousands) | |||||||||||
Balance at January 1, 2013 | $ | 80,773 | $ | 9,588 | $ | 90,361 | |||||
Acquisitions | 132 | — | 132 | ||||||||
Impairment charge | -2,033 | — | -2,033 | ||||||||
Balance at December 31, 2013 | $ | 78,872 | $ | 9,588 | $ | 88,460 | |||||
Acquisitions | 219 | 19 | 238 | ||||||||
Impairment charge | -1,936 | — | -1,936 | ||||||||
Balance at December 31, 2014 | $ | 77,155 | $ | 9,607 | $ | 86,762 | |||||
Key estimates and assumptions used in the impairment test | The following table reflects certain key estimates and assumptions used in the impairment test in the fourth quarter of 2014. | ||||||||||
Fourth | Fourth | ||||||||||
Quarter | Quarter | ||||||||||
2014 | 2013 | ||||||||||
Discount rates | 12.3% - 12.4% | 12.2% - 12.4% | |||||||||
Operating profit margin ranges | 20.8% - 36.4% | 19.9% - 35.8% | |||||||||
Market long-term revenue growth rates | 1.2 % - 4.1% | 1.9 % - 3.3% | |||||||||
The following table reflects certain key estimates and assumptions used in the impairment test in the fourth quarter of 2013. | |||||||||||
Fourth | Fourth | ||||||||||
Quarter | Quarter | ||||||||||
2013 | 2012 | ||||||||||
Discount rates | 12.2% - 12.4% | 12.0% - 12.2% | |||||||||
Operating profit margin ranges | 19.9% - 35.8% | 17.4% - 35.8% | |||||||||
Market long-term revenue growth rates | 1.9 % - 3.3% | 1.75 % - 3.1% | |||||||||
Changes to Goodwill | We have recorded the changes to goodwill for each of the years ended December 31, 2014 and 2013 as follows: | ||||||||||
Radio | Television | Total | |||||||||
(In thousands) | |||||||||||
Balance at January 1, 2013 | $ | — | $ | — | $ | — | |||||
Acquisitions | — | — | — | ||||||||
Balance at December 31, 2013 | $ | — | $ | — | $ | — | |||||
Acquisitions | 326 | — | 326 | ||||||||
Balance at December 31, 2014 | $ | 326 | $ | — | $ | 326 | |||||
Amortizable intangible assets | We have recorded amortizable intangible assets at December 31, 2014 as follows: | ||||||||||
Gross | |||||||||||
Carrying | Accumulated | Net | |||||||||
Amount | Amortization | Amount | |||||||||
(In thousands) | |||||||||||
Non-competition agreements | $ | 3,861 | $ | 3,861 | $ | — | |||||
Favorable lease agreements | 5,862 | 5,613 | 249 | ||||||||
Other intangibles | 1,766 | 1,609 | 157 | ||||||||
Total amortizable intangible assets | $ | 11,489 | $ | 11,083 | $ | 406 | |||||
We have recorded amortizable intangible assets at December 31, 2013 as follows: | |||||||||||
Gross | |||||||||||
Carrying | Accumulated | Net | |||||||||
Amount | Amortization | Amount | |||||||||
(In thousands) | |||||||||||
Non-competition agreements | $ | 4,511 | $ | 4,511 | $ | — | |||||
Favorable lease agreements | 5,862 | 5,577 | 285 | ||||||||
Other intangibles | 1,741 | 1,592 | 149 | ||||||||
Total amortizable intangible assets | $ | 12,114 | $ | 11,680 | $ | 434 | |||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Long-Term Debt | Long-term debt consisted of the following: | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Credit Agreement: | ||||||||
Term loan | $ | 30,000 | $ | 30,000 | ||||
Revolving credit facility | 5,000 | 15,000 | ||||||
Secured debt of affiliate | 1,078 | 1,078 | ||||||
36,078 | 46,078 | |||||||
Amounts payable within one year | — | 1,078 | ||||||
$ | 36,078 | $ | 45,000 | |||||
Future maturities of long-term debt | Future maturities of long-term debt are as follows: | |||||||
Year Ending December 31, | (In thousands) | |||||||
2015 | $ | — | ||||||
2016 | — | |||||||
2017 | 1,078 | |||||||
2018 | 35,000 | |||||||
2019 | — | |||||||
Thereafter | — | |||||||
$ | 36,078 | |||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||
Supplemental cash flow information | Years Ended December 31, | ||||||||||
2014 | 2013 | 2012 | |||||||||
(In thousands) | |||||||||||
Cash paid during the period for: | |||||||||||
Interest | $ | 874 | $ | 1,103 | $ | 1,559 | |||||
Income taxes | $ | 7,319 | $ | 7,134 | $ | 6,999 | |||||
Non-cash transactions: | |||||||||||
Barter revenue | $ | 3,844 | $ | 3,855 | $ | 4,188 | |||||
Barter expense | $ | 3,636 | $ | 3,844 | $ | 3,894 | |||||
Acquisition of property and equipment | $ | 91 | $ | 104 | $ | 99 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Income Tax Disclosure [Abstract] | |||||||||||
Significant components of the Companys deferred tax liabilities and assets | Significant components of the Company’s deferred tax liabilities and assets are as follows: | ||||||||||
December 31, | |||||||||||
2014 | 2013 | ||||||||||
(In thousands) | |||||||||||
Deferred tax liabilities: | |||||||||||
Property and equipment | $ | 7,727 | $ | 8,235 | |||||||
Intangible assets | 18,134 | 14,425 | |||||||||
Prepaid expenses | 621 | 601 | |||||||||
Total deferred tax liabilities | 26,482 | 23,261 | |||||||||
Deferred tax assets: | |||||||||||
Allowance for doubtful accounts | 158 | 232 | |||||||||
Compensation | 3,264 | 3,355 | |||||||||
Other accrued liabilities | 119 | 128 | |||||||||
Loss carry forwards | — | 7 | |||||||||
3,541 | 3,722 | ||||||||||
Less: valuation allowance | — | 7 | |||||||||
Total net deferred tax assets | 3,541 | 3,715 | |||||||||
Net deferred tax liabilities | $ | 22,941 | $ | 19,546 | |||||||
Current portion of deferred tax assets | $ | 845 | $ | 1,025 | |||||||
Non-current portion of deferred tax liabilities | -23,786 | -20,571 | |||||||||
Net deferred tax liabilities | $ | -22,941 | $ | -19,546 | |||||||
Significant components of the provision for income taxes | The significant components of the provision for income taxes are as follows: | ||||||||||
Years Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
(In thousands) | |||||||||||
Current: | |||||||||||
Federal | $ | 5,540 | $ | 6,210 | $ | 6,160 | |||||
State | 1,125 | 1,125 | 1,150 | ||||||||
Total current | 6,665 | 7,335 | 7,310 | ||||||||
Total deferred | 3,385 | 2,805 | 4,540 | ||||||||
$ | 10,050 | $ | 10,140 | $ | 11,850 | ||||||
Taxes are allocated as follows: | |||||||||||
Continuing operations | $ | 10,050 | $ | 9,992 | $ | 11,939 | |||||
Discontinued operations | — | 148 | -89 | ||||||||
$ | 10,050 | $ | 10,140 | $ | 11,850 | ||||||
Reconciliation of income tax | The reconciliation of income tax at the U.S. federal statutory tax rates to income tax expense (benefit) is as follows: | ||||||||||
Years Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
(In thousands) | |||||||||||
Tax expense at U.S. statutory rates | $ | 8,630 | $ | 8,894 | $ | 10,486 | |||||
State tax expense, net of federal benefit | 1,249 | 1,192 | 1,356 | ||||||||
Other, net | 178 | 105 | 42 | ||||||||
Change in valuation allowance on loss carry forwards | -7 | -51 | -34 | ||||||||
$ | 10,050 | $ | 10,140 | $ | 11,850 | ||||||
Discontinued operations | — | 148 | 89 | ||||||||
$ | 10,050 | $ | 9,992 | $ | 11,939 | ||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | The following summarizes the stock option transactions for the Second Restated 2005 Plan, and the 2003 Plan for the year ended December 31: | |||||||||||||
Weighted | ||||||||||||||
Average | ||||||||||||||
Weighted | Remaining | Aggregate | ||||||||||||
Number of | Average | Contractual | Intrinsic | |||||||||||
Options | Exercise Price | Term (Years) | Value | |||||||||||
Outstanding at January 1, 2012 | 303,632 | $ | 37.4 | 3.6 | $ | 135,886 | ||||||||
Granted | — | — | ||||||||||||
Exercised | -9,796 | 27.26 | ||||||||||||
Forfeited/canceled/expired | -33,176 | 61.69 | ||||||||||||
Outstanding at December 31, 2012 | 260,660 | $ | 34.69 | 3 | $ | 1,253,039 | ||||||||
Granted | — | — | ||||||||||||
Exercised | -8,910 | 29.41 | ||||||||||||
Forfeited/canceled/expired | -17,963 | 54.35 | ||||||||||||
Outstanding at December 31, 2013 | 233,787 | $ | 33.38 | 2.1 | $ | 4,058,035 | ||||||||
Granted | — | — | ||||||||||||
Exercised | 7,294 | 34.8 | ||||||||||||
Forfeited/canceled/expired | 13,323 | 57.93 | ||||||||||||
Outstanding at December 31, 2014 | 213,170 | $ | 31.79 | 1.2 | $ | 2,519,147 | ||||||||
Vested and Exercisable at December 31, 2014 | 213,170 | $ | 31.79 | 1.2 | $ | 2,519,147 | ||||||||
Non-vested stock option transactions | The following summarizes the non-vested stock option transactions for the Second Restated 2005 Plan, and the 2003 Plan for the year ended December 31: | |||||||||||||
Weighted | ||||||||||||||
Average | ||||||||||||||
Number of | Grant Date | |||||||||||||
Options | Fair Value | |||||||||||||
Non-vested at January 1, 2012 | 9,283 | $ | 14.48 | |||||||||||
Granted | — | — | ||||||||||||
Vested | -9,283 | 14.48 | ||||||||||||
Forfeited/canceled/expired | — | — | ||||||||||||
Non-vested at December 31, 2012 | — | $ | — | |||||||||||
Summary of restricted stock transactions | The following summarizes the restricted stock transactions for the year ended December 31: | |||||||||||||
Weighted | ||||||||||||||
Average | ||||||||||||||
Grant Date | ||||||||||||||
Shares | Fair Value | |||||||||||||
Outstanding at January 1, 2012 | 13,212 | $ | 19.61 | |||||||||||
Granted | — | — | ||||||||||||
Vested | -7,641 | 20.82 | ||||||||||||
Forfeited/canceled/expired | -40 | 17.97 | ||||||||||||
Outstanding at December 31, 2012 | 5,531 | $ | 17.97 | |||||||||||
Granted | 50,062 | 46.51 | ||||||||||||
Vested | -5,531 | 17.97 | ||||||||||||
Forfeited/canceled/expired | — | — | ||||||||||||
Outstanding at December 31, 2013 | 50,062 | $ | 46.51 | |||||||||||
Granted | 56,756 | 38.11 | ||||||||||||
Vested | 16,529 | 46.51 | ||||||||||||
Forfeited/canceled/expired | 457 | 46.51 | ||||||||||||
Non-vested and outstanding at December 31, 2014 | 89,832 | $ | 41.2 | |||||||||||
Weighted average remaining contractual life (in years) | 7 | |||||||||||||
Acquisitions_and_Dispositions_
Acquisitions and Dispositions (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Combinations [Abstract] | |||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The final allocation of the purchase price is as follows: | ||||
Fair Value | |||||
(in thousands) | |||||
Assets Acquired: | |||||
Current assets | $ | 45 | |||
Property and equipment | 425 | ||||
Broadcast licenses-Radio segment | 174 | ||||
Other intangibles, deferred costs and investments | 3 | ||||
Fair value of assets acquired | 647 | ||||
Goodwill-Radio segment | 73 | ||||
Total cash consideration | $ | 720 | |||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Minimum annual rental commitments | Minimum annual rental commitments under noncancellable operating leases consisted of the following at December 31, 2014 (in thousands): | ||||
2015 | $ | 1,427 | |||
2016 | 1,169 | ||||
2017 | 1,011 | ||||
2018 | 868 | ||||
2019 | 645 | ||||
Thereafter | 3,751 | ||||
$ | 8,871 | ||||
Schedule Of Aggregate Minimum Commitment Relating To Broadcast Program Rights | We have entered into contracts for broadcast program rights that expire at various dates during the next five years. The aggregate minimum payments relating to these commitments consisted of the following at December 31, 2014 (in thousands): | ||||
2015 | $ | 642 | |||
2016 | 488 | ||||
2017 | 237 | ||||
2018 | 36 | ||||
2019 | 20 | ||||
Thereafter | 24 | ||||
$ | 1,447 | ||||
Amounts due within one year (included in accounts payable) | 642 | ||||
$ | 805 | ||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||
Segment reporting information | The category “Corporate general and administrative” represents the income and expense not allocated to reportable segments. | |||||||||||||
Corporate | ||||||||||||||
Radio | Television | and Other | Consolidated | |||||||||||
(In thousands) | ||||||||||||||
Year ended December 31, 2014: | ||||||||||||||
Net operating revenue | $ | 113,627 | $ | 20,371 | $ | — | $ | 133,998 | ||||||
Station operating expense | 85,167 | 13,257 | — | 98,424 | ||||||||||
Corporate general and administrative | — | — | 8,901 | 8,901 | ||||||||||
Other operating (income) expense | -1,210 | — | — | -1,210 | ||||||||||
Impairment of intangible assets | 1,936 | — | — | 1,936 | ||||||||||
Operating income (loss) from continuing operations | $ | 27,734 | 7,114 | -8,901 | 25,947 | |||||||||
Depreciation and amortization | $ | 5,023 | 1,411 | 268 | 6,702 | |||||||||
Capital additions | $ | 3,856 | 929 | 739 | 5,524 | |||||||||
Broadcast licenses, net | $ | 77,155 | 9,607 | — | 86,762 | |||||||||
Total assets at December 31, 2014 | $ | 142,068 | 22,509 | 27,467 | 192,044 | |||||||||
Corporate | ||||||||||||||
Radio | Television | and Other | Consolidated | |||||||||||
(In thousands) | ||||||||||||||
Year ended December 31, 2013: | ||||||||||||||
Net operating revenue | $ | 109,818 | $ | 19,660 | $ | — | $ | 129,478 | ||||||
Station operating expense | 79,933 | 13,044 | — | 92,977 | ||||||||||
Corporate general and administrative | — | — | 8,172 | 8,172 | ||||||||||
Impairment of intangible assets | 2,033 | — | — | 2,033 | ||||||||||
Operating income (loss) from continuing operations | $ | 27,852 | $ | 6,616 | $ | -8,172 | $ | 26,296 | ||||||
Depreciation and amortization | $ | 5,119 | $ | 1,421 | $ | 228 | $ | 6,768 | ||||||
Capital additions | $ | 3,884 | $ | 872 | $ | 396 | $ | 5,152 | ||||||
Broadcast licenses, net | $ | 78,872 | $ | 9,588 | $ | — | $ | 88,460 | ||||||
Total assets at December 31, 2013 | $ | 143,927 | $ | 23,274 | $ | 26,023 | $ | 193,224 | ||||||
Corporate | ||||||||||||||
Radio | Television | and Other | Consolidated | |||||||||||
(In thousands) | ||||||||||||||
Year ended December 31, 2012: | ||||||||||||||
Net operating revenue | $ | 111,763 | $ | 18,496 | $ | — | $ | 130,259 | ||||||
Station operating expense | 77,992 | 12,296 | — | 90,288 | ||||||||||
Corporate general and administrative | — | — | 7,960 | 7,960 | ||||||||||
Operating income (loss) from continuing operations | $ | 33,771 | $ | 6,200 | $ | -7,960 | $ | 32,011 | ||||||
Depreciation and amortization | $ | 5,222 | $ | 1,411 | $ | 225 | $ | 6,858 | ||||||
Capital additions | $ | 3,786 | $ | 977 | $ | 46 | $ | 4,809 | ||||||
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||
Quarterly financial information | March 31, | June 30, | September 30, | December 31, | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||||||||
Net operating revenue | $ | 29,423 | $ | 28,957 | $ | 33,831 | $ | 33,832 | $ | 34,373 | $ | 32,929 | $ | 36,371 | $ | 33,760 | ||||||||||
Station operating expenses | 22,947 | 22,088 | 23,499 | 23,493 | 26,366 | 23,598 | 25,612 | 23,798 | ||||||||||||||||||
Corporate G&A | 2,153 | 1,948 | 2,120 | 1,982 | 2,307 | 2,051 | 2,321 | 2,191 | ||||||||||||||||||
Other operating (income) expense | — | — | — | — | — | — | -1,210 | — | ||||||||||||||||||
Impairment of intangible assets | — | — | — | — | — | — | 1,936 | 2,033 | ||||||||||||||||||
Operating income from continuing operations | 4,323 | 4,921 | 8,212 | 8,357 | 5,700 | 7,280 | 7,712 | 5,738 | ||||||||||||||||||
Other (income) expenses: | ||||||||||||||||||||||||||
Interest expense | 272 | 358 | 272 | 357 | 268 | 308 | 252 | 282 | ||||||||||||||||||
Other | -15 | 25 | -30 | 66 | 7 | -144 | -33 | 2 | ||||||||||||||||||
Income from continuing operations before tax | 4,066 | 4,538 | 7,970 | 7,934 | 5,425 | 7,116 | 7,493 | 5,454 | ||||||||||||||||||
Income tax provision | 1,627 | 1,812 | 3,193 | 3,130 | 2,180 | 2,820 | 3,050 | 2,230 | ||||||||||||||||||
Income from continuing operations, net of tax | 2,439 | 2,726 | 4,777 | 4,804 | 3,245 | 4,296 | 4,443 | 3,224 | ||||||||||||||||||
Income (loss) from discontinued operations, net of tax | — | 223 | — | — | — | — | — | — | ||||||||||||||||||
Net income | $ | 2,439 | $ | 2,949 | $ | 4,777 | $ | 4,804 | $ | 3,245 | $ | 4,296 | $ | 4,443 | $ | 3,224 | ||||||||||
Basic earnings (loss) per share: | ||||||||||||||||||||||||||
From continuing operations | $ | 0.43 | $ | 0.48 | $ | 0.83 | $ | 0.85 | $ | 0.56 | $ | 0.76 | $ | 0.77 | $ | 0.56 | ||||||||||
From discontinued operations | — | 0.04 | — | — | — | — | — | — | ||||||||||||||||||
Earnings per share | $ | 0.43 | $ | 0.52 | $ | 0.83 | $ | 0.85 | $ | 0.56 | $ | 0.76 | $ | 0.77 | $ | 0.56 | ||||||||||
Weighted average common shares | 5,690 | 5,673 | 5,699 | 5,683 | 5,699 | 5,686 | 5,709 | 5,686 | ||||||||||||||||||
Diluted earnings (loss) per share: | ||||||||||||||||||||||||||
From continuing operations | $ | 0.42 | $ | 0.47 | $ | 0.82 | $ | 0.84 | $ | 0.56 | $ | 0.75 | $ | 0.76 | $ | 0.56 | ||||||||||
From discontinued operations | — | 0.04 | — | — | — | — | — | — | ||||||||||||||||||
Diluted earnings per share | $ | 0.42 | $ | 0.51 | $ | 0.82 | $ | 0.84 | $ | 0.56 | $ | 0.75 | $ | 0.76 | $ | 0.56 | ||||||||||
Weighted average common and common equivalent shares | 5,757 | 5,738 | 5,754 | 5,745 | 5,742 | 5,754 | 5,757 | 5,751 | ||||||||||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance For Doubtful Accounts Receivable Rollforward [Line Items] | |||
Allowance for Doubtful Accounts, Balance at Beginning of Period | $578 | $577 | $794 |
Charged to Costs and Expenses | 139 | 293 | 134 |
Write Off of Uncollectible Accounts,Net of Recoveries | -322 | -292 | -351 |
Allowance for Doubtful Accounts, Balance at End of Period | $395 | $578 | $577 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment, Gross | $161,602 | $158,762 |
Accumulated depreciation | -106,415 | -102,425 |
Net property and equipment | 55,187 | 56,337 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment, Gross | 11,026 | 10,984 |
Estimated Useful Life | 0 years | |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment, Gross | 33,275 | 32,378 |
Estimated Useful Life | 31 years 6 months | |
Towers And Antennae [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment, Gross | 26,191 | 25,761 |
Towers And Antennae [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 7 years | |
Towers And Antennae [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 15 years | |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment, Gross | 79,216 | 77,908 |
Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 3 years | |
Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 15 years | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment, Gross | 8,104 | 7,926 |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 7 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 20 years | |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment, Gross | $3,790 | $3,805 |
Estimated Useful Life | 5 years |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerator: | |||||||||||
Net income | $4,443 | $3,245 | $4,777 | $2,439 | $3,224 | $4,296 | $4,804 | $2,949 | $14,904 | $15,273 | $17,925 |
Less: Net income allocated to unvested participating securities | 234 | 135 | 0 | ||||||||
Net income available to common stockholders | $14,670 | $15,138 | $17,925 | ||||||||
Denominator: | |||||||||||
Denominator for basic earnings per share-weighted average shares | 5,709 | 5,699 | 5,699 | 5,690 | 5,686 | 5,686 | 5,683 | 5,673 | 5,700 | 5,681 | 5,659 |
Effect of dilutive securities: | |||||||||||
Stock options | 53 | 64 | 13 | ||||||||
Denominator for diluted earnings per share - adjusted weighted-average shares and assumed conversions | 5,757 | 5,742 | 5,754 | 5,757 | 5,751 | 5,754 | 5,745 | 5,738 | 5,753 | 5,745 | 5,672 |
Basic earnings per share | $0.77 | $0.56 | $0.83 | $0.43 | $0.56 | $0.76 | $0.85 | $0.52 | $2.57 | $2.66 | $3.17 |
Diluted earnings per share | $0.76 | $0.56 | $0.82 | $0.42 | $0.56 | $0.75 | $0.84 | $0.51 | $2.55 | $2.64 | $3.16 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Details Textual) (USD $) | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||
Dec. 03, 2014 | Sep. 23, 2014 | Nov. 21, 2013 | Oct. 02, 2012 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Four-for-three stock split | The stock split increased the Company’s issued and outstanding shares of common stock from 3,659,753 shares of Class A Common Stock and 597,504 shares of Class B Common Stock to 4,879,186 and 796,672 shares, respectively. | |||||||
Number of stock options outstanding having antidilutive effect | 45,000 | 13,000 | 93,000 | |||||
Concentration Risk, Market Risk | 43.00% | 44.00% | 44.00% | |||||
Depreciation expense | $6,648,000 | $6,716,000 | $6,805,000 | |||||
Interest expense related to the amortization of debt issuance costs | 187,000 | 204,000 | 231,000 | |||||
Write-off debt issuance costs | 0 | 55,000 | 0 | |||||
Net book value of deferred costs | 636,000 | 823,000 | ||||||
Treasury Stock, Shares, Acquired | 6,165 | 2,179 | 2,924 | |||||
Treasury Stock Acquired, Average Cost Per Share | $41.15 | $43.98 | $27.30 | |||||
Advertising and promotion costs | 3,056,000 | 3,225,000 | 3,182,000 | |||||
Special cash dividend declared on Classes A and B Common Stock | $1.20 | $0.20 | $1.80 | $1.24 | $0.20 | $1.80 | $1.80 | $1.24 |
Dividend paid | 8,200,000 | 1,100,000 | 10,300,000 | 7,000,000 | 1,100,000 | |||
Number Of Broadcast Licenses | 99 | |||||||
Number Of Market Serving | 25 | |||||||
Dividends Payable, Amount Per Share | $0.20 | |||||||
Common Class [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 29,700,000 | |||||||
Minimum [Member] | Common Class [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Stock Repurchase Program, Authorized Amount | 60,000,000 | |||||||
Maximum [Member] | Common Class [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Stock Repurchase Program, Authorized Amount | $75,800,000 | |||||||
Favorable Lease Agreements [Member] | Minimum [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Amortized over the lives of the leases term range | 4 years | |||||||
Favorable Lease Agreements [Member] | Maximum [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Amortized over the lives of the leases term range | 26 years |
Broadcast_Licenses_Goodwill_an2
Broadcast Licenses, Goodwill and Other Intangible Assets (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Indefinite-lived Intangible Assets [Line Items] | |||||||||||
Balance | $88,460 | $90,361 | $88,460 | $90,361 | |||||||
Acquisitions | 238 | 132 | |||||||||
Impairment charge | 1,936 | 0 | 0 | 0 | 2,033 | 0 | 0 | 0 | 1,936 | 2,033 | 0 |
Balance | 86,762 | 88,460 | 86,762 | 88,460 | 90,361 | ||||||
Radio [Member] | |||||||||||
Indefinite-lived Intangible Assets [Line Items] | |||||||||||
Balance | 78,872 | 80,773 | 78,872 | 80,773 | |||||||
Acquisitions | 219 | 132 | |||||||||
Impairment charge | -1,936 | -2,033 | |||||||||
Balance | 77,155 | 78,872 | 77,155 | 78,872 | |||||||
Television [Member] | |||||||||||
Indefinite-lived Intangible Assets [Line Items] | |||||||||||
Balance | 9,588 | 9,588 | 9,588 | 9,588 | |||||||
Acquisitions | 19 | 0 | |||||||||
Impairment charge | 0 | 0 | |||||||||
Balance | $9,607 | $9,588 | $9,607 | $9,588 |
Broadcast_Licenses_Goodwill_an3
Broadcast Licenses, Goodwill and Other Intangible Assets (Details 1) | 3 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Minimum [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Discount rates | 12.30% | 12.20% | 12.00% |
Operating profit margin ranges | 20.80% | 19.90% | 17.40% |
Market long-term revenue growth rates | 1.20% | 1.90% | 1.75% |
Maximum [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Discount rates | 12.40% | 12.40% | 12.20% |
Operating profit margin ranges | 36.40% | 35.80% | 35.80% |
Market long-term revenue growth rates | 4.10% | 3.30% | 3.10% |
Broadcast_Licenses_Goodwill_an4
Broadcast Licenses, Goodwill and Other Intangible Assets (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Indefinite-lived Intangible Assets [Line Items] | ||
Balance | $0 | $0 |
Acquisitions | 238 | 132 |
Balance | 326 | 0 |
Radio [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Balance | 0 | 0 |
Acquisitions | 326 | 0 |
Balance | 326 | 0 |
Television [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Balance | 0 | 0 |
Acquisitions | 0 | 0 |
Balance | $0 | $0 |
Broadcast_Licenses_Goodwill_an5
Broadcast Licenses, Goodwill and Other Intangible Assets (Details 3) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $11,489 | $12,114 |
Accumulated Amortization | 11,083 | 11,680 |
Net Amount | 406 | 434 |
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,861 | 4,511 |
Accumulated Amortization | 3,861 | 4,511 |
Net Amount | 0 | 0 |
Favorable Lease Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 5,862 | 5,862 |
Accumulated Amortization | 5,613 | 5,577 |
Net Amount | 249 | 285 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,766 | 1,741 |
Accumulated Amortization | 1,609 | 1,592 |
Net Amount | $157 | $149 |
Broadcast_Licenses_Goodwill_an6
Broadcast Licenses, Goodwill and Other Intangible Assets (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Impairment of intangible assets | $1,936,000 | $0 | $0 | $0 | $2,033,000 | $0 | $0 | $0 | $1,936,000 | $2,033,000 | $0 |
Amortization Expense | 54,000 | 52,000 | 51,000 | ||||||||
2015 | 39,000 | 39,000 | |||||||||
2016 | 39,000 | 39,000 | |||||||||
2017 | 39,000 | 39,000 | |||||||||
2018 | 39,000 | 39,000 | |||||||||
2019 | $39,000 | $39,000 |
Discontinued_Operations_Detail
Discontinued Operations (Details Textual) (USD $) | 0 Months Ended | 1 Months Ended |
Apr. 03, 2012 | Jan. 31, 2013 | |
Discontinued Operations [Abstract] | ||
Recognized gain on net of tax | $223,000 | |
Discontinued Operation Selling Price | $3,000,000 |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Total debt | ||
Long-term debt | $36,078 | $46,078 |
Amounts payable within one year | 0 | 1,078 |
Long-term debt, noncurrent | 36,078 | 45,000 |
Term loan [Member] | ||
Total debt | ||
Long-term debt | 30,000 | 30,000 |
Revolving credit facility [Member] | ||
Total debt | ||
Long-term debt | 5,000 | 15,000 |
Secured debt of affiliate [Member] | ||
Total debt | ||
Long-term debt | $1,078 | $1,078 |
LongTerm_Debt_Details_1
Long-Term Debt (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Maturities of Long Term Debt [Line Items] | ||
2015 | $0 | |
2016 | 0 | |
2017 | 1,078 | |
2018 | 35,000 | |
2019 | 0 | |
Thereafter | 0 | |
Long-term Debt | $36,078 | $46,078 |
LongTerm_Debt_Details_Textual
Long-Term Debt (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | 31-May-13 |
Debt Instrument [Line Items] | |||
Credit Facility maximum borrowing capacity | $120 | ||
Credit facility matures | 31-May-18 | ||
Excluded Distributions Under Credit Facility | 20 | ||
Additional Business Acquisitions Cost | 35 | ||
Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Consolidated Leverage Ratio | 2.50% | ||
Line of Credit Facility, Commitment Fee Percentage | 0.35% | ||
Maximum [Member] | Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||
Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Consolidated Leverage Ratio | 1.00% | ||
Line of Credit Facility, Commitment Fee Percentage | 0.25% | ||
Minimum [Member] | Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | ||
Libor Rate [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 0.17% | 0.17% | |
Libor Rate [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||
Libor Rate [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||
Term loan [Member] | |||
Debt Instrument [Line Items] | |||
Credit Facility maximum borrowing capacity | 30 | 30 | |
Term loan principal amortization rate | 5.00% | ||
Revolving credit facility [Member] | |||
Debt Instrument [Line Items] | |||
Credit Facility maximum borrowing capacity | 90 | ||
Unused borrowing capacity under the revolving credit Facility | $85 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash paid during the period for: | |||
Interest | $874 | $1,103 | $1,559 |
Income taxes | 7,319 | 7,134 | 6,999 |
Non-cash transactions: | |||
Barter revenue | 3,844 | 3,855 | 4,188 |
Barter expense | 3,636 | 3,844 | 3,894 |
Acquisition of property and equipment | $91 | $104 | $99 |
Supplemental_Cash_Flow_Informa3
Supplemental Cash Flow Information (Details Textual) (USD $) | 1 Months Ended | |
31-May-13 | Dec. 31, 2014 | |
Supplemental Cash Flow Information [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $120,000,000 | |
Revolving Credit Facility [Member] | ||
Supplemental Cash Flow Information [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 90,000,000 | |
Debt Instrument, Increase (Decrease), Net | 27,750,000 | |
Term Loan [Member] | ||
Supplemental Cash Flow Information [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 30,000,000 | 30,000,000 |
Debt Instrument, Increase (Decrease), Net | $27,750,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax liabilities: | ||
Property and equipment | $7,727 | $8,235 |
Intangible assets | 18,134 | 14,425 |
Prepaid expenses | 621 | 601 |
Total deferred tax liabilities | 26,482 | 23,261 |
Deferred tax assets: | ||
Allowance for doubtful accounts | 158 | 232 |
Compensation | 3,264 | 3,355 |
Other accrued liabilities | 119 | 128 |
Loss carry forwards | 0 | 7 |
Deferred Tax Assets, Gross, Total | 3,541 | 3,722 |
Less: valuation allowance | 0 | 7 |
Total net deferred tax asset | 3,541 | 3,715 |
Net deferred tax liabilities | 22,941 | 19,546 |
Current portion of deferred tax assets | 845 | 1,025 |
Non-current portion of deferred tax liabilities | -23,786 | -20,571 |
Net deferred tax liabilities | ($22,941) | ($19,546) |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||||||||||
Federal | $5,540 | $6,210 | $6,160 | ||||||||
State | 1,125 | 1,125 | 1,150 | ||||||||
Total current | 6,665 | 7,187 | 7,399 | ||||||||
Total deferred | 3,385 | 2,805 | 4,540 | ||||||||
Income Tax Benefit Continuing Operations | 10,050 | 10,140 | 11,850 | ||||||||
Taxes are allocated as follows: | |||||||||||
Continuing operations | 3,050 | 2,180 | 3,193 | 1,627 | 2,230 | 2,820 | 3,130 | 1,812 | 10,050 | 9,992 | 11,939 |
Discontinued operations | 0 | 148 | -89 | ||||||||
Income Tax Benefit Continuing Operations | $10,050 | $10,140 | $11,850 |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule Of Effective Income Taxes Rate Reconciliation [Line Items] | |||||||||||
Tax expense at U.S. statutory rates | $8,630 | $8,894 | $10,486 | ||||||||
State tax expense, net of federal benefit | 1,249 | 1,192 | 1,356 | ||||||||
Other, net | 178 | 105 | 42 | ||||||||
Change in valuation allowance on loss carry forwards | -7 | -51 | -34 | ||||||||
Income Tax Benefit Continuing Operations | 10,050 | 10,140 | 11,850 | ||||||||
Discontinued operations | 0 | 148 | -89 | ||||||||
Income tax provision | $3,050 | $2,180 | $3,193 | $1,627 | $2,230 | $2,820 | $3,130 | $1,812 | $10,050 | $9,992 | $11,939 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax [Line Items] | |||||||||||
Deferred Tax Assets Tax Deferred Compensation Noncurrent | $2,082,000 | $2,089,000 | $2,082,000 | $2,089,000 | |||||||
Income Tax Expense (Benefit) | 3,050,000 | 2,180,000 | 3,193,000 | 1,627,000 | 2,230,000 | 2,820,000 | 3,130,000 | 1,812,000 | 10,050,000 | 9,992,000 | 11,939,000 |
Income Tax Examination, Penalties and Interest Accrued | $0 | $0 | $0 | $0 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (Stock Option Plan [Member], USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Option Plan [Member] | ||||
Summary the stock option transactions | ||||
Number of Options Outstanding | 233,787 | 260,660 | 303,632 | |
Number of Options Granted | 0 | 0 | 0 | |
Number of Options Exercised | 7,294 | -8,910 | -9,796 | |
Number of Options Forfeited/canceled/expired | 13,323 | -17,963 | -33,176 | |
Number of Options Outstanding | 213,170 | 233,787 | 260,660 | 303,632 |
Number of Options Vested and Exercisable | 213,170 | |||
Weighted Average Exercise Price, Outstanding | $33.38 | $34.69 | $37.40 | |
Weighted Average Exercise Price, Granted | $0 | $0 | $0 | |
Weighted Average Exercise Price, Exercised | $34.80 | $29.41 | $27.26 | |
Weighted Average Exercise Price, Forfeited/canceled/expired | $57.93 | $54.35 | $61.69 | |
Weighted Average Exercise Price, Outstanding | $31.79 | $33.38 | $34.69 | $37.40 |
Weighted Average Exercise Price Vested and Exercisable | $31.79 | |||
Weighted Average Remaining Contractual Term (Years) | 1 year 2 months 12 days | 2 years 1 month 6 days | 3 years | 3 years 7 months 6 days |
Weighted Average Remaining Contractual Term (Years) Vested and Exercisable | 1 year 2 months 12 days | |||
Aggregate Intrinsic Value Outstanding | $4,058,035 | $1,253,039 | $135,886 | |
Aggregate Intrinsic Value Outstanding | 2,519,147 | 4,058,035 | 1,253,039 | 135,886 |
Aggregate Intrinsic Value Vested and Exercisable | $2,519,147 |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details 1) (Stock Option Plan [Member], USD $) | 12 Months Ended |
Dec. 31, 2012 | |
Stock Option Plan [Member] | |
Non Vested Stock Option Transactions [Line Items] | |
Number of Options Outstanding | 9,283 |
Number of Options, Granted | 0 |
Number of Options, Vested | -9,283 |
Number of Options, Forfeited/canceled/expired | 0 |
Number of Options Outstanding | 0 |
Weighted Average Grant Date Fair Value, Outstanding | $14.48 |
Weighted Average Exercise Price, Granted | $0 |
Weighted Average Exercise Price, Vested | $14.48 |
Weighted Average Exercise Price, Forfeited/canceled/expired | $0 |
Weighted Average Grant Date Fair Value, Outstanding | $0 |
StockBased_Compensation_Detail2
Stock-Based Compensation (Details 2) (Restricted Stock [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock [Member] | |||
Summary of the restricted stock transactions | |||
Number of Options Outstanding | 50,062 | 5,531 | 13,212 |
Shares, Granted | 56,756 | 50,062 | 0 |
Shares, Vested | 16,529 | -5,531 | -7,641 |
Shares, Forfeited/canceled/expired | 457 | 0 | -40 |
Number of Options Outstanding | 89,832 | 50,062 | 5,531 |
Weighted Average Grant Date Fair Value, Outstanding | $46.51 | $17.97 | $19.61 |
Weighted Average Grant Date Fair Value, Granted | $38.11 | $46.51 | $0 |
Weighted Average Grant Date Fair Value, Vested | $46.51 | $17.97 | $20.82 |
Weighted Average Grant Date Fair Value, Forfeited/canceled/expired | $46.51 | $0 | $17.97 |
Weighted Average Grant Date Fair Value, Outstanding | $41.20 | $46.51 | $17.97 |
Weighted average remaining contractual life (in years) | 7 years |
StockBased_Compensation_Detail3
Stock-Based Compensation (Details Textual) (USD $) | 0 Months Ended | 12 Months Ended | ||
Oct. 16, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Based Compensation [Abstract] | ||||
Stock-Based Compensation expense | $22,000 | |||
Recognized tax benefits | 9,000 | |||
Increase in number of common stock shares authorized | 233,334 | |||
Percentage to retain annual restricted stock awards | 50.00% | |||
Stock options exercise price description | may not be exercised at a price which is less than 100% of the fair market value of shares at the date of grant. | |||
Stock options grant term | 10 years | |||
Intrinsic value of stock options exercised | 100,300 | 155,500 | 72,200 | |
Proceeds from stock options exercised | 291,600 | 311,500 | 287,600 | |
Weighted average grant date fair value of restricted stock that vested during | 769,000 | 99,000 | 159,000 | |
Net value of unrecognized compensation cost related to unvested restricted stock awards | 3,526,000 | 2,210,000 | 16,000 | |
Restricted stock [Member] | ||||
Stock Based Compensation [Abstract] | ||||
Stock-Based Compensation expense | 826,000 | 135,000 | 110,000 | |
Recognized tax benefits | $330,000 | $53,000 | $45,000 | |
Common Class A [Member] | Convert For Class B [Member] | ||||
Stock Based Compensation [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 280,000 | |||
Common Class A [Member] | Stock Option [Member] | ||||
Stock Based Compensation [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 900,000 | |||
Common Class A [Member] | Incentive Compensation Plan [Member] | ||||
Stock Based Compensation [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 620,000 | |||
Common Class B [Member] | Stock Option [Member] | ||||
Stock Based Compensation [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 280,000 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Employee Benefit Plans [Line Items] | |||
Administrative expense | $7,000 | $5,000 | $12,000 |
Discretionary contribution | 260,000 | 240,000 | 230,000 |
Deferred Compensation Expense Non Qualified Plan | $123,000 | $193,000 | $126,000 |
Acquisitions_and_Dispositions_1
Acquisitions and Dispositions (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Assets Acquired: | |
Current assets | $45 |
Property and equipment | 425 |
Broadcast licenses-Radio segment | 174 |
Other intangibles, deferred costs and investments | 3 |
Fair value of assets acquired | 647 |
Goodwill-Radio segment | 73 |
Total cash consideration | $720 |
Acquisitions_and_Dispositions_2
Acquisitions and Dispositions (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||
Jan. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 02, 2014 | Jun. 16, 2014 | 16-May-14 | 14-May-14 | 9-May-14 | Feb. 28, 2014 | Nov. 04, 2014 | |
Business Acquisition [Line Items] | ||||||||||||
Payments to acquire businesses gross | $720,000 | |||||||||||
Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles | 87,500 | 100,000 | 44,750 | 30,000 | 35,000 | |||||||
Proceeds from Sale of Intangible Assets | 1,640,000 | 0 | 0 | |||||||||
Gain (Loss) on Disposition of Intangible Assets | 1,210,000 | |||||||||||
Michigan Network [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Proceeds from Sale of Intangible Assets | 1,640,000 | |||||||||||
Gain (Loss) on Disposition of Intangible Assets | 1,210,000 | |||||||||||
Intangible Assets, Net | 430,000 | |||||||||||
Broadcast Licenses [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles | 7,500 | 15,000 | 7,500 | 7,500 | 7,500 | 18,500 | ||||||
Goodwill [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles | $80,000 | $85,000 | $37,250 | $22,500 | $27,500 |
Related_Party_Transactions_Det
Related Party Transactions (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2013 | Feb. 28, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2003 | |
Related Party Transaction [Line Items] | ||||||
CEO Employment Agreement | In June2011, we entered into a new employment agreement with Edward K. Christian, Chairman, President and CEO, which became effective as of June1, 2011, and replaces and supersedes his prior employment agreement. The new employment agreement terminates on March31, 2018. The agreement provides for an annual base salary of $860,000 (subject to annual increases on each anniversary date not less than the greater of 3 % or a defined cost of living increase). Mr.Christian may defer any or all of his annual salary. | |||||
Deferred Compensation Details | On December 27, 2012, Mr. Christian agreed to defer approximately $100,000 of his 2013 salary to be paid 100% on January 10, 2014. On December 16, 2013, Mr. Christian agreed to defer approximately $100,000 of his 2014 salary to be paid 100% on January 16, 2015. On December 2, 2014, Mr. Christian agreed to defer approximately $100,000 of his 2015 salary to be paid 100% on January 8, 2016. | |||||
Option Agreement For Kfjx | $1,200,000 | |||||
Proceeds From Sale Of Vehicle | 41,000 | 38,000 | ||||
Ceo [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Average Annual Compensation | 1,460,000 | |||||
Surtsey Productions Inc [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Proceeds from Rents Received | 6,000 | 6,000 | 10,000 | |||
Surtsey Media [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Tba Fees Kvct | 3,600 | 3,400 | 3,100 | |||
Extension Fee Paid | 27,950 | |||||
Debt Guaranteed Related Party | 1,250,000 | |||||
Debt guaranteed and outstanding | 1,078,000 | |||||
Intangible Assets Kfjxtv | 1,000,000 | 1,000,000 | ||||
Station Agreement Fees Kfjx | 4,800 | 4,500 | 4,100 | |||
Extended Term Of Agreement | 1-Jun-13 | |||||
Extension fees paid, KFJX | $37,050 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Future Minimum Rental Payments For Operating Leases [Line Items] | |
2015 | $1,427 |
2016 | 1,169 |
2017 | 1,011 |
2018 | 868 |
2019 | 645 |
Thereafter | 3,751 |
Operating Leases, Future Minimum Payments Due | $8,871 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Future Minimum Payments for Broadcast Program Rights [Line items] | ||
2015 | $642 | |
2016 | 488 | |
2017 | 237 | |
2018 | 36 | |
2019 | 20 | |
Thereafter | 24 | |
Broadcast program rights, total future minimum payments | 1,447 | |
Amounts due within one year (included in accounts payable) | 642 | |
Broadcast program rights, total future minimum payments | $805 | $1,163 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Commitments And Contingencies [Line Items] | |||
Rent expense | $1,503,000 | $1,394,000 | $1,400,000 |
Contingent cash payment | $1,000,000 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Indefinite-Lived License Agreements | $86,762,000 | $88,460,000 | $86,762,000 | $88,460,000 | $90,361,000 | ||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 1,936,000 | 0 | 0 | 0 | 2,033,000 | 0 | 0 | 0 | 1,936,000 | 2,033,000 | 0 |
Other Intangible Assets [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Indefinite-Lived License Agreements | 15,218,000 | 8,620,000 | 15,218,000 | 8,620,000 | |||||||
Assets, Fair Value Disclosure, Nonrecurring | $13,282,000 | $6,587,000 | $13,282,000 | $6,587,000 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment reporting information | |||||||||||
Net operating revenue | $36,371 | $34,373 | $33,831 | $29,423 | $33,760 | $32,929 | $33,832 | $28,957 | $133,998 | $129,478 | $130,259 |
Station operating expense | 25,612 | 26,366 | 23,499 | 22,947 | 23,798 | 23,598 | 23,493 | 22,088 | 98,424 | 92,977 | 90,288 |
Corporate general and administrative | 2,321 | 2,307 | 2,120 | 2,153 | 2,191 | 2,051 | 1,982 | 1,948 | 8,901 | 8,172 | 7,960 |
Other operating (income) expense | -1,210 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Impairment of intangible assets | 1,936 | 0 | 0 | 0 | 2,033 | 0 | 0 | 0 | 1,936 | 2,033 | 0 |
Operating income (loss) from continuing operations | 7,712 | 5,700 | 8,212 | 4,323 | 5,738 | 7,280 | 8,357 | 4,921 | 25,947 | 26,296 | 32,011 |
Capital additions | 5,524 | 5,152 | 4,809 | ||||||||
Broadcast licenses, net | 86,762 | 88,460 | 86,762 | 88,460 | 90,361 | ||||||
Total assets | 192,044 | 193,224 | 192,044 | 193,224 | |||||||
Radio [Member] | |||||||||||
Segment reporting information | |||||||||||
Net operating revenue | 113,627 | 109,818 | 111,763 | ||||||||
Station operating expense | 85,167 | 79,933 | 77,992 | ||||||||
Corporate general and administrative | 0 | 0 | 0 | ||||||||
Other operating (income) expense | -1,210 | ||||||||||
Impairment of intangible assets | 1,936 | 2,033 | |||||||||
Operating income (loss) from continuing operations | 27,734 | 27,852 | 33,771 | ||||||||
Depreciation and amortization | 5,023 | 5,119 | 5,222 | ||||||||
Capital additions | 3,856 | 3,884 | 3,786 | ||||||||
Broadcast licenses, net | 77,155 | 78,872 | 77,155 | 78,872 | |||||||
Total assets | 142,068 | 143,927 | 142,068 | 143,927 | |||||||
Television [Member] | |||||||||||
Segment reporting information | |||||||||||
Net operating revenue | 20,371 | 19,660 | 18,496 | ||||||||
Station operating expense | 13,257 | 13,044 | 12,296 | ||||||||
Corporate general and administrative | 0 | 0 | 0 | ||||||||
Other operating (income) expense | 0 | ||||||||||
Impairment of intangible assets | 0 | 0 | |||||||||
Operating income (loss) from continuing operations | 7,114 | 6,616 | 6,200 | ||||||||
Depreciation and amortization | 1,411 | 1,421 | 1,411 | ||||||||
Capital additions | 929 | 872 | 977 | ||||||||
Broadcast licenses, net | 9,607 | 9,588 | 9,607 | 9,588 | |||||||
Total assets | 22,509 | 23,274 | 22,509 | 23,274 | |||||||
Corporate and Other [Member] | |||||||||||
Segment reporting information | |||||||||||
Net operating revenue | 0 | 0 | 0 | ||||||||
Station operating expense | 0 | 0 | 0 | ||||||||
Corporate general and administrative | 8,901 | 8,172 | 7,960 | ||||||||
Other operating (income) expense | 0 | ||||||||||
Impairment of intangible assets | 0 | 0 | |||||||||
Operating income (loss) from continuing operations | -8,901 | -8,172 | -7,960 | ||||||||
Depreciation and amortization | 268 | 228 | 225 | ||||||||
Capital additions | 739 | 396 | 46 | ||||||||
Broadcast licenses, net | 0 | 0 | 0 | 0 | |||||||
Total assets | 27,467 | 26,023 | 27,467 | 26,023 | |||||||
Consolidated Segments [Member] | |||||||||||
Segment reporting information | |||||||||||
Net operating revenue | 133,998 | 129,478 | 130,259 | ||||||||
Station operating expense | 98,424 | 92,977 | 90,288 | ||||||||
Corporate general and administrative | 8,901 | 8,172 | 7,960 | ||||||||
Other operating (income) expense | -1,210 | ||||||||||
Impairment of intangible assets | 1,936 | 2,033 | |||||||||
Operating income (loss) from continuing operations | 25,947 | 26,296 | 32,011 | ||||||||
Depreciation and amortization | 6,702 | 6,768 | 6,858 | ||||||||
Capital additions | 5,524 | 5,152 | 4,809 | ||||||||
Broadcast licenses, net | 86,762 | 88,460 | 86,762 | 88,460 | |||||||
Total assets | $192,044 | $193,224 | $192,044 | $193,224 |
Quarterly_Results_of_Operation2
Quarterly Results of Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Effect of Fourth Quarter Events [Line Items] | |||||||||||
Net operating revenue | $36,371 | $34,373 | $33,831 | $29,423 | $33,760 | $32,929 | $33,832 | $28,957 | $133,998 | $129,478 | $130,259 |
Station operating expenses | 25,612 | 26,366 | 23,499 | 22,947 | 23,798 | 23,598 | 23,493 | 22,088 | 98,424 | 92,977 | 90,288 |
Corporate G&A | 2,321 | 2,307 | 2,120 | 2,153 | 2,191 | 2,051 | 1,982 | 1,948 | 8,901 | 8,172 | 7,960 |
Other operating (income) expense | -1,210 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Impairment of intangible assets | 1,936 | 0 | 0 | 0 | 2,033 | 0 | 0 | 0 | 1,936 | 2,033 | 0 |
Operating income from continuing operations | 7,712 | 5,700 | 8,212 | 4,323 | 5,738 | 7,280 | 8,357 | 4,921 | 25,947 | 26,296 | 32,011 |
Other (income) expenses: | |||||||||||
Interest expense | 252 | 268 | 272 | 272 | 282 | 308 | 357 | 358 | 1,064 | 1,305 | 1,733 |
Other | -33 | 7 | -30 | -15 | 2 | -144 | 66 | 25 | 71 | 106 | -279 |
Income from continuing operations before tax | 7,493 | 5,425 | 7,970 | 4,066 | 5,454 | 7,116 | 7,934 | 4,538 | 24,954 | 25,042 | 29,999 |
Income tax provision | 3,050 | 2,180 | 3,193 | 1,627 | 2,230 | 2,820 | 3,130 | 1,812 | 10,050 | 9,992 | 11,939 |
Income from continuing operations, net of tax | 4,443 | 3,245 | 4,777 | 2,439 | 3,224 | 4,296 | 4,804 | 2,726 | 14,904 | 15,050 | 18,060 |
Income (loss) from discontinued operations, net of tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 223 | 0 | 223 | -135 |
Net income | $4,443 | $3,245 | $4,777 | $2,439 | $3,224 | $4,296 | $4,804 | $2,949 | $14,904 | $15,273 | $17,925 |
Basic earnings (loss) per share: | |||||||||||
From continuing operations | $0.77 | $0.56 | $0.83 | $0.43 | $0.56 | $0.76 | $0.85 | $0.48 | $2.57 | $2.62 | $3.19 |
From discontinued operations | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0.04 | $0 | $0.04 | ($0.02) |
Earnings per share | $0.77 | $0.56 | $0.83 | $0.43 | $0.56 | $0.76 | $0.85 | $0.52 | $2.57 | $2.66 | $3.17 |
Weighted average common shares | 5,709 | 5,699 | 5,699 | 5,690 | 5,686 | 5,686 | 5,683 | 5,673 | 5,700 | 5,681 | 5,659 |
Diluted earnings (loss) per share: | |||||||||||
From continuing operations | $0.76 | $0.56 | $0.82 | $0.42 | $0.56 | $0.75 | $0.84 | $0.47 | $2.55 | $2.60 | $3.18 |
From discontinued operations | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0.04 | $0 | $0.04 | ($0.02) |
Diluted earnings per share | $0.76 | $0.56 | $0.82 | $0.42 | $0.56 | $0.75 | $0.84 | $0.51 | $2.55 | $2.64 | $3.16 |
Weighted average common and common equivalent shares | 5,757 | 5,742 | 5,754 | 5,757 | 5,751 | 5,754 | 5,745 | 5,738 | 5,753 | 5,745 | 5,672 |
Quarterly_Results_of_Operation3
Quarterly Results of Operations (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Effect of Fourth Quarter Events [Line Items] | |||||||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $1,936,000 | $0 | $0 | $0 | $2,033,000 | $0 | $0 | $0 | $1,936,000 | $2,033,000 | $0 |
Gain (Loss) on Disposition of Intangible Assets | $1,210,000 |