ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2012

ScheduleOfCalculationOfNumeratorAndDenominatorInEarningsPerShareTableTextBlock

The following table sets forth the calculation of basic and diluted earnings per share (in thousands, except share and per share data):

	Three Months Ended June 30,				Six Months Ended June 30,
	2012		2011		2012			2011
	(Unaudited)
Numerator:
Consolidated net income (loss) attributable to common stockholders	$	42,668	$	98,550	$	(36,574	)	$	34,305
Denominator:
Denominator for basic net income (loss) per share - weighted average outstanding shares		50,006,085		50,831,560		49,997,752			51,474,556
Effect of dilutive securities:
Stock options and restricted stock		118,333		2,073,500		—			2,171,917
Denominator for diluted net income (loss) per share - weighted-average outstanding shares		50,124,418		52,905,060		49,997,752			53,646,473

Net income (loss) attributable to common stockholders per share - basic	$	0.85	$	1.94	$	(0.73	)	$	0.67
Net income (loss) attributable to common stockholders per share - diluted	$	0.85	$	1.86	$	(0.73	)	$	0.64

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

The following table summarizes the potential common shares excluded from the diluted calculation.

	Six Months Ended June 30, 2012
	(Unaudited)
	(In Thousands)

Stock options	4,712
Restricted stock	119

Fair Value, by Balance Sheet Grouping [Table Text Block]

As of June 30, 2012 and December 31, 2011, the fair values of our financial assets and liabilities are categorized as follows:

	Total		Level 1		Level 2		Level 3
	(Unaudited)
	(In thousands)
As of June 30, 2012
Assets subject to fair value measurement:
Fixed maturity securities – available for sale:
Corporate debt securities	$	2,951	$	2,951	$	—	$	—
Government sponsored enterprise mortgage-backed securities		201		—		201		—
Total fixed maturity securities (a)		3,152		2,951		201		—
Total	$	3,152	$	2,951	$	201	$	—

Liabilities subject to fair value measurement:
Incentive award plan (b)	$	5,096	$	—	$	—	$	5,096
Employment agreement award (c)		11,039		—		—		11,039
Total	$	16,135	$	—	$	—	$	16,135

Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interest (d)	$	18,000	$	—	$	—	$	18,000

As of December 31, 2011
Assets subject to fair value measurement:
Fixed maturity securities – available for sale:
Corporate debt securities	$	7,178	$	7,178	$	—	$	—
Government sponsored enterprise mortgage-backed securities		1,011		—		1,011		—
Total fixed maturity securities (a)		8,189		7,178		1,011		—
Total	$	8,189	$	7,178	$	1,011	$	—

Liabilities subject to fair value measurement:
Incentive award plan (b)	$	5,096	$	—	$	—	$	5,096
Employment agreement award (c)		10,346		—		—		10,346
Total	$	15,442	$	—	$	—	$	15,442

Mezzanine equity subject to fair value measurement:
Redeemable noncontrolling interest (d)	$	20,343	$	—	$	—	$	20,343

(a) Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, fair values are estimated using pricing models, quoted prices of securities with similar characteristics or discounted cash flows.

(b) These balances are measured based on the estimated enterprise fair value of TV One. For the period ended June 30, 2012, the Company determined that there was no change in TV One’s fair market value since the December 31, 2011 valuation.

(c) Pursuant to an employment agreement (the “Employment Agreement”) executed in April 2008, the Chief Executive Officer (“CEO”) is eligible to receive an award amount equal to 8% of any proceeds from distributions or other liquidity events in excess of the return of the Company’s aggregate investment in TV One. The Company reviews the factors underlying this award at the end of each quarter including the valuation of TV One and an assessment of the probability that the employment agreement will be renewed and contain this provision. The Company’s obligation to pay the award will be triggered only after the Company’s recovery of the aggregate amount of its capital contribution in TV One and only upon actual receipt of distributions of cash or marketable securities or proceeds from a liquidity event with respect to the Company’s membership interest in TV One. The CEO was fully vested in the award upon execution of the Employment Agreement, and the award lapses if the CEO voluntarily leaves the Company or is terminated for cause. In calculating the fair value of the award, the Company determined that there was no change in TV One’s fair market value since the December 31, 2011 valuation (See Note 8 – Derivative Instruments and Hedging Activities.) The Company is currently in negotiations with the Company’s CEO for a new employment agreement. Until such time as his new employment agreement is executed, the terms of his April 2008 employment agreement remain in effect including eligibility for the TV One award.

(d) Redeemable noncontrolling interest in Reach Media is measured at fair value using a discounted cash flow methodology. A third-party valuation firm assisted the Company in calculating the fair value. Inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value.

Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]

The following table presents the changes in Level 3 liabilities measured at fair value on a recurring basis for the six months ended June 30, 2012 and 2011:

		Incentive Award Plan	Employment Agreement Award				Redeemable Noncontrolling Interests

		(In thousands)

Balance at December 31, 2011	$	5,096	$	10,346		$	20,343
Losses included in earnings (unrealized)		—		693			—
Net loss attributable to noncontrolling interests		—		—			(567	)
Change in fair value		—		—			(1,776	)
Balance at June 30, 2012	$	5,096	$	11,039		$	18,000

The amount of total losses for the period included in earnings attributable to the change in unrealized losses relating to assets and liabilities still held at the reporting date	$	—	$	(693	)	$	—

		Incentive Award Plan	Employment Agreement Award				Redeemable Noncontrolling Interests

		(In thousands)

Balance at December 31, 2010	$	—	$	6,824		$	30,635
Losses included in earnings (unrealized)		—		470			—
Net income attributable to noncontrolling interests		—		—			606
Recognition of TV One management incentive award plan in connection with the consolidation of TV One		6,428		—			—
Change in fair value		—		—			(2,505	)
Balance at June 30, 2011	$	6,428	$	7,294		$	28,736

The amount of total losses for the period included in earnings attributable to the change in unrealized losses relating to assets and liabilities still held at the reporting date	$	—	$	(470	)	$	—

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]

For Level 3 assets and liabilities measured at fair value on a recurring basis as of June 30, 2012, the significant unobservable inputs used in the fair value measurements were as follows:

Level 3 liabilities	Valuation Technique	Significant Unobservable Inputs	Significant Unobservable Input Value

Incentive Award Plan	Discounted Cash Flow	Discount Rate	11.5%
Incentive Award Plan	Discounted Cash Flow	Long-term Growth Rate	3.0%
Employment Agreement Award	Discounted Cash Flow	Discount Rate	11.5%
Employment Agreement Award	Discounted Cash Flow	Long-term Growth Rate	3.0%
Redeemable Noncontrolling Interest	Discounted Cash Flow	Discount Rate	12.5%
Redeemable Noncontrolling Interest	Discounted Cash Flow	Long-term Growth Rate	2.5%

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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