0001144204-17-025169.txt : 20170508 0001144204-17-025169.hdr.sgml : 20170508 20170508145316 ACCESSION NUMBER: 0001144204-17-025169 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 61 CONFORMED PERIOD OF REPORT: 20170331 FILED AS OF DATE: 20170508 DATE AS OF CHANGE: 20170508 FILER: COMPANY DATA: COMPANY CONFORMED NAME: URBAN ONE, INC. CENTRAL INDEX KEY: 0001041657 STANDARD INDUSTRIAL CLASSIFICATION: RADIO BROADCASTING STATIONS [4832] IRS NUMBER: 521166660 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-25969 FILM NUMBER: 17821815 BUSINESS ADDRESS: STREET 1: 1010 WAYNE AVENUE STREET 2: 14TH FL CITY: SILVER SPRING STATE: MD ZIP: 20910 BUSINESS PHONE: 3014293200 MAIL ADDRESS: STREET 1: 1010 WAYNE AVENUE STREET 2: 14TH FL CITY: SILVER SPRING STATE: MD ZIP: 20910 FORMER COMPANY: FORMER CONFORMED NAME: RADIO ONE, INC. DATE OF NAME CHANGE: 20091203 FORMER COMPANY: FORMER CONFORMED NAME: RADIO ONE INC DATE OF NAME CHANGE: 19970626 10-Q 1 v465293_10q.htm FORM 10-Q

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

Form 10-Q

 

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2017

 

Commission File No. 0-25969

 

 

 

 

URBAN ONE, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware 52-1166660
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)

 

1010 Wayne Avenue,

14th Floor

Silver Spring, Maryland 20910

(Address of principal executive offices)

 

(301) 429-3200

Registrant’s telephone number, including area code

 

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes   þ   No   ¨

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   Yes   þ   No   ¨

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer   ¨     Accelerated filer   þ     Non-accelerated filer   ¨

 

Indicate by check mark whether the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.  Yes  ¨     No  þ

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

Class   Outstanding at May 3, 2017
Class A Common Stock, $.001 Par Value   1,663,632
Class B Common Stock, $.001 Par Value   2,861,843
Class C Common Stock, $.001 Par Value   2,928,906
Class D Common Stock, $.001 Par Value   40,864,139

 

 

 

 

TABLE OF CONTENTS

 

    Page
   
PART I. FINANCIAL INFORMATION
   
Item 1. Consolidated Statements of Operations for the Three Months Ended March 31, 2017 and 2016 (Unaudited) 4
  Consolidated Statements of Comprehensive Loss for the Three Months Ended March 31, 2017 and 2016 (Unaudited) 5
  Consolidated Balance Sheets as of March 31, 2017 (Unaudited) and December 31, 2016 6
  Consolidated Statement of Changes in Stockholders’ Deficit for the Three Months Ended March 31, 2017 (Unaudited) 7
  Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2017 and 2016 (Unaudited) 8
  Notes to the Consolidated Financial Statements (Unaudited) 9
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 27
Item 3. Quantitative and Qualitative Disclosures About Market Risk 43
Item 4. Controls and Procedures 43
   
PART II. OTHER INFORMATION
   
Item 1. Legal Proceedings 44
Item 1A. Risk Factors 44
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44
Item 3. Defaults Upon Senior Securities 44
Item 4. Submission of Matters to a Vote of Security Holders 44
Item 5. Other Information 44
Item 6. Exhibits 45
  SIGNATURES 46

 

 2 

 

 

CERTAIN DEFINITIONS

 

Effective May 5, 2017, the Company changed its corporate name from “Radio One, Inc.” to “Urban One, Inc.” to have a name more reflective of our multi-media business operations.  Unless otherwise noted, throughout this report, the terms “Urban One,” “the Company,” “we,” “our” and “us” refer to Urban One, Inc. together with its subsidiaries.

 

Cautionary Note Regarding Forward-Looking Statements

 

This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements do not relay historical facts, but rather reflect our current expectations concerning future operations, results and events. All statements other than statements of historical fact are “forward-looking statements” including any projections of earnings, revenues or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements concerning proposed new services or developments; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. You can identify some of these forward-looking statements by our use of words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “likely,” “may,” “estimates” and similar expressions.  You can also identify a forward-looking statement in that such statements discuss matters in a way that anticipates operations, results or events that have not already occurred but rather will or may occur in future periods.  We cannot guarantee that we will achieve any forward-looking plans, intentions, results, operations or expectations.  Because these statements apply to future events, they are subject to risks and uncertainties, some of which are beyond our control that could cause actual results to differ materially from those forecasted or anticipated in the forward-looking statements.  These risks, uncertainties and factors include (in no particular order), but are not limited to:

 

·economic sluggishness and volatility, credit and equity market unpredictability, employment outlook uncertainties and continued fluctuations in the United States and other world economies that may affect our business and financial condition, and the business and financial conditions of our advertisers;

 

·our high degree of leverage and potential inability to finance strategic transactions given fluctuations in market conditions;

 

·fluctuations in the local economies of the markets in which we operate (particularly our largest markets, Atlanta; Baltimore; Houston; and Washington, DC) that could negatively impact our ability to meet our cash needs and our ability to maintain compliance with our debt covenants;

 

·fluctuations in the demand for advertising across our various media;

 

·risks associated with the implementation and execution of our business diversification strategy;

 

·increased competition in our markets and in the broadcasting and media industries;

 

·changes in media audience ratings and measurement technologies and methodologies;

 

·regulation by the Federal Communications Commission (“FCC”) relative to maintaining our broadcasting licenses, enacting media ownership rules and enforcing of indecency rules;

 

·changes in our key personnel and on-air talent;

 

·increases in the costs of our programming, including on-air talent and content acquisitions costs;

 

·financial losses that may be incurred due to impairment charges against our broadcasting licenses, goodwill, and other intangible assets;

 

·increased competition from new media and new content distribution platforms and technologies;

 

·the impact of our acquisitions, dispositions and similar transactions, as well as consolidation in industries in which we and our advertisers operate; and

 

·other factors mentioned in our filings with the Securities and Exchange Commission (“SEC”) including the factors discussed in detail in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K, for the year ended December 31, 2016.

 

You should not place undue reliance on these forward-looking statements, which reflect our views as of the date of this report. We undertake no obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise. 

 

 3 

 

 

URBAN ONE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

 

   Three Months Ended March 31, 
   2017   2016 
   (Unaudited) 
   (In thousands, except share data) 
         
NET REVENUE  $101,289   $109,088 
OPERATING EXPENSES:          
Programming and technical   31,897    34,003 
Selling, general and administrative, including stock-based compensation of $64 and $87, respectively   34,519    35,536 
Corporate selling, general and administrative, including stock-based compensation of $69 and $685, respectively   10,108    12,059 
Depreciation and amortization   8,312    8,682 
Total operating expenses   84,836    90,280 
Operating income   16,453    18,808 
INTEREST INCOME   103    68 
INTEREST EXPENSE   20,346    20,638 
OTHER INCOME, net   (1,321)   (11)
Loss before provision for income taxes and noncontrolling interests in (loss) income of subsidiaries   (2,469)   (1,751)
(BENEFIT FROM) PROVISION FOR INCOME TAXES   (112)   1,775 
CONSOLIDATED NET LOSS   (2,357)   (3,526)
NET (LOSS) INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS   (44)   421 
CONSOLIDATED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS  $(2,313)  $(3,947)
           
BASIC AND DILUTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS          
Net loss attributable to common stockholders  $(0.05)  $(0.08)
           
WEIGHTED AVERAGE SHARES OUTSTANDING:          
Basic and diluted   47,965,189    48,664,524 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 4 

 

 

URBAN ONE, INC. AND SUBSIDIARIES

 CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

 

   Three Months Ended March 31, 
   2017   2016 
   (Unaudited) 
   (In thousands) 
         
COMPREHENSIVE LOSS  $(2,357)  $(3,526)
LESS: COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS   (44)   421 
COMPREHENSIVE LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS  $(2,313)  $(3,947)

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 5 

 

 

URBAN ONE, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

   As of 
   March 31, 2017   December 31, 2016 
   (Unaudited)     
   (In thousands, except share data) 
ASSETS          
CURRENT ASSETS:          
Cash and cash equivalents  $39,898   $45,812 
Restricted cash   969    969 
Trade accounts receivable, net of allowance for doubtful accounts of $7,272 and $6,991, respectively   104,496    104,351 
Prepaid expenses   11,954    7,902 
Current portion of content assets   40,624    35,854 
Other current assets   3,351    4,772 
Total current assets   201,292    199,660 
CONTENT ASSETS, net   67,171    66,822 
PROPERTY AND EQUIPMENT, net   24,137    24,851 
GOODWILL   258,284    258,284 
RADIO BROADCASTING LICENSES   641,192    643,449 
OTHER INTANGIBLE ASSETS, net   110,008    116,600 
OTHER ASSETS   50,710    49,120 
Total assets  $1,352,794   $1,358,786 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS’ DEFICIT          
CURRENT LIABILITIES:          
Accounts payable  $7,225   $7,555 
Accrued interest   15,820    16,691 
Accrued compensation and related benefits   8,963    15,199 
Current portion of content payables   22,247    22,872 
Other current liabilities   29,824    26,647 
Current portion of long-term debt   3,500    3,500 
Total current liabilities   87,579    92,464 
LONG-TERM DEBT, net of current portion, original issue discount and issuance costs   1,003,206    1,002,736 
CONTENT PAYABLES, net of current portion   17,719    16,135 
OTHER LONG-TERM LIABILITIES   33,568    33,434 
DEFERRED TAX LIABILITIES, net   272,577    272,733 
Total liabilities   1,414,649    1,417,502 
           
REDEEMABLE NONCONTROLLING INTERESTS   11,621    12,410 
           
STOCKHOLDERS’ EQUITY:          
Convertible preferred stock, $.001 par value, 1,000,000 shares authorized; no shares outstanding at March 31, 2017 and December 31, 2016, respectively   —    — 
Common stock — Class A, $.001 par value, 30,000,000 shares authorized; 1,663,632 and 1,693,099 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively   2    2 
Common stock — Class B, $.001 par value, 150,000,000 shares authorized; 2,861,843 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively   3    3 
Common stock — Class C, $.001 par value, 150,000,000 shares authorized; 2,928,906 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively   3    3 
Common stock — Class D, $.001 par value, 150,000,000 shares authorized; 40,871,838 and 41,159,474 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively   41    41 
Additional paid-in capital   981,651    981,688 
Accumulated deficit   (1,055,176)   (1,052,863)
Total stockholders’ deficit   (73,476)   (71,126)
Total liabilities, redeemable noncontrolling interests and stockholders’ deficit  $1,352,794   $1,358,786 

 

The accompanying notes are an integral part of these consolidated financial statements. 

 

 6 

 

 

URBAN ONE, INC. AND SUBSIDIARIES

 CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ DEFICIT

FOR THE THREE MONTHS ENDED MARCH 31, 2017 (UNAUDITED)

 

   Convertible
Preferred
Stock		   Common
Stock
Class A		   Common
Stock
Class B		   Common
Stock
Class C		   Common
Stock
Class D		   Additional
Paid-In
Capital		   Accumulated
Deficit		   Total
Stockholders’
Deficit		 
    (In Thousands, except share data) 
BALANCE, as of December 31, 2016  $—   $2   $3   $3   $41   $981,688   $(1,052,863)  $(71,126)
Consolidated net loss   —    —    —    —    —    —    (2,313)   (2,313)
Repurchase of 317,103 shares of Class D common stock   —    —    —    —    —    (915)   —    (915)
Conversion of 29,467 shares of Class A common stock to Class D common stock   —    —    —    —    —    —    —    — 
Adjustment of redeemable noncontrolling interests to estimated redemption value   —    —    —    —    —    745    —    745 
Stock-based compensation expense   —    —    —    —    —    133    —    133 
BALANCE, as of March 31, 2017  $—   $2   $3   $3   $41   $981,651   $(1,055,176)  $(73,476)

 

The accompanying notes are an integral part of these consolidated financial statements. 

 

 7 

 

 

URBAN ONE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS 

 

   Three Months Ended March 31, 
   2017   2016 
   (Unaudited) 
   (In thousands) 
CASH FLOWS FROM OPERATING ACTIVITIES:          
Consolidated net loss  $(2,357)  $(3,526)
Adjustments to reconcile net loss to net cash from operating activities:          
Depreciation and amortization   8,312    8,682 
Amortization of debt financing costs   1,366    1,282 
Amortization of content assets   11,179    13,484 
Amortization of launch assets   51    20 
Deferred income taxes   (156)   1,671 
Stock-based compensation   133    772 
Effect of change in operating assets and liabilities, net of assets acquired:          
Trade accounts receivable   (145)   4,539 
Prepaid expenses and other assets   (3,026)   (1,102)
Other assets   1,167    25 
Accounts payable   (330)   202 
Accrued interest   (871)   (1,291)
Accrued compensation and related benefits   (6,236)   (3,414)
Other liabilities   3,587    5,730 
Payments for content assets   (15,339)   (16,910)
Net cash flows (used in) provided by operating activities   (2,665)   10,164 
CASH FLOWS FROM INVESTING ACTIVITIES:          
Purchases of property and equipment   (1,459)   (1,249)
Acquisition of station and broadcasting assets   —    (2,000)
Net cash flows used in investing activities   (1,459)   (3,249)
CASH FLOWS FROM FINANCING ACTIVITIES:          
Repayment of credit facility   (875)   (875)
Debt refinancing costs   —    (100)
Repurchase of common stock   (915)   (649)
Net cash flows used in financing activities   (1,790)   (1,624)
(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH   (5,914)   5,291 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period   46,781    67,376 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period  $40,867   $72,667 
           
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:          
Cash paid for:          
Interest  $19,852   $20,646 
Income taxes, net of refunds  $167   $105 

 

The accompanying notes are an integral part of these consolidated financial statements. 

 

 8 

 

 

URBAN ONE, INC. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

 

1.  ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

 

(a)Organization

 

Urban One, Inc. (a Delaware corporation referred to as “Urban One”) and its subsidiaries (collectively, the “Company”) is an urban-oriented, multi-media company that primarily targets African-American and urban consumers. Our core business is our radio broadcasting franchise that is the largest radio broadcasting operation that primarily targets African-American and urban listeners. As of March 31, 2017, we owned and/or operated 55 broadcast stations located in 15 urban markets in the United States.  While our primary source of revenue is the sale of local and national advertising for broadcast on our radio stations, our strategy is to operate as the premier multi-media entertainment and information content provider targeting African-American and urban consumers. Thus, we have diversified our revenue streams by making acquisitions and investments in other complementary media properties. Our diverse media and entertainment interests include our ownership interest of TV One, LLC (“TV One”), an African-American targeted cable television network; our 80.0% ownership interest in Reach Media, Inc. (“Reach Media”) which operates the Tom Joyner Morning Show and our other syndicated programming assets, including the Rickey Smiley Morning Show, the Russ Parr Morning Show and the DL Hughley Show; and our ownership of Interactive One, LLC (“Interactive One”), our wholly owned online platform serving the African-American community through social content, news, information, and entertainment websites, including Global Grind, News One, TheUrbanDaily and HelloBeautiful, and online social networking websites, including BlackPlanet and MiGente. Most recently, we invested in a minority ownership interest in MGM National Harbor, a gaming resort located in Prince George’s County, Maryland. Through our national multi-media operations, we provide advertisers with a unique and powerful delivery mechanism to the African-American and urban audiences.

 

Effective May 5, 2017, the Company changed its corporate name from “Radio One, Inc.” to “Urban One, Inc.” to have a name more reflective of our multi-media business operations.  Our core radio broadcasting franchise will continue to operate under the brand “Radio One.”  We will also retain our other brands, such as TV One, Reach Media and Interactive One, while developing additional branding reflective of our diverse media operations and targeting our African-American and urban audiences.

 

As part of our consolidated financial statements, consistent with our financial reporting structure and how the Company currently manages its businesses, we have provided selected financial information on the Company’s four reportable segments: (i) radio broadcasting; (ii) Reach Media; (iii) digital; and (iv) cable television. (See Note 7 – Segment Information.)

 

(b)Interim Financial Statements

 

The interim consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In management’s opinion, the interim financial data presented herein include all adjustments (which include only normal recurring adjustments) necessary for a fair presentation. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted pursuant to such rules and regulations.

 

Results for interim periods are not necessarily indicative of results to be expected for the full year. This Form 10-Q should be read in conjunction with the financial statements and notes thereto included in the Company’s 2016 Annual Report on Form 10-K.

 

(c)Financial Instruments

 

Financial instruments as of March 31, 2017, and December 31, 2016, consisted of cash and cash equivalents, investments, trade accounts receivable, long-term debt and redeemable noncontrolling interests. The carrying amounts approximated fair value for each of these financial instruments as of March 31, 2017, and December 31, 2016, except for the Company’s outstanding senior subordinated notes and secured notes. The 9.25% Senior Subordinated Notes which are due in February 2020 (the “2020 Notes”) had a carrying value of approximately $315.0 million as of each of March 31, 2017 and December 31, 2016, and fair value of approximately $305.6 million and $283.5 million as of March 31, 2017, and December 31, 2016, respectively. The fair values of the 2020 Notes, classified as Level 2 instruments, were determined based on the trading values of these instruments in an inactive market as of the reporting date. The 7.375% Senior Secured Notes that are due in March 2022 (the “2022 Notes”) had a carrying value of approximately $350.0 million as of each of March 31, 2017 and December 31, 2016, and fair value of approximately $365.8 million and $344.8 million as of March 31, 2017, and December 31, 2016, respectively. The fair values of the 2022 Notes, classified as Level 2 instruments, were determined based on the trading values of these instruments in an inactive market as of the reporting date. The $350.0 million senior secured credit facility (the “2015 Credit Facility) had a carrying value of approximately $343.9 million and $344.8 million as of March 31, 2017, and December 31, 2016, respectively, and fair value of approximately $346.5 million and $346.5 million as of March 31, 2017, and December 31, 2016, respectively. The fair values of the 2015 Credit Facility, classified as Level 2 instruments, were determined based on the trading values of these instruments in an inactive market as of the reporting date. The senior unsecured promissory note in the aggregate principal amount of approximately $11.9 million (the “Comcast Note”) had a carrying value of approximately $11.9 million as of March 31, 2017, and as of December 31, 2016. The fair value of the Comcast Note was approximately $11.9 million as of March 31, 2017 and December 31, 2016. The fair value of the Comcast Note, classified as a Level 3 instrument, was determined based on the fair value of a similar instrument as of the reporting date using updated interest rate information derived from changes in interest rates since inception to the reporting date. See Note 9– Subsequent Events.

 

 9 

 

 

(d)Revenue Recognition

 

Within our radio broadcasting and Reach Media segments, the Company recognizes revenue for broadcast advertising when a commercial is broadcast, and the revenue is reported net of agency and outside sales representative commissions, in accordance with Accounting Standards Codification (“ASC”) 605, “Revenue Recognition.”  Agency and outside sales representative commissions are calculated based on a stated percentage applied to gross billing. Generally, clients remit the gross billing amount to the agency or outside sales representative, and the agency or outside sales representative remits the gross billing, less their commission, to the Company. For our radio broadcasting and Reach Media segments, agency and outside sales representative commissions were approximately $5.7 million and $6.3 million for the three months ended March 31, 2017 and 2016, respectively.

 

Within our digital segment, including Interactive One, which generates the majority of the Company’s digital revenue, revenue is principally derived from advertising services on non-radio station branded but Company-owned websites. Advertising services include the sale of banner and sponsorship advertisements.  Advertising revenue is recognized either as impressions (the number of times advertisements appear in viewed pages) are delivered, when “click through” purchases are made, or ratably over the contract period, where applicable. In addition, Interactive One derives revenue from its studio operations, in which it provides third-party clients with publishing services including digital platforms and expertise.  In the case of the studio operations, revenue is recognized primarily through fixed contractual monthly fees and/or as a share of the third party’s reported revenue.

 

TV One derives advertising revenue from the sale of television air time to advertisers and recognizes revenue when the advertisements are run. TV One also derives revenue from affiliate fees under the terms of various affiliation agreements based on a per subscriber fee multiplied by the most recent subscriber counts reported by the applicable affiliate. For our cable television segment, agency and outside sales representative commissions were approximately $3.9 million and $4.2 million for the three months ended March 31, 2017 and 2016, respectively.

 

(e)Launch Support

 

TV One has entered into certain affiliate agreements requiring various payments by TV One for launch support. Launch support assets are used to initiate carriage under affiliation agreements and are amortized over the term of the respective contracts. Amortization is recorded as a reduction to revenue. TV One did not pay any launch support for carriage initiation during the three months ended March 31, 2017 or March 31, 2016. The weighted-average amortization period for launch support is approximately 9.4 years at each of March 31, 2017 and December 31, 2016. The remaining weighted-average amortization period for launch support is 7.8 years and 8.0 years as of March 31, 2017, and December 31, 2016, respectively. For the three month periods ended March 31, 2017, and 2016, launch support asset amortization of $51,000 and $20,000, respectively, was recorded as a reduction of revenue. Launch support assets are included in other intangible assets on the consolidated balance sheets.

 

(f)Barter Transactions

 

For barter transactions, the Company provides advertising time in exchange for programming content and certain services and accounts for these exchanges in accordance with ASC 605, “Revenue Recognition.” The Company includes the value of such exchanges in both broadcasting net revenue and station operating expenses. The valuation of barter time is based upon the fair value of the network advertising time provided for the programming content and services received. For the three months ended March 31, 2017 and 2016, barter transaction revenues were $501,000 and $608,000, respectively. Additionally, for the three months ended March 31, 2017 and 2016, barter transaction costs were reflected in programming and technical expenses of $460,000 and $567,000, respectively, and selling, general and administrative expenses of $41,000 and $41,000, respectively.

 

 10 

 

 

(g)Earnings Per Share

 

Basic earnings per share is computed on the basis of the weighted average number of shares of common stock (Classes A, B, C and D) outstanding during the period. Diluted earnings per share is computed on the basis of the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method.  The Company’s potentially dilutive securities include stock options and unvested restricted stock. Diluted earnings per share considers the impact of potentially dilutive securities except in periods in which there is a net loss, as the inclusion of the potentially dilutive common shares would have an anti-dilutive effect.

 

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

 

   Three Months Ended March 31, 
   2017   2016 
   (Unaudited) 
Numerator:          
Net loss attributable to common stockholders  $(2,313)  $(3,947)
Denominator:          
Denominator for basic net loss per share - weighted-average outstanding shares   47,965,189    48,664,524 
Effect of dilutive securities:          
Stock options and restricted stock   -    - 
Denominator for diluted net loss per share - weighted-average outstanding shares   47,965,189    48,664,524 
           
Net loss attributable to common stockholders per share -basic and diluted  $(0.05)  $(0.08)

 

All stock options and restricted stock awards were excluded from the diluted calculation for the three months ended March 31, 2017 and 2016, as their inclusion would have been anti-dilutive.  The following table summarizes the potential common shares excluded from the diluted calculation. 

 

   Three Months
Ended March 31,		 
   2017   2016 
   (Unaudited) 
   (In thousands) 
         
Stock options   3,600    3,656 
Restricted stock awards   364    1,021 

 

(h)Fair Value Measurements

 

We report our financial and non-financial assets and liabilities measured at fair value on a recurring and non-recurring basis under the provisions of ASC 820, “Fair Value Measurements and Disclosures.” ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements.

 

The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows:

 

  Level 1: Inputs are unadjusted quoted prices in active markets for identical assets and liabilities that can be accessed at measurement date.

 

  Level 2: Observable inputs other than those included in Level 1 (i.e., quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets).
   
  Level 3: Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability.

 

 11 

 

 

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value instrument.

 

As of March 31, 2017, and December 31, 2016, the fair values of our financial assets and liabilities measured at fair value on a recurring basis are categorized as follows:

  

   Total   Level 1   Level 2   Level 3 
   (Unaudited) 
   (In thousands) 
As of March 31, 2017                    
Liabilities subject to fair value measurement:                    
Employment agreement award (a)  $28,006   $—   $—   $28,006 
                     
Mezzanine equity subject to fair value measurement:                    
Redeemable noncontrolling interests (b)  $11,621   $—   $—   $11,621 
                     
As of December 31, 2016                    
Liabilities subject to fair value measurement:                    
Employment agreement award (a)  $26,965   $—   $—   $26,965 
                     
Mezzanine equity subject to fair value measurement:                    
Redeemable noncontrolling interests (b)  $12,410   $—   $—   $12,410 

 

(a)   Pursuant to an employment agreement (the “Employment Agreement”) executed in April 2008, the Chief Executive Officer (“CEO”) was eligible to receive an award (the “Employment Agreement Award”) amount equal to approximately 4% 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 (based on the estimated enterprise fair value of TV One as determined by a discounted cash flow analysis), and an assessment of the probability that the Employment Agreement will be renewed and contain this provision. There are probability factors included in the calculation of the award related to the likelihood that the award will be realized. The Company’s obligation to pay the award was triggered after the Company’s recovery of the aggregate amount of our pre-Comcast Buyout capital contribution in TV One, and payment is required only upon actual receipt of distributions of cash or marketable securities or proceeds from a liquidity event with respect to such invested amount. 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. A third-party valuation firm assisted the Company in estimating TV One’s fair value using the discounted cash flow analysis. Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value. The Compensation Committee of the Board of Directors of the Company approved terms for a new employment agreement with the CEO, including a renewal of the Employment Agreement Award upon similar terms as in the prior Employment Agreement. While a new employment agreement has not been executed as of the date of this report, the CEO is being compensated according to the new terms approved by the Compensation Committee.

 

(b)   The 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 estimating the fair value. Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value.

 

 

 12 

 

 

There were no transfers in or out of Level 1, 2, or 3 during the three months ended March 31, 2017. The following table presents the changes in Level 3 liabilities measured at fair value on a recurring basis for the three months ended March 31, 2017:

 

   Employment
Agreement
Award		   Redeemable
Noncontrolling
Interests		 
   (In thousands) 
         
Balance at December 31, 2016  $26,965   $12,410 
Net loss attributable to noncontrolling interests   —    (44)
Change in fair value   1,041    (745)
Balance at March 31, 2017  $28,006   $11,621 
           
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  $(1,041)  $— 

 

Losses included in earnings were recorded in the consolidated statements of operations as corporate selling, general and administrative expenses for the three months ended March 31, 2017 and 2016.

 

         As of
March 31,
2017		   As of
December
31, 2016		 
Level 3 liabilities  Valuation Technique  Significant
Unobservable
Inputs		  Significant Unobservable
Input Value		 
               
Employment agreement award  Discounted Cash Flow  Discount Rate   11.0%   11.0%
Employment agreement award  Discounted Cash Flow  Long-term Growth Rate   2.5%   2.5%
Redeemable noncontrolling interest  Discounted Cash Flow  Discount Rate   10.5%   10.5%
Redeemable noncontrolling interest  Discounted Cash Flow  Long-term Growth Rate   1.0%   1.0%

 

Any significant increases or decreases in discount rate or long-term growth rate inputs could result in significantly higher or lower fair value measurements.

 

Certain assets and liabilities are measured at fair value on a non-recurring basis using Level 3 inputs as defined in ASC 820.  These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances.  Included in this category are goodwill, radio broadcasting licenses and other intangible assets, net, that are written down to fair value when they are determined to be impaired, as well as content assets that are periodically written down to net realizable value. The Company concluded these assets were not impaired during the three months ended March 31, 2017, and March 31, 2016, and, therefore, were reported at carrying value. 

 

 13 

 

 

(i)Impact of Recently Issued Accounting Pronouncements

 

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), which supersedes the revenue recognition requirements in ASC 605, “Revenue Recognition” and most industry-specific guidance throughout the codification. The standard requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. On July 9, 2015, the FASB voted and approved a deferral of the effective date of ASU 2014-09 by one year. As a result, ASU 2014-09 will be effective for fiscal years beginning after December 15, 2017, with early adoption permitted, but not prior to the original effective date of annual periods beginning after December 15, 2016. The Company has not yet completed its assessment of the impact of the new standard, including possible transition alternatives, on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)” (“ASU 2016-08”). The amendments in ASU 2016-08 clarify the implementation guidance on principal versus agent considerations. ASU 2016-08 is effective for the Company for annual and interim reporting periods beginning July 1, 2018. The Company is currently evaluating the impact ASU 2016-08 will have on its consolidated financial statements. In April 2016, the FASB issued ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing” (“ASU 2016-10”). ASU 2016-10 clarifies the implementation guidance on identifying performance obligations. In May 2016, the FASB issued ASU 2016-11, “Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting” (“ASU 2016-11”) and ASU 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients” (“ASU 2016-12”). ASU 2016-11 and ASU 2016-12 provide additional clarification and implementation guidance on the previously issued ASU 2014-09. In December 2016, the FASB issued ASU 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers” (“ASU 2016-20”) which affects thirteen narrow aspects of the guidance. The Company is currently evaluating the impact ASU 2016-10, ASU 2016-11, ASU 2016-12 and ASU 2016-20 will have on its consolidated financial statements. At this time, the Company continues to assess and determine data and process requirements necessary to quantify the impacts of this standard as well as to develop and provide the enhanced disclosures required by the new guidance.

 

In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”) which requires the Company to assess its ability to continue as a going concern each interim and annual reporting period and provide certain disclosures if there is substantial doubt about our ability to continue as a going concern. The Company adopted ASU 2014-15 during the fourth quarter of 2016 and the standard did not have an impact on our consolidated financial statements.

 

In April 2015, the FASB issued ASU 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”). ASU 2015-03 aims to simplify the presentation of debt issuance costs by requiring debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Prior to ASU 2015-03, debt issuance costs were presented as a deferred charge under GAAP. ASU 2015-03 is effective for fiscal years beginning after December 15, 2015, and is to be applied retrospectively, with early adoption permitted. The Company early adopted ASU 2015-03 during the year ended December 31, 2015, resulting in approximately $7.4 million of net debt issuance costs presented as a direct reduction to the Company’s long-term debt in the consolidated balance sheet as of December 31, 2015. In August 2015, the FASB issued ASU 2015-15, “Interest - Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements” (“ASU 2015-15”), which allows companies to continue to defer and present debt issuance costs as an asset that is amortized ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Company adopted ASU 2015-15 on January 1, 2016, and capitalized $421,000 of debt issuance costs for the year ended December 31, 2016, associated with its new line of credit arrangement.

 

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” (“ASU 2016-02”), which is a new lease standard that amends lease accounting. ASU 2016-02 will require lessees to recognize a lease asset and lease liability for leases classified as operating leases. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company has not yet completed its assessment of the impact of the new standard on its consolidated financial statements.

 

In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718)” (“ASU 2016-09”), which relates to the accounting for employee share-based payments. This standard provides updated guidance for the accounting for certain aspects of share-based payment awards to employees, including the accounting for income taxes, forfeitures, statutory tax withholding requirements and the classification on the statement of cash flows. This standard will be effective for interim and annual reporting periods after December 15, 2016, including interim periods within those fiscal years, with early adoption permitted. As early adoption is permitted, the Company adopted ASU 2016-09 during the fourth quarter of 2016. Under ASU 2016-09, the Company classifies the excess income tax benefits from stock-based compensation arrangements within income tax expense, rather than recognizing such excess income tax benefits in additional paid-in capital. In addition, when the Company withholds shares to satisfy income tax withholding obligations, the payment is classified as a financing activity on the statement of cash flows. The Company continues to estimate the number of stock-based awards expected to vest, as permitted by ASU 2016-09, rather than electing to account for forfeitures as they occur.

 

 14 

 

 

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This standard will be effective for interim and annual reporting periods after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted for annual periods after December 15, 2018. The Company has not yet completed its assessment of the impact of the new standard on its consolidated financial statements.

 

In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (A Consensus of the Emerging Issues Task Force)” (“ASU 2016-15”). ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. This standard will be effective for interim and annual reporting periods after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. The Company has not yet completed its assessment of the impact of the new standard on its consolidated financial statements.

 

In November 2016, the FASB issued ASU 2016-18, “Restricted Cash” (“ASU 2016-18”). ASU 2016-18 is intended to add and clarify guidance on the classification and presentation of restricted cash in the statement of cash flows. This standard will be effective for interim and annual reporting periods after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. The Company early adopted the provisions of ASU 2016-18 during the fourth quarter of 2016. The adoption of the guidance did not have impact on prior reporting periods.

 

In January 2017, the FASB issued ASU 2017-04, “Intangibles – Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment” (“ASU 2017-04”). ASU 2017-04 is intended to simplify the accounting for goodwill impairment. The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. This standard will be effective for interim and annual goodwill impairment tests after December 15, 2019, with early adoption permitted on testing dates after January 1, 2017. The Company has not yet completed its assessment of the impact of the new standard on its consolidated financial statements.

 

(j)Redeemable noncontrolling interest

 

Redeemable noncontrolling interests are interests in subsidiaries that are redeemable outside of the Company’s control either for cash or other assets. These interests are classified as mezzanine equity and measured at the greater of estimated redemption value at the end of each reporting period or the historical cost basis of the noncontrolling interests adjusted for cumulative earnings allocations.  The resulting increases or decreases in the estimated redemption amount are affected by corresponding charges against retained earnings, or in the absence of retained earnings, additional paid-in-capital.

 

(k)Investments – Cost Method

 

On April 10, 2015, the Company made an initial minimum investment of $5 million in MGM’s world-class casino property, MGM National Harbor, under an agreement to invest up to $40 million. The project is located in Prince George’s County, Maryland, which has a predominately African-American demographic profile. On November 30, 2016, the Company contributed an additional $35 million to complete its investment. This investment further diversifies our platform in the entertainment industry. We accounted for this investment on a cost basis. Our MGM National Harbor investment entitles us to an annual cash distribution based on net gaming revenue. Our MGM investment is included in other assets on the consolidated balance sheets and its income is recorded in other income on the consolidated statements of operations.

 

 15 

 

 

(l)Content Assets

 

TV One has entered into contracts to acquire entertainment programming rights and programs from distributors and producers. The license periods granted in these contracts generally run from one year to ten years. Contract payments are made in installments over terms that are generally shorter than the contract period. Each contract is recorded as an asset and a liability at an amount equal to its gross contractual commitment when the license period begins and the program is available for its first airing. Acquired content is generally amortized on a straight-line method over the term of the license which reflects the estimated usage. For certain content for which the pattern of usage is accelerated, amortization is based upon the actual usage.

 

The Company also has programming for which the Company has engaged third parties to develop and produce, and it owns most or all rights (commissioned programming). Content amortization expense for each period is recognized based on the revenue forecast model, which approximates the proportion that estimated advertising and affiliate revenues for the current period represent in relation to the estimated remaining total lifetime revenues.

 

Acquired program rights are recorded at the lower of unamortized cost or estimated net realizable value. Estimated net realizable values are based on the estimated revenues associated with the program materials and related expenses. The Company did not record any additional amortization expense as a result of evaluating its contracts for recoverability for the three months ended March 31, 2017, and recorded an impairment and additional amortization expense of approximately $1.9 million as a result of evaluating its contracts for recoverability for the three months ended March 31, 2016. All produced and licensed content is classified as a long-term asset, except for the portion of the unamortized content balance that is expected to be amortized within one year which is classified as a current asset.

 

Tax incentives state and local governments offer that are directly measured based on production activities are recorded as reductions in production costs.

 

(m)Derivatives

 

The Company recognizes all derivatives at fair value in the consolidated balance sheet as either an asset or liability. The accounting for changes in the fair value of a derivative, including certain derivative instruments embedded in other contracts, depends on the intended use of the derivative and the resulting designation.

 

The Company has accounted for the Employment Agreement Award as a derivative instrument in accordance with ASC 815, “Derivatives and Hedging.” The Company estimated the fair value of the award at March 31, 2017, and December 31, 2016, to be approximately $28.0 million and $27.0 million, respectively, and accordingly, adjusted its liability to this amount. The long-term portion is recorded in other long-term liabilities and the current portion is recorded in other current liabilities in the consolidated balance sheets. The expense associated with the Employment Agreement Award was recorded in the consolidated statements of operations as corporate selling, general and administrative expenses and was approximately $1.0 million and $2.3 million for the quarters ended March 31, 2017 and 2016, respectively.

 

The Company’s obligation to pay the Employment Agreement Award was triggered after the Company’s recovery of the aggregate amount of its capital contribution in TV One before the buyout of its partner and payment is required only upon actual receipt of distributions of cash or marketable securities or proceeds from a liquidity event with respect to such invested amount. 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. The Compensation Committee of the Board of Directors of the Company has approved terms for a new employment agreement with the CEO, including a renewal of the Employment Agreement Award upon similar terms as in the prior Employment Agreement. While a new Employment Agreement has not been executed as of the date of this report, the CEO is being compensated according to the new terms approved by the Compensation Committee.

 

(n)Related Party Transactions

 

Reach Media operates the Tom Joyner Fantastic Voyage, a fundraising event for the Tom Joyner Foundation, Inc. (the “Foundation”), a 501(c)(3) entity. The terms of the agreement are that Reach Media provides all necessary operations for the Fantastic Voyage, that the Foundation reimburse the Company for all related expenses, and that the Foundation pay a fee plus a performance bonus to Reach Media. The fee is up to the first $1.0 million after the Fantastic Voyage nets $250,000 to the Foundation. The balance of any operating income is earned by the Foundation less a performance bonus of 50% to Reach Media of any excess over $1.25 million. Reach Media’s earnings for the Fantastic Voyage may not exceed $1.7 million. The Foundation’s remittances to Reach Media under the agreement are limited to its Fantastic Voyage-related cash revenues; Reach Media bears the risk should the Fantastic Voyage sustain a loss and bears all credit risk associated with the related customer cabin sales. As of March 31, 2017 and December 31, 2016, the Foundation owed Reach Media approximately $2.3 million and $426,000, respectively under the agreement, for operations on the future cruises.

 

 16 

 

 

Reach Media provides office facilities (including office space, telecommunications facilities, and office equipment) to the Foundation, and to Tom Joyner, LTD. (“Limited”), Tom Joyner’s production company. Such services are provided to the Foundation and to Limited on a pass-through basis at cost. Additionally, from time to time, the Foundation and Limited reimburse Reach Media for expenditures paid on their behalf at Reach Media related events. Under these arrangements, as of March 31, 2017, the Foundation and Limited owed $14,000 and $2,000 to Reach Media, respectively. As of December 31, 2016, the Foundation and Limited owed $3,000 and $11,000 to Reach Media, respectively.

 

2.  ACQUISITIONS AND DISPOSITIONS:

 

On October 20, 2011, we entered into a time brokerage agreement (“TBA”) with WGPR, Inc. (“WGPR”). Pursuant to the TBA, beginning October 24, 2011, we began to broadcast programs produced, owned or acquired by the Company on WGPR’s Detroit radio station, WGPR-FM. We pay certain operating costs of WGPR-FM, and in exchange we retain all revenues from the sale of the advertising within the programming we provide. The original term of the TBA was through December 31, 2014; however, in September 2014, we entered into an amendment to the TBA to extend the term of the TBA through December 31, 2019. Under the terms of the TBA, WGPR has also granted us certain rights of first negotiation and first refusal with respect to the sale of WGPR-FM by WGPR and with respect to any potential time brokerage agreement for WGPR-FM covering any time period subsequent to the term of the TBA.

 

On November 12, 2015, the Company entered into a two-station local marketing agreement (“LMA”) with Wilks Broadcasting Group for 95.5 FM-WZOH and 107.1 FM-WHOK. While under the LMA, the stations were a variable interest entity (“VIE”) for which we were not the primary beneficiary based on the fact that we did not have the power to direct the activities of the VIE that most significantly impacted its economic performance. The Company also entered into an asset purchase agreement to acquire the stations. This acquisition doubled the size of the previously two-station urban music cluster in Columbus, Ohio. The Company completed the acquisition of the stations on February 3, 2016, and as a result of the acquisition, the stations are no longer treated as a VIE. Total consideration paid was approximately $2.0 million. The Company’s final purchase accounting to reflect the fair value of assets acquired and liabilities assumed consisted of approximately $1.5 million to radio broadcasting licenses, $861,000 to property and equipment, $84,000 to other intangible assets, offset by a lease liability of $443,000.

 

On January 30, 2017, the Company entered into an asset purchase agreement to sell certain land, towers and equipment to a third party for $25 million. The identified assets have been classified as held for sale in the consolidated balance sheets at March 31, 2017 and December 31, 2016. The combined net carrying value of approximately $2.1 million and $2.2 million for the assets held for sale is included in other assets in the Company’s consolidated balance sheet at March 31, 2017 and December 31, 2016, respectively. The estimated fair value of the assets to be disposed of are in excess of their carrying value. The Company will lease certain of the assets back from the buyer. See Note 9 – Subsequent Events.

 

3.  GOODWILL AND RADIO BROADCASTING LICENSES:

 

Impairment Testing

 

In accordance with ASC 350, “Intangibles - Goodwill and Other,” we do not amortize our indefinite-lived radio broadcasting licenses and goodwill. Instead, we perform a test for impairment annually across all reporting units, or on an interim basis when events or changes in circumstances or other conditions suggest impairment may have occurred in any given reporting unit. Other intangible assets continue to be amortized on a straight-line basis over their useful lives. We perform our annual impairment test as of October 1 of each year. We evaluate all events and circumstances on an interim basis to determine if a two-step process is required. The first step of the process involves estimating the fair value of each reporting unit. If the reporting unit’s fair value is less than its carrying value, a second step is performed to attribute the fair value of the reporting unit to the individual assets and liabilities of the reporting unit in order to determine the implied fair value of the reporting unit’s goodwill as of the impairment assessment date. Any excess of the carrying value of the goodwill over the implied fair value of the goodwill is written off as a charge to operations.

 

Valuation of Broadcasting Licenses

 

We did not identify any impairment indicators for the three months ended March 31, 2017 or 2016.

 

 17 

 

 

Valuation of Goodwill

 

We did not identify any impairment indicators for the three months ended March 31, 2017 or 2016 at any of our four reportable segments.

 

Goodwill Valuation Results

 

The table below presents the changes in Company’s goodwill carrying values for its four reportable segments.

 

   Radio
Broadcasting
Segment		   Reach
Media
Segment		   Digital
Segment		   Cable
Television
Segment		   Total 
   (In thousands) 
Gross goodwill  $154,863   $30,468   $23,004   $165,044   $373,379 
Accumulated impairment losses   (84,436)   (16,114)   (14,545)   —    (115,095)
Net goodwill at March 31, 2017  $70,427   $14,354   $8,459   $165,044   $258,284 

 

4.  LONG-TERM DEBT:

 

Long-term debt consisted of the following:

 

   March 31, 2017   December 31, 2016 
   (Unaudited)     
   (In thousands) 
         
2015 Credit Facility  $343,875   $344,750 
9.25% Senior Subordinated Notes due February 2020   315,000    315,000 
7.375% Senior Secured Notes due April 2022   350,000    350,000 
Comcast Note due April 2019   11,872    11,872 
Total debt   1,020,747    1,021,622 
Less: current portion of long-term debt   3,500    3,500 
Less: original issue discount and issuance costs   14,041    15,386 
Long-term debt, net  $1,003,206   $1,002,736 

 

2022 Notes and 2015 Credit Facilities

 

On April 17, 2015, the Company closed a private offering of $350.0 million aggregate principal amount of 7.375% senior secured notes due 2022 (the “2022 Notes”). The 2022 Notes were offered at an original issue price of 100.0% plus accrued interest from April 17, 2015, and will mature on April 15, 2022. Interest on the 2022 Notes accrues at the rate of 7.375% per annum and is payable semiannually in arrears on April 15 and October 15, which commenced on October 15, 2015. The 2022 Notes are guaranteed, jointly and severally, on a senior secured basis by the Company’s existing and future domestic subsidiaries, including TV One, which also guarantees its $350.0 million senior secured credit facility (the “2015 Credit Facility”) that was entered into concurrently with the closing of the 2022 Notes.

 

The 2015 Credit Facility was scheduled to mature on December 31, 2018. At the Company’s election, the interest rate on borrowings under the 2015 Credit Facility was based on either (i) the then applicable base rate plus 3.5% (as defined in the 2015 Credit Facility) as, for any day, a rate per annum (rounded upward, if necessary, to the next 1/100th of 1%) equal to the greater of (a) the prime rate published in the Wall Street Journal, (b) a rate of 1/2 of 1% in excess rate of the overnight Federal Funds Rate at any given time, and (c) the one-month LIBOR commencing on such day plus 1.00%), or (ii) the then applicable LIBOR plus 4.5% (as defined in the 2015 Credit Facility). The average interest rate was approximately 5.28% for 2017 and 5.11% for 2016. Quarterly installments of 0.25%, or $875,000, of the principal balance on the term loan were payable on the last day of each March, June, September and December beginning on September 30, 2015. During each of the three month periods ended March 31, 2017 and March 31, 2016, the Company repaid $875,000 under the 2015 Credit Facility. See Note 9 – Subsequent Events.

 

 18 

 

 

In connection with the closing of the 2022 Notes and the 2015 Credit Facility, the Company and the guarantor parties thereto entered into a Fourth Supplemental Indenture to the indenture governing the 2020 Notes (as defined below). Pursuant to this Fourth Supplemental Indenture, TV One, which previously did not guarantee the 2020 Notes, became a guarantor under the 2020 Notes indentures. In addition, the transactions caused a “Triggering Event” (as defined in the 2020 Notes Indenture) and, as a result, the 2020 Notes became an unsecured obligation of the Company and the subsidiary guarantors and rank equal in right of payment with the Company’s other senior indebtedness.

 

The Company used the net proceeds from the 2022 Notes, along with term loan borrowings under the 2015 Credit Facility, to refinance a previous credit agreement, refinance the TV One Notes, and finance the buyout of membership interests of Comcast in TV One and pay the related accrued interest, premiums, fees and expenses associated therewith.

 

The 2015 Credit Facility contained affirmative and negative covenants that the Company was required to comply with, including:

 

(a)   maintaining an interest coverage ratio of no less than:

 

·1.25 to 1.00 on June 30, 2015 and the last day of each fiscal quarter thereafter.

 

(b)   maintaining a senior leverage ratio of no greater than:

 

·5.85 to 1.00 on June 30, 2015 and the last day of each fiscal quarter thereafter.

 

 (c)   limitations on:

 

·liens;
·sale of assets;
·payment of dividends; and
·mergers.

 

As of March 31, 2017, the Company was in compliance with all of its financial covenants under the 2015 Credit Facility.

 

As of March 31, 2017, the Company had outstanding approximately $343.9 million on its 2015 Credit Facility. The original issue discount was being reflected as an adjustment to the carrying amount of the debt obligations and amortized to interest expense over the term of the credit facility. The amortization of deferred financing costs was charged to interest expense for all periods presented. The amount of deferred financing costs included in interest expense for the three months ended March 31, 2017 and 2016 was approximately $1.4 million and $1.3 million, respectively.

 

On February 24, 2015, the Company entered into a letter of credit reimbursement and security agreement. As of March 31, 2017, the Company had letters of credit totaling $815,000 under the agreement. Letters of credit issued under the agreement are required to be collateralized with cash.

 

Senior Subordinated Notes

 

On February 10, 2014, the Company closed a private placement offering of $335.0 million aggregate principal amount of 9.25% senior subordinated notes due 2020 (the “2020 Notes”). The 2020 Notes were offered at an original issue price of 100.0% plus accrued interest from February 10, 2014. The 2020 Notes mature on February 15, 2020. Interest accrues at the rate of 9.25% per annum and is payable semiannually in arrears on February 15 and August 15 in the amount of approximately $15.5 million, which commenced on August 15, 2014. Subsequent to the repurchase of a portion of the 2020 Notes (as described below), the semiannual interest payment was approximately $14.6 million. The 2020 Notes are guaranteed by certain of the Company’s existing and future domestic subsidiaries and any other subsidiaries that guarantee the existing senior credit facility or any of the Company’s other syndicated bank indebtedness or capital markets securities. The Company used the net proceeds from the offering to repurchase or otherwise redeem all of the amounts then outstanding under its previous notes and to pay the related accrued interest, premiums, fees and expenses associated therewith. During the quarter ended June 30, 2016, the Company repurchased approximately $20 million of its 2020 Notes at an average price of approximately 86% of par. The Company recorded a gain on retirement of debt of approximately $2.6 million for the quarter ended June 30, 2016. As of each of March 31, 2017 and December 31, 2016, the Company had approximately $315.0 million of our 2020 Notes outstanding.

 

The indenture that governs the 2020 Notes contains covenants that restrict, among other things, the ability of the Company to incur additional debt, purchase common stock, make capital expenditures, make investments or other restricted payments, swap or sell assets, engage in transactions with related parties, secure non-senior debt with assets, or merge, consolidate or sell all or substantially all of its assets.

 

 19 

 

 

TV One Senior Secured Notes

 

TV One issued $119.0 million in senior secured notes on February 25, 2011 (“TV One Notes”). The proceeds from the notes were used to purchase equity interests from certain financial investors and TV One management. The notes accrued interest at 10.0% per annum, which was payable monthly, and the entire principal amount was due on March 15, 2016. In connection with the closing of the financing transactions on April 17, 2015, the TV One Notes were repaid.

 

Comcast Note

 

The Company also has outstanding a senior unsecured promissory note in the aggregate principal amount of approximately $11.9 million due to Comcast (“Comcast Note”). The Comcast Note bears interest at 10.47%, is payable quarterly in arrears, and the entire principal amount is due on April 17, 2019.

 

Asset-Backed Credit Facility

 

On April 21, 2016, the Company entered into a senior credit agreement governing an asset-backed credit facility (the “ABL Facility”) among the Company, the lenders party thereto from time to time and Wells Fargo Bank National Association, as administrative agent (the “Administrative Agent”). The ABL Facility provides for $25 million in revolving loan borrowings in order to provide for the working capital needs and general corporate requirements of the Company. As of March 31, 2017, the Company did not have any borrowings outstanding on its ABL Facility.

 

At the Company’s election, the interest rate on borrowings under the ABL Facility are based on either (i) the then applicable margin relative to Base Rate Loans (as defined in the ABL Facility) or (ii) the then applicable margin relative to LIBOR Loans (as defined in the ABL Facility) corresponding to the average availability of the Company for the most recently completed fiscal quarter.

 

Advances under the ABL Facility are limited to (a) eighty-five percent (85%) of the amount of Eligible Accounts (as defined in the ABL Facility), less the amount, if any, of the Dilution Reserve (as defined in the ABL Facility), minus (b) the sum of (i) the Bank Product Reserve (as defined in the ABL Facility), plus (ii) the aggregate amount of all other reserves, if any, established by Administrative Agent.

 

All obligations under the ABL Facility are secured by first priority lien on all (i) deposit accounts (related to accounts receivable), (ii) accounts receivable, (iii) all other property which constitutes ABL Priority Collateral (as defined in the ABL Facility).  The obligations are also secured by all material subsidiaries of the Company.

 

The ABL Facility matures on the earlier to occur of: (a) the date that is five (5) years from the effective date of the ABL Facility and (b) the date that is thirty (30) days prior to the earlier to occur of (i) the “Term Loan Maturity Date” of the Company’s existing term loan, and (ii) the “Stated Maturity” of the Company’s existing notes.  As of the effective date of the ABL Facility, the “Term Loan Maturity Date” is December 31, 2018, and the “Stated Maturity” is April 15, 2022.

 

Finally, the ABL Facility is subject to the terms of the Intercreditor Agreement (as defined in the ABL Facility) by and among the Administrative Agent, the administrative agent for the secured parties under the Company’s term loan and the trustee and collateral trustee under the senior secured notes indenture.

 

The Company conducts a portion of its business through its subsidiaries. Certain of the Company’s subsidiaries have fully and unconditionally guaranteed the Company’s 2022 Notes, 2020 Notes and the Company’s obligations under the 2015 Credit Facility.

 

The 2022 Notes are the Company’s senior secured obligations and rank equal in right of payment with all of the Company’s and the guarantors’ existing and future senior indebtedness, including obligations under the 2015 Credit Facility and the Company’s 2020 Notes.  The 2022 Notes and related guarantees are equally and ratably secured by the same collateral securing the 2015 Credit Facility and any other parity lien debt issued after the issue date of the 2022 Notes, including any additional notes issued under the Indenture, but are effectively subordinated to the Company’s and the guarantors’ secured indebtedness to the extent of the value of the collateral securing such indebtedness that does not also secure the 2022 Notes. Collateral includes substantially all of the Company’s and the guarantors’ current and future property and assets for accounts receivable, cash, deposit accounts, other bank accounts, securities accounts, inventory and related assets including the capital stock of each subsidiary guarantor. Finally, the Company also has the Comcast Note which is a general but senior unsecured obligation of the Company.

 

 20 

 

 

Future scheduled minimum principal payments of debt as of March 31, 2017, were as follows:

 

   Comcast Note
due April 2019		   2015
Credit Facility		   9.25% Senior
Subordinated
Notes due
February 2020		   7.375% Senior
Secured Notes due
April 2022		   Total 
   (In thousands) 
April – December 2017  $—   $2,625   $—   $—   $2,625 
2018   —    341,250    —    —    341,250 
2019   11,872    —    —    —    11,872 
2020   —    —    315,000    —    315,000 
2021   —    —    —    —    — 
2022 and thereafter   —    —    —    350,000    350,000 
Total Debt  $11,872   $343,875   $315,000   $350,000   $1,020,747 

 

See Note 9 – Subsequent Events as the Company closed on a new senior secured credit facility (the “2017 Credit Facility”) on April 18, 2017.

 

5.  INCOME TAXES:

 

The Company recorded a tax benefit of $112,000 on a pre-tax loss from continuing operations of approximately $2.5 million for the three months ended March 31, 2017, which results in a tax rate of 4.5%. This tax rate is based on an estimated annual effective rate of 18.6%, and a discrete tax provision adjustment for $346,000. The Company previously calculated the interim provision for income taxes using a discrete method because it best represented the estimated effective rate at that time. However, the circumstance and exceptions for using a discrete tax provision no longer apply and thus we are estimating the annual effective tax rate in accordance with ASC 740-270, “Interim Reporting.”

 

As of March 31, 2017, the Company continues to maintain a full valuation allowance on its deferred tax assets for substantially all entities and jurisdictions, for its net deferred tax assets, but excludes deferred tax liabilities related to indefinite-lived intangible assets. In accordance with ASC 740, “Accounting for Income Taxes”, the Company continually assesses the adequacy of the valuation allowance by assessing the likely future tax consequences of events that have been realized in the Company’s financial statements or tax returns, tax planning strategies, and future profitability. As of March 31, 2017, the Company does not believe it is more likely than not that the deferred tax assets will be realized. As part of the assessment, the Company has not included the deferred tax liability related to indefinite-lived intangible assets as a source of future taxable income to support realization of the deferred tax assets.

 

6.  STOCKHOLDERS’ EQUITY: 

 

Stock Repurchase Program

 

In December 2015, the Company’s Board of Directors authorized a repurchase of shares of the Company’s Class A and Class D common stock (the “December 2015 Repurchase Authorization”). Under the December 2015 Repurchase Authorization, the Company is authorized, but is not obligated, to repurchase up to $3.5 million worth of its Class A and/or Class D common stock. On March 25, 2016, the Company’s Board of Directors reaffirmed the December 2015 Repurchase Authorization without any limitation on price, and on September 23, 2016 increased the authorization to $7.0 million. As of March 31, 2017, the Company had approximately $7.0 million remaining under the authorization with respect to its Class A and Class D common stock. Repurchases may be made from time to time in the open market or in privately negotiated transactions in accordance with applicable laws and regulations. The timing and extent of any repurchases will depend upon prevailing market conditions, the trading price of the Company’s Class A and/or Class D common stock and other factors, and subject to restrictions under applicable law. The Company executes upon the stock repurchase program in a manner consistent with market conditions and the interests of the stockholders, including maximizing stockholder value. During the three months ended March 31, 2017, the Company did not repurchase any Class A common stock or Class D common stock on the open market. During the three months ended March 31, 2016, the Company did not repurchase any Class A common stock and repurchased 60,566 shares of Class D common stock in the amount of $81,000 at an average price of $1.34 per share.

 

 21 

 

 

In addition, the Company has limited but ongoing authority to purchase shares of Class D common stock (in one or more transactions at any time there remain outstanding grants) under the Company’s 2009 Stock Plan (as defined below) to satisfy any employee or other recipient tax obligations in connection with the exercise of an option or a share grant under the 2009 Stock Plan, to the extent that the Company has capacity under its financing agreements (i.e., its current credit facilities and indentures) (each a “Stock Vest Tax Repurchase”). During the three months ended March 31, 2017, the Company executed a Stock Vest Tax Repurchase of 317,103 shares of Class D Common Stock in the amount of $915,000 at an average price of $2.89 per share. During the three months ended March 31, 2016, the Company executed a Stock Vest Tax Repurchase of 330,111 shares of Class D Common Stock in the amount of $568,000 at an average price of $1.72 per share.

 

Stock Option and Restricted Stock Grant Plan

 

A stock option and restricted stock plan (“the 2009 Stock Plan”) was approved by the stockholders at the Company’s annual meeting on December 16, 2009.  The Company had the authority to issue up to 8,250,000 shares of Class D Common Stock under the 2009 Stock Plan.  On September 26, 2013, the Board of Directors adopted, and our stockholders approved on November 14, 2013, certain amendments to and restatement of the 2009 Stock Plan (the “Amended and Restated 2009 Stock Plan”). The amendments under the Amended and Restated 2009 Stock Plan primarily affected (i) the number of shares with respect to which options and restricted stock grants may be granted under the 2009 Stock Plan and (ii) the maximum number of shares that can be awarded to any individual in any one calendar year. The Amended and Restated 2009 Stock Plan increased the authorized plan shares remaining available for grant to 7,000,000 shares of Class D common stock after giving effect to the issuances prior to the amendment. Prior to the amendment, under the 2009 Plan, in any one calendar year, the compensation committee could not grant to any one participant options to purchase, or grants of, a number of shares of Class D common stock in excess of 1,000,000.  Under the Amended and Restated 2009 Stock Plan, this limitation was eliminated. The purpose of eliminating this limitation is to provide the compensation committee with maximum flexibility in setting executive compensation. On April 13, 2015, the Board of Directors adopted, and our stockholders approved on June 2, 2015, a further amendment to the Amended and Restated 2009 Stock Plan. This further amendment increased the authorized plan shares remaining available for grant to 8,250,000 shares of Class D common stock. As of March 31, 2017, 7,932,932 shares of Class D common stock were available for grant under the Amended and Restated 2009 Stock Plan.

 

On October 26, 2015, the Compensation Committee awarded David Kantor, Chief Executive Officer, Radio Division, 100,000 restricted shares of the Company’s Class D common stock, and stock options to purchase 300,000 shares of the Company’s Class D common stock. The grants were effective November 5, 2015, and will vest in approximately equal 1/3 tranches on November 5, 2016, November 5, 2017 and November 5, 2018.

 

Stock-based compensation expense for the three months ended March 31, 2017 and 2016, was $133,000 and $772,000, respectively.

 

The Company did not grant stock options during the three months ended March 31, 2017 and 2016.

 

Transactions and other information relating to stock options for the three months ended March 31, 2017, are summarized below:

 

   Number of
Options		   Weighted-Average
Exercise Price		   Weighted-Average
Remaining
Contractual Term
(In Years)		   Aggregate
Intrinsic
Value		 
Outstanding at December 31, 2016   3,700,000   $2.03    4.21   $3,675,000 
Grants   —   $—           
Exercised   —   $—           
Forfeited/cancelled/expired   100,000   $7.50           
Balance as of March 31, 2017   3,600,000   $1.88    4.08   $5,110,000 
Vested and expected to vest at March 31, 2017   3,559,000   $1.88    4.03   $5,060,000 
Unvested at March 31, 2017   250,000   $2.12    8.55   $300,000 
Exercisable at March 31, 2017   3,350,000   $1.86    3.75   $4,810,000 

 

The aggregate intrinsic value in the table above represents the difference between the Company’s stock closing price on the last day of trading during the three months ended March 31, 2017, and the exercise price, multiplied by the number of shares that would have been received by the holders of in-the-money options had all the option holders exercised their options on March 31, 2017. This amount changes based on the fair market value of the Company’s stock. There were no options exercised and no options vested during the three months ended March 31, 2017 and 2016.

 

 22 

 

 

As of March 31, 2017, $40,000 of total unrecognized compensation cost related to stock options is expected to be recognized over a weighted-average period of 1 year. The weighted-average fair value per share of shares underlying stock options was $1.32 at March 31, 2017.

 

The Company did not grant shares of restricted stock during the three months ended March 31, 2017 and 2016.

 

Transactions and other information relating to restricted stock grants for the three months ended March 31, 2017, are summarized below:

 

   Shares   Average
Fair Value
at Grant
Date		 
Unvested at December 31, 2016   358,000   $2.31 
Grants   —   $— 
Vested   11,000   $1.49 
Forfeited/cancelled/expired   —   $— 
Unvested at March 31, 2017   347,000   $2.33 

 

Restricted stock grants were and are included in the Company’s outstanding share numbers on the effective date of grant. As of March 31, 2017, $90,000 of total unrecognized compensation cost related to restricted stock grants is expected to be recognized over the weighted-average period of 1.1 years.

 

7.  SEGMENT INFORMATION:

 

The Company has four reportable segments: (i) radio broadcasting; (ii) Reach Media; (iii) digital; and (iv) cable television. These segments operate in the United States and are consistently aligned with the Company’s management of its businesses and its financial reporting structure. Effective January 1, 2017, the Company changed its reportable segment disclosures. Along with the results of Interactive One, all digital components from our reportable segments will now be part of a newly formed reportable segment called “Digital”. This new reportable segment will better reflect the manner in which we manage our business and better reflect our operational structure. Segment data for the quarter ended March 31, 2016 has been reclassified to conform to the current period presentation. These reclassifications occurred between all segments.

 

The radio broadcasting segment consists of all broadcast results of operations. The Reach Media segment consists of the results of operations for the Tom Joyner Morning Show and related activities and operations of other syndicated shows. The digital segment includes the results of our online business, including the operations of Interactive One, as well as the digital components of our other reportable segments. The cable television segment consists of TV One’s results of operations. Corporate/Eliminations/Other represents financial activity associated with our corporate staff and offices and intercompany activity among the four segments.

 

Operating loss or income represents total revenues less operating expenses, depreciation and amortization, and impairment of long-lived assets. Intercompany revenue earned and expenses charged between segments are recorded at estimated fair value and eliminated in consolidation.

 

The accounting policies described in the summary of significant accounting policies in Note 1 – Organization and Summary of Significant Accounting Policies are applied consistently across the segments.

 

 23 

 

 

Detailed segment data for the three months ended March 31, 2017 and 2016, is presented in the following tables:

 

   Three Months Ended
March 31,		 
   2017   2016 
   (Unaudited) 
   (In thousands) 
       (As
reclassified)		 
Net Revenue:          
Radio Broadcasting  $39,737   $42,733 
Reach Media   7,663    10,454 
Digital   5,506    6,481 
Cable Television   48,554    49,474 
Corporate/Eliminations/Other*   (171)   (54)
Consolidated  $101,289   $109,088 
           
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):          
Radio Broadcasting  $26,317   $27,423 
Reach Media   7,915    8,446 
Digital   6,644    6,238 
Cable Television   29,187    30,877 
Corporate/Eliminations/Other   6,461    8,614 
Consolidated  $76,524   $81,598 
           
Depreciation and Amortization:          
Radio Broadcasting  $957   $1,144 
Reach Media   54    42 
Digital   341    444 
Cable Television   6,561    6,553 
Corporate/Eliminations/Other   399    499 
Consolidated  $8,312   $8,682 
           
Operating income (loss):          
Radio Broadcasting  $12,463   $14,166 
Reach Media   (306)   1,966 
Digital   (1,479)   (201)
Cable Television   12,806    12,044 
Corporate/Eliminations/Other   (7,031)   (9,167)
Consolidated  $16,453   $18,808 

 

* Intercompany revenue included in net revenue above is as follows:

 

Radio Broadcasting  $(171)  $(54)

 

Capital expenditures by segment are as follows:

 

Radio Broadcasting  $1,025   $403 
Reach Media   46    117 
Digital   186    462 
Cable Television   96    108 
Corporate/Eliminations/Other   106    159 
Consolidated  $1,459   $1,249 

 

 24 

 

 

   March 31, 2017   December 31, 2016 
   (Unaudited)     
   (In thousands) 
Total Assets:          
Radio Broadcasting  $776,377   $781,450 
Reach Media   40,974    37,192 
Digital   16,408    17,749 
Cable Television   446,852    446,880 
Corporate/Eliminations/Other   72,183    75,515 
Consolidated  $1,352,794   $1,358,786 

 

8. COMMITMENTS AND CONTINGENCIES:

 

Royalty Agreements

 

The Company has historically entered into fixed and variable fee music license agreements with performance rights organizations including the Society of European Stage Authors and Composers (“SESAC”), American Society of Composers, Authors and Publishers (“ASCAP”) and Broadcast Music, Inc. (“BMI”). Our ASCAP and BMI licenses expired December 31, 2016. The expirations were an industry wide issue. The Company has authorized the Radio Music License Committee (the “RMLC”) to negotiate on its behalf with respect to its licenses with SESAC, ASCAP and BMI including the ASCAP and BMI licenses that expired December 31, 2016. The RMLC negotiated a new 5 year agreement with ASCAP with a license term of January 1, 2017 through December 31, 2021. Negotiations continue with respect to BMI and all broadcasters that have authorized the RMLC to act on their behalf in negotiations with BMI can continue to play BMI compositions after December 31, 2016, because the RMLC has submitted a license application to BMI on their behalf and applicants are licensed upon application under a prior consent decree. The RMLC is in a binding rate arbitration with SESAC. This arbitration began the first calendar quarter of 2017 and is expected to conclude in the second quarter.  The final rate decision emanating from the arbitration will have retroactive application to January 1, 2016. In the interim, we continue payments to SESAC at the existing 2015 rates, and SESAC may not increase our fees for any reason prior to the rate arbitration decision being issued. In connection with all performance rights organization agreements, including SESAC, ASCAP and BMI, the Company incurred expenses of approximately $1.7 million and $2.6 million during the three month periods ended March 31, 2017 and March 31, 2016, respectively.  Finally, in 2016, a new performance rights organization, Global Music Rights (“GMR”) formed, but the scope of its repertory is not clear and it is not clear that it licenses compositions that have not already been licensed by the other performance rights organizations. To ensure licensing compliance in 2017, we have entered into a temporary license with GMR while the RMLC continues to pursue an agreement for a long term licensing solution.

 

Other Contingencies

 

The Company has been named as a defendant in several legal actions arising in the ordinary course of business. It is management’s opinion, after consultation with its legal counsel, that the outcome of these claims will not have a material adverse effect on the Company’s financial position or results of operations.

 

Off-Balance Sheet Arrangements

 

On February 24, 2015, the Company entered into a letter of credit reimbursement and security agreement. As of March 31, 2017, the Company had letters of credit totaling $815,000 under the agreement. Letters of credit issued under the agreement are required to be collateralized with cash.

 

Noncontrolling Interest Shareholders’ Put Rights

 

Beginning on January 1, 2018, the noncontrolling interest shareholders of Reach Media have an annual right to require Reach Media to purchase all or a portion of their shares at the then current fair market value for such shares (the “Put Right”).   Beginning in 2018, this annual right is exercisable for a 30-day period beginning January 1 of each year. The purchase price for such shares may be paid in cash and/or registered Class D common stock of Urban One, at the discretion of Urban One.

 

 25 

 

 

9.  SUBSEQUENT EVENTS:

 

On April 4, 2017, the Company entered into an agreement to sell its Detroit WCHB-AM station to a third party for approximately $2 million. As a result of the pending sale, the identified assets have been classified as held for sale in the consolidated balance sheet as of March 31, 2017. The combined net carrying value of approximately $2.8 million, for the assets held for sale is included in the other assets classification.

 

On April 18, 2017, the Company closed on the 2017 Credit Facility. The 2017 Credit Facility is governed by a credit agreement by and among the Company, the lenders party thereto from time to time and Guggenheim Securities Credit Partners, LLC, as administrative agent, The Bank of New York Mellon, as collateral agent and Guggenheim Securities, LLC sole lead arranger and sole book running manager. The 2017 Credit Facility provides for $350 million in term loan borrowings, all of which was advanced and outstanding on the date of the closing of the transaction.

 

The 2017 Credit Facility matures on the earlier of (i) April 18, 2023 or (ii) in the event such debt is not repaid or refinanced, 91 days prior to the maturity of either of the Company’s 2022 Notes or the Company’s 2020 Notes. At the Company’s election, the interest rate on borrowings under the 2017 Credit Facility are based on either (i) the then applicable base rate (as defined in the 2017 Credit Facility as, for any day, a rate per annum (rounded upward, if necessary, to the next 1/100th of 1%) equal to the greater of (a) the prime rate published in the Wall Street Journal, (b) 1/2 of 1% in excess rate of the overnight Federal Funds Rate at any given time, (c) the one-month LIBOR rate commencing on such day plus 1.00%) and (d) 2%, or (ii) the then applicable LIBOR rate (as defined in the 2017 Credit Facility).

 

The 2017 Credit Facility is (i) guaranteed by each entity that guarantees the Company’s 2022 Notes on a pari passu basis with the guarantees of the Notes and (ii) secured on a pari passu basis with the Company’s 2022 Notes. The Company’s obligations under the 2017 Credit Facility are secured, subject to permitted liens and except for certain excluded assets (i) on a first priority basis by certain notes priority collateral and (ii), on a second priority basis by collateral for the Company’s asset backed line of credit.

 

In addition to any mandatory or optional prepayments, the Company is required to pay interest on the term loans (i) quarterly in arrears for the base rate loans, and (ii) on the last day of each interest period for LIBOR loans. Certain voluntary prepayments of the term loans during the first six months will require an additional prepayment premium. Beginning with the interest payment date occurring in June 2017 and ending in March 2023, the Company will be required to repay principal to the extent then outstanding, equal to 1∕4 of 1% of the aggregate initial principal amount of all term loans incurred on the effective date of the 2017 Credit Facility.

 

The 2017 Credit Facility contains customary representations and warranties and events of default, affirmative and negative covenants (in each case, subject to materiality exceptions and qualifications) which may be more restrictive than those governing the Notes. The 2017 Credit Facility also contains certain financial covenants, including a maintenance covenant requiring the Company’s interest expense coverage ratio (defined as the ratio of consolidated EBITDA to consolidated interest expense) to be greater than or equal to 1.25 to 1.00 and its total senior secured leverage ratio (defined as the ratio of consolidated net senior secured indebtedness to consolidated EBITDA) to be less than or equal to 5.85 to 1.00.

 

The net proceeds from the 2017 Credit Facility were used to prepay in full the Company’s existing senior secured credit facility and the agreement governing such credit facility (the “2015 Credit Agreement”) was terminated on April 18, 2017.

 

Future scheduled minimum principal payments of debt as of the date of this filing, are as follows:

 

   Comcast Note
due April 2019		   2017
Credit Facility		   9.25% Senior
Subordinated
Notes due
February 2020		   7.375% Senior
Secured Notes due
April 2022		   Total 
   (In thousands) 
April – December 2017  $—   $2,625   $—   $—   $2,625 
2018   —    3,500    —    —    3,500 
2019   11,872    3,500    —    —    15,372 
2020   —    3,500    315,000    —    318,500 
2021   —    3,500    —    —    3,500 
2022 and thereafter   —    333,375    —    350,000    683,375 
Total Debt  $11,872   $350,000   $315,000   $350,000   $1,026,872 

 

On April 20, 2017, the Company announced it had entered into an agreement for the acquisition of Red Zebra Broadcasting’s WWXT-FM and WXGI-AM stations.  With this acquisition, the Company will expand its Washington, DC market and diversify its Richmond market. DC’s WMMJ MAJIC 102.3 FM programming will be simulcast on WWXT 92.7 FM which is expected to grow its listenership.  In Richmond, the Company will diversify its all-music cluster and maintain the sports radio format of WXGI 950 AM and simulcast the new Richmond ESPN Radio on 1240 AM and 102.7 FM.  Local marketing agreements for both stations were effective as of May 1, 2017.  The acquisition is anticipated to close by the end of June, subject to FCC approval.

 

On April 28, 2017, the Company acquired certain assets constituting the websites and brands Bossip, HipHopWired and MadameNoire from Moguldom Media Group, LLC. The assets will be integrated into the Company’s digital segment. The consideration for the assets was a $5 million payment at closing, with further potential earn-out payments of up to $5 million over the next 4 years contingent upon on performance.

 

On May 2, 2017, the Company closed on its previously announced sale of certain land, towers and equipment to a third party for $25 million. Also, as previously announced, as of May 1, 2017, the Company is leasing certain of the assets back from the buyer as a part of its normal operations.

 

Effective May 5, 2017, the Company changed its corporate name from “Radio One, Inc.” to “Urban One, Inc.” to have a name more reflective of its multi-media business operations.  The Company’s core radio broadcasting franchise will continue to operate under the brand “Radio One.”  We will also retain our other brands, such as TV One, Reach Media and Interactive One, while developing additional branding reflective of our diverse media operations and targeting our African-American and urban audiences.

 

 26 

 

 

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

The following information should be read in conjunction with “Selected Financial Data” and the Consolidated Financial Statements and Notes thereto included elsewhere in this report and the audited financial statements and Management’s Discussion and Analysis contained in our Annual Report on Form 10-K for the year ended December 31, 2016.

 

Introduction

 

Revenue

 

Within our core radio business, we primarily derive revenue from the sale of advertising time and program sponsorships to local and national advertisers on our radio stations. Advertising revenue is affected primarily by the advertising rates our radio stations are able to charge, as well as the overall demand for radio advertising time in a market. These rates are largely based upon a radio station’s audience share in the demographic groups targeted by advertisers, the number of radio stations in the related market, and the supply of, and demand for, radio advertising time. Advertising rates are generally highest during morning and afternoon commuting hours.

 

Net revenue consists of gross revenue, net of local and national agency and outside sales representative commissions. Agency and outside sales representative commissions are calculated based on a stated percentage applied to gross billing.

 

The following chart shows the percentage of consolidated net revenue generated by each reporting segment.

 

   For the Three Months
Ended March 31,		 
   2017   2016 
         
Radio broadcasting segment   39.2%   39.2%
           
Reach Media segment   7.6%   9.6%
           
Digital segment   5.4%   5.9%
           
Cable television segment   47.9%   45.4%
           
Corporate/eliminations   (0.1)%   (0.1)%

 

The following chart shows the percentages generated from local and national advertising as a subset of net revenue from our core radio business.

 

   For the Three Months
Ended March 31,		 
   2017   2016 
         
Percentage of core radio business generated from local advertising   64.4%   63.5%
           
Percentage of core radio business generated from national advertising, including network advertising   33.3%   33.7%

 

National and local advertising also includes advertising revenue generated from our digital segment. The balance of net revenue from our radio segment was generated from tower rental income, ticket sales and revenue related to our sponsored events, management fees and other revenue.

 

 27 

 

 

The following charts show our net revenue (and sources) for the three months ended March 31, 2017 and 2016:

 

   Three Months Ended March 31,         
   2017   2016   $ Change   % Change 
     (Unaudited)
(In thousands)		         
                 
Net Revenue:                    
Radio Advertising  $

46,187

   $50,567   $(4,380)   (8.7)%
Political Advertising   243    1,526    (1,283)   (84.1)
Digital Advertising   

5,506

    6,481    (975)   (15.0)
Cable Television Advertising   21,140    21,954    (814)   (3.7)
Cable Television Affiliate Fees   27,323    27,410    (87)   (0.3)
Event Revenues & Other   890    1,150    (260)   (22.6)
Net Revenue (as reported)  $101,289   $109,088   $(7,799)   (7.1)%

 

In the broadcasting industry, radio stations and television stations often utilize trade or barter agreements to reduce cash expenses by exchanging advertising time for goods or services. In order to maximize cash revenue for our spot inventory, we closely monitor the use of trade and barter agreements.

 

Within our digital segment, including Interactive One which generates the majority of the Company’s digital revenue, revenue is principally derived from advertising services on non-radio station branded but Company owned-websites. Advertising services include the sale of banner and sponsorship advertisements. Advertising revenue is recognized either as impressions (the number of times advertisements appear in viewed pages) are delivered, when “click through” purchases are made, or ratably over the contract period, where applicable. In addition, Interactive One derives revenue from its studio operations, in which it provides third-party clients with publishing services including digital platforms and related expertise.  In the case of the studio operations, revenue is recognized primarily through fixed contractual monthly fees and/or as a share of the third party’s reported revenue.

 

TV One generates the Company’s cable television revenue, and derives its revenue principally from advertising and affiliate revenue. Advertising revenue is derived from the sale of television air time to advertisers and is recognized when the advertisements are run. TV One also derives revenue from affiliate fees under the terms of various affiliation agreements based upon a per subscriber fee multiplied by most recent subscriber counts reported by the applicable affiliate.

 

Reach Media primarily derives its revenue from the sale of advertising in connection with its syndicated radio shows, including the Tom Joyner Morning Show and our other syndicated programming assets, including the Rickey Smiley Morning Show, the Russ Parr Morning Show and the DL Hughley Show. Reach Media also operates www.BlackAmericaWeb.com, an African-American targeted news and entertainment website.  Additionally, Reach Media operates various other event-related activities.

 

Expenses

 

Our significant expenses are: (i) employee salaries and commissions; (ii) programming expenses; (iii) marketing and promotional expenses; (iv) rental of premises for office facilities and studios; (v) rental of transmission tower space; (vi) music license royalty fees; and (vii)  content amortization. We strive to control these expenses by centralizing certain functions such as finance, accounting, legal, human resources and management information systems and, in certain markets, the programming management function. We also use our multiple stations, market presence and purchasing power to negotiate favorable rates with certain vendors and national representative selling agencies. In addition to salaries and commissions, major expenses for our internet business include membership traffic acquisition costs, software product design, post-application software development and maintenance, database and server support costs, the help desk function, data center expenses connected with internet service provider (“ISP”)  hosting services and other internet content delivery expenses. Major expenses for our cable television business include content acquisition and amortization, sales and marketing.

 

 28 

 

 

We generally incur marketing and promotional expenses to increase and maintain our audiences. However, because Nielsen reports ratings either monthly or quarterly, depending on the particular market, any changed ratings and the effect on advertising revenue tends to lag behind both the reporting of the ratings and the incurrence of advertising and promotional expenditures. 

 

Measurement of Performance

 

We monitor and evaluate the growth and operational performance of our business using net income and the following key metrics:

 

(a) Net revenue:  The performance of an individual radio station or group of radio stations in a particular market is customarily measured by its ability to generate net revenue. Net revenue consists of gross revenue, net of local and national agency and outside sales representative commissions consistent with industry practice. Net revenue is recognized in the period in which advertisements are broadcast. Net revenue also includes advertising aired in exchange for goods and services, which is recorded at fair value, revenue from sponsored events and other revenue. Net revenue is recognized for our online business as impressions are delivered, as “click throughs” are made or ratably over contract periods, where applicable. Net revenue is recognized for our cable television business as advertisements are run, and during the term of the affiliation agreements at levels appropriate for the most recent subscriber counts reported by the affiliate, net of launch support.

 

(b) Broadcast and digital operating income (formerly station operating income):  Net income (loss) before depreciation and amortization, income taxes, interest expense, interest income, noncontrolling interests in income of subsidiaries, other (income) expense, corporate selling, general and administrative, expenses, stock-based compensation, impairment of long-lived assets and loss on retirement of debt, is commonly referred to in our industry as “station operating income.” However, given the diverse nature of our business, station operating income is not truly reflective of our multi-media operation and, therefore, we now use the term broadcast and digital operating income. Broadcast and digital operating income is not a measure of financial performance under accounting principles generally accepted in the United States (“GAAP”). Nevertheless, broadcast and digital operating income is a significant basis used by our management to evaluate the operating performance of our core operating segments. Broadcast and digital operating income provides helpful information about our results of operations, apart from expenses associated with our fixed and long-lived intangible assets, income taxes, investments, impairment charges, debt financings and retirements, corporate overhead and stock-based compensation. Our measure of broadcast and digital operating income is similar to our historic use of station operating income; however, it reflects our more diverse business, and therefore, may not be similar to “station operating income” or other similarly titled measures as used by other companies. Broadcast and digital operating income does not represent operating loss or cash flow from operating activities, as those terms are defined under GAAP, and should not be considered as an alternative to those measurements as an indicator of our performance.

 

(c) Broadcast and digital operating income margin (formerly station operating income margin):  Broadcast and digital operating income margin represents broadcast and digital operating income as a percentage of net revenue. Broadcast and digital operating income margin is not a measure of financial performance under GAAP. Nevertheless, we believe that broadcast and digital operating income margin is a useful measure of our performance because it provides helpful information about our profitability as a percentage of our net revenue. Broadcast and digital operating margin includes results from all four segments (radio broadcasting, Reach Media, digital and cable television).

 

(d) Adjusted EBITDA: Adjusted EBITDA consists of net (loss) income plus (1) depreciation and amortization, income taxes, interest expense, noncontrolling interests in income of subsidiaries, impairment of long-lived assets, stock-based compensation, (gain) loss on retirement of debt, employment agreement and incentive plan award expenses, severance-related costs, cost method investment income, less (2) other income and interest income. Net income before interest income, interest expense, income taxes, depreciation and amortization is commonly referred to in our business as “EBITDA.” Adjusted EBITDA and EBITDA are not measures of financial performance under generally accepted accounting principles. We believe Adjusted EBITDA is often a useful measure of a company’s operating performance and is a significant basis used by our management to evaluate the operating performance of our business because Adjusted EBITDA excludes charges for depreciation, amortization and interest expense that have resulted from our acquisitions and debt financing, our taxes, impairment charges, and retirements of debt. Accordingly, we believe that Adjusted EBITDA provides useful information about the operating performance of our business, apart from the expenses associated with our fixed assets and long-lived intangible assets or capital structure. EBITDA is frequently used as one of the measures for comparing businesses in our industry, although our measure of Adjusted EBITDA may not be comparable to similarly titled measures of other companies, including, but not limited to the fact that our definition includes the results of all four of our operating segments (radio broadcasting, Reach Media, digital and cable television). Adjusted EBITDA and EBITDA do not purport to represent operating income or cash flow from operating activities, as those terms are defined under generally accepted accounting principles, and should not be considered as alternatives to those measurements as an indicator of our performance.

 

 29 

 

 

Summary of Performance

 

The tables below provide a summary of our performance based on the metrics described above: 

 

   Three Months Ended
March 31,		 
   2017   2016 
   (In thousands, except margin data) 
         
Net revenue  $101,289   $109,088 
Broadcast and digital operating income   34,937    39,636 
Broadcast and digital operating income margin   34.5%   36.3%
Consolidated net loss attributable to common stockholders  $(2,313)  $(3,947)

 

The reconciliation of net loss to broadcast and digital operating income is as follows:

 

   Three Months Ended
March 31,		 
   2017   2016 
   (In thousands) 
         
Consolidated net loss attributable to common stockholders  $(2,313)  $(3,947)
Add back non-broadcast and digital operating income items included in consolidated net loss:          
Interest income   (103)   (68)
Interest expense   20,346    20,638 
(Benefit from) provision for income taxes   (112)   1,775 
Corporate selling, general and administrative, excluding stock-based compensation   10,039    11,374 
Stock-based compensation   133    772 
Other income, net   (1,321)   (11)
Depreciation and amortization   8,312    8,682 
Noncontrolling interests in (loss) income of subsidiaries   (44)   421 
Broadcast and digital operating income  $34,937   $39,636 

 

The reconciliation of net loss to adjusted EBITDA is as follows:

 

   Three Months Ended
March 31,		 
   2017   2016 
   (In thousands) 
Adjusted EBITDA reconciliation:          
Consolidated net loss attributable to common stockholders, as reported  $(2,313)  $(3,947)
Add back non-broadcast and digital operating income items included in consolidated net loss:          
Interest income   (103)   (68)
Interest expense   20,346    20,638 
(Benefit from) provision for income taxes   (112)   1,775 
Depreciation and amortization   8,312    8,682 
EBITDA  $26,130   $27,080 
Stock-based compensation   133    772 
Other income, net   (1,321)   (11)
Noncontrolling interests in (loss) income of subsidiaries   (44)   421 
Employment Agreement Award and incentive plan award expenses   1,041    2,239 
Severance-related costs   353    231 
Cost method investment income   1,453    — 
Adjusted EBITDA  $27,745   $30,732 

 

 30 

 

 

URBAN ONE, INC. AND SUBSIDIARIES

RESULTS OF OPERATIONS

  

The following table summarizes our historical consolidated results of operations:

 

Three Months Ended March 31, 2017 Compared to Three Months Ended March 31, 2016 (In thousands)

 

   Three Months Ended 
March 31,		     
   2017   2016   Increase/(Decrease) 
   (Unaudited)         
                 
Statements of Operations:                    
Net revenue  $101,289   $109,088   $(7,799)   (7.1)%
Operating expenses:                    
Programming and technical, excluding stock-based compensation   31,897    34,003    (2,106)   (6.2)
Selling, general and administrative, excluding stock-based compensation   34,455    35,449    (994)   (2.8)
Corporate selling, general and administrative, excluding stock-based compensation   10,039    11,374    (1,335)   (11.7)
Stock-based compensation   133    772    (639)   (82.8)
Depreciation and amortization   8,312    8,682    (370)   (4.3)
Total operating expenses   84,836    90,280    (5,444)   (6.0)
Operating income   16,453    18,808    (2,355)   (12.5)
Interest income   103    68    35    51.5 
Interest expense   20,346    20,638    (292)   (1.4)
Other income, net   (1,321)   (11)   1,310    11,909.1 
Loss before provision for income taxes and noncontrolling interests in (loss) income of subsidiaries   (2,469)   (1,751)   (718)   (41.0)
(Benefit from) provision for income taxes   (112)   1,775    1,887    106.3 
Consolidated net loss   (2,357)   (3,526)   1,169    33.2 
Net (loss) income attributable to noncontrolling interests   (44)   421    (465)   (110.5)
Net loss attributable to common stockholders  $(2,313)  $(3,947)  $1,634    41.4%

 

 31 

 

 

Net revenue

 

Three Months Ended March 31,   Increase/(Decrease) 
2017   2016     
$101,289   $109,088   $(7,799)   (7.1)%

 

During the three months ended March 31, 2017, we recognized approximately $101.3 million in net revenue compared to approximately $109.1 million during the same period in 2016. These amounts are net of agency and outside sales representative commissions. Net revenues from our radio broadcasting segment decreased 7.0% compared to the same period in 2016. Based on reports prepared by the independent accounting firm Miller, Kaplan, Arase & Co., LLP (“Miller Kaplan”), the markets we operate in (excluding Richmond and Raleigh, both of which no longer participate in Miller Kaplan) decreased 1.3% in total revenues. We experienced net revenue declines most significantly in our Cincinnati, Cleveland, Dallas, Detroit, Houston and Philadelphia markets, with our Indianapolis, Richmond and St. Louis markets experiencing growth for the quarter. We recognized approximately $48.6 million of revenue from our cable television segment during the three months ended March 31, 2017, compared to approximately $49.5 million for the same period in 2016, with a decrease primarily in advertising sales. Net revenue from our Reach Media segment decreased approximately $2.8 million for the quarter ended March 31, 2017, compared to the same period in 2016 due primarily to weaker demand. Finally, net revenues for our digital segment decreased 15.0% for the three months ended March 31, 2017, compared to the same period in 2016 due primarily to lower indirect revenue and lower digital sales from our radio properties.

 

Operating Expenses

 

Programming and technical, excluding stock-based compensation

 

Three Months Ended March 31,   Increase/(Decrease) 
2017   2016     
$31,897   $34,003   $(2,106)   (6.2)%

 

Programming and technical expenses include expenses associated with on-air talent and the management and maintenance of the systems, tower facilities, and studios used in the creation, distribution and broadcast of programming content on our radio stations. Programming and technical expenses for the radio segment also include expenses associated with our programming research activities and music royalties. For our digital segment, programming and technical expenses include software product design, post-application software development and maintenance, database and server support costs, the help desk function, data center expenses connected with ISP hosting services and other internet content delivery expenses. For our cable television segment, programming and technical expenses include expenses associated with technical, programming, production, and content management. Approximately $16.2 million of our consolidated programming and technical operating expenses were incurred by our cable television segment for the three months ended March 31, 2017, versus approximately $17.5 million for the same period in 2016. Of this total amount incurred by TV One, approximately $12.7 million and $14.8 million for the three months ended March 31, 2017 and 2016, respectively, relates specifically to content amortization. The decrease in programming content amortization is a result of certain shows that did not recur during the quarter.

 

Selling, general and administrative, excluding stock-based compensation

 

Three Months Ended March 31,   Increase/(Decrease) 
2017   2016     
$34,455   $35,449   $(994)   (2.8)%

 

Selling, general and administrative expenses include expenses associated with our sales departments, offices and facilities and personnel (outside of our corporate headquarters), marketing and promotional expenses, special events and sponsorships and back office expenses. Expenses to secure ratings data for our radio stations and visitors’ data for our websites are also included in selling, general and administrative expenses. In addition, selling, general and administrative expenses for the radio broadcasting segment and digital segment include expenses related to the advertising traffic (scheduling and insertion) functions. Selling, general and administrative expenses also include membership traffic acquisition costs for our online business. The decrease in selling, general and administrative expenses for the three months ended March 31, 2017, compared to the same period in 2016 was primarily due to overall lower selling expenses given the declines in revenue.

 

 32 

 

 

Corporate selling, general and administrative, excluding stock-based compensation

 

Three Months Ended March 31,   Increase/(Decrease) 
2017   2016     
$10,039   $11,374   $(1,335)   (11.7)%

 

Corporate expenses consist of expenses associated with our corporate headquarters and facilities, including personnel as well as other corporate overhead functions. There was a decrease in corporate expenses due to a decrease in compensation expense for the Chief Executive Officer in connection with the valuation of the Employment Agreement Award element in his employment agreement.

 

Stock-based compensation

 

Three Months Ended March 31,   Increase/(Decrease) 
2017   2016     
$133   $772   $(639)   (82.8)%

 

The decrease in stock-based compensation for the three months ended March 31, 2017, compared to the same period in 2016 is primarily due to the vesting of stock awards for certain executive officers and other management personnel.

 

Depreciation and amortization

 

Three Months Ended March 31,   Increase/(Decrease) 
2017   2016     
$8,312   $8,682   $(370)   (4.3)%

 

The decrease in depreciation and amortization expense for the three months ended March 31, 2017, was due to the completion of useful lives for certain assets.

 

Interest expense

 

Three Months Ended March 31,   Increase/(Decrease) 
2017   2016     
$20,346   $20,638   $(292)   (1.4)%

 

Interest expense decreased to approximately $20.3 million for the three months ended March 31, 2017, compared to approximately $20.6 million for the same period in 2016.

 

Other income, net

 

Three Months Ended March 31,   Increase/(Decrease) 
2017   2016     
$(1,321)  $(11)  $1,310    11,909.1%

 

Other income, net increased to approximately $1.3 million for the three months ended March 31, 2017, compared to $11,000 for the same period in 2016. The primary driver of the increase in other income was from our investment in MGM.

 

(Benefit from) provision for income taxes

 

Three Months Ended March 31,   Increase/(Decrease) 
2017   2016     
$(112)  $1,775   $1,887    106.3%

 

As of March 31, 2017, we are using the estimated annual effective tax rate method under ASC 740-270, “Interim Reporting” to calculate our provision for income taxes. For the three months ended March 31, 2017, we recorded a benefit from income taxes of $112,000 on a pre-tax loss from continuing operations of approximately $2.5 million, which results in a tax rate of 4.5%. This tax rate is based on an estimated annual effective rate of 18.6%, and a discrete tax provision adjustment for $346,000. The provision for income taxes for the three months ended March 31, 2016 of approximately $1.8 million was primarily attributable to the deferred tax liability for indefinite-lived intangible assets, based on a discrete tax provision.

 

 33 

 

 

Noncontrolling interests in (loss) income of subsidiaries

 

Three Months Ended March 31,   Increase/(Decrease) 
2017   2016     
$(44)  $421   $(465)   (110.5)%

  

The decrease in noncontrolling interests in (loss) income of subsidiaries was due primarily to a net loss recognized by Reach Media during the three months ended March 31, 2017, versus net income during the three months ended March 31, 2016.

 

Other Data

 

Broadcast and digital operating income

 

Broadcast and digital operating income decreased to approximately $34.9 million for the three months ended March 31, 2017, compared to approximately $39.6 million for the comparable period in 2016, a decrease of approximately $4.7 million or 11.9%. The decrease was primarily due to lower broadcast and digital operating income at our radio broadcasting, digital and Reach Media segments. Our radio broadcasting segment generated approximately $13.5 million of broadcast and digital operating income during the quarter ended March 31, 2017, compared to $15.4 million during the quarter ended March 31, 2016, a decrease of $1.9 million, primarily due to revenue declines. In addition, Reach Media generated $972,000 of broadcast and digital operating income during the quarter ended March 31, 2017, compared to approximately $3.0 million during the quarter ended March 31, 2016. The decrease in Reach Media’s broadcast and digital operating income is primarily due to weaker advertising demand. Our digital segment generated approximately $1.1 million of broadcast and digital operating loss during the quarter ended March 31, 2017, compared to broadcast and digital operating income of $218,000 during the quarter ended March 31, 2016. The decrease in our digital segment’s broadcast and digital operating income is primarily due to lower indirect revenue and lower digital sales from our radio properties.

 

Broadcast and digital operating income margin

 

Broadcast and digital operating income margin decreased to 34.5% for the three months ended March 31, 2017, from 36.3% for the comparable period in 2016. The margin decrease was primarily attributable to lower broadcast and digital operating income as noted above.

 

 34 

 

 

LIQUIDITY AND CAPITAL RESOURCES

 

Our primary source of liquidity is cash provided by operations and, to the extent necessary, borrowings available under our senior credit facility and other debt or equity financing.

 

2022 Notes and 2015 Credit Facilities

 

On April 17, 2015, the Company closed a private offering of $350.0 million aggregate principal amount of 7.375% senior secured notes due 2022 (the “2022 Notes”). The 2022 Notes were offered at an original issue price of 100.0% plus accrued interest from April 17, 2015, and will mature on April 15, 2022. Interest on the 2022 Notes accrues at the rate of 7.375% per annum and is payable semiannually in arrears on April 15 and October 15, which commenced on October 15, 2015. The 2022 Notes are guaranteed, jointly and severally, on a senior secured basis by the Company’s existing and future domestic subsidiaries, including TV One, which also guarantees its $350.0 million senior secured credit facility (the “2015 Credit Facility”) that was entered into concurrently with the closing of the 2022 Notes.

 

The 2015 Credit Facility was scheduled to mature on December 31, 2018. At the Company’s election, the interest rate on borrowings under the 2015 Credit Facility was based on either (i) the then applicable base rate plus 3.5% (as defined in the 2015 Credit Facility) as, for any day, a rate per annum (rounded upward, if necessary, to the next 1/100th of 1%) equal to the greater of (a) the prime rate published in the Wall Street Journal, (b) a rate of 1/2 of 1% in excess rate of the overnight Federal Funds Rate at any given time, and (c) the one-month LIBOR commencing on such day plus 1.00%), or (ii) the then applicable LIBOR plus 4.5% (as defined in the 2015 Credit Facility). The average interest rate was approximately 5.28% for 2017 and 5.11% for 2016. Quarterly installments of 0.25%, or $875,000, of the principal balance on the term loan were payable on the last day of each March, June, September and December beginning on September 30, 2015. During each of the three month periods ended March 31, 2017 and March 31, 2016, the Company repaid $875,000 under the 2015 Credit Facility. See Note 9 – Subsequent Events.

 

In connection with the closing of the 2022 Notes and the 2015 Credit Facility, the Company and the guarantor parties thereto entered into a Fourth Supplemental Indenture to the indenture governing the 2020 Notes (as defined below). Pursuant to this Fourth Supplemental Indenture, TV One, which previously did not guarantee the 2020 Notes, became a guarantor under the 2020 Notes indentures. In addition, the transactions caused a “Triggering Event” (as defined in the 2020 Notes Indenture) and, as a result, the 2020 Notes became an unsecured obligation of the Company and the subsidiary guarantors and rank equal in right of payment with the Company’s other senior indebtedness.

 

The Company used the net proceeds from the 2022 Notes, along with term loan borrowings under the 2015 Credit Facility, to refinance a previous credit agreement, refinance the TV One Notes, and finance the buyout of membership interests of Comcast in TV One and pay the related accrued interest, premiums, fees and expenses associated therewith.

 

The 2015 Credit Facility contained affirmative and negative covenants that the Company was required to comply with, including:

 

(a)   maintaining an interest coverage ratio of no less than:

 

·1.25 to 1.00 on June 30, 2015 and the last day of each fiscal quarter thereafter.

 

(b)   maintaining a senior leverage ratio of no greater than:

 

·5.85 to 1.00 on June 30, 2015 and the last day of each fiscal quarter thereafter.

 

(c)   limitations on:

 

·liens;
·sale of assets;
·payment of dividends; and
·mergers.

 

 35 

 

 

As of March 31, 2017, ratios calculated in accordance with the 2015 Credit Facility were as follows:

 

   As of 
March 
31, 2017		   Covenant 
Limit		   Excess 
Coverage		 
             
Interest Coverage               
Covenant EBITDA / Interest Expense   1.75x   1.25x   0.50x
                
Senior Secured Leverage               
Senior Secured Debt / Covenant EBITDA   5.06x   5.85x   0.79x
                
Covenant EBITDA – Earnings before interest, taxes, depreciation and amortization (“EBITDA”) adjusted for certain other adjustments, as defined in the 2015 Credit Facility               

 

As of March 31, 2017, the Company was in compliance with all of its financial covenants under the 2015 Credit Facility.

 

As of March 31, 2017, the Company had outstanding approximately $343.9 million on its 2015 Credit Facility. The original issue discount was being reflected as an adjustment to the carrying amount of the debt obligations and amortized to interest expense over the term of the credit facility. The amortization of deferred financing costs was charged to interest expense for all periods presented. The amount of deferred financing costs included in interest expense for the three months ended March 31, 2017 and 2016 was approximately $1.4 million and $1.3 million, respectively.

 

On February 24, 2015, the Company entered into a letter of credit reimbursement and security agreement. As of March 31, 2017, the Company had letters of credit totaling $815,000 under the agreement. Letters of credit issued under the agreement are required to be collateralized with cash.

 

Senior Subordinated Notes

 

On February 10, 2014, the Company closed a private placement offering of $335.0 million aggregate principal amount of 9.25% senior subordinated notes due 2020 (the “2020 Notes”). The 2020 Notes were offered at an original issue price of 100.0% plus accrued interest from February 10, 2014. The 2020 Notes mature on February 15, 2020. Interest accrues at the rate of 9.25% per annum and is payable semiannually in arrears on February 15 and August 15 in the amount of approximately $15.5 million, which commenced on August 15, 2014. Subsequent to the repurchase of a portion of the 2020 Notes (as described below), the semiannual interest payment was approximately $14.6 million. The 2020 Notes are guaranteed by certain of the Company’s existing and future domestic subsidiaries and any other subsidiaries that guarantee the existing senior credit facility or any of the Company’s other syndicated bank indebtedness or capital markets securities. The Company used the net proceeds from the offering to repurchase or otherwise redeem all of the amounts then outstanding under its previous notes and to pay the related accrued interest, premiums, fees and expenses associated therewith. During the quarter ended June 30, 2016, the Company repurchased approximately $20 million of its 2020 Notes at an average price of approximately 86% of par. The Company recorded a gain on retirement of debt of approximately $2.6 million for the quarter ended June 30, 2016. As of each of March 31, 2017 and December 31, 2016, the Company had approximately $315.0 million of our 2020 Notes outstanding.

 

The indenture that governs the 2020 Notes contains covenants that restrict, among other things, the ability of the Company to incur additional debt, purchase common stock, make capital expenditures, make investments or other restricted payments, swap or sell assets, engage in transactions with related parties, secure non-senior debt with assets, or merge, consolidate or sell all or substantially all of its assets.

 

TV One Senior Secured Notes

 

TV One issued $119.0 million in senior secured notes on February 25, 2011 (“TV One Notes”). The proceeds from the notes were used to purchase equity interests from certain financial investors and TV One management. The notes accrued interest at 10.0% per annum, which was payable monthly, and the entire principal amount was due on March 15, 2016. In connection with the closing of the financing transactions on April 17, 2015, the TV One Notes were repaid.

 

Comcast Note

 

The Company also has outstanding a senior unsecured promissory note in the aggregate principal amount of approximately $11.9 million due to Comcast (“Comcast Note”). The Comcast Note bears interest at 10.47%, is payable quarterly in arrears, and the entire principal amount is due on April 17, 2019.

 

 36 

 

 

Asset-Backed Credit Facility

 

On April 21, 2016, the Company entered into a senior credit agreement governing an asset-backed credit facility (the “ABL Facility”) among the Company, the lenders party thereto from time to time and Wells Fargo Bank National Association, as administrative agent (the “Administrative Agent”). The ABL Facility provides for $25 million in revolving loan borrowings in order to provide for the working capital needs and general corporate requirements of the Company. As of March 31, 2017, the Company did not have any borrowings outstanding on its ABL Facility.

 

At the Company’s election, the interest rate on borrowings under the ABL Facility are based on either (i) the then applicable margin relative to Base Rate Loans (as defined in the ABL Facility) or (ii) the then applicable margin relative to LIBOR Loans (as defined in the ABL Facility) corresponding to the average availability of the Company for the most recently completed fiscal quarter.

 

Advances under the ABL Facility are limited to (a) eighty-five percent (85%) of the amount of Eligible Accounts (as defined in the ABL Facility), less the amount, if any, of the Dilution Reserve (as defined in the ABL Facility), minus (b) the sum of (i) the Bank Product Reserve (as defined in the ABL Facility), plus (ii) the aggregate amount of all other reserves, if any, established by Administrative Agent.

 

All obligations under the ABL Facility are secured by first priority lien on all (i) deposit accounts (related to accounts receivable), (ii) accounts receivable, (iii) all other property which constitutes ABL Priority Collateral (as defined in the ABL Facility).  The obligations are also secured by all material subsidiaries of the Company.

 

The ABL Facility matures on the earlier to occur of: (a) the date that is five (5) years from the effective date of the ABL Facility and (b) the date that is thirty (30) days prior to the earlier to occur of (i) the “Term Loan Maturity Date” of the Company’s existing term loan, and (ii) the “Stated Maturity” of the Company’s existing notes.  As of the effective date of the ABL Facility, the “Term Loan Maturity Date” is December 31, 2018, and the “Stated Maturity” is April 15, 2022.

 

Finally, the ABL Facility is subject to the terms of the Intercreditor Agreement (as defined in the ABL Facility) by and among the Administrative Agent, the administrative agent for the secured parties under the Company’s term loan and the trustee and collateral trustee under the senior secured notes indenture.

 

The Company conducts a portion of its business through its subsidiaries. Certain of the Company’s subsidiaries have fully and unconditionally guaranteed the Company’s 2022 Notes, 2020 Notes and the Company’s obligations under the 2015 Credit Facility.

   

The 2022 Notes are the Company’s senior secured obligations and rank equal in right of payment with all of the Company’s and the guarantors’ existing and future senior indebtedness, including obligations under the 2015 Credit Facility and the Company’s 2020 Notes.  The 2022 Notes and related guarantees are equally and ratably secured by the same collateral securing the 2015 Credit Facility and any other parity lien debt issued after the issue date of the 2022 Notes, including any additional notes issued under the Indenture, but are effectively subordinated to the Company’s and the guarantors’ secured indebtedness to the extent of the value of the collateral securing such indebtedness that does not also secure the 2022 Notes. Collateral includes substantially all of the Company’s and the guarantors’ current and future property and assets for accounts receivable, cash, deposit accounts, other bank accounts, securities accounts, inventory and related assets including the capital stock of each subsidiary guarantor. Finally, the Company also has the Comcast Note which is a general but senior unsecured obligation of the Company.

 

See Note 9 – Subsequent Events as the Company closed on a new senior secured credit facility (the “2017 Credit Facility”) on April 18, 2017.

 

The following table summarizes the interest rates in effect with respect to our debt as of March 31, 2017:

 

Type of Debt  Amount Outstanding   Applicable
Interest
Rate		 
   (In millions)     
         
Senior bank term debt, net of original issue discount (at variable rates)(1)  $336.7    5.49%
9.25% Senior Subordinated Notes, net of original issue discount and issuance costs (fixed rate)   312.9    9.25%
7.375% Senior Secured Notes, net of original issue discount and issuance costs (fixed rate)   345.2    7.375%
Comcast Note due April 2019 (fixed rate)   11.9    10.47%

 

(1)Subject to variable LIBOR plus a spread that is incorporated into the applicable interest rate set forth above.

 

 37 

 

 

The following table provides a comparison of our statements of cash flows for the three months ended March 31, 2017 and 2016, respectively: 

 

   2017   2016 
   (In thousands) 
     
Net cash flows (used in) provided by operating activities  $(2,665)  $10,164 
Net cash flows used in investing activities  $(1,459)  $(3,249)
Net cash flows used in financing activities  $(1,790)  $(1,624)

 

Net cash flows used in operating activities were approximately $2.7 million for the three months ended March 31, 2017, compared to net cash flows provided by operating activities of $10.2 million for the three months ended March 31, 2016. Net cash flow from operating activities for the three months ended March 31, 2017, decreased from the prior year primarily due to timing of collections of accounts receivable, payments of accrued compensation and increased prepaid expenses and deposits for certain events.

 

Net cash flows used in investing activities were approximately $1.5 million and $3.2 million and for the three months ended March 31, 2017 and 2016, respectively. Capital expenditures, including digital tower and transmitter upgrades and deposits for station equipment and purchases were approximately $1.5 million and $1.2 million for the three months ended March 31, 2017 and 2016, respectively. During the three months ended March 31, 2016, the Company paid approximately $2.0 million to complete the acquisition of our new Columbus stations.

 

Net cash flows used in financing activities were approximately $1.8 million and $1.6 million for the three months ended March 31, 2017 and 2016, respectively. During each of the three months ended March 31, 2017 and 2016, we repaid $875,000 in outstanding debt. During the three months ended March 31, 2016, we capitalized $100,000 of costs associated with our indebtedness. The amounts capitalized in 2016 relate to costs associated with our new line of credit arrangement. Finally, we repurchased $915,000 and $649,000 of our Class D Common Stock during the three months ended March 31, 2017 and March 31, 2016, respectively.

 

Credit Rating Agencies

 

Our corporate credit ratings by Standard & Poor’s Rating Services and Moody’s Investors Service are speculative-grade and have been downgraded and upgraded at various times during the last several years. Any reductions in our credit ratings could increase our borrowing costs, reduce the availability of financing to us or increase our cost of doing business or otherwise negatively impact our business operations.

 

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

 

Our significant accounting policies are described in Note 1 - Organization and Summary of Significant Accounting Policies of the consolidated financial statements in our Annual Report on Form 10-K. We prepare our consolidated financial statements in conformity with accounting principles generally accepted in the United States, which require us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the year. Actual results could differ from those estimates. In Management’s Discussion and Analysis contained in our Annual Report on Form 10-K for the year ended December 31, 2016, we summarized the policies and estimates that we believe to be most critical in understanding the judgments involved in preparing our financial statements and the uncertainties that could affect our results of operations, financial condition and cash flows. There have been no material changes to our existing accounting policies or estimates since we filed our Annual Report on Form 10-K for the year ended December 31, 2016.  

 

Goodwill and Radio Broadcasting Licenses

 

Impairment Testing

 

We have made several acquisitions in the past for which a significant portion of the purchase price was allocated to goodwill and radio broadcasting licenses. Goodwill exists whenever the purchase price exceeds the fair value of tangible and identifiable intangible net assets acquired in business combinations. As of March 31, 2017, we had approximately $641.2 million in broadcast licenses and $258.3 million in goodwill, which totaled $899.5 million, and represented approximately 66.5% of our total assets. Therefore, we believe estimating the fair value of goodwill and radio broadcasting licenses is a critical accounting estimate because of the significance of their carrying values in relation to our total assets. We did not record any impairment charges for the three months ended March 31, 2017 and 2016.

 

 38 

 

 

We test for impairment annually across all reporting units, or when events or changes in circumstances or other conditions suggest impairment may have occurred in any given reporting unit. Our annual impairment testing is performed as of October 1 of each year. Impairment exists when the carrying value of these assets exceeds its respective fair value. When the carrying value exceeds fair value, an impairment amount is charged to operations for the excess.

 

Valuation of Broadcasting Licenses

 

We did not identify any impairment indicators for the three months ended March 31, 2017 or 2016.

 

Valuation of Goodwill

 

We did not identify any impairment indicators for the three months ended March 31, 2017 or 2016 at any of our four reportable segments.

 

As part of our annual testing, when arriving at the estimated fair values for radio broadcasting licenses and goodwill, we also performed an analysis by comparing our overall average implied multiple based on our cash flow projections and fair values to recently completed sales transactions, and by comparing our fair value estimates to the market capitalization of the Company. The results of these comparisons confirmed that the fair value estimates resulting from our annual assessment for 2016 were reasonable.

 

Several of the licenses in our units of accounting have limited or no excess of fair values over their respective carrying values. Should our estimates, assumptions, or events or circumstances for any upcoming valuations worsen in the units with no or limited fair value cushion, additional license impairments may be needed in the future.

 

RECENT ACCOUNTING PRONOUNCEMENTS

 

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), which supersedes the revenue recognition requirements in ASC 605, “Revenue Recognition” and most industry-specific guidance throughout the codification. The standard requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. On July 9, 2015, the FASB voted and approved a deferral of the effective date of ASU 2014-09 by one year. As a result, ASU 2014-09 will be effective for fiscal years beginning after December 15, 2017, with early adoption permitted, but not prior to the original effective date of annual periods beginning after December 15, 2016. The Company has not yet completed its assessment of the impact of the new standard, including possible transition alternatives, on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)” (“ASU 2016-08”). The amendments in ASU 2016-08 clarify the implementation guidance on principal versus agent considerations. ASU 2016-08 is effective for the Company for annual and interim reporting periods beginning July 1, 2018. The Company is currently evaluating the impact ASU 2016-08 will have on its consolidated financial statements. In April 2016, the FASB issued ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing” (“ASU 2016-10”). ASU 2016-10 clarifies the implementation guidance on identifying performance obligations. In May 2016, the FASB issued ASU 2016-11, “Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting” (“ASU 2016-11”) and ASU 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients” (“ASU 2016-12”). ASU 2016-11 and ASU 2016-12 provide additional clarification and implementation guidance on the previously issued ASU 2014-09. In December 2016, the FASB issued ASU 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers” (“ASU 2016-20”) which affects thirteen narrow aspects of the guidance. The Company is currently evaluating the impact ASU 2016-10, ASU 2016-11, ASU 2016-12 and ASU 2016-20 will have on its consolidated financial statements. At this time, the Company continues to assess and determine data and process requirements necessary to quantify the impacts of this standard as well as to develop and provide the enhanced disclosures required by the new guidance.

 

In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”) which requires the Company to assess its ability to continue as a going concern each interim and annual reporting period and provide certain disclosures if there is substantial doubt about our ability to continue as a going concern. The Company adopted ASU 2014-15 during the fourth quarter of 2016 and the standard did not have an impact on our consolidated financial statements.

 

 39 

 

 

In April 2015, the FASB issued ASU 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”). ASU 2015-03 aims to simplify the presentation of debt issuance costs by requiring debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Prior to ASU 2015-03, debt issuance costs were presented as a deferred charge under GAAP. ASU 2015-03 is effective for fiscal years beginning after December 15, 2015, and is to be applied retrospectively, with early adoption permitted. The Company early adopted ASU 2015-03 during the year ended December 31, 2015, resulting in approximately $7.4 million of net debt issuance costs presented as a direct reduction to the Company’s long-term debt in the consolidated balance sheet as of December 31, 2015. In August 2015, the FASB issued ASU 2015-15, “Interest - Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements” (“ASU 2015-15”), which allows companies to continue to defer and present debt issuance costs as an asset that is amortized ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Company adopted ASU 2015-15 on January 1, 2016, and capitalized $421,000 of debt issuance costs for the year ended December 31, 2016, associated with its new line of credit arrangement.

 

In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” (“ASU 2016-02”), which is a new lease standard that amends lease accounting. ASU 2016-02 will require lessees to recognize a lease asset and lease liability for leases classified as operating leases. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company has not yet completed its assessment of the impact of the new standard on its consolidated financial statements.

 

In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718)” (“ASU 2016-09”), which relates to the accounting for employee share-based payments. This standard provides updated guidance for the accounting for certain aspects of share-based payment awards to employees, including the accounting for income taxes, forfeitures, statutory tax withholding requirements and the classification on the statement of cash flows. This standard will be effective for interim and annual reporting periods after December 15, 2016, including interim periods within those fiscal years, with early adoption permitted. As early adoption is permitted, the Company adopted ASU 2016-09 during the fourth quarter of 2016. Under ASU 2016-09, the Company classifies the excess income tax benefits from stock-based compensation arrangements within income tax expense, rather than recognizing such excess income tax benefits in additional paid-in capital. In addition, when the Company withholds shares to satisfy income tax withholding obligations, the payment is classified as a financing activity on the statement of cash flows. The Company continues to estimate the number of stock-based awards expected to vest, as permitted by ASU 2016-09, rather than electing to account for forfeitures as they occur.

 

 In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This standard will be effective for interim and annual reporting periods after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted for annual periods after December 15, 2018. The Company has not yet completed its assessment of the impact of the new standard on its consolidated financial statements.

 

In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (A Consensus of the Emerging Issues Task Force)” (“ASU 2016-15”). ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. This standard will be effective for interim and annual reporting periods after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. The Company has not yet completed its assessment of the impact of the new standard on its consolidated financial statements.

 

 40 

 

 

In November 2016, the FASB issued ASU 2016-18, “Restricted Cash” (“ASU 2016-18”). ASU 2016-18 is intended to add and clarify guidance on the classification and presentation of restricted cash in the statement of cash flows. This standard will be effective for interim and annual reporting periods after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. The Company early adopted the provisions of ASU 2016-18 during the fourth quarter of 2016. The adoption of the guidance did not have impact on prior reporting periods.

 

In January 2017, the FASB issued ASU 2017-04, “Intangibles – Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment” (“ASU 2017-04”). ASU 2017-04 is intended to simplify the accounting for goodwill impairment. The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. This standard will be effective for interim and annual goodwill impairment tests after December 15, 2019, with early adoption permitted on testing dates after January 1, 2017. The Company has not yet completed its assessment of the impact of the new standard on its consolidated financial statements.

 

CAPITAL AND COMMERCIAL COMMITMENTS:

 

Radio Broadcasting Licenses

 

Each of the Company’s radio stations operates pursuant to one or more licenses issued by the Federal Communications Commission that have a maximum term of eight years prior to renewal. The Company’s radio broadcasting licenses expire at various times beginning October 1, 2019 through August 1, 2022. Although the Company may apply to renew its radio broadcasting licenses, third parties may challenge the Company’s renewal applications. The Company is not aware of any facts or circumstances that would prevent the Company from having its current licenses renewed.

 

Indebtedness

   

We have several debt instruments outstanding within our corporate structure. We incurred senior bank debt as part of our 2015 Credit Facility in the amount of $350.0 million that was scheduled to mature on December 31, 2018. We also have $315.0 million outstanding in our 2020 Notes and we also have $350.0 million outstanding in our 2022 Notes. Finally, we also have outstanding our senior unsecured promissory note in the aggregate principal amount of approximately $11.9 million under the Comcast Note. See “Liquidity and Capital Resources and Note 9 – Subsequent Events in the notes to the consolidated financial statements.”

 

Royalty Agreements

 

The Company has historically entered into fixed and variable fee music license agreements with performance rights organizations including the Society of European Stage Authors and Composers (“SESAC”), American Society of Composers, Authors and Publishers (“ASCAP”) and Broadcast Music, Inc. (“BMI”). Our ASCAP and BMI licenses expired December 31, 2016. The expirations were an industry wide issue. The Company has authorized the Radio Music License Committee (the “RMLC”) to negotiate on its behalf with respect to its licenses with SESAC, ASCAP and BMI including the ASCAP and BMI licenses that expired December 31, 2016. The RMLC negotiated a new 5 year agreement with ASCAP with a license term of January 1, 2017 through December 31, 2021. Negotiations continue with respect to BMI and all broadcasters that have authorized the RMLC to act on their behalf in negotiations with BMI can continue to play BMI compositions after December 31, 2016, because the RMLC has submitted a license application to BMI on their behalf and applicants are licensed upon application under a prior consent decree. The RMLC is in a binding rate arbitration with SESAC. This arbitration began the first calendar quarter of 2017 and is expected to conclude in the second quarter.  The final rate decision emanating from the arbitration will have retroactive application to January 1, 2016. In the interim, we continue payments to SESAC at the existing 2015 rates, and SESAC may not increase our fees for any reason prior to the rate arbitration decision being issued. In connection with all performance rights organization agreements, including SESAC, ASCAP and BMI, the Company incurred expenses of approximately $1.7 million and $2.6 million during the three month periods ended March 31, 2017 and March 31, 2016, respectively.  Finally, in 2016, a new performance rights organization, Global Music Rights (“GMR”) formed, but the scope of its repertory is not clear and it is not clear that it licenses compositions that have not already been licensed by the other performance rights organizations. To ensure licensing compliance in 2017, we have entered into a temporary license with GMR while the RMLC continues to pursue an agreement for a long term licensing solution.

 

Lease obligations

 

We have non-cancelable operating leases for office space, studio space, broadcast towers and transmitter facilities that expire over the next 14 years.

 

 41 

 

 

Operating Contracts and Agreements

 

We have other operating contracts and agreements including employment contracts, on-air talent contracts, severance obligations, retention bonuses, consulting agreements, equipment rental agreements, programming related agreements, and other general operating agreements that expire over the next nine years.

 

Reach Media Noncontrolling Interest Shareholders’ Put Rights

 

Beginning on January 1, 2018, the noncontrolling interest shareholders of Reach Media have an annual right to require Reach Media to purchase all or a portion of their shares at the then current fair market value for such shares (the “Put Right”).  Beginning in 2018, this annual right is exercisable for a 30-day period beginning January 1 of each year. The purchase price for such shares may be paid in cash and/or registered Class D common stock of Urban One, at the discretion of Urban One.

 

Contractual Obligations Schedule

 

The following table represents our contractual obligations as of March 31, 2017:

 

   Payments Due by Period 
Contractual Obligations  Remainder
of 2017		   2018   2019   2020   2021   2022 and
Beyond		   Total 
   (In thousands) 
                             
9.25% Senior Subordinated Notes(1)  $21,853   $29,138   $29,138   $318,238   $–   $–   $398,367 
7.375% Senior Subordinated Notes(1)   19,359    25,813    25,813    25,813    25,813    357,529    480,140 
Credit facilities(2)   15,333    359,677    –    –    –    –    375,010 
Other operating contracts / agreements(3)   66,714    29,655    23,940    20,892    19,044    71,109    231,354 
Operating lease obligations   7,946    10,393    9,639    8,988    7,562    25,060    69,588 
Comcast Note   1,243    1,243    12,086    –    –    –    14,572 
Total  $132,448   $455,919   $100,616   $373,931   $52,419   $453,698   $1,569,031 

 

(1)Includes interest obligations based on current effective interest rates on senior subordinated notes and secured notes outstanding as of March 31, 2017.

 

(2)Includes interest obligations based on effective interest rate and projected interest expense on credit facilities outstanding as of March 31, 2017. See Note 9 – Subsequent Events in the notes to the consolidated financial statements.

 

(3)Includes employment contracts (including the Employment Agreement Award), severance obligations, on-air talent contracts, consulting agreements, equipment rental agreements, programming related agreements, and other general operating agreements. Also includes contracts that TV One has entered into to acquire entertainment programming rights and programs from distributors and producers. These contracts relate to their content assets as well as prepaid programming related agreements.

 

Of the total amount of other operating contracts and agreements included in the table above, approximately $161.6 million has not been recorded on the balance sheet as of March 31, 2017, as it does not meet recognition criteria. Approximately $8.3 million relates to certain commitments for content agreements for our cable television segment, approximately $30.5 million relates to employment agreements, and the remainder relates to other agreements.

 

Other Contingencies

 

The Company has been named as a defendant in several legal actions arising in the ordinary course of business. It is management’s opinion, after consultation with its legal counsel, that the outcome of these claims will not have a material adverse effect on the Company’s financial position or results of operations.

 

 42 

 

 

Off-Balance Sheet Arrangements

 

On February 24, 2015, the Company entered into a letter of credit reimbursement and security agreement. As of March 31, 2017, the Company had letters of credit totaling $815,000 under the agreement. Letters of credit issued under the agreement are required to be collateralized with cash.

 

Item 3:  Quantitative and Qualitative Disclosures About Market Risk

 

For quantitative and qualitative disclosures about market risk affecting Urban One, see Item 7A: “Quantitative and Qualitative Disclosures about Market Risk” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2016.  Our exposure related to market risk has not changed materially since December 31, 2016.

 

Item 4.  Controls and Procedures

 

Evaluation of disclosure controls and procedures

 

We have carried out an evaluation, under the supervision and with the participation of our Chief Executive Officer (“CEO”) and the Chief Financial Officer (“CFO”), of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report. Based on this evaluation, our CEO and CFO concluded that as of such date, our disclosure controls and procedures are effective in timely alerting them to material information required to be included in our periodic SEC reports. Disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, are controls and procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.

 

In designing and evaluating the disclosure controls and procedures, our management recognized that any controls and procedures, no matter how well designed and operated, can only provide reasonable assurance of achieving the desired control objectives and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Our disclosure controls and procedures are designed to provide a reasonable level of assurance of reaching our desired disclosure controls objectives. Our management, including our CEO and CFO, has concluded that our disclosure controls and procedures are effective in reaching that level of reasonable assurance.

 

Changes in internal control over financial reporting

 

During the three months ended March 31, 2017, there were no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

 43 

 

 

PART II. OTHER INFORMATION

  

Item 1.  Legal Proceedings

 

Legal Proceedings

 

Urban One is involved from time to time in various routine legal and administrative proceedings and threatened legal and administrative proceedings incidental to the ordinary course of our business. Urban One believes the resolution of such matters will not have a material adverse effect on its business, financial condition or results of operations.

 

Item 1A.  Risk Factors

 

In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2016 (the “2016 Annual Report”), which could materially affect our business, financial condition or future results. The risks described in our 2016 Annual Report, as updated by our quarterly reports on Form 10-Q, are not the only risks facing our Company.  Additional risks and uncertainties not currently known to us, or that we currently deem to be immaterial, may also materially adversely affect our business, financial condition and/or operating results.

 

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

 

None.

 

Item 3.  Defaults Upon Senior Securities

  

None.

 

Item 4.  Removed and Reserved

 

Item 5.  Other Information

 

None.

 

 44 

 

 

Item 6.  Exhibits

 

Exhibit
Number		   Description
     
31.1   Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2   Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1   Certification of Chief Executive Officer pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2   Certification of Chief Financial Officer pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101     Financial information from the Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, formatted in XBRL.

 

 45 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

  URBAN ONE, INC.
   
  /s/ PETER D. THOMPSON
   
  Peter D. Thompson
  Executive Vice President and
  Chief Financial Officer
  (Principal Accounting Officer)

 

May 8, 2017

 

 46 

 EX-31.1 2 v465293_ex31-1.htm EXHIBIT 31.1

 

Exhibit 31.1

 

I, Alfred C. Liggins, III, Chief Executive Officer and President of Urban One, Inc., certify that:

 

1.I have reviewed this quarterly report on Form 10-Q of Urban One, Inc.;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:

 

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s first fiscal quarter in the case of this report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

  By: /s/ Alfred C. Liggins, III
    Alfred C. Liggins, III
    President and Chief Executive Officer
Date: May 8, 2017     

 

 

 EX-31.2 3 v465293_ex31-2.htm EXHIBIT 31.2

 

Exhibit 31.2

 

I, Peter D. Thompson, Executive Vice President, Chief Financial Officer and Principal Accounting Officer of Urban One, Inc., certify that:

 

1.I have reviewed this quarterly report on Form 10-Q of Urban One, Inc.;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(i) for the registrant and have:

 

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s first fiscal quarter in the case of this report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

  By: /s/ Peter D. Thompson
    Peter D. Thompson
    Executive Vice President,
    Chief Financial Officer and Principal Accounting Officer
Date: May 8, 2017    

 

 

 EX-32.1 4 v465293_ex32-1.htm EXHIBIT 32.1

 

Exhibit 32.1

 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

 

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Urban One, Inc. (the “Company”) hereby certifies, to such officer’s knowledge, that:

 

(i)the accompanying Quarterly Report on Form 10-Q of the Company for the quarter ended March 31, 2017 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

 

(ii)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

  By: /s/ Alfred C. Liggins, III
    Name: Alfred C. Liggins, III
    Title: President and Chief Executive Officer
Date: May 8, 2017    

 

A signed original of this written statement required by Section 906 has been provided to Urban One, Inc. and will be retained by Urban One, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

 EX-32.2 5 v465293_ex32-2.htm EXHIBIT 32.2

 

Exhibit 32.2

 

CERTIFICATION OF CHIEF FINANCIAL OFFICER

 

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Urban One, Inc. (the “Company”) hereby certifies, to such officer’s knowledge, that:

 

(i)The accompanying Quarterly Report on Form 10-Q of the Company for the quarter ended March 31, 2017 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

 

(ii)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

  By: /s/ Peter D. Thompson 
    Name: Peter D. Thompson
    Title: Executive Vice President and Chief Financial Officer
Date: May 8, 2017    

 

A signed original of this written statement required by Section 906 has been provided to Urban One, Inc. and will be retained by Urban One, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

 GRAPHIC 6 urb1_logo.jpg GRAPHIC begin 644 urb1_logo.jpg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end EX-101.INS 7 uone-20170331.xml XBRL INSTANCE DOCUMENT 0001041657 2016-01-01 2016-03-31 0001041657 2017-01-01 2017-03-31 0001041657 2017-03-31 0001041657 2016-04-01 2016-06-30 0001041657 2016-12-31 0001041657 2015-12-31 0001041657 2016-03-31 0001041657 us-gaap:CommonClassAMember 2017-03-31 0001041657 us-gaap:CommonClassAMember 2016-12-31 0001041657 us-gaap:CommonClassBMember 2017-03-31 0001041657 us-gaap:CommonClassCMember 2017-03-31 0001041657 uone:CommonClassDMember 2017-03-31 0001041657 us-gaap:CommonClassBMember 2016-12-31 0001041657 us-gaap:CommonClassCMember 2016-12-31 0001041657 uone:CommonClassDMember 2016-12-31 0001041657 us-gaap:AdditionalPaidInCapitalMember 2016-12-31 0001041657 us-gaap:RetainedEarningsMember 2016-12-31 0001041657 us-gaap:ConvertiblePreferredStockMember 2017-01-01 2017-03-31 0001041657 us-gaap:AdditionalPaidInCapitalMember 2017-01-01 2017-03-31 0001041657 us-gaap:RetainedEarningsMember 2017-01-01 2017-03-31 0001041657 us-gaap:ConvertiblePreferredStockMember 2016-12-31 0001041657 us-gaap:ConvertiblePreferredStockMember 2017-03-31 0001041657 us-gaap:AdditionalPaidInCapitalMember 2017-03-31 0001041657 us-gaap:RetainedEarningsMember 2017-03-31 0001041657 us-gaap:CommonClassAMember 2017-01-01 2017-03-31 0001041657 us-gaap:CommonClassBMember 2017-01-01 2017-03-31 0001041657 us-gaap:CommonClassCMember 2017-01-01 2017-03-31 0001041657 uone:CommonClassDMember 2017-01-01 2017-03-31 0001041657 uone:ReachMediaIncMember 2017-03-31 0001041657 uone:NinePointTwoFiveSeniorSubordinatedNotesDueFebruaryTwoThousandTwentyMember 2017-03-31 0001041657 uone:SeniorSubordinatedNotesDueMarchTwoThousandTwentyTwoMember 2017-03-31 0001041657 uone:ComcastNoteMember 2017-03-31 0001041657 uone:RadioBroadcastingAndReachMediaSegmentsMember 2016-01-01 2016-03-31 0001041657 uone:RadioBroadcastingAndReachMediaSegmentsMember 2017-01-01 2017-03-31 0001041657 uone:TvOneLlcMember 2016-01-01 2016-03-31 0001041657 uone:TvOneLlcMember 2017-01-01 2017-03-31 0001041657 uone:LaunchSupportAssetsMember 2017-01-01 2017-03-31 0001041657 uone:LaunchSupportAssetsMember 2016-01-01 2016-12-31 0001041657 us-gaap:EmployeeStockOptionMember 2016-01-01 2016-03-31 0001041657 us-gaap:RestrictedStockMember 2016-01-01 2016-03-31 0001041657 us-gaap:FairValueInputsLevel1Member uone:EmploymentAgreementAwardMember 2016-12-31 0001041657 us-gaap:FairValueInputsLevel2Member uone:EmploymentAgreementAwardMember 2016-12-31 0001041657 us-gaap:FairValueInputsLevel3Member uone:EmploymentAgreementAwardMember 2016-12-31 0001041657 us-gaap:FairValueInputsLevel1Member uone:EmploymentAgreementAwardMember 2017-03-31 0001041657 us-gaap:FairValueInputsLevel2Member uone:EmploymentAgreementAwardMember 2017-03-31 0001041657 us-gaap:FairValueInputsLevel3Member uone:EmploymentAgreementAwardMember 2017-03-31 0001041657 us-gaap:FairValueInputsLevel1Member 2017-03-31 0001041657 us-gaap:FairValueInputsLevel2Member 2017-03-31 0001041657 us-gaap:FairValueInputsLevel3Member 2017-03-31 0001041657 us-gaap:FairValueInputsLevel1Member 2016-12-31 0001041657 us-gaap:FairValueInputsLevel2Member 2016-12-31 0001041657 us-gaap:FairValueInputsLevel3Member 2016-12-31 0001041657 uone:EmploymentAgreementAwardMember 2017-03-31 0001041657 uone:EmploymentAgreementAwardMember 2016-12-31 0001041657 uone:RedeemableNoncontrollingInterestsMember 2016-12-31 0001041657 uone:RedeemableNoncontrollingInterestsMember 2017-03-31 0001041657 uone:EmploymentAgreementAwardMember 2017-01-01 2017-03-31 0001041657 uone:RedeemableNoncontrollingInterestsMember 2017-01-01 2017-03-31 0001041657 uone:EmploymentAgreementAwardMember 2016-01-01 2016-12-31 0001041657 uone:RedeemableNoncontrollingInterestsMember 2016-01-01 2016-12-31 0001041657 uone:MgmNationalHarborMember 2015-04-10 0001041657 uone:MgmNationalHarborMember 2016-11-30 0001041657 uone:TomJoynerFoundationIncMember 2017-03-31 0001041657 uone:TomJoynerLimitedMember 2017-03-31 0001041657 uone:TomJoynerFoundationIncMember 2016-12-31 0001041657 uone:TomJoynerLimitedMember 2016-12-31 0001041657 uone:WilksMember uone:FmStationMember 2017-03-31 0001041657 uone:ReachMediaSegmentMember 2017-03-31 0001041657 uone:DigitalSegmentMember 2017-03-31 0001041657 uone:CableTelevisionSegmentMember 2017-03-31 0001041657 uone:RadioBroadcastingSegmentMember 2017-03-31 0001041657 uone:NinePointTwoFiveSeniorSubordinatedNotesDueFebruaryTwoThousandTwentyMember 2016-12-31 0001041657 uone:SevenPointThreeSevenFiveSeniorSecuredNotesDueAprilTwoThosandTwentyTwoMember 2017-03-31 0001041657 uone:SevenPointThreeSevenFiveSeniorSecuredNotesDueAprilTwoThosandTwentyTwoMember 2016-12-31 0001041657 uone:ComcastnotesdueapriltwothosandnineteenMember 2017-03-31 0001041657 uone:ComcastnotesdueapriltwothosandnineteenMember 2016-12-31 0001041657 us-gaap:LineOfCreditMember 2017-03-31 0001041657 us-gaap:LineOfCreditMember 2016-12-31 0001041657 uone:SeniorSecuredNotesDue2022Member 2015-04-17 0001041657 uone:SeniorSubordinatedNotesDueApril2022Member 2015-04-17 0001041657 uone:CreditFacility2015Member 2015-04-17 0001041657 uone:PrivateOfferingMember 2015-04-01 2015-04-17 0001041657 uone:DebtFinancingCostMember 2017-01-01 2017-03-31 0001041657 uone:DebtFinancingCostMember 2016-01-01 2016-03-31 0001041657 uone:CreditFacility2015Member 2017-03-31 0001041657 uone:NinePointTwoFiveSeniorSubordinatedNotesDueFebruaryTwoThousandTwentyMember uone:PrivateOfferingMember 2014-02-10 0001041657 uone:NinePointTwoFiveSeniorSubordinatedNotesDueFebruaryTwoThousandTwentyMember uone:PrivateOfferingMember 2014-02-01 2014-02-10 0001041657 us-gaap:SeniorSubordinatedNotesMember 2016-01-01 2016-12-31 0001041657 us-gaap:SeniorSubordinatedNotesMember 2016-06-30 0001041657 us-gaap:SeniorSubordinatedNotesMember 2016-04-01 2016-06-30 0001041657 uone:SeniorSecuredTvOneNotesDueMarchTwoThuosandSixteenMember 2011-02-25 0001041657 uone:AssetBackedCreditFacilityMember 2016-04-21 0001041657 uone:AssetBackedCreditFacilityMember 2016-04-01 2016-04-21 0001041657 us-gaap:LineOfCreditMember 2017-03-31 0001041657 uone:RepurchaseProgram2015Member 2015-12-31 0001041657 uone:RepurchaseProgram2015Member uone:ClassAndDCommonStockMember 2017-03-31 0001041657 uone:StockVestTaxRepurchaseMember uone:ClassDCommonStockMember 2016-01-01 2016-03-31 0001041657 uone:ClassAndDCommonStockMember uone:RepurchaseProgram2015Member 2016-09-23 0001041657 uone:ClassDCommonStockMember 2016-01-01 2016-03-31 0001041657 uone:StockVestTaxRepurchaseMember uone:ClassDCommonStockMember 2017-01-01 2017-03-31 0001041657 uone:StockPlan2009Member uone:ClassDCommonStockMember 2009-12-31 0001041657 uone:ClassDCommonStockMember uone:StockPlan2009Member 2017-03-31 0001041657 uone:AmendedAndRestated2009StockPlanMember uone:ClassDCommonStockMember 2017-01-01 2017-03-31 0001041657 uone:AmendedAndRestated2009StockPlanMember uone:ClassDCommonStockMember 2017-03-31 0001041657 uone:ClassDCommonStockMember 2017-03-31 0001041657 uone:ClassDCommonStockMember us-gaap:ChiefExecutiveOfficerMember us-gaap:RestrictedStockMember 2015-10-03 2015-10-26 0001041657 uone:ClassDCommonStockMember us-gaap:ChiefExecutiveOfficerMember us-gaap:EmployeeStockOptionMember 2015-10-03 2015-10-26 0001041657 us-gaap:EmployeeStockOptionMember 2016-12-31 0001041657 us-gaap:EmployeeStockOptionMember 2017-01-01 2017-03-31 0001041657 us-gaap:EmployeeStockOptionMember 2017-03-31 0001041657 us-gaap:EmployeeStockOptionMember 2016-01-01 2016-12-31 0001041657 us-gaap:RestrictedStockMember 2017-01-01 2017-03-31 0001041657 us-gaap:RestrictedStockMember 2016-12-31 0001041657 us-gaap:RestrictedStockMember 2017-03-31 0001041657 uone:CorporateEliminationsAndOtherMember 2016-01-01 2016-03-31 0001041657 uone:CableTelevisionMember 2016-01-01 2016-03-31 0001041657 uone:ReachMediaMember 2016-01-01 2016-03-31 0001041657 uone:RadioBroadcastingMember 2016-01-01 2016-03-31 0001041657 uone:RadioBroadcastingMember 2017-03-31 0001041657 uone:ReachMediaMember 2017-03-31 0001041657 uone:CableTelevisionMember 2017-03-31 0001041657 uone:CorporateEliminationsAndOtherMember 2017-03-31 0001041657 uone:CorporateEliminationsAndOtherMember 2016-12-31 0001041657 uone:CableTelevisionMember 2016-12-31 0001041657 uone:ReachMediaMember 2016-12-31 0001041657 uone:RadioBroadcastingMember 2016-12-31 0001041657 uone:MusicLicenseAgreementsMember 2017-01-01 2017-03-31 0001041657 uone:MusicLicenseAgreementsMember 2016-01-01 2016-03-31 0001041657 us-gaap:StandbyLettersOfCreditMember 2017-03-31 0001041657 uone:CommonClassDMember 2017-01-01 2017-03-31 0001041657 uone:ConveribleSharesClassToClassDMember 2017-01-01 2017-03-31 0001041657 uone:BarterTransactionsMember 2017-01-01 2017-03-31 0001041657 uone:BarterTransactionsMember 2016-01-01 2016-03-31 0001041657 us-gaap:ChiefExecutiveOfficerMember 2017-03-31 0001041657 uone:ContentAssetsMember 2017-01-01 2017-03-31 0001041657 us-gaap:ChiefExecutiveOfficerMember 2016-12-31 0001041657 uone:EmploymentAgreementAwardMember 2016-01-01 2016-03-31 0001041657 uone:ColumbusAcquisitionMember 2017-01-01 2017-03-31 0001041657 uone:CreditFacility2015Member 2017-01-01 2017-03-31 0001041657 uone:CreditFacility2015Member uone:SeniorSecuredNotesDue2022Member 2015-04-01 2015-04-17 0001041657 uone:DigitalMember 2016-01-01 2016-03-31 0001041657 uone:RadioBroadcastingMember us-gaap:IntersegmentEliminationMember 2016-01-01 2016-03-31 0001041657 uone:ReachMediaMember us-gaap:IntersegmentEliminationMember 2017-01-01 2017-03-31 0001041657 uone:ReachMediaMember us-gaap:IntersegmentEliminationMember 2016-01-01 2016-03-31 0001041657 uone:CableTelevisionMember us-gaap:IntersegmentEliminationMember 2017-01-01 2017-03-31 0001041657 uone:CorporateEliminationsAndOtherMember us-gaap:IntersegmentEliminationMember 2017-01-01 2017-03-31 0001041657 us-gaap:IntersegmentEliminationMember 2017-01-01 2017-03-31 0001041657 uone:CableTelevisionMember us-gaap:IntersegmentEliminationMember 2016-01-01 2016-03-31 0001041657 uone:CorporateEliminationsAndOtherMember us-gaap:IntersegmentEliminationMember 2016-01-01 2016-03-31 0001041657 us-gaap:IntersegmentEliminationMember 2016-01-01 2016-03-31 0001041657 uone:DigitalMember us-gaap:IntersegmentEliminationMember 2017-01-01 2017-03-31 0001041657 uone:RadioBroadcastingMember us-gaap:IntersegmentEliminationMember 2017-01-01 2017-03-31 0001041657 uone:DigitalMember us-gaap:IntersegmentEliminationMember 2016-01-01 2016-03-31 0001041657 uone:DigitalMember 2016-12-31 0001041657 uone:DigitalMember 2017-03-31 0001041657 uone:ComcastNoteDueTwoThousandNinteenMember us-gaap:SubsequentEventMember 2017-04-18 0001041657 uone:CreditFacility2017Member us-gaap:SubsequentEventMember 2017-04-18 0001041657 uone:SeniorSubordinatedNotesDueFebruary2020Member us-gaap:SubsequentEventMember 2017-04-18 0001041657 uone:SeniorSecuredNotesDueApril2022Member us-gaap:SubsequentEventMember 2017-04-18 0001041657 us-gaap:SubsequentEventMember 2017-04-18 0001041657 uone:CreditFacility2017Member us-gaap:SubsequentEventMember 2017-04-18 0001041657 us-gaap:SubsequentEventMember 2017-04-01 2017-04-04 0001041657 us-gaap:CommonClassBMember 2017-05-03 0001041657 us-gaap:CommonClassCMember 2017-05-03 0001041657 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2017-01-01 2017-03-31 0001041657 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2016-01-01 2016-03-31 0001041657 us-gaap:CorporateMember 2017-01-01 2017-03-31 0001041657 us-gaap:CorporateMember 2016-01-01 2016-03-31 0001041657 uone:SeniorSubordinatedNotesDueMarchTwoThousandTwentyTwoMember 2016-12-31 0001041657 uone:SeniorSecuredCreditFacilityMember 2017-03-31 0001041657 uone:SeniorSecuredCreditFacilityMember 2016-12-31 0001041657 us-gaap:EmployeeStockOptionMember 2017-01-01 2017-03-31 0001041657 uone:MgmNationalHarborMember us-gaap:MaximumMember 2015-04-10 0001041657 uone:ReachMediaIncMember uone:FantasticVoyageMember 2017-01-01 2017-03-31 0001041657 uone:ClassDCommonStockMember 2017-01-01 2017-03-31 0001041657 us-gaap:SubsequentEventMember uone:CreditFacility2017Member 2017-04-01 2017-04-18 0001041657 uone:RadioBroadcastingMember 2017-01-01 2017-03-31 0001041657 uone:ReachMediaMember 2017-01-01 2017-03-31 0001041657 uone:DigitalMember 2017-01-01 2017-03-31 0001041657 uone:CableTelevisionMember 2017-01-01 2017-03-31 0001041657 uone:CorporateEliminationsAndOtherMember 2017-01-01 2017-03-31 0001041657 uone:ComcastNoteMember 2016-12-31 0001041657 uone:ReachMediaIncMember 2017-01-01 2017-03-31 0001041657 uone:NinePointTwoFiveSeniorSubordinatedNotesDueFebruaryTwoThousandTwentyMember 2014-02-01 2014-02-10 0001041657 us-gaap:SubsequentEventMember 2017-05-01 2017-05-02 0001041657 us-gaap:SubsequentEventMember 2017-04-01 2017-04-28 0001041657 us-gaap:SubsequentEventMember 2017-04-28 0001041657 us-gaap:CommonClassAMember 2017-05-03 0001041657 uone:CommonClassDMember 2017-05-03 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure 109088000 34003000 35536000 12059000 8682000 90280000 18808000 68000 20638000 11000 1775000 -3526000 421000 -3947000 -0.08 101289000 31897000 34519000 10108000 8312000 84836000 16453000 103000 20346000 1321000 -112000 -2357000 -44000 -2313000 -0.05 47965189 48664524 -2469000 -1751000 -3526000 421000 -3947000 -2357000 -44000 -2313000 39898000 45812000 104496000 104351000 11954000 7902000 40624000 35854000 3351000 4772000 201292000 199660000 67171000 66822000 24137000 24851000 258284000 258284000 641192000 643449000 110008000 116600000 50710000 49120000 1352794000 1358786000 7225000 7555000 15820000 16691000 8963000 15199000 22247000 22872000 29824000 26647000 3500000 3500000 87579000 92464000 1003206000 1002736000 17719000 16135000 33568000 33434000 272577000 272733000 1414649000 1417502000 11621000 12410000 2000 2000 3000 3000 41000 3000 3000 41000 0 0 981651000 981688000 -1055176000 -1052863000 -73476000 -71126000 1352794000 1358786000 969000 969000 981688000 -1052863000 0 0 -2313000 -71126000 0 133000 0 133000 0 745000 0 745000 0 0 0 0 0 915000 0 915000 0 -73476000 0 981651000 -1055176000 2000 3000 3000 41000 2000 3000 3000 41000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 8682000 1282000 13484000 20000 1671000 772000 -4539000 1102000 -25000 202000 -1291000 -3414000 5730000 16910000 1249000 -1624000 67376000 72667000 20646000 105000 -3249000 100000 649000 8312000 1366000 11179000 51000 -156000 133000 145000 3026000 -1167000 -330000 -871000 -6236000 3587000 15339000 1459000 -1790000 46781000 40867000 19852000 167000 -1459000 0 915000 -2665000 10164000 -5914000 5291000 0.80 0.0925 0.07375 343900000 344800000 11900000 11900000 6300000 5700000 4200000 3900000 P7Y9M18D P8Y P9Y4M24D 51000 3656 1021 0 0 26965000 0 0 28006000 11621000 0 0 11621000 0 0 12410000 12410000 28006000 26965000 26965000 12410000 28006000 11621000 0 -44000 1041000 -745000 1041000 0 0.110 0.110 0.105 0.105 0.025 0.025 0.010 0.010 5000000 35000000 14000 2000 3000 11000 443000 1500000 861000 84000 16114000 14545000 0 115095000 84436000 70427000 14354000 8459000 165044000 30468000 23004000 165044000 154863000 373379000 315000000 315000000 1020747000 1021622000 350000000 350000000 11872000 11872000 14041000 15386000 343875000 344750000 0.07375 350000000 0.07375 350000000 2022-04-15 1400000 1300000 343900000 335000000 0.0925 2020-02-15 2014-08-15 15500000 14600000 20000000 0.86 2600000 315000000 119000000 0.10 0.1047 25000000 0.85 341250000 0 341250000 0 0 11872000 11872000 0 0 0 315000000 0 0 315000000 0 0 0 0 0 0 350000000 0 0 0 350000000 343875000 3500000 7000000 330111 568000 1.72 7000000 60566 317103 915000 2.89 8250000 7000000 1000000 7932932 8250000 100000 300000 3700000 0 0 100000 3600000 3559000 250000 3350000 2.03 0 P4Y11D P8Y6M18D P3Y9M 5060000 300000 1.86 2.12 1.88 1.88 7.50 0 P4Y29D P4Y2M16D P1Y 1.32 40000 0 11000 0 0 1.49 0 358000 2.31 2.33 347000 P1Y1M6D 90000 -54000 49474000 10454000 42733000 81598000 8614000 30877000 8446000 27423000 499000 6553000 42000 1144000 14166000 1966000 12044000 -9167000 776377000 40974000 446852000 72183000 75515000 446880000 37192000 781450000 1700000 2600000 P5Y 815000 7272 6991 0.001 0.001 1000000 1000000 0 0 0.001 0.001 30000000 30000000 1663632 1663632 1693099 1693099 0.001 0.001 0.001 0.001 0.001 0.001 150000000 150000000 150000000 150000000 150000000 150000000 2861843 2861843 2861843 2861843 2928906 2928906 2928906 2928906 40871838 40871838 41159474 41159474 317103 29467 0 2000000 875000 875000 <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><strong><font style="FONT-SIZE: 10pt"> 1.&#160;&#160;ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:</font></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <strong><i><font style="FONT-SIZE: 10pt"> (a)</font></i></strong></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt"> Organization</font></i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.25in" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Urban One, Inc. (a Delaware corporation referred to as &#8220;Urban One&#8221;) and its subsidiaries (collectively, the &#8220;Company&#8221;) is an urban-oriented, multi-media company that primarily targets African-American and urban consumers. Our core business is our radio broadcasting franchise that is the largest radio broadcasting operation that primarily targets African-American and urban listeners. As of March 31, 2017, we owned and/or operated 55&#160;broadcast stations located in 15 urban markets in the United States.&#160;&#160;While our primary source of revenue is the sale of local and national advertising for broadcast on our radio stations, our strategy is to operate as the premier multi-media entertainment and information content provider targeting African-American and urban consumers. Thus, we have diversified our revenue streams by making acquisitions and investments in other complementary media properties. Our diverse media and entertainment interests include our ownership interest of TV One, LLC (&#8220;TV One&#8221;), an African-American targeted cable television network; our <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 80.0</font>% ownership interest in Reach Media, Inc. (&#8220;Reach Media&#8221;) which operates the Tom Joyner Morning Show and our other syndicated programming assets, including the Rickey Smiley Morning Show, the Russ Parr Morning Show and the DL Hughley Show; and our ownership of Interactive One, LLC (&#8220;Interactive One&#8221;), our wholly owned online platform serving the African-American community through social content, news, information, and entertainment websites, including Global Grind, News One, TheUrbanDaily and HelloBeautiful, and online social networking websites, including BlackPlanet and MiGente. Most recently, we invested in a minority ownership interest in MGM National Harbor, a gaming resort located in Prince George&#8217;s County, Maryland. Through our national multi-media operations, we provide advertisers with a unique and powerful delivery mechanism to the African-American and urban audiences.</font></div> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Effective May 5, 2017, the Company changed its corporate name from &#8220;Radio One, Inc.&#8221; to &#8220;Urban One, Inc.&#8221; to have a name more reflective of our multi-media business operations.&#160; Our core radio broadcasting franchise will continue to operate under the brand &#8220;Radio One.&#8221;&#160; We will also retain our other brands, such as TV One, Reach Media and Interactive One, while developing additional branding reflective of our diverse media operations and targeting our African-American and urban audiences.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 15.4pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">As part of our consolidated financial statements, consistent with our financial reporting structure and how the Company currently manages its businesses, we have provided selected financial information on the Company&#8217;s four reportable segments: (i) radio broadcasting; (ii) Reach Media; (iii) digital; and (iv) cable television. (See Note 7 &#150; <i>Segment Information</i>.)</font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <strong><i><font style="FONT-SIZE: 10pt"> (b)</font></i></strong></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt">Interim Financial Statements</font></i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="BACKGROUND: transparent; FONT-SIZE: 10pt">The interim consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (&#8220;SEC&#8221;). In management&#8217;s opinion, the interim financial data presented herein include all adjustments (which include only normal recurring adjustments) necessary for a fair presentation. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States (&#8220;GAAP&#8221;) have been condensed or omitted pursuant to such rules and regulations.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="BACKGROUND: transparent; FONT-SIZE: 10pt">Results for interim periods are not necessarily indicative of results to be expected for the full year. This Form&#160;10-Q should be read in conjunction with the financial statements and notes thereto included in the Company&#8217;s 2016 Annual Report on Form&#160;10-K.</font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt"> &#160;</font></i></strong></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <strong><i><font style="FONT-SIZE: 10pt"> (c)</font></i></strong></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt">Financial Instruments</font></i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="FONT-SIZE: 10pt">Financial instruments as of March 31, 2017, and December 31, 2016, consisted of cash and cash equivalents, investments, trade accounts receivable, long-term debt and redeemable noncontrolling interests. The carrying amounts approximated fair value for each of these financial instruments as of March 31, 2017, and December 31, 2016, except for the Company&#8217;s outstanding senior subordinated notes and secured notes. The <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 9.25</font>% Senior Subordinated Notes which are due in February 2020 (the &#8220;2020 Notes&#8221;) had a carrying value of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">315.0</font></font> million as of each of March 31, 2017 and December 31, 2016, and fair value of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">305.6</font> million and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">283.5</font> million as of March 31, 2017, and December 31, 2016, respectively. The fair values of the 2020 Notes, classified as Level 2 instruments, were determined based on the trading&#160;values of&#160;these instruments in an inactive market as of the reporting date. The <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 7.375</font>% Senior Secured Notes that are due in March 2022 (the &#8220;2022 Notes&#8221;) had a carrying value of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">350.0</font></font> million as of each of March 31, 2017 and December 31, 2016, and fair value of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">365.8</font> million and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">344.8</font> million as of March 31, 2017, and December 31, 2016, respectively. The fair values of the 2022 Notes, classified as Level 2 instruments, were determined based on the trading&#160;values of&#160;these instruments in an inactive market as of the reporting date. The $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">350.0</font> million senior secured credit facility (the &#8220;2015 Credit Facility) had a carrying value of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">343.9</font> million and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">344.8</font> million as of March 31, 2017, and December 31, 2016, respectively, and fair value of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">346.5</font> million and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">346.5</font> million as of March 31, 2017, and December 31, 2016, respectively. The fair values of the 2015 Credit Facility, classified as Level 2 instruments, were determined based on the trading values of these instruments in an inactive market as of the reporting date. The senior unsecured promissory note in the aggregate principal amount of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">11.9</font></font> million (the &#8220;Comcast Note&#8221;) had a carrying value of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">11.9</font> million as of March 31, 2017, and as of December 31, 2016. The fair value of the Comcast Note was approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">11.9</font> million as of March 31, 2017 and December 31, 2016. The fair value of the Comcast Note, classified as a Level 3 instrument, was determined based on the fair value of a similar instrument as of the reporting date using updated interest rate information derived from changes in interest rates since inception to the reporting date. See Note 9&#150; <i>Subsequent Events</i>.</font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-SIZE: 10pt">&#160;</font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <strong><i><font style="FONT-SIZE: 10pt"> (d)</font></i></strong></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt">Revenue Recognition</font></i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Within our radio broadcasting and Reach Media segments, the Company recognizes revenue for broadcast advertising when a commercial is broadcast, and the revenue is reported net of agency and outside sales representative commissions, in accordance with&#160;Accounting Standards Codification (&#8220;ASC&#8221;) 605, &#8220;<i>Revenue Recognition</i>.&#8221;&#160;&#160;Agency and outside sales representative commissions are calculated based on a stated percentage applied to gross billing. Generally, clients remit the gross billing amount to the agency or outside sales representative, and the agency or outside sales representative remits the gross billing, less their commission, to the Company. For our radio broadcasting and Reach Media segments, agency and outside sales representative commissions were approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5.7</font>&#160;million and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">6.3</font>&#160;million for the three months ended March 31, 2017 and 2016, respectively.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Within our digital segment, including Interactive One, which generates the majority of the Company&#8217;s digital revenue, revenue is principally derived from advertising services on non-radio station branded but Company-owned websites. Advertising services include the sale of banner and sponsorship advertisements.&#160;&#160;Advertising revenue is recognized either as impressions (the number of times advertisements appear in viewed pages) are delivered, when &#8220;click through&#8221; purchases are made, or ratably over the contract period, where applicable. In addition, Interactive One derives revenue from its studio operations, in which it provides third-party clients with publishing services including digital platforms and expertise.&#160; In the case of the studio operations, revenue is recognized primarily through fixed contractual monthly fees and/or as a share of the third party&#8217;s reported revenue.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">TV One derives advertising revenue from the sale of television air time to advertisers and recognizes revenue when the advertisements are run. TV One also derives revenue from affiliate fees under the terms of various affiliation agreements based on a per subscriber fee multiplied by the most recent subscriber counts reported by the applicable affiliate. For our cable television segment, agency and outside sales representative commissions were approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3.9</font> million and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">4.2</font> million for the three months ended March 31, 2017 and 2016, respectively.</font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-SIZE: 10pt">&#160;</font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <strong><i><font style="FONT-SIZE: 10pt"> (e)</font></i></strong></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt">Launch Support</font></i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"> <strong><i><font style="FONT-SIZE: 10pt"> &#160;</font></i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">TV One has entered into certain affiliate agreements requiring various payments by TV One for launch support. Launch support assets are used to initiate carriage under affiliation agreements and are amortized over the term of the respective contracts. Amortization is recorded as a reduction to revenue. TV One did not pay any launch support for carriage initiation during the three months ended March 31, 2017 or March 31, 2016. The weighted-average amortization period for launch support is approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 9.4</font> years at each of March 31, 2017 and December 31, 2016. The remaining weighted-average amortization period for launch support is <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 7.8</font> years and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 8.0</font> years as of March 31, 2017, and December 31, 2016, respectively. For the three month periods ended March 31, 2017, and 2016, launch support asset amortization of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">51,000</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">20,000</font>, respectively, was recorded as a reduction of revenue. Launch support assets are included in other intangible assets on the consolidated balance sheets.</font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-SIZE: 10pt">&#160;</font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <strong><i><font style="FONT-SIZE: 10pt"> (f)</font></i></strong></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt">Barter Transactions</font></i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="BACKGROUND: transparent; FONT-SIZE: 10pt">For barter transactions, the Company provides advertising time in exchange for programming content and certain services and accounts for these exchanges in accordance with ASC 605, &#8220;<i>Revenue Recognition</i>.&#8221; The Company includes the value of such exchanges in both broadcasting net revenue and station operating expenses. The valuation of barter time is based upon the fair value of the network advertising time provided for the programming content and services received.</font> <font style="FONT-SIZE: 10pt">For the three months ended March 31, 2017 and 2016, barter transaction revenues were $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">501,000</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">608,000</font>, respectively. Additionally, for the three months ended March 31, 2017 and 2016, barter transaction costs were reflected in programming and technical expenses of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">460,000</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">567,000</font>, respectively, and selling, general and administrative expenses of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">41,000</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">41,000</font>, respectively.</font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"> <strong><i><font style="FONT-SIZE: 10pt"> &#160;</font></i></strong></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <strong><i><font style="FONT-SIZE: 10pt"> (g)</font></i></strong></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt">Earnings Per Share</font></i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="BACKGROUND: transparent; FONT-SIZE: 10pt">Basic earnings per share is computed on the basis of the weighted average number of shares of common stock (Classes A, B, C and D) outstanding during the period. Diluted earnings per share is computed on the basis of the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method.&#160;&#160;The Company&#8217;s potentially dilutive securities include stock options and unvested restricted stock. Diluted earnings per share considers the impact of potentially dilutive securities except in periods in which there is a net loss, as the inclusion of the potentially dilutive common shares would have an anti-dilutive effect.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>The following table sets forth the calculation of basic and diluted earnings per share from continuing operations (in thousands, except share and per share data):</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in; WIDTH: 94%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="25%" colspan="5"> <div>Three&#160;Months&#160;Ended&#160;March&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>2017</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="25%" colspan="5"> <div>(Unaudited)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>Numerator:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>Net loss attributable to common stockholders</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>(2,313)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>(3,947)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>Denominator:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="11%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="11%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>Denominator for basic net loss per share&#160;- weighted-average outstanding shares</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>47,965,189</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>48,664,524</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>Effect of dilutive securities:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>Stock options and restricted stock</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: symbol; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: symbol; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>Denominator for diluted net loss per share&#160;- weighted-average outstanding shares</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"> <div>47,965,189</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"> <div>48,664,524</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="11%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="11%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>Net loss attributable to common stockholders per share &#150;basic and diluted</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>(0.05)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>(0.08)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>All stock options and restricted stock awards were excluded from the diluted calculation for the three months ended March 31, 2017 and 2016, as their inclusion would have been anti-dilutive.&#160; The following table summarizes the potential common shares excluded from the diluted calculation.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">&#160;</font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="27%" colspan="5"> <div>Three&#160;Months</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="27%" colspan="5"> <div>Ended&#160;March&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>2017</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="26%" colspan="4"> <div>(Unaudited)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="26%" colspan="4"> <div>(In&#160;thousands)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Stock options</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>3,600</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>3,656</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Restricted stock&#160;awards</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="12%"> <div>364</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="12%"> <div>1,021</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <strong><i><font style="FONT-SIZE: 10pt"> (h)</font></i></strong></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt">Fair Value Measurements</font></i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="BACKGROUND: transparent; FONT-SIZE: 10pt">We report our financial and non-financial assets and liabilities measured at fair value on a recurring and non-recurring basis under the provisions of ASC 820, <i>&#8220;Fair Value Measurements and Disclosures.&#8221;</i> ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="BACKGROUND: transparent; FONT-SIZE: 10pt">The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.5in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><i><font style="FONT-SIZE: 10pt">Level 1</font></i><font style="FONT-SIZE: 10pt">: Inputs are unadjusted quoted prices in active markets for identical assets and liabilities that can be accessed at measurement date.</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.5in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><i><font style="FONT-SIZE: 10pt">Level 2</font></i><font style="FONT-SIZE: 10pt">: Observable inputs other than those included in Level 1 (i.e., quoted prices for similar assets or liabilities in&#160;active markets or quoted prices for identical assets or liabilities in inactive markets).</font></div> </td> </tr> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> </td> </tr> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><i><font style="FONT-SIZE: 10pt">Level 3</font></i><font style="FONT-SIZE: 10pt">: Unobservable inputs reflecting management&#8217;s own assumptions about the inputs used in pricing the asset or liability.</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">A financial instrument&#8217;s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value instrument.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>As of March 31, 2017, and December 31, 2016, the fair values of our financial assets and liabilities measured at fair value on a recurring basis are categorized as follows:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Total</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Level&#160;1</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Level&#160;2</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Level&#160;3</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="47%" colspan="11"> <div>(Unaudited)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="47%" colspan="11"> <div>(In&#160;thousands)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"> <div>As of March 31, 2017</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Liabilities subject to fair value measurement:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Employment agreement award (a)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>28,006</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>28,006</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Mezzanine equity subject to fair value measurement:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Redeemable noncontrolling interests (b)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>11,621</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>11,621</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"> <div>As of December 31, 2016</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Liabilities subject to fair value measurement:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Employment agreement award (a)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>26,965</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>26,965</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Mezzanine equity subject to fair value measurement:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Redeemable noncontrolling interests (b)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>12,410</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>12,410</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">(a) &#160; Pursuant to an employment agreement (the &#8220;Employment Agreement&#8221;) executed in April 2008, the Chief Executive Officer (&#8220;CEO&#8221;) was eligible to receive an award (the &#8220;Employment Agreement Award&#8221;) amount equal to approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">4</font>% of any proceeds from distributions or other liquidity events in excess of the return of the Company&#8217;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 (based on the estimated enterprise fair value of TV One as determined by a discounted cash flow analysis)<i>,</i> and an assessment of the probability that the Employment Agreement will be renewed and contain this provision. There are probability factors included in the calculation of the award related to the likelihood that the award will be realized. The Company&#8217;s obligation to pay the award was triggered after the Company&#8217;s recovery of the aggregate amount of our pre-Comcast Buyout capital contribution in TV One, and payment is required only upon actual receipt of distributions of cash or marketable securities or proceeds from a liquidity event with respect to such invested amount. The CEO was fully vested in the award upon execution of the Employment Agreement, and the award&#160;lapses if the CEO voluntarily leaves the Company or is terminated for cause. A third-party valuation firm assisted the Company in estimating TV One&#8217;s fair value using the discounted cash flow analysis. Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value. The Compensation Committee of the Board of Directors of the Company approved terms for a new employment agreement with the CEO, including a renewal of the Employment Agreement Award upon similar terms as in the prior Employment Agreement. While a new employment agreement has not been executed as of the date of this report, the CEO is being compensated according to the new terms approved by the Compensation Committee.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">(b) &#160; The redeemable noncontrolling interest in Reach Media is measured at fair value using a discounted cash flow methodology.&#160;A third-party valuation firm assisted the Company in estimating the fair value.&#160;Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif ">&#160;</div><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>There were no transfers in or out of Level 1, 2, or 3 during the three months ended March 31, 2017. The following table presents the changes in Level 3 liabilities measured at fair value on a recurring basis for the three months ended March 31, 2017:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; MARGIN: 0in; WIDTH: 88%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Employment</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Redeemable</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Agreement</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Noncontrolling</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Award</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Interests</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div>(In&#160;thousands)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Balance at December 31, 2016</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>26,965</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>12,410</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Net loss attributable to noncontrolling interests</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(44)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Change in fair value</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1,041</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(745)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Balance at March 31, 2017</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>28,006</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>11,621</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>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</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(1,041)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="BACKGROUND: transparent; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Losses included in earnings were recorded in the consolidated statements of operations as corporate selling, general and administrative expenses for the three months ended</font> <font style="FONT-SIZE: 10pt">March 31, 2017 and 2016<font style="BACKGROUND: transparent">.</font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="20%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="20%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>As&#160;of</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>As&#160;of</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="20%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="20%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>March&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>December</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="20%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="20%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2017</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>31,&#160;2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="20%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="20%"> <div>Significant</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="20%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="20%"> <div>Unobservable</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div>Significant&#160;Unobservable</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"> <div>Level&#160;3&#160;liabilities</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="20%"> <div>Valuation&#160;Technique</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="20%"> <div>Inputs</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div>Input&#160;Value</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="33%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="20%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="20%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="33%"> <div>Employment agreement award</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="20%"> <div>Discounted Cash Flow</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="20%"> <div>Discount Rate</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>11.0</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>11.0</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="33%"> <div>Employment agreement award</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="20%"> <div>Discounted Cash Flow</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="20%"> <div>Long-term Growth Rate</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>2.5</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>2.5</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="33%"> <div>Redeemable noncontrolling interest</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="20%"> <div>Discounted Cash Flow</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="20%"> <div>Discount Rate</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>10.5</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>10.5</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="33%"> <div>Redeemable noncontrolling interest</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="20%"> <div>Discounted Cash Flow</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="20%"> <div>Long-term Growth Rate</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1.0</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1.0</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>% <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font></div> </td> </tr> </table> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Any significant increases or decreases in discount rate or long-term growth rate inputs could result in significantly higher or lower fair value measurements.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="BACKGROUND: transparent; FONT-SIZE: 10pt">Certain assets and liabilities are measured at fair value on a non-recurring basis using Level 3 inputs as defined in ASC 820.&#160;&#160;These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances.&#160;&#160;Included in this category are goodwill, radio broadcasting licenses and other intangible assets, net, that are written down to fair value when they are determined to be impaired, as well as content assets that are periodically written down to net realizable value. The Company concluded these assets were not impaired during the three months ended March 31, 2017, and</font> <font style="FONT-SIZE: 10pt">March 31, 2016<font style="BACKGROUND: transparent">, and, therefore, were reported at carrying value.&#160;</font></font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"></td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <strong><i><font style="FONT-SIZE: 10pt"> (i)</font></i></strong></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt">Impact of Recently Issued Accounting Pronouncements</font></i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.25in"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In May 2014, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) 2014-09, &#8220;<i>Revenue from Contracts with Customers</i>&#8221; (&#8220;ASU 2014-09&#8221;), which supersedes the revenue recognition requirements in ASC 605, &#8220;<i>Revenue Recognition</i>&#8221; and most industry-specific guidance throughout the codification. The standard requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. On July 9, 2015, the FASB voted and approved a deferral of the effective date of ASU 2014-09 by one year. As a result, ASU 2014-09 will be effective for fiscal years beginning after December 15, 2017, with early adoption permitted, but not prior to the original effective date of annual periods beginning after December 15, 2016. The Company has not yet completed its assessment of the impact of the new standard, including possible transition alternatives, on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-08, &#8220;<i>Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)</i>&#8221; (&#8220;ASU 2016-08&#8221;). The amendments in ASU 2016-08 clarify the implementation guidance on principal versus agent considerations. ASU 2016-08 is effective for the Company for annual and interim reporting periods beginning July 1, 2018. The Company is currently evaluating the impact ASU 2016-08 will have on its consolidated financial statements. In April 2016, the FASB issued ASU 2016-10, &#8220;<i>Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing</i>&#8221; (&#8220;ASU 2016-10&#8221;). ASU 2016-10 clarifies the implementation guidance on identifying performance obligations. In May 2016, the FASB issued ASU 2016-11, &#8220;<i>Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March&#160;3, 2016 EITF Meeting</i>&#8221; (&#8220;ASU 2016-11&#8221;) and ASU 2016-12, &#8220;<i>Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients</i>&#8221; (&#8220;ASU 2016-12&#8221;). ASU 2016-11 and ASU 2016-12 provide additional clarification and implementation guidance on the previously issued ASU 2014-09. In December 2016, the FASB issued ASU 2016-20, &#8220;<i>Technical Corrections and Improvements to Topic 606, Revenue from Contracts with</i> Customers&#8221; (&#8220;ASU 2016-20&#8221;) which affects thirteen narrow aspects of the guidance. The Company is currently evaluating the impact ASU 2016-10, ASU 2016-11, ASU 2016-12 and ASU 2016-20 will have on its consolidated financial statements. At this time, the Company continues to assess and determine data and process requirements necessary to quantify the impacts of this standard as well as to develop and provide the enhanced disclosures required by the new guidance.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In August 2014, the FASB issued ASU 2014-15, &#8220;<i>Disclosure of Uncertainties about an Entity&#8217;s Ability to Continue as a Going Concern</i>&#8221; (&#8220;ASU 2014-15&#8221;) which requires the Company to assess its ability to continue as a going concern each interim and annual reporting period and provide certain disclosures if there is substantial doubt about our ability to continue as a going concern. The Company adopted ASU 2014-15 during the fourth quarter of 2016 and the standard did not have an impact on our consolidated financial statements.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In April 2015, the FASB issued ASU 2015-03, &#8220;<i>Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs</i>&#8221; (&#8220;ASU 2015-03&#8221;). ASU 2015-03 aims to simplify the presentation of debt issuance costs by requiring debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Prior to ASU 2015-03, debt issuance costs were presented as a deferred charge under GAAP. ASU 2015-03 is effective for fiscal years beginning after December 15, 2015, and is to be applied retrospectively, with early adoption permitted. The Company early adopted ASU 2015-03 during the year ended December 31, 2015, resulting in approximately $7.4 million of net debt issuance costs presented as a direct reduction to the Company&#8217;s long-term debt in the consolidated balance sheet as of December 31, 2015. In August 2015, the FASB issued ASU 2015-15, &#8220;<i>Interest - Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements</i>&#8221; (&#8220;ASU 2015-15&#8221;), which allows companies to continue to defer and present debt issuance costs as an asset that is amortized ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Company adopted ASU 2015-15 on January 1, 2016, and capitalized $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">421,000</font> of debt issuance costs for the year ended December 31, 2016, associated with its new line of credit arrangement.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt"> </font></i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In February 2016, the FASB issued ASU 2016-02, &#8220;<i>Leases (Topic 842)</i>&#8221; (&#8220;ASU 2016-02&#8221;), which is a new lease standard that amends lease accounting. ASU 2016-02 will require lessees to recognize a lease asset and lease liability for leases classified as operating leases. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company has not yet completed its assessment of the impact of the new standard on its consolidated financial statements.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In March 2016, the FASB issued ASU 2016-09, &#8220;<i>Compensation - Stock Compensation (Topic 718)</i>&#8221; (&#8220;ASU 2016-09&#8221;), which relates to the accounting for employee share-based payments. This standard provides updated guidance for the accounting for certain aspects of share-based payment awards to employees, including the accounting for income taxes, forfeitures, statutory tax withholding requirements and the classification on the statement of cash flows. This standard will be effective for interim and annual reporting periods after December 15, 2016, including interim periods within those fiscal years, with early adoption permitted. As early adoption is permitted, the Company adopted ASU 2016-09 during the fourth quarter of 2016. Under ASU 2016-09, the Company classifies the excess income tax benefits from stock-based compensation arrangements within income tax expense, rather than recognizing such excess income tax benefits in additional paid-in capital. In addition, when the Company withholds shares to satisfy income tax withholding obligations, the payment is classified as a financing activity on the statement of cash flows. The Company continues to estimate the number of stock-based awards expected to vest, as permitted by ASU 2016-09, rather than electing to account for forfeitures as they occur.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In June 2016, the FASB issued ASU 2016-13, &#8220;<i>Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments</i>&#8221; (&#8220;ASU 2016-13&#8221;). ASU 2016-13 is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This standard will be effective for interim and annual reporting periods after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted for annual periods after December 15, 2018. The Company has not yet completed its assessment of the impact of the new standard on its consolidated financial statements.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In August 2016, the FASB issued ASU 2016-15, &#8220;<i>Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (A Consensus of the Emerging Issues Task Force)</i>&#8221; (&#8220;ASU 2016-15&#8221;). ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. This standard will be effective for interim and annual reporting periods after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. The Company has not yet completed its assessment of the impact of the new standard on its consolidated financial statements.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In November 2016, the FASB issued ASU 2016-18, &#8220;<i>Restricted Cash</i>&#8221; (&#8220;ASU 2016-18&#8221;). ASU 2016-18 is intended to add and clarify guidance on the classification and presentation of restricted cash in the statement of cash flows. This standard will be effective for interim and annual reporting periods after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. The Company early adopted the provisions of ASU 2016-18 during the fourth quarter of 2016. The adoption of the guidance did not have impact on prior reporting periods.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In January 2017, the FASB issued ASU 2017-04, &#8220;<i>Intangibles &#150; Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment</i>&#8221; (&#8220;ASU 2017-04&#8221;). ASU 2017-04 is intended to simplify the accounting for goodwill impairment. The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. This standard will be effective for interim and annual goodwill impairment tests after December 15, 2019, with early adoption permitted on testing dates after January 1, 2017. The Company has not yet completed its assessment of the impact of the new standard on its consolidated financial statements.</font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"> <strong><i><font style="FONT-SIZE: 10pt"> &#160;</font></i></strong></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"></td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <strong><i><font style="FONT-SIZE: 10pt"> (j)</font></i></strong></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt"> Redeemable noncontrolling interest</font></i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="BACKGROUND: transparent; FONT-SIZE: 10pt">Redeemable noncontrolling interests are interests in subsidiaries that are redeemable outside of the Company&#8217;s control either for cash or other assets. These interests are classified as mezzanine equity and measured at the greater of estimated redemption value at the end of each reporting period or the historical cost basis of the noncontrolling interests adjusted for cumulative earnings allocations.&#160;&#160;The resulting increases or decreases in the estimated redemption amount are affected by corresponding charges against retained earnings, or in the absence of retained earnings, additional paid-in-capital.</font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"></td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <strong><i><font style="FONT-SIZE: 10pt"> (k)</font></i></strong></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt"> Investments &#150; Cost Method</font></i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"> <strong><i><font style="FONT-SIZE: 10pt"> &#160;</font></i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">On April 10, 2015, the Company made an initial minimum investment of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5</font> million in MGM&#8217;s world-class casino property, MGM National Harbor, under an agreement to invest up to $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">40</font> million. The project is&#160;located in Prince George&#8217;s County, Maryland, which has a predominately African-American demographic profile. On November 30, 2016, the Company contributed an additional $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">35</font> million to complete its investment. This investment further diversifies our platform in the entertainment industry. We accounted for this investment on a cost basis. <font style="BACKGROUND: transparent">Our</font> MGM National Harbor <font style="BACKGROUND: transparent">investment entitles us to an annual cash distribution based on net gaming revenue.</font> Our MGM investment is included in other assets on the consolidated balance sheets and its income is recorded in other income on the consolidated statements of operations.</font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-SIZE: 10pt">&#160;</font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"></td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <strong><i><font style="FONT-SIZE: 10pt"> (l)</font></i></strong></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt">Content Assets</font></i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"> <strong><i><font style="FONT-SIZE: 10pt"> &#160;</font></i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">TV One has entered into contracts to acquire entertainment programming rights and programs from distributors and producers. The license periods granted in these contracts generally run from one year to ten years. Contract payments are made in installments over terms that are generally shorter than the contract period. Each contract is recorded as an asset and a liability at an amount equal to its gross contractual commitment when the license period begins and the program is available for its first airing. Acquired content is generally amortized on a straight-line method over the term of the license which reflects the estimated usage. For certain content for which the pattern of usage is accelerated, amortization is based upon the actual usage.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company also has programming for which the Company has engaged third parties to develop and produce, and it owns most or all rights (commissioned programming). Content amortization expense for each period is recognized based on the revenue forecast model, which approximates the proportion that estimated advertising and affiliate revenues for the current period represent in relation to the estimated remaining total lifetime revenues.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Acquired program rights are recorded at the lower of unamortized cost or estimated net realizable value. Estimated net realizable values are based on the estimated revenues associated with the program materials and related expenses. The Company did not record any additional amortization expense as a result of evaluating its contracts for recoverability for the three months ended March 31, 2017, and recorded an impairment and additional amortization expense of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.9</font> million as a result of evaluating its contracts for recoverability for the three months ended March 31, 2016. All produced and licensed content is classified as a long-term asset, except for the portion of the unamortized content balance that is expected to be amortized within one year which is classified as a current asset.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Tax incentives state and local governments offer that are directly measured based on production activities are recorded as reductions in production costs.</font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <strong><i><font style="FONT-SIZE: 10pt"> (m)</font></i></strong></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt"> Derivatives</font></i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company recognizes all derivatives at fair value in the consolidated balance sheet as either an asset or liability. The accounting for changes in the fair value of a derivative, including certain derivative instruments embedded in other contracts, depends on the intended use of the derivative and the resulting designation.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company has accounted for the Employment Agreement Award as a derivative instrument in accordance with ASC 815, <i>&#8220;Derivatives and Hedging.&#8221;</i> The Company estimated the fair value of the award at March 31, 2017, and December 31, 2016, to be approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">28.0</font> million and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">27.0</font> million, respectively, and accordingly, adjusted its liability to this amount. The long-term portion is recorded in other long-term liabilities and the current portion is recorded in other current liabilities in the consolidated balance sheets. The expense associated with the Employment Agreement Award was recorded in the consolidated statements of operations as corporate selling, general and administrative expenses and was approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.0</font> million and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2.3</font> million for the <font style="BACKGROUND: transparent">quarters ended March 31, 2017 and 2016, respectively</font>.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company&#8217;s obligation to pay the Employment Agreement Award was triggered after the Company&#8217;s recovery of the aggregate amount of its capital contribution in TV One before the buyout of its partner and payment is required only upon actual receipt of distributions of cash or marketable securities or proceeds from a liquidity event with respect to such invested amount. The CEO was fully vested in the award upon execution of the Employment Agreement, and the award&#160;lapses if the CEO voluntarily leaves the Company, or is terminated for cause. The Compensation Committee of the Board of Directors of the Company has approved terms for a new employment agreement with the CEO, including a renewal of the Employment Agreement Award upon similar terms as in the prior Employment Agreement. While a new Employment Agreement has not been executed as of the date of this report, the CEO is being compensated according to the new terms approved by the Compensation Committee.</font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"></td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <strong><i><font style="FONT-SIZE: 10pt"> (n)</font></i></strong></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt">Related Party Transactions</font></i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Reach Media operates the Tom Joyner Fantastic Voyage, a fundraising event for the Tom Joyner Foundation, Inc. (the &#8220;Foundation&#8221;), a 501(c)(3) entity. The terms of the agreement are that Reach Media provides all necessary operations for the Fantastic Voyage, that the Foundation reimburse the Company for all related expenses, and that the Foundation pay a fee plus a performance bonus to Reach Media. <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>The fee is up to the first $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.0</font> million after the Fantastic Voyage nets $250,000 to the Foundation. The balance of any operating income is earned by the Foundation less a performance bonus of 50% to Reach Media of any excess over $1.25 million.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> Reach Media&#8217;s earnings for the Fantastic Voyage may not exceed $1.7 million. The Foundation&#8217;s remittances to Reach Media under the agreement are limited to its Fantastic&#160;Voyage-related cash revenues; Reach Media bears the risk should the Fantastic Voyage sustain a loss and bears all credit risk associated with the related customer cabin sales. As of March 31, 2017 and December&#160;31,&#160;2016, the Foundation owed Reach Media approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2.3</font> million and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">426,000</font>, respectively under the agreement, for operations on the future cruises.</font></div> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Reach Media provides office facilities (including office space, telecommunications facilities, and office equipment) to the Foundation, and to Tom Joyner, LTD. (&#8220;Limited&#8221;), Tom Joyner&#8217;s production company. Such services are provided to the Foundation and to Limited on a pass-through basis at cost. Additionally, from time to time, the Foundation and Limited reimburse Reach Media for expenditures paid on their behalf at Reach Media related events. Under these arrangements, as of March 31, 2017, the Foundation and Limited owed $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">14,000</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2,000</font> to Reach Media, respectively. As of December 31, 2016, the Foundation and Limited owed $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3,000</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">11,000</font> to Reach Media, respectively.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></font></div> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"></div> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <strong><i><font style="FONT-SIZE: 10pt"> (a)</font></i></strong></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt"> Organization</font></i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.25in" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Urban One, Inc. (a Delaware corporation referred to as &#8220;Urban One&#8221;) and its subsidiaries (collectively, the &#8220;Company&#8221;) is an urban-oriented, multi-media company that primarily targets African-American and urban consumers. Our core business is our radio broadcasting franchise that is the largest radio broadcasting operation that primarily targets African-American and urban listeners. As of March 31, 2017, we owned and/or operated 55&#160;broadcast stations located in 15 urban markets in the United States.&#160;&#160;While our primary source of revenue is the sale of local and national advertising for broadcast on our radio stations, our strategy is to operate as the premier multi-media entertainment and information content provider targeting African-American and urban consumers. Thus, we have diversified our revenue streams by making acquisitions and investments in other complementary media properties. Our diverse media and entertainment interests include our ownership interest of TV One, LLC (&#8220;TV One&#8221;), an African-American targeted cable television network; our <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 80.0</font>% ownership interest in Reach Media, Inc. (&#8220;Reach Media&#8221;) which operates the Tom Joyner Morning Show and our other syndicated programming assets, including the Rickey Smiley Morning Show, the Russ Parr Morning Show and the DL Hughley Show; and our ownership of Interactive One, LLC (&#8220;Interactive One&#8221;), our wholly owned online platform serving the African-American community through social content, news, information, and entertainment websites, including Global Grind, News One, TheUrbanDaily and HelloBeautiful, and online social networking websites, including BlackPlanet and MiGente. Most recently, we invested in a minority ownership interest in MGM National Harbor, a gaming resort located in Prince George&#8217;s County, Maryland. Through our national multi-media operations, we provide advertisers with a unique and powerful delivery mechanism to the African-American and urban audiences.</font></div> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Effective May 5, 2017, the Company changed its corporate name from &#8220;Radio One, Inc.&#8221; to &#8220;Urban One, Inc.&#8221; to have a name more reflective of our multi-media business operations.&#160; Our core radio broadcasting franchise will continue to operate under the brand &#8220;Radio One.&#8221;&#160; We will also retain our other brands, such as TV One, Reach Media and Interactive One, while developing additional branding reflective of our diverse media operations and targeting our African-American and urban audiences.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 15.4pt; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">As part of our consolidated financial statements, consistent with our financial reporting structure and how the Company currently manages its businesses, we have provided selected financial information on the Company&#8217;s four reportable segments: (i) radio broadcasting; (ii) Reach Media; (iii) digital; and (iv) cable television. (See Note 7 &#150; <i>Segment Information</i>.)</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"></div> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <strong><i><font style="FONT-SIZE: 10pt"> (b)</font></i></strong></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt">Interim Financial Statements</font></i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="BACKGROUND: transparent; FONT-SIZE: 10pt">The interim consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (&#8220;SEC&#8221;). In management&#8217;s opinion, the interim financial data presented herein include all adjustments (which include only normal recurring adjustments) necessary for a fair presentation. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States (&#8220;GAAP&#8221;) have been condensed or omitted pursuant to such rules and regulations.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="BACKGROUND: transparent; FONT-SIZE: 10pt">Results for interim periods are not necessarily indicative of results to be expected for the full year. This Form&#160;10-Q should be read in conjunction with the financial statements and notes thereto included in the Company&#8217;s 2016 Annual Report on Form&#160;10-K.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"></div> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <strong><i><font style="FONT-SIZE: 10pt"> (c)</font></i></strong></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt">Financial Instruments</font></i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="FONT-SIZE: 10pt">Financial instruments as of March 31, 2017, and December 31, 2016, consisted of cash and cash equivalents, investments, trade accounts receivable, long-term debt and redeemable noncontrolling interests. The carrying amounts approximated fair value for each of these financial instruments as of March 31, 2017, and December 31, 2016, except for the Company&#8217;s outstanding senior subordinated notes and secured notes. The <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 9.25</font>% Senior Subordinated Notes which are due in February 2020 (the &#8220;2020 Notes&#8221;) had a carrying value of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">315.0</font></font> million as of each of March 31, 2017 and December 31, 2016, and fair value of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">305.6</font> million and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">283.5</font> million as of March 31, 2017, and December 31, 2016, respectively. The fair values of the 2020 Notes, classified as Level 2 instruments, were determined based on the trading&#160;values of&#160;these instruments in an inactive market as of the reporting date. The <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 7.375</font>% Senior Secured Notes that are due in March 2022 (the &#8220;2022 Notes&#8221;) had a carrying value of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">350.0</font></font> million as of each of March 31, 2017 and December 31, 2016, and fair value of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">365.8</font> million and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">344.8</font> million as of March 31, 2017, and December 31, 2016, respectively. The fair values of the 2022 Notes, classified as Level 2 instruments, were determined based on the trading&#160;values of&#160;these instruments in an inactive market as of the reporting date. The $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">350.0</font> million senior secured credit facility (the &#8220;2015 Credit Facility) had a carrying value of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">343.9</font> million and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">344.8</font> million as of March 31, 2017, and December 31, 2016, respectively, and fair value of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">346.5</font> million and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">346.5</font> million as of March 31, 2017, and December 31, 2016, respectively. The fair values of the 2015 Credit Facility, classified as Level 2 instruments, were determined based on the trading values of these instruments in an inactive market as of the reporting date. The senior unsecured promissory note in the aggregate principal amount of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">11.9</font></font> million (the &#8220;Comcast Note&#8221;) had a carrying value of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">11.9</font> million as of March 31, 2017, and as of December 31, 2016. The fair value of the Comcast Note was approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">11.9</font> million as of March 31, 2017 and December 31, 2016. The fair value of the Comcast Note, classified as a Level 3 instrument, was determined based on the fair value of a similar instrument as of the reporting date using updated interest rate information derived from changes in interest rates since inception to the reporting date. See Note 9&#150; <i>Subsequent Events</i>.</font></div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"></div> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <strong><i><font style="FONT-SIZE: 10pt"> (d)</font></i></strong></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt">Revenue Recognition</font></i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Within our radio broadcasting and Reach Media segments, the Company recognizes revenue for broadcast advertising when a commercial is broadcast, and the revenue is reported net of agency and outside sales representative commissions, in accordance with&#160;Accounting Standards Codification (&#8220;ASC&#8221;) 605, &#8220;<i>Revenue Recognition</i>.&#8221;&#160;&#160;Agency and outside sales representative commissions are calculated based on a stated percentage applied to gross billing. Generally, clients remit the gross billing amount to the agency or outside sales representative, and the agency or outside sales representative remits the gross billing, less their commission, to the Company. For our radio broadcasting and Reach Media segments, agency and outside sales representative commissions were approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5.7</font>&#160;million and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">6.3</font>&#160;million for the three months ended March 31, 2017 and 2016, respectively.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Within our digital segment, including Interactive One, which generates the majority of the Company&#8217;s digital revenue, revenue is principally derived from advertising services on non-radio station branded but Company-owned websites. Advertising services include the sale of banner and sponsorship advertisements.&#160;&#160;Advertising revenue is recognized either as impressions (the number of times advertisements appear in viewed pages) are delivered, when &#8220;click through&#8221; purchases are made, or ratably over the contract period, where applicable. In addition, Interactive One derives revenue from its studio operations, in which it provides third-party clients with publishing services including digital platforms and expertise.&#160; In the case of the studio operations, revenue is recognized primarily through fixed contractual monthly fees and/or as a share of the third party&#8217;s reported revenue.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">TV One derives advertising revenue from the sale of television air time to advertisers and recognizes revenue when the advertisements are run. TV One also derives revenue from affiliate fees under the terms of various affiliation agreements based on a per subscriber fee multiplied by the most recent subscriber counts reported by the applicable affiliate. For our cable television segment, agency and outside sales representative commissions were approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3.9</font> million and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">4.2</font> million for the three months ended March 31, 2017 and 2016, respectively.</font></div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"></div> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <strong><i><font style="FONT-SIZE: 10pt"> (e)</font></i></strong></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt">Launch Support</font></i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"> <strong><i><font style="FONT-SIZE: 10pt"> &#160;</font></i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">TV One has entered into certain affiliate agreements requiring various payments by TV One for launch support. Launch support assets are used to initiate carriage under affiliation agreements and are amortized over the term of the respective contracts. Amortization is recorded as a reduction to revenue. TV One did not pay any launch support for carriage initiation during the three months ended March 31, 2017 or March 31, 2016. The weighted-average amortization period for launch support is approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 9.4</font> years at each of March 31, 2017 and December 31, 2016. The remaining weighted-average amortization period for launch support is <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 7.8</font> years and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 8.0</font> years as of March 31, 2017, and December 31, 2016, respectively. For the three month periods ended March 31, 2017, and 2016, launch support asset amortization of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">51,000</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">20,000</font>, respectively, was recorded as a reduction of revenue. Launch support assets are included in other intangible assets on the consolidated balance sheets.</font></div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"></div> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <strong><i><font style="FONT-SIZE: 10pt"> (f)</font></i></strong></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt">Barter Transactions</font></i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="BACKGROUND: transparent; FONT-SIZE: 10pt">For barter transactions, the Company provides advertising time in exchange for programming content and certain services and accounts for these exchanges in accordance with ASC 605, &#8220;<i>Revenue Recognition</i>.&#8221; The Company includes the value of such exchanges in both broadcasting net revenue and station operating expenses. The valuation of barter time is based upon the fair value of the network advertising time provided for the programming content and services received.</font> <font style="FONT-SIZE: 10pt">For the three months ended March 31, 2017 and 2016, barter transaction revenues were $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">501,000</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">608,000</font>, respectively. Additionally, for the three months ended March 31, 2017 and 2016, barter transaction costs were reflected in programming and technical expenses of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">460,000</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">567,000</font>, respectively, and selling, general and administrative expenses of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">41,000</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">41,000</font>, respectively.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"> </div> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <strong><i><font style="FONT-SIZE: 10pt"> (g)</font></i></strong></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt">Earnings Per Share</font></i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="BACKGROUND: transparent; FONT-SIZE: 10pt">Basic earnings per share is computed on the basis of the weighted average number of shares of common stock (Classes A, B, C and D) outstanding during the period. Diluted earnings per share is computed on the basis of the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method.&#160;&#160;The Company&#8217;s potentially dilutive securities include stock options and unvested restricted stock. Diluted earnings per share considers the impact of potentially dilutive securities except in periods in which there is a net loss, as the inclusion of the potentially dilutive common shares would have an anti-dilutive effect.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>The following table sets forth the calculation of basic and diluted earnings per share from continuing operations (in thousands, except share and per share data):</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in; WIDTH: 94%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="25%" colspan="5"> <div>Three&#160;Months&#160;Ended&#160;March&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>2017</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="25%" colspan="5"> <div>(Unaudited)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>Numerator:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>Net loss attributable to common stockholders</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>(2,313)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>(3,947)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>Denominator:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="11%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="11%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>Denominator for basic net loss per share&#160;- weighted-average outstanding shares</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>47,965,189</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>48,664,524</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>Effect of dilutive securities:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>Stock options and restricted stock</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: symbol; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: symbol; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>Denominator for diluted net loss per share&#160;- weighted-average outstanding shares</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"> <div>47,965,189</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"> <div>48,664,524</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="11%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="11%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>Net loss attributable to common stockholders per share &#150;basic and diluted</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>(0.05)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>(0.08)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>All stock options and restricted stock awards were excluded from the diluted calculation for the three months ended March 31, 2017 and 2016, as their inclusion would have been anti-dilutive.&#160; The following table summarizes the potential common shares excluded from the diluted calculation.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">&#160;</font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="27%" colspan="5"> <div>Three&#160;Months</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="27%" colspan="5"> <div>Ended&#160;March&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>2017</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="26%" colspan="4"> <div>(Unaudited)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="26%" colspan="4"> <div>(In&#160;thousands)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Stock options</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>3,600</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>3,656</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Restricted stock&#160;awards</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="12%"> <div>364</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="12%"> <div>1,021</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> </div> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <strong><i><font style="FONT-SIZE: 10pt"> (h)</font></i></strong></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt">Fair Value Measurements</font></i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="BACKGROUND: transparent; FONT-SIZE: 10pt">We report our financial and non-financial assets and liabilities measured at fair value on a recurring and non-recurring basis under the provisions of ASC 820, <i>&#8220;Fair Value Measurements and Disclosures.&#8221;</i> ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="BACKGROUND: transparent; FONT-SIZE: 10pt">The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.5in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><i><font style="FONT-SIZE: 10pt">Level 1</font></i><font style="FONT-SIZE: 10pt">: Inputs are unadjusted quoted prices in active markets for identical assets and liabilities that can be accessed at measurement date.</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.5in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><i><font style="FONT-SIZE: 10pt">Level 2</font></i><font style="FONT-SIZE: 10pt">: Observable inputs other than those included in Level 1 (i.e., quoted prices for similar assets or liabilities in&#160;active markets or quoted prices for identical assets or liabilities in inactive markets).</font></div> </td> </tr> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> </td> </tr> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><i><font style="FONT-SIZE: 10pt">Level 3</font></i><font style="FONT-SIZE: 10pt">: Unobservable inputs reflecting management&#8217;s own assumptions about the inputs used in pricing the asset or liability.</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">A financial instrument&#8217;s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value instrument.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>As of March 31, 2017, and December 31, 2016, the fair values of our financial assets and liabilities measured at fair value on a recurring basis are categorized as follows:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Total</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Level&#160;1</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Level&#160;2</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Level&#160;3</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="47%" colspan="11"> <div>(Unaudited)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="47%" colspan="11"> <div>(In&#160;thousands)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"> <div>As of March 31, 2017</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Liabilities subject to fair value measurement:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Employment agreement award (a)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>28,006</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>28,006</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Mezzanine equity subject to fair value measurement:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Redeemable noncontrolling interests (b)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>11,621</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>11,621</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"> <div>As of December 31, 2016</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Liabilities subject to fair value measurement:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Employment agreement award (a)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>26,965</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>26,965</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Mezzanine equity subject to fair value measurement:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Redeemable noncontrolling interests (b)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>12,410</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>12,410</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">(a) &#160; Pursuant to an employment agreement (the &#8220;Employment Agreement&#8221;) executed in April 2008, the Chief Executive Officer (&#8220;CEO&#8221;) was eligible to receive an award (the &#8220;Employment Agreement Award&#8221;) amount equal to approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">4</font>% of any proceeds from distributions or other liquidity events in excess of the return of the Company&#8217;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 (based on the estimated enterprise fair value of TV One as determined by a discounted cash flow analysis)<i>,</i> and an assessment of the probability that the Employment Agreement will be renewed and contain this provision. There are probability factors included in the calculation of the award related to the likelihood that the award will be realized. The Company&#8217;s obligation to pay the award was triggered after the Company&#8217;s recovery of the aggregate amount of our pre-Comcast Buyout capital contribution in TV One, and payment is required only upon actual receipt of distributions of cash or marketable securities or proceeds from a liquidity event with respect to such invested amount. The CEO was fully vested in the award upon execution of the Employment Agreement, and the award&#160;lapses if the CEO voluntarily leaves the Company or is terminated for cause. A third-party valuation firm assisted the Company in estimating TV One&#8217;s fair value using the discounted cash flow analysis. Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value. The Compensation Committee of the Board of Directors of the Company approved terms for a new employment agreement with the CEO, including a renewal of the Employment Agreement Award upon similar terms as in the prior Employment Agreement. While a new employment agreement has not been executed as of the date of this report, the CEO is being compensated according to the new terms approved by the Compensation Committee.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">(b) &#160; The redeemable noncontrolling interest in Reach Media is measured at fair value using a discounted cash flow methodology.&#160;A third-party valuation firm assisted the Company in estimating the fair value.&#160;Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif ">&#160;</div><div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>There were no transfers in or out of Level 1, 2, or 3 during the three months ended March 31, 2017. The following table presents the changes in Level 3 liabilities measured at fair value on a recurring basis for the three months ended March 31, 2017:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; MARGIN: 0in; WIDTH: 88%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Employment</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Redeemable</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Agreement</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Noncontrolling</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Award</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Interests</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div>(In&#160;thousands)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Balance at December 31, 2016</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>26,965</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>12,410</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Net loss attributable to noncontrolling interests</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(44)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Change in fair value</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1,041</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(745)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Balance at March 31, 2017</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>28,006</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>11,621</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>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</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(1,041)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="BACKGROUND: transparent; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Losses included in earnings were recorded in the consolidated statements of operations as corporate selling, general and administrative expenses for the three months ended</font> <font style="FONT-SIZE: 10pt">March 31, 2017 and 2016<font style="BACKGROUND: transparent">.</font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="20%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="20%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>As&#160;of</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>As&#160;of</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="20%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="20%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>March&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>December</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="20%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="20%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2017</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>31,&#160;2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="20%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="20%"> <div>Significant</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="20%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="20%"> <div>Unobservable</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div>Significant&#160;Unobservable</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"> <div>Level&#160;3&#160;liabilities</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="20%"> <div>Valuation&#160;Technique</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="20%"> <div>Inputs</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div>Input&#160;Value</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="33%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="20%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="20%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="33%"> <div>Employment agreement award</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="20%"> <div>Discounted Cash Flow</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="20%"> <div>Discount Rate</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>11.0</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>11.0</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="33%"> <div>Employment agreement award</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="20%"> <div>Discounted Cash Flow</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="20%"> <div>Long-term Growth Rate</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>2.5</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>2.5</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="33%"> <div>Redeemable noncontrolling interest</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="20%"> <div>Discounted Cash Flow</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="20%"> <div>Discount Rate</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>10.5</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>10.5</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="33%"> <div>Redeemable noncontrolling interest</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="20%"> <div>Discounted Cash Flow</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="20%"> <div>Long-term Growth Rate</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1.0</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1.0</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>% <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font></div> </td> </tr> </table> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Any significant increases or decreases in discount rate or long-term growth rate inputs could result in significantly higher or lower fair value measurements.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="BACKGROUND: transparent; FONT-SIZE: 10pt">Certain assets and liabilities are measured at fair value on a non-recurring basis using Level 3 inputs as defined in ASC 820.&#160;&#160;These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances.&#160;&#160;Included in this category are goodwill, radio broadcasting licenses and other intangible assets, net, that are written down to fair value when they are determined to be impaired, as well as content assets that are periodically written down to net realizable value. The Company concluded these assets were not impaired during the three months ended March 31, 2017, and</font> <font style="FONT-SIZE: 10pt">March 31, 2016<font style="BACKGROUND: transparent">, and, therefore, were reported at carrying value.&#160;</font></font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"></div> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"></td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <strong><i><font style="FONT-SIZE: 10pt"> (i)</font></i></strong></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt">Impact of Recently Issued Accounting Pronouncements</font></i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.25in"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In May 2014, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) 2014-09, &#8220;<i>Revenue from Contracts with Customers</i>&#8221; (&#8220;ASU 2014-09&#8221;), which supersedes the revenue recognition requirements in ASC 605, &#8220;<i>Revenue Recognition</i>&#8221; and most industry-specific guidance throughout the codification. The standard requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. On July 9, 2015, the FASB voted and approved a deferral of the effective date of ASU 2014-09 by one year. As a result, ASU 2014-09 will be effective for fiscal years beginning after December 15, 2017, with early adoption permitted, but not prior to the original effective date of annual periods beginning after December 15, 2016. The Company has not yet completed its assessment of the impact of the new standard, including possible transition alternatives, on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-08, &#8220;<i>Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)</i>&#8221; (&#8220;ASU 2016-08&#8221;). The amendments in ASU 2016-08 clarify the implementation guidance on principal versus agent considerations. ASU 2016-08 is effective for the Company for annual and interim reporting periods beginning July 1, 2018. The Company is currently evaluating the impact ASU 2016-08 will have on its consolidated financial statements. In April 2016, the FASB issued ASU 2016-10, &#8220;<i>Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing</i>&#8221; (&#8220;ASU 2016-10&#8221;). ASU 2016-10 clarifies the implementation guidance on identifying performance obligations. In May 2016, the FASB issued ASU 2016-11, &#8220;<i>Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March&#160;3, 2016 EITF Meeting</i>&#8221; (&#8220;ASU 2016-11&#8221;) and ASU 2016-12, &#8220;<i>Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients</i>&#8221; (&#8220;ASU 2016-12&#8221;). ASU 2016-11 and ASU 2016-12 provide additional clarification and implementation guidance on the previously issued ASU 2014-09. In December 2016, the FASB issued ASU 2016-20, &#8220;<i>Technical Corrections and Improvements to Topic 606, Revenue from Contracts with</i> Customers&#8221; (&#8220;ASU 2016-20&#8221;) which affects thirteen narrow aspects of the guidance. The Company is currently evaluating the impact ASU 2016-10, ASU 2016-11, ASU 2016-12 and ASU 2016-20 will have on its consolidated financial statements. At this time, the Company continues to assess and determine data and process requirements necessary to quantify the impacts of this standard as well as to develop and provide the enhanced disclosures required by the new guidance.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In August 2014, the FASB issued ASU 2014-15, &#8220;<i>Disclosure of Uncertainties about an Entity&#8217;s Ability to Continue as a Going Concern</i>&#8221; (&#8220;ASU 2014-15&#8221;) which requires the Company to assess its ability to continue as a going concern each interim and annual reporting period and provide certain disclosures if there is substantial doubt about our ability to continue as a going concern. The Company adopted ASU 2014-15 during the fourth quarter of 2016 and the standard did not have an impact on our consolidated financial statements.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In April 2015, the FASB issued ASU 2015-03, &#8220;<i>Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs</i>&#8221; (&#8220;ASU 2015-03&#8221;). ASU 2015-03 aims to simplify the presentation of debt issuance costs by requiring debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Prior to ASU 2015-03, debt issuance costs were presented as a deferred charge under GAAP. ASU 2015-03 is effective for fiscal years beginning after December 15, 2015, and is to be applied retrospectively, with early adoption permitted. The Company early adopted ASU 2015-03 during the year ended December 31, 2015, resulting in approximately $7.4 million of net debt issuance costs presented as a direct reduction to the Company&#8217;s long-term debt in the consolidated balance sheet as of December 31, 2015. In August 2015, the FASB issued ASU 2015-15, &#8220;<i>Interest - Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements</i>&#8221; (&#8220;ASU 2015-15&#8221;), which allows companies to continue to defer and present debt issuance costs as an asset that is amortized ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Company adopted ASU 2015-15 on January 1, 2016, and capitalized $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">421,000</font> of debt issuance costs for the year ended December 31, 2016, associated with its new line of credit arrangement.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt"> </font></i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In February 2016, the FASB issued ASU 2016-02, &#8220;<i>Leases (Topic 842)</i>&#8221; (&#8220;ASU 2016-02&#8221;), which is a new lease standard that amends lease accounting. ASU 2016-02 will require lessees to recognize a lease asset and lease liability for leases classified as operating leases. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company has not yet completed its assessment of the impact of the new standard on its consolidated financial statements.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In March 2016, the FASB issued ASU 2016-09, &#8220;<i>Compensation - Stock Compensation (Topic 718)</i>&#8221; (&#8220;ASU 2016-09&#8221;), which relates to the accounting for employee share-based payments. This standard provides updated guidance for the accounting for certain aspects of share-based payment awards to employees, including the accounting for income taxes, forfeitures, statutory tax withholding requirements and the classification on the statement of cash flows. This standard will be effective for interim and annual reporting periods after December 15, 2016, including interim periods within those fiscal years, with early adoption permitted. As early adoption is permitted, the Company adopted ASU 2016-09 during the fourth quarter of 2016. Under ASU 2016-09, the Company classifies the excess income tax benefits from stock-based compensation arrangements within income tax expense, rather than recognizing such excess income tax benefits in additional paid-in capital. In addition, when the Company withholds shares to satisfy income tax withholding obligations, the payment is classified as a financing activity on the statement of cash flows. The Company continues to estimate the number of stock-based awards expected to vest, as permitted by ASU 2016-09, rather than electing to account for forfeitures as they occur.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In June 2016, the FASB issued ASU 2016-13, &#8220;<i>Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments</i>&#8221; (&#8220;ASU 2016-13&#8221;). ASU 2016-13 is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This standard will be effective for interim and annual reporting periods after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted for annual periods after December 15, 2018. The Company has not yet completed its assessment of the impact of the new standard on its consolidated financial statements.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In August 2016, the FASB issued ASU 2016-15, &#8220;<i>Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (A Consensus of the Emerging Issues Task Force)</i>&#8221; (&#8220;ASU 2016-15&#8221;). ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. This standard will be effective for interim and annual reporting periods after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. The Company has not yet completed its assessment of the impact of the new standard on its consolidated financial statements.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In November 2016, the FASB issued ASU 2016-18, &#8220;<i>Restricted Cash</i>&#8221; (&#8220;ASU 2016-18&#8221;). ASU 2016-18 is intended to add and clarify guidance on the classification and presentation of restricted cash in the statement of cash flows. This standard will be effective for interim and annual reporting periods after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. The Company early adopted the provisions of ASU 2016-18 during the fourth quarter of 2016. The adoption of the guidance did not have impact on prior reporting periods.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In January 2017, the FASB issued ASU 2017-04, &#8220;<i>Intangibles &#150; Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment</i>&#8221; (&#8220;ASU 2017-04&#8221;). ASU 2017-04 is intended to simplify the accounting for goodwill impairment. The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. This standard will be effective for interim and annual goodwill impairment tests after December 15, 2019, with early adoption permitted on testing dates after January 1, 2017. The Company has not yet completed its assessment of the impact of the new standard on its consolidated financial statements.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"> </div> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"></td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <strong><i><font style="FONT-SIZE: 10pt"> (j)</font></i></strong></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt"> Redeemable noncontrolling interest</font></i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="BACKGROUND: transparent; FONT-SIZE: 10pt">Redeemable noncontrolling interests are interests in subsidiaries that are redeemable outside of the Company&#8217;s control either for cash or other assets. These interests are classified as mezzanine equity and measured at the greater of estimated redemption value at the end of each reporting period or the historical cost basis of the noncontrolling interests adjusted for cumulative earnings allocations.&#160;&#160;The resulting increases or decreases in the estimated redemption amount are affected by corresponding charges against retained earnings, or in the absence of retained earnings, additional paid-in-capital.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"></div> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"></td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <strong><i><font style="FONT-SIZE: 10pt"> (k)</font></i></strong></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt"> Investments &#150; Cost Method</font></i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"> <strong><i><font style="FONT-SIZE: 10pt"> &#160;</font></i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">On April 10, 2015, the Company made an initial minimum investment of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5</font> million in MGM&#8217;s world-class casino property, MGM National Harbor, under an agreement to invest up to $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">40</font> million. The project is&#160;located in Prince George&#8217;s County, Maryland, which has a predominately African-American demographic profile. On November 30, 2016, the Company contributed an additional $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">35</font> million to complete its investment. This investment further diversifies our platform in the entertainment industry. We accounted for this investment on a cost basis. <font style="BACKGROUND: transparent">Our</font> MGM National Harbor <font style="BACKGROUND: transparent">investment entitles us to an annual cash distribution based on net gaming revenue.</font> Our MGM investment is included in other assets on the consolidated balance sheets and its income is recorded in other income on the consolidated statements of operations.</font></div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"></div> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"></td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <strong><i><font style="FONT-SIZE: 10pt"> (l)</font></i></strong></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt">Content Assets</font></i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"> <strong><i><font style="FONT-SIZE: 10pt"> &#160;</font></i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">TV One has entered into contracts to acquire entertainment programming rights and programs from distributors and producers. The license periods granted in these contracts generally run from one year to ten years. Contract payments are made in installments over terms that are generally shorter than the contract period. Each contract is recorded as an asset and a liability at an amount equal to its gross contractual commitment when the license period begins and the program is available for its first airing. Acquired content is generally amortized on a straight-line method over the term of the license which reflects the estimated usage. For certain content for which the pattern of usage is accelerated, amortization is based upon the actual usage.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company also has programming for which the Company has engaged third parties to develop and produce, and it owns most or all rights (commissioned programming). Content amortization expense for each period is recognized based on the revenue forecast model, which approximates the proportion that estimated advertising and affiliate revenues for the current period represent in relation to the estimated remaining total lifetime revenues.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Acquired program rights are recorded at the lower of unamortized cost or estimated net realizable value. Estimated net realizable values are based on the estimated revenues associated with the program materials and related expenses. The Company did not record any additional amortization expense as a result of evaluating its contracts for recoverability for the three months ended March 31, 2017, and recorded an impairment and additional amortization expense of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.9</font> million as a result of evaluating its contracts for recoverability for the three months ended March 31, 2016. All produced and licensed content is classified as a long-term asset, except for the portion of the unamortized content balance that is expected to be amortized within one year which is classified as a current asset.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Tax incentives state and local governments offer that are directly measured based on production activities are recorded as reductions in production costs.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <table style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <strong><i><font style="FONT-SIZE: 10pt"> (m)</font></i></strong></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt"> Derivatives</font></i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company recognizes all derivatives at fair value in the consolidated balance sheet as either an asset or liability. The accounting for changes in the fair value of a derivative, including certain derivative instruments embedded in other contracts, depends on the intended use of the derivative and the resulting designation.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company has accounted for the Employment Agreement Award as a derivative instrument in accordance with ASC 815, <i>&#8220;Derivatives and Hedging.&#8221;</i> The Company estimated the fair value of the award at March 31, 2017, and December 31, 2016, to be approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">28.0</font> million and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">27.0</font> million, respectively, and accordingly, adjusted its liability to this amount. The long-term portion is recorded in other long-term liabilities and the current portion is recorded in other current liabilities in the consolidated balance sheets. The expense associated with the Employment Agreement Award was recorded in the consolidated statements of operations as corporate selling, general and administrative expenses and was approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.0</font> million and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2.3</font> million for the <font style="BACKGROUND: transparent">quarters ended March 31, 2017 and 2016, respectively</font>.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company&#8217;s obligation to pay the Employment Agreement Award was triggered after the Company&#8217;s recovery of the aggregate amount of its capital contribution in TV One before the buyout of its partner and payment is required only upon actual receipt of distributions of cash or marketable securities or proceeds from a liquidity event with respect to such invested amount. The CEO was fully vested in the award upon execution of the Employment Agreement, and the award&#160;lapses if the CEO voluntarily leaves the Company, or is terminated for cause. The Compensation Committee of the Board of Directors of the Company has approved terms for a new employment agreement with the CEO, including a renewal of the Employment Agreement Award upon similar terms as in the prior Employment Agreement. While a new Employment Agreement has not been executed as of the date of this report, the CEO is being compensated according to the new terms approved by the Compensation Committee.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"></div> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"></td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <strong><i><font style="FONT-SIZE: 10pt"> (n)</font></i></strong></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt">Related Party Transactions</font></i></strong></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Reach Media operates the Tom Joyner Fantastic Voyage, a fundraising event for the Tom Joyner Foundation, Inc. (the &#8220;Foundation&#8221;), a 501(c)(3) entity. The terms of the agreement are that Reach Media provides all necessary operations for the Fantastic Voyage, that the Foundation reimburse the Company for all related expenses, and that the Foundation pay a fee plus a performance bonus to Reach Media. <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>The fee is up to the first $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.0</font> million after the Fantastic Voyage nets $250,000 to the Foundation. The balance of any operating income is earned by the Foundation less a performance bonus of 50% to Reach Media of any excess over $1.25 million.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> Reach Media&#8217;s earnings for the Fantastic Voyage may not exceed $1.7 million. The Foundation&#8217;s remittances to Reach Media under the agreement are limited to its Fantastic&#160;Voyage-related cash revenues; Reach Media bears the risk should the Fantastic Voyage sustain a loss and bears all credit risk associated with the related customer cabin sales. As of March 31, 2017 and December&#160;31,&#160;2016, the Foundation owed Reach Media approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2.3</font> million and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">426,000</font>, respectively under the agreement, for operations on the future cruises.</font></div> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Reach Media provides office facilities (including office space, telecommunications facilities, and office equipment) to the Foundation, and to Tom Joyner, LTD. (&#8220;Limited&#8221;), Tom Joyner&#8217;s production company. Such services are provided to the Foundation and to Limited on a pass-through basis at cost. Additionally, from time to time, the Foundation and Limited reimburse Reach Media for expenditures paid on their behalf at Reach Media related events. Under these arrangements, as of March 31, 2017, the Foundation and Limited owed $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">14,000</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2,000</font> to Reach Media, respectively. As of December 31, 2016, the Foundation and Limited owed $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3,000</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">11,000</font> to Reach Media, respectively.</font></div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The following table sets forth the calculation of basic and diluted earnings per share from continuing operations (in thousands, except share and per share data):</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in; WIDTH: 94%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="25%" colspan="5"> <div>Three&#160;Months&#160;Ended&#160;March&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>2017</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="25%" colspan="5"> <div>(Unaudited)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>Numerator:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>Net loss attributable to common stockholders</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>(2,313)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>(3,947)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>Denominator:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="11%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="11%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>Denominator for basic net loss per share&#160;- weighted-average outstanding shares</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>47,965,189</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>48,664,524</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>Effect of dilutive securities:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>Stock options and restricted stock</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: symbol; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: symbol; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>-</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; PADDING-LEFT: 10px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>Denominator for diluted net loss per share&#160;- weighted-average outstanding shares</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"> <div>47,965,189</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"> <div>48,664,524</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="11%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="11%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="67%"> <div>Net loss attributable to common stockholders per share &#150;basic and diluted</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>(0.05)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>(0.08)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="FONT-SIZE: 10pt">All stock options and restricted stock awards were excluded from the diluted calculation for the three months ended March 31, 2017 and 2016, as their inclusion would have been anti-dilutive.&#160; The following table summarizes the potential common shares excluded from the diluted calculation.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">&#160;</font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="27%" colspan="5"> <div>Three&#160;Months</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="27%" colspan="5"> <div>Ended&#160;March&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>2017</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="26%" colspan="4"> <div>(Unaudited)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="26%" colspan="4"> <div>(In&#160;thousands)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Stock options</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>3,600</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>3,656</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Restricted stock&#160;awards</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="12%"> <div>364</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="12%"> <div>1,021</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">As of March 31, 2017, and December 31, 2016, the fair values of our financial assets and liabilities measured at fair value on a recurring basis are categorized as follows:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Total</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Level&#160;1</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Level&#160;2</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Level&#160;3</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="47%" colspan="11"> <div>(Unaudited)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="47%" colspan="11"> <div>(In&#160;thousands)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"> <div>As of March 31, 2017</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Liabilities subject to fair value measurement:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Employment agreement award (a)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>28,006</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>28,006</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Mezzanine equity subject to fair value measurement:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Redeemable noncontrolling interests (b)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>11,621</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>11,621</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="51%"> <div>As of December 31, 2016</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Liabilities subject to fair value measurement:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Employment agreement award (a)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>26,965</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>26,965</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Mezzanine equity subject to fair value measurement:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="51%"> <div>Redeemable noncontrolling interests (b)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>12,410</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>12,410</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">(a) &#160; Pursuant to an employment agreement (the &#8220;Employment Agreement&#8221;) executed in April 2008, the Chief Executive Officer (&#8220;CEO&#8221;) was eligible to receive an award (the &#8220;Employment Agreement Award&#8221;) amount equal to approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">4</font>% of any proceeds from distributions or other liquidity events in excess of the return of the Company&#8217;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 (based on the estimated enterprise fair value of TV One as determined by a discounted cash flow analysis)<i>,</i> and an assessment of the probability that the Employment Agreement will be renewed and contain this provision. There are probability factors included in the calculation of the award related to the likelihood that the award will be realized. The Company&#8217;s obligation to pay the award was triggered after the Company&#8217;s recovery of the aggregate amount of our pre-Comcast Buyout capital contribution in TV One, and payment is required only upon actual receipt of distributions of cash or marketable securities or proceeds from a liquidity event with respect to such invested amount. The CEO was fully vested in the award upon execution of the Employment Agreement, and the award&#160;lapses if the CEO voluntarily leaves the Company or is terminated for cause. A third-party valuation firm assisted the Company in estimating TV One&#8217;s fair value using the discounted cash flow analysis. Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value. The Compensation Committee of the Board of Directors of the Company approved terms for a new employment agreement with the CEO, including a renewal of the Employment Agreement Award upon similar terms as in the prior Employment Agreement. While a new employment agreement has not been executed as of the date of this report, the CEO is being compensated according to the new terms approved by the Compensation Committee.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">(b) &#160; The redeemable noncontrolling interest in Reach Media is measured at fair value using a discounted cash flow methodology.&#160;A third-party valuation firm assisted the Company in estimating the fair value.&#160;Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>There were no transfers in or out of Level 1, 2, or 3 during the three months ended March 31, 2017. The following table presents the changes in Level 3 liabilities measured at fair value on a recurring basis for the three months ended March 31, 2017:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; MARGIN: 0in; WIDTH: 88%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Employment</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Redeemable</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Agreement</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Noncontrolling</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Award</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>Interests</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div>(In&#160;thousands)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Balance at December 31, 2016</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>26,965</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>12,410</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Net loss attributable to noncontrolling interests</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(44)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Change in fair value</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1,041</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(745)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>Balance at March 31, 2017</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>28,006</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div>11,621</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="10%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="63%"> <div>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</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>(1,041)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="BACKGROUND: transparent; FONT-SIZE: 10pt">Losses included in earnings were recorded in the consolidated statements of operations as corporate selling, general and administrative expenses for the three months ended</font> <font style="FONT-SIZE: 10pt">March 31, 2017 and 2016<font style="BACKGROUND: transparent">.</font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="20%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="20%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>As&#160;of</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>As&#160;of</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="20%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="20%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>March&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>December</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="20%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="20%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>2017</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div>31,&#160;2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="20%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="20%"> <div>Significant</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="20%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="20%"> <div>Unobservable</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div>Significant&#160;Unobservable</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="33%"> <div>Level&#160;3&#160;liabilities</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="20%"> <div>Valuation&#160;Technique</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="20%"> <div>Inputs</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="23%" colspan="5"> <div>Input&#160;Value</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="33%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="20%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="20%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="33%"> <div>Employment agreement award</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="20%"> <div>Discounted Cash Flow</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="20%"> <div>Discount Rate</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>11.0</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>11.0</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="33%"> <div>Employment agreement award</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="20%"> <div>Discounted Cash Flow</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="20%"> <div>Long-term Growth Rate</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>2.5</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>2.5</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="33%"> <div>Redeemable noncontrolling interest</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="20%"> <div>Discounted Cash Flow</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="20%"> <div>Discount Rate</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>10.5</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>10.5</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="33%"> <div>Redeemable noncontrolling interest</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="20%"> <div>Discounted Cash Flow</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="20%"> <div>Long-term Growth Rate</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1.0</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div>1.0</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>% <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font></div> </td> </tr> </table> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 47965189 48664524 0 0 47965189 48664524 -0.05 -0.08 20000 501000 608000 460000 567000 41000 41000 0.04 1.9 28000000 27000000 1.0 2.3 The fee is up to the first $1.0 million after the Fantastic Voyage nets $250,000 to the Foundation. The balance of any operating income is earned by the Foundation less a performance bonus of 50% to Reach Media of any excess over $1.25 million. <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt">2.&#160;&#160;ACQUISITIONS AND DISPOSITIONS:</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="FONT-SIZE: 10pt">On October 20, 2011, we entered into a time brokerage agreement (&#8220;TBA&#8221;) with WGPR, Inc. (&#8220;WGPR&#8221;). Pursuant to the TBA, beginning October 24, 2011, we began to broadcast programs produced, owned or acquired by the Company on WGPR&#8217;s Detroit radio station, WGPR-FM. We pay certain operating costs of WGPR-FM, and in exchange we retain all revenues from the sale of the advertising within the programming we provide. The original term of the TBA was through December 31, 2014; however, in September 2014, we entered into an amendment to the TBA to extend the term of the TBA through December 31, 2019. Under the terms of the TBA, WGPR has also granted us certain rights of first negotiation and first refusal with respect to the sale of WGPR-FM by WGPR and with respect to any potential time brokerage agreement for WGPR-FM covering any time period subsequent to the term of the TBA.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">On November 12, 2015, the Company entered into a two-station local marketing agreement (&#8220;LMA&#8221;) with Wilks Broadcasting Group for 95.5 FM-WZOH and 107.1 FM-WHOK. While under the LMA, the stations were a variable interest entity (&#8220;VIE&#8221;) for which we were not the primary beneficiary based on the fact that we did not have the power to direct the activities of the VIE that most significantly impacted its economic performance. The Company also entered into an asset purchase agreement to acquire the stations. This acquisition doubled the size of the previously two-station urban music cluster in Columbus, Ohio. The Company completed the acquisition of the stations on February 3, 2016, and as a result of the acquisition, the stations are no longer treated as a VIE. Total consideration paid was approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2.0</font> million. The Company&#8217;s final purchase accounting to reflect the fair value of assets acquired and liabilities assumed consisted of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.5</font> million to radio broadcasting licenses, $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">861,000</font> to property and equipment, $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">84,000</font> to other intangible assets, offset by a lease liability of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">443,000</font>.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">On January 30, 2017, the Company entered into an asset purchase agreement to sell certain land, towers and equipment to a third party for $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">25</font> million. The identified assets have been classified as held for sale in the consolidated balance sheets at March 31, 2017 and December 31, 2016. The combined net carrying value of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2.1</font> million and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2.2</font> million for the assets held for sale is included in other assets in the Company&#8217;s consolidated balance sheet at March 31, 2017 and December 31, 2016, respectively. The estimated fair value of the assets to be disposed of are in excess of their carrying value. The Company will lease certain of the assets back from the buyer. See Note 9 &#150; <i>Subsequent Events.</i></font></div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 2000000 <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <strong><font style="FONT-SIZE: 10pt">3.&#160;&#160;GOODWILL AND RADIO BROADCASTING LICENSES:</font></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><i><font style="FONT-SIZE: 10pt">Impairment Testing</font></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="FONT-SIZE: 10pt">In accordance with ASC 350, <i>&#8220;Intangibles - Goodwill and Other,&#8221;</i> we do not amortize our indefinite-lived radio broadcasting licenses and goodwill. Instead, we perform a test for impairment annually across all reporting units, or on an interim basis when events or changes in circumstances or other conditions suggest impairment may have occurred in any given reporting unit. Other intangible assets continue to be amortized on a straight-line basis over their useful lives. We perform our annual impairment test as of October 1 of each year. We evaluate all events and circumstances on an interim basis to determine if a two-step process is required. The first step of the process involves estimating the fair value of each reporting unit. If the reporting unit&#8217;s fair value is less than its carrying value, a second step is performed to attribute the fair value of the reporting unit to the individual assets and liabilities of the reporting unit in order to determine the implied fair value of the reporting unit&#8217;s goodwill as of the impairment assessment date. Any excess of the carrying value of the goodwill over the implied fair value of the goodwill is written off as a charge to operations.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><i><font style="FONT-SIZE: 10pt">Valuation of Broadcasting Licenses</font></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 9pt; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">We did not identify any impairment indicators for the three months ended March 31, 2017 or 2016.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; BACKGROUND: transparent"> <i><font style="FONT-SIZE: 10pt">&#160;</font></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; BACKGROUND: transparent"> <i><font style="BACKGROUND: transparent; FONT-SIZE: 10pt">Valuation of Goodwill</font></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 9pt; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">We did not identify any impairment indicators for the three months ended March 31, 2017 or 2016 at any of our four reportable segments.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><i><font style="FONT-SIZE: 10pt">Goodwill Valuation Results</font></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The table below presents the changes in Company&#8217;s goodwill carrying values for its four reportable segments.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="44%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%" colspan="2"> <div>Radio</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%" colspan="2"> <div>Reach</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%" colspan="2"> <div>Cable</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="44%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%" colspan="2"> <div>Broadcasting</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%" colspan="2"> <div>Media</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%" colspan="2"> <div>Digital</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%" colspan="2"> <div>Television</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="44%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%" colspan="2"> <div>Segment</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%" colspan="2"> <div>Segment</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%" colspan="2"> <div>Segment</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%" colspan="2"> <div>Segment</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%" colspan="2"> <div>Total</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="44%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="54%" colspan="14"> <div>(In&#160;thousands)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="44%"> <div>Gross goodwill</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="9%"> <div>154,863</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="9%"> <div>30,468</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="9%"> <div>23,004</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="9%"> <div>165,044</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="9%"> <div>373,379</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="44%"> <div>Accumulated impairment losses</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="9%"> <div>(84,436)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="9%"> <div>(16,114)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="9%"> <div>(14,545)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="9%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="9%"> <div>(115,095)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="44%"> <div>Net goodwill at March 31, 2017</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="9%"> <div>70,427</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="9%"> <div>14,354</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="9%"> <div>8,459</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="9%"> <div>165,044</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="9%"> <div>258,284</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The table below presents the changes in Company&#8217;s goodwill carrying values for its four reportable segments.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="44%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%" colspan="2"> <div>Radio</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%" colspan="2"> <div>Reach</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%" colspan="2"> <div>Cable</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="44%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%" colspan="2"> <div>Broadcasting</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%" colspan="2"> <div>Media</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%" colspan="2"> <div>Digital</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%" colspan="2"> <div>Television</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="44%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%" colspan="2"> <div>Segment</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%" colspan="2"> <div>Segment</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%" colspan="2"> <div>Segment</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%" colspan="2"> <div>Segment</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="10%" colspan="2"> <div>Total</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="44%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="54%" colspan="14"> <div>(In&#160;thousands)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="44%"> <div>Gross goodwill</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="9%"> <div>154,863</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="9%"> <div>30,468</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="9%"> <div>23,004</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="9%"> <div>165,044</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="9%"> <div>373,379</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="44%"> <div>Accumulated impairment losses</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="9%"> <div>(84,436)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="9%"> <div>(16,114)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="9%"> <div>(14,545)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="9%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="9%"> <div>(115,095)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="44%"> <div>Net goodwill at March 31, 2017</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="9%"> <div>70,427</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="9%"> <div>14,354</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="9%"> <div>8,459</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="9%"> <div>165,044</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="9%"> <div>258,284</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <strong><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>4.&#160;&#160;LONG-TERM DEBT:</font></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent; size: 8.5in 11.0in"> <font style="BACKGROUND-IMAGE: none; BACKGROUND-ATTACHMENT: scroll; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; FONT-SIZE: 10pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Long-term <font style="BACKGROUND-COLOR: transparent">debt consisted of the following:</font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent; size: 8.5in 11.0in"> <strong><i><font style="FONT-SIZE: 10pt"> &#160;</font></i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="69%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="14%" colspan="2"> <div style="CLEAR:both;CLEAR: both">March&#160;31,&#160;2017</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="14%" colspan="2"> <div style="CLEAR:both;CLEAR: both"> December&#160;31,&#160;2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="69%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="14%" colspan="2"> <div style="CLEAR:both;CLEAR: both">(Unaudited)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="69%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="29%" colspan="5"> <div style="CLEAR:both;CLEAR: both">(In&#160;thousands)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="69%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="69%"> <div style="CLEAR:both;CLEAR: both">2015 Credit Facility</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">343,875</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">344,750</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="69%"> <div style="CLEAR:both;CLEAR: both">9.25% Senior Subordinated Notes due February 2020</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">315,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">315,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="69%"> <div style="CLEAR:both;CLEAR: both">7.375% Senior Secured Notes due April 2022</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">350,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">350,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="69%"> <div style="CLEAR:both;CLEAR: both">Comcast Note due April 2019</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">11,872</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">11,872</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="69%"> <div style="CLEAR:both;CLEAR: both">Total debt</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">1,020,747</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">1,021,622</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="69%"> <div style="CLEAR:both;CLEAR: both">Less: current portion of long-term debt</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">3,500</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">3,500</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="69%"> <div style="CLEAR:both;CLEAR: both">Less: original issue discount and issuance costs</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">14,041</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">15,386</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="69%"> <div style="CLEAR:both;CLEAR: both">Long-term debt, net</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">1,003,206</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">1,002,736</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160; <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font></div> </td> </tr> </table> </div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; BACKGROUND: transparent; size: 8.5in 11.0in"> <strong><i><font style="FONT-SIZE: 10pt"> &#160;</font></i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; BACKGROUND: transparent; size: 8.5in 11.0in"> <strong><i><font style="FONT-SIZE: 10pt">2022 Notes and 2015 Credit Facilities</font></i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">On April 17, 2015, the Company closed a private offering of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">350.0</font> million aggregate principal amount of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 7.375</font>% senior secured notes due 2022 (the &#8220;2022 Notes&#8221;). The 2022 Notes were offered at <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>an original issue price of 100.0% plus accrued interest<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> from April 17, 2015, and will mature on <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">April 15, 2022</font>. Interest on the 2022 Notes accrues at the rate of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 7.375</font>% per annum and is payable semiannually in arrears on April 15 and October 15, which commenced on October 15, 2015. The 2022 Notes are guaranteed, jointly and severally, on a senior secured basis by the Company&#8217;s existing and future domestic subsidiaries, including TV One, which also guarantees its $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">350.0</font> million senior secured credit facility (the &#8220;2015 Credit Facility&#8221;) that was entered into concurrently with the closing of the 2022 Notes.</font></div> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">The 2015 Credit Facility was scheduled to mature&#160;on December 31, 2018. <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">At the Company&#8217;s election, the interest rate on borrowings under the 2015 Credit Facility&#160;was</font></font> <font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">based on either (i) the then applicable base rate plus 3.5% (as defined in the 2015 Credit Facility) as, for any day, a rate per annum (rounded upward, if necessary, to the next 1/100th of 1%) equal to the greater of (a) the prime rate published in the Wall Street Journal, (b) a rate of 1/2 of 1% in excess rate of the overnight Federal Funds Rate at any given time, and (c) the one-month LIBOR commencing on such day plus 1.00%), or (ii) the then applicable LIBOR plus 4.5% (as defined in the 2015 Credit Facility). The average interest rate was approximately 5.28% for 2017 and 5.11% for 2016. Quarterly installments of 0.25%, or $875,000, of the principal balance on the term loan were payable on the last day of each March, June, September and December beginning on September 30, 2015. During each of the three month periods ended March 31, 2017 and March 31, 2016, the Company repaid $875,000 under the 2015 Credit Facility. See Note 9 &#150; <i>Subsequent Events.</i></font></font><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt"></font>&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">In connection with the closing of the 2022 Notes and the 2015 Credit Facility, the Company and the guarantor parties thereto entered into a Fourth Supplemental Indenture to the indenture governing the 2020 Notes (as defined below). Pursuant to this Fourth Supplemental Indenture, TV One, which previously did not guarantee the 2020 Notes, became a guarantor under the 2020 Notes indentures. In addition, the transactions caused a &#8220;Triggering Event&#8221; (as defined in the 2020 Notes Indenture) and, as a result, the 2020 Notes became an unsecured obligation of the Company and the subsidiary guarantors and rank equal in right of payment with the Company&#8217;s other senior indebtedness.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">The Company used the net proceeds from the 2022 Notes, along with term loan borrowings under the 2015 Credit Facility, to refinance a previous credit agreement, refinance the TV One Notes, and finance the buyout of membership interests of Comcast in TV One and pay the related accrued interest, premiums, fees and expenses associated therewith.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">The 2015 Credit Facility contained affirmative and negative covenants that the Company was required to comply with, including:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt"> (a)&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>maintaining an interest coverage ratio of no less than:</font><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt"></font>&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="120"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="FONT-FAMILY: Symbol; FONT-SIZE: 10pt"> &#183;</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="FONT-SIZE: 10pt">1.25 to 1.00 on June 30, 2015 and the last day of each fiscal quarter thereafter.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></font></div> </td> </tr> </table> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 13.2pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt"> (b)&#160;&#160;&#160;<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>maintaining a senior leverage ratio of no greater than:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="120"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="FONT-FAMILY: Symbol; FONT-SIZE: 10pt"> &#183;</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="FONT-SIZE: 10pt">5.85 to 1.00 on June 30, 2015 and the last day of each fiscal quarter thereafter.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></font></div> </td> </tr> </table> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt"> &#160;(c)&#160;&#160;&#160;limitations on:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="120"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="FONT-FAMILY: Symbol; FONT-SIZE: 10pt"> &#183;</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="FONT-SIZE: 10pt">liens;</font></div> </td> </tr> </table> </div> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt; size: 8.5in 11.0in"> <font style="DISPLAY: none; FONT-SIZE: 10pt"></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="120"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="FONT-FAMILY: Symbol; FONT-SIZE: 10pt"> &#183;</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="FONT-SIZE: 10pt">sale of assets;</font></div> </td> </tr> </table> </div> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt; size: 8.5in 11.0in"> <font style="DISPLAY: none; FONT-SIZE: 10pt"></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="120"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="FONT-FAMILY: Symbol; FONT-SIZE: 10pt"> &#183;</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="FONT-SIZE: 10pt">payment of dividends; and</font></div> </td> </tr> </table> </div> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt; size: 8.5in 11.0in"> <font style="DISPLAY: none; FONT-SIZE: 10pt"></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="120"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="FONT-FAMILY: Symbol; FONT-SIZE: 10pt"> &#183;</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="FONT-SIZE: 10pt"> mergers.</font></div> </td> </tr> </table> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 1.5in; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">As of March 31, 2017, the Company was in compliance with all of its financial covenants under the 2015 Credit <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Facility.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; BACKGROUND: transparent; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">As of March 31, 2017, the Company had outstanding approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">343.9</font> million on its 2015 Credit Facility. <font style="BACKGROUND: transparent">The original issue discount was being&#160;reflected as an adjustment to the carrying amount of the debt obligations&#160;and amortized to interest expense over the term of the credit facility.</font>&#160;The amortization of deferred financing costs was charged to interest expense for all periods presented. The amount of deferred financing costs included in interest expense for the three months ended March 31, 2017 and 2016 was approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.4</font> million and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.3</font> million, respectively.</font></div> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">On February 24, 2015, the Company entered into a letter of credit reimbursement and security agreement. As of March 31, 2017, the Company had letters of credit totaling $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">815,000</font> under the agreement. Letters of credit issued under the agreement are required to be collateralized with cash.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; BACKGROUND: transparent; size: 8.5in 11.0in" align="justify"><strong><i><font style="FONT-SIZE: 10pt">Senior Subordinated Notes</font></i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; BACKGROUND: transparent; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 10pt"></font></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="FONT-SIZE: 10pt">On February 10, 2014, the Company closed a private placement offering of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">335.0</font> million aggregate principal amount of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 9.25</font>% senior subordinated notes due 2020 (the &#8220;2020 Notes&#8221;). The 2020 Notes were offered at an original issue price of 100.0% plus accrued interest from February 10, 2014. The 2020 Notes mature on <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">February 15, 2020</font>. Interest accrues at the rate of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 9.25</font>% per annum and is payable semiannually in arrears on February 15 and August 15 in the amount of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">15.5</font> million, which commenced on <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">August 15, 2014</font>. Subsequent to the repurchase of a portion of the 2020 Notes (as described below), the semiannual interest payment was approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">14.6</font> million. The 2020 Notes are guaranteed by certain of the Company&#8217;s existing and future domestic subsidiaries and any other subsidiaries that guarantee the existing senior credit facility or any of the Company&#8217;s other syndicated bank indebtedness or capital markets securities. The Company used the net proceeds from the offering to repurchase or otherwise redeem all of the amounts then outstanding under its previous notes and to pay the related accrued interest, premiums, fees and expenses associated therewith. During the quarter ended June 30, 2016, the Company repurchased approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">20</font> million of its 2020 Notes at an average price of approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 86</font>% of par. The Company recorded a gain on retirement of debt of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2.6</font> million for the quarter ended June 30, 2016. As of each of March 31, 2017 and December 31, 2016, the Company had approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">315.0</font></font> million of our 2020 Notes outstanding.</font></div> <font style="FONT-SIZE: 10pt">&#160;</font></div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">The indenture that governs the 2020 Notes contains covenants that restrict, among other things, the ability of the Company to incur additional debt, purchase common stock, make capital expenditures, make investments or other restricted payments, swap or sell assets, engage in transactions with related parties, secure non-senior debt with assets, or merge, consolidate or sell all or substantially all of its assets.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0in; BACKGROUND: transparent; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0in; BACKGROUND: transparent; size: 8.5in 11.0in"> <strong><i><font style="FONT-SIZE: 10pt">TV One Senior Secured Notes</font></i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0in; BACKGROUND: transparent; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">TV One issued $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">119.0</font> million in senior secured notes on February 25, 2011 (&#8220;TV One Notes&#8221;). The proceeds from the notes were used to purchase equity interests from certain financial investors and TV One management. The notes accrued interest at <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 10.0</font>% per annum, which was payable monthly, and the entire principal amount was due on March 15, 2016. In connection with the closing of the financing transactions on April 17, 2015, the TV One Notes were repaid.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0in; BACKGROUND: transparent; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0in; BACKGROUND: transparent; size: 8.5in 11.0in"> <strong><i><font style="FONT-SIZE: 10pt">Comcast Note</font></i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0in; BACKGROUND: transparent; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">The Company also has outstanding a senior unsecured promissory note in the aggregate principal amount of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">11.9</font> million due to Comcast (&#8220;Comcast Note&#8221;). The Comcast Note bears interest at <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 10.47</font>%, is payable quarterly in arrears, and the entire principal amount is due on April 17, 2019.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0in; BACKGROUND: transparent; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0in; BACKGROUND: transparent; size: 8.5in 11.0in"> <strong><i><font style="FONT-SIZE: 10pt">Asset-Backed Credit Facility</font></i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0in; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">On April 21, 2016, the Company entered into a senior credit agreement governing an asset-backed credit facility (the &#8220;ABL Facility&#8221;) among the Company, the lenders party thereto from time to time and Wells Fargo Bank National Association, as administrative agent (the &#8220;Administrative Agent&#8221;). The ABL Facility provides for $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">25</font> million in revolving loan borrowings in order to provide for the working capital needs and general corporate requirements of the Company. As of&#160;March 31, 2017, the Company did not have any borrowings outstanding on its ABL Facility.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">At the Company&#8217;s election, the interest rate on borrowings under the ABL Facility are based on either (i) the then applicable margin relative to Base Rate Loans (as defined in the ABL Facility) or (ii) the then applicable margin relative to LIBOR Loans (as defined in the ABL Facility) corresponding to the average availability of the Company for the most recently completed fiscal quarter.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Advances under the ABL Facility are limited to (a) eighty-five percent (<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">85</font>%) of the amount of Eligible Accounts (as defined in the ABL Facility), less the amount, if any, of the Dilution Reserve (as defined in the ABL Facility), minus (b) the sum of (i) the Bank Product Reserve (as defined in the ABL Facility), plus (ii) the aggregate amount of all other reserves, if any, established by Administrative Agent.</font></div> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">All obligations under the ABL Facility are secured by first priority lien on all (i) deposit accounts (related to accounts receivable), (ii) accounts receivable, (iii) all other property which constitutes ABL Priority Collateral (as defined in the ABL Facility).&#160; The obligations are also secured by all material subsidiaries of the Company.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">The ABL Facility matures on the earlier to occur of: (a) the date that is five (5) years from the effective date of the ABL Facility and (b) the date that is thirty (30) days prior to the earlier to occur of (i) the &#8220;Term Loan Maturity Date&#8221; of the Company&#8217;s existing term loan, and (ii) the &#8220;Stated Maturity&#8221; of the Company&#8217;s existing notes.&#160; As of the effective date of the ABL Facility, the &#8220;Term Loan Maturity Date&#8221; is December 31, 2018, and the &#8220;Stated Maturity&#8221; is April 15, 2022.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">Finally, the ABL Facility is subject to the terms of the Intercreditor Agreement (as defined in the ABL Facility) by and among the Administrative Agent, the administrative agent for the secured parties under the Company&#8217;s term loan and the trustee and collateral trustee under the senior secured notes indenture.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; BACKGROUND: transparent; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">The Company conducts a portion of its business through its subsidiaries. Certain of the Company&#8217;s subsidiaries have fully and unconditionally guaranteed the Company&#8217;s 2022 Notes, 2020 Notes and the Company&#8217;s obligations under the 2015 Credit Facility.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">The 2022 Notes are the Company&#8217;s senior secured obligations and rank equal in right of payment with all of the Company&#8217;s and the guarantors&#8217; existing and future senior indebtedness, including obligations under the 2015 Credit Facility and the Company&#8217;s 2020 Notes.&#160; The 2022 Notes and related guarantees are equally and ratably secured by the same collateral securing the 2015 Credit Facility and any other parity lien debt issued after the issue date of the 2022 Notes, including any additional notes issued under the Indenture, but are effectively subordinated to the Company&#8217;s and the guarantors&#8217; secured indebtedness to the extent of the value of the collateral securing such indebtedness that does not also secure the 2022 Notes. Collateral includes substantially all of the Company&#8217;s and the guarantors&#8217; current and future property and assets for accounts receivable, cash, deposit accounts, other bank accounts, securities accounts, inventory and related assets including the capital stock of each subsidiary guarantor. Finally, the Company also has the Comcast Note which is a general but senior unsecured obligation of the Company.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; BACKGROUND: transparent; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font>Future scheduled minimum principal payments of debt as of March 31, 2017, were as follows:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">9.25%&#160;Senior</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Subordinated</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">7.375%&#160;Senior</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Comcast&#160;Note</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Notes&#160;due</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both"> Secured&#160;Notes&#160;due</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">due&#160;April&#160;2019</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Credit&#160;Facility</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">February&#160;2020</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">April&#160;2022</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Total</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="59%" colspan="14"> <div style="CLEAR:both;CLEAR: both">(In&#160;thousands)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div style="CLEAR:both;CLEAR: both">April &#150; December 2017</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">2,625</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">2,625</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div style="CLEAR:both;CLEAR: both">2018</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">341,250</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">341,250</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div style="CLEAR:both;CLEAR: both">2019</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">11,872</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">11,872</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div style="CLEAR:both;CLEAR: both">2020</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">315,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">315,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div style="CLEAR:both;CLEAR: both">2021</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div style="CLEAR:both;CLEAR: both">2022 and thereafter</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">350,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">350,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div style="CLEAR:both;CLEAR: both">Total Debt</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">11,872</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">343,875</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">315,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">350,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">1,020,747</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160; <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font></div> </td> </tr> </table> </div> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; BACKGROUND: transparent; size: 8.5in 11.0in"> <strong><i><font style="FONT-SIZE: 10pt"> &#160;</font></i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">See Note 9 &#150; <i>Subsequent Events</i> as the Company closed on a new senior secured credit facility (the &#8220;2017 Credit Facility&#8221;) on April 18, 2017.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></font></div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent"> <font style="BACKGROUND: transparent; FONT-SIZE: 10pt">Long-term <font style="BACKGROUND-COLOR: transparent">debt consisted of the following:</font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent; size: 8.5in 11.0in"> <strong><i><font style="FONT-SIZE: 10pt"> &#160;</font></i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="69%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="14%" colspan="2"> <div style="CLEAR:both;CLEAR: both">March&#160;31,&#160;2017</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="14%" colspan="2"> <div style="CLEAR:both;CLEAR: both"> December&#160;31,&#160;2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="69%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="14%" colspan="2"> <div style="CLEAR:both;CLEAR: both">(Unaudited)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="14%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="69%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="29%" colspan="5"> <div style="CLEAR:both;CLEAR: both">(In&#160;thousands)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="69%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="14%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="69%"> <div style="CLEAR:both;CLEAR: both">2015 Credit Facility</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">343,875</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">344,750</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="69%"> <div style="CLEAR:both;CLEAR: both">9.25% Senior Subordinated Notes due February 2020</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">315,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">315,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="69%"> <div style="CLEAR:both;CLEAR: both">7.375% Senior Secured Notes due April 2022</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">350,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">350,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="69%"> <div style="CLEAR:both;CLEAR: both">Comcast Note due April 2019</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">11,872</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">11,872</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="69%"> <div style="CLEAR:both;CLEAR: both">Total debt</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">1,020,747</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">1,021,622</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="69%"> <div style="CLEAR:both;CLEAR: both">Less: current portion of long-term debt</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">3,500</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">3,500</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="69%"> <div style="CLEAR:both;CLEAR: both">Less: original issue discount and issuance costs</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">14,041</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">15,386</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="69%"> <div style="CLEAR:both;CLEAR: both">Long-term debt, net</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">1,003,206</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="13%"> <div style="CLEAR:both;CLEAR: both">1,002,736</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160; <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font></div> </td> </tr> </table> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 2625000 0 2625000 0 0 At the Companys election, the interest rate on borrowings under the 2015 Credit Facilitywas based on either (i) the then applicable base rate plus 3.5% (as defined in the 2015 Credit Facility) as, for any day, a rate per annum (rounded upward, if necessary, to the next 1/100th of 1%) equal to the greater of (a) the prime rate published in the Wall Street Journal, (b) a rate of 1/2 of 1% in excess rate of the overnight Federal Funds Rate at any given time, and (c) the one-month LIBOR commencing on such day plus 1.00%), or (ii) the then applicable LIBOR plus 4.5% (as defined in the 2015 Credit Facility). The average interest rate was approximately 5.28% for 2017 and 5.11% for 2016. Quarterly installments of 0.25%, or $875,000, of the principal balance on the term loan were payable on the last day of each March, June, September and December beginning on September 30, 2015. During each of the three month periods ended March 31, 2017 and March 31, 2016, the Company repaid $875,000 under the 2015 Credit Facility. See Note 9 Subsequent Events. an original issue price of 100.0% plus accrued interest maintaining an interest coverage ratio of no less than: 1.25 to 1.00 on June 30, 2015 and the last day of each fiscal quarter thereafter. maintaining a senior leverage ratio of no greater than: 5.85 to 1.00 on June 30, 2015 and the last day of each fiscal quarter thereafter. <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>5.&#160;&#160;INCOME TAXES:</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;BACKGROUND-COLOR: transparent; TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The Company recorded a tax benefit of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">112,000</font> on a pre-tax loss from continuing operations of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2.5</font> million for the three months ended March 31, 2017,&#160;which results in a tax rate of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 4.5</font>%. This tax rate is based on an estimated annual effective rate of 18.6%, and a discrete tax provision adjustment for $346,000. The Company previously calculated the interim provision for income taxes using a discrete method because it best represented the estimated effective rate at that time. However, the circumstance and exceptions for using a discrete tax provision no longer apply and thus we are estimating the annual effective tax rate in accordance with ASC 740-270, &#8220;<i>Interim Reporting</i>.&#8221;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;BACKGROUND-COLOR: transparent; TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">As of March 31, 2017, the Company continues to maintain a full valuation allowance on its deferred tax assets for substantially all entities and jurisdictions, for its net deferred tax assets, but excludes deferred tax liabilities related to indefinite-lived intangible assets. In accordance with ASC 740, &#8220;<i>Accounting for Income Taxes</i>&#8221;, the Company continually assesses the adequacy of the valuation allowance by assessing the likely future tax consequences of events that have been realized in the Company&#8217;s financial statements or tax returns, tax planning strategies, and future profitability.&#160;As of March 31, 2017, the Company does not believe it is more likely than not that the deferred tax assets will be realized.&#160;As part of the assessment, the Company has not included the deferred tax liability related to indefinite-lived intangible assets as a source of future taxable income to support realization of the deferred tax assets.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><strong><font style="FONT-SIZE: 10pt"> 6.&#160;&#160;STOCKHOLDERS&#8217; EQUITY:</font></strong><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><strong><i><font style="FONT-SIZE: 10pt">Stock Repurchase Program</font></i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><strong><i><font style="FONT-SIZE: 10pt"> &#160;</font></i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In December 2015, the Company&#8217;s Board of Directors authorized a repurchase of shares of the Company&#8217;s Class A and Class D common stock (the &#8220;December 2015 Repurchase Authorization&#8221;). Under the December 2015 Repurchase Authorization, the Company is authorized, but is not obligated, to repurchase up to $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3.5</font> million worth of its Class A and/or Class D common stock. On March 25, 2016, the Company&#8217;s Board of Directors reaffirmed the December 2015 Repurchase Authorization without any limitation on price, and on September 23, 2016 increased the authorization to $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">7.0</font> million. As of March 31, 2017, the Company had approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">7.0</font> million remaining under the authorization with respect to its Class A and Class D common stock. Repurchases may be made from time to time in the open market or in privately negotiated transactions in accordance with applicable laws and regulations. The timing and extent of any repurchases will depend upon prevailing market conditions, the trading price of the Company&#8217;s Class A and/or Class D common stock and other factors, and subject to restrictions under applicable law. The Company executes upon the stock repurchase program in a manner consistent with market conditions and the interests of the stockholders, including maximizing stockholder value. During the three months ended March 31, 2017, the Company did not repurchase any Class A common stock or Class D common stock on the open market.&#160;During the three months ended March 31, 2016, the Company did not repurchase any Class A common stock and repurchased <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 60,566</font> shares of Class D common stock in the amount of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">81,000</font> at an average price of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.34</font> per share.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In addition, the Company has limited but ongoing authority to purchase shares of Class D common stock (in one or more transactions at any time there remain outstanding grants) under the Company&#8217;s 2009 Stock Plan (as defined below) to satisfy any employee or other recipient tax obligations in connection with the exercise of an option or a share grant under the 2009 Stock Plan, to the extent that the Company has capacity under its financing agreements (i.e., its current credit facilities and indentures) (each a &#8220;Stock Vest Tax Repurchase&#8221;). During the three months ended March 31, 2017, the Company executed a Stock Vest Tax Repurchase of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 317,103</font> shares of Class D Common Stock in the amount of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">915,000</font> at an average price of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2.89</font> per share. During the three months ended March 31, 2016, the Company executed a Stock Vest Tax Repurchase of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 330,111</font> shares of Class D Common Stock in the amount of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">568,000</font> at an average price of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.72</font> per share.</font></div> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt">Stock Option and Restricted Stock Grant Plan</font></i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt"> &#160;</font></i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">A stock option and restricted stock plan (&#8220;the 2009 Stock Plan&#8221;) was approved by the stockholders at the Company&#8217;s annual meeting on December 16, 2009.&#160;&#160;The Company had the authority to issue up to <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 8,250,000</font> shares of Class&#160;D Common Stock under the 2009 Stock Plan.&#160; On September 26, 2013, the Board of Directors adopted, and our stockholders approved on November 14, 2013, certain amendments to and restatement of the 2009 Stock Plan (the &#8220;Amended and Restated 2009 Stock Plan&#8221;). The amendments under the Amended and Restated 2009 Stock Plan primarily affected (i) the number of shares with respect to which options and restricted stock grants may be granted under the 2009 Stock Plan and (ii) the maximum number of shares that can be awarded to any individual in any one calendar year. The Amended and Restated 2009 Stock Plan increased the authorized plan shares remaining available for grant to <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 7,000,000</font> shares of Class D common stock after giving effect to the issuances prior to the amendment. Prior to the amendment, under the 2009 Plan, in any one calendar year, the compensation committee could not grant to any one participant options to purchase, or grants of, a number of shares of Class D common stock in excess of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1,000,000</font>.&#160;&#160;Under the Amended and Restated&#160;2009 Stock Plan, this limitation was eliminated.&#160;The purpose of eliminating this limitation is to provide the compensation committee with maximum flexibility in setting executive compensation. On April 13, 2015, the Board of Directors adopted, and our stockholders approved on June 2, 2015, a further amendment to the Amended and Restated 2009 Stock Plan. This further amendment increased the authorized plan shares remaining available for grant to <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 8,250,000</font> shares of Class D common stock. As of March 31, 2017, <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 7,932,932</font> shares of Class D common stock were available for grant under the Amended and Restated 2009 Stock Plan.</font></div> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">On October 26, 2015, the Compensation Committee awarded David Kantor, Chief Executive Officer, Radio Division, <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 100,000</font> restricted shares of the Company&#8217;s Class D common stock, and stock options to purchase <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 300,000</font> shares of the Company&#8217;s Class D common stock. The grants were effective November 5, 2015, and will vest in approximately equal 1/3 tranches on November 5, 2016, November 5, 2017 and November 5, 2018.</font></div> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="BACKGROUND: transparent; FONT-SIZE: 10pt">Stock-based compensation expense for the three months ended March 31, 2017 and 2016, was $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">133</font>,000 and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">772</font>,000, respectively.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company <font style="BACKGROUND: transparent">did</font> not grant stock options during the three months ended March 31, 2017 and 2016.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Transactions and other information relating to stock options for the three months ended <font style="BACKGROUND: transparent"> March 31, 2017,</font> are summarized below:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="47%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>Weighted-Average</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="47%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>Remaining</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>Aggregate</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="47%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>Number&#160;of</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>Weighted-Average</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>Contractual&#160;Term</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>Intrinsic</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="47%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>Options</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>Exercise&#160;Price</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>(In&#160;Years)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>Value</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="47%"> <div>Outstanding at December&#160;31, 2016</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"> <div>3,700,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"> <div>2.03</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"> <div>4.21</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"> <div>3,675,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="47%"> <div>Grants</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="47%"> <div>Exercised</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="47%"> <div>Forfeited/cancelled/expired</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>100,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>7.50</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="47%"> <div>Balance as of March 31, 2017</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"> <div>3,600,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"> <div>1.88</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>4.08</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>5,110,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="47%"> <div>Vested and expected to vest at March 31, 2017</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="11%"> <div>3,559,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>1.88</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>4.03</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>5,060,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="47%"> <div>Unvested at March 31, 2017</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>250,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>2.12</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>8.55</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>300,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="47%"> <div>Exercisable at March&#160;31, 2017</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>3,350,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>1.86</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>3.75</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>4,810,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The aggregate intrinsic value in the table above represents the difference between the Company&#8217;s stock closing price on the last day of trading during the three months ended March 31, 2017, and the exercise price, multiplied by the number of shares that would have been received by the holders of in-the-money options had all the option holders exercised their options on March 31, 2017. This amount changes based on the fair market value of the Company&#8217;s stock. There were no options exercised and no options vested during the three months ended March 31, 2017 and 2016.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> &#160;&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">As of March 31, 2017, $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">40,000</font> of total unrecognized compensation cost related to stock options is expected to be recognized over a weighted-average period of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1</font> year. The weighted-average fair value per share of shares underlying stock options was $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.32</font> at March 31, 2017.</font></div> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company did not grant shares of restricted stock during the three months ended March 31, 2017 and 2016.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Transactions and other information relating to restricted stock grants for the three months ended March 31, 2017, are summarized below:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="73%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>Average</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="73%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>Fair&#160;Value</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="73%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>at&#160;Grant</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="73%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>Shares</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>Date</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="73%"> <div>Unvested at December&#160;31, 2016</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"> <div>358,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"> <div>2.31</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="73%"> <div>Grants</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="73%"> <div>Vested</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>11,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>1.49</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="73%"> <div>Forfeited/cancelled/expired</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="73%"> <div>Unvested at March 31, 2017</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"> <div>347,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"> <div>2.33</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Restricted stock grants were and are included in the Company&#8217;s outstanding share numbers on the effective date of grant. As of March 31, 2017, $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">90,000</font> of total unrecognized compensation cost related to restricted stock grants is expected to be recognized over the weighted-average period of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 1.1</font> years.</font></div> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Transactions and other information relating to stock options for the three months ended <font style="BACKGROUND: transparent">March 31, 2017,</font> are summarized below:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="47%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>Weighted-Average</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="47%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>Remaining</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>Aggregate</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="47%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>Number&#160;of</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>Weighted-Average</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>Contractual&#160;Term</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>Intrinsic</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="47%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>Options</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>Exercise&#160;Price</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>(In&#160;Years)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>Value</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="47%"> <div>Outstanding at December&#160;31, 2016</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"> <div>3,700,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"> <div>2.03</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"> <div>4.21</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"> <div>3,675,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="47%"> <div>Grants</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="47%"> <div>Exercised</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="47%"> <div>Forfeited/cancelled/expired</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>100,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>7.50</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="47%"> <div>Balance as of March 31, 2017</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"> <div>3,600,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"> <div>1.88</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>4.08</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>5,110,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="47%"> <div>Vested and expected to vest at March 31, 2017</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="11%"> <div>3,559,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>1.88</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>4.03</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>5,060,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="47%"> <div>Unvested at March 31, 2017</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>250,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>2.12</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>8.55</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>300,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="47%"> <div>Exercisable at March&#160;31, 2017</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>3,350,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>1.86</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>3.75</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>4,810,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Transactions and other information relating to restricted stock grants for the three months ended March 31, 2017, are summarized below:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="73%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>Average</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="73%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>Fair&#160;Value</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="73%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>at&#160;Grant</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="73%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>Shares</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div>Date</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="73%"> <div>Unvested at December&#160;31, 2016</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"> <div>358,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"> <div>2.31</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="73%"> <div>Grants</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="73%"> <div>Vested</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>11,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>1.49</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="73%"> <div>Forfeited/cancelled/expired</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div>&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="73%"> <div>Unvested at March 31, 2017</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"> <div>347,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"> <div>2.33</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <strong><font style="FONT-SIZE: 10pt">7.&#160;&#160;SEGMENT INFORMATION:</font></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company has four reportable segments: <font style="BACKGROUND: transparent">(i) radio broadcasting; (ii) Reach Media; (iii) digital; and (iv) cable television</font>. These segments operate in the United States and are consistently aligned with the Company&#8217;s management of its businesses and its financial reporting structure. Effective January 1, 2017, the Company changed its reportable segment disclosures. Along with the results of Interactive One, all digital components from our reportable segments will now be part of a newly formed reportable segment called &#8220;Digital&#8221;. This new reportable segment will better reflect the manner in which we manage our business and better reflect our operational structure. Segment data for the quarter ended March 31, 2016 has been reclassified to conform to the current period presentation. These reclassifications occurred between all segments.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The radio broadcasting segment consists of all broadcast results of operations. The Reach Media segment consists of the results of operations for the Tom Joyner Morning Show and related activities and operations of other syndicated shows. The digital segment includes the results of our online business, including the operations of Interactive One, as well as the digital components of our other reportable segments. The cable television segment consists of TV One&#8217;s results of operations. Corporate/Eliminations/Other represents financial activity associated with our corporate staff and offices and intercompany activity among the four segments.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Operating loss or income represents total revenues less operating expenses, depreciation and amortization, and impairment of long-lived assets. Intercompany revenue earned and expenses charged between segments are recorded at estimated fair value and eliminated in consolidation.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The accounting policies described in the summary of significant accounting policies in Note 1 &#150; <i>Organization and Summary of Significant Accounting Policies</i> are applied consistently across the segments.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Detailed segment data for the three months ended March 31, 2017 and 2016, is presented in the following tables:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="27%" colspan="5"> <div>Three&#160;Months&#160;Ended</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="27%" colspan="5"> <div>March&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>2017</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="27%" colspan="5"> <div>(Unaudited)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="27%" colspan="5"> <div>(In&#160;thousands)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>(As</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>reclassified)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Net Revenue:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Radio Broadcasting</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>39,737</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>42,733</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Reach Media</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>7,663</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>10,454</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Digital</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>5,506</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>6,481</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Cable Television</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>48,554</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>49,474</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Corporate/Eliminations/Other*</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>(171)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>(54)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Consolidated</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>101,289</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>109,088</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Radio Broadcasting</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>26,317</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>27,423</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Reach Media</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>7,915</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>8,446</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Digital</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>6,644</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>6,238</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Cable Television</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>29,187</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>30,877</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Corporate/Eliminations/Other</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>6,461</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>8,614</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Consolidated</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>76,524</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>81,598</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Depreciation and Amortization:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Radio Broadcasting</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>957</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>1,144</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Reach Media</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>54</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>42</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Digital</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>341</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>444</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Cable Television</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>6,561</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>6,553</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Corporate/Eliminations/Other</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>399</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>499</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Consolidated</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>8,312</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>8,682</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Operating income (loss):</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Radio Broadcasting</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>12,463</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>14,166</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Reach Media</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>(306)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>1,966</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Digital</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>(1,479)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>(201)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Cable Television</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>12,806</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>12,044</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Corporate/Eliminations/Other</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>(7,031)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>(9,167)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Consolidated</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>16,453</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>18,808</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">* Intercompany revenue included in net revenue above is as follows:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Radio Broadcasting</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>(171)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>(54)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">Capital expenditures by segment are as follows:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Radio Broadcasting</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>1,025</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>403</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Reach Media</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>46</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>117</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Digital</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>186</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>462</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Cable Television</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>96</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>108</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Corporate/Eliminations/Other</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>106</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>159</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Consolidated</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>1,459</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>1,249</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>March&#160;31,&#160;2017</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>December&#160;31,&#160;2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>(Unaudited)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="13%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="27%" colspan="5"> <div>(In&#160;thousands)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Total Assets:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Radio Broadcasting</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>776,377</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>781,450</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Reach Media</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>40,974</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>37,192</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Digital</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>16,408</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>17,749</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Cable Television</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>446,852</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>446,880</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Corporate/Eliminations/Other</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>72,183</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>75,515</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Consolidated</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>1,352,794</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>1,358,786</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Detailed segment data for the three months ended March 31, 2017 and 2016, is presented in the following tables:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="27%" colspan="5"> <div>Three&#160;Months&#160;Ended</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="27%" colspan="5"> <div>March&#160;31,</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>2017</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="27%" colspan="5"> <div>(Unaudited)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="27%" colspan="5"> <div>(In&#160;thousands)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>(As</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="13%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>reclassified)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Net Revenue:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Radio Broadcasting</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>39,737</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>42,733</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Reach Media</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>7,663</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>10,454</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Digital</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>5,506</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>6,481</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Cable Television</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>48,554</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>49,474</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Corporate/Eliminations/Other*</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>(171)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>(54)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Consolidated</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>101,289</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>109,088</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Radio Broadcasting</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>26,317</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>27,423</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Reach Media</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>7,915</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>8,446</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Digital</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>6,644</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>6,238</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Cable Television</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>29,187</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>30,877</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Corporate/Eliminations/Other</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>6,461</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>8,614</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Consolidated</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>76,524</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>81,598</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Depreciation and Amortization:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Radio Broadcasting</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>957</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>1,144</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Reach Media</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>54</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>42</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Digital</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>341</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>444</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Cable Television</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>6,561</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>6,553</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Corporate/Eliminations/Other</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>399</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>499</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Consolidated</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>8,312</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>8,682</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 3px double; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Operating income (loss):</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Radio Broadcasting</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>12,463</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>14,166</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Reach Media</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>(306)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>1,966</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Digital</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>(1,479)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>(201)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Cable Television</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>12,806</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>12,044</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Corporate/Eliminations/Other</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>(7,031)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>(9,167)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Consolidated</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>16,453</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>18,808</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">* Intercompany revenue included in net revenue above is as follows:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Radio Broadcasting</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>(171)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>(54)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">Capital expenditures by segment are as follows:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Radio Broadcasting</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>1,025</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>403</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Reach Media</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>46</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>117</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Digital</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>186</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>462</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Cable Television</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>96</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>108</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Corporate/Eliminations/Other</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>106</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>159</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Consolidated</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>1,459</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>1,249</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>March&#160;31,&#160;2017</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>December&#160;31,&#160;2016</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 700" width="13%" colspan="2"> <div>(Unaudited)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="13%" colspan="2"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="27%" colspan="5"> <div>(In&#160;thousands)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Total Assets:</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Radio Broadcasting</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>776,377</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>781,450</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Reach Media</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>40,974</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>37,192</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Digital</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>16,408</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>17,749</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Cable Television</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>446,852</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>446,880</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Corporate/Eliminations/Other</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>72,183</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="12%"> <div>75,515</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="71%"> <div>Consolidated</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>1,352,794</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div>$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="12%"> <div>1,358,786</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div>&#160;</div> </td> </tr> </table> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 6481000 6238000 444000 -201000 -54000 46000 117000 96000 106000 1459000 108000 159000 1249000 186000 1025000 403000 462000 17749000 16408000 <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt">8. COMMITMENTS AND CONTINGENCIES:</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt">&#160;</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><i><font style="FONT-SIZE: 10pt">Royalty Agreements</font></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;BACKGROUND-COLOR: transparent; TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The Company has historically entered into fixed and variable fee music license agreements with performance rights organizations including the Society of European Stage Authors and Composers (&#8220;SESAC&#8221;), American Society of Composers, Authors and Publishers (&#8220;ASCAP&#8221;) and Broadcast Music, Inc. (&#8220;BMI&#8221;). Our ASCAP and BMI licenses expired December 31, 2016. The expirations were an industry wide issue. The Company has authorized the Radio Music License Committee (the &#8220;RMLC&#8221;) to negotiate on its behalf with respect to its licenses with SESAC, ASCAP and BMI including the ASCAP and BMI licenses that expired December 31, 2016. The RMLC negotiated a new <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5</font> year agreement with ASCAP with a license term of January 1, 2017 through December 31, 2021. Negotiations continue with respect to BMI and all broadcasters that have authorized the RMLC to act on their behalf in negotiations with BMI can continue to play BMI compositions after December 31, 2016, because the RMLC has submitted a license application to BMI on their behalf and applicants are licensed upon application under a prior consent decree. The RMLC is in a binding rate arbitration with SESAC. This arbitration began the first calendar quarter of 2017 and is expected to conclude in the second quarter.&#160; The final rate decision emanating from the arbitration will have retroactive application to January 1, 2016. In the interim, we continue payments to SESAC at the existing 2015 rates, and SESAC may not increase our fees for any reason prior to the rate arbitration decision being issued. In connection with all performance rights organization agreements, including SESAC, ASCAP and BMI, the Company incurred expenses of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.7</font> million and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2.6</font> million during the three month periods ended March 31, 2017 and March 31, 2016, respectively.&#160; Finally, in 2016, a new performance rights organization, Global Music Rights (&#8220;GMR&#8221;) formed, but the scope of its repertory is not clear and it is not clear that it licenses compositions that have not already been licensed by the other performance rights organizations. To ensure licensing compliance in 2017, we have entered into a temporary license with GMR while the RMLC continues to pursue an agreement for a long term licensing solution.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;BACKGROUND-COLOR: transparent; TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><i><font style="FONT-SIZE: 10pt">Other Contingencies</font></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="BACKGROUND: transparent; FONT-SIZE: 10pt">The Company has been named as a defendant in several legal actions arising in the ordinary course of business. It is management&#8217;s opinion, after consultation with its legal counsel, that the outcome of these claims will not have a material adverse effect on the Company&#8217;s financial position or results of operations.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <i><font style="FONT-SIZE: 10pt">Off-Balance Sheet Arrangements</font></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">On February 24, 2015, the Company entered into a letter of credit reimbursement and security agreement. As of March 31, 2017, the Company had letters of credit totaling $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">815,000</font> under the agreement. Letters of credit issued under the agreement are required to be collateralized with cash.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <i><font style="FONT-SIZE: 10pt">Noncontrolling Interest Shareholders&#8217; Put Rights</font></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Beginning on January 1, 2018, the noncontrolling interest shareholders of Reach Media have an annual right to require Reach Media to purchase all or a portion of their shares at the then current fair market value for such shares (the &#8220;Put Right&#8221;).&#160;&#160;&#160;Beginning in 2018, this annual right is exercisable for a 30-day period beginning January 1 of each year. The purchase price for such shares may be paid in cash and/or registered Class D common stock of Urban One, at the discretion of Urban One.</font></div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="FONT-SIZE: 10pt">Future scheduled minimum principal payments of debt as of the date of this filing, are as follows:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div style="CLEAR:both;CLEAR: both">9.25%&#160;Senior</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Subordinated</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div style="CLEAR:both;CLEAR: both">7.375%&#160;Senior</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Comcast&#160;Note</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2017</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Notes&#160;due</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div style="CLEAR:both;CLEAR: both"> Secured&#160;Notes&#160;due</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div style="CLEAR:both;CLEAR: both">due&#160;April&#160;2019</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Credit&#160;Facility</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div style="CLEAR:both;CLEAR: both">February&#160;2020</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div style="CLEAR:both;CLEAR: both">April&#160;2022</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="12%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Total</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="64%" colspan="14"> <div style="CLEAR:both;CLEAR: both">(In&#160;thousands)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div style="CLEAR:both;CLEAR: both">April &#150; December 2017</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">2,625</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">2,625</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div style="CLEAR:both;CLEAR: both">2018</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">3,500</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">3,500</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div style="CLEAR:both;CLEAR: both">2019</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">11,872</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">3,500</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">15,372</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div style="CLEAR:both;CLEAR: both">2020</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">3,500</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">315,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">318,500</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div style="CLEAR:both;CLEAR: both">2021</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">3,500</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">3,500</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div style="CLEAR:both;CLEAR: both">2022 and thereafter</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">333,375</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">350,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">683,375</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="34%"> <div style="CLEAR:both;CLEAR: both">Total Debt</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">11,872</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">350,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">315,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">350,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 5px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="11%"> <div style="CLEAR:both;CLEAR: both">1,026,872</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 0 2625000 0 0 2625000 0 3500000 0 0 3500000 11872000 3500000 0 0 15372000 0 3500000 315000000 0 318500000 0 3500000 0 0 3500000 0 333375000 0 350000000 683375000 11872000 350000000 315000000 350000000 1026872000 350000000 2000000 25000000 2100000 2200000 10-Q false 2017-03-31 2017 Q1 URBAN ONE, INC. 0001041657 --12-31 Accelerated Filer UONE 2861843 2928906 <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent" align="justify"><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Future scheduled minimum principal payments of debt as of March 31, 2017, were as follows:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; BACKGROUND: transparent; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">9.25%&#160;Senior</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Subordinated</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">7.375%&#160;Senior</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Comcast&#160;Note</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">2015</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Notes&#160;due</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both"> Secured&#160;Notes&#160;due</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">due&#160;April&#160;2019</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Credit&#160;Facility</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">February&#160;2020</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">April&#160;2022</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="11%" colspan="2"> <div style="CLEAR:both;CLEAR: both">Total</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 700" width="59%" colspan="14"> <div style="CLEAR:both;CLEAR: both">(In&#160;thousands)</div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div style="CLEAR:both;CLEAR: both">April &#150; December 2017</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">2,625</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">2,625</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div style="CLEAR:both;CLEAR: both">2018</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">341,250</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">341,250</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div style="CLEAR:both;CLEAR: both">2019</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">11,872</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">11,872</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div style="CLEAR:both;CLEAR: both">2020</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">315,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">315,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div style="CLEAR:both;CLEAR: both">2021</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div style="CLEAR:both;CLEAR: both">2022 and thereafter</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">350,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">350,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="39%"> <div style="CLEAR:both;CLEAR: both">Total Debt</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">11,872</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">343,875</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">315,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">350,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: #000000 3px double; TEXT-ALIGN: right; FONT-STYLE: normal; PADDING-RIGHT: 4px; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div style="CLEAR:both;CLEAR: both">1,020,747</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; COLOR: #000000; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div style="CLEAR:both;CLEAR: both">&#160; <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font></div> </td> </tr> </table> </div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 64000 87000 69000 685000 350000000 350000000 344800000 350000000 305600000 283500000 346500000 346500000 3600 364 315000000 40000000 1000000 The fee is up to the first $1.0 million after the Fantastic Voyage nets $250,000 to the Foundation. The balance of any operating income is earned by the Foundation less a performance bonus of 50% to Reach Media of any excess over $1.25 million. 2300000 426000 4810000 3675000 5110000 81000 1.34 815000 The 2017 Credit Facility matures on the earlier of (i) April 18, 2023 or (ii) in the event such debt is not repaid or refinanced, 91 days prior to the maturity of either of the Company&#8217;s 2022 Notes or the Company&#8217;s 2020 Notes. At the Company&#8217;s election, the interest rate on borrowings under the 2017 Credit Facility are based on either (i) the then applicable base rate (as defined in the 2017 Credit Facility as, for any day, a rate per annum (rounded upward, if necessary, to the next 1/100th of 1%) equal to the greater of (a) the prime rate published in the Wall Street Journal, (b) 1/2 of 1% in excess rate of the overnight Federal Funds Rate at any given time, (c) the one-month LIBOR rate commencing on such day plus 1.00%) and (d) 2%, or (ii) the then applicable LIBOR rate (as defined in the 2017 Credit Facility). The 2017 Credit Facility contains customary representations and warranties and events of default, affirmative and negative covenants (in each case, subject to materiality exceptions and qualifications) which may be more restrictive than those governing the Notes. The 2017 Credit Facility also contains certain financial covenants, including a maintenance covenant requiring the Company&#8217;s interest expense coverage ratio (defined as the ratio of consolidated EBITDA to consolidated interest expense) to be greater than or equal to 1.25 to 1.00 and its total senior secured leverage ratio (defined as the ratio of consolidated net senior secured indebtedness to consolidated EBITDA) to be less than or equal to 5.85 to 1.00. Beginning with the interest payment date occurring in June 2017 and ending in March 2023, the Company will be required to repay principal to the extent then outstanding, equal to 1/4 of 1% of the aggregate initial principal amount of all term loans incurred on the effective date of the 2017 Credit Facility. 39737000 7663000 5506000 48554000 -171000 76524000 26317000 7915000 6644000 29187000 6461000 957000 54000 341000 6561000 399000 12463000 -306000 -1479000 12806000 -7031000 11900000 11900000 The balance of any operating income is earned by the Foundation less a performance bonus of 50% to Reach Media of any excess over $1.25 million. Reach Media&#8217;s earnings for the Fantastic Voyage may not exceed $1.7 million. The 2020 Notes were offered at an original issue price of 100.0% plus accrued interest from February 10, 2014. -171000 0.045 25000000 5000000 5000000 <div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px"> <b>9.&#160;&#160;SUBSEQUENT EVENTS:</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> <b>&#160;</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">On April 4, 2017, the Company entered into an agreement to sell its Detroit WCHB-AM station to a third party for approximately $2 million. As a result of the pending sale, the identified assets have been classified as held for sale in the consolidated balance sheet as of March 31, 2017. The combined net carrying value of approximately $2.8 million, for the assets held for sale is included in the other assets classification.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">On April 18, 2017, the Company closed on the 2017 Credit Facility. The 2017 Credit Facility is governed by a credit agreement by and among the Company, the lenders party thereto from time to time and Guggenheim Securities Credit Partners, LLC, as administrative agent, The Bank of New York Mellon, as collateral agent and Guggenheim Securities, LLC sole lead arranger and sole book running manager. The 2017 Credit Facility provides for $350 million in term loan borrowings, all of which was advanced and outstanding on the date of the closing of the transaction.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The 2017 Credit Facility matures on the earlier of (i) April 18, 2023 or (ii) in the event such debt is not repaid or refinanced, 91 days prior to the maturity of either of the Company&#8217;s 2022 Notes or the Company&#8217;s 2020 Notes. At the Company&#8217;s election, the interest rate on borrowings under the 2017 Credit Facility are based on either (i) the then applicable base rate (as defined in the 2017 Credit Facility as, for any day, a rate per annum (rounded upward, if necessary, to the next 1/100th of 1%) equal to the greater of (a) the prime rate published in the Wall Street Journal, (b) 1/2 of 1% in excess rate of the overnight Federal Funds Rate at any given time, (c) the one-month LIBOR rate commencing on such day plus 1.00%) and (d) 2%, or (ii) the then applicable LIBOR rate (as defined in the 2017 Credit Facility).</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The 2017 Credit Facility is (i) guaranteed by each entity that guarantees the Company&#8217;s 2022 Notes on a pari passu basis with the guarantees of the Notes and (ii) secured on a pari passu basis with the Company&#8217;s 2022 Notes. The Company&#8217;s obligations under the 2017 Credit Facility are secured, subject to permitted liens and except for certain excluded assets (i) on a first priority basis by certain notes priority collateral and (ii), on a second priority basis by collateral for the Company&#8217;s asset backed line of credit.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">In addition to any mandatory or optional prepayments, the Company is required to pay interest on the term loans (i) quarterly in arrears for the base rate loans, and (ii) on the last day of each interest period for LIBOR loans. Certain voluntary prepayments of the term loans during the first six months will require an additional prepayment premium. Beginning with the interest payment date occurring in June 2017 and ending in March 2023, the Company will be required to repay principal to the extent then outstanding, equal to 1/4 of 1% of the aggregate initial principal amount of all term loans incurred on the effective date of the 2017 Credit Facility.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The 2017 Credit Facility contains customary representations and warranties and events of default, affirmative and negative covenants (in each case, subject to materiality exceptions and qualifications) which may be more restrictive than those governing the Notes. The 2017 Credit Facility also contains certain financial covenants, including a maintenance covenant requiring the Company&#8217;s interest expense coverage ratio (defined as the ratio of consolidated EBITDA to consolidated interest expense) to be greater than or equal to 1.25 to 1.00 and its total senior secured leverage ratio (defined as the ratio of consolidated net senior secured indebtedness to consolidated EBITDA) to be less than or equal to 5.85 to 1.00.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The net proceeds from the 2017 Credit Facility were used to prepay in full the Company&#8217;s existing senior secured credit facility and the agreement governing such credit facility (the &#8220;2015 Credit Agreement&#8221;) was terminated on April 18, 2017.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;BACKGROUND-COLOR: transparent; TEXT-INDENT: 0.25in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Future scheduled minimum principal payments of debt as of the date of this filing, are as follows:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;BACKGROUND-COLOR: transparent; TEXT-INDENT: 0.25in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="white-space:nowrap; TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> <div style="CLEAR:both;CLEAR: both">Comcast&#160;Note<br/> due&#160;April&#160;2019</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> <div style="CLEAR:both;CLEAR: both">2017<br/> Credit&#160;Facility</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> <div style="CLEAR:both;CLEAR: both">9.25%&#160;Senior<br/> Subordinated<br/> Notes&#160;due<br/> February&#160;2020</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> <div style="CLEAR:both;CLEAR: both">7.375%&#160;Senior<br/> Secured&#160;Notes&#160;due<br/> April&#160;2022</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="white-space:nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2"> <div style="CLEAR:both;CLEAR: both">Total</div> </td> <td style="white-space:nowrap; PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="white-space:nowrap; TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="FONT-WEIGHT: bold"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="white-space:nowrap; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="18"> <div style="CLEAR:both;CLEAR: both">(In&#160;thousands)</div> </td> <td style="FONT-WEIGHT: bold"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,238,255); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 32%"> <div style="CLEAR:both;CLEAR: both">April &#150; December 2017</div> </td> <td style="WIDTH: 1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="WIDTH: 1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="CLEAR:both;CLEAR: both">2,625</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="WIDTH: 1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="WIDTH: 1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="WIDTH: 1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 13%"> <div style="CLEAR:both;CLEAR: both">2,625</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">2018</div> </td> <td> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right"> <div style="CLEAR:both;CLEAR: both">3,500</div> </td> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right"> <div style="CLEAR:both;CLEAR: both">3,500</div> </td> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,238,255); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">2019</div> </td> <td> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right"> <div style="CLEAR:both;CLEAR: both">11,872</div> </td> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right"> <div style="CLEAR:both;CLEAR: both">3,500</div> </td> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right"> <div style="CLEAR:both;CLEAR: both">15,372</div> </td> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">2020</div> </td> <td> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right"> <div style="CLEAR:both;CLEAR: both">3,500</div> </td> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right"> <div style="CLEAR:both;CLEAR: both">315,000</div> </td> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right"> <div style="CLEAR:both;CLEAR: both">318,500</div> </td> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,238,255); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">2021</div> </td> <td> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right"> <div style="CLEAR:both;CLEAR: both">3,500</div> </td> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="TEXT-ALIGN: right"> <div style="CLEAR:both;CLEAR: both">3,500</div> </td> <td style="TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="CLEAR:both;CLEAR: both">2022 and thereafter</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="CLEAR:both;CLEAR: both">333,375</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="CLEAR:both;CLEAR: both">&#151;</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="CLEAR:both;CLEAR: both">350,000</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="PADDING-BOTTOM: 1pt"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> <div style="CLEAR:both;CLEAR: both">683,375</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,238,255); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="CLEAR:both;CLEAR: both">Total Debt</div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="CLEAR:both;CLEAR: both">11,872</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="CLEAR:both;CLEAR: both">350,000</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="CLEAR:both;CLEAR: both">315,000</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="CLEAR:both;CLEAR: both">350,000</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="PADDING-BOTTOM: 2.5pt"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> <div style="CLEAR:both;CLEAR: both">$</div> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> <div style="CLEAR:both;CLEAR: both">1,026,872</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> <div style="CLEAR:both;CLEAR: both">&#160;</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">On April 20, 2017, the Company announced it had entered into an agreement for the acquisition of Red Zebra Broadcasting&#8217;s WWXT-FM and WXGI-AM stations.&#160; With this acquisition, the Company will expand its Washington, DC market and diversify its Richmond market. DC&#8217;s WMMJ MAJIC 102.3 FM programming will be simulcast on WWXT 92.7 FM which is expected to grow its listenership.&#160; In Richmond, the Company will diversify its all-music cluster and maintain the sports radio format of WXGI 950 AM and simulcast the new Richmond ESPN Radio on 1240 AM and 102.7 FM.&#160; Local marketing agreements for both stations were effective as of May <font style="font-size-adjust: none; font-stretch: normal;FONT-FAMILY:Times New Roman, Times, Serif"> 1, 2017.&#160; The acquisition is anticipated to close by the end of June, subject to FCC approval.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">On April 28, 2017, the Company acquired certain assets constituting the websites and brands Bossip, HipHopWired and MadameNoire from Moguldom Media Group, LLC.&#160;The assets will be integrated into the Company&#8217;s digital segment.&#160;The consideration for the assets was a $5 million payment at closing, with further potential earn-out payments of up to $5 million over the next 4 years contingent upon on performance.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">On May 2, 2017, the Company closed on its previously announced sale of certain land, towers and equipment to a third party for $25 million. Also, as previously announced, as of May 1, 2017, the Company is leasing certain of the assets back from the buyer as a part of its normal operations.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Effective May 5, 2017, the Company changed its corporate name from &#8220;Radio One, Inc.&#8221; to &#8220;Urban One, Inc.&#8221; to have a name more reflective of its multi-media business operations. &#160;The Company&#8217;s core radio broadcasting franchise will continue to operate under the brand &#8220;Radio One.&#8221; &#160;We will also retain our other brands, such as TV One, Reach Media and Interactive One, while developing additional branding reflective of our diverse media operations and targeting our African-American and urban audiences.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 0.186 346000 1663632 40864139 Pursuant to an employment agreement (the “Employment Agreement”) executed in April 2008, the Chief Executive Officer (“CEO”) is eligible to receive an award (the “Employment Agreement Award”) amount equal to approximately 4% 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 (based on the estimated enterprise fair value of TV One as determined by a discounted cash flow analysis), and an assessment of the probability that the Employment Agreement will be renewed and contain this provision. There are probability factors included in the calculation of the award related to the likelihood that the award will be realized. The Company’s obligation to pay the award was triggered after the Company’s recovery of the aggregate amount of our pre-Comcast Buyout capital contribution in TV One, and payment is required only upon actual receipt of distributions of cash or marketable securities or proceeds from a liquidity event with respect to such invested amount. 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. A third-party valuation firm assisted the Company in estimating TV One’s fair value using the discounted cash flow analysis. Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value. The Compensation Committee of the Board of Directors of the Company approved terms for a new employment agreement with the CEO, including a renewal of the Employment Agreement Award upon similar terms as in the prior Employment Agreement. While a new employment agreement has not been executed as of the date of this report, the CEO is being compensated according to the new terms approved by the Compensation Committee. The 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 estimating the fair value. Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value. Intercompany revenue included in net revenue above is as follows: EX-101.SCH 8 uone-20170331.xsd XBRL TAXONOMY EXTENSION SCHEMA 101 - Document - Document And Entity Information link:presentationLink link:definitionLink link:calculationLink 102 - Statement - CONSOLIDATED STATEMENTS OF OPERATIONS link:presentationLink link:definitionLink link:calculationLink 103 - Statement - CONSOLIDATED STATEMENTS OF OPERATIONS [Parenthetical] link:presentationLink link:definitionLink link:calculationLink 104 - Statement - CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) link:presentationLink link:definitionLink link:calculationLink 105 - Statement - CONSOLIDATED BALANCE SHEETS link:presentationLink link:definitionLink link:calculationLink 106 - Statement - CONSOLIDATED BALANCE SHEETS [Parenthetical] link:presentationLink link:definitionLink link:calculationLink 107 - Statement - CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT link:presentationLink link:definitionLink link:calculationLink 108 - Statement - CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT [Parenthetical] link:presentationLink link:definitionLink link:calculationLink 109 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS link:presentationLink link:definitionLink link:calculationLink 110 - Disclosure - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES link:presentationLink link:definitionLink link:calculationLink 111 - Disclosure - ACQUISITIONS AND DISPOSITIONS link:presentationLink link:definitionLink link:calculationLink 112 - Disclosure - GOODWILL AND RADIO BROADCASTING LICENSES link:presentationLink link:definitionLink link:calculationLink 113 - Disclosure - LONG-TERM DEBT link:presentationLink link:definitionLink link:calculationLink 114 - Disclosure - INCOME TAXES link:presentationLink link:definitionLink link:calculationLink 115 - Disclosure - STOCKHOLDERS' EQUITY link:presentationLink link:definitionLink link:calculationLink 116 - Disclosure - SEGMENT INFORMATION link:presentationLink link:definitionLink link:calculationLink 117 - Disclosure - COMMITMENTS AND CONTINGENCIES link:presentationLink link:definitionLink link:calculationLink 118 - Disclosure - SUBSEQUENT EVENTS link:presentationLink link:definitionLink link:calculationLink 119 - Disclosure - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) link:presentationLink link:definitionLink link:calculationLink 120 - Disclosure - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) link:presentationLink link:definitionLink link:calculationLink 121 - Disclosure - GOODWILL AND RADIO BROADCASTING LICENSES (Tables) link:presentationLink link:definitionLink link:calculationLink 122 - Disclosure - LONG-TERM DEBT (Tables) link:presentationLink link:definitionLink link:calculationLink 123 - Disclosure - STOCKHOLDERS' EQUITY (Tables) link:presentationLink link:definitionLink link:calculationLink 124 - Disclosure - SEGMENT INFORMATION (Tables) link:presentationLink link:definitionLink link:calculationLink 125 - Disclosure - SUBSEQUENT EVENTS (Tables) link:presentationLink link:definitionLink link:calculationLink 126 - Disclosure - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) link:presentationLink link:definitionLink link:calculationLink 127 - Disclosure - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) link:presentationLink link:definitionLink link:calculationLink 128 - Disclosure - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) link:presentationLink link:definitionLink link:calculationLink 129 - Disclosure - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) link:presentationLink link:definitionLink link:calculationLink 130 - Disclosure - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 4) link:presentationLink link:definitionLink link:calculationLink 131 - Disclosure - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) link:presentationLink link:definitionLink link:calculationLink 132 - Disclosure - ACQUISITIONS AND DISPOSITIONS (Details Textual) link:presentationLink link:definitionLink link:calculationLink 133 - Disclosure - GOODWILL AND RADIO BROADCASTING LICENSES (Details) link:presentationLink link:definitionLink link:calculationLink 134 - Disclosure - LONG-TERM DEBT (Details) link:presentationLink link:definitionLink link:calculationLink 135 - Disclosure - LONG-TERM DEBT (Details 1) link:presentationLink link:definitionLink link:calculationLink 136 - Disclosure - LONG-TERM DEBT (Details Textual) link:presentationLink link:definitionLink link:calculationLink 137 - Disclosure - INCOME TAXES (Details Textual) link:presentationLink link:definitionLink link:calculationLink 138 - Disclosure - STOCKHOLDERS' EQUITY (Details) link:presentationLink link:definitionLink link:calculationLink 139 - Disclosure - STOCKHOLDERS' EQUITY (Details 1) link:presentationLink link:definitionLink link:calculationLink 140 - Disclosure - STOCKHOLDERS' EQUITY (Details Textual) link:presentationLink link:definitionLink link:calculationLink 141 - Disclosure - SEGMENT INFORMATION (Details) link:presentationLink link:definitionLink link:calculationLink 142 - Disclosure - COMMITMENTS AND CONTINGENCIES (Details Textual) link:presentationLink link:definitionLink link:calculationLink 143 - Disclosure - SUBSEQUENT EVENTS (Details) link:presentationLink link:definitionLink link:calculationLink 144 - Disclosure - SUBSEQUENT EVENTS (Details Textual) link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 9 uone-20170331_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 10 uone-20170331_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 11 uone-20170331_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE EX-101.PRE 12 uone-20170331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 13 R1.htm IDEA: XBRL DOCUMENT v3.7.0.1
Document And Entity Information - shares
 3 Months Ended
Mar. 31, 2017
May 03, 2017
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 31, 2017  
Document Fiscal Year Focus 2017  
Document Fiscal Period Focus Q1  
Entity Registrant Name URBAN ONE, INC.  
Entity Central Index Key 0001041657  
Current Fiscal Year End Date --12-31  
Entity Filer Category Accelerated Filer  
Trading Symbol UONE  
Common Class A [Member]    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   1,663,632
Common Class B [Member]    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   2,861,843
Common Class C [Member]    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   2,928,906
Common Class D [Member]    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   40,864,139
XML 14 R2.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
NET REVENUE $ 101,289 $ 109,088
OPERATING EXPENSES:    
Programming and technical 31,897 34,003
Selling, general and administrative, including stock-based compensation of $64 and $87, respectively 34,519 35,536
Corporate selling, general and administrative, including stock-based compensation of $69 and $685, respectively 10,108 12,059
Depreciation and amortization 8,312 8,682
Total operating expenses 84,836 90,280
Operating income 16,453 18,808
INTEREST INCOME 103 68
INTEREST EXPENSE 20,346 20,638
OTHER INCOME, net (1,321) (11)
Loss before provision for income taxes and noncontrolling interests in (loss) income of subsidiaries (2,469) (1,751)
(BENEFIT FROM) PROVISION FOR INCOME TAXES (112) 1,775
CONSOLIDATED NET LOSS (2,357) (3,526)
NET (LOSS) INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS (44) 421
CONSOLIDATED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (2,313) $ (3,947)
BASIC AND DILUTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS    
Net loss attributable to common stockholders (in dollars per share) $ (0.05) $ (0.08)
WEIGHTED AVERAGE SHARES OUTSTANDING:    
Basic and diluted (in shares) 47,965,189 48,664,524
XML 15 R3.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS [Parenthetical] - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Selling, General and Administrative Expenses [Member]    
Allocated Share-based Compensation Expense $ 64 $ 87
Corporate Segment [Member]    
Allocated Share-based Compensation Expense $ 69 $ 685
XML 16 R4.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
COMPREHENSIVE LOSS $ (2,357) $ (3,526)
LESS: COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS (44) 421
COMPREHENSIVE LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (2,313) $ (3,947)
XML 17 R5.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2017
Dec. 31, 2016
CURRENT ASSETS:    
Cash and cash equivalents $ 39,898 $ 45,812
Restricted cash 969 969
Trade accounts receivable, net of allowance for doubtful accounts of $7,272 and $6,991, respectively 104,496 104,351
Prepaid expenses 11,954 7,902
Current portion of content assets 40,624 35,854
Other current assets 3,351 4,772
Total current assets 201,292 199,660
CONTENT ASSETS, net 67,171 66,822
PROPERTY AND EQUIPMENT, net 24,137 24,851
GOODWILL 258,284 258,284
RADIO BROADCASTING LICENSES 641,192 643,449
OTHER INTANGIBLE ASSETS, net 110,008 116,600
OTHER ASSETS 50,710 49,120
Total assets 1,352,794 1,358,786
CURRENT LIABILITIES:    
Accounts payable 7,225 7,555
Accrued interest 15,820 16,691
Accrued compensation and related benefits 8,963 15,199
Current portion of content payables 22,247 22,872
Other current liabilities 29,824 26,647
Current portion of long-term debt 3,500 3,500
Total current liabilities 87,579 92,464
LONG-TERM DEBT, net of current portion, original issue discount and issuance costs 1,003,206 1,002,736
CONTENT PAYABLES, net of current portion 17,719 16,135
OTHER LONG-TERM LIABILITIES 33,568 33,434
DEFERRED TAX LIABILITIES, net 272,577 272,733
Total liabilities 1,414,649 1,417,502
REDEEMABLE NONCONTROLLING INTERESTS 11,621 12,410
STOCKHOLDERS’ EQUITY:    
Convertible preferred stock, $.001 par value, 1,000,000 shares authorized; no shares outstanding at March 31, 2017 and December 31, 2016, respectively 0 0
Additional paid-in capital 981,651 981,688
Accumulated deficit (1,055,176) (1,052,863)
Total stockholders’ deficit (73,476) (71,126)
Total liabilities, redeemable noncontrolling interests and stockholders’ deficit 1,352,794 1,358,786
Common Class A [Member]    
STOCKHOLDERS’ EQUITY:    
Common stock value 2 2
Common Class B [Member]    
STOCKHOLDERS’ EQUITY:    
Common stock value 3 3
Common Class C [Member]    
STOCKHOLDERS’ EQUITY:    
Common stock value 3 3
Common Class D [Member]    
STOCKHOLDERS’ EQUITY:    
Common stock value $ 41 $ 41
XML 18 R6.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Allowance for doubtful accounts receivable (in dollars) $ 7,272 $ 6,991
Convertible Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Convertible Preferred stock, shares authorized 1,000,000 1,000,000
Convertible Preferred stock, shares outstanding 0 0
Common Class A [Member]    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized 30,000,000 30,000,000
Common stock, shares issued 1,663,632 1,693,099
Common stock, shares outstanding 1,663,632 1,693,099
Common Class B [Member]    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized 150,000,000 150,000,000
Common stock, shares issued 2,861,843 2,861,843
Common stock, shares outstanding 2,861,843 2,861,843
Common Class C [Member]    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized 150,000,000 150,000,000
Common stock, shares issued 2,928,906 2,928,906
Common stock, shares outstanding 2,928,906 2,928,906
Common Class D [Member]    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized 150,000,000 150,000,000
Common stock, shares issued 40,871,838 41,159,474
Common stock, shares outstanding 40,871,838 41,159,474
XML 19 R7.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT - 3 months ended Mar. 31, 2017 - USD ($)
$ in Thousands
Total
Common Class A [Member]
Common Class B [Member]
Common Class C [Member]
Common Class D [Member]
Convertible Preferred Stock [Member]
Additional Paid-in Capital [Member]
Accumulated Deficit [Member]
BALANCE at Dec. 31, 2016 $ (71,126) $ 2 $ 3 $ 3 $ 41 $ 0 $ 981,688 $ (1,052,863)
Consolidated net loss (2,313) 0 0 0 0 0 0 (2,313)
Repurchase of 317,103 shares of Class D common stock (915) 0 0 0 0 0 (915) 0
Conversion of 29,467 shares of Class A common stock to Class D common stock 0 0 0 0 0 0 0 0
Adjustment of redeemable noncontrolling interests to estimated redemption value 745 0 0 0 0 0 745 0
Stock-based compensation expense 133 0 0 0 0 0 133 0
BALANCE at Mar. 31, 2017 $ (73,476) $ 2 $ 3 $ 3 $ 41 $ 0 $ 981,651 $ (1,055,176)
XML 20 R8.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT [Parenthetical]
 3 Months Ended
Mar. 31, 2017
shares
Common Stock Class D [Member]  
Stock Repurchased During Period, Shares 317,103
Convertible shares, Class A to Class D [Member]  
Conversion Of Stock, Shares Converted 29,467
XML 21 R9.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Consolidated net loss $ (2,357) $ (3,526)
Adjustments to reconcile net loss to net cash from operating activities:    
Depreciation and amortization 8,312 8,682
Amortization of debt financing costs 1,366 1,282
Amortization of content assets 11,179 13,484
Amortization of launch assets 51 20
Deferred income taxes (156) 1,671
Stock-based compensation 133 772
Effect of change in operating assets and liabilities, net of assets acquired:    
Trade accounts receivable (145) 4,539
Prepaid expenses and other assets (3,026) (1,102)
Other assets 1,167 25
Accounts payable (330) 202
Accrued interest (871) (1,291)
Accrued compensation and related benefits (6,236) (3,414)
Other liabilities 3,587 5,730
Payments for content assets (15,339) (16,910)
Net cash flows (used in) provided by operating activities (2,665) 10,164
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (1,459) (1,249)
Acquisition of station and broadcasting assets 0 (2,000)
Net cash flows used in investing activities (1,459) (3,249)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of credit facility (875) (875)
Debt refinancing costs 0 (100)
Repurchase of common stock (915) (649)
Net cash flows used in financing activities (1,790) (1,624)
(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (5,914) 5,291
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period 46,781 67,376
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period 40,867 72,667
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Interest 19,852 20,646
Income taxes, net of refunds $ 167 $ 105
XML 22 R10.htm IDEA: XBRL DOCUMENT v3.7.0.1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 3 Months Ended
Mar. 31, 2017
Accounting Policies [Abstract]  
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]
1.  ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
 
(a)
Organization
 
Urban One, Inc. (a Delaware corporation referred to as “Urban One”) and its subsidiaries (collectively, the “Company”) is an urban-oriented, multi-media company that primarily targets African-American and urban consumers. Our core business is our radio broadcasting franchise that is the largest radio broadcasting operation that primarily targets African-American and urban listeners. As of March 31, 2017, we owned and/or operated 55 broadcast stations located in 15 urban markets in the United States.  While our primary source of revenue is the sale of local and national advertising for broadcast on our radio stations, our strategy is to operate as the premier multi-media entertainment and information content provider targeting African-American and urban consumers. Thus, we have diversified our revenue streams by making acquisitions and investments in other complementary media properties. Our diverse media and entertainment interests include our ownership interest of TV One, LLC (“TV One”), an African-American targeted cable television network; our 80.0% ownership interest in Reach Media, Inc. (“Reach Media”) which operates the Tom Joyner Morning Show and our other syndicated programming assets, including the Rickey Smiley Morning Show, the Russ Parr Morning Show and the DL Hughley Show; and our ownership of Interactive One, LLC (“Interactive One”), our wholly owned online platform serving the African-American community through social content, news, information, and entertainment websites, including Global Grind, News One, TheUrbanDaily and HelloBeautiful, and online social networking websites, including BlackPlanet and MiGente. Most recently, we invested in a minority ownership interest in MGM National Harbor, a gaming resort located in Prince George’s County, Maryland. Through our national multi-media operations, we provide advertisers with a unique and powerful delivery mechanism to the African-American and urban audiences.
 
Effective May 5, 2017, the Company changed its corporate name from “Radio One, Inc.” to “Urban One, Inc.” to have a name more reflective of our multi-media business operations.  Our core radio broadcasting franchise will continue to operate under the brand “Radio One.”  We will also retain our other brands, such as TV One, Reach Media and Interactive One, while developing additional branding reflective of our diverse media operations and targeting our African-American and urban audiences.
 
As part of our consolidated financial statements, consistent with our financial reporting structure and how the Company currently manages its businesses, we have provided selected financial information on the Company’s four reportable segments: (i) radio broadcasting; (ii) Reach Media; (iii) digital; and (iv) cable television. (See Note 7 – Segment Information.)
 
(b)
Interim Financial Statements
 
The interim consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In management’s opinion, the interim financial data presented herein include all adjustments (which include only normal recurring adjustments) necessary for a fair presentation. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted pursuant to such rules and regulations.
 
Results for interim periods are not necessarily indicative of results to be expected for the full year. This Form 10-Q should be read in conjunction with the financial statements and notes thereto included in the Company’s 2016 Annual Report on Form 10-K.
 
(c)
Financial Instruments
 
Financial instruments as of March 31, 2017, and December 31, 2016, consisted of cash and cash equivalents, investments, trade accounts receivable, long-term debt and redeemable noncontrolling interests. The carrying amounts approximated fair value for each of these financial instruments as of March 31, 2017, and December 31, 2016, except for the Company’s outstanding senior subordinated notes and secured notes. The 9.25% Senior Subordinated Notes which are due in February 2020 (the “2020 Notes”) had a carrying value of approximately $315.0 million as of each of March 31, 2017 and December 31, 2016, and fair value of approximately $305.6 million and $283.5 million as of March 31, 2017, and December 31, 2016, respectively. The fair values of the 2020 Notes, classified as Level 2 instruments, were determined based on the trading values of these instruments in an inactive market as of the reporting date. The 7.375% Senior Secured Notes that are due in March 2022 (the “2022 Notes”) had a carrying value of approximately $350.0 million as of each of March 31, 2017 and December 31, 2016, and fair value of approximately $365.8 million and $344.8 million as of March 31, 2017, and December 31, 2016, respectively. The fair values of the 2022 Notes, classified as Level 2 instruments, were determined based on the trading values of these instruments in an inactive market as of the reporting date. The $350.0 million senior secured credit facility (the “2015 Credit Facility) had a carrying value of approximately $343.9 million and $344.8 million as of March 31, 2017, and December 31, 2016, respectively, and fair value of approximately $346.5 million and $346.5 million as of March 31, 2017, and December 31, 2016, respectively. The fair values of the 2015 Credit Facility, classified as Level 2 instruments, were determined based on the trading values of these instruments in an inactive market as of the reporting date. The senior unsecured promissory note in the aggregate principal amount of approximately $11.9 million (the “Comcast Note”) had a carrying value of approximately $11.9 million as of March 31, 2017, and as of December 31, 2016. The fair value of the Comcast Note was approximately $11.9 million as of March 31, 2017 and December 31, 2016. The fair value of the Comcast Note, classified as a Level 3 instrument, was determined based on the fair value of a similar instrument as of the reporting date using updated interest rate information derived from changes in interest rates since inception to the reporting date. See Note 9– Subsequent Events.
 
(d)
Revenue Recognition
 
Within our radio broadcasting and Reach Media segments, the Company recognizes revenue for broadcast advertising when a commercial is broadcast, and the revenue is reported net of agency and outside sales representative commissions, in accordance with Accounting Standards Codification (“ASC”) 605, “Revenue Recognition.”  Agency and outside sales representative commissions are calculated based on a stated percentage applied to gross billing. Generally, clients remit the gross billing amount to the agency or outside sales representative, and the agency or outside sales representative remits the gross billing, less their commission, to the Company. For our radio broadcasting and Reach Media segments, agency and outside sales representative commissions were approximately $5.7 million and $6.3 million for the three months ended March 31, 2017 and 2016, respectively.
 
Within our digital segment, including Interactive One, which generates the majority of the Company’s digital revenue, revenue is principally derived from advertising services on non-radio station branded but Company-owned websites. Advertising services include the sale of banner and sponsorship advertisements.  Advertising revenue is recognized either as impressions (the number of times advertisements appear in viewed pages) are delivered, when “click through” purchases are made, or ratably over the contract period, where applicable. In addition, Interactive One derives revenue from its studio operations, in which it provides third-party clients with publishing services including digital platforms and expertise.  In the case of the studio operations, revenue is recognized primarily through fixed contractual monthly fees and/or as a share of the third party’s reported revenue.
 
TV One derives advertising revenue from the sale of television air time to advertisers and recognizes revenue when the advertisements are run. TV One also derives revenue from affiliate fees under the terms of various affiliation agreements based on a per subscriber fee multiplied by the most recent subscriber counts reported by the applicable affiliate. For our cable television segment, agency and outside sales representative commissions were approximately $3.9 million and $4.2 million for the three months ended March 31, 2017 and 2016, respectively.
 
(e)
Launch Support
 
TV One has entered into certain affiliate agreements requiring various payments by TV One for launch support. Launch support assets are used to initiate carriage under affiliation agreements and are amortized over the term of the respective contracts. Amortization is recorded as a reduction to revenue. TV One did not pay any launch support for carriage initiation during the three months ended March 31, 2017 or March 31, 2016. The weighted-average amortization period for launch support is approximately 9.4 years at each of March 31, 2017 and December 31, 2016. The remaining weighted-average amortization period for launch support is 7.8 years and 8.0 years as of March 31, 2017, and December 31, 2016, respectively. For the three month periods ended March 31, 2017, and 2016, launch support asset amortization of $51,000 and $20,000, respectively, was recorded as a reduction of revenue. Launch support assets are included in other intangible assets on the consolidated balance sheets.
 
(f)
Barter Transactions
 
For barter transactions, the Company provides advertising time in exchange for programming content and certain services and accounts for these exchanges in accordance with ASC 605, “Revenue Recognition.” The Company includes the value of such exchanges in both broadcasting net revenue and station operating expenses. The valuation of barter time is based upon the fair value of the network advertising time provided for the programming content and services received. For the three months ended March 31, 2017 and 2016, barter transaction revenues were $501,000 and $608,000, respectively. Additionally, for the three months ended March 31, 2017 and 2016, barter transaction costs were reflected in programming and technical expenses of $460,000 and $567,000, respectively, and selling, general and administrative expenses of $41,000 and $41,000, respectively.
 
(g)
Earnings Per Share
 
Basic earnings per share is computed on the basis of the weighted average number of shares of common stock (Classes A, B, C and D) outstanding during the period. Diluted earnings per share is computed on the basis of the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method.  The Company’s potentially dilutive securities include stock options and unvested restricted stock. Diluted earnings per share considers the impact of potentially dilutive securities except in periods in which there is a net loss, as the inclusion of the potentially dilutive common shares would have an anti-dilutive effect.
 
The following table sets forth the calculation of basic and diluted earnings per share from continuing operations (in thousands, except share and per share data):
 
 
 
Three Months Ended March 31,
 
 
 
2017
 
2016
 
 
 
(Unaudited)
 
Numerator:
 
 
 
 
 
 
 
Net loss attributable to common stockholders
 
$
(2,313)
 
$
(3,947)
 
Denominator:
 
 
 
 
 
 
 
Denominator for basic net loss per share - weighted-average outstanding shares
 
 
47,965,189
 
 
48,664,524
 
Effect of dilutive securities:
 
 
 
 
 
 
 
Stock options and restricted stock
 
 
-
 
 
-
 
Denominator for diluted net loss per share - weighted-average outstanding shares
 
 
47,965,189
 
 
48,664,524
 
 
 
 
 
 
 
 
 
Net loss attributable to common stockholders per share –basic and diluted
 
$
(0.05)
 
$
(0.08)
 
 
All stock options and restricted stock awards were excluded from the diluted calculation for the three months ended March 31, 2017 and 2016, as their inclusion would have been anti-dilutive.  The following table summarizes the potential common shares excluded from the diluted calculation. 
 
 
 
Three Months
 
 
 
Ended March 31,
 
 
 
2017
 
2016
 
 
 
 
(Unaudited)
 
 
 
 
(In thousands)
 
 
 
 
 
 
 
 
Stock options
 
 
3,600
 
 
3,656
 
Restricted stock awards
 
 
364
 
 
1,021
 
 
(h)
Fair Value Measurements
 
We report our financial and non-financial assets and liabilities measured at fair value on a recurring and non-recurring basis under the provisions of ASC 820, “Fair Value Measurements and Disclosures.” ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements.
 
The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows:
 
 
Level 1: Inputs are unadjusted quoted prices in active markets for identical assets and liabilities that can be accessed at measurement date.
 
 
Level 2: Observable inputs other than those included in Level 1 (i.e., quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets).
 
 
 
Level 3: Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability.
  
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value instrument.
 
As of March 31, 2017, and December 31, 2016, the fair values of our financial assets and liabilities measured at fair value on a recurring basis are categorized as follows:
  
 
 
Total
 
Level 1
 
Level 2
 
Level 3
 
 
 
(Unaudited)
 
 
 
(In thousands)
 
As of March 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities subject to fair value measurement:
 
 
 
 
 
 
 
 
 
 
 
 
 
Employment agreement award (a)
 
$
28,006
 
$
—
 
$
—
 
$
28,006
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mezzanine equity subject to fair value measurement:
 
 
 
 
 
 
 
 
 
 
 
 
 
Redeemable noncontrolling interests (b)
 
$
11,621
 
$
—
 
$
—
 
$
11,621
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities subject to fair value measurement:
 
 
 
 
 
 
 
 
 
 
 
 
 
Employment agreement award (a)
 
$
26,965
 
$
—
 
$
—
 
$
26,965
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mezzanine equity subject to fair value measurement:
 
 
 
 
 
 
 
 
 
 
 
 
 
Redeemable noncontrolling interests (b)
 
$
12,410
 
$
—
 
$
—
 
$
12,410
 
 
(a)   Pursuant to an employment agreement (the “Employment Agreement”) executed in April 2008, the Chief Executive Officer (“CEO”) was eligible to receive an award (the “Employment Agreement Award”) amount equal to approximately 4% 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 (based on the estimated enterprise fair value of TV One as determined by a discounted cash flow analysis), and an assessment of the probability that the Employment Agreement will be renewed and contain this provision. There are probability factors included in the calculation of the award related to the likelihood that the award will be realized. The Company’s obligation to pay the award was triggered after the Company’s recovery of the aggregate amount of our pre-Comcast Buyout capital contribution in TV One, and payment is required only upon actual receipt of distributions of cash or marketable securities or proceeds from a liquidity event with respect to such invested amount. 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. A third-party valuation firm assisted the Company in estimating TV One’s fair value using the discounted cash flow analysis. Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value. The Compensation Committee of the Board of Directors of the Company approved terms for a new employment agreement with the CEO, including a renewal of the Employment Agreement Award upon similar terms as in the prior Employment Agreement. While a new employment agreement has not been executed as of the date of this report, the CEO is being compensated according to the new terms approved by the Compensation Committee.
 
(b)   The 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 estimating the fair value. Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value.
 
There were no transfers in or out of Level 1, 2, or 3 during the three months ended March 31, 2017. The following table presents the changes in Level 3 liabilities measured at fair value on a recurring basis for the three months ended March 31, 2017:
 
 
 
Employment
 
Redeemable
 
 
 
Agreement
 
Noncontrolling
 
 
 
Award
 
Interests
 
 
 
(In thousands)
 
 
 
 
 
 
 
Balance at December 31, 2016
 
$
26,965
 
$
12,410
 
Net loss attributable to noncontrolling interests
 
 
—
 
 
(44)
 
Change in fair value
 
 
1,041
 
 
(745)
 
Balance at March 31, 2017
 
$
28,006
 
$
11,621
 
 
 
 
 
 
 
 
 
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
 
$
(1,041)
 
$
—
 
 
Losses included in earnings were recorded in the consolidated statements of operations as corporate selling, general and administrative expenses for the three months ended March 31, 2017 and 2016.
 
 
 
 
 
 
 
As of
 
As of
 
 
 
 
 
 
 
March 31,
 
December
 
 
 
 
 
 
 
2017
 
31, 2016
 
 
 
 
 
Significant
 
 
 
 
 
 
 
Unobservable
 
Significant Unobservable
 
Level 3 liabilities
 
Valuation Technique
 
Inputs
 
Input Value
 
 
 
 
 
 
 
 
 
 
 
Employment agreement award
 
Discounted Cash Flow
 
Discount Rate
 
 
11.0
%
 
11.0
%
Employment agreement award
 
Discounted Cash Flow
 
Long-term Growth Rate
 
 
2.5
%
 
2.5
%
Redeemable noncontrolling interest
 
Discounted Cash Flow
 
Discount Rate
 
 
10.5
%
 
10.5
%
Redeemable noncontrolling interest
 
Discounted Cash Flow
 
Long-term Growth Rate
 
 
1.0
%
 
1.0
%
 
Any significant increases or decreases in discount rate or long-term growth rate inputs could result in significantly higher or lower fair value measurements.
 
Certain assets and liabilities are measured at fair value on a non-recurring basis using Level 3 inputs as defined in ASC 820.  These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances.  Included in this category are goodwill, radio broadcasting licenses and other intangible assets, net, that are written down to fair value when they are determined to be impaired, as well as content assets that are periodically written down to net realizable value. The Company concluded these assets were not impaired during the three months ended March 31, 2017, and March 31, 2016, and, therefore, were reported at carrying value. 
 
(i)
Impact of Recently Issued Accounting Pronouncements
 
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), which supersedes the revenue recognition requirements in ASC 605, “Revenue Recognition” and most industry-specific guidance throughout the codification. The standard requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. On July 9, 2015, the FASB voted and approved a deferral of the effective date of ASU 2014-09 by one year. As a result, ASU 2014-09 will be effective for fiscal years beginning after December 15, 2017, with early adoption permitted, but not prior to the original effective date of annual periods beginning after December 15, 2016. The Company has not yet completed its assessment of the impact of the new standard, including possible transition alternatives, on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)” (“ASU 2016-08”). The amendments in ASU 2016-08 clarify the implementation guidance on principal versus agent considerations. ASU 2016-08 is effective for the Company for annual and interim reporting periods beginning July 1, 2018. The Company is currently evaluating the impact ASU 2016-08 will have on its consolidated financial statements. In April 2016, the FASB issued ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing” (“ASU 2016-10”). ASU 2016-10 clarifies the implementation guidance on identifying performance obligations. In May 2016, the FASB issued ASU 2016-11, “Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting” (“ASU 2016-11”) and ASU 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients” (“ASU 2016-12”). ASU 2016-11 and ASU 2016-12 provide additional clarification and implementation guidance on the previously issued ASU 2014-09. In December 2016, the FASB issued ASU 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers” (“ASU 2016-20”) which affects thirteen narrow aspects of the guidance. The Company is currently evaluating the impact ASU 2016-10, ASU 2016-11, ASU 2016-12 and ASU 2016-20 will have on its consolidated financial statements. At this time, the Company continues to assess and determine data and process requirements necessary to quantify the impacts of this standard as well as to develop and provide the enhanced disclosures required by the new guidance.
 
In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”) which requires the Company to assess its ability to continue as a going concern each interim and annual reporting period and provide certain disclosures if there is substantial doubt about our ability to continue as a going concern. The Company adopted ASU 2014-15 during the fourth quarter of 2016 and the standard did not have an impact on our consolidated financial statements.
 
In April 2015, the FASB issued ASU 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”). ASU 2015-03 aims to simplify the presentation of debt issuance costs by requiring debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Prior to ASU 2015-03, debt issuance costs were presented as a deferred charge under GAAP. ASU 2015-03 is effective for fiscal years beginning after December 15, 2015, and is to be applied retrospectively, with early adoption permitted. The Company early adopted ASU 2015-03 during the year ended December 31, 2015, resulting in approximately $7.4 million of net debt issuance costs presented as a direct reduction to the Company’s long-term debt in the consolidated balance sheet as of December 31, 2015. In August 2015, the FASB issued ASU 2015-15, “Interest - Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements” (“ASU 2015-15”), which allows companies to continue to defer and present debt issuance costs as an asset that is amortized ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Company adopted ASU 2015-15 on January 1, 2016, and capitalized $421,000 of debt issuance costs for the year ended December 31, 2016, associated with its new line of credit arrangement.
 
In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” (“ASU 2016-02”), which is a new lease standard that amends lease accounting. ASU 2016-02 will require lessees to recognize a lease asset and lease liability for leases classified as operating leases. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company has not yet completed its assessment of the impact of the new standard on its consolidated financial statements.
 
In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718)” (“ASU 2016-09”), which relates to the accounting for employee share-based payments. This standard provides updated guidance for the accounting for certain aspects of share-based payment awards to employees, including the accounting for income taxes, forfeitures, statutory tax withholding requirements and the classification on the statement of cash flows. This standard will be effective for interim and annual reporting periods after December 15, 2016, including interim periods within those fiscal years, with early adoption permitted. As early adoption is permitted, the Company adopted ASU 2016-09 during the fourth quarter of 2016. Under ASU 2016-09, the Company classifies the excess income tax benefits from stock-based compensation arrangements within income tax expense, rather than recognizing such excess income tax benefits in additional paid-in capital. In addition, when the Company withholds shares to satisfy income tax withholding obligations, the payment is classified as a financing activity on the statement of cash flows. The Company continues to estimate the number of stock-based awards expected to vest, as permitted by ASU 2016-09, rather than electing to account for forfeitures as they occur.
 
In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This standard will be effective for interim and annual reporting periods after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted for annual periods after December 15, 2018. The Company has not yet completed its assessment of the impact of the new standard on its consolidated financial statements.
 
In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (A Consensus of the Emerging Issues Task Force)” (“ASU 2016-15”). ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. This standard will be effective for interim and annual reporting periods after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. The Company has not yet completed its assessment of the impact of the new standard on its consolidated financial statements.
 
In November 2016, the FASB issued ASU 2016-18, “Restricted Cash” (“ASU 2016-18”). ASU 2016-18 is intended to add and clarify guidance on the classification and presentation of restricted cash in the statement of cash flows. This standard will be effective for interim and annual reporting periods after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. The Company early adopted the provisions of ASU 2016-18 during the fourth quarter of 2016. The adoption of the guidance did not have impact on prior reporting periods.
 
In January 2017, the FASB issued ASU 2017-04, “Intangibles – Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment” (“ASU 2017-04”). ASU 2017-04 is intended to simplify the accounting for goodwill impairment. The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. This standard will be effective for interim and annual goodwill impairment tests after December 15, 2019, with early adoption permitted on testing dates after January 1, 2017. The Company has not yet completed its assessment of the impact of the new standard on its consolidated financial statements.
 
(j)
Redeemable noncontrolling interest
 
Redeemable noncontrolling interests are interests in subsidiaries that are redeemable outside of the Company’s control either for cash or other assets. These interests are classified as mezzanine equity and measured at the greater of estimated redemption value at the end of each reporting period or the historical cost basis of the noncontrolling interests adjusted for cumulative earnings allocations.  The resulting increases or decreases in the estimated redemption amount are affected by corresponding charges against retained earnings, or in the absence of retained earnings, additional paid-in-capital.
 
(k)
Investments – Cost Method
 
On April 10, 2015, the Company made an initial minimum investment of $5 million in MGM’s world-class casino property, MGM National Harbor, under an agreement to invest up to $40 million. The project is located in Prince George’s County, Maryland, which has a predominately African-American demographic profile. On November 30, 2016, the Company contributed an additional $35 million to complete its investment. This investment further diversifies our platform in the entertainment industry. We accounted for this investment on a cost basis. Our MGM National Harbor investment entitles us to an annual cash distribution based on net gaming revenue. Our MGM investment is included in other assets on the consolidated balance sheets and its income is recorded in other income on the consolidated statements of operations.
 
(l)
Content Assets
 
TV One has entered into contracts to acquire entertainment programming rights and programs from distributors and producers. The license periods granted in these contracts generally run from one year to ten years. Contract payments are made in installments over terms that are generally shorter than the contract period. Each contract is recorded as an asset and a liability at an amount equal to its gross contractual commitment when the license period begins and the program is available for its first airing. Acquired content is generally amortized on a straight-line method over the term of the license which reflects the estimated usage. For certain content for which the pattern of usage is accelerated, amortization is based upon the actual usage.
 
The Company also has programming for which the Company has engaged third parties to develop and produce, and it owns most or all rights (commissioned programming). Content amortization expense for each period is recognized based on the revenue forecast model, which approximates the proportion that estimated advertising and affiliate revenues for the current period represent in relation to the estimated remaining total lifetime revenues.
 
Acquired program rights are recorded at the lower of unamortized cost or estimated net realizable value. Estimated net realizable values are based on the estimated revenues associated with the program materials and related expenses. The Company did not record any additional amortization expense as a result of evaluating its contracts for recoverability for the three months ended March 31, 2017, and recorded an impairment and additional amortization expense of approximately $1.9 million as a result of evaluating its contracts for recoverability for the three months ended March 31, 2016. All produced and licensed content is classified as a long-term asset, except for the portion of the unamortized content balance that is expected to be amortized within one year which is classified as a current asset.
 
Tax incentives state and local governments offer that are directly measured based on production activities are recorded as reductions in production costs.
 
(m)
Derivatives
 
The Company recognizes all derivatives at fair value in the consolidated balance sheet as either an asset or liability. The accounting for changes in the fair value of a derivative, including certain derivative instruments embedded in other contracts, depends on the intended use of the derivative and the resulting designation.
 
The Company has accounted for the Employment Agreement Award as a derivative instrument in accordance with ASC 815, “Derivatives and Hedging.” The Company estimated the fair value of the award at March 31, 2017, and December 31, 2016, to be approximately $28.0 million and $27.0 million, respectively, and accordingly, adjusted its liability to this amount. The long-term portion is recorded in other long-term liabilities and the current portion is recorded in other current liabilities in the consolidated balance sheets. The expense associated with the Employment Agreement Award was recorded in the consolidated statements of operations as corporate selling, general and administrative expenses and was approximately $1.0 million and $2.3 million for the quarters ended March 31, 2017 and 2016, respectively.
 
The Company’s obligation to pay the Employment Agreement Award was triggered after the Company’s recovery of the aggregate amount of its capital contribution in TV One before the buyout of its partner and payment is required only upon actual receipt of distributions of cash or marketable securities or proceeds from a liquidity event with respect to such invested amount. 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. The Compensation Committee of the Board of Directors of the Company has approved terms for a new employment agreement with the CEO, including a renewal of the Employment Agreement Award upon similar terms as in the prior Employment Agreement. While a new Employment Agreement has not been executed as of the date of this report, the CEO is being compensated according to the new terms approved by the Compensation Committee.
 
(n)
Related Party Transactions
 
Reach Media operates the Tom Joyner Fantastic Voyage, a fundraising event for the Tom Joyner Foundation, Inc. (the “Foundation”), a 501(c)(3) entity. The terms of the agreement are that Reach Media provides all necessary operations for the Fantastic Voyage, that the Foundation reimburse the Company for all related expenses, and that the Foundation pay a fee plus a performance bonus to Reach Media. The fee is up to the first $1.0 million after the Fantastic Voyage nets $250,000 to the Foundation. The balance of any operating income is earned by the Foundation less a performance bonus of 50% to Reach Media of any excess over $1.25 million. Reach Media’s earnings for the Fantastic Voyage may not exceed $1.7 million. The Foundation’s remittances to Reach Media under the agreement are limited to its Fantastic Voyage-related cash revenues; Reach Media bears the risk should the Fantastic Voyage sustain a loss and bears all credit risk associated with the related customer cabin sales. As of March 31, 2017 and December 31, 2016, the Foundation owed Reach Media approximately $2.3 million and $426,000, respectively under the agreement, for operations on the future cruises.
 
Reach Media provides office facilities (including office space, telecommunications facilities, and office equipment) to the Foundation, and to Tom Joyner, LTD. (“Limited”), Tom Joyner’s production company. Such services are provided to the Foundation and to Limited on a pass-through basis at cost. Additionally, from time to time, the Foundation and Limited reimburse Reach Media for expenditures paid on their behalf at Reach Media related events. Under these arrangements, as of March 31, 2017, the Foundation and Limited owed $14,000 and $2,000 to Reach Media, respectively. As of December 31, 2016, the Foundation and Limited owed $3,000 and $11,000 to Reach Media, respectively.
XML 23 R11.htm IDEA: XBRL DOCUMENT v3.7.0.1
ACQUISITIONS AND DISPOSITIONS
 3 Months Ended
Mar. 31, 2017
Business Combinations [Abstract]  
Acquisitions and Dispositions Disclosures [Text Block]
2.  ACQUISITIONS AND DISPOSITIONS:
 
On October 20, 2011, we entered into a time brokerage agreement (“TBA”) with WGPR, Inc. (“WGPR”). Pursuant to the TBA, beginning October 24, 2011, we began to broadcast programs produced, owned or acquired by the Company on WGPR’s Detroit radio station, WGPR-FM. We pay certain operating costs of WGPR-FM, and in exchange we retain all revenues from the sale of the advertising within the programming we provide. The original term of the TBA was through December 31, 2014; however, in September 2014, we entered into an amendment to the TBA to extend the term of the TBA through December 31, 2019. Under the terms of the TBA, WGPR has also granted us certain rights of first negotiation and first refusal with respect to the sale of WGPR-FM by WGPR and with respect to any potential time brokerage agreement for WGPR-FM covering any time period subsequent to the term of the TBA.
 
On November 12, 2015, the Company entered into a two-station local marketing agreement (“LMA”) with Wilks Broadcasting Group for 95.5 FM-WZOH and 107.1 FM-WHOK. While under the LMA, the stations were a variable interest entity (“VIE”) for which we were not the primary beneficiary based on the fact that we did not have the power to direct the activities of the VIE that most significantly impacted its economic performance. The Company also entered into an asset purchase agreement to acquire the stations. This acquisition doubled the size of the previously two-station urban music cluster in Columbus, Ohio. The Company completed the acquisition of the stations on February 3, 2016, and as a result of the acquisition, the stations are no longer treated as a VIE. Total consideration paid was approximately $2.0 million. The Company’s final purchase accounting to reflect the fair value of assets acquired and liabilities assumed consisted of approximately $1.5 million to radio broadcasting licenses, $861,000 to property and equipment, $84,000 to other intangible assets, offset by a lease liability of $443,000.
 
On January 30, 2017, the Company entered into an asset purchase agreement to sell certain land, towers and equipment to a third party for $25 million. The identified assets have been classified as held for sale in the consolidated balance sheets at March 31, 2017 and December 31, 2016. The combined net carrying value of approximately $2.1 million and $2.2 million for the assets held for sale is included in other assets in the Company’s consolidated balance sheet at March 31, 2017 and December 31, 2016, respectively. The estimated fair value of the assets to be disposed of are in excess of their carrying value. The Company will lease certain of the assets back from the buyer. See Note 9 – Subsequent Events.
XML 24 R12.htm IDEA: XBRL DOCUMENT v3.7.0.1
GOODWILL AND RADIO BROADCASTING LICENSES
 3 Months Ended
Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Disclosure [Text Block]
3.  GOODWILL AND RADIO BROADCASTING LICENSES:
 
Impairment Testing
 
In accordance with ASC 350, “Intangibles - Goodwill and Other,” we do not amortize our indefinite-lived radio broadcasting licenses and goodwill. Instead, we perform a test for impairment annually across all reporting units, or on an interim basis when events or changes in circumstances or other conditions suggest impairment may have occurred in any given reporting unit. Other intangible assets continue to be amortized on a straight-line basis over their useful lives. We perform our annual impairment test as of October 1 of each year. We evaluate all events and circumstances on an interim basis to determine if a two-step process is required. The first step of the process involves estimating the fair value of each reporting unit. If the reporting unit’s fair value is less than its carrying value, a second step is performed to attribute the fair value of the reporting unit to the individual assets and liabilities of the reporting unit in order to determine the implied fair value of the reporting unit’s goodwill as of the impairment assessment date. Any excess of the carrying value of the goodwill over the implied fair value of the goodwill is written off as a charge to operations.
 
Valuation of Broadcasting Licenses
 
We did not identify any impairment indicators for the three months ended March 31, 2017 or 2016.
 
Valuation of Goodwill
 
We did not identify any impairment indicators for the three months ended March 31, 2017 or 2016 at any of our four reportable segments.
 
Goodwill Valuation Results
 
The table below presents the changes in Company’s goodwill carrying values for its four reportable segments.
 
 
 
Radio
 
Reach
 
 
 
Cable
 
 
 
 
 
Broadcasting
 
Media
 
Digital
 
Television
 
 
 
 
 
Segment
 
Segment
 
Segment
 
Segment
 
Total
 
 
 
(In thousands)
 
Gross goodwill
 
$
154,863
 
$
30,468
 
$
23,004
 
$
165,044
 
$
373,379
 
Accumulated impairment losses
 
 
(84,436)
 
 
(16,114)
 
 
(14,545)
 
 
—
 
 
(115,095)
 
Net goodwill at March 31, 2017
 
$
70,427
 
$
14,354
 
$
8,459
 
$
165,044
 
$
258,284
 
XML 25 R13.htm IDEA: XBRL DOCUMENT v3.7.0.1
LONG-TERM DEBT
 3 Months Ended
Mar. 31, 2017
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]
4.  LONG-TERM DEBT:
 
Long-term debt consisted of the following:
 
 
 
March 31, 2017
 
December 31, 2016
 
 
 
(Unaudited)
 
 
 
 
 
(In thousands)
 
 
 
 
 
 
 
2015 Credit Facility
 
$
343,875
 
$
344,750
 
9.25% Senior Subordinated Notes due February 2020
 
 
315,000
 
 
315,000
 
7.375% Senior Secured Notes due April 2022
 
 
350,000
 
 
350,000
 
Comcast Note due April 2019
 
 
11,872
 
 
11,872
 
Total debt
 
 
1,020,747
 
 
1,021,622
 
Less: current portion of long-term debt
 
 
3,500
 
 
3,500
 
Less: original issue discount and issuance costs
 
 
14,041
 
 
15,386
 
Long-term debt, net
 
$
1,003,206
 
$
1,002,736
 
 
2022 Notes and 2015 Credit Facilities
 
On April 17, 2015, the Company closed a private offering of $350.0 million aggregate principal amount of 7.375% senior secured notes due 2022 (the “2022 Notes”). The 2022 Notes were offered at an original issue price of 100.0% plus accrued interest from April 17, 2015, and will mature on April 15, 2022. Interest on the 2022 Notes accrues at the rate of 7.375% per annum and is payable semiannually in arrears on April 15 and October 15, which commenced on October 15, 2015. The 2022 Notes are guaranteed, jointly and severally, on a senior secured basis by the Company’s existing and future domestic subsidiaries, including TV One, which also guarantees its $350.0 million senior secured credit facility (the “2015 Credit Facility”) that was entered into concurrently with the closing of the 2022 Notes.
 
The 2015 Credit Facility was scheduled to mature on December 31, 2018. At the Company’s election, the interest rate on borrowings under the 2015 Credit Facility was based on either (i) the then applicable base rate plus 3.5% (as defined in the 2015 Credit Facility) as, for any day, a rate per annum (rounded upward, if necessary, to the next 1/100th of 1%) equal to the greater of (a) the prime rate published in the Wall Street Journal, (b) a rate of 1/2 of 1% in excess rate of the overnight Federal Funds Rate at any given time, and (c) the one-month LIBOR commencing on such day plus 1.00%), or (ii) the then applicable LIBOR plus 4.5% (as defined in the 2015 Credit Facility). The average interest rate was approximately 5.28% for 2017 and 5.11% for 2016. Quarterly installments of 0.25%, or $875,000, of the principal balance on the term loan were payable on the last day of each March, June, September and December beginning on September 30, 2015. During each of the three month periods ended March 31, 2017 and March 31, 2016, the Company repaid $875,000 under the 2015 Credit Facility. See Note 9 – Subsequent Events. 
 
In connection with the closing of the 2022 Notes and the 2015 Credit Facility, the Company and the guarantor parties thereto entered into a Fourth Supplemental Indenture to the indenture governing the 2020 Notes (as defined below). Pursuant to this Fourth Supplemental Indenture, TV One, which previously did not guarantee the 2020 Notes, became a guarantor under the 2020 Notes indentures. In addition, the transactions caused a “Triggering Event” (as defined in the 2020 Notes Indenture) and, as a result, the 2020 Notes became an unsecured obligation of the Company and the subsidiary guarantors and rank equal in right of payment with the Company’s other senior indebtedness.
 
The Company used the net proceeds from the 2022 Notes, along with term loan borrowings under the 2015 Credit Facility, to refinance a previous credit agreement, refinance the TV One Notes, and finance the buyout of membership interests of Comcast in TV One and pay the related accrued interest, premiums, fees and expenses associated therewith.
 
The 2015 Credit Facility contained affirmative and negative covenants that the Company was required to comply with, including:
 
(a)    maintaining an interest coverage ratio of no less than: 
 
·
1.25 to 1.00 on June 30, 2015 and the last day of each fiscal quarter thereafter.
 
(b)    maintaining a senior leverage ratio of no greater than:
 
·
5.85 to 1.00 on June 30, 2015 and the last day of each fiscal quarter thereafter.
 
 (c)   limitations on:
 
·
liens;
·
sale of assets;
·
payment of dividends; and
·
mergers.
 
As of March 31, 2017, the Company was in compliance with all of its financial covenants under the 2015 Credit Facility.
 
As of March 31, 2017, the Company had outstanding approximately $343.9 million on its 2015 Credit Facility. The original issue discount was being reflected as an adjustment to the carrying amount of the debt obligations and amortized to interest expense over the term of the credit facility. The amortization of deferred financing costs was charged to interest expense for all periods presented. The amount of deferred financing costs included in interest expense for the three months ended March 31, 2017 and 2016 was approximately $1.4 million and $1.3 million, respectively.
 
On February 24, 2015, the Company entered into a letter of credit reimbursement and security agreement. As of March 31, 2017, the Company had letters of credit totaling $815,000 under the agreement. Letters of credit issued under the agreement are required to be collateralized with cash.
 
Senior Subordinated Notes
 
On February 10, 2014, the Company closed a private placement offering of $335.0 million aggregate principal amount of 9.25% senior subordinated notes due 2020 (the “2020 Notes”). The 2020 Notes were offered at an original issue price of 100.0% plus accrued interest from February 10, 2014. The 2020 Notes mature on February 15, 2020. Interest accrues at the rate of 9.25% per annum and is payable semiannually in arrears on February 15 and August 15 in the amount of approximately $15.5 million, which commenced on August 15, 2014. Subsequent to the repurchase of a portion of the 2020 Notes (as described below), the semiannual interest payment was approximately $14.6 million. The 2020 Notes are guaranteed by certain of the Company’s existing and future domestic subsidiaries and any other subsidiaries that guarantee the existing senior credit facility or any of the Company’s other syndicated bank indebtedness or capital markets securities. The Company used the net proceeds from the offering to repurchase or otherwise redeem all of the amounts then outstanding under its previous notes and to pay the related accrued interest, premiums, fees and expenses associated therewith. During the quarter ended June 30, 2016, the Company repurchased approximately $20 million of its 2020 Notes at an average price of approximately 86% of par. The Company recorded a gain on retirement of debt of approximately $2.6 million for the quarter ended June 30, 2016. As of each of March 31, 2017 and December 31, 2016, the Company had approximately $315.0 million of our 2020 Notes outstanding.
 
The indenture that governs the 2020 Notes contains covenants that restrict, among other things, the ability of the Company to incur additional debt, purchase common stock, make capital expenditures, make investments or other restricted payments, swap or sell assets, engage in transactions with related parties, secure non-senior debt with assets, or merge, consolidate or sell all or substantially all of its assets.
 
TV One Senior Secured Notes
 
TV One issued $119.0 million in senior secured notes on February 25, 2011 (“TV One Notes”). The proceeds from the notes were used to purchase equity interests from certain financial investors and TV One management. The notes accrued interest at 10.0% per annum, which was payable monthly, and the entire principal amount was due on March 15, 2016. In connection with the closing of the financing transactions on April 17, 2015, the TV One Notes were repaid.
 
Comcast Note
 
The Company also has outstanding a senior unsecured promissory note in the aggregate principal amount of approximately $11.9 million due to Comcast (“Comcast Note”). The Comcast Note bears interest at 10.47%, is payable quarterly in arrears, and the entire principal amount is due on April 17, 2019.
 
Asset-Backed Credit Facility
 
On April 21, 2016, the Company entered into a senior credit agreement governing an asset-backed credit facility (the “ABL Facility”) among the Company, the lenders party thereto from time to time and Wells Fargo Bank National Association, as administrative agent (the “Administrative Agent”). The ABL Facility provides for $25 million in revolving loan borrowings in order to provide for the working capital needs and general corporate requirements of the Company. As of March 31, 2017, the Company did not have any borrowings outstanding on its ABL Facility.
 
At the Company’s election, the interest rate on borrowings under the ABL Facility are based on either (i) the then applicable margin relative to Base Rate Loans (as defined in the ABL Facility) or (ii) the then applicable margin relative to LIBOR Loans (as defined in the ABL Facility) corresponding to the average availability of the Company for the most recently completed fiscal quarter.
 
Advances under the ABL Facility are limited to (a) eighty-five percent (85%) of the amount of Eligible Accounts (as defined in the ABL Facility), less the amount, if any, of the Dilution Reserve (as defined in the ABL Facility), minus (b) the sum of (i) the Bank Product Reserve (as defined in the ABL Facility), plus (ii) the aggregate amount of all other reserves, if any, established by Administrative Agent.
 
All obligations under the ABL Facility are secured by first priority lien on all (i) deposit accounts (related to accounts receivable), (ii) accounts receivable, (iii) all other property which constitutes ABL Priority Collateral (as defined in the ABL Facility).  The obligations are also secured by all material subsidiaries of the Company.
 
The ABL Facility matures on the earlier to occur of: (a) the date that is five (5) years from the effective date of the ABL Facility and (b) the date that is thirty (30) days prior to the earlier to occur of (i) the “Term Loan Maturity Date” of the Company’s existing term loan, and (ii) the “Stated Maturity” of the Company’s existing notes.  As of the effective date of the ABL Facility, the “Term Loan Maturity Date” is December 31, 2018, and the “Stated Maturity” is April 15, 2022.
 
Finally, the ABL Facility is subject to the terms of the Intercreditor Agreement (as defined in the ABL Facility) by and among the Administrative Agent, the administrative agent for the secured parties under the Company’s term loan and the trustee and collateral trustee under the senior secured notes indenture.
 
The Company conducts a portion of its business through its subsidiaries. Certain of the Company’s subsidiaries have fully and unconditionally guaranteed the Company’s 2022 Notes, 2020 Notes and the Company’s obligations under the 2015 Credit Facility.
 
The 2022 Notes are the Company’s senior secured obligations and rank equal in right of payment with all of the Company’s and the guarantors’ existing and future senior indebtedness, including obligations under the 2015 Credit Facility and the Company’s 2020 Notes.  The 2022 Notes and related guarantees are equally and ratably secured by the same collateral securing the 2015 Credit Facility and any other parity lien debt issued after the issue date of the 2022 Notes, including any additional notes issued under the Indenture, but are effectively subordinated to the Company’s and the guarantors’ secured indebtedness to the extent of the value of the collateral securing such indebtedness that does not also secure the 2022 Notes. Collateral includes substantially all of the Company’s and the guarantors’ current and future property and assets for accounts receivable, cash, deposit accounts, other bank accounts, securities accounts, inventory and related assets including the capital stock of each subsidiary guarantor. Finally, the Company also has the Comcast Note which is a general but senior unsecured obligation of the Company.
 
Future scheduled minimum principal payments of debt as of March 31, 2017, were as follows:
 
 
 
 
 
 
 
9.25% Senior
 
 
 
 
 
 
 
 
 
 
 
Subordinated
 
7.375% Senior
 
 
 
 
 
Comcast Note
 
2015
 
Notes due
 
Secured Notes due
 
 
 
 
 
due April 2019
 
Credit Facility
 
February 2020
 
April 2022
 
Total
 
 
 
(In thousands)
 
April – December 2017
 
$
—
 
$
2,625
 
$
—
 
$
—
 
$
2,625
 
2018
 
 
—
 
 
341,250
 
 
—
 
 
—
 
 
341,250
 
2019
 
 
11,872
 
 
—
 
 
—
 
 
—
 
 
11,872
 
2020
 
 
—
 
 
—
 
 
315,000
 
 
—
 
 
315,000
 
2021
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
2022 and thereafter
 
 
—
 
 
—
 
 
—
 
 
350,000
 
 
350,000
 
Total Debt
 
$
11,872
 
$
343,875
 
$
315,000
 
$
350,000
 
$
1,020,747
 
 
See Note 9 – Subsequent Events as the Company closed on a new senior secured credit facility (the “2017 Credit Facility”) on April 18, 2017.
XML 26 R14.htm IDEA: XBRL DOCUMENT v3.7.0.1
INCOME TAXES
 3 Months Ended
Mar. 31, 2017
Income Tax Disclosure [Abstract]  
Income Tax Disclosure [Text Block]
5.  INCOME TAXES:
 
The Company recorded a tax benefit of $112,000 on a pre-tax loss from continuing operations of approximately $2.5 million for the three months ended March 31, 2017, which results in a tax rate of 4.5%. This tax rate is based on an estimated annual effective rate of 18.6%, and a discrete tax provision adjustment for $346,000. The Company previously calculated the interim provision for income taxes using a discrete method because it best represented the estimated effective rate at that time. However, the circumstance and exceptions for using a discrete tax provision no longer apply and thus we are estimating the annual effective tax rate in accordance with ASC 740-270, “Interim Reporting.”
 
As of March 31, 2017, the Company continues to maintain a full valuation allowance on its deferred tax assets for substantially all entities and jurisdictions, for its net deferred tax assets, but excludes deferred tax liabilities related to indefinite-lived intangible assets. In accordance with ASC 740, “Accounting for Income Taxes”, the Company continually assesses the adequacy of the valuation allowance by assessing the likely future tax consequences of events that have been realized in the Company’s financial statements or tax returns, tax planning strategies, and future profitability. As of March 31, 2017, the Company does not believe it is more likely than not that the deferred tax assets will be realized. As part of the assessment, the Company has not included the deferred tax liability related to indefinite-lived intangible assets as a source of future taxable income to support realization of the deferred tax assets.
XML 27 R15.htm IDEA: XBRL DOCUMENT v3.7.0.1
STOCKHOLDERS' EQUITY
 3 Months Ended
Mar. 31, 2017
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]
6.  STOCKHOLDERS’ EQUITY: 
 
Stock Repurchase Program
 
In December 2015, the Company’s Board of Directors authorized a repurchase of shares of the Company’s Class A and Class D common stock (the “December 2015 Repurchase Authorization”). Under the December 2015 Repurchase Authorization, the Company is authorized, but is not obligated, to repurchase up to $3.5 million worth of its Class A and/or Class D common stock. On March 25, 2016, the Company’s Board of Directors reaffirmed the December 2015 Repurchase Authorization without any limitation on price, and on September 23, 2016 increased the authorization to $7.0 million. As of March 31, 2017, the Company had approximately $7.0 million remaining under the authorization with respect to its Class A and Class D common stock. Repurchases may be made from time to time in the open market or in privately negotiated transactions in accordance with applicable laws and regulations. The timing and extent of any repurchases will depend upon prevailing market conditions, the trading price of the Company’s Class A and/or Class D common stock and other factors, and subject to restrictions under applicable law. The Company executes upon the stock repurchase program in a manner consistent with market conditions and the interests of the stockholders, including maximizing stockholder value. During the three months ended March 31, 2017, the Company did not repurchase any Class A common stock or Class D common stock on the open market. During the three months ended March 31, 2016, the Company did not repurchase any Class A common stock and repurchased 60,566 shares of Class D common stock in the amount of $81,000 at an average price of $1.34 per share.
 
In addition, the Company has limited but ongoing authority to purchase shares of Class D common stock (in one or more transactions at any time there remain outstanding grants) under the Company’s 2009 Stock Plan (as defined below) to satisfy any employee or other recipient tax obligations in connection with the exercise of an option or a share grant under the 2009 Stock Plan, to the extent that the Company has capacity under its financing agreements (i.e., its current credit facilities and indentures) (each a “Stock Vest Tax Repurchase”). During the three months ended March 31, 2017, the Company executed a Stock Vest Tax Repurchase of 317,103 shares of Class D Common Stock in the amount of $915,000 at an average price of $2.89 per share. During the three months ended March 31, 2016, the Company executed a Stock Vest Tax Repurchase of 330,111 shares of Class D Common Stock in the amount of $568,000 at an average price of $1.72 per share.
 
Stock Option and Restricted Stock Grant Plan
 
A stock option and restricted stock plan (“the 2009 Stock Plan”) was approved by the stockholders at the Company’s annual meeting on December 16, 2009.  The Company had the authority to issue up to 8,250,000 shares of Class D Common Stock under the 2009 Stock Plan.  On September 26, 2013, the Board of Directors adopted, and our stockholders approved on November 14, 2013, certain amendments to and restatement of the 2009 Stock Plan (the “Amended and Restated 2009 Stock Plan”). The amendments under the Amended and Restated 2009 Stock Plan primarily affected (i) the number of shares with respect to which options and restricted stock grants may be granted under the 2009 Stock Plan and (ii) the maximum number of shares that can be awarded to any individual in any one calendar year. The Amended and Restated 2009 Stock Plan increased the authorized plan shares remaining available for grant to 7,000,000 shares of Class D common stock after giving effect to the issuances prior to the amendment. Prior to the amendment, under the 2009 Plan, in any one calendar year, the compensation committee could not grant to any one participant options to purchase, or grants of, a number of shares of Class D common stock in excess of 1,000,000.  Under the Amended and Restated 2009 Stock Plan, this limitation was eliminated. The purpose of eliminating this limitation is to provide the compensation committee with maximum flexibility in setting executive compensation. On April 13, 2015, the Board of Directors adopted, and our stockholders approved on June 2, 2015, a further amendment to the Amended and Restated 2009 Stock Plan. This further amendment increased the authorized plan shares remaining available for grant to 8,250,000 shares of Class D common stock. As of March 31, 2017, 7,932,932 shares of Class D common stock were available for grant under the Amended and Restated 2009 Stock Plan.
 
On October 26, 2015, the Compensation Committee awarded David Kantor, Chief Executive Officer, Radio Division, 100,000 restricted shares of the Company’s Class D common stock, and stock options to purchase 300,000 shares of the Company’s Class D common stock. The grants were effective November 5, 2015, and will vest in approximately equal 1/3 tranches on November 5, 2016, November 5, 2017 and November 5, 2018.
 
Stock-based compensation expense for the three months ended March 31, 2017 and 2016, was $133,000 and $772,000, respectively.
 
The Company did not grant stock options during the three months ended March 31, 2017 and 2016.
 
Transactions and other information relating to stock options for the three months ended March 31, 2017, are summarized below:
 
 
 
 
 
 
 
Weighted-Average
 
 
 
 
 
 
 
 
 
Remaining
 
Aggregate
 
 
 
Number of
 
Weighted-Average
 
Contractual Term
 
Intrinsic
 
 
 
Options
 
Exercise Price
 
(In Years)
 
Value
 
Outstanding at December 31, 2016
 
 
3,700,000
 
$
2.03
 
 
4.21
 
$
3,675,000
 
Grants
 
 
—
 
$
—
 
 
 
 
 
 
 
Exercised
 
 
—
 
$
—
 
 
 
 
 
 
 
Forfeited/cancelled/expired
 
 
100,000
 
$
7.50
 
 
 
 
 
 
 
Balance as of March 31, 2017
 
 
3,600,000
 
$
1.88
 
 
4.08
 
$
5,110,000
 
Vested and expected to vest at March 31, 2017
 
 
3,559,000
 
$
1.88
 
 
4.03
 
$
5,060,000
 
Unvested at March 31, 2017
 
 
250,000
 
$
2.12
 
 
8.55
 
$
300,000
 
Exercisable at March 31, 2017
 
 
3,350,000
 
$
1.86
 
 
3.75
 
$
4,810,000
 
 
The aggregate intrinsic value in the table above represents the difference between the Company’s stock closing price on the last day of trading during the three months ended March 31, 2017, and the exercise price, multiplied by the number of shares that would have been received by the holders of in-the-money options had all the option holders exercised their options on March 31, 2017. This amount changes based on the fair market value of the Company’s stock. There were no options exercised and no options vested during the three months ended March 31, 2017 and 2016.
  
As of March 31, 2017, $40,000 of total unrecognized compensation cost related to stock options is expected to be recognized over a weighted-average period of 1 year. The weighted-average fair value per share of shares underlying stock options was $1.32 at March 31, 2017.
 
The Company did not grant shares of restricted stock during the three months ended March 31, 2017 and 2016.
 
Transactions and other information relating to restricted stock grants for the three months ended March 31, 2017, are summarized below:
 
 
 
 
 
Average
 
 
 
 
 
Fair Value
 
 
 
 
 
at Grant
 
 
 
Shares
 
Date
 
Unvested at December 31, 2016
 
 
358,000
 
$
2.31
 
Grants
 
 
—
 
$
—
 
Vested
 
 
11,000
 
$
1.49
 
Forfeited/cancelled/expired
 
 
—
 
$
—
 
Unvested at March 31, 2017
 
 
347,000
 
$
2.33
 
 
Restricted stock grants were and are included in the Company’s outstanding share numbers on the effective date of grant. As of March 31, 2017, $90,000 of total unrecognized compensation cost related to restricted stock grants is expected to be recognized over the weighted-average period of 1.1 years.
XML 28 R16.htm IDEA: XBRL DOCUMENT v3.7.0.1
SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2017
Segment Reporting [Abstract]  
Segment Reporting Disclosure [Text Block]
7.  SEGMENT INFORMATION:
 
The Company has four reportable segments: (i) radio broadcasting; (ii) Reach Media; (iii) digital; and (iv) cable television. These segments operate in the United States and are consistently aligned with the Company’s management of its businesses and its financial reporting structure. Effective January 1, 2017, the Company changed its reportable segment disclosures. Along with the results of Interactive One, all digital components from our reportable segments will now be part of a newly formed reportable segment called “Digital”. This new reportable segment will better reflect the manner in which we manage our business and better reflect our operational structure. Segment data for the quarter ended March 31, 2016 has been reclassified to conform to the current period presentation. These reclassifications occurred between all segments.
 
The radio broadcasting segment consists of all broadcast results of operations. The Reach Media segment consists of the results of operations for the Tom Joyner Morning Show and related activities and operations of other syndicated shows. The digital segment includes the results of our online business, including the operations of Interactive One, as well as the digital components of our other reportable segments. The cable television segment consists of TV One’s results of operations. Corporate/Eliminations/Other represents financial activity associated with our corporate staff and offices and intercompany activity among the four segments.
 
Operating loss or income represents total revenues less operating expenses, depreciation and amortization, and impairment of long-lived assets. Intercompany revenue earned and expenses charged between segments are recorded at estimated fair value and eliminated in consolidation.
 
The accounting policies described in the summary of significant accounting policies in Note 1 – Organization and Summary of Significant Accounting Policies are applied consistently across the segments.
 
Detailed segment data for the three months ended March 31, 2017 and 2016, is presented in the following tables:
 
 
 
Three Months Ended
 
 
 
March 31,
 
 
 
2017
 
2016
 
 
 
(Unaudited)
 
 
 
(In thousands)
 
 
 
 
 
(As
 
 
 
 
 
reclassified)
 
Net Revenue:
 
 
 
 
 
 
 
Radio Broadcasting
 
$
39,737
 
$
42,733
 
Reach Media
 
 
7,663
 
 
10,454
 
Digital
 
 
5,506
 
 
6,481
 
Cable Television
 
 
48,554
 
 
49,474
 
Corporate/Eliminations/Other*
 
 
(171)
 
 
(54)
 
Consolidated
 
$
101,289
 
$
109,088
 
 
 
 
 
 
 
 
 
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):
 
 
 
 
 
 
 
Radio Broadcasting
 
$
26,317
 
$
27,423
 
Reach Media
 
 
7,915
 
 
8,446
 
Digital
 
 
6,644
 
 
6,238
 
Cable Television
 
 
29,187
 
 
30,877
 
Corporate/Eliminations/Other
 
 
6,461
 
 
8,614
 
Consolidated
 
$
76,524
 
$
81,598
 
 
 
 
 
 
 
 
 
Depreciation and Amortization:
 
 
 
 
 
 
 
Radio Broadcasting
 
$
957
 
$
1,144
 
Reach Media
 
 
54
 
 
42
 
Digital
 
 
341
 
 
444
 
Cable Television
 
 
6,561
 
 
6,553
 
Corporate/Eliminations/Other
 
 
399
 
 
499
 
Consolidated
 
$
8,312
 
$
8,682
 
 
 
 
 
 
 
 
 
Operating income (loss):
 
 
 
 
 
 
 
Radio Broadcasting
 
$
12,463
 
$
14,166
 
Reach Media
 
 
(306)
 
 
1,966
 
Digital
 
 
(1,479)
 
 
(201)
 
Cable Television
 
 
12,806
 
 
12,044
 
Corporate/Eliminations/Other
 
 
(7,031)
 
 
(9,167)
 
Consolidated
 
$
16,453
 
$
18,808
 
 
* Intercompany revenue included in net revenue above is as follows:
 
Radio Broadcasting
 
$
(171)
 
$
(54)
 
 
Capital expenditures by segment are as follows:
 
Radio Broadcasting
 
$
1,025
 
$
403
 
Reach Media
 
 
46
 
 
117
 
Digital
 
 
186
 
 
462
 
Cable Television
 
 
96
 
 
108
 
Corporate/Eliminations/Other
 
 
106
 
 
159
 
Consolidated
 
$
1,459
 
$
1,249
 
 
 
 
March 31, 2017
 
December 31, 2016
 
 
 
(Unaudited)
 
 
 
 
 
(In thousands)
 
Total Assets:
 
 
 
 
 
 
 
Radio Broadcasting
 
$
776,377
 
$
781,450
 
Reach Media
 
 
40,974
 
 
37,192
 
Digital
 
 
16,408
 
 
17,749
 
Cable Television
 
 
446,852
 
 
446,880
 
Corporate/Eliminations/Other
 
 
72,183
 
 
75,515
 
Consolidated
 
$
1,352,794
 
$
1,358,786
 
XML 29 R17.htm IDEA: XBRL DOCUMENT v3.7.0.1
COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Disclosure [Text Block]
8. COMMITMENTS AND CONTINGENCIES:
 
Royalty Agreements
 
The Company has historically entered into fixed and variable fee music license agreements with performance rights organizations including the Society of European Stage Authors and Composers (“SESAC”), American Society of Composers, Authors and Publishers (“ASCAP”) and Broadcast Music, Inc. (“BMI”). Our ASCAP and BMI licenses expired December 31, 2016. The expirations were an industry wide issue. The Company has authorized the Radio Music License Committee (the “RMLC”) to negotiate on its behalf with respect to its licenses with SESAC, ASCAP and BMI including the ASCAP and BMI licenses that expired December 31, 2016. The RMLC negotiated a new 5 year agreement with ASCAP with a license term of January 1, 2017 through December 31, 2021. Negotiations continue with respect to BMI and all broadcasters that have authorized the RMLC to act on their behalf in negotiations with BMI can continue to play BMI compositions after December 31, 2016, because the RMLC has submitted a license application to BMI on their behalf and applicants are licensed upon application under a prior consent decree. The RMLC is in a binding rate arbitration with SESAC. This arbitration began the first calendar quarter of 2017 and is expected to conclude in the second quarter.  The final rate decision emanating from the arbitration will have retroactive application to January 1, 2016. In the interim, we continue payments to SESAC at the existing 2015 rates, and SESAC may not increase our fees for any reason prior to the rate arbitration decision being issued. In connection with all performance rights organization agreements, including SESAC, ASCAP and BMI, the Company incurred expenses of approximately $1.7 million and $2.6 million during the three month periods ended March 31, 2017 and March 31, 2016, respectively.  Finally, in 2016, a new performance rights organization, Global Music Rights (“GMR”) formed, but the scope of its repertory is not clear and it is not clear that it licenses compositions that have not already been licensed by the other performance rights organizations. To ensure licensing compliance in 2017, we have entered into a temporary license with GMR while the RMLC continues to pursue an agreement for a long term licensing solution.
 
Other Contingencies
 
The Company has been named as a defendant in several legal actions arising in the ordinary course of business. It is management’s opinion, after consultation with its legal counsel, that the outcome of these claims will not have a material adverse effect on the Company’s financial position or results of operations.
 
Off-Balance Sheet Arrangements
 
On February 24, 2015, the Company entered into a letter of credit reimbursement and security agreement. As of March 31, 2017, the Company had letters of credit totaling $815,000 under the agreement. Letters of credit issued under the agreement are required to be collateralized with cash.
 
Noncontrolling Interest Shareholders’ Put Rights
 
Beginning on January 1, 2018, the noncontrolling interest shareholders of Reach Media have an annual right to require Reach Media to purchase all or a portion of their shares at the then current fair market value for such shares (the “Put Right”).   Beginning in 2018, this annual right is exercisable for a 30-day period beginning January 1 of each year. The purchase price for such shares may be paid in cash and/or registered Class D common stock of Urban One, at the discretion of Urban One.
XML 30 R18.htm IDEA: XBRL DOCUMENT v3.7.0.1
SUBSEQUENT EVENTS
 3 Months Ended
Mar. 31, 2017
Subsequent Events [Abstract]  
Subsequent Events [Text Block]
9.  SUBSEQUENT EVENTS:
 
On April 4, 2017, the Company entered into an agreement to sell its Detroit WCHB-AM station to a third party for approximately $2 million. As a result of the pending sale, the identified assets have been classified as held for sale in the consolidated balance sheet as of March 31, 2017. The combined net carrying value of approximately $2.8 million, for the assets held for sale is included in the other assets classification.
 
On April 18, 2017, the Company closed on the 2017 Credit Facility. The 2017 Credit Facility is governed by a credit agreement by and among the Company, the lenders party thereto from time to time and Guggenheim Securities Credit Partners, LLC, as administrative agent, The Bank of New York Mellon, as collateral agent and Guggenheim Securities, LLC sole lead arranger and sole book running manager. The 2017 Credit Facility provides for $350 million in term loan borrowings, all of which was advanced and outstanding on the date of the closing of the transaction.
 
The 2017 Credit Facility matures on the earlier of (i) April 18, 2023 or (ii) in the event such debt is not repaid or refinanced, 91 days prior to the maturity of either of the Company’s 2022 Notes or the Company’s 2020 Notes. At the Company’s election, the interest rate on borrowings under the 2017 Credit Facility are based on either (i) the then applicable base rate (as defined in the 2017 Credit Facility as, for any day, a rate per annum (rounded upward, if necessary, to the next 1/100th of 1%) equal to the greater of (a) the prime rate published in the Wall Street Journal, (b) 1/2 of 1% in excess rate of the overnight Federal Funds Rate at any given time, (c) the one-month LIBOR rate commencing on such day plus 1.00%) and (d) 2%, or (ii) the then applicable LIBOR rate (as defined in the 2017 Credit Facility).
 
The 2017 Credit Facility is (i) guaranteed by each entity that guarantees the Company’s 2022 Notes on a pari passu basis with the guarantees of the Notes and (ii) secured on a pari passu basis with the Company’s 2022 Notes. The Company’s obligations under the 2017 Credit Facility are secured, subject to permitted liens and except for certain excluded assets (i) on a first priority basis by certain notes priority collateral and (ii), on a second priority basis by collateral for the Company’s asset backed line of credit.
 
In addition to any mandatory or optional prepayments, the Company is required to pay interest on the term loans (i) quarterly in arrears for the base rate loans, and (ii) on the last day of each interest period for LIBOR loans. Certain voluntary prepayments of the term loans during the first six months will require an additional prepayment premium. Beginning with the interest payment date occurring in June 2017 and ending in March 2023, the Company will be required to repay principal to the extent then outstanding, equal to 1/4 of 1% of the aggregate initial principal amount of all term loans incurred on the effective date of the 2017 Credit Facility.
 
The 2017 Credit Facility contains customary representations and warranties and events of default, affirmative and negative covenants (in each case, subject to materiality exceptions and qualifications) which may be more restrictive than those governing the Notes. The 2017 Credit Facility also contains certain financial covenants, including a maintenance covenant requiring the Company’s interest expense coverage ratio (defined as the ratio of consolidated EBITDA to consolidated interest expense) to be greater than or equal to 1.25 to 1.00 and its total senior secured leverage ratio (defined as the ratio of consolidated net senior secured indebtedness to consolidated EBITDA) to be less than or equal to 5.85 to 1.00.
 
The net proceeds from the 2017 Credit Facility were used to prepay in full the Company’s existing senior secured credit facility and the agreement governing such credit facility (the “2015 Credit Agreement”) was terminated on April 18, 2017.
 
Future scheduled minimum principal payments of debt as of the date of this filing, are as follows:
 
 
 
Comcast Note
due April 2019
 
 
2017
Credit Facility
 
 
9.25% Senior
Subordinated
Notes due
February 2020
 
 
7.375% Senior
Secured Notes due
April 2022
 
 
Total
 
 
 
(In thousands)
 
April – December 2017
 
$
—
 
 
$
2,625
 
 
$
—
 
 
$
—
 
 
$
2,625
 
2018
 
 
—
 
 
 
3,500
 
 
 
—
 
 
 
—
 
 
 
3,500
 
2019
 
 
11,872
 
 
 
3,500
 
 
 
—
 
 
 
—
 
 
 
15,372
 
2020
 
 
—
 
 
 
3,500
 
 
 
315,000
 
 
 
—
 
 
 
318,500
 
2021
 
 
—
 
 
 
3,500
 
 
 
—
 
 
 
—
 
 
 
3,500
 
2022 and thereafter
 
 
—
 
 
 
333,375
 
 
 
—
 
 
 
350,000
 
 
 
683,375
 
Total Debt
 
$
11,872
 
 
$
350,000
 
 
$
315,000
 
 
$
350,000
 
 
$
1,026,872
 
 
On April 20, 2017, the Company announced it had entered into an agreement for the acquisition of Red Zebra Broadcasting’s WWXT-FM and WXGI-AM stations.  With this acquisition, the Company will expand its Washington, DC market and diversify its Richmond market. DC’s WMMJ MAJIC 102.3 FM programming will be simulcast on WWXT 92.7 FM which is expected to grow its listenership.  In Richmond, the Company will diversify its all-music cluster and maintain the sports radio format of WXGI 950 AM and simulcast the new Richmond ESPN Radio on 1240 AM and 102.7 FM.  Local marketing agreements for both stations were effective as of May 1, 2017.  The acquisition is anticipated to close by the end of June, subject to FCC approval.
 
On April 28, 2017, the Company acquired certain assets constituting the websites and brands Bossip, HipHopWired and MadameNoire from Moguldom Media Group, LLC. The assets will be integrated into the Company’s digital segment. The consideration for the assets was a $5 million payment at closing, with further potential earn-out payments of up to $5 million over the next 4 years contingent upon on performance.
 
On May 2, 2017, the Company closed on its previously announced sale of certain land, towers and equipment to a third party for $25 million. Also, as previously announced, as of May 1, 2017, the Company is leasing certain of the assets back from the buyer as a part of its normal operations.
 
Effective May 5, 2017, the Company changed its corporate name from “Radio One, Inc.” to “Urban One, Inc.” to have a name more reflective of its multi-media business operations.  The Company’s core radio broadcasting franchise will continue to operate under the brand “Radio One.”  We will also retain our other brands, such as TV One, Reach Media and Interactive One, while developing additional branding reflective of our diverse media operations and targeting our African-American and urban audiences.
XML 31 R19.htm IDEA: XBRL DOCUMENT v3.7.0.1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 3 Months Ended
Mar. 31, 2017
Accounting Policies [Abstract]  
Consolidation, Policy [Policy Text Block]
(a)
Organization
 
Urban One, Inc. (a Delaware corporation referred to as “Urban One”) and its subsidiaries (collectively, the “Company”) is an urban-oriented, multi-media company that primarily targets African-American and urban consumers. Our core business is our radio broadcasting franchise that is the largest radio broadcasting operation that primarily targets African-American and urban listeners. As of March 31, 2017, we owned and/or operated 55 broadcast stations located in 15 urban markets in the United States.  While our primary source of revenue is the sale of local and national advertising for broadcast on our radio stations, our strategy is to operate as the premier multi-media entertainment and information content provider targeting African-American and urban consumers. Thus, we have diversified our revenue streams by making acquisitions and investments in other complementary media properties. Our diverse media and entertainment interests include our ownership interest of TV One, LLC (“TV One”), an African-American targeted cable television network; our 80.0% ownership interest in Reach Media, Inc. (“Reach Media”) which operates the Tom Joyner Morning Show and our other syndicated programming assets, including the Rickey Smiley Morning Show, the Russ Parr Morning Show and the DL Hughley Show; and our ownership of Interactive One, LLC (“Interactive One”), our wholly owned online platform serving the African-American community through social content, news, information, and entertainment websites, including Global Grind, News One, TheUrbanDaily and HelloBeautiful, and online social networking websites, including BlackPlanet and MiGente. Most recently, we invested in a minority ownership interest in MGM National Harbor, a gaming resort located in Prince George’s County, Maryland. Through our national multi-media operations, we provide advertisers with a unique and powerful delivery mechanism to the African-American and urban audiences.
 
Effective May 5, 2017, the Company changed its corporate name from “Radio One, Inc.” to “Urban One, Inc.” to have a name more reflective of our multi-media business operations.  Our core radio broadcasting franchise will continue to operate under the brand “Radio One.”  We will also retain our other brands, such as TV One, Reach Media and Interactive One, while developing additional branding reflective of our diverse media operations and targeting our African-American and urban audiences.
 
As part of our consolidated financial statements, consistent with our financial reporting structure and how the Company currently manages its businesses, we have provided selected financial information on the Company’s four reportable segments: (i) radio broadcasting; (ii) Reach Media; (iii) digital; and (iv) cable television. (See Note 7 – Segment Information.)
Basis of Accounting, Policy [Policy Text Block]
(b)
Interim Financial Statements
 
The interim consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In management’s opinion, the interim financial data presented herein include all adjustments (which include only normal recurring adjustments) necessary for a fair presentation. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted pursuant to such rules and regulations.
 
Results for interim periods are not necessarily indicative of results to be expected for the full year. This Form 10-Q should be read in conjunction with the financial statements and notes thereto included in the Company’s 2016 Annual Report on Form 10-K.
Fair Value of Financial Instruments, Policy [Policy Text Block]
(c)
Financial Instruments
 
Financial instruments as of March 31, 2017, and December 31, 2016, consisted of cash and cash equivalents, investments, trade accounts receivable, long-term debt and redeemable noncontrolling interests. The carrying amounts approximated fair value for each of these financial instruments as of March 31, 2017, and December 31, 2016, except for the Company’s outstanding senior subordinated notes and secured notes. The 9.25% Senior Subordinated Notes which are due in February 2020 (the “2020 Notes”) had a carrying value of approximately $315.0 million as of each of March 31, 2017 and December 31, 2016, and fair value of approximately $305.6 million and $283.5 million as of March 31, 2017, and December 31, 2016, respectively. The fair values of the 2020 Notes, classified as Level 2 instruments, were determined based on the trading values of these instruments in an inactive market as of the reporting date. The 7.375% Senior Secured Notes that are due in March 2022 (the “2022 Notes”) had a carrying value of approximately $350.0 million as of each of March 31, 2017 and December 31, 2016, and fair value of approximately $365.8 million and $344.8 million as of March 31, 2017, and December 31, 2016, respectively. The fair values of the 2022 Notes, classified as Level 2 instruments, were determined based on the trading values of these instruments in an inactive market as of the reporting date. The $350.0 million senior secured credit facility (the “2015 Credit Facility) had a carrying value of approximately $343.9 million and $344.8 million as of March 31, 2017, and December 31, 2016, respectively, and fair value of approximately $346.5 million and $346.5 million as of March 31, 2017, and December 31, 2016, respectively. The fair values of the 2015 Credit Facility, classified as Level 2 instruments, were determined based on the trading values of these instruments in an inactive market as of the reporting date. The senior unsecured promissory note in the aggregate principal amount of approximately $11.9 million (the “Comcast Note”) had a carrying value of approximately $11.9 million as of March 31, 2017, and as of December 31, 2016. The fair value of the Comcast Note was approximately $11.9 million as of March 31, 2017 and December 31, 2016. The fair value of the Comcast Note, classified as a Level 3 instrument, was determined based on the fair value of a similar instrument as of the reporting date using updated interest rate information derived from changes in interest rates since inception to the reporting date. See Note 9– Subsequent Events.
Revenue Recognition, Policy [Policy Text Block]
(d)
Revenue Recognition
 
Within our radio broadcasting and Reach Media segments, the Company recognizes revenue for broadcast advertising when a commercial is broadcast, and the revenue is reported net of agency and outside sales representative commissions, in accordance with Accounting Standards Codification (“ASC”) 605, “Revenue Recognition.”  Agency and outside sales representative commissions are calculated based on a stated percentage applied to gross billing. Generally, clients remit the gross billing amount to the agency or outside sales representative, and the agency or outside sales representative remits the gross billing, less their commission, to the Company. For our radio broadcasting and Reach Media segments, agency and outside sales representative commissions were approximately $5.7 million and $6.3 million for the three months ended March 31, 2017 and 2016, respectively.
 
Within our digital segment, including Interactive One, which generates the majority of the Company’s digital revenue, revenue is principally derived from advertising services on non-radio station branded but Company-owned websites. Advertising services include the sale of banner and sponsorship advertisements.  Advertising revenue is recognized either as impressions (the number of times advertisements appear in viewed pages) are delivered, when “click through” purchases are made, or ratably over the contract period, where applicable. In addition, Interactive One derives revenue from its studio operations, in which it provides third-party clients with publishing services including digital platforms and expertise.  In the case of the studio operations, revenue is recognized primarily through fixed contractual monthly fees and/or as a share of the third party’s reported revenue.
 
TV One derives advertising revenue from the sale of television air time to advertisers and recognizes revenue when the advertisements are run. TV One also derives revenue from affiliate fees under the terms of various affiliation agreements based on a per subscriber fee multiplied by the most recent subscriber counts reported by the applicable affiliate. For our cable television segment, agency and outside sales representative commissions were approximately $3.9 million and $4.2 million for the three months ended March 31, 2017 and 2016, respectively.
Launch Support [Policy Text Block]
(e)
Launch Support
 
TV One has entered into certain affiliate agreements requiring various payments by TV One for launch support. Launch support assets are used to initiate carriage under affiliation agreements and are amortized over the term of the respective contracts. Amortization is recorded as a reduction to revenue. TV One did not pay any launch support for carriage initiation during the three months ended March 31, 2017 or March 31, 2016. The weighted-average amortization period for launch support is approximately 9.4 years at each of March 31, 2017 and December 31, 2016. The remaining weighted-average amortization period for launch support is 7.8 years and 8.0 years as of March 31, 2017, and December 31, 2016, respectively. For the three month periods ended March 31, 2017, and 2016, launch support asset amortization of $51,000 and $20,000, respectively, was recorded as a reduction of revenue. Launch support assets are included in other intangible assets on the consolidated balance sheets.
Advertising Barter Transactions, Policy [Policy Text Block]
(f)
Barter Transactions
 
For barter transactions, the Company provides advertising time in exchange for programming content and certain services and accounts for these exchanges in accordance with ASC 605, “Revenue Recognition.” The Company includes the value of such exchanges in both broadcasting net revenue and station operating expenses. The valuation of barter time is based upon the fair value of the network advertising time provided for the programming content and services received. For the three months ended March 31, 2017 and 2016, barter transaction revenues were $501,000 and $608,000, respectively. Additionally, for the three months ended March 31, 2017 and 2016, barter transaction costs were reflected in programming and technical expenses of $460,000 and $567,000, respectively, and selling, general and administrative expenses of $41,000 and $41,000, respectively.
Earnings Per Share, Policy [Policy Text Block]
(g)
Earnings Per Share
 
Basic earnings per share is computed on the basis of the weighted average number of shares of common stock (Classes A, B, C and D) outstanding during the period. Diluted earnings per share is computed on the basis of the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method.  The Company’s potentially dilutive securities include stock options and unvested restricted stock. Diluted earnings per share considers the impact of potentially dilutive securities except in periods in which there is a net loss, as the inclusion of the potentially dilutive common shares would have an anti-dilutive effect.
 
The following table sets forth the calculation of basic and diluted earnings per share from continuing operations (in thousands, except share and per share data):
 
 
 
Three Months Ended March 31,
 
 
 
2017
 
2016
 
 
 
(Unaudited)
 
Numerator:
 
 
 
 
 
 
 
Net loss attributable to common stockholders
 
$
(2,313)
 
$
(3,947)
 
Denominator:
 
 
 
 
 
 
 
Denominator for basic net loss per share - weighted-average outstanding shares
 
 
47,965,189
 
 
48,664,524
 
Effect of dilutive securities:
 
 
 
 
 
 
 
Stock options and restricted stock
 
 
-
 
 
-
 
Denominator for diluted net loss per share - weighted-average outstanding shares
 
 
47,965,189
 
 
48,664,524
 
 
 
 
 
 
 
 
 
Net loss attributable to common stockholders per share –basic and diluted
 
$
(0.05)
 
$
(0.08)
 
 
All stock options and restricted stock awards were excluded from the diluted calculation for the three months ended March 31, 2017 and 2016, as their inclusion would have been anti-dilutive.  The following table summarizes the potential common shares excluded from the diluted calculation. 
 
 
 
Three Months
 
 
 
Ended March 31,
 
 
 
2017
 
2016
 
 
 
 
(Unaudited)
 
 
 
 
(In thousands)
 
 
 
 
 
 
 
 
Stock options
 
 
3,600
 
 
3,656
 
Restricted stock awards
 
 
364
 
 
1,021
 
Fair Value Measurement, Policy [Policy Text Block]
(h)
Fair Value Measurements
 
We report our financial and non-financial assets and liabilities measured at fair value on a recurring and non-recurring basis under the provisions of ASC 820, “Fair Value Measurements and Disclosures.” ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements.
 
The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows:
 
 
Level 1: Inputs are unadjusted quoted prices in active markets for identical assets and liabilities that can be accessed at measurement date.
 
 
Level 2: Observable inputs other than those included in Level 1 (i.e., quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets).
 
 
 
Level 3: Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability.
  
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value instrument.
 
As of March 31, 2017, and December 31, 2016, the fair values of our financial assets and liabilities measured at fair value on a recurring basis are categorized as follows:
  
 
 
Total
 
Level 1
 
Level 2
 
Level 3
 
 
 
(Unaudited)
 
 
 
(In thousands)
 
As of March 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities subject to fair value measurement:
 
 
 
 
 
 
 
 
 
 
 
 
 
Employment agreement award (a)
 
$
28,006
 
$
—
 
$
—
 
$
28,006
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mezzanine equity subject to fair value measurement:
 
 
 
 
 
 
 
 
 
 
 
 
 
Redeemable noncontrolling interests (b)
 
$
11,621
 
$
—
 
$
—
 
$
11,621
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities subject to fair value measurement:
 
 
 
 
 
 
 
 
 
 
 
 
 
Employment agreement award (a)
 
$
26,965
 
$
—
 
$
—
 
$
26,965
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mezzanine equity subject to fair value measurement:
 
 
 
 
 
 
 
 
 
 
 
 
 
Redeemable noncontrolling interests (b)
 
$
12,410
 
$
—
 
$
—
 
$
12,410
 
 
(a)   Pursuant to an employment agreement (the “Employment Agreement”) executed in April 2008, the Chief Executive Officer (“CEO”) was eligible to receive an award (the “Employment Agreement Award”) amount equal to approximately 4% 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 (based on the estimated enterprise fair value of TV One as determined by a discounted cash flow analysis), and an assessment of the probability that the Employment Agreement will be renewed and contain this provision. There are probability factors included in the calculation of the award related to the likelihood that the award will be realized. The Company’s obligation to pay the award was triggered after the Company’s recovery of the aggregate amount of our pre-Comcast Buyout capital contribution in TV One, and payment is required only upon actual receipt of distributions of cash or marketable securities or proceeds from a liquidity event with respect to such invested amount. 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. A third-party valuation firm assisted the Company in estimating TV One’s fair value using the discounted cash flow analysis. Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value. The Compensation Committee of the Board of Directors of the Company approved terms for a new employment agreement with the CEO, including a renewal of the Employment Agreement Award upon similar terms as in the prior Employment Agreement. While a new employment agreement has not been executed as of the date of this report, the CEO is being compensated according to the new terms approved by the Compensation Committee.
 
(b)   The 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 estimating the fair value. Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value.
 
There were no transfers in or out of Level 1, 2, or 3 during the three months ended March 31, 2017. The following table presents the changes in Level 3 liabilities measured at fair value on a recurring basis for the three months ended March 31, 2017:
 
 
 
Employment
 
Redeemable
 
 
 
Agreement
 
Noncontrolling
 
 
 
Award
 
Interests
 
 
 
(In thousands)
 
 
 
 
 
 
 
Balance at December 31, 2016
 
$
26,965
 
$
12,410
 
Net loss attributable to noncontrolling interests
 
 
—
 
 
(44)
 
Change in fair value
 
 
1,041
 
 
(745)
 
Balance at March 31, 2017
 
$
28,006
 
$
11,621
 
 
 
 
 
 
 
 
 
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
 
$
(1,041)
 
$
—
 
 
Losses included in earnings were recorded in the consolidated statements of operations as corporate selling, general and administrative expenses for the three months ended March 31, 2017 and 2016.
 
 
 
 
 
 
 
As of
 
As of
 
 
 
 
 
 
 
March 31,
 
December
 
 
 
 
 
 
 
2017
 
31, 2016
 
 
 
 
 
Significant
 
 
 
 
 
 
 
Unobservable
 
Significant Unobservable
 
Level 3 liabilities
 
Valuation Technique
 
Inputs
 
Input Value
 
 
 
 
 
 
 
 
 
 
 
Employment agreement award
 
Discounted Cash Flow
 
Discount Rate
 
 
11.0
%
 
11.0
%
Employment agreement award
 
Discounted Cash Flow
 
Long-term Growth Rate
 
 
2.5
%
 
2.5
%
Redeemable noncontrolling interest
 
Discounted Cash Flow
 
Discount Rate
 
 
10.5
%
 
10.5
%
Redeemable noncontrolling interest
 
Discounted Cash Flow
 
Long-term Growth Rate
 
 
1.0
%
 
1.0
%
 
Any significant increases or decreases in discount rate or long-term growth rate inputs could result in significantly higher or lower fair value measurements.
 
Certain assets and liabilities are measured at fair value on a non-recurring basis using Level 3 inputs as defined in ASC 820.  These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances.  Included in this category are goodwill, radio broadcasting licenses and other intangible assets, net, that are written down to fair value when they are determined to be impaired, as well as content assets that are periodically written down to net realizable value. The Company concluded these assets were not impaired during the three months ended March 31, 2017, and March 31, 2016, and, therefore, were reported at carrying value. 
New Accounting Pronouncements, Policy [Policy Text Block]
(i)
Impact of Recently Issued Accounting Pronouncements
 
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), which supersedes the revenue recognition requirements in ASC 605, “Revenue Recognition” and most industry-specific guidance throughout the codification. The standard requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. On July 9, 2015, the FASB voted and approved a deferral of the effective date of ASU 2014-09 by one year. As a result, ASU 2014-09 will be effective for fiscal years beginning after December 15, 2017, with early adoption permitted, but not prior to the original effective date of annual periods beginning after December 15, 2016. The Company has not yet completed its assessment of the impact of the new standard, including possible transition alternatives, on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)” (“ASU 2016-08”). The amendments in ASU 2016-08 clarify the implementation guidance on principal versus agent considerations. ASU 2016-08 is effective for the Company for annual and interim reporting periods beginning July 1, 2018. The Company is currently evaluating the impact ASU 2016-08 will have on its consolidated financial statements. In April 2016, the FASB issued ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing” (“ASU 2016-10”). ASU 2016-10 clarifies the implementation guidance on identifying performance obligations. In May 2016, the FASB issued ASU 2016-11, “Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting” (“ASU 2016-11”) and ASU 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients” (“ASU 2016-12”). ASU 2016-11 and ASU 2016-12 provide additional clarification and implementation guidance on the previously issued ASU 2014-09. In December 2016, the FASB issued ASU 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers” (“ASU 2016-20”) which affects thirteen narrow aspects of the guidance. The Company is currently evaluating the impact ASU 2016-10, ASU 2016-11, ASU 2016-12 and ASU 2016-20 will have on its consolidated financial statements. At this time, the Company continues to assess and determine data and process requirements necessary to quantify the impacts of this standard as well as to develop and provide the enhanced disclosures required by the new guidance.
 
In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”) which requires the Company to assess its ability to continue as a going concern each interim and annual reporting period and provide certain disclosures if there is substantial doubt about our ability to continue as a going concern. The Company adopted ASU 2014-15 during the fourth quarter of 2016 and the standard did not have an impact on our consolidated financial statements.
 
In April 2015, the FASB issued ASU 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”). ASU 2015-03 aims to simplify the presentation of debt issuance costs by requiring debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Prior to ASU 2015-03, debt issuance costs were presented as a deferred charge under GAAP. ASU 2015-03 is effective for fiscal years beginning after December 15, 2015, and is to be applied retrospectively, with early adoption permitted. The Company early adopted ASU 2015-03 during the year ended December 31, 2015, resulting in approximately $7.4 million of net debt issuance costs presented as a direct reduction to the Company’s long-term debt in the consolidated balance sheet as of December 31, 2015. In August 2015, the FASB issued ASU 2015-15, “Interest - Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements” (“ASU 2015-15”), which allows companies to continue to defer and present debt issuance costs as an asset that is amortized ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Company adopted ASU 2015-15 on January 1, 2016, and capitalized $421,000 of debt issuance costs for the year ended December 31, 2016, associated with its new line of credit arrangement.
 
In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” (“ASU 2016-02”), which is a new lease standard that amends lease accounting. ASU 2016-02 will require lessees to recognize a lease asset and lease liability for leases classified as operating leases. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company has not yet completed its assessment of the impact of the new standard on its consolidated financial statements.
 
In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718)” (“ASU 2016-09”), which relates to the accounting for employee share-based payments. This standard provides updated guidance for the accounting for certain aspects of share-based payment awards to employees, including the accounting for income taxes, forfeitures, statutory tax withholding requirements and the classification on the statement of cash flows. This standard will be effective for interim and annual reporting periods after December 15, 2016, including interim periods within those fiscal years, with early adoption permitted. As early adoption is permitted, the Company adopted ASU 2016-09 during the fourth quarter of 2016. Under ASU 2016-09, the Company classifies the excess income tax benefits from stock-based compensation arrangements within income tax expense, rather than recognizing such excess income tax benefits in additional paid-in capital. In addition, when the Company withholds shares to satisfy income tax withholding obligations, the payment is classified as a financing activity on the statement of cash flows. The Company continues to estimate the number of stock-based awards expected to vest, as permitted by ASU 2016-09, rather than electing to account for forfeitures as they occur.
 
In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This standard will be effective for interim and annual reporting periods after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted for annual periods after December 15, 2018. The Company has not yet completed its assessment of the impact of the new standard on its consolidated financial statements.
 
In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (A Consensus of the Emerging Issues Task Force)” (“ASU 2016-15”). ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. This standard will be effective for interim and annual reporting periods after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. The Company has not yet completed its assessment of the impact of the new standard on its consolidated financial statements.
 
In November 2016, the FASB issued ASU 2016-18, “Restricted Cash” (“ASU 2016-18”). ASU 2016-18 is intended to add and clarify guidance on the classification and presentation of restricted cash in the statement of cash flows. This standard will be effective for interim and annual reporting periods after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. The Company early adopted the provisions of ASU 2016-18 during the fourth quarter of 2016. The adoption of the guidance did not have impact on prior reporting periods.
 
In January 2017, the FASB issued ASU 2017-04, “Intangibles – Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment” (“ASU 2017-04”). ASU 2017-04 is intended to simplify the accounting for goodwill impairment. The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. This standard will be effective for interim and annual goodwill impairment tests after December 15, 2019, with early adoption permitted on testing dates after January 1, 2017. The Company has not yet completed its assessment of the impact of the new standard on its consolidated financial statements.
Redeemable Noncontrolling Interest Policy [Policy Text Block]
(j)
Redeemable noncontrolling interest
 
Redeemable noncontrolling interests are interests in subsidiaries that are redeemable outside of the Company’s control either for cash or other assets. These interests are classified as mezzanine equity and measured at the greater of estimated redemption value at the end of each reporting period or the historical cost basis of the noncontrolling interests adjusted for cumulative earnings allocations.  The resulting increases or decreases in the estimated redemption amount are affected by corresponding charges against retained earnings, or in the absence of retained earnings, additional paid-in-capital.
Investment, Policy [Policy Text Block]
(k)
Investments – Cost Method
 
On April 10, 2015, the Company made an initial minimum investment of $5 million in MGM’s world-class casino property, MGM National Harbor, under an agreement to invest up to $40 million. The project is located in Prince George’s County, Maryland, which has a predominately African-American demographic profile. On November 30, 2016, the Company contributed an additional $35 million to complete its investment. This investment further diversifies our platform in the entertainment industry. We accounted for this investment on a cost basis. Our MGM National Harbor investment entitles us to an annual cash distribution based on net gaming revenue. Our MGM investment is included in other assets on the consolidated balance sheets and its income is recorded in other income on the consolidated statements of operations.
Content Assets [Policy Text Block]
(l)
Content Assets
 
TV One has entered into contracts to acquire entertainment programming rights and programs from distributors and producers. The license periods granted in these contracts generally run from one year to ten years. Contract payments are made in installments over terms that are generally shorter than the contract period. Each contract is recorded as an asset and a liability at an amount equal to its gross contractual commitment when the license period begins and the program is available for its first airing. Acquired content is generally amortized on a straight-line method over the term of the license which reflects the estimated usage. For certain content for which the pattern of usage is accelerated, amortization is based upon the actual usage.
 
The Company also has programming for which the Company has engaged third parties to develop and produce, and it owns most or all rights (commissioned programming). Content amortization expense for each period is recognized based on the revenue forecast model, which approximates the proportion that estimated advertising and affiliate revenues for the current period represent in relation to the estimated remaining total lifetime revenues.
 
Acquired program rights are recorded at the lower of unamortized cost or estimated net realizable value. Estimated net realizable values are based on the estimated revenues associated with the program materials and related expenses. The Company did not record any additional amortization expense as a result of evaluating its contracts for recoverability for the three months ended March 31, 2017, and recorded an impairment and additional amortization expense of approximately $1.9 million as a result of evaluating its contracts for recoverability for the three months ended March 31, 2016. All produced and licensed content is classified as a long-term asset, except for the portion of the unamortized content balance that is expected to be amortized within one year which is classified as a current asset.
 
Tax incentives state and local governments offer that are directly measured based on production activities are recorded as reductions in production costs.
Derivatives, Policy [Policy Text Block]
(m)
Derivatives
 
The Company recognizes all derivatives at fair value in the consolidated balance sheet as either an asset or liability. The accounting for changes in the fair value of a derivative, including certain derivative instruments embedded in other contracts, depends on the intended use of the derivative and the resulting designation.
 
The Company has accounted for the Employment Agreement Award as a derivative instrument in accordance with ASC 815, “Derivatives and Hedging.” The Company estimated the fair value of the award at March 31, 2017, and December 31, 2016, to be approximately $28.0 million and $27.0 million, respectively, and accordingly, adjusted its liability to this amount. The long-term portion is recorded in other long-term liabilities and the current portion is recorded in other current liabilities in the consolidated balance sheets. The expense associated with the Employment Agreement Award was recorded in the consolidated statements of operations as corporate selling, general and administrative expenses and was approximately $1.0 million and $2.3 million for the quarters ended March 31, 2017 and 2016, respectively.
 
The Company’s obligation to pay the Employment Agreement Award was triggered after the Company’s recovery of the aggregate amount of its capital contribution in TV One before the buyout of its partner and payment is required only upon actual receipt of distributions of cash or marketable securities or proceeds from a liquidity event with respect to such invested amount. 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. The Compensation Committee of the Board of Directors of the Company has approved terms for a new employment agreement with the CEO, including a renewal of the Employment Agreement Award upon similar terms as in the prior Employment Agreement. While a new Employment Agreement has not been executed as of the date of this report, the CEO is being compensated according to the new terms approved by the Compensation Committee.
Related Party Transactions [Policy Text Block]
(n)
Related Party Transactions
 
Reach Media operates the Tom Joyner Fantastic Voyage, a fundraising event for the Tom Joyner Foundation, Inc. (the “Foundation”), a 501(c)(3) entity. The terms of the agreement are that Reach Media provides all necessary operations for the Fantastic Voyage, that the Foundation reimburse the Company for all related expenses, and that the Foundation pay a fee plus a performance bonus to Reach Media. The fee is up to the first $1.0 million after the Fantastic Voyage nets $250,000 to the Foundation. The balance of any operating income is earned by the Foundation less a performance bonus of 50% to Reach Media of any excess over $1.25 million. Reach Media’s earnings for the Fantastic Voyage may not exceed $1.7 million. The Foundation’s remittances to Reach Media under the agreement are limited to its Fantastic Voyage-related cash revenues; Reach Media bears the risk should the Fantastic Voyage sustain a loss and bears all credit risk associated with the related customer cabin sales. As of March 31, 2017 and December 31, 2016, the Foundation owed Reach Media approximately $2.3 million and $426,000, respectively under the agreement, for operations on the future cruises.
 
Reach Media provides office facilities (including office space, telecommunications facilities, and office equipment) to the Foundation, and to Tom Joyner, LTD. (“Limited”), Tom Joyner’s production company. Such services are provided to the Foundation and to Limited on a pass-through basis at cost. Additionally, from time to time, the Foundation and Limited reimburse Reach Media for expenditures paid on their behalf at Reach Media related events. Under these arrangements, as of March 31, 2017, the Foundation and Limited owed $14,000 and $2,000 to Reach Media, respectively. As of December 31, 2016, the Foundation and Limited owed $3,000 and $11,000 to Reach Media, respectively.
XML 32 R20.htm IDEA: XBRL DOCUMENT v3.7.0.1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended
Mar. 31, 2017
Accounting Policies [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
The following table sets forth the calculation of basic and diluted earnings per share from continuing operations (in thousands, except share and per share data):
 
 
 
Three Months Ended March 31,
 
 
 
2017
 
2016
 
 
 
(Unaudited)
 
Numerator:
 
 
 
 
 
 
 
Net loss attributable to common stockholders
 
$
(2,313)
 
$
(3,947)
 
Denominator:
 
 
 
 
 
 
 
Denominator for basic net loss per share - weighted-average outstanding shares
 
 
47,965,189
 
 
48,664,524
 
Effect of dilutive securities:
 
 
 
 
 
 
 
Stock options and restricted stock
 
 
-
 
 
-
 
Denominator for diluted net loss per share - weighted-average outstanding shares
 
 
47,965,189
 
 
48,664,524
 
 
 
 
 
 
 
 
 
Net loss attributable to common stockholders per share –basic and diluted
 
$
(0.05)
 
$
(0.08)
 
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]
All stock options and restricted stock awards were excluded from the diluted calculation for the three months ended March 31, 2017 and 2016, as their inclusion would have been anti-dilutive.  The following table summarizes the potential common shares excluded from the diluted calculation. 
 
 
 
Three Months
 
 
 
Ended March 31,
 
 
 
2017
 
2016
 
 
 
 
(Unaudited)
 
 
 
 
(In thousands)
 
 
 
 
 
 
 
 
Stock options
 
 
3,600
 
 
3,656
 
Restricted stock awards
 
 
364
 
 
1,021
 
Fair Value, by Balance Sheet Grouping [Table Text Block]
As of March 31, 2017, and December 31, 2016, the fair values of our financial assets and liabilities measured at fair value on a recurring basis are categorized as follows:
  
 
 
Total
 
Level 1
 
Level 2
 
Level 3
 
 
 
(Unaudited)
 
 
 
(In thousands)
 
As of March 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities subject to fair value measurement:
 
 
 
 
 
 
 
 
 
 
 
 
 
Employment agreement award (a)
 
$
28,006
 
$
—
 
$
—
 
$
28,006
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mezzanine equity subject to fair value measurement:
 
 
 
 
 
 
 
 
 
 
 
 
 
Redeemable noncontrolling interests (b)
 
$
11,621
 
$
—
 
$
—
 
$
11,621
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities subject to fair value measurement:
 
 
 
 
 
 
 
 
 
 
 
 
 
Employment agreement award (a)
 
$
26,965
 
$
—
 
$
—
 
$
26,965
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mezzanine equity subject to fair value measurement:
 
 
 
 
 
 
 
 
 
 
 
 
 
Redeemable noncontrolling interests (b)
 
$
12,410
 
$
—
 
$
—
 
$
12,410
 
 
(a)   Pursuant to an employment agreement (the “Employment Agreement”) executed in April 2008, the Chief Executive Officer (“CEO”) was eligible to receive an award (the “Employment Agreement Award”) amount equal to approximately 4% 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 (based on the estimated enterprise fair value of TV One as determined by a discounted cash flow analysis), and an assessment of the probability that the Employment Agreement will be renewed and contain this provision. There are probability factors included in the calculation of the award related to the likelihood that the award will be realized. The Company’s obligation to pay the award was triggered after the Company’s recovery of the aggregate amount of our pre-Comcast Buyout capital contribution in TV One, and payment is required only upon actual receipt of distributions of cash or marketable securities or proceeds from a liquidity event with respect to such invested amount. 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. A third-party valuation firm assisted the Company in estimating TV One’s fair value using the discounted cash flow analysis. Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value. The Compensation Committee of the Board of Directors of the Company approved terms for a new employment agreement with the CEO, including a renewal of the Employment Agreement Award upon similar terms as in the prior Employment Agreement. While a new employment agreement has not been executed as of the date of this report, the CEO is being compensated according to the new terms approved by the Compensation Committee.
 
(b)   The 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 estimating the fair value. Significant 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]
There were no transfers in or out of Level 1, 2, or 3 during the three months ended March 31, 2017. The following table presents the changes in Level 3 liabilities measured at fair value on a recurring basis for the three months ended March 31, 2017:
 
 
 
Employment
 
Redeemable
 
 
 
Agreement
 
Noncontrolling
 
 
 
Award
 
Interests
 
 
 
(In thousands)
 
 
 
 
 
 
 
Balance at December 31, 2016
 
$
26,965
 
$
12,410
 
Net loss attributable to noncontrolling interests
 
 
—
 
 
(44)
 
Change in fair value
 
 
1,041
 
 
(745)
 
Balance at March 31, 2017
 
$
28,006
 
$
11,621
 
 
 
 
 
 
 
 
 
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
 
$
(1,041)
 
$
—
 
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]
Losses included in earnings were recorded in the consolidated statements of operations as corporate selling, general and administrative expenses for the three months ended March 31, 2017 and 2016.
 
 
 
 
 
 
 
As of
 
As of
 
 
 
 
 
 
 
March 31,
 
December
 
 
 
 
 
 
 
2017
 
31, 2016
 
 
 
 
 
Significant
 
 
 
 
 
 
 
Unobservable
 
Significant Unobservable
 
Level 3 liabilities
 
Valuation Technique
 
Inputs
 
Input Value
 
 
 
 
 
 
 
 
 
 
 
Employment agreement award
 
Discounted Cash Flow
 
Discount Rate
 
 
11.0
%
 
11.0
%
Employment agreement award
 
Discounted Cash Flow
 
Long-term Growth Rate
 
 
2.5
%
 
2.5
%
Redeemable noncontrolling interest
 
Discounted Cash Flow
 
Discount Rate
 
 
10.5
%
 
10.5
%
Redeemable noncontrolling interest
 
Discounted Cash Flow
 
Long-term Growth Rate
 
 
1.0
%
 
1.0
%
XML 33 R21.htm IDEA: XBRL DOCUMENT v3.7.0.1
GOODWILL AND RADIO BROADCASTING LICENSES (Tables)
 3 Months Ended
Mar. 31, 2017
Goodwill and Radio Broadcasting Licenses [Abstract]  
Schedule Of Changes In Carrying Amount Of Goodwill [Table Text Block]
The table below presents the changes in Company’s goodwill carrying values for its four reportable segments.
 
 
 
Radio
 
Reach
 
 
 
Cable
 
 
 
 
 
Broadcasting
 
Media
 
Digital
 
Television
 
 
 
 
 
Segment
 
Segment
 
Segment
 
Segment
 
Total
 
 
 
(In thousands)
 
Gross goodwill
 
$
154,863
 
$
30,468
 
$
23,004
 
$
165,044
 
$
373,379
 
Accumulated impairment losses
 
 
(84,436)
 
 
(16,114)
 
 
(14,545)
 
 
—
 
 
(115,095)
 
Net goodwill at March 31, 2017
 
$
70,427
 
$
14,354
 
$
8,459
 
$
165,044
 
$
258,284
 
XML 34 R22.htm IDEA: XBRL DOCUMENT v3.7.0.1
LONG-TERM DEBT (Tables)
 3 Months Ended
Mar. 31, 2017
Debt Disclosure [Abstract]  
Schedule Of Long Term Debt [Table Text Block]
Long-term debt consisted of the following:
 
 
 
March 31, 2017
 
December 31, 2016
 
 
 
(Unaudited)
 
 
 
 
 
(In thousands)
 
 
 
 
 
 
 
2015 Credit Facility
 
$
343,875
 
$
344,750
 
9.25% Senior Subordinated Notes due February 2020
 
 
315,000
 
 
315,000
 
7.375% Senior Secured Notes due April 2022
 
 
350,000
 
 
350,000
 
Comcast Note due April 2019
 
 
11,872
 
 
11,872
 
Total debt
 
 
1,020,747
 
 
1,021,622
 
Less: current portion of long-term debt
 
 
3,500
 
 
3,500
 
Less: original issue discount and issuance costs
 
 
14,041
 
 
15,386
 
Long-term debt, net
 
$
1,003,206
 
$
1,002,736
 
Schedule of Maturities of Long-term Debt [Table Text Block]
Future scheduled minimum principal payments of debt as of March 31, 2017, were as follows:
 
 
 
 
 
 
 
9.25% Senior
 
 
 
 
 
 
 
 
 
 
 
Subordinated
 
7.375% Senior
 
 
 
 
 
Comcast Note
 
2015
 
Notes due
 
Secured Notes due
 
 
 
 
 
due April 2019
 
Credit Facility
 
February 2020
 
April 2022
 
Total
 
 
 
(In thousands)
 
April – December 2017
 
$
—
 
$
2,625
 
$
—
 
$
—
 
$
2,625
 
2018
 
 
—
 
 
341,250
 
 
—
 
 
—
 
 
341,250
 
2019
 
 
11,872
 
 
—
 
 
—
 
 
—
 
 
11,872
 
2020
 
 
—
 
 
—
 
 
315,000
 
 
—
 
 
315,000
 
2021
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
2022 and thereafter
 
 
—
 
 
—
 
 
—
 
 
350,000
 
 
350,000
 
Total Debt
 
$
11,872
 
$
343,875
 
$
315,000
 
$
350,000
 
$
1,020,747
 
XML 35 R23.htm IDEA: XBRL DOCUMENT v3.7.0.1
STOCKHOLDERS' EQUITY (Tables)
 3 Months Ended
Mar. 31, 2017
Stockholders' Equity Note [Abstract]  
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
Transactions and other information relating to stock options for the three months ended March 31, 2017, are summarized below:
 
 
 
 
 
 
 
Weighted-Average
 
 
 
 
 
 
 
 
 
Remaining
 
Aggregate
 
 
 
Number of
 
Weighted-Average
 
Contractual Term
 
Intrinsic
 
 
 
Options
 
Exercise Price
 
(In Years)
 
Value
 
Outstanding at December 31, 2016
 
 
3,700,000
 
$
2.03
 
 
4.21
 
$
3,675,000
 
Grants
 
 
—
 
$
—
 
 
 
 
 
 
 
Exercised
 
 
—
 
$
—
 
 
 
 
 
 
 
Forfeited/cancelled/expired
 
 
100,000
 
$
7.50
 
 
 
 
 
 
 
Balance as of March 31, 2017
 
 
3,600,000
 
$
1.88
 
 
4.08
 
$
5,110,000
 
Vested and expected to vest at March 31, 2017
 
 
3,559,000
 
$
1.88
 
 
4.03
 
$
5,060,000
 
Unvested at March 31, 2017
 
 
250,000
 
$
2.12
 
 
8.55
 
$
300,000
 
Exercisable at March 31, 2017
 
 
3,350,000
 
$
1.86
 
 
3.75
 
$
4,810,000
 
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]
Transactions and other information relating to restricted stock grants for the three months ended March 31, 2017, are summarized below:
 
 
 
 
 
Average
 
 
 
 
 
Fair Value
 
 
 
 
 
at Grant
 
 
 
Shares
 
Date
 
Unvested at December 31, 2016
 
 
358,000
 
$
2.31
 
Grants
 
 
—
 
$
—
 
Vested
 
 
11,000
 
$
1.49
 
Forfeited/cancelled/expired
 
 
—
 
$
—
 
Unvested at March 31, 2017
 
 
347,000
 
$
2.33
 
XML 36 R24.htm IDEA: XBRL DOCUMENT v3.7.0.1
SEGMENT INFORMATION (Tables)
 3 Months Ended
Mar. 31, 2017
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
Detailed segment data for the three months ended March 31, 2017 and 2016, is presented in the following tables:
 
 
 
Three Months Ended
 
 
 
March 31,
 
 
 
2017
 
2016
 
 
 
(Unaudited)
 
 
 
(In thousands)
 
 
 
 
 
(As
 
 
 
 
 
reclassified)
 
Net Revenue:
 
 
 
 
 
 
 
Radio Broadcasting
 
$
39,737
 
$
42,733
 
Reach Media
 
 
7,663
 
 
10,454
 
Digital
 
 
5,506
 
 
6,481
 
Cable Television
 
 
48,554
 
 
49,474
 
Corporate/Eliminations/Other*
 
 
(171)
 
 
(54)
 
Consolidated
 
$
101,289
 
$
109,088
 
 
 
 
 
 
 
 
 
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets):
 
 
 
 
 
 
 
Radio Broadcasting
 
$
26,317
 
$
27,423
 
Reach Media
 
 
7,915
 
 
8,446
 
Digital
 
 
6,644
 
 
6,238
 
Cable Television
 
 
29,187
 
 
30,877
 
Corporate/Eliminations/Other
 
 
6,461
 
 
8,614
 
Consolidated
 
$
76,524
 
$
81,598
 
 
 
 
 
 
 
 
 
Depreciation and Amortization:
 
 
 
 
 
 
 
Radio Broadcasting
 
$
957
 
$
1,144
 
Reach Media
 
 
54
 
 
42
 
Digital
 
 
341
 
 
444
 
Cable Television
 
 
6,561
 
 
6,553
 
Corporate/Eliminations/Other
 
 
399
 
 
499
 
Consolidated
 
$
8,312
 
$
8,682
 
 
 
 
 
 
 
 
 
Operating income (loss):
 
 
 
 
 
 
 
Radio Broadcasting
 
$
12,463
 
$
14,166
 
Reach Media
 
 
(306)
 
 
1,966
 
Digital
 
 
(1,479)
 
 
(201)
 
Cable Television
 
 
12,806
 
 
12,044
 
Corporate/Eliminations/Other
 
 
(7,031)
 
 
(9,167)
 
Consolidated
 
$
16,453
 
$
18,808
 
 
* Intercompany revenue included in net revenue above is as follows:
 
Radio Broadcasting
 
$
(171)
 
$
(54)
 
 
Capital expenditures by segment are as follows:
 
Radio Broadcasting
 
$
1,025
 
$
403
 
Reach Media
 
 
46
 
 
117
 
Digital
 
 
186
 
 
462
 
Cable Television
 
 
96
 
 
108
 
Corporate/Eliminations/Other
 
 
106
 
 
159
 
Consolidated
 
$
1,459
 
$
1,249
 
 
 
 
March 31, 2017
 
December 31, 2016
 
 
 
(Unaudited)
 
 
 
 
 
(In thousands)
 
Total Assets:
 
 
 
 
 
 
 
Radio Broadcasting
 
$
776,377
 
$
781,450
 
Reach Media
 
 
40,974
 
 
37,192
 
Digital
 
 
16,408
 
 
17,749
 
Cable Television
 
 
446,852
 
 
446,880
 
Corporate/Eliminations/Other
 
 
72,183
 
 
75,515
 
Consolidated
 
$
1,352,794
 
$
1,358,786
 
XML 37 R25.htm IDEA: XBRL DOCUMENT v3.7.0.1
SUBSEQUENT EVENTS (Tables)
 3 Months Ended
Mar. 31, 2017
Subsequent Event [Line Items]  
Schedule of Subsequent Events [Table Text Block]
Future scheduled minimum principal payments of debt as of the date of this filing, are as follows:
 
 
 
 
 
 
 
9.25% Senior
 
 
 
 
 
 
 
 
 
 
 
Subordinated
 
7.375% Senior
 
 
 
 
 
Comcast Note
 
2017
 
Notes due
 
Secured Notes due
 
 
 
 
 
due April 2019
 
Credit Facility
 
February 2020
 
April 2022
 
Total
 
 
 
(In thousands)
 
April – December 2017
 
$
—
 
$
2,625
 
$
—
 
$
—
 
$
2,625
 
2018
 
 
—
 
 
3,500
 
 
—
 
 
—
 
 
3,500
 
2019
 
 
11,872
 
 
3,500
 
 
—
 
 
—
 
 
15,372
 
2020
 
 
—
 
 
3,500
 
 
315,000
 
 
—
 
 
318,500
 
2021
 
 
—
 
 
3,500
 
 
—
 
 
—
 
 
3,500
 
2022 and thereafter
 
 
—
 
 
333,375
 
 
—
 
 
350,000
 
 
683,375
 
Total Debt
 
$
11,872
 
$
350,000
 
$
315,000
 
$
350,000
 
$
1,026,872
 
XML 38 R26.htm IDEA: XBRL DOCUMENT v3.7.0.1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Numerator:    
Net loss attributable to common stockholders $ (2,313) $ (3,947)
Denominator:    
Denominator for basic net loss per share - weighted average outstanding shares (in shares) 47,965,189 48,664,524
Effect of dilutive securities:    
Stock options and restricted stock (in shares) 0 0
Denominator for diluted net loss per share - weighted-average outstanding shares (in shares) 47,965,189 48,664,524
Net loss attributable to common stockholders per share - basic and diluted (in dollars per share) $ (0.05) $ (0.08)
XML 39 R27.htm IDEA: XBRL DOCUMENT v3.7.0.1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - shares
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Restricted Stock [Member]    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 364 1,021
Employee Stock Option [Member]    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 3,600 3,656
XML 40 R28.htm IDEA: XBRL DOCUMENT v3.7.0.1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($)
$ in Thousands
Mar. 31, 2017
Dec. 31, 2016
Mezzanine equity subject to fair value measurement:    
Redeemable noncontrolling interests [1] $ 11,621 $ 12,410
Fair Value, Inputs, Level 1 [Member]    
Mezzanine equity subject to fair value measurement:    
Redeemable noncontrolling interests [1] 0 0
Fair Value, Inputs, Level 2 [Member]    
Mezzanine equity subject to fair value measurement:    
Redeemable noncontrolling interests [1] 0 0
Fair Value, Inputs, Level 3 [Member]    
Mezzanine equity subject to fair value measurement:    
Redeemable noncontrolling interests [1] 11,621 12,410
Employment Agreement Award [Member]    
Liabilities subject to fair value measurement:    
Employment agreement award [2] 28,006 26,965
Employment Agreement Award [Member] | Fair Value, Inputs, Level 1 [Member]    
Liabilities subject to fair value measurement:    
Employment agreement award [2] 0 0
Employment Agreement Award [Member] | Fair Value, Inputs, Level 2 [Member]    
Liabilities subject to fair value measurement:    
Employment agreement award [2] 0 0
Employment Agreement Award [Member] | Fair Value, Inputs, Level 3 [Member]    
Liabilities subject to fair value measurement:    
Employment agreement award [2] $ 28,006 $ 26,965
[1] The 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 estimating the fair value. Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value.
[2] Pursuant to an employment agreement (the “Employment Agreement”) executed in April 2008, the Chief Executive Officer (“CEO”) is eligible to receive an award (the “Employment Agreement Award”) amount equal to approximately 4% 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 (based on the estimated enterprise fair value of TV One as determined by a discounted cash flow analysis), and an assessment of the probability that the Employment Agreement will be renewed and contain this provision. There are probability factors included in the calculation of the award related to the likelihood that the award will be realized. The Company’s obligation to pay the award was triggered after the Company’s recovery of the aggregate amount of our pre-Comcast Buyout capital contribution in TV One, and payment is required only upon actual receipt of distributions of cash or marketable securities or proceeds from a liquidity event with respect to such invested amount. 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. A third-party valuation firm assisted the Company in estimating TV One’s fair value using the discounted cash flow analysis. Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value. The Compensation Committee of the Board of Directors of the Company approved terms for a new employment agreement with the CEO, including a renewal of the Employment Agreement Award upon similar terms as in the prior Employment Agreement. While a new employment agreement has not been executed as of the date of this report, the CEO is being compensated according to the new terms approved by the Compensation Committee.
XML 41 R29.htm IDEA: XBRL DOCUMENT v3.7.0.1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
USD ($)
Employment Agreement Award [Member]  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Balance, beginning of period $ 26,965
Net loss attributable to noncontrolling interests 0
Change in fair value 1,041
Balance, end of period 28,006
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 (1,041)
Redeemable Noncontrolling Interests [Member]  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Balance, beginning of period 12,410
Net loss attributable to noncontrolling interests (44)
Change in fair value (745)
Balance, end of period 11,621
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 $ 0
XML 42 R30.htm IDEA: XBRL DOCUMENT v3.7.0.1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 4)
 3 Months Ended 12 Months Ended
Mar. 31, 2017
Dec. 31, 2016
Employment Agreement Award [Member]    
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]    
Fair Value Inputs, Discount Rate 11.00% 11.00%
Fair Value Inputs, Long-term Growth Rate 2.50% 2.50%
Redeemable Noncontrolling Interest [Member]    
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]    
Fair Value Inputs, Discount Rate 10.50% 10.50%
Fair Value Inputs, Long-term Growth Rate 1.00% 1.00%
XML 43 R31.htm IDEA: XBRL DOCUMENT v3.7.0.1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2017
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2016
Nov. 30, 2016
Apr. 10, 2015
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]            
Debt Instrument, Fair Value Disclosure $ 305,600,000     $ 283,500,000    
Cost of Goods and Services Sold, Total 31,897,000   $ 34,003,000      
Selling, General and Administrative Expense, Total 34,519,000   35,536,000      
Related Party Transaction, Due from (to) Related Party, Total $ 2,300,000     426,000    
Related Party Transaction, Terms and Manner of Settlement The fee is up to the first $1.0 million after the Fantastic Voyage nets $250,000 to the Foundation. The balance of any operating income is earned by the Foundation less a performance bonus of 50% to Reach Media of any excess over $1.25 million. The fee is up to the first $1.0 million after the Fantastic Voyage nets $250,000 to the Foundation. The balance of any operating income is earned by the Foundation less a performance bonus of 50% to Reach Media of any excess over $1.25 million.        
Operating Income (Loss) $ 16,453,000   18,808,000      
Comcast Note [Member]            
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]            
Long-term Debt, Gross 11,900,000     11,900,000    
Debt Instrument, Fair Value Disclosure $ 11,900,000     $ 11,900,000    
Debt Instrument, Interest Rate, Stated Percentage 10.47%          
MGM National Harbor [Member]            
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]            
Investment Owned, at Cost         $ 35,000,000 $ 5,000,000
Employment Agreement Award [Member]            
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]            
Selling, General and Administrative Expense, Total $ 1.0   2.3      
Barter Transactions [Member]            
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]            
Advertising Barter Transactions, Advertising Barter Revenue 501,000   608,000      
Cost of Goods and Services Sold, Total 460,000   567,000      
Selling, General and Administrative Expense, Total 41,000   41,000      
Radio broadcasting and Reach Media segments [Member]            
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]            
Sales Commissions and Fees $ 5,700,000   6,300,000      
Maximum [Member] | MGM National Harbor [Member]            
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]            
Investment Owned, at Cost           $ 40,000,000
Launch Support Assets [Member]            
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]            
Finite Lived Intangible Assets Weighted Average Amortization Period       9 years 4 months 24 days    
Finite Lived Intangible Assets Remaining Weighted Average Amortization Period 7 years 9 months 18 days     8 years    
Amortization of Intangible Assets $ 51,000     $ 20,000    
Content Assets [Member]            
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]            
Amortization of Intangible Assets $ 1.9          
Chief Executive Officer [Member]            
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]            
Percentage Of Award Amount 4.00%          
Reassessed Estimated Fair Value of Award $ 28,000,000     27,000,000    
Tom Joyner Foundation Inc [Member]            
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]            
Related Party Transaction, Due from (to) Related Party, Total 14,000     3,000    
Tom Joyner Limited [Member]            
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]            
Related Party Transaction, Due from (to) Related Party, Total 2,000     11,000    
Senior Subordinated Notes due February 2020 [Member]            
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]            
Long-term Debt, Gross 315,000,000     315,000,000    
Debt Instrument, Fair Value Disclosure $ 344,800,000     344,800,000    
Debt Instrument, Interest Rate, Stated Percentage 9.25%          
Senior Subordinated Notes due March 2022 [Member]            
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]            
Long-term Debt, Gross $ 343,900,000          
Debt Instrument, Fair Value Disclosure $ 350,000,000     350,000,000    
Debt Instrument, Interest Rate, Stated Percentage 7.375%          
Senior Secured Credit Facility [Member]            
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]            
Long-term Debt, Gross $ 350,000,000          
Debt Instrument, Fair Value Disclosure 346,500,000     $ 346,500,000    
Tv One Llc [Member]            
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]            
Sales Commissions and Fees $ 3,900,000   $ 4,200,000      
Reach Media Inc [Member]            
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]            
Noncontrolling Interest, Ownership Percentage by Parent 80.00%          
Related Party Transaction, Terms and Manner of Settlement The balance of any operating income is earned by the Foundation less a performance bonus of 50% to Reach Media of any excess over $1.25 million. Reach Media’s earnings for the Fantastic Voyage may not exceed $1.7 million.          
Reach Media Inc [Member] | Fantastic Voyage [Member]            
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES [Line Items]            
Operating Income (Loss) $ 1,000,000          
XML 44 R32.htm IDEA: XBRL DOCUMENT v3.7.0.1
ACQUISITIONS AND DISPOSITIONS (Details Textual) - USD ($)
 3 Months Ended
Mar. 31, 2017
Dec. 31, 2016
Business Acquisition [Line Items]    
Proceeds from Divestiture of Businesses $ 25,000,000  
Assets Held-for-sale, Not Part of Disposal Group 2,100,000 $ 2,200,000
Wilks [Member] | FM Station [Member]    
Business Acquisition [Line Items]    
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment, Total 861,000  
Business Acquisition Purchase Price Allocation Indefinite Lived Intangible Assets, Radio Broadcasting Licenses 1,500,000  
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Intangible Assets 84,000  
Business Combination Unfavorable Lease Liability 443,000  
Columbus Acquisition [Member]    
Business Acquisition [Line Items]    
Business Combination, Consideration Transferred $ 2,000,000  
XML 45 R33.htm IDEA: XBRL DOCUMENT v3.7.0.1
GOODWILL AND RADIO BROADCASTING LICENSES (Details) - USD ($)
$ in Thousands
Mar. 31, 2017
Dec. 31, 2016
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items]    
Gross goodwill $ 373,379  
Accumulated impairment losses (115,095)  
Net goodwill at March 31, 2017 258,284 $ 258,284
Radio Broadcasting Segment [Member]    
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items]    
Gross goodwill 154,863  
Accumulated impairment losses (84,436)  
Net goodwill at March 31, 2017 70,427  
Reach Media Segment [Member]    
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items]    
Gross goodwill 30,468  
Accumulated impairment losses (16,114)  
Net goodwill at March 31, 2017 14,354  
Digital Segment [Member]    
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items]    
Gross goodwill 23,004  
Accumulated impairment losses (14,545)  
Net goodwill at March 31, 2017 8,459  
Cable Television Segment [Member]    
Schedule of GOODWILL, RADIO BROADCASTING LICENSES AND OTHER INTANGIBLE ASSETS [Line Items]    
Gross goodwill 165,044  
Accumulated impairment losses 0  
Net goodwill at March 31, 2017 $ 165,044  
XML 46 R34.htm IDEA: XBRL DOCUMENT v3.7.0.1
LONG-TERM DEBT (Details) - USD ($)
$ in Thousands
Mar. 31, 2017
Dec. 31, 2016
Debt Instrument [Line Items]    
Total debt $ 1,020,747 $ 1,021,622
Less: current portion of long-term debt 3,500 3,500
Less: original issue discount and issuance costs 14,041 15,386
Long-term debt, net 1,003,206 1,002,736
2015 Credit Facility [Member]    
Debt Instrument [Line Items]    
Total debt 343,875 344,750
9.25% Senior Subordinated Notes due February 2020 [Member]    
Debt Instrument [Line Items]    
Total debt 315,000 315,000
7.375% Senior Secured Notes due April 2022 [Member]    
Debt Instrument [Line Items]    
Total debt 350,000 350,000
Comcast Note due April 2019 [Member]    
Debt Instrument [Line Items]    
Total debt $ 11,872 $ 11,872
XML 47 R35.htm IDEA: XBRL DOCUMENT v3.7.0.1
LONG-TERM DEBT (Details 1) - USD ($)
$ in Thousands
Mar. 31, 2017
Dec. 31, 2016
Debt Instrument [Line Items]    
April - December 2017 $ 2,625  
2018 341,250  
2019 11,872  
2020 315,000  
2021 0  
2022 and thereafter 350,000  
Total Debt 1,020,747 $ 1,021,622
Comcast Note due April 2019 [Member]    
Debt Instrument [Line Items]    
April - December 2017 0  
2018 0  
2019 11,872  
2020 0  
2021 0  
2022 and thereafter 0  
Total Debt 11,872 11,872
2015 Credit Facility [Member]    
Debt Instrument [Line Items]    
April - December 2017 2,625  
2018 341,250  
2019 0  
2020 0  
2021 0  
2022 and thereafter 0  
Total Debt 343,875  
9.25% Senior Subordinated Notes due February 2020 [Member]    
Debt Instrument [Line Items]    
April - December 2017 0  
2018 0  
2019 0  
2020 315,000  
2021 0  
2022 and thereafter 0  
Total Debt 315,000 315,000
7.375% Senior Secured Notes due April 2022 [Member]    
Debt Instrument [Line Items]    
April - December 2017 0  
2018 0  
2019 0  
2020 0  
2021 0  
2022 and thereafter 350,000  
Total Debt $ 350,000 $ 350,000
XML 48 R36.htm IDEA: XBRL DOCUMENT v3.7.0.1
LONG-TERM DEBT (Details Textual) - USD ($)
 1 Months Ended 3 Months Ended 12 Months Ended
Feb. 10, 2014
Apr. 21, 2016
Apr. 17, 2015
Mar. 31, 2017
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2016
Feb. 25, 2011
Debt Instrument [Line Items]                
Letters of Credit Outstanding, Amount       $ 815,000        
Interest Expense, Total       20,346,000   $ 20,638,000    
Comcast Note [Member]                
Debt Instrument [Line Items]                
Long-term Debt, Gross       $ 11,900,000     $ 11,900,000  
Debt Instrument, Interest Rate, Stated Percentage       10.47%        
Debt Financing Cost [Member]                
Debt Instrument [Line Items]                
Interest Expense, Total       $ 1,400,000   $ 1,300,000    
2022 Notes                
Debt Instrument [Line Items]                
Long-term Debt, Gross     $ 350,000,000          
Debt Instrument, Interest Rate, Stated Percentage     7.375%          
Private Offering [Member]                
Debt Instrument [Line Items]                
Debt Instrument, Maturity Date     Apr. 15, 2022          
Senior Subordinated Notes [Member]                
Debt Instrument [Line Items]                
Debt Instrument, Periodic Payment, Interest             14,600,000  
Gains (Losses) on Extinguishment of Debt, Total         $ 2,600,000      
Debt Instrument, Repurchase Amount         $ 20,000,000      
Debt Instrument, Redemption Price, Percentage         86.00%      
9.25% Senior Subordinated Notes due February 2020 [Member]                
Debt Instrument [Line Items]                
Long-term Debt, Gross       $ 315,000,000     $ 315,000,000  
Debt Instrument, Interest Rate, Stated Percentage       9.25%        
Debt Instrument, Description The 2020 Notes were offered at an original issue price of 100.0% plus accrued interest from February 10, 2014.              
9.25% Senior Subordinated Notes due February 2020 [Member] | Private Offering [Member]                
Debt Instrument [Line Items]                
Long-term Debt, Gross $ 335,000,000              
Debt Instrument, Interest Rate, Stated Percentage 9.25%              
Debt Instrument, Maturity Date Feb. 15, 2020              
Debt Instrument, Periodic Payment $ 15,500,000              
Debt Instrument, Date of First Required Payment Aug. 15, 2014              
TV One Senior Secured Notes [Member]                
Debt Instrument [Line Items]                
Debt Instrument, Face Amount               $ 119,000,000
Debt Instrument, Interest Rate, Stated Percentage               10.00%
7.375% Senior Subordinated Notes due April 2022 [Member]                
Debt Instrument [Line Items]                
Debt Instrument, Interest Rate, Stated Percentage     7.375%          
2015 Credit Facility [Member]                
Debt Instrument [Line Items]                
Covenant Compliance Description For Maintaining Interest Coverage Ratio       maintaining an interest coverage ratio of no less than: 1.25 to 1.00 on June 30, 2015 and the last day of each fiscal quarter thereafter.        
Covenant Compliance Description For Maintaining Total Leverage Ratio       maintaining a senior leverage ratio of no greater than: 5.85 to 1.00 on June 30, 2015 and the last day of each fiscal quarter thereafter.        
Long-term Debt, Gross     $ 350,000,000 $ 343,900,000        
Debt Instrument, Interest Rate Terms       At the Companys election, the interest rate on borrowings under the 2015 Credit Facilitywas based on either (i) the then applicable base rate plus 3.5% (as defined in the 2015 Credit Facility) as, for any day, a rate per annum (rounded upward, if necessary, to the next 1/100th of 1%) equal to the greater of (a) the prime rate published in the Wall Street Journal, (b) a rate of 1/2 of 1% in excess rate of the overnight Federal Funds Rate at any given time, and (c) the one-month LIBOR commencing on such day plus 1.00%), or (ii) the then applicable LIBOR plus 4.5% (as defined in the 2015 Credit Facility). The average interest rate was approximately 5.28% for 2017 and 5.11% for 2016. Quarterly installments of 0.25%, or $875,000, of the principal balance on the term loan were payable on the last day of each March, June, September and December beginning on September 30, 2015. During each of the three month periods ended March 31, 2017 and March 31, 2016, the Company repaid $875,000 under the 2015 Credit Facility. See Note 9 Subsequent Events.        
2015 Credit Facility [Member] | 2022 Notes                
Debt Instrument [Line Items]                
Debt Instrument, Description     an original issue price of 100.0% plus accrued interest          
Asset Backed Credit Facility [Member]                
Debt Instrument [Line Items]                
Line of Credit Facility, Maximum Borrowing Capacity   $ 25,000,000            
Percentage Borrowing Of Eligible Accounts   85.00%            
XML 49 R37.htm IDEA: XBRL DOCUMENT v3.7.0.1
INCOME TAXES (Details Textual) - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Income Tax Disclosure [Line Items]    
Income Tax Expense (Benefit) $ (112,000) $ 1,775,000
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest, Total $ (2,469,000) $ (1,751,000)
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 4.50%  
Tax Rate Based On Estimated Annual Effective Rate 18.60%  
Estimated Annual Discrete Tax Provision Adjustment $ 346,000  
XML 50 R38.htm IDEA: XBRL DOCUMENT v3.7.0.1
STOCKHOLDERS' EQUITY (Details) - Employee Stock Option [Member] - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2017
Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of Options, Outstanding at Beginning of Year 3,700,000  
Number of Options, Grants 0  
Number of Options, Exercised 0  
Number Of Option, Forfeited/cancelled/expired 100,000  
Number of Options, Balance at End of Year 3,600,000 3,700,000
Number of Options, Vested and expected to vest 3,559,000  
Number of Options, Unvested 250,000  
Number of Options, Exercisable 3,350,000  
Weighted-Average Exercise Price, Outstanding at Beginning of Year (in dollars per share) $ 2.03  
Weighted-Average Exercise Price, Grants (in dollars per share) 0  
Weighted-Average Exercise Price, Exercised (in dollars per share) 0  
Weighted-Average Exercise Price, Forfeited/cancelled/expired (in dollars per share) 7.50  
Weighted-Average Exercise Price, Balance at End of Year (in dollars per share) 1.88 $ 2.03
Weighted-Average Exercise Price, Vested and expected to vest (in dollars per share) 1.88  
Weighted-Average Exercise Price, Unvested (in dollars per share) 2.12  
Weighted-Average Exercise Price, Exercisable (in dollars per share) $ 1.86  
Weighted-Average Remaining Contractual Term, Outstanding (in years) 4 years 29 days 4 years 2 months 16 days
Weighted-Average Remaining Contractual Term, Vested and expected to vest (in years) 4 years 11 days  
Weighted-Average Remaining Contractual Term, Unvested (in years) 8 years 6 months 18 days  
Weighted-Average Remaining Contractual Term, Exercisable (in years) 3 years 9 months  
Aggregate Intrinsic Value, Vested and expected to vest $ 5,060,000  
Aggregate Intrinsic Value, Unvested 300,000  
Aggregate Intrinsic Value, Exercisable 4,810,000  
Aggregate Intrinsic Value, Outstanding at End of Year $ 5,110,000 $ 3,675,000
XML 51 R39.htm IDEA: XBRL DOCUMENT v3.7.0.1
STOCKHOLDERS' EQUITY (Details 1) - Restricted Stock [Member]
 3 Months Ended
Mar. 31, 2017
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Shares, Unvested at beginning of year | shares 358,000
Shares, Grants | shares 0
Shares, Vested | shares 11,000
Shares, Forfeited/cancelled/expired | shares 0
Shares, Unvested at end of year | shares 347,000
Average Fair Value at Grant Date, Unvested at beginning of year (in dollars per share) | $ / shares $ 2.31
Average Fair Value at Grant Date, Grants (in dollars per share) | $ / shares 0
Average Fair Value at Grant Date, Vested (in dollars per share) | $ / shares 1.49
Average Fair Value at Grant Date, Forfeited/cancelled/expired (in dollars per share) | $ / shares 0
Average Fair Value at Grant Date, Unvested at end of year (in dollars per share) | $ / shares $ 2.33
XML 52 R40.htm IDEA: XBRL DOCUMENT v3.7.0.1
STOCKHOLDERS' EQUITY (Details Textual) - USD ($)
 1 Months Ended 3 Months Ended
Oct. 26, 2015
Mar. 31, 2017
Mar. 31, 2016
Sep. 23, 2016
Dec. 31, 2015
Dec. 31, 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock Repurchased During Period, Value   $ 915,000        
Share-based Compensation, Total   133,000 $ 772,000      
Restricted Stock [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options   $ 90,000        
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition   1 year 1 month 6 days        
Employee Stock Option [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross   0        
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options   $ 40,000        
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition   1 year        
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value   $ 1.32        
Repurchase Program 2015 [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock Repurchase Program, Authorized Amount         $ 3,500,000  
Common Class D [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock Repurchased During Period, Shares     60,566      
Stock Repurchased During Period, Value   $ 81,000        
Repurchase Of Common Stock Price Per Share   $ 1.34        
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant   8,250,000        
Common Class D [Member] | Stock Plan 2009 [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant   7,000,000        
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized           8,250,000
Common Class D [Member] | Amended and Restated 2009 Stock Plan [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant   7,932,932        
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Per Employee   1,000,000        
Common Class D [Member] | Stock Vest Tax Repurchase [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock Repurchased During Period, Shares   317,103 330,111      
Stock Repurchased During Period, Value   $ 915,000 $ 568,000      
Repurchase Of Common Stock Price Per Share   $ 2.89 $ 1.72      
Common Class D [Member] | CEO, Radio Division [Member] | Restricted Stock [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures 100,000          
Common Class D [Member] | CEO, Radio Division [Member] | Employee Stock Option [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross 300,000          
Class A and D Common Stock [Member] | Repurchase Program 2015 [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock Repurchase Program, Authorized Amount   $ 7,000,000   $ 7,000,000    
XML 53 R41.htm IDEA: XBRL DOCUMENT v3.7.0.1
SEGMENT INFORMATION (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Dec. 31, 2016
Segment Reporting Information [Line Items]      
Net Revenue $ 101,289 $ 109,088  
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets) 76,524 81,598  
Depreciation and Amortization 8,312 8,682  
Operating income (loss) 16,453 18,808  
Total Assets 1,352,794   $ 1,358,786
Payments to Acquire Property, Plant, and Equipment, Total 1,459 1,249  
Intersegment Eliminations [Member]      
Segment Reporting Information [Line Items]      
Payments to Acquire Property, Plant, and Equipment, Total 1,459 1,249  
Radio Broadcasting [Member]      
Segment Reporting Information [Line Items]      
Net Revenue 39,737 42,733  
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets) 26,317 27,423  
Depreciation and Amortization 957 1,144  
Operating income (loss) 12,463 14,166  
Total Assets 776,377   781,450
Radio Broadcasting [Member] | Intersegment Eliminations [Member]      
Segment Reporting Information [Line Items]      
Net Revenue (171) (54)  
Payments to Acquire Property, Plant, and Equipment, Total 1,025 403  
Reach Media [Member]      
Segment Reporting Information [Line Items]      
Net Revenue 7,663 10,454  
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets) 7,915 8,446  
Depreciation and Amortization 54 42  
Operating income (loss) (306) 1,966  
Total Assets 40,974   37,192
Reach Media [Member] | Intersegment Eliminations [Member]      
Segment Reporting Information [Line Items]      
Payments to Acquire Property, Plant, and Equipment, Total 46 117  
Cable Television [Member]      
Segment Reporting Information [Line Items]      
Net Revenue 48,554 49,474  
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets) 29,187 30,877  
Depreciation and Amortization 6,561 6,553  
Operating income (loss) 12,806 12,044  
Total Assets 446,852   446,880
Cable Television [Member] | Intersegment Eliminations [Member]      
Segment Reporting Information [Line Items]      
Payments to Acquire Property, Plant, and Equipment, Total 96 108  
Corporate/Eliminations/Other [Member]      
Segment Reporting Information [Line Items]      
Net Revenue [1] (171) (54)  
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets) 6,461 8,614  
Depreciation and Amortization 399 499  
Operating income (loss) (7,031) (9,167)  
Total Assets 72,183   75,515
Corporate/Eliminations/Other [Member] | Intersegment Eliminations [Member]      
Segment Reporting Information [Line Items]      
Payments to Acquire Property, Plant, and Equipment, Total 106 159  
Digital [Member]      
Segment Reporting Information [Line Items]      
Net Revenue 5,506 6,481  
Operating Expenses (including stock-based compensation and excluding depreciation and amortization and impairment of long-lived assets) 6,644 6,238  
Depreciation and Amortization 341 444  
Operating income (loss) (1,479) (201)  
Total Assets 16,408   $ 17,749
Digital [Member] | Intersegment Eliminations [Member]      
Segment Reporting Information [Line Items]      
Payments to Acquire Property, Plant, and Equipment, Total $ 186 $ 462  
[1] Intercompany revenue included in net revenue above is as follows:
XML 54 R42.htm IDEA: XBRL DOCUMENT v3.7.0.1
COMMITMENTS AND CONTINGENCIES (Details Textual) - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Commitments and Contingencies Disclosure [Line Items]    
Radio Music License Committee Agreement Term 5 years  
Music License Agreements [Member]    
Commitments and Contingencies Disclosure [Line Items]    
License Costs $ 1,700,000 $ 2,600,000
Standby Letters Of Credit [Member]    
Commitments and Contingencies Disclosure [Line Items]    
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability $ 815,000  
XML 55 R43.htm IDEA: XBRL DOCUMENT v3.7.0.1
SUBSEQUENT EVENTS (Details) - USD ($)
$ in Thousands
Apr. 18, 2017
Mar. 31, 2017
Subsequent Event [Line Items]    
April - December 2017   $ 2,625
2018   341,250
2019   11,872
2020   315,000
2021   $ 0
Subsequent Event [Member]    
Subsequent Event [Line Items]    
April - December 2017 $ 2,625  
2018 3,500  
2019 15,372  
2020 318,500  
2021 3,500  
2022 and thereafter 683,375  
Total Debt 1,026,872  
Comcast Note due Two Thousand Ninteen [Member] | Subsequent Event [Member]    
Subsequent Event [Line Items]    
April - December 2017 0  
2018 0  
2019 11,872  
2020 0  
2021 0  
2022 and thereafter 0  
Total Debt 11,872  
Credit Facility 2017 [Member] | Subsequent Event [Member]    
Subsequent Event [Line Items]    
April - December 2017 2,625  
2018 3,500  
2019 3,500  
2020 3,500  
2021 3,500  
2022 and thereafter 333,375  
Total Debt 350,000  
9.25% Senior Subordinated Notes due February 2020 [Member] | Subsequent Event [Member]    
Subsequent Event [Line Items]    
April - December 2017 0  
2018 0  
2019 0  
2020 315,000  
2021 0  
2022 and thereafter 0  
Total Debt 315,000  
7.375% Senior Secured Notes due April 2022 [Member] | Subsequent Event [Member]    
Subsequent Event [Line Items]    
April - December 2017 0  
2018 0  
2019 0  
2020 0  
2021 0  
2022 and thereafter 350,000  
Total Debt $ 350,000  
XML 56 R44.htm IDEA: XBRL DOCUMENT v3.7.0.1
SUBSEQUENT EVENTS (Details Textual) - Subsequent Event [Member] - USD ($)
$ in Thousands
 1 Months Ended
May 02, 2017
Apr. 04, 2017
Apr. 28, 2017
Apr. 18, 2017
Subsequent Event [Line Items]        
Long-term Debt, Gross       $ 1,026,872
Proceeds from Sale of Property Held-for-sale $ 25,000      
Proceeds from Sale of Other Assets   $ 2,000    
Business Combination, Consideration Transferred, Other     $ 5,000  
Business Combination, Contingent Consideration, Liability     $ 5,000  
Credit Facility 2017 [Member]        
Subsequent Event [Line Items]        
Long-term Debt, Gross       $ 350,000
Debt Instrument, Description       The 2017 Credit Facility matures on the earlier of (i) April 18, 2023 or (ii) in the event such debt is not repaid or refinanced, 91 days prior to the maturity of either of the Company’s 2022 Notes or the Company’s 2020 Notes. At the Company’s election, the interest rate on borrowings under the 2017 Credit Facility are based on either (i) the then applicable base rate (as defined in the 2017 Credit Facility as, for any day, a rate per annum (rounded upward, if necessary, to the next 1/100th of 1%) equal to the greater of (a) the prime rate published in the Wall Street Journal, (b) 1/2 of 1% in excess rate of the overnight Federal Funds Rate at any given time, (c) the one-month LIBOR rate commencing on such day plus 1.00%) and (d) 2%, or (ii) the then applicable LIBOR rate (as defined in the 2017 Credit Facility).
Debt Instrument, Interest Rate Terms       The 2017 Credit Facility contains customary representations and warranties and events of default, affirmative and negative covenants (in each case, subject to materiality exceptions and qualifications) which may be more restrictive than those governing the Notes. The 2017 Credit Facility also contains certain financial covenants, including a maintenance covenant requiring the Company’s interest expense coverage ratio (defined as the ratio of consolidated EBITDA to consolidated interest expense) to be greater than or equal to 1.25 to 1.00 and its total senior secured leverage ratio (defined as the ratio of consolidated net senior secured indebtedness to consolidated EBITDA) to be less than or equal to 5.85 to 1.00.
Debt Instrument Additional Interest Payment Term On Prepayment       Beginning with the interest payment date occurring in June 2017 and ending in March 2023, the Company will be required to repay principal to the extent then outstanding, equal to 1/4 of 1% of the aggregate initial principal amount of all term loans incurred on the effective date of the 2017 Credit Facility.
EXCEL 57 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx M4$L#!!0 ( ,9VJ$H?(\\#P !," + 7W)E;',O+G)E;'.MDD^+ MPD ,Q;]*F?L:5\'#8CUYZ6U9_ )Q)OU#.Y,A$[%^>X>];+=44/ 87O+>CT?V M/S2@=AQ2V\54C'X(J32M:OP"2+8ECVG%D4)6:A:/FD=I(*+ML2'8K-<[D*F' M.>RGGD7E2B.5^S3%":4A+,*P).B0\5?UX^8 TBTH_0(:+L A#&^NQT:E8(C M-R."?S]PN -02P,$% @ QG:H2F;S"V"" L0 ! !D;V-0&UL38Y-"\(P$$3_2NG=;BGB06) L$?!D_>0;FP@R8;-"OGYIH(? MMWF\81AU8\K(XK%T-8943OTJDH\ Q:X831F:3LTXXFBD(3^ G/,6+V2?$9/ M-(X'P"J8%EQV^3O8:W7..7AKQ%/25V^9"CGIYFHQ*/B76_..7+8\#?NW_+"" MWTG] E!+ P04 " #&=JA*.7K+9O K @ $0 &1O8U!R;W!S+V-O M&ULS9+/3L,P#(=?!>7>NED9?Z(NETV<0$)B$HA;E'A;1--$B5&[MZ<- M6R<$#\ Q]B^?/TMN=!#:1WR./F DB^EJ<&V7A XK=B * B#I SJ5RC'1C_? M)]&PO=&AE;64O=&AE;64Q+GAM;.U:6W/:.!1^[Z_0>&?V;0O&-H&V MM!-S:7;;M)F$[4X?A1%8C6QY9)&$?[]'-A#+E@WMDDVZFSP$+.G[SD5'Y^@X M>?/N+F+HAHB4\GA@V2_;UKNW+][@5S(D$4$P&:>O\, *I4Q>M5II ,,X?+&A T%116F]?(+3E M'S/X%/F7/Z3H=,H%N,!M8('_.;Z?D3EJ( MX53"Q,!J9S]6:\?1TDB @LE]E 6Z2?:CTQ4(,@T[.IU8SG9\]L3MGXS*VG0T M;1K@X_%X.+;+THMP' 3@4;N>PIWT;+^D00FTHVG09-CVVJZ1IJJ-4T_3]WW? MZYMHG J-6T_3:W?=TXZ)QJW0> V^\4^'PZZ)QJO0=.MI)B?]KFNDZ19H0D;C MZWH2%;7E0-,@ %AP=M;,T@.67BGZ=90:V1V[W4%<\%CN.8D1_L;%!-9ITAF6 M-$9RG9 %#@ WQ-%,4'RO0;:*X,*2TER0UL\IM5 :")K(@?5'@B'%W*_]]9>[ MR:0S>IU].LYKE']IJP&G[;N;SY/\<^CDGZ>3UTU"SG"\+ GQ^R-;88C'(CN]WV6'WV3T=N(]>I MP+,BUY1&)$6?R"VZY!$XM4D-,A,_")V&F&I0' *D"3&6H8;XM,:L$> 3?;>^ M",C?C8CWJV^:/5>A6$G:A/@01AKBG'/F<]%L^P>E1M'V5;SCFED)O816:I^JAS0^J!XR"@7QN1X^Y7IX"C>6QKQ0KH)[ M ?_1VC?"J_B"P#E_+GW/I>^Y]#VATK\>WZV22$KYI9+2,6D$N!LT$DN/R+RO JQ GH M9%LE"0AMNZ5/U2I77Y:^Y*+@\6^3IKZ%T/BS/^3Q?Y[3-"S-# MMW)+ZK:4OK4F.$KTL@'37[]EUVY".E,%.70[@:0KX# M;;J=W#HXGIB1N0K34I!OP_GIQ7@:XCG9!+E]F%=MY]C1T?OGP5&PH^\\EAW' MB/*B(>ZAAIC/PT.'>7M?F&>5QE T%&ULK"0L1K=@N-?Q+!3@9& MH >#KU$" M\E)58#%;Q@,KD*)\3(Q%Z'#GEUQ?X]&2X]NF9;5NKREW&6TB4CG":9@39ZO* MWF6QP54=SU5;\K"^:CVT%4[/_EFMR)\,$4X6"Q)(8Y07IDJB\QE3ON>;G*YZ(G;ZEW?!8/+]<,E'#^4[YU_T74.N?O;=X_INDSM(3)QYQ1$!=$4" M(Y4U#VT%SU&\Z.9X!ZSAW.;>KC"1:S_6-8> M^3+?.7#;.MX#7N83+$.D?L%]BHJ $:MBOKJO3_DEG#NT>_&!()O\UMND]MW@ M#'S4JUJE9"L1/TL'?!^2!F.,6_0T7X\48JVFL:W&VC$,>8!8\PRA9CC?AT6: M&C/5BZPYC0IO0=5 Y3_;U UH]@TT')$%7C&9MC:CY$X*/-S^[PVPPL2.X>V+ MOP%02P,$% @ QG:H2H8OF?[6 @ 8@L !@ !X;"]W;W)K@2B(UF:9-VJ2JT[:_W<1)4 $S MVTFZ;S]C**7XF/)/L,U[]WSFGG/+JY OZL2Y]EZKLE8K_Z1U7,0LF+:3.4Q4(WD;&])51E@&*9!Q8K:7R_MVJ-<+\59ET7-'Z6GSE7% MY-\-+\5UY8/_MO!4'$^Z70C6RX8=^0^N?S:/TLR"(2G'U9/>U&M86!=Q'YC!W[:(]._O.9*O,ZF4=+H-+&Z9' M;#H$CA P( (3>Q! 2F"##AT_"FQ=1$0+1&0&D:5'(WI,TV.2'EMZ/*(GDP-P M$2DMD) "B4-?3 1<1$8+I*1 ZM#SB8"+@)!66) *"Y6"IW3@C"&-)DY M,)CQ+KA2T]JB,#/5!:2!'P#="-,"(S X4V% NQ@B-\*TQB@,SJC09@?7RSA3 M04"[&9);KQN@W0JN&7%2A-L>\Z$^TC1*H[EL:=N"ZUN<*V;:DY#=G"WM.'#] MY&:;NW='ED(6SWP9I(V'KO%PYJ)&VD\(MV:+M%60L,$TVQ[S(=L[F((3F9D/AG=G*R32\PZ3D!]T. M%V8LNZZOFVC1]!UM,+35ZW]02P,$% @ QG:H2BM?\UU? P S0T !@ M !X;"]W;W)K#5U;0_NY/6-OA= M5TVW#D_6GA^BJ-N==%UT]^:L&_?/P;1U8=UE>XRZVHW*W.Q5=GHIS;H+G5=M'^VNC+7=0CAZ\"7\GBR_4"T69V+H_ZJ[;?S M4^NNHEN6?5GKIBM-$[3ZL X?X2'GO \8%-]+?>UFYT'?RK,Q/_N+C_MUR'HB M7>F=[5,4[O"BLCB4NO@]'LMF M.%ZG_*]A= "? O@MP-7^7X"8 L1;@!R:'\F&5M\5MMBL6G,-VO%NG8M^4<"# M<).YZP>'N1O^<]UV;O1EP]4J>NGS3)+M*.$S"=P4D4M^J\"I"EN.POF_!7)" MD=$5!-F#&.+E+%XPKX=1D@Z29NR! 5>91T+),J8432-)&CGD$'.:A?F*R?@8 M=^--V':4Q#-, 2I+O68(E61,T"P)R9)@%N&Q)$25&/R))51Q+!*:)2594LPB M/98457%WF7GK.2=4G,4+*TZ1+ JSQ!Z+0E64 '_E$Z)$<9HD(TDR3))X)!DN M(I6ORK$J8UPQF@48;28,TZ2^FS \_8F,O6654S*EV,*3" OF!I@'N1L0BP;1 M8%&RA$*ZX"-PC)+Y*!Q5X4Q(_TZ1LD0L\=">"=@TI6^:DV9>Z X$!Y^'DBU8 M'M">"1+3@$\C<1DN$]]I*!FD\1(/[<& 35CZ)@S87UW;_A-.J"!-XP4:VH4! MV[#T;1BPP]YQ$?OO!$HF8KY@Q$ [,6 KEKX5 W;9.U^4$R+)E^X4[<2 K5CZ M5CQITG_G!M!#3LA$)M,%'MJ/(4.O?[DPNYPV48Y-5/HF.FG4')7=,Z_Q?$&V MX!2<-E$.N*.E#+3W<>Q]TO<^CDU-IED2 _I&HY0J<:\0+CVJ:/817.OV..P7 MNF!G+HWMOS=GH[<]R>.P)?'&MVZO,NXLWM*,&YW/17LLFRYX-M9]H@\?T@=C MK':@[-XAGMS>ZG91Z8/M3U-WWHX;C/'"FO.T>8IN.[C-7U!+ P04 " #& M=JA*6T0HAO(! D!0 & 'AL+W=O=FB):PFR1M!Q?NB!NEF/_*@; A=7?N6^*IK1NI$RA+>ES# M-Y#?^PM7$9JKE"V%3K2L YQ8&L9@[VLF5L1<=?"Y3U]." M@$ A=06LACN<@1!=2,GX.=5TYY::N)R_5?]HO"LO5RS@S,B/MI1-ZAY!2/"?)WB)B2C4Q4EA>+7<6P[,P[CROXX MT>P$?R+X,T'U_ABNZTR0?(3X"\AN1B!5?.[@VSKD_H;N_]G@;$$<[1T"JX? M\,.EA[\H#*W\<,M?22PMZN(K"JBK8K SH^M_/C_+N*M MB^/*A05RB%8RT.)P4>"UN8?"*=BMD_H_+K+S57_T]>%3W'C$V22^R+5U25:W42M%5;9^)O8FM ^," MB:]_7\".SW5H7PPL,[LS&#;KI7K1-8!!KX*W.H]J8[HMQKJL03#](#MH[9C!U5D\F)XT\)!(7T1@JG?.^"RSZ,X MN@6>FW-M7 76\*.!7L_F MR#DY2OGB%I^K/%HY0<"A-"X#L\,5]L"Y2V1E_!IS1E-)1YS/;]D_>N_6RY%I MV$O^LZE,G4?O(U3!B5VX>9;])QC]T B-YK_ %;B%.R6V1BFY]E]47K218LQB MI0CV.HQ-Z\=^S'^CA0ED))")$-/_$I*1D+P14F]^4.:M?F"&%9F2/5+#S^J8 MNQ/Q-K&'6;J@/SN_9]UJ&[T6-,WPU>49(;L!0F:0>$)@FWRJ0$(5=N2.3OXN ML \@'L,5DJ"'Q//3N0>Z\#! -A[2>L@[DM#-0D@ E5"R#FM)@UK2>RWKA98! M0N=5TL69[^\Q*?G'J=.@#GJO8^%V1T-G$B<+)0%4\IAN%EKP[+X)4&?_-#4J MY:4U[M?.HM/K?R+NOB[B.]L5AD?\EF9H*5^9.C>M1D=I[&OP=_8DI0$K M^P0 /(9 8 >&PO=V]R:W-H965T&ULC9G1;N,V$$5_ MQ?#[KC1#4B0#QT"MQ:(%6B#8HNVS$C.QL;+E2DJ\_?M2LF-8,T-O7F))N4-> M#L7#D;0X-NWW;A-"/_NQJ_?=_7S3]X>[+.N>-F%7=9^;0]C'_SPW[:[JXVG[ MDG6'-E3K,6A79YCG1;:KMOOY>VB7B^:UK[?[\-#.NM?=KFK_6X6Z.=[/ M8?Y^X=OV9=,/%[+EXE"]A#]#_]?AH8UGV:65]787]MVVV<_:\'P__P7N2NV& M@%'Q]S8G?FBBBC]OH0QU/;04??Q[;G1^ MZ7,(O#Y^;_WK./@XF,>J"V53_[-=]YO[N9O/UN&Y>JW[;\WQUW >D)G/SJ/_ M/;R%.LH')[&/IZ;NQK^SI]>N;W;G5J*57?7C]+O=C[_'<_OO87( G@/P$@#Z M9H Z!R@2D)V?.&)D]N:B0\C^C#\&O"&JDJNLSQ,39$4KEELQQ(IEG>B\ M0&J%JY1Q5X8G7ISHQ7$O)/LKQWNYSOW)"A=I:Q-9\:(3SYU8XL2S3C ']!0& M7 ;>%ZD%#;F,I9S[85S*64^%!4MS(\D*AXGL0 *3P/UXZ@=X@C0H2_U(,I=: M3B 3$Y#YL3GU@[PCX]#1^_CGNJDCF<' (4RG8G763*9"QU7.]A-)IR*:$HYD M$@-'L:4H!LY9@#S/Z<8@ZN)-G;JK928#A[*E4 :.6Y-;R*DA+M,>,.5'IC)P M+%N*91"XK Q:SVXC4>BL*Q*>9#R#9<6 -8D69*@"IZJE5 5.3(MHZ) $E3$I M-S)8@9/54K*"P,RX MF<"[*B\ ERH$Q6Y&2UE*S(D>D\+1]*004FLCYA1P8K M8 MTSI7%J)5"8"A#%7D4*5;[@H%5EH++$>"K(A03?B1@8J\X'6TX$6AEE6&5ERE M*(L;<\*/C&?D>'84S\C!BQ8-!6#?%^97,F"JU) M/:0H&=.*8]I13"L!P% @+8 E62Q,4T_8,J<5L&W9)4BO9+(J3E9/R:HX,BG& M;DJF/A(O"SA1/7M;P%GI'13LN2NANYJIJ2.9JHI3E9;$*\5Q^0ER8X"6-F5" MB:Y(K HELU5QMGK*5L61^:C6S"_%^>4IX97P]$XS)%XGZX[F05[ 65C#+!5^9+!>W)%,? M\KK5?-UBH@K6\BK3_*$PF0MYE6E>=?!F[YO=^+;]N6GZ$-O+/\>T;D*UOIS4X;D?#FT\;D]?(4XG?7,X?V') M+I]YEO\#4$L#!!0 ( ,9VJ$IK;FC+)@, 'T/ 8 >&PO=V]R:W-H M965T&ULC9?M;ILP%(9O!7$!Q3:?KI)(2Z9IDS:IZK3M-TV< M!!5P!D[2W?V,H0C;A^+^:/AXS_%CUOUFI:T_-9L6OHBQJ M]M1X[;6J\N;?EI7\OO:Q_W[AN3B=173HZ];BHOG+]V)]\.:Q]U1*QD>]&UR.7'C>U8 M67:=),??H:D_CMD53H_?NW]1DY>3>D<@Q]KQLU7]O?VT%KX8N$J7*W_K/HE:?]_Y.0H8RN( , M!60LP-&'!>%0$!H%04^FIOHY%_EFU?"[U_1OZY)WBP(_AO)A[KN+ZMFI>W*V MK;QZV]!D%=RZ/D-DVT?()$+TQ,Y.Q'2,!'+\$8* $$351U.(U(#H(ZF*U"J2 MDM3DL$,)I1@F"4&2T";)#)(^0B>#H >$L(&RE-)8(I ELEFHP=)'XLDH&*D_ M@V8YI_'$($]L\6!SH&UL#62B?)30(!(0(K$@2 C7IV!]"DS">'?;U.D-+Z4T MF R$R0 88TUO,^MYA0A\QPY!#8F"2!1 "@TD:J^F) F3T/PZ0CD:(CKC!HQ@ M0R$ *3(=A1R9P.!'4#/:Q/8ZC&C4U0'@SV(;1'::Q+;BB-9@K,H-+&6@SH4+$,,V=!:E;;L9J"6@SH4 M+$<,V#&9Z0#K$;OX$;L)E2U0'@T6)74R);0422C** M$A-K.:C_CH)=25Q<26P%PE .01T*=B4!7)G.=)CY?>CB2N+FRL68#@2[DKBX MDKB[TBFJ@\&N)"ZN)+8"(Y2E. LSDPM(8AS3*(UFL&!;$A=;$EN"3DAU%=YC*XZ;?$/8G M@E^&S6XP[K@W_P%02P,$% @ QG:H2JPIRE<. P = X !@ !X;"]W M;W)KVO42 M7TA9U.BEU;I+5>7MOPTJ\6VEF_K'Q&MQ.A,V8:R737Y"/Q#YV;RT=&2,40Y% MA>JNP+76HN-*_VH^9P'C>^!7@6[=W;W&,GG#^)T-LL-*7[ -H1+M"8N0T\L5 M1:@L62"ZC3\\ICXNR83W]Q_1DSYWFLM;WJ$(E[^+ SFO]$#7#NB87TKRBF\I MXOFXNL:3_X:NJ*0XVPE=8X_+KO_4]I>.X(I'H5NI\K_#M:C[ZXW'_Y#)!187 M6*/ G!?87&"/ LN9%3AQ% ' M&.H)2_@.+%.1@98JB5A))$IBIR32![+)YJ),3/6EIOH24V%7X M+F#;\3149 M:*J2B)5$HB1V2B)]()ML+LK$U$!J:B Q%?S-;P))-V [/NP&1 QV R(!NP$E MD8B$T V("#16)%@WX() F21QV@VXYEWJ@\7&76?+SF/?\_94U)WVA@EMDOM6 M]H@Q033HXHD^JS,] HZ#$AT)N_7I?3LX-6;8$Z++%@33=W* WI[44@EF;*@:H@<% MK/)%@A,:12D1K.MQD?G<4169' WO>C@JI$@UYWLD8(ZQX_Q_I ZO ?\[%WOD.CE)^>J"+U6. M(V<(.)3&,3"[G.$).'=$UL;OA1.ODJ[PN]ZOTWRR M2Y:R< %="NA:0+T.F86\\V=F6)$I.2$UW_W W%\<[ZF]F](E_57X,VM>V^RY MB.-=1LZ.:,$<9@R]Q*P(8ME7"1J2.-#;\O@^3+ )>MQX@NU_! ]A@FV08'M+ M0*.K)F=,XC&]QVSB71QMPCI)4"<)Z'QP56F0( T0T"NCZ8U1^K!-=UJ1^@/[!YZ?YC:FFZS4Z26/'T ]++:4!:R:ZLSY: M^S58 PZU<5L[O4C-;V(.C!R6YT[6;T[Q%U!+ P04 " #&=JA*R""0.58$ M "_% & 'AL+W=OYX>V/3]$4;,[N#)O/E5G=^K^>:WJ,F^[R_HM:LZU MR_=#H[*(.([3J,R/I_EZ-=Q[KM>KZKTMCB?W7,^:][+,ZW\VKJ@NCW.:?[_Q M^?AV:/L;T7IUSM_<'Z[]U>'^=/]+"5M&\P*/X\ MNDMS\WO6I_)255_[BU_WC_.X=^0*MVO[$'GW]>&VKBCZ2)V/OZ>@\VN??S6=[]YJ_%^WGZO*+FQ)*YK,I^]_>^DZV-7%MO#K4;_NNR;;J['VMB M644??:!)LQDU?*NY*J(N^K4+1EULV&O.]QUL@6*)>Q"8A SMY2X)@P,8&, , M -I*H9$9);6HQ6K-<+2:I$6R#BD)4,6LF %35XF\SOA<@NE1>@ M$I,%YML2FED",YDRL_2Z2=24W/H2CK$-BO'3'P,C2_WXQUXW"TKT" $5I38 M"@K B'P[$FL[!.HOVHTOLC8P7PABZXG8?PXEE _F$@G(AW4^ LIK$IV0KS*) M!"A)F'($,*DH 8:,-I2 IS+5W 6J$#0)4Y-\ M;%K-*O*1N! ]0[= Q<'*8'"23TZK:44^%!>9U8Q JNX9#TUD#$_RZ6DUK\CG MXB)E\28.D(FA #X)\Y, 0+TUCGP\2I)Y$P=PUDH HXPQR@"C.O$-0XR*Z.4% MZM(EA2QAE#)"J9Y![%-RP6FJV0-D%%,:&#+&.&6$TRP0 N.4$4[U:L48IUZ5 MD8Q- *B,@0R?1W2XOM9E>TX$LM6(#;YD2>&D&-#6:I@*VG7'F M[;Z S'8+B0T8PC05X_,B"3P4@ADH@('ZK6DC8$.YS!+]]@MD'*8P_=<4ZN'Q_O2C<:]O_ MM-WO>CQ2&R_:ZCP=%T;7,\OUOU!+ P04 " #&=JA*G?)#*[(! #2 P M&0 'AL+W=O!5!2K)DL[EGB@M-BRS&3K;( M3.^ET'"RQ/5*CFG(CPF_! QN89/0R=F8U^!\K7*Z"8) 0ND# \?C H\@92!"&7\F M3CJ7#,"E?65_CKUC+V?NX-'(WZ+R;4X_4U)!S7OI7\SP!:9^]I1,S7^#"TA, M#TJP1FFDBU]2]LX;-;&@%,7?QE/H> X3_Q6V#D@F0'(#8&.AJ/R)>UYDU@S$ MCK/O>+CB[2'!V90A&$<1_Z%XA]%+L=WO,G8)1%/.<6$?DG@G[^GCMG_GMA':D;/Q>+-Q_K4Q'E#*Y@Y7J,4'-CL2:A_,3VC; M<D%L?L;%/U!+ P04 " #&=JA*\5\"Y[@! #2 P &0 'AL M+W=O(Y/*2H;##VQ;4 GKPJJ5U.6^^[ M(V.N;$%Q=V,ZT'A3&ZNX1],VS'46>!5!2K(T26Z9XD+3(HN^LRTRTWLI-)PM M<;U2W/XY@31#3C?TS?$LFM8'!RNRCC?P'?R/[FS18C-+)11H)XPF%NJ^>-FEA0BN*OXRYTW(?Q9K^?8.N = *D,^ 0\[ Q453^R#TO,FL&8L?> M=SP\\>:88F_*X(RMB'0O?P?WHS\9;;&&IA0)M!6IBH"GH?7(\ M92$^!OP4,-K5F81*+HA/P?A2%W07!(&$R@4&[KX@O3A08G/4:&T M<2758!VJF<5+4?QYVH6.^SC=' XS;!N0SH!T =S%/&Q*%)5_Y(Z7N<&1F*GW M/0]/G!Q3WYLJ.&,KXIT7;[WW6B:W2?4F1;J4XI?_ MTVWX?E/A/L+W;Q3^AR#;),@B0?:&8/^NQ*V8[%T2MNJI M/&:;*DPD''25YY MEX&]3^.;O(9/T_Z-FU9H2R[H_,O&_C>(#KR4W8T?H&UL;5-A;]L@$/TKB!]0$I*F661;:EI5J]1* M4:=MGXE]ME'!YP&.VW\_P*[G=OX"W''OW;OC2'HTK[8&<.1-J\:FM':N/3!F M\QJTL%?80N-O2C1:.&^:BMG6@"@B2"O&5ZL=TT(V-$NB[V2R!#NG9 ,G0VRG MM3#O1U#8IW1-/QPOLJI=<+ L:44%/\#];$_&6VQB*:2&QDILB($RI;?KPW$; MXF/ +PF]G9U)J.2,^!J,QR*EJR (%.0N, B_7> .E I$7L:?D9-.*0-P?OY@ M?XBU^UK.PL(=JM^R<'5*]Y044(I.N1?LO\-8SS4E8_%/< 'EPX,2GR-'9>-* M\LXZU".+EZ+%V[#+)N[]<,._C;!E !\!? +L8QXV)(K*[X4366*P)V;H?2O" M$Z\/W/,T4PSSZEX$LICOP_.%^& M;Q85;B)\\TGA;IE@NTBPC03;3P0W7TIH]A]L,A24+AQO_-D,8S88 M#MOQ!['I&V=_ 5!+ P04 " #&=JA*-U-I>+8! #2 P &0 'AL+W=O M+.FZ9EMC? ZPA2DF5)?2=3)GCX*30<#+$#DIQ M\_L($L>"IO3=\2S:S@4'*_.>M_ =W(_^9+S%%I9:*-!6H"8&FH+>IX?C/L3' M@!\HJ:'A@W3/.'Z&N9YK2N;BO\(%I \/2GR."J6-*ZD& MZU#-+%Z*XF_3+G37CB M])#YWE3!&5L1[[QXZ[V7,KWYE+-+()ICCE-,MHY9(IAG7U)D6RF.V7_P;!N^ MVU2XB_#=.OMMLDVPWR381X+]/P3IAQ*W8CZJ9*N>*C!MG"9+*AQTG.25=QG8 M^RR^R=_P:=J_<=,*;K\!UL,"8T+QUM_-M.838;# M?OY!;/G&Y1]02P,$% @ QG:H2HG,1K"V 0 T@, !D !X;"]W;W)K M&UL;5/;;MLP#/T501]0)8[3%H%MH&E1;, &!!VV M/2LV;0O5Q9/DN/O[4;+CNIU?))'B.3RDJ&PP]M6U )Z\*:E=3EOONP-CKFQ! M<7=C.M!X4QNKN$?3-LQU%G@504JR9+.Y98H+38LL^DZVR$SOI=!PLL3U2G'[ M]PC2##G=TJOC132M#PY69!UOX ?XG]W)HL5FEDHHT$X832S4.7W8'HYIB(\! MOP0,;G$FH9*S,:_!^%KE=!,$@832!P:.VP4>0D@IKWTK^8X0M,]>PIF8K_!A>0&!Z48([22!=74O;. M&S6QH!3%W\9=Z+@/X\W^"EL')!,@F0'W$<#&1%'Y$_>\R*P9B!U[W_'PQ-M# M@KTI@S.V(MZA>(?>2[&]VV7L$HBFF.,8DRQCY@B&['.*9"W%,?D/GJS#=ZL* M=Q&^^Z P72=(5PG22)!^(-A_*G$MYO93$K;HJ0+;Q&ERI#2]CI.\\,X#^Y#$ M-WD/'Z?].[>-T(Z7C?VOC?& 4C8W.$(M?K#9D%#[<+S#LQW';#2\Z:8? MQ.9O7/P#4$L#!!0 ( ,9VJ$K*YW.KMP$ -(# 9 >&PO=V]R:W-H M965T]:Y^ 6:8]^;-,.0CFB?; 3CRK*2V!>VT= M]J#]38-&<>=-TS+;&^!U!"G)TB1YSQ07FI9Y]%U,F>/@I-!P,<0.2G'SYPP2 MQX+NZ(OC4;2="PY6YCUOX3NX'_W%>(LM++50H*U 30PT!;W?G1F_9TZZI S ]?F%_5.LW==R MY18>4/X2M>L*>J2DAH8/TCWB^!GF>MY1,A?_%6X@?7A0XG-4*&U<2358AVIF M\5(4?YYVH>,^3C=9.L.V >D,2!? ,>9A4Z*H_"-WO,P-CL1,O>]Y>.+=*?6] MJ8(SMB+>>?'6>V_E[G#(V2T0S3'G*29=QRP1S+,O*=*M%.?T/WBZ#=]O*MQ' M^/Z5PN,V0;9)D$6"[!7!AS/!G,XW99#CLYQ_$ MEF]<_@502P,$% @ QG:H2OK3.5"V 0 T@, !D !X;"]W;W)K&UL=5/;;IPP$/T5RQ\0+RQI5RM RB:*6JF55JG:/GMA M "N^4-LLZ=]W; @E*7VQ/>,Y9\Z,Q_EH[+/K #QY45*[@G;>]T?&7-6!XN[& M]*#QIC%6<8^F;9GK+? Z@I1DZ6[W@2DN-"WSZ#O;,C>#ET+#V1(W*,7M[Q-( M,Q8TH:^.)]%V/CA8F?>\A6_@O_=GBQ9;6&JA0#MA-+'0%/0N.9ZR$!\#?@@8 MW>I,0B478YZ#\;DNZ"X( @F5#PP8Z[FE9"[^"UQ!8GA0@CDJ(UU<234X;]3, M@E(4?YEVH>,^3C>WV0S;!J0S(%T AYB'38FB\@?N>9E;,Q([];[GX8F38XJ] MJ8(SMB+>H7B'WFN9')*<70/1''.:8M)US!+!D'U)D6ZE.*7_P--M^'Y3X3[" M]V\4_H<@VR3((D'VAF#_KL2MF.Q=$K;JJ0+;QFERI#*#CI.\\BX#>Y?&-_D; M/DW[5VY;H1VY&(\O&_O?&.,!I>QN<(0Z_&"+(:'QX?@1SW8:L\GPII]_$%N^ M&PO=V]R:W-H965T MO"JI74Y;[[L#8ZYL07%W93K0 M>%,;J[A'TS;,=19X%4%*LG2SN6&*"TV++/I.MLA,[Z70<++$]4IQ^^\(T@PY M3>B[XU$TK0\.5F0=;^ )_._N9-%B,TLE%&@GC"86ZIS>)8?C+L3'@#\"!KR/_BLJW.=U34D'->^D?S? 4SW7E$S%_X0+2 P/2C!'::2+*RE[YXV:6%"* MXJ_C+G3(MG.X[9:'C333^(S=^X M> -02P,$% @ QG:H2N-,CF)I @ # D !D !X;"]W;W)K&UL=5;;CILP$/T5Q -M5+.J"?/,S9UDGHF[YE4#)QFH>UTS^?<( M7'3[D(0?$Z_5K=1V(LJSEMW@!^B?[4F:432R7*H:&E6))I!PW8<'\GPDB35P MB%\5=&K2#VPH9R'>[.#K91_&UB/@4&A+P4SS@!?@W#(9/_X,I.&H:0VG_0_V MSRYX$\R9*7@1_'=UT>4^3,/@ E=VY_I5=%]@"&@3!D/TW^ !W,"M)T:C$%RY M;U#0Z>8$1$9]E&"8A)'.C.G MN/D*]7#ES%=3]OQ.^,WFK M&A6&UL=51MCYLP#/XK$3_@4M(W5@'2]:9IDS:INFFWSRF8@BXA+$G+ M[=\O"90QYOM"8O/X>6R#G?9*OYH:P)(W*5J31;6UW8%24]0@N7E0';3N3:6T MY-:9^D)-IX&7(4@*RE:K'96\::,\#;Z3SE-UM:)IX:2)N4K)]>\C"-5G41S= M'<_-I;;>0?.TXQ?X#O9'=]+.HA-+V4AH3:-:HJ'*HL?X<$P\/@!>&NC-[$Y\ M)6>E7KWQI ^$Z=1*&'"DQ178Y4<65PJ MDK\-9].&LQ_Y[V%X !L#V"* #D(A\X_<\CS5JB=ZZ'W'_2>.#\SUIO#.T(KP MSB5OG/>6LSA)Z9 BHK+_NW5T/HS\85G7C5J/3 M:LW_ %!+ P04 " #&=JA*54!S7+4! #2 P &0 'AL+W=O-)\H%I(3M:9-%W,D6&@U.R@Y,A=M!:F-]'4#CF M-*57Q[-L6A<D@IJ,2CWC.-GF.NYI60N_BM<0/GPH,3G*%'9N))RL [US.*E M:/$V[;*+^SC=W%UAVP ^ _@"N(\ -B6*RI^$$T5F<"1FZGTOPA.G!^Y[4P9G M;$6\\^*M]UX*SC]F[!*(YICC%,-7,>D2P3S[DH)OI3CR_^!\&[[;5+B+\-T: MODNV"?:;!/M(L/^'('U7XE;,>Y5LU5,-IHG39$F)0Q>5=!O:!QS?Y&SY- M^S=A&ME9[C$C&>USF(7;69:Y&*W@/9XW,*"73OT\@U%3@/;X% M7GG;61\@93ZP%KZ!_3Z%'B M)Z]M5^ GC&IHV"CLJYH^P5)/BM%2_!>X@G!PGXGSJ)0PX8NJT5@E%Q67BF3O M\\C[,$[S3G:CQ0ET(="5\!0(9#8*F7]@EI6Y5A/2\]D/S%_Q_DC=V50^&(XB M[+GDC8M>2YHD.;EZH05SFC%T@]FO".+45PL:LSC1_^@T3D^B&2:!GFS=LRPN M<(@*'(+ X9\2#WS.)(9YO#,AFXN3H-OP9 VJU-B'=ME$ MUZYXIN'B_\+GEOK*=,M[@R[*NN<3+KE1RH)+9??@&PO M=V]R:W-H965T1E? G=^[]T[X))/2K^9#L"B=REZ4^#.VN% MB*DZD,S(_+/.1.NLS5: 7OX:21 M&:5D^O<1A)H*G.)KXI6WG?4)4N8#:^$;V._#2;N(K"HUE] ;KGJDH2GP4WHX M[CT^ 'YPF,QFCWPG9Z7>?/"Y+G#B#8& RGH%YI8+/(,07LC9^+5HXK6D)V[W M5_67T+OKYV*_ C1C4T;!3V54V?8.EGC]'2_!>X@'!P[\35J)0P MX1=5H[%*+BK.BF3O\\K[L$Z+_I46)]"%0&\(9"X4G']DEI6Y5A/2\]D/S%]Q M>J#N;"J?#$<1OCGSQF4O)=T]YN3BA1;,<<;0#29=$<2IKR5HK,21_D>G;%B.8+(D7V4>+[","Z4V1&.;V*,CFXB3H M-CQ9@RHU]F%<-MEU*IYHN/B_\'FDOC+=\MZ@L[+N^81+;I2RX*PD=\Y+YZ9X M#00TUF\?W%[/;WD.K!J6,27K?T7Y!U!+ P04 " #&=JA*E* LO[;*%K1P=Z:'#F]J8[7P:-J&N=Z"J"))*\9WNP],"]G1(HN^ MBRTR,W@E.[A8X@:MA?US!F7&G.[IJ^-)-JT/#E9DO6C@._@?_<6BQ1:52FKH MG#0=L5#G]&%_.JL?)O3(R45U&)0_LF,GV&NYYZ2N?BO M< .%\) )QBB-"\T;,*IJ+%R[3++N[C='-(9MHV@<\$OA".,0Z; L7, M/PHOBLR:D=BI][T(3[P_<>Q-&9RQ%?$.DW?HO14\33)V"T(SYCQA^ JS7Q , MU9<0?"O$F?]'Y]OT9#/#)-*3=?3#<5L@W11(HT#Z3XGINQ*W,/?O@K!53S78 M)DZ3(Z49NCC)*^\RL \\OLD;?)KV;\(VLG/D:CR^;.Q_;8P'3&5WAR/4X@=; M# 6U#\<#GNTT9I/A33__(+9\X^(O4$L#!!0 ( ,9VJ$KE/Z:VMP$ -(# M 9 >&PO=V]R:W-H965T<"CMM_7\"NYW;^ MQQ[]V[XT@'-$^V 7#D M1:O69K1QKCLP9HL&M+!7V$'K;RHT6CAOFIK9SH H(T@KQC>;:Z:%;&F>1M_) MY"GV3LD63H;87FMA7H^@<,CHEKX['F7=N.!@>=J)&GZ!^]V=C+?8S%)*#:V5 MV!(#54;OMH=C$N)CP!\)@UV<2:CDC/@4C.]E1C=!$"@H7& 0?KO /2@5B+R, MYXF3SBD#<'E^9W^(M?M:SL+"/:J_LG1-1O>4E%")7KE''+[!5,\72J;B?\ % ME \/2GR. I6-*REZZU!/+%Z*%B_C+MNX#^--^"^-T5PQE;$.R_>>N\EY\EURBZ!:(HYCC%\$;.=(YAG MGU/PM11'_A^2,SK]L['^%Z,!+V5SY$6K\!YL- M!94+QQM_-N.8C8;#;OI!;/[&^1M02P,$% @ QG:H2@"* *1. @ )0< M !D !X;"]W;W)K&ULC57;CILP$/T5Q'O#_181 MI$VJJI5::;75ML\.F02T!E/;"=N_KVT(2]C9J"^Q/9PY\1=1 4CK MM:&MV-B5E-W:<41904/$BG70JB]'QALBU9*?'-%Q( >3U%#'=]W8:4C=VD5N M8H^\R-E9TKJ%1VZ)<],0_G<+E/4;V[.O@:?Z5$D=<(J\(R?X"?*Y>^1JY4PL MA[J!5M2LM3@<-_:#M]YYKDXPB%\U]&(VM[25/6,O>O'ML+%=K0@HE%)3$#5< M8 >4:B:EX\](:D\U=>)\?F7_8LPK,WLB8,?H[_H@JXV=VM8!CN1,Y1/KO\)H M*+*MT?UWN !5<*U$U2@9%>;7*L]"LF9D45(:\CJ,=6O&?N2_IN$)_IC@3PFJ M]KV$8$P(WA)"8WY09JQ^)I(4.6>]Q8=_JR/Z4'CK0&UFJ8-F[\PWY5:HZ*7P M(S=W+IIHQ&P'C#_#>!/"4>Q3"1\KL?7?I?NW!78((L,K!*B)P.0'-R8^D!BB M!*$A"&\(%B*W R8QF-9@/OF!%RRL(*@@"Q-<3(2*B1 W 4X0HP0QXB9IIHN9\:-S#0K)N?)2&UL MC53M;ML@%'T5BP(#C[NT'V''=E$[] M$^#ZG'//O8&;#D(^J1I !\^8A&&".6U:E*4N=I19*GK-FA:.,E ]YU3^S8&)88]6Z!IX;*I:VP#. MTHY6\ /TS^XHS0G/*N>&0ZL:T082RCUZ6.T.6XMW@%\-#&JQ#VPE)R&>[.'K M>8]":P@8%-HJ4+-:4EKC<7]4_N]I-+2>JX"#8[^:LZSW: MHN ,)>V9?A3#%YCJB5$P%?\-+L ,W#HQ.0K!E/L-BEYIP2<58X73YW%M6K<. MD_Z5YB>0B4!F@LG]/T(T$:(7PMH5/SISI7ZBFF:I%$,@QS^KH_9.K':1:69A M@ZYW[INI5IGH)2/Q?8HO5FC"Y".&+#"K&8&-^IR"^%+DY V=O$YP\"#N_1DB M;Q&1XZ^7_"3T"ZR] FLG$+T2>*?&V"L0>QS<5)F/F-AA6H>)DO5-)]YB5B%Y MQTGB=9)XG$1^@8U78//Q7FR] ML/]&+KZ448WC3#!XJ3&RMX<=,YR,H-!144 MHF^UO5.+Z#QW'HA]*3?QW,RC<7R\R(S#[#N55=.JX"2T>8?NM91":# >PSMC MKS;SCE-D/&C130,2SU,Z^P=02P,$% @ QG:H2LJ29H,1 M P $PX !D !X;"]W;W)K&ULE5?MCILP$'P5 MQ ,JE5KI=%7;W[[$2= !IK:37-^^MB$TF"7'_0G8GAUFA^QB M+RY!1W++B]9)7->>8+ME_XG-'_$Q 18Q*^<7>3-O6=2>>'\U0R^ M[I9^:!2Q@FV5H:#ZOXTY+ZW3--X.W]E?VS35XG\T(EV_#B=[Y3 MQZ6?^=Z.[>FI4,_\\H6U"26^UV;_C9U9H>%&B7[&EA?2_GK;DU2\;%FTE)*^ M-=>\LM=+RW\-@P-P&X"G!D1M0-0%H/AN0-P&Q$Y T*1BO7FDBJX6@E\\T;S> MFII_$9K'VOVMF;1FVS5MC]2SYQ5.XT5P-D0M9M-@\"VFCW@<(I)9!PFT@$X% M!E5@&Q_U5"0P00021)8@[A&D?9%K"$.<5!L,L9C*8A!*,7+2!5 X1B$L. 8% MQX"8#"9(0()DNF4I2)!.L S"N)8UF.3&C-"QZQZB)Y2 0@D@8N3?E8$$V72K M9B#!;()5$,:U:O:N5?<0/:$HA,LY',H@8Q0C'0%-MPO!Y8SP!,- D.M8"TK> M*4@(-EZ1".XA"&@0!(U0P%6-XJ%W!(]0P'6-$D!%Y'H'@09M.QF8@C.](7"] M V#I;/2-P\T$ 9V"C%' 98[(![R#"QUE4[R#0 /OLG=+]2ZDKQ;N*@AH&22% M*3!<[CB<[AF&RQVC"9Z!(->S%G3/L[N0OMJ1C0+0- @9H8#+'$>0:"!9_%@*P'5* 0;KU'L=I;^*ES!>,*W?@V!R,BV!<-ECH'/N6O+&@2Y MW_S@9H];,G&PYP?I;?FI4B;V9K8[HZSMB<*=Q\E\HTT;KNB$]4H*KA"]8@\\ MP?^'-\>E[U0<\DIZ+USI?;O=7>\Y5TQG%C[H=W/4)[1N4+"],K=$WXOFF-(, M%*_;(UC0G0-7_P!02P,$% @ QG:H2OFX-"9I @ 0 @ !D !X;"]W M;W)K&ULC5;;CILP$/T5Q'L7['!+1)"2K:I6:J75 M5FV?'>($M("I[83MW]=CW(Z\F9>-FJ;E[X5G*+K(J M&_K"'7&I:\+_[&G%NJV+W-O%:WDNI+[PLK0E9_J=RA_M"U9VH!"U['1 M?Z576BFX]D1IY*P2YM?)+T*RVK(H5VKRWJ]E8];.\M_,8 -L#?!@@/M8>B'C M^4E=-9#'['H-'�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end XML 58 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 59 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 61 FilingSummary.xml IDEA: XBRL DOCUMENT 3.7.0.1 html 189 252 1 true 75 0 false 4 false false R1.htm 101 - Document - Document And Entity Information Sheet http://www.radio-one.com/role/DocumentAndEntityInformation Document And Entity Information Cover 1 false false R2.htm 102 - Statement - CONSOLIDATED STATEMENTS OF OPERATIONS Sheet http://www.radio-one.com/role/ConsolidatedStatementsOfOperations CONSOLIDATED STATEMENTS OF OPERATIONS Statements 2 false false R3.htm 103 - Statement - CONSOLIDATED STATEMENTS OF OPERATIONS [Parenthetical] Sheet http://www.radio-one.com/role/ConsolidatedStatementsOfOperationsParenthetical CONSOLIDATED STATEMENTS OF OPERATIONS [Parenthetical] Statements 3 false false R4.htm 104 - Statement - CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Sheet http://www.radio-one.com/role/ConsolidatedStatementsOfComprehensiveIncomeLoss CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Statements 4 false false R5.htm 105 - Statement - CONSOLIDATED BALANCE SHEETS Sheet http://www.radio-one.com/role/ConsolidatedBalanceSheets CONSOLIDATED BALANCE SHEETS Statements 5 false false R6.htm 106 - Statement - CONSOLIDATED BALANCE SHEETS [Parenthetical] Sheet http://www.radio-one.com/role/ConsolidatedBalanceSheetsParenthetical CONSOLIDATED BALANCE SHEETS [Parenthetical] Statements 6 false false R7.htm 107 - Statement - CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT Sheet http://www.radio-one.com/role/ConsolidatedStatementOfChangesInStockholdersDeficit CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT Statements 7 false false R8.htm 108 - Statement - CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT [Parenthetical] Sheet http://www.radio-one.com/role/ConsolidatedStatementOfChangesInStockholdersDeficitParenthetical CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT [Parenthetical] Statements 8 false false R9.htm 109 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS Sheet http://www.radio-one.com/role/ConsolidatedStatementsOfCashFlows CONSOLIDATED STATEMENTS OF CASH FLOWS Statements 9 false false R10.htm 110 - Disclosure - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Sheet http://www.radio-one.com/role/OrganizationAndSummaryOfSignificantAccountingPolicies ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Notes 10 false false R11.htm 111 - Disclosure - ACQUISITIONS AND DISPOSITIONS Sheet http://www.radio-one.com/role/AcquisitionsAndDispositions ACQUISITIONS AND DISPOSITIONS Notes 11 false false R12.htm 112 - Disclosure - GOODWILL AND RADIO BROADCASTING LICENSES Sheet http://www.radio-one.com/role/GoodwillAndRadioBroadcastingLicenses GOODWILL AND RADIO BROADCASTING LICENSES Notes 12 false false R13.htm 113 - Disclosure - LONG-TERM DEBT Sheet http://www.radio-one.com/role/LongtermDebt LONG-TERM DEBT Notes 13 false false R14.htm 114 - Disclosure - INCOME TAXES Sheet http://www.radio-one.com/role/IncomeTaxes INCOME TAXES Notes 14 false false R15.htm 115 - Disclosure - STOCKHOLDERS' EQUITY Sheet http://www.radio-one.com/role/StockholdersEquity STOCKHOLDERS' EQUITY Notes 15 false false R16.htm 116 - Disclosure - SEGMENT INFORMATION Sheet http://www.radio-one.com/role/SegmentInformation SEGMENT INFORMATION Notes 16 false false R17.htm 117 - Disclosure - COMMITMENTS AND CONTINGENCIES Sheet http://www.radio-one.com/role/CommitmentsAndContingencies COMMITMENTS AND CONTINGENCIES Notes 17 false false R18.htm 118 - Disclosure - SUBSEQUENT EVENTS Sheet http://www.radio-one.com/role/SubsequentEvents SUBSEQUENT EVENTS Notes 18 false false R19.htm 119 - Disclosure - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) Sheet http://www.radio-one.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesPolicies ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) Policies 19 false false R20.htm 120 - Disclosure - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) Sheet http://www.radio-one.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesTables ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) Tables http://www.radio-one.com/role/OrganizationAndSummaryOfSignificantAccountingPolicies 20 false false R21.htm 121 - Disclosure - GOODWILL AND RADIO BROADCASTING LICENSES (Tables) Sheet http://www.radio-one.com/role/GoodwillAndRadioBroadcastingLicensesTables GOODWILL AND RADIO BROADCASTING LICENSES (Tables) Tables http://www.radio-one.com/role/GoodwillAndRadioBroadcastingLicenses 21 false false R22.htm 122 - Disclosure - LONG-TERM DEBT (Tables) Sheet http://www.radio-one.com/role/LongtermDebtTables LONG-TERM DEBT (Tables) Tables http://www.radio-one.com/role/LongtermDebt 22 false false R23.htm 123 - Disclosure - STOCKHOLDERS' EQUITY (Tables) Sheet http://www.radio-one.com/role/StockholdersEquityTables STOCKHOLDERS' EQUITY (Tables) Tables http://www.radio-one.com/role/StockholdersEquity 23 false false R24.htm 124 - Disclosure - SEGMENT INFORMATION (Tables) Sheet http://www.radio-one.com/role/SegmentInformationTables SEGMENT INFORMATION (Tables) Tables http://www.radio-one.com/role/SegmentInformation 24 false false R25.htm 125 - Disclosure - SUBSEQUENT EVENTS (Tables) Sheet http://www.radio-one.com/role/SubsequentEventsTables SUBSEQUENT EVENTS (Tables) Tables http://www.radio-one.com/role/SubsequentEvents 25 false false R26.htm 126 - Disclosure - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) Sheet http://www.radio-one.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesDetails ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) Details http://www.radio-one.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesTables 26 false false R27.htm 127 - Disclosure - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) Sheet http://www.radio-one.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesDetails1 ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) Details http://www.radio-one.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesTables 27 false false R28.htm 128 - Disclosure - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) Sheet http://www.radio-one.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesDetails2 ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) Details http://www.radio-one.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesTables 28 false false R29.htm 129 - Disclosure - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) Sheet http://www.radio-one.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesDetails3 ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) Details http://www.radio-one.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesTables 29 false false R30.htm 130 - Disclosure - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 4) Sheet http://www.radio-one.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesDetails4 ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 4) Details http://www.radio-one.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesTables 30 false false R31.htm 131 - Disclosure - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) Sheet http://www.radio-one.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesDetailsTextual ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) Details http://www.radio-one.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesTables 31 false false R32.htm 132 - Disclosure - ACQUISITIONS AND DISPOSITIONS (Details Textual) Sheet http://www.radio-one.com/role/AcquisitionsAndDispositionsDetailsTextual ACQUISITIONS AND DISPOSITIONS (Details Textual) Details http://www.radio-one.com/role/AcquisitionsAndDispositions 32 false false R33.htm 133 - Disclosure - GOODWILL AND RADIO BROADCASTING LICENSES (Details) Sheet http://www.radio-one.com/role/GoodwillAndRadioBroadcastingLicensesDetails GOODWILL AND RADIO BROADCASTING LICENSES (Details) Details http://www.radio-one.com/role/GoodwillAndRadioBroadcastingLicensesTables 33 false false R34.htm 134 - Disclosure - LONG-TERM DEBT (Details) Sheet http://www.radio-one.com/role/LongtermDebtDetails LONG-TERM DEBT (Details) Details http://www.radio-one.com/role/LongtermDebtTables 34 false false R35.htm 135 - Disclosure - LONG-TERM DEBT (Details 1) Sheet http://www.radio-one.com/role/LongtermDebtDetails1 LONG-TERM DEBT (Details 1) Details http://www.radio-one.com/role/LongtermDebtTables 35 false false R36.htm 136 - Disclosure - LONG-TERM DEBT (Details Textual) Sheet http://www.radio-one.com/role/LongtermDebtDetailsTextual LONG-TERM DEBT (Details Textual) Details http://www.radio-one.com/role/LongtermDebtTables 36 false false R37.htm 137 - Disclosure - INCOME TAXES (Details Textual) Sheet http://www.radio-one.com/role/IncomeTaxesDetailsTextual INCOME TAXES (Details Textual) Details http://www.radio-one.com/role/IncomeTaxes 37 false false R38.htm 138 - Disclosure - STOCKHOLDERS' EQUITY (Details) Sheet http://www.radio-one.com/role/StockholdersEquityDetails STOCKHOLDERS' EQUITY (Details) Details http://www.radio-one.com/role/StockholdersEquityTables 38 false false R39.htm 139 - Disclosure - STOCKHOLDERS' EQUITY (Details 1) Sheet http://www.radio-one.com/role/StockholdersEquityDetails1 STOCKHOLDERS' EQUITY (Details 1) Details http://www.radio-one.com/role/StockholdersEquityTables 39 false false R40.htm 140 - Disclosure - STOCKHOLDERS' EQUITY (Details Textual) Sheet http://www.radio-one.com/role/StockholdersEquityDetailsTextual STOCKHOLDERS' EQUITY (Details Textual) Details http://www.radio-one.com/role/StockholdersEquityTables 40 false false R41.htm 141 - Disclosure - SEGMENT INFORMATION (Details) Sheet http://www.radio-one.com/role/SegmentInformationDetails SEGMENT INFORMATION (Details) Details http://www.radio-one.com/role/SegmentInformationTables 41 false false R42.htm 142 - Disclosure - COMMITMENTS AND CONTINGENCIES (Details Textual) Sheet http://www.radio-one.com/role/CommitmentsAndContingenciesDetailsTextual COMMITMENTS AND CONTINGENCIES (Details Textual) Details http://www.radio-one.com/role/CommitmentsAndContingencies 42 false false R43.htm 143 - Disclosure - SUBSEQUENT EVENTS (Details) Sheet http://www.radio-one.com/role/SubsequentEventsDetails SUBSEQUENT EVENTS (Details) Details http://www.radio-one.com/role/SubsequentEventsTables 43 false false R44.htm 144 - Disclosure - SUBSEQUENT EVENTS (Details Textual) Sheet http://www.radio-one.com/role/SubsequentEventsDetailsTextual SUBSEQUENT EVENTS (Details Textual) Details http://www.radio-one.com/role/SubsequentEventsTables 44 false false All Reports Book All Reports uone-20170331.xml uone-20170331.xsd uone-20170331_cal.xml uone-20170331_def.xml uone-20170331_lab.xml uone-20170331_pre.xml true true ZIP 63 0001144204-17-025169-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001144204-17-025169-xbrl.zip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

  •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end