XML 12 R4.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Condensed Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Share data
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Condensed Consolidated Statements of Operations [Abstract]        
Broadcast revenues $ 68,053 $ 68,739 $ 124,787 $ 124,097
Management fees 1,125 1,000 2,250 2,000
Net revenues 69,178 69,739 127,037 126,097
Operating expenses:        
Station operating expenses (excluding depreciation, amortization and LMA fees) 39,158 40,416 76,713 80,343
Depreciation and amortization 1,889 2,391 4,012 4,908
LMA fees 560 364 1,141 893
Corporate, general and administrative expenses (including non-cash stock compensation of $598, $561, $1,187 and $460, respectively) 9,139 5,079 17,271 9,144
Gain on exchange of assets or stations (120)   (15,278)  
Realized loss on derivative instrument 1,205 480 1,244 1,064
Total operating expenses 51,831 48,730 85,103 96,352
Operating income 17,347 21,009 41,934 29,745
Non-operating (expense) income:        
Interest expense (9,182) (7,315) (15,502) (16,146)
Interest income 4 2 6 4
Loss on early extinguishment of debt (4,366)   (4,366)  
Other expense, net (92) (28) (93) (81)
Total non-operating expense, net (13,636) (7,341) (19,955) (16,223)
Income before income taxes 3,711 13,668 21,979 13,522
Income tax expense (2,370) (1,364) (4,519) (1,362)
Net income $ 1,341 $ 12,304 $ 17,460 $ 12,160
Basic and diluted income per common share (see Note 8, "Earnings Per Share"):        
Basic income per common share $ 0.03 $ 0.29 $ 0.41 $ 0.29
Diluted income per common share $ 0.03 $ 0.29 $ 0.40 $ 0.28
Weighted average basic common shares outstanding 40,762,233 40,327,406 40,667,773 40,296,878
Weighted average diluted common shares outstanding 41,784,558 41,468,250 41,725,933 41,254,316