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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
OPERATING ACTIVITIES:      
Net income (loss) $ 29,184 $ 26,823 $ 26,024
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 8,419 7,794 8,545
Amortization of deferred financing costs 3,203 4,165 4,144
Net deferred taxes (benefit) and other 18,322 19,811 22,422
Tax benefit on exercise of options 0 0 0
Provision for bad debts 1,553 1,004 824
Net (gain) loss on sale or disposal of assets (2,364) (379) (1,251)
Non-cash stock-based compensation expense 5,524 5,232 4,270
Net (gain) loss on investments 0 21 0
Net (gain) loss on derivatives 0 0 0
Deferred rent 1,017 807 206
Unearned revenue - long-term (10) (33) (82)
Net (gain) loss on extinguishment of debt 0 0 0
Deferred compensation 584 1,291 2,380
Tax benefit for vesting of restricted stock unit awards 0 0 0
Impairment loss 0 0 850
Net accretion expense for asset retirement obligations 13 (11) 18
Other income 0 0 (165)
Changes in assets and liabilities:      
Accounts receivable (4,027) 565 (1,678)
Prepaid expenses and deposits 642 (1,586) (743)
Prepaid and refundable income taxes 0 0 0
Accounts payable and accrued liabilities 700 1,633 (952)
Accrued interest expense 769 (132) (523)
Accrued liabilities - long-term 146 (1,311) (1,140)
Prepaid expenses - long-term 1,115 (398) 200
Net cash provided by (used in) operating activities 64,790 65,296 63,349
INVESTING ACTIVITIES:      
Additions to property and equipment (7,043) (8,408) (4,325)
Proceeds from sale of property, equipment, intangibles and other assets 427 2,153 8
Purchases of radio station assets (83,553) 0 0
Deferred charges and other assets (1,575) (800) (475)
Purchases of investments (9) 0 0
Proceeds from investments and capital projects 9 0 209
Proceeds from termination of radio station contract 0 0 0
Proceeds from insurance recovery 0 0 0
Station acquisition deposits and costs 0 0 0
Net cash provided by (used in) investing activities (91,744) (7,055) (4,583)
FINANCING ACTIVITIES:      
Deferred financing expenses related to bank facility amendment 0 0 (1,040)
Proceeds from issuance of long-term debt 58,000 15,500 33,000
Proceeds from the financing method of lease obligations 0 0 0
Payments of long-term debt (51,250) (53,000) (86,023)
Proceeds from the exercise of stock options 35 82 245
Purchase of vested employee restricted stock units (1,562) (1,514) (1,640)
Payment of dividend equivalents on vested restricted stock units (7) 0 0
Payment of dividends (413) 0 0
Payment of fees associated with the issuance of preferred stock (220) 0 0
Net cash provided by (used in) financing activities 4,583 (38,932) (55,458)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (22,371) 19,309 3,308
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 31,540 12,231 8,923
CASH AND CASH EQUIVALENTS, END OF PERIOD 9,169 31,540 12,231
Cash paid during the period for:      
Interest 34,822 35,593 41,010
Income taxes 81 79 69
Dividends $ 413 $ 0 $ 0