| Quarterly Financial Information Text Block |
23. SUMMARIZED QUARTERLY FINANCIAL DATA (Unaudited) The following table presents unaudited operating results for each quarter within the two most recent years. The Company believes that all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to present fairly the following quarterly results when read in conjunction with the financial statements included elsewhere in this report. Results of operations for any particular quarter are not necessarily indicative of results of operations for a full year. The Company’s financial results are also not comparable from quarter to quarter due to the Company’s acquisitions and dispositions of radio stations as described in Note 18 and due to the seasonality of revenues, with revenues usually the lowest in the first quarter of each year. | Quarters Ended | | December 31 | | September 30 | | June 30 | | March 31 | | (amounts in thousands, except per share data) | | 2016 | | | | | | | | | | | | | Net revenues | $ | 123,207 | | $ | 120,457 | | $ | 120,478 | | $ | 96,103 | | Operating income | $ | 30,040 | | $ | 25,688 | | $ | 27,584 | | $ | 14,745 | | Net income (loss) available to the Company | $ | 11,399 | | $ | 11,420 | | $ | 10,834 | | $ | 4,412 | | Net income (loss) available to common shareholders | $ | 10,849 | | $ | 10,894 | | $ | 10,422 | | $ | 3,999 | | Net income (loss) available to common shareholders | | | | | | | | | | | | | per share - basic (1) | $ | 0.28 | | $ | 0.28 | | $ | 0.27 | | $ | 0.10 | | Weighted average common shares outstanding - basic | | 38,561 | | | 38,485 | | | 38,469 | | | 38,448 | | Net income (loss) available to common shareholders | | | | | | | | | | | | | per share - diluted (1) | $ | 0.27 | | $ | 0.28 | | $ | 0.26 | | $ | 0.10 | | Weighted average common shares outstanding - diluted | | 39,800 | | | 41,433 | | | 41,130 | | | 39,260 | | Preferred stock dividends declared and paid | $ | 550 | | $ | 413 | | $ | 413 | | $ | 412 | | Common stock dividends declared and paid | $ | 2,893 | | $ | 2,887 | | $ | 2,886 | | $ | - | | | | | | | | | | | | | | Quarters Ended | | December 31 | | September 30 | | June 30 | | March 31 | | (amounts in thousands, except per share data) | | 2015 | | | | | | | | | | | | | Net revenues | $ | 117,704 | | $ | 114,662 | | $ | 100,592 | | $ | 78,420 | | Operating income | $ | 32,555 | | $ | 23,159 | | $ | 20,615 | | $ | 9,253 | | Net income (loss) available to the Company | $ | 14,088 | | $ | 8,442 | | $ | 6,747 | | $ | (93) | | Net income (loss) available to common shareholders | $ | 13,675 | | $ | 8,103 | | $ | 6,747 | | $ | (93) | | Net income (loss) available to common shareholders | | | | | | | | | | | | | per share - basic (1) | $ | 0.36 | | $ | 0.21 | | $ | 0.18 | | $ | - | | Weighted average common shares outstanding - basic | | 38,088 | | | 38,076 | | | 38,074 | | | 38,026 | | Net income (loss) available to common shareholders | | | | | | | | | | | | | per share - diluted (1) | $ | 0.34 | | $ | 0.21 | | $ | 0.17 | | $ | - | | Weighted average common shares outstanding - diluted | | 40,974 | | | 38,913 | | | 38,929 | | | 38,026 | | Preferred stock dividends declared and paid | $ | 413 | | $ | - | | $ | - | | $ | - | | Common stock dividends declared and paid | $ | - | | $ | - | | $ | - | | $ | - |
- Basic and diluted net income per share is computed independently for each quarter and the full year based upon respective average shares outstanding. Therefore, the sum of the quarterly per share amounts may not equal the annual per share amounts reported.
|