SUMMARIZED QUARTERLY FINANCIAL DATA (Unaudited) (Block)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure Abstract

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 3, Business Combinations, and due to the seasonality of revenues, with revenues usually the lowest in the first quarter of each year. The table reflects the revision of prior period financial statements for digital revenue contracts as discussed in Note 1, Basis of Presentation And Significant Policies.

	Quarters Ended
	December 31		September 30		June 30		March 31
	(amounts in thousands, except per share data)
2017
Net revenues	$	246,614	$	122,299		124,970	$	99,001
Operating income	$	(2,265)	$	13,485		16,379	$	(15,016)
Net income (loss) available to the Company from
continuing operations	$	231,829	$	4,100	$	6,414	$	(9,331)
Preferred stock dividend	$	252	$	663	$	550	$	550
Net income available to common shareholders from
continuing operations	$	231,577	$	3,437		5,864	$	(9,881)
Income (loss) from discontinued operations,
net of income taxes	$	836	$	-	$	-	$	-
Net income (loss) available to common shareholders	$	232,413	$	3,437		5,864	$	(9,881)
Net income (loss) from continuing operations
per share - basic ⁽¹⁾	$	2.63	$	0.11	$	0.16	$	(0.24)
Net income (loss) from discontinued operations,
net of tax, per share - basic ⁽¹⁾	$	0.01	$	-	$	-	$	-
Net income (loss) available to common shareholders
per share - basic ⁽¹⁾	$	2.63	$	0.09		0.15	$	(0.25)
Weighted average common shares outstanding - basic		88,309		38,955		38,945		38,910
Net income (loss) from continuing operations
per share - diluted ⁽¹⁾	$	2.58	$	0.28	$	0.26	$	0.11
Net income (loss) from discontinued operations,
net of tax, per share - diluted ⁽¹⁾	$	0.01	$	-	$	-	$	-
Net income (loss) available to common shareholders
per share - diluted ⁽¹⁾	$	2.59	$	0.09	$	0.15	$	(0.25)
Weighted average common shares outstanding - diluted		89,887		39,728		39,656		38,910
Preferred stock dividends declared and paid	$	924	$	550	$	550	$	550
Common stock dividends declared and paid	$	12,746	$	10,713	$	2,921	$	2,916

	Quarters Ended
	December 31		September 30		June 30		March 31
	(amounts in thousands, except per share data)
2016
Net revenues	$	124,550	$	121,641	$	121,571	$	97,009
Operating income	$	30,040	$	25,688	$	27,584	$	14,745
Income (loss) available to the Company from
continuing operations	$	11,399	$	11,420	$	10,834	$	4,412
Preferred stock dividend	$	550	$	526	$	412	$	413
Net income available to common shareholders from
continuing operations	$	10,849	$	10,894	$	10,422	$	3,999
Income (loss) from discontinued operations,
net of income taxes	$	-	$	-	$	-	$	-
Net income (loss) available to common shareholders	$	10,849	$	10,894	$	10,422	$	3,999
Net income (loss) from continuing operations
per share - basic ⁽¹⁾	$	0.30	$	0.30	$	0.28	$	0.11
Net income (loss) from discontinued operations,
net of tax, per share - basic ⁽¹⁾	$	-	$	-	$	-	$	-
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) from continuing operations
per share - diluted ⁽¹⁾	$	0.28	$	0.28	$	0.26	$	0.11
Net income (loss) from discontinued operations,
net of tax, per share - diluted ⁽¹⁾	$	-	$	-	$	-	$	-
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	$	-

Income (loss) from continuing operations per share, income (loss) from discontinued operations per share, and net income (loss) 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.