The Company and Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Summary of Non-Vested Restricted Stock Units Granted

The following is a summary of non-vested restricted stock units granted (in thousands, except grant date fair value data):

	Nine-Month Period
	Ended September 30, 2021
	Number Granted	Weighted Average Fair Value
Restricted stock units	85	$	4.69

Reconciliation of Basic and Diluted Income (Loss) Per Share

The following table illustrates the reconciliation of the basic and diluted income (loss) per share computations required by Accounting Standards Codification (ASC) 260-10, “Earnings per Share” (in thousands, except share and per share data):

Basic income (loss) per share is computed as net income (loss) divided by the weighted average number of shares outstanding for the period. Diluted income (loss) per share reflects the potential dilution, if any, that could occur from shares issuable through stock options and restricted stock awards.

	Three-Month Period				Nine-Month Period
	Ended September 30,				Ended September 30,
	2021		2020		2021		2020
Basic earnings per share:
Numerator:
Net income (loss) attributable to common stockholders	$	12,131	$	9,016	$	25,424	$	(24,238	)
Denominator:
Weighted average common shares outstanding		85,390,333		84,185,728		85,207,992		84,208,924
Per share:
Net income (loss) per share attributable to common stockholders	$	0.14	$	0.11	$	0.30	$	(0.29	)
Diluted earnings per share:
Numerator:
Net income (loss) attributable to common stockholders	$	12,131	$	9,016	$	25,424	$	(24,238	)
Denominator:
Weighted average common shares outstanding		85,390,333		84,185,728		85,207,992		84,208,924
Dilutive securities:
Stock options and restricted stock units		2,925,399		677,292		2,486,403		-
Diluted shares outstanding		88,315,732		84,863,020		87,694,395		84,208,924
Per share:
Net income (loss) per share attributable to common stockholders	$	0.14	$	0.11	$	0.29	$	(0.29	)

Carrying Amount of Intangible Assets Not Subject to Amortization

The carrying amount of intangible assets not subject to amortization for each of the Company’s operating segments for the nine-month period ended September 30, 2021 is as follows (in thousands):

	December 31, 2020		Impairment			Transfer to Assets Held for Sale			September 30, 2021
Television	$	130,274	$	-		$	-		$	130,274
Radio		86,379		(1,326	)		(6,174	)		78,879
Digital	-			-			-		-
Consolidated	$	216,653	$	(1,326	)	$	(6,174	)	$	209,153

Fair Value of Assets and Liabilities Measured on Recurring Basis

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis in the Consolidated Balance Sheets (in millions):

	September 30, 2021
	Total Fair Value
	and Carrying
	Value on Balance		Fair Value Measurement Category
(in millions)	Sheet		Level 1		Level 2		Level 3
Assets:
Money market account	$	88.3	$	-	$	88.3	$	-
Liabilities:
Contingent consideration	$	104.7	$	-	$	-	$	104.7
	December 31, 2020
	Total Fair Value
	and Carrying
	Value on Balance		Fair Value Measurement Category
	Sheet		Level 1		Level 2		Level 3
Assets:
Money market account	$	59.9	$	-	$	59.9	$	-
Certificates of deposit	$	2.8	$	-	$	2.8	$	-
Corporate bonds	$	25.2	$	-	$	25.2	$	-

Summary of Components of AOCI

The following table provides a roll-forward of accumulated other comprehensive income (loss) for the three- and nine-month periods ended September 30, 2021 (in millions):

	Foreign Currency Translation			Marketable Securities			Total
Accumulated other comprehensive income (loss) as of December 31, 2020	$	(1.4	)	$	0.4		$	(1.0	)
Other comprehensive income (loss)		0.4			(0.1	)		0.3
Income tax (expense) benefit		-			-			-
Other comprehensive income (loss), net of tax		0.4			(0.1	)		0.3
Accumulated other comprehensive income (loss) as of March 31, 2021		(1.0	)		0.3			(0.7	)
Other comprehensive income (loss)		(0.3	)		-			(0.3	)
Income tax (expense) benefit		-			-			-
Other comprehensive income (loss), net of tax		(0.3	)		-			(0.3	)
Accumulated other comprehensive income (loss) as of June 30, 2021		(1.3	)		0.3			(1.0	)
Other comprehensive income (loss)		0.2			-			0.2
Income tax (expense) benefit		-			-			-
Other comprehensive income (loss), net of tax		0.2			-			0.2
Accumulated other comprehensive income (loss) as of September 30, 2021	$	(1.1	)	$	0.3		$	(0.8	)