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Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Net revenue:        
Revenue from advertising and retransmission consent $ 70,612 $ 65,281 $ 198,631 $ 188,223
Revenue from spectrum usage rights 263,943   263,943  
Total Net Revenue 334,555 65,281 462,574 188,223
Expenses:        
Cost of revenue - television (spectrum usage rights) 12,131   12,131  
Cost of revenue - digital media 9,910 2,281 20,424 6,493
Direct operating expenses (including related parties of $2,404, $2,580, $7,116 and $7,427) (including non-cash stock-based compensation of $276, $79, $806 and $700) 30,231 28,238 87,238 84,341
Selling, general and administrative expenses 12,813 11,949 36,043 34,794
Corporate expenses (including non-cash stock-based compensation of $813, $665, $2,343 and $1,934) 8,209 5,728 19,695 16,625
Depreciation and amortization (includes direct operating of $2,221, $2,240, $6,825 and $6,989; selling, general and administrative of $1,798, $1,234, $4,663 and $3,663; and corporate of $318, $338, $972 and $1,072) (including related parties of $580, $580, $1,741 and $1,740) 4,337 3,812 12,460 11,724
Foreign currency (gain) loss (58)   293  
Total expenses 77,573 52,008 188,284 153,977
Operating income 256,982 13,273 274,290 34,246
Interest expense (3,756) (3,894) (11,084) (11,619)
Interest income 256 71 475 196
Income before income taxes 253,482 9,450 263,681 22,823
Income tax expense (96,167) (4,035) (100,185) (9,421)
Income (loss) before equity in net income (loss) of nonconsolidated affiliate 157,315 5,415 163,496 13,402
Equity in net income (loss) of nonconsolidated affiliate, net of tax (107)   (175)  
Net income $ 157,208 $ 5,415 $ 163,321 $ 13,402
Basic and diluted earnings per share:        
Net income per share, basic $ 1.74 $ 0.06 $ 1.81 $ 0.15
Net income per share, diluted 1.71 0.06 1.78 0.15
Cash dividends declared per common share $ 0.05 $ 0.03 $ 0.11 $ 0.09
Weighted average common shares outstanding, basic 90,517,492 89,590,135 90,370,679 89,208,732
Weighted average common shares outstanding, diluted 92,161,108 91,489,975 91,985,946 91,188,958