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Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Net revenue:        
Total net revenue $ 74,575 $ 334,555 $ 215,742 $ 462,574
Expenses:        
Direct operating expenses (including related parties of $2,175, $2,404, $6,431 and $7,116) (including non-cash stock-based compensation of $156, $276, $448 and $806) 31,694 30,231 93,844 87,238
Selling, general and administrative expenses 12,398 12,813 38,365 36,043
Corporate expenses (including non-cash stock-based compensation of $1,130, $813, $3,263 and $2,343) 6,913 8,209 19,154 19,695
Depreciation and amortization (includes direct operating of $2,504, $2,221, $7,606 and $6,825; selling, general and administrative of $1,434, $1,798, $4,048 and $4,663; and corporate of $156, $318, $398 and $972) (including related parties of $308, $580, $922 and $1,741) 4,094 4,337 12,052 12,460
Change in fair value of contingent consideration (114)   1,073  
Foreign currency (gain) loss 335 (58) 531 293
Total expenses 68,560 77,573 200,268 188,284
Operating income (loss) 6,015 256,982 15,474 274,290
Interest expense (3,995) (3,756) (11,394) (11,084)
Interest income 933 256 2,885 475
Dividend income 457   1,002  
Other income (loss) 327   622  
Income (loss) before income taxes 3,737 253,482 8,589 263,681
Income tax benefit (expense) (1,443) (96,167) (3,164) (100,185)
Income (loss) before equity in net income (loss) of nonconsolidated affiliate 2,294 157,315 5,425 163,496
Equity in net income (loss) of nonconsolidated affiliate, net of tax (79) (107) (177) (175)
Net income (loss) $ 2,215 $ 157,208 $ 5,248 $ 163,321
Basic and diluted earnings per share:        
Net income per share, basic $ 0.02 $ 1.74 $ 0.06 $ 1.81
Net income per share, diluted 0.02 1.71 0.06 1.78
Cash dividends declared per common share $ 0.05 $ 0.05 $ 0.15 $ 0.11
Weighted average common shares outstanding, basic 88,852,342 90,517,492 89,371,750 90,370,679
Weighted average common shares outstanding, diluted 90,122,425 92,161,108 90,574,663 91,985,946
Television        
Expenses:        
Direct operating expenses (including related parties of $2,175, $2,404, $6,431 and $7,116) (including non-cash stock-based compensation of $156, $276, $448 and $806) $ 15,315 $ 14,365 $ 45,903 $ 43,992
Selling, general and administrative expenses 5,147 5,796 16,670 16,524
Depreciation and amortization (includes direct operating of $2,504, $2,221, $7,606 and $6,825; selling, general and administrative of $1,434, $1,798, $4,048 and $4,663; and corporate of $156, $318, $398 and $972) (including related parties of $308, $580, $922 and $1,741) 2,227 2,489 6,708 7,452
Digital        
Expenses:        
Cost of revenue 13,240 9,910 35,249 20,424
Direct operating expenses (including related parties of $2,175, $2,404, $6,431 and $7,116) (including non-cash stock-based compensation of $156, $276, $448 and $806) 5,977 4,560 15,930 9,884
Selling, general and administrative expenses 2,977 2,370 8,313 5,587
Depreciation and amortization (includes direct operating of $2,504, $2,221, $7,606 and $6,825; selling, general and administrative of $1,434, $1,798, $4,048 and $4,663; and corporate of $156, $318, $398 and $972) (including related parties of $308, $580, $922 and $1,741) 1,252 1,200 3,489 2,972
Advertising and Retransmission Consent        
Net revenue:        
Total net revenue 73,397 70,612 213,933 198,631
Spectrum Usage Rights        
Net revenue:        
Total net revenue $ 1,178 263,943 $ 1,809 263,943
Spectrum Usage Rights | Television        
Expenses:        
Cost of revenue   $ 12,131   $ 12,131