The Company and Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

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):

	Three-Month Period
	Ended March 31,
	2020			2019
Basic earnings per share:
Numerator:
Net income (loss)	$	(35,592	)	$	1,424
Denominator:
Weighted average common shares outstanding		84,317,767			86,101,741
Per share:
Net income (loss) per share	$	(0.42	)	$	0.02
Diluted earnings per share:
Numerator:
Net income (loss)	$	(35,592	)	$	1,424
Denominator:
Weighted average common shares outstanding		84,317,767			86,101,741
Dilutive securities:
Stock options and restricted stock units		-			1,051,246
Diluted shares outstanding		84,317,767			87,152,987
Per share:
Net income (loss) per share	$	(0.42	)	$	0.02

Carrying Amount of Goodwill

The carrying amount of goodwill for each of the Company’s operating segments for the three-months ended March 31, 2020 is as follows (in thousands):

	December 31, 2019		Currency		Impairment			March 31, 2020
Television	$	40,549		-		-		$	40,549
Radio		-		-		-			-
Digital		5,962		-		(800	)		5,162
Consolidated	$	46,511	$	-	$	(800	)	$	45,711

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 three-months ended March 31, 2020 is as follows (in thousands):

	December 31, 2019		Impairment			Transfer to Assets Held for Sale			March 31, 2020
Television	$	157,165	$	(23,457	)	$	(3,434	)	$	130,274
Radio		95,379		(8,800	)		-			86,579
Digital	-			-			-		-
Consolidated	$	252,544	$	(32,257	)	$	(3,434	)	$	216,853

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 Unaudited Consolidated Balance Sheets (in millions):

	March 31, 2020
	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	$	26.7	$	-	$	26.7		$	-
Certificates of deposit	$	4.7	$	-	$	4.7		$	-
Corporate bonds	$	70.0	$	-	$		70.0	$	-
	December 31, 2019
	Total Fair Value
	and Carrying
	Value on Balance		Fair Value Measurement Category
	Sheet		Level 1		Level 2			Level 3
Assets:
Money market account	$	21.3	$	-	$	21.3		$	-
Certificates of deposit	$	6.1	$	-	$	6.1		$	-
Corporate bonds	$	85.6	$	-	$	85.6		$	-

Summary of Amortized Cost and Unrealized (Gains) Losses of Available for Sale Securities

As of March 31, 2020, the following table summarizes the amortized cost and the unrealized (gains) losses of the available for sale securities (in thousands):

	Certificates of Deposit				Corporate Bonds
	Amortized Cost		Unrealized gains (losses)		Amortized Cost		Unrealized gains (losses)
Due within a year	$	3,962	$	47	$	54,900	$	(76	)
Due after one year through five years		680		7		15,030		134
Total	$	4,642	$	54	$	69,930	$	58

Summary of Components of AOCI

The following table provides a roll-forward of accumulated other comprehensive income (loss) for the three-month period ended March 31, 2020 (in millions):

	Foreign Currency Translation			Marketable Securities			Total
Accumulated other comprehensive income (loss) as of December 31, 2019	$	(0.5	)	$	0.4		$	(0.1	)
Other comprehensive income (loss)		(0.2	)		(0.3	)		(0.5	)
Income tax (expense) benefit		-			0.1			0.1
Other comprehensive income (loss), net of tax		(0.2	)		(0.2	)		(0.4	)
Accumulated other comprehensive income (loss) as of March 31, 2020		(0.7	)		0.2			(0.5	)