The Company and Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2020

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):

	Six-Month Period
	Ended June 30, 2020
	Number Granted		Weighted Average Fair Value
Restricted stock units		287	$	1.67

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					Six-Month Period
	Ended June 30,					Ended June 30,
	2020		2019			2020			2019
Basic earnings per share:
Numerator:
Net income (loss)	$	2,338	$	(16,279	)	$	(33,254	)	$	(14,855	)
Denominator:
Weighted average common shares outstanding		84,123,530		85,359,998			84,220,649			85,728,820
Per share:
Net income (loss) per share	$	0.03	$	(0.19	)	$	(0.39	)	$	(0.17	)
Diluted earnings per share:
Numerator:
Net income (loss)	$	2,338	$	(16,279	)	$	(33,254	)	$	(14,855	)
Denominator:
Weighted average common shares outstanding		84,123,530		85,359,998			84,220,649			85,728,820
Dilutive securities:
Stock options and restricted stock units		545,720		-			-			-
Diluted shares outstanding		84,669,250		85,359,998			84,220,649			85,728,820
Per share:
Net income (loss) per share	$	0.03	$	(0.19	)	$	(0.39	)	$	(0.17	)

Carrying Amount of Goodwill

The carrying amount of goodwill for each of the Company’s operating segments for the six-months ended June 30, 2020 is as follows (in thousands):

	December 31, 2019		Currency		Impairment			June 30, 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 six-months ended June 30, 2020 is as follows (in thousands):

	December 31, 2019		Impairment			Assets Sold			June 30, 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):

	June 30, 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	$	37.4	$	-	$	37.4		$	-
Certificates of deposit	$	4.5	$	-	$	4.5		$	-
Corporate bonds	$	60.6	$	-	$		60.6	$	-
	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 June 30, 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	$	4,402	$	66	$	49,958	$	458
Due after one year through five years		-		-		9,928		286
Total	$	4,402	$	66	$	59,886	$	744

Summary of Components of AOCI

The following table provides a roll-forward of accumulated other comprehensive income (loss) for the three- and six-month periods ended June 30, 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	)
Other comprehensive income (loss)		0.5			0.7			1.2
Income tax (expense) benefit		-			(0.2	)		(0.2	)
Other comprehensive income (loss), net of tax		0.5			0.5			1.0
Accumulated other comprehensive income (loss) as of June 30, 2020		(0.2	)		0.7			0.5