Note 8 - Stockholders' Equity

9 Months Ended

Sep. 30, 2014

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Note 8: Stockholders’ Equity

The following table shows the components of the Company’s stockholders’ equity as of and for the nine months ended September 30, 2014:

							Accumulated
							Other				Non-			Total
	Common Stock						Comprehensive		Retained		Controlling			Stockholders'
(In thousands)	Voting			Non-Voting			Income		Earnings		Interest			Equity
Balance at December 31, 2013	$	557,754		$	12,483		$	5,668	$	161,076	$	(1,744	)	$	735,237
Net income		-			-			-		25,566		614			26,180
Conversion of non-voting to voting common stock		6,305			(6,305	)		-		-		-			-
Exercise of stock options		483			-			-		-		-			483
Performance accelerated restricted stock		(92	)		-			-		-		-			(92	)
Director deferred stock units		7,361			-			-		-		-			7,361
Stock-based compensation		2,523			-			-		-		-			2,523
Other		(65	)		-			-		-		-			(65	)
Balance at September 30, 2014	$	574,269		$	6,178		$	5,668	$	186,642	$	(1,130	)	$	771,627

The Directors’ Deferred Compensation Plan was amended in April of 2014 so that future deferred stock unit (“DSU”) awards will only be payable in shares of voting common stock. Additionally, existing directors waived their right to receive cash for past awards. Accordingly, the outstanding liability was transferred to voting common stock and the Company ceased recording further adjustments for changes in fair value of the DSUs.

In accordance with the terms of a registration rights agreement entered into at the time of the Legacy Media General merger, the former Young equity holders who are party to the registration rights agreement have the right to demand registration of their shares for sale in underwritten offerings, subject to certain limitations, and the right to participate in registered underwritten offerings conducted by the Company. The Company conducted a registered underwritten offering in May of 2014 in which 4,845,447 shares of the Company’s voting common stock were sold at a price of $15.50 per share. In conjunction with the offering, 139,548 shares of non-voting common stock were converted to voting common stock. The Company did not receive any of the proceeds of this offering. An additional 279,095 shares of non-voting shares were converted to voting common stock in the third quarter.

The following table shows the components of the Company’s stockholders’ equity as of and for the nine months ended September 30, 2013:

					Accumulated
					Other					Non-			Total
	Common Stock				Comprehensive			Retained		Controlling			Stockholders'
(In thousands)	Voting		Non-Voting		Loss			Earnings		Interest			Equity
Balance at December 31, 2012	$	133,000	$	-	$	(987	)	$	154,936	$	42		$	286,991
Net income (loss)		-		-		-			11,297		(694	)		10,603
Balance at September 30, 2013	$	133,000	$	-	$	(987	)	$	166,233	$	(652	)	$	297,594