e10vq

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

0000950123-11-096894.txt : 20111109 0000950123-11-096894.hdr.sgml : 20111109 20111109125459 ACCESSION NUMBER: 0000950123-11-096894 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20110930 FILED AS OF DATE: 20111109 DATE AS OF CHANGE: 20111109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SAGA COMMUNICATIONS INC CENTRAL INDEX KEY: 0000886136 STANDARD INDUSTRIAL CLASSIFICATION: RADIO BROADCASTING STATIONS [4832] IRS NUMBER: 383042953 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-11588 FILM NUMBER: 111190611 BUSINESS ADDRESS: STREET 1: 73 KERCHEVAL AVE CITY: GROSSE POINTE FARMS STATE: MI ZIP: 48236 BUSINESS PHONE: 3138867070 MAIL ADDRESS: STREET 1: 73 KERCHEVAL AVE CITY: GROSSE POINTE FARMS STATE: MI ZIP: 48236 10-Q 1 b87828e10vq.htm FORM 10-Q e10vq

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)


þ		QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period ended September 30, 2011


o		TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 1-11588

Saga Communications, Inc.

(Exact name of registrant as specified in its charter)


Delaware (State or other jurisdiction of incorporation or organization)		38-3042953 (I.R.S. Employer Identification No.)

73 Kercheval Avenue Grosse Pointe Farms, Michigan (Address of principal executive offices)		48236 (Zip Code)

(313) 886-7070
(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o .

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ No o .

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ

The number of shares of the registrant’s Class A Common Stock, $.01 par value, and Class B Common Stock, $.01 par value, outstanding as of November 4, 2011 was 3,654,488 and 597,859, respectively.

INDEX


	Page
PART I. FINANCIAL INFORMATION		3
Item 1. Financial Statements (Unaudited)		3
Condensed consolidated balance sheets — September 30, 2011 and December 31, 2010		3
Condensed consolidated statements of income — Three and nine months ended September 30, 2011 and 2010		4
Condensed consolidated statements of cash flows —Nine months ended September 30, 2011 and 2010		5
Notes to unaudited condensed consolidated financial statements		6
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		13
Item 3. Quantitative and Qualitative Disclosures about Market Risk		23
Item 4. Controls and Procedures		24
PART II OTHER INFORMATION		24
Item 1. Legal Proceedings		24
Item 6. Exhibits		24
Signatures		25
EX-31.1
EX-31.2
EX-32
EX-101 INSTANCE DOCUMENT
EX-101 SCHEMA DOCUMENT
EX-101 CALCULATION LINKBASE DOCUMENT
EX-101 LABELS LINKBASE DOCUMENT
EX-101 PRESENTATION LINKBASE DOCUMENT
EX-101 DEFINITION LINKBASE DOCUMENT

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

SAGA COMMUNICATIONS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS


	September 30,			December 31,
	2011			2010
	(Unaudited)			(Note)
	(In thousands)
Assets
Current assets:
Cash and cash equivalents	$	7,547		$	12,197
Short-term investments		—			1,007
Accounts receivable, net		19,481			18,985
Prepaid expenses and other current assets		1,466			2,002
Barter transactions		1,762			1,377
Deferred income taxes		1,048			991

Total current assets		31,304			36,559
Property and equipment		162,195			158,589
Less accumulated depreciation		97,984			93,028

Net property and equipment		64,211			65,561
Other assets:
Broadcast licenses, net		90,584			90,584
Other intangibles, deferred costs and investments, net		6,091			7,099

Total other assets		96,675			97,683

	$	192,190		$	199,803


Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	1,252		$	1,683
Payroll and payroll taxes		6,430			5,524
Other accrued expenses		2,953			3,460
Barter transactions		1,921			1,641
Current portion of long-term debt		4,000			6,121

Total current liabilities		16,556			18,429
Deferred income taxes		11,175			7,105
Long-term debt		72,328			89,957
Other liabilities		3,333			4,234

Total liabilities		103,392			119,725

Commitments and contingencies
Stockholders’ equity
Common stock		53			53
Additional paid-in capital		50,609			50,298
Retained earnings		66,726			58,200
Treasury stock		(28,590	)		(28,473	)

Total stockholders’ equity		88,798			80,078

	$	192,190		$	199,803


Note:		The balance sheet at December 31, 2010 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

See notes to unaudited condensed consolidated financial statements.

SAGA COMMUNICATIONS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2011		2010		2011		2010
	(Unaudited)
	(In thousands, except per share data)
Net operating revenue	$	32,494	$	32,810	$	94,385	$	93,684
Station operating expense		23,553		23,629		69,912		69,346
Corporate general and administrative		1,965		1,741		5,854		5,520

Operating income		6,976		7,440		18,619		18,818
Other expenses, net:
Interest expense		646		1,375		2,837		4,362
Write-off revolving credit facility debt issuance costs		—		—		1,326		—
Other (income) expense, net		27		13		—		(3,398	)

Income before income tax		6,303		6,052		14,456		17,854
Income tax provision		2,609		2,495		5,930		7,285

Net income	$	3,694	$	3,557	$	8,526	$	10,569

Earnings per share
Basic	$	.87	$	.84	$	2.01	$	2.50

Diluted	$	.87	$	.84	$	2.01	$	2.50

Weighted average common shares		4,242		4,236		4,238		4,230

Weighted average common and common equivalent shares		4,246		4,236		4,242		4,230

See notes to unaudited condensed consolidated financial statements.

SAGA COMMUNICATIONS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


	Nine Months Ended
	September 30,
	2011			2010
	(Unaudited)
	(In thousands)
Cash flows from operating activities:
Cash provided by operating activities	$	19,421		$	19,229
Cash flows from investing activities:
Acquisition of property and equipment		(4,140	)		(3,259	)
Proceeds from sale of short-term investments		1,018			—
Proceeds from license downgrade		—			3,561
Purchases of short-term investments		—			(2,005	)
Other investing activities		67			153

Net cash used in investing activities		(3,055	)		(1,550	)
Cash flows from financing activities:
Payments on long-term debt		(111,850	)		(15,500	)
Proceeds from long-term debt		92,100			—
Payments for debt issuance costs		(1,149	)		(1,503	)
Purchase of shares held in treasury		(117	)		(78	)

Net cash used in financing activities		(21,016	)		(17,081	)

Net (decrease) increase in cash and cash equivalents		(4,650	)		598
Cash and cash equivalents, beginning of period		12,197			12,899

Cash and cash equivalents, end of period	$	7,547		$	13,497

See notes to unaudited condensed consolidated financial statements.

SAGA COMMUNICATIONS, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for annual financial statements.

In our opinion, the accompanying financial statements include all adjustments of a normal, recurring nature considered necessary for a fair presentation of our financial position as of September 30, 2011 and the results of operations for the three and nine months ended September 30, 2011 and 2010. Results of operations for the nine months ended September 30, 2011 are not necessarily indicative of the results that may be expected for the year ending December 31, 2011.

For further information, refer to the consolidated financial statements and footnotes thereto included in the Saga Communications, Inc. Annual Report on Form 10-K for the year ended December 31, 2010.

The Company has evaluated events and transactions occurring subsequent to the balance sheet date of September 30, 2011, for items that should potentially be recognized in these financial statements or discussed within the notes to the financial statements.

Earnings Per Share Information

The following table sets forth the computation of basic and diluted earnings per share:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
			(In thousands, except per share data)
Numerator:

Net income available to common stockholders	$	3,694	$	3,557	$	8,526	$	10,569


Denominator:

Denominator for basic earnings per share — weighted average shares		4,242		4,236		4238		4,230
Effect of dilutive securities		4		—		4		—

Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions		4,246		4,236		4,242		4,230

Basic earnings per share	$	.87	$	.84	$	2.01	$	2.50

Diluted earnings per share	$	.87	$	.84	$	2.01	$	2.50

The number of stock options outstanding that had an antidilutive effect on our earnings per share calculation, and therefore have been excluded from diluted earnings per share calculation, was 228,000 for the three and nine months ended September 30, 2011 and 336,000 for the three and nine months ended September 30, 2010. The actual effect of these shares, if any, on the diluted earnings per share calculation will vary significantly depending on the fluctuation in the stock price.

SAGA COMMUNICATIONS, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS — (Continued)

Fair Value of Financial Instruments

Short-term investments, which include certificates of deposit, approximate fair value due to their short maturities.

Income Taxes

Our effective tax rate is higher than the federal statutory rate as a result of the inclusion of state taxes in the income tax amount.

Time Brokerage Agreements

We have entered into Time Brokerage Agreements (“TBAs”) or Local Marketing Agreements (“LMA’s”) in certain markets. In a typical TBA/LMA, the FCC licensee of a station makes available, for a fee, blocks of air time on its station to another party that supplies programming to be broadcast during that air time and sells their own commercial advertising announcements during the time periods specified. Revenue and expenses related to TBA’s/LMA’s are included in the accompanying unaudited Condensed Consolidated Statements of Income.

2. Recent Accounting Pronouncements

In October 2009, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2009-13, which addresses the accounting for multiple-deliverable revenue arrangements to enable vendors to account for products or services (deliverables) separately rather than as a combined unit, and provides guidance regarding how to measure and allocate arrangement consideration to one or more units of accounting. This guidance was effective on January 1, 2011 and adoption did not have a material impact on our consolidated financial statements.

In January 2010, the FASB issued new guidance for fair value measurements and disclosures which requires a reporting entity to disclose separately the amounts of significant transfers in and out of Level 1 and 2 fair value measurements and describe the reasons for the transfers. The guidance also requires a reporting entity to present separately information about purchases, sales, issuances, and settlements in the reconciliation for fair value measurements using significant unobservable inputs (Level 3). The guidance was effective on January 1, 2010, except for disclosures about purchases, sales, issuances, and settlements in the roll forward of activity in Level 3 fair value measurements, which was effective for the Company on January 1, 2011. The guidance adopted on January 1, 2011 did not have a material impact on our consolidated financial statements.

SAGA COMMUNICATIONS, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS — (Continued)

3. Intangible Assets

We evaluate our FCC licenses for impairment annually as of October 1^st or more frequently if events or circumstances indicate that the asset might be impaired. FCC licenses are evaluated for impairment at the market level using a direct method. If the carrying amount of FCC licenses is greater than their estimated fair value in a given market, the carrying amount of FCC licenses in that market is reduced to its estimated fair value.

Intangible assets that have finite lives are amortized over their useful lives using the straight-line method. Favorable lease agreements are amortized over the lives of the leases ranging from 4 to 26 years. Other intangibles are amortized over one to eleven years.

4. Common Stock and Treasury Stock

The following summarizes information relating to the number of shares of our common stock issued in connection with stock transactions through September 30, 2011:


	Common Stock Issued
	Class A			Class B
	(Shares in thousands)
Balance, January 1, 2010		4,771			599
Conversion of shares		1			(1	)
Forfeiture of restricted stock		(2	)		—

Balance, December 31, 2010		4,770			598
Conversion of shares		1			(1	)

Balance, September 30, 2011		4,771			597

We have a Stock Buy-Back Program (the “Buy-Back Program”) to allow us to purchase up to $60,000,000 of our Class A Common Stock. From its inception in 1998 through September 30, 2011, we have repurchased 1,391,586 shares of our Class A Common Stock for approximately $45,680,000.

5. Stock-Based Compensation

2005 Incentive Compensation Plan

On May 10, 2010, our stockholders approved the Amended and Restated 2005 Incentive Compensation Plan (the “2005 Plan”) which replaced our 2003 Stock Option Plan (the “2003 Plan”) as to future grants. The 2005 Plan extends through March 2015 and allows for the granting of restricted stock, restricted stock units, incentive stock options, nonqualified stock options, and performance awards to officers and a selected number of employees.

Stock-Based Compensation

Compensation expense of approximately $34,000 and $163,000, respectively, and related tax benefits of $14,000 and $67,000, respectively, were recognized for the three and nine months ended September 30, 2011. For the three and nine months ended September 30, 2010, the Company recognized compensation expense of approximately $113,000 and $439,000, respectively, and related tax benefits of $47,000 and $180,000, respectively. Compensation expense is reported in corporate general and administrative expenses in our results of operations.

SAGA COMMUNICATIONS, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS — (Continued)

The following summarizes the stock option transactions for the 2005 and 2003 Plans and the 1992 Stock Option Plan (the “1992 Plan”) for the nine months ended September 30, 2011:


						Weighted Average
						Remaining		Aggregate
	Number of			Weighted Average		Contractual Term		Intrinsic
	Options			Exercise Price		(Years)		Value
Outstanding at January 1, 2011		293,993		$	51.70		3.9	$	—
Granted		—			—
Exercised		—			—
Expired		(65,916	)		58.10
Forfeited		(282	)		37.96

Outstanding at September 30, 2011		227,795		$	49.86		3.9	$	—

Exercisable at September 30, 2011		220,785		$	50.24		3.8	$	—

The following summarizes the non-vested stock option transactions for the 2005, 2003 and 1992 Plans for the nine months ended September 30, 2011:


				Weighted Average
	Number of			Grant Date Fair
	Options			Value
Non-vested at January 1, 2011		35,155		$	18.51
Granted		—			—
Vested		(27,863	)		18.30
Forfeited/canceled		(282	)		19.30

Non-vested at September 30, 2011		7,010		$	19.30

The following summarizes the restricted stock transactions for the nine months ended September 30, 2011:


				Weighted
				Average
				Grant Date
	Shares			Fair Value
Outstanding at January 1, 2011		21,120		$	28.73
Granted		—			—
Vested		(10,632	)		31.28
Forfeited		(463	)		25.87

Non-vested and outstanding at September 30, 2011		10,025		$	26.15

For the three and nine months ended September 30, 2011 and the three and nine months ended September 30, 2010, we had approximately $40,000, $148,000, $74,000 and $276,000, respectively, of total compensation expense related to restricted stock-based compensation arrangements. The associated tax benefit recognized for the three and nine months ended September 30, 2011 and the three and nine months ended September 30, 2010 was approximately $17,000, $61,000, $31,000 and $113,000, respectively.

SAGA COMMUNICATIONS, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS — (Continued)

6. Long-Term Debt

Long-term debt consisted of the following:


	September 30,		December 31,
	2011		2010
	(In thousands)
Credit Agreement:
Term loan	$	59,250	$	—
Revolving credit facility		16,000		—
Reducing revolver facility		—		95,000
Secured debt of affiliate		1,078		1,078

		76,328		96,078
Amounts payable within one year		4,000		6,121

	$	72,328	$	89,957

Future maturities of long-term debt are as follows:


Year Ending December 31,	(In thousands)
2011	$	1,750
2012		3,000
2013		3,000
2014		4,078
2015		3,000
Thereafter		61,500

	$	76,328

On June 13, 2011, we entered into a new $120 million credit facility (the “Credit Facility”) with a group of banks, to refinance our outstanding debt under the credit agreement in place at March 31, 2011 (the “Old Credit Agreement”). The Credit Facility consists of a $60 million term loan (the “Term Loan”) and a $60 million revolving loan (the “Revolving Credit Facility”) and matures on June 13, 2016.

We have pledged substantially all of our assets (excluding our FCC licenses and certain other assets) in support of the Credit Facility and each of our subsidiaries has guaranteed the Credit Facility and has pledged substantially all of their assets (excluding their FCC licenses and certain other assets) in support of the Credit Facility.

We wrote-off unamortized debt issuance costs relating to the Old Credit Agreement of approximately $1.3 million, pre-tax, due to this refinancing during the quarter ended June 30, 2011.

The Term Loan principal amortizes in equal installments of 5% of the Term Loan during each year, however, upon satisfaction of certain conditions, as defined in the Credit Facility, no amortization payment is required. The Credit Facility is also subject to mandatory prepayment requirements, including but not limited to, certain sales of assets, certain insurance proceeds, certain debt issuances and certain sales of equity. Optional prepayments of the Credit Facility are permitted without any premium or penalty, other than certain costs and expenses.

SAGA COMMUNICATIONS, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS — (Continued)

Interest rates under the Credit Facility are payable, at our option, at alternatives equal to LIBOR plus 1.50% to 2.75% or the base rate plus 0.50% to 1.75%. The spread over LIBOR and the base rate vary from time to time, depending upon our financial leverage. We also pay quarterly commitment fees of 0.25% to 0.375% per annum on the unused portion of the Revolving Credit Facility.

The Credit Facility contains a number of financial covenants (all of which we were in compliance with at September 30, 2011) which, among other things, require us to maintain specified financial ratios and impose certain limitation on us with respect to investments, additional indebtedness, dividends, distributions, guarantees, liens and encumbrances.

We had approximately $44.0 million of unused borrowing capacity under the Revolving Credit Facility at September 30, 2011.

Our Old Credit Agreement was a revolving line of credit maturing on July 29, 2012. Our indebtedness under the Old Credit Agreement was secured by a first priority lien on substantially all of our assets and of our subsidiaries, by a pledge of our subsidiaries’ stock and by a guarantee of our subsidiaries. The Old Credit Agreement was used for general corporate purposes, including working capital and capital expenditures.

Interest rates under the Old Credit Agreement were payable, at our option, at alternatives equal to LIBOR at the reset date (0.3125% at December 31, 2010) plus 3.00% to 4.25% or the Agent bank’s base rate plus 2.00% to 3.25%. The spread over LIBOR and the base rate vary from time to time, depending upon our financial leverage. We were also required to pay quarterly commitment fees of 0.375% to 0.625% per annum on the unused portion of the Old Credit Agreement.

In June 2011, approximately $1.1 million of secured debt of an affiliate was amended to extend the maturity date to May 2014.

7. Related Party Transactions

Principal Stockholder Employment Agreement

In June 2011, we entered into a new employment agreement with Edward K. Christian, Chairman, President and CEO, which became effective as of June 1, 2011, and replaces and supersedes his prior employment agreement. The new employment agreement terminates on March 31, 2018. The agreement provides for an annual base salary of $860,000 (subject to annual increases on each anniversary date not less than the greater of 3% or a defined cost of living increase). Mr. Christian may defer any or all of his annual salary.

Under the agreement, Mr. Christian is eligible for discretionary and performance bonuses, stock options and/or stock grants in amounts determined by the Compensation Committee and will continue to participate in the Company’s benefit plans. The Company will maintain insurance policies, will furnish an automobile, will pay for an executive medical plan and will maintain an office for Mr. Christian at its principal executive offices and in Sarasota County, Florida. The agreement provides certain payments to Mr. Christian in the event of his disability, death or a change in control. Upon a change in control, Mr. Christian may terminate his employment. The agreement also provides generally that, upon a change in control, the Company will pay Mr. Christian an amount equal to 2.99 times the average of his total annual salary and bonuses for each of the three immediately preceding periods of twelve consecutive months, plus an additional amount for tax liabilities related to the payment.

In addition, if Mr. Christian’s employment is terminated for any reason, other than for cause, the Company will continue to provide health insurance and medical reimbursement and maintain existing life insurance policies for a period of ten years, and the current split dollar life insurance policy shall be transferred to Mr. Christian and his wife, and the Company shall reimburse Mr. Christian for any tax consequences of such transfer. The agreement contains a covenant not to compete restricting Mr. Christian from competing with the Company in any of its markets if he voluntarily terminates his employment with the Company or is terminated for cause, for a three year period thereafter.

SAGA COMMUNICATIONS, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS — (Continued)

8. Segment Information

We evaluate the operating performance of our markets individually. For purposes of business segment reporting, we have aligned operations with similar characteristics into two business segments: Radio and Television.

The Radio segment includes twenty-three markets, which includes all ninety-one of our radio stations and five radio information networks. The Television segment includes three markets and consists of five television stations and four low power television (“LPTV”) stations. The Radio and Television segments derive their revenue from the sale of commercial broadcast inventory. The category “Corporate general and administrative” represents the income and expense not allocated to reportable segments.


					Corporate
	Radio		Television		and Other			Consolidated
	(In thousands)
Three Months Ended September 30, 2011:
Net operating revenue	$	27,885	$	4,609	$	—		$	32,494
Station operating expense		20,029		3,524		—			23,553
Corporate general and administrative		—		—		1,965			1,965

Operating income (loss)	$	7,856	$	1,085	$	(1,965	)	$	6,976

Depreciation and amortization	$	1,385	$	441	$	60		$	1,886


					Corporate
	Radio		Television		and Other			Consolidated
	(In thousands)
Three Months Ended September 30, 2010:
Net operating revenue	$	28,089	$	4,721	$	—		$	32,810
Station operating expense		20,134		3,495		—			23,629
Corporate general and administrative		—		—		1,741			1,741

Operating income (loss)	$	7,955	$	1,226	$	(1,741	)	$	7,440

Depreciation and amortization	$	1,447	$	438	$	57		$	1,942


					Corporate
	Radio		Television		and Other			Consolidated
	(In thousands)
Nine Months Ended September 30, 2011:
Net operating revenue	$	81,002	$	13,383	$	—		$	94,385
Station operating expense		59,311		10,601		—			69,912
Corporate general and administrative		—		—		5,854			5,854

Operating income (loss)	$	21,691	$	2,782	$	(5,854	)	$	18,619

Depreciation and amortization	$	4,072	$	1,267	$	173		$	5,512

Total assets	$	150,581	$	26,910	$	14,699		$	192,190


					Corporate
	Radio		Television		and Other			Consolidated
	(In thousands)
Nine Months Ended September 30, 2010:
Net operating revenue	$	80,894	$	12,790	$	—		$	93,684
Station operating expense		59,184		10,162		—			69,346
Corporate general and administrative		—		—		5,520			5,520

Operating income (loss)	$	21,710	$	2,628	$	(5,520	)	$	18,818

Depreciation and amortization	$	4,312	$	1,271	$	163		$	5,746

Total assets	$	152,136	$	26,806	$	23,778		$	202,720

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Results of Operations

The following discussion should be read in conjunction with the unaudited condensed consolidated financial statements and notes thereto of Saga Communications, Inc. and its subsidiaries contained elsewhere herein and the audited financial statements and Management Discussion and Analysis contained in our Annual Report on Form 10-K for the year ended December 31, 2010. The following discussion is presented on both a consolidated and segment basis. Corporate general and administrative expenses, interest expense, other (income) expense, and income tax expense (benefit) are managed on a consolidated basis and are reflected only in our discussion of consolidated results.

For purposes of business segment reporting, we have aligned operations with similar characteristics into two business segments: Radio and Television. The Radio segment includes twenty-three markets, which includes all ninety-one of our radio stations and five radio information networks. The Television segment includes three markets and consists of five television stations and four LPTV stations. The discussion of our operating performance focuses on segment operating income because we manage our segments primarily on operating income. Operating performance is evaluated for each individual market.

General

We are a broadcast company primarily engaged in acquiring, developing and operating radio and television stations.

Radio Segment

Our radio segment’s primary source of revenue is from the sale of advertising for broadcast on our stations. Depending on the format of a particular radio station, there are a predetermined number of advertisements available to be broadcast each hour.

Most advertising contracts are short-term and generally run for a few weeks only. The majority of our revenue is generated from local advertising, which is sold primarily by each radio markets’ sales staff. For the nine months ended September 30, 2011 and 2010, approximately 86% and 87%, respectively, of our radio segment’s gross revenue was from local advertising. To generate national advertising sales, we engage independent advertising sales representative firms that specialize in national sales for each of our broadcast markets.

Our revenue varies throughout the year. Advertising expenditures, our primary source of revenue, generally have been lowest during the winter months, which include the first quarter of each year. We experienced a significant increase in political advertising in 2010 due to the number of congressional, senatorial, gubernatorial and local elections in most of our markets. Since 2011 is not an election year, political revenue has significantly declined in 2011 and we expect this to continue in the fourth quarter.

Our net operating revenue, station operating expense and operating income varies from market to market based upon the market’s rank or size which is based upon population and the available radio advertising revenue in that particular market.

Our financial results are dependent on a number of factors, the most significant of which is our ability to generate advertising revenue through rates charged to advertisers. The rates a station is able to charge are, in large part, based on a station’s ability to attract audiences in the demographic groups targeted by its advertisers. In a number of our markets this is measured by periodic reports generated by independent national rating services. In the remainder of our markets it is measured by the results advertisers obtain through the actual running of an advertising schedule. Advertisers measure these results based on increased demand for their goods or services and/or actual revenues generated from such demand. Various factors affect the rate a station can charge, including the general strength of the local and national economies, population growth, ability to provide popular programming, local market competition, target marketing capability of radio compared to other advertising media and signal strength.

The number of advertisements that can be broadcast without jeopardizing listening levels (and the resulting ratings) is limited in part by the format of a particular radio station. Our stations strive to maximize revenue by constantly managing the number of commercials available for sale and adjusting prices based upon local market conditions and ratings. While there may be shifts from time to time in the number of advertisements broadcast during a particular time of day, the total number of advertisements broadcast on a particular station generally does not vary significantly from year to year. Any change in our revenue, with the exception of those instances where stations are acquired or sold, is generally the result of inventory sell out ratios and pricing adjustments, which are made to ensure that the station efficiently utilizes available inventory.

Our radio stations employ a variety of programming formats. We periodically perform market research, including music evaluations, focus groups and strategic vulnerability studies. Because reaching a large and demographically attractive audience is crucial to a station’s financial success, we endeavor to develop strong listener loyalty. Our stations also employ audience promotions to further develop and secure a loyal following. We believe that the diversification of formats on our radio stations helps to insulate us from the effects of changes in musical tastes of the public on any particular format.

The primary operating expenses involved in owning and operating radio stations are employee salaries and commissions, depreciation, programming expenses, and advertising and promotion expenses.

Although the recent global recession has negatively affected advertising revenues for a wide variety of media businesses, radio revenue growth has been declining or stagnant over the last several years, primarily in major markets that are dependent on national advertising. The radio broadcasting industry is subject to rapid technological change, evolving industry standards and the emergence of new media technologies and services (such as the Internet, satellite radio and mp3 players). These recent technologies and media are gaining advertising share against radio and other traditional media.

During the nine months ended September 30, 2011 and 2010 and the years ended December 31, 2010 and 2009, our Bellingham, Washington; Des Moines, Iowa; Manchester, New Hampshire; and Milwaukee, Wisconsin markets, when combined, represented approximately 29%, 30%, 30% and 30%, respectively, of our consolidated net operating revenue. An adverse change in any of these radio markets or our relative market position in those markets could have a significant impact on our operating results as a whole.

The following table describes the percentage of our consolidated net operating revenue represented by each of these markets:


	Percentage of Consolidated						Percentage of Consolidated
	Net Operating Revenue for						Net Operating Revenue
	the Nine Months Ended						for the Years Ended
	September 30,						December 31,
	2011			2010			2010			2009
Market:
Bellingham, Washington		5	%		5	%		5	%		5	%
Des Moines, Iowa		7	%		6	%		6	%		7	%
Manchester, New Hampshire		5	%		6	%		6	%		5	%
Milwaukee, Wisconsin		12	%		13	%		13	%		13	%

We use certain financial measures that are not calculated in accordance with generally accepted accounting principles in the United States of America (GAAP) to assess our financial performance. For example, we evaluate the performance of our markets based on “station operating income” (operating income plus corporate general and administrative expenses, depreciation and amortization, impairment of intangible assets, less gain on asset exchange). Station operating income is generally recognized by the broadcasting industry as a measure of performance, is used by analysts who report on the performance of the broadcasting industry and it serves as an indicator of the market value of a group of stations. In addition, we use it to evaluate individual stations, market-level performance, overall operations and as a primary measure for incentive based compensation of executives and other members of management. Station operating income is not necessarily indicative of amounts that may be available to us for debt service requirements, other commitments, reinvestment or other discretionary uses. Station operating income is not a measure of liquidity or of performance in accordance with GAAP, and should be viewed as a supplement to, and not a substitute for our results of operations presented on a GAAP basis.

During the nine months ended September 30, 2011 and 2010 and the years ended December 31, 2010 and 2009, the radio stations in our four largest markets when combined, represented approximately 35%, 37%, 36% and 41%, respectively, of our consolidated station operating income. The following table describes the percentage of our consolidated station operating income represented by each of these markets:


	Percentage of Consolidated						Percentage of Consolidated
	*Station Operating Income ()**						*Station Operating Income()**
	for the Nine Months Ended						for the Years Ended
	September 30,						December 31,
	2011			2010			2010			2009
Market:
Bellingham, Washington		6	%		7	%		7	%		7	%
Des Moines, Iowa		6	%		5	%		4	%		7	%
Manchester, New Hampshire		7	%		8	%		8	%		7	%
Milwaukee, Wisconsin		16	%		17	%		17	%		20	%


*		Operating income (excluding non-cash impairment charge) plus corporate general and administrative expenses, depreciation and amortization, less gain on asset exchange.

Television Segment

Our television segment’s primary source of revenue is from the sale of advertising for broadcast on our stations. The number of advertisements available for broadcast on our television stations is limited by network affiliation and syndicated programming agreements and, with respect to children’s programs, federal regulation. Our television stations’ local market managers determine the number of advertisements to be broadcast in locally produced programs only, which are primarily news programming and occasionally local sports or information shows.

Our net operating revenue, station operating expense and operating income vary from market to market based upon the market’s rank or size, which is based upon population, available television advertising revenue in that particular market, and the popularity of programming being broadcast.

Our financial results are dependent on a number of factors, the most significant of which is our ability to generate advertising revenue through rates charged to advertisers. The rates a station is able to charge are, in large part, based on a station’s ability to attract audiences in the demographic groups targeted by its advertisers, as measured principally by periodic reports by independent national rating services. Various factors affect the rate a station can charge, including the general strength of the local and national economies, population growth, ability to provide popular programming through locally produced news, sports and weather and as a result of syndication and network affiliation agreements, local market competition, the ability of television broadcasting to reach a mass appeal market compared to other advertising media, and signal strength including cable/satellite coverage, and government regulation and policies.

Our stations strive to maximize revenue by constantly adjusting prices for our commercial spots based upon local market conditions, demand for advertising and ratings. While there may be shifts from time to time in the number of advertisements broadcast during a particular time of the day, the total number of advertisements broadcast on a particular station generally does not vary significantly from year to year. Any change in our revenue, with the exception of those instances where stations are acquired or sold, is generally the result of pricing adjustments, which are made to ensure that the station efficiently utilizes available inventory.

Because audience ratings in the local market are crucial to a station’s financial success, we endeavor to develop strong viewer loyalty by providing locally produced news, weather and sports programming. We believe that this emphasis on the local market provides us with the viewer loyalty we are trying to achieve.

Most of our revenue is generated from local advertising, which is sold primarily by each television markets’ sales staff. For the nine months ended September 30, 2011 and 2010, approximately 81% of our television segment’s gross revenue was from local advertising. To generate national advertising sales, we engage independent advertising sales representatives that specialize in national sales for each of our television markets.

The primary operating expenses involved in owning and operating television stations are employee salaries and commissions, depreciation, programming expenses, including news production and the cost of acquiring certain syndicated programming, and advertising and promotion expenses.

Our television market in Joplin, Missouri represented approximately 11%, 10%, 10% and 10%, respectively, of our consolidated station operating income (operating income excluding non-cash impairment charge in 2009, plus corporate general and administrative expenses, depreciation and amortization, less gain on asset exchange) for the nine months ended September 30, 2011 and 2010 and the years ended December 31, 2010 and 2009.

Three Months Ended September 30, 2011 Compared to Three Months Ended September 30, 2010

Results of Operations

The following tables summarize our results of operations for the three months ended September 30, 2011 and 2010.

Consolidated Results of Operations


	Three Months Ended
	September 30,				$ Increase			% Increase
	2011		2010		(Decrease)			(Decrease)
	(In thousands, except percentages and per share information)
Net operating revenue	$	32,494	$	32,810	$	(316	)		(1.0	)%
Station operating expense		23,553		23,629		(76	)		(0.3	)%
Corporate G&A		1,965		1,741		224			12.9	%

Operating income		6,976		7,440		(464	)		(6.2	)%
Interest expense		646		1,375		(729	)		(53.0	)%
Other (income) expense, net		27		13		14			N/M
Income taxes		2,609		2,495		114			4.6	%

Net income	$	3,694	$	3,557	$	137			3.9	%

Earnings per share (basic and diluted)	$	.87	$	.84	$	.03			3.6	%

Radio Broadcasting Segment
	Three Months Ended
	September 30,				$ Increase			% Increase
	2011		2010		(Decrease)			(Decrease)
	(In thousands, except percentages)
Net operating revenue	$	27,885	$	28,089	$	(204	)		(0.7	)%
Station operating expense		20,029		20,134		(105	)		(0.5	)%

Operating income	$	7,856	$	7,955	$	(99	)		(1.3	)%

Television Broadcasting Segment
	Three Months Ended
	September 30,				$ Increase			% Increase
	2011		2010		(Decrease)			(Decrease)
	(In thousands, except percentages)
Net operating revenue	$	4,609	$	4,721	$	(112	)		(2.4	)%
Station operating expense		3,524		3,495		29			0.8	%

Operating income	$	1,085	$	1,226	$	(141	)		(11.5	)%


N/M		= Not Meaningful

Reconciliation of segment operating income to consolidated operating income:


					Corporate
	Radio		Television		and Other			Consolidated
			(In thousands)
Three Months Ended September 30, 2011:
Net operating revenue	$	27,885	$	4,609	$	—		$	32,494
Station operating expense		20,029		3,524		—			23,553
Corporate general and administrative		—		—		1,965			1,965

Operating income (loss)	$	7,856	$	1,085	$	(1,965	)	$	6,976


					Corporate
	Radio		Television		and Other			Consolidated
			(In thousands)
Three Months Ended September 30, 2010:
Net operating revenue	$	28,089	$	4,721	$	—		$	32,810
Station operating expense		20,134		3,495		—			23,629
Corporate general and administrative		—		—		1,741			1,741

Operating income (loss)	$	7,955	$	1,226	$	(1,741	)	$	7,440

Consolidated

For the three months ended September 30, 2011, consolidated net operating revenue was $32,494,000 compared with $32,810,000 for the three months ended September 30, 2010, a decrease of approximately $316,000 or 1%. Gross national revenue increased approximately $596,000 and gross local revenue and gross political revenue decreased approximately $272,000 and $678,000, respectively, in the current year quarter. The decrease in gross political revenue was attributable to political advertising in the prior year quarter as 2010 was an election year.

Station operating expense was relatively unchanged for the three months ended September 30, 2011, compared with the three months ended September 30, 2010.

Operating income for the three months ended September 30, 2011 was $6,976,000 compared to $7,440,000 for the three months ended September 30, 2010, a decrease of approximately $464,000 or 6%. The decrease in operating income was attributable to the decline in net operating revenue, described above, and an increase in corporate general and administrative charges. The increase in corporate general and administrative charges is primarily from an increase in travel related expenses of $52,000, and an increase in officers’ life insurance expense of $127,000 that is attributable to a decline in the cash surrender value of the life insurance policies.

We generated net income of approximately $3,694,000 ($.87 per share on a fully diluted basis) during the three months ended September 30, 2011, compared with $3,557,000 ($.84 per share on a fully diluted basis) for the three months ended September 30, 2010, an increase of approximately $137,000 or 4%. In the current year quarter we had a decrease in operating income of $464,000, as described above, and a decrease in interest expense of $729,000. The decrease in interest expense was attributable to an average decrease in market interest rates, and decreased debt outstanding and amortization expense. Income tax expense increased approximately $114,000, primarily as a result of the decrease in interest expense and an increase in non-deductible expenses.

Radio Segment

Net operating revenue of the radio segment was $27,885,000 for the three months ended September 30, 2011, compared with $28,089,000 for the three months ended September 30, 2010, a decrease of $204,000 or less than 1%. Gross national revenue increased approximately $498,000 for the quarter. Gross political revenue and gross local revenue decreased approximately $365,000 and $346,000, respectively. The decrease in gross political revenue was attributable to political advertising in the prior year quarter as 2010 was an election year. The decrease in gross local revenue was primarily the result of a softening in local advertising.

Station operating expense for the radio segment was $20,029,000 for the three months ended September 30, 2011, compared with $20,134,000 for the three months ended September 30, 2010, a decrease of approximately $105,000 or less than 1%. The decrease in station operating expense was primarily from a reduction in sales expense due to lower net operating revenue in the current quarter.

Operating income in the radio segment decreased approximately $99,000 to $7,856,000 for the three months ended September 30, 2011, from $7,955,000 for the three months ended September 30, 2010. The decrease was a direct result of the decrease in net operating revenue partially offset by a decrease in station operating expense described above.

Television Segment

For the three months ended September 30, 2011, net operating revenue of our television segment was $4,609,000 compared with $4,721,000 for the three months ended September 30, 2010, a decrease of $112,000 or 2%. The decrease in net operating revenue during the quarter was primarily the result of a reduction in political revenue in a non-election year.

Station operating expense in the television segment was relatively unchanged for the three months ended September 30, 2011 compared with the three months ended September 30, 2010.

Operating income in the television segment for the three months ended September 30, 2011 was $1,085,000 compared with $1,226,000 for the three months ended September 30, 2010, a decrease of approximately $141,000 or 12%. The decrease was a direct result of the decline in net operating revenue, described above.

Nine Months Ended September 30, 2011 Compared to Nine Months Ended September 30, 2010

Results of Operations

The following tables summarize our results of operations for the nine months ended September 30, 2011 and 2010.

Consolidated Results of Operations


	Nine Months Ended
	September 30,					$ Increase			% Increase
	2011		2010			(Decrease)			(Decrease)
	(In thousands, except percentages and per share information)
Net operating revenue	$	94,385	$	93,684		$	701			0.8	%
Station operating expense		69,912		69,346			566			0.8	%
Corporate G&A		5,854		5,520			334			6.1	%

Operating income		18,619		18,818			(199	)		(1.1	)%
Interest expense		2,837		4,362			(1,525	)		(35.0	)%
Write-off debt issuance costs		1,326		—			1,326			N/M
Other (income) expense, net		—		(3,398	)		3,398			N/M
Income taxes		5,930		7,285			(1,355	)		(18.6	)%

Net income	$	8,526	$	10,569		$	(2,043	)		(19.3	)%

Earnings per share (basic and diluted)	$	2.01	$	2.50		$	(.49	)		(19.6	)%

Radio Broadcasting Segment
	Nine Months Ended
	September 30,					$ Increase			% Increase
	2011		2010			(Decrease)			(Decrease)
	(In thousands, except percentages)
Net operating revenue	$	81,002	$	80,894		$	108			0.1	%
Station operating expense		59,311		59,184			127			0.2	%

Operating income	$	21,691	$	21,710		$	(19	)		(0.1	)%

Television Broadcasting Segment
	Nine Months Ended
	September 30,					$ Increase			% Increase
	2011		2010			(Decrease)			(Decrease)
	(In thousands, except percentages)
Net operating revenue	$	13,383	$	12,790		$	593			4.6	%
Station operating expense		10,601		10,162			439			4.3	%

Operating income	$	2,782	$	2,628		$	154			5.9	%


N/M		= Not Meaningful

Reconciliation of segment operating income to consolidated operating income:


					Corporate
	Radio		Television		and Other			Consolidated
	(In thousands)
Nine Months Ended September 30, 2011:
Net operating revenue	$	81,002	$	13,383	$	—		$	94,385
Station operating expense		59,311		10,601		—			69,912
Corporate general and administrative		—		—		5,854			5,854

Operating income (loss)	$	21,691	$	2,782	$	(5,854	)	$	18,619


					Corporate
	Radio		Television		and Other			Consolidated
	(In thousands)
Nine Months Ended September 30, 2010:
Net operating revenue	$	80,894	$	12,790	$	—		$	93,684
Station operating expense		59,184		10,162		—			69,346
Corporate general and administrative		—		—		5,520			5,520

Operating income (loss)	$	21,710	$	2,628	$	(5,520	)	$	18,818

Consolidated

For the nine months ended September 30, 2011, consolidated net operating revenue was $94,385,000 compared with $93,684,000 for the nine months ended September 30, 2010, an increase of approximately $701,000 or 1%. Gross national revenue and gross local revenue increased approximately $1,237,000 and $693,000, respectively. Gross political revenue decreased approximately $1,033,000 for the nine months ended September 30, 2011 as compared to the prior year period. The increase in gross national revenue was primarily the result of increased advertising from the financial services and automotive industries. The increase in gross local revenue was primarily a result of increased local advertising in our Joplin, MO market following a tornado that caused significant damage in the market in May 2011, and an increase in advertising spending in general. The decrease in gross political revenue was attributable to political advertising in the prior year as 2010 was an election year.

Station operating expense was $69,912,000 for the nine months ended September 30, 2011, compared with $69,346,000 for the nine months ended September 30, 2010, an increase of approximately $566,000 or 1%. Salaries increased approximately $256,000, primarily as a result of the 2.5% reinstatement in April 2011 of the 5% salary reductions implemented in March 2009. Our health care costs increased approximately $884,000 in the current year, primarily as a result of Health Care Reform. These increases were partially offset by reductions in music license fees and depreciation expense of $242,000 and $244,000, respectively.

Operating income for the nine months ended September 30, 2011 was $18,619,000 compared to $18,818,000 for the nine months ended September 30, 2010, a decrease of approximately $199,000, or 1%. The increase was a direct result of the improvement in net operating revenue partially offset by an increase in station operating expense, described above, and a $334,000 or 6% increase in corporate general and administrative charges. The increase in corporate general and administrative charges was primarily from an increase in IT expenses of approximately $160,000 and an increase in officers’ life insurance expense of $59,000 that is attributable to a decline in the cash surrender value of the life insurance policies.

We generated net income of approximately $8,526,000 ($2.01 per share on a fully diluted basis) during the nine months ended September 30, 2011, compared with $10,569,000 ($2.50 per share on a fully diluted basis) for the nine months ended September 30, 2010, a decrease of approximately $2,043,000 or 19%. In the current year period we had a decrease in operating income of $199,000, as described above, and decreases in interest expense and income tax expense of $1,525,000 and $1,355,000, respectively. The decrease in interest expense was primarily attributable to an average decrease in market interest rates of approximately 0.86%, and a decrease in outstanding debt. The decrease in income tax expense was attributable to operating performance and an increase in non-deductible expenses. Additionally, in the current year period we recognized a $1,326,000 charge for the write-off of unamortized debt issuance costs in conjunction with our previous credit agreement. See Note 6 of the Notes to Unaudited Condensed Consolidated Financial Statements. In the prior year period, we had non-recurring income of $3,561,000 resulting from an agreement to downgrade an FCC license at one of our stations.

Radio Segment

For the nine months ended September 30, 2011, net operating revenue of the radio segment was $81,002,000 compared with $80,894,000 for the nine months ended September 30, 2010, an increase of $108,000 or less than 1%. Gross national revenue increased approximately $1,144,000, in the current year. Gross political revenue and gross local revenue decreased approximately $672,000 and $241,000, respectively, for the nine months ended September 30, 2011 as compared to the prior year period. The increase in gross national revenue was primarily the result of increased advertising from the financial services and automotive industries. The decrease in gross political revenue was attributable to political advertising in the prior year as 2010 was an election year. The decrease in gross local revenue was primarily the result of a softening in local advertising.

Station operating expense for the radio segment was $59,311,000 for the nine months ended September 30, 2011, compared with $59,184,000 for the nine months ended September 30, 2010, an increase of approximately $127,000 or less than 1%. Salaries increased approximately $199,000, primarily as a result of the 2.5% reinstatement in April 2011 of the 5% salary reductions implemented in March 2009. Our health care costs increased approximately $715,000 as compared to the prior year period, primarily as a result of Health Care Reform. These increases were partially offset by reductions in bad debt expense and ratings service expense of approximately $184,000 and $154,000, respectively. Additionally, we had a decrease in depreciation and amortization expense of $240,000 as compared to the prior year period.

Operating income in the radio segment was relatively unchanged for the nine months ended September 30, 2011 compared with the nine months ended September 30, 2010.

Television Segment

For the nine months ended September 30, 2011, net operating revenue of our television segment was $13,383,000 compared with $12,790,000 for the nine months ended September 30, 2010, an increase of $593,000 or 5%. The increase in net operating revenue was primarily the result of an increase in local advertising in our Joplin, MO market following a tornado that caused significant damage in the market in May 2011, and improvements in advertising spending in general. Our television stations that we own and operate in Joplin did not sustain damage in the tornado.

Station operating expense in the television segment for the nine months ended September 30, 2011 was $10,601,000, compared with $10,162,000 for the nine months ended September 30, 2010, an increase of approximately $439,000 or 4%. The increase in station operating expense was primarily from an increase in sales commission and selling expenses of $102,000 as a result of increased revenue. Additionally, our health care costs increased approximately $169,000 in the current year, primarily as a result of Health Care Reform.

Operating income in the television segment for the nine months ended September 30, 2011 was $2,782,000 compared with $2,628,000 for the nine months ended September 30, 2010, an increase of approximately $154,000 or 6%. The increase was a direct result of the improvement in net operating revenue partially offset by an increase in station operating expense, described above.

Forward-Looking Statements

Statements contained in this Form 10-Q that are not historical facts are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In addition, words such as “believes,” “anticipates,” “estimates,” “plans,” “expects,” and similar expressions are intended to identify forward-looking statements. These statements are made as of the date of this report or as otherwise indicated, based on current expectations. We undertake no obligation to update this information. A number of important factors could cause our actual results for 2011 and beyond to differ materially from those expressed in any forward-looking statements made by or on our behalf. Forward-looking statements are not guarantees of future performance as they involve a number of risks, uncertainties and assumptions that may prove to be incorrect and that may cause our actual results and experiences to differ materially from the anticipated results or other expectations expressed in such forward-looking statements. The risks, uncertainties and assumptions that may affect our performance include our financial leverage and debt service requirements, dependence on key personnel, dependence on key stations, U.S. and local economic conditions, our ability to successfully integrate acquired stations, regulatory requirements, new technologies, natural disasters and terrorist attacks. We cannot be sure that we will be able to anticipate or respond timely to changes in any of these factors, which could adversely affect the operating results in one or more fiscal quarters. Results of operations in any past period should not be considered, in and of itself, indicative of the results to be expected for future periods. Fluctuations in operating results may also result in fluctuations in the price of our stock.

For a more complete description of the prominent risks and uncertainties inherent in our business, see Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2010.

Liquidity and Capital Resources

Debt Arrangements and Debt Service Requirements

We wrote-off unamortized debt issuance costs relating to the Old Credit Agreement of approximately $1.3 million, pre-tax, due to this refinancing during the quarter ended June 30, 2011.

The proceeds from the Credit Facility were used to refinance our Old Credit Agreement and pay transactional fees. The unused portion of the Revolving Credit Facility is available for general corporate purposes, including working capital, capital expenditures, permitted acquisitions and related transaction expenses and permitted stock buybacks. The Credit Facility permits up to $25 million, annually, in aggregate amount of additional business acquisitions, subject to certain terms and conditions as set forth in the Credit Facility in further detail, and also permits the Company to make up to $20 million, annually, in aggregate amount of dividends, distributions and stock redemptions.

We had approximately $44.0 million of unused borrowing capacity under the Revolving Credit Facility at September 30, 2011.

In June 2011, approximately $1.1 million of secured debt of an affiliate was amended to extend the maturity date to May 2014.

Sources and Uses of Cash

During the nine months ended September 30, 2011 and 2010, we had net cash flows from operating activities of $19,421,000 and $19,229,000, respectively. We believe that cash flow from operations will be sufficient to meet quarterly debt service requirements for interest and scheduled payments of principal under the Credit Facility. However, if such cash flow is not sufficient we may be required to sell additional equity securities, refinance our obligations or dispose of one or more of our properties in order to make such scheduled payments. There can be no assurance that we would be able to effect any such transactions on favorable terms, if at all.

On both October 19, 2011 and November 4, 2011, we made a debt payment of $1,000,000 on the outstanding balance of our Credit Facility.

Our capital expenditures, exclusive of acquisitions, for the nine months ended September 30, 2011 were approximately $4,140,000 ($3,259,000 for the corresponding period in 2010). We anticipate capital expenditures in 2011 to be approximately $5.5 to $6.0 million, which we expect to finance through funds generated from operations.

Summary Disclosures About Contractual Obligations and Commercial Commitments

We have future cash obligations under various types of contracts, including the terms of our Credit Facility, operating leases, programming contracts, employment agreements, and other operating contracts. For additional information concerning our future cash obligations see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operation — Summary Disclosures About Contractual Obligations and Commercial Commitments” in our Annual Report on Form 10-K for the year ended December 31, 2010.

With the exception of our new Credit Facility disclosed in Note 6 and the new employment agreement with our Chairman, President and CEO disclosed in Note 7, there have been no material changes to such contracts/commitments during the nine months ended September 30, 2011. We anticipate that our contractual cash obligations will be financed through funds generated from operations or additional borrowings under the Credit Facility, or a combination thereof.

Critical Accounting Policies and Estimates

Our consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States, which require us to make estimates, judgments and assumptions that affect the reported amounts of certain assets, liabilities, revenues, expenses and related disclosures and contingencies. We evaluate estimates used in preparation of our financial statements on a continual basis. There have been no significant changes to our critical accounting policies that are described in Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Critical Accounting Policies” in our Annual Report on Form 10-K for the year ended December 31, 2010.

Inflation

The impact of inflation on our operations has not been significant to date. There can be no assurance that a high rate of inflation in the future would not have an adverse effect on our operations.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Refer to “Item 7A. Quantitative and Qualitative Disclosures about Market Risk” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Market Risk and Risk Management Policies” in our Annual Report on Form 10-K for the year ended December 31, 2010 for a complete discussion of our market risk. There have been no material changes to the market risk information included in our 2010 Annual Report on Form 10-K.

Item 4. Controls and Procedures

As of the end of the period covered by this report, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to Rule 13a-15 of the Securities Exchange Act of 1934. Based upon that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures are effective to cause the material information required to be disclosed by the Company in the reports that it files or submits under the Securities Exchange Act of 1934 to be recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms. There were no changes in the Company’s internal controls over financial reporting during the quarter ended September 30, 2011, that have materially affected, or are reasonably likely to materially affect, the Company’s internal controls over financial reporting.

PART II — OTHER INFORMATION

Item 1. Legal Proceedings

We currently and from time to time are involved in litigation incidental to the conduct of our business. We are not a party to any lawsuit or proceeding which, in the opinion of management, is likely to have a material adverse effect on our financial position, cash flows or results of operations.

Item 6. Exhibits


31.1		Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2		Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32		Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 and Rule 13-14(b) of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS		XBRL Instance Document

101.SCH		XBRL Taxonomy Extension Schema Document

101.CAL		XBRL Taxonomy Calculation Linkbase Document

101.DEF		XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		XBRL Taxonomy Extension Label Linkbase Document

101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	SAGA COMMUNICATIONS, INC.
Date: November 9, 2011	/s/ SAMUEL D. BUSH
	Samuel D. Bush
	Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)



Date: November 9, 2011	/s/ CATHERINE A. BOBINSKI
	Catherine A. Bobinski
	Vice President, Corporate Controller and Chief Accounting Officer (Principal Accounting Officer)

EX-31.1 2 b87828exv31w1.htm EX-31.1 exv31w1

EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO RULE 13a-14(a)
AND RULE 15d-14(a) OF THE SECURITIES EXCHANGE ACT, AS AMENDED

I, Edward K. Christian, Chief Executive Officer of Saga Communications, Inc., certify that:

1.		I have reviewed this quarterly report on Form 10-Q of Saga Communications, Inc.;

2.		Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.		Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.		The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)), and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

	a)		designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)		designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)		evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d)		disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	a)		all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b)		any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.



Date: November 9, 2011	/s/ Edward K. Christian
	Edward K. Christian
	Chief Executive Officer

EX-31.2 3 b87828exv31w2.htm EX-31.2 exv31w2

EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO RULE 13a-14(a)
AND RULE 15d-14(a) OF THE SECURITIES EXCHANGE ACT, AS AMENDED

I, Samuel D. Bush, Chief Financial Officer of Saga Communications, Inc., certify that:

1.		I have reviewed this quarterly report on Form 10-Q of Saga Communications, Inc.;

2.		Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.		Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.		The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)), and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

	a)		designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)		designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)		evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d)		disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

	a)		all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b)		any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.



Date: November 9, 2011	/s/ Samuel D. Bush
	Samuel D. Bush
	Chief Financial Officer

EX-32 4 b87828exv32.htm EX-32 exv32

EXHIBIT 32

CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Saga Communications, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2011 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), we, Edward K. Christian, Chief Executive Officer of the Company, and Samuel D. Bush, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of our knowledge, that:

	1.		The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

	2.		The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.



Dated: November 9, 2011	/s/ Edward K. Christian
	Edward K. Christian
	Chief Executive Officer



Dated: November 9, 2011	/s/ Samuel D. Bush
	Samuel D. Bush
	Chief Financial Officer

EX-101.INS 5 sga-20110930.xml EX-101 INSTANCE DOCUMENT 0000886136 us-gaap:CommonClassBMember 2011-11-04 0000886136 us-gaap:CommonClassAMember 2011-11-04 0000886136 2010-06-30 0000886136 2011-09-30 0000886136 2010-12-31 0000886136 2011-07-01 2011-09-30 0000886136 2010-07-01 2010-09-30 0000886136 2011-01-01 2011-09-30 0000886136 2010-01-01 2010-09-30 0000886136 2009-12-31 0000886136 2010-09-30 iso4217:USD xbrli:shares xbrli:shares iso4217:USD SAGA COMMUNICATIONS INC 0000886136 --12-31 No No Yes Accelerated Filer 10-Q false 2011-09-30 Q3 2011 86943259

7547000

12197000

1007000

19481000

18985000

1466000

2002000

1762000

1377000

1048000

991000

31304000

36559000

162195000

158589000

97984000

93028000

64211000

65561000

90584000

6091000

7099000

96675000 97683000

192190000

199803000

1252000

1683000

6430000

5524000

2953000

3460000

1921000

1641000

4000000

6121000

16556000

18429000

11175000

7105000

72328000

89957000

3333000

4234000

103392000

119725000

53000

50609000

50298000

66726000

58200000

28590000

28473000

88798000

80078000

192190000

199803000

32494000

32810000

94385000

93684000

23553000

23629000

69912000

69346000

1965000

1741000

5854000

5520000

6976000

7440000

18619000

18818000

646000

1375000

2837000

4362000

1326000

-27000

-13000

3398000

6303000

6052000

14456000

17854000

2609000

2495000

5930000

7285000

3694000

3557000

8526000

10569000

0.87

0.84

2.01

2.50

0.87

0.84

2.01

2.50

4242000

4236000

4238000

4230000

4246000

4236000

4242000

4230000

19421000

19229000

4140000

3259000

1018000

3561000

2005000

-67000

-153000

-3055000

-1550000

111850000

15500000

92100000

1149000

1503000

117000

78000

-21016000

-17081000

-4650000

598000

12899000

13497000

<div align="left" style="font-family: 'Times New Roman',Times,serif">   <div align="center" style="font-size: 10pt; margin-top: 0pt"><b></b> </div> <div align="left"> </div> <div align="center" style="font-size: 10pt; margin-top: 0pt"><b></b> </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>1. Summary of Significant Accounting Policies</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     <b><i>Basis of Presentation</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for annual financial statements. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     In our opinion, the accompanying financial statements include all adjustments of a normal, recurring nature considered necessary for a fair presentation of our financial position as of September 30, 2011 and the results of operations for the three and nine months ended September 30, 2011 and 2010. Results of operations for the nine months ended September 30, 2011 are not necessarily indicative of the results that may be expected for the year ending December 31, 2011. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     For further information, refer to the consolidated financial statements and footnotes thereto included in the Saga Communications, Inc. Annual Report on Form 10-K for the year ended December 31, 2010. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The Company has evaluated events and transactions occurring subsequent to the balance sheet date of September 30, 2011, for items that should potentially be recognized in these financial statements or discussed within the notes to the financial statements. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     <b><i>Earnings Per Share Information</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The following table sets forth the computation of basic and diluted earnings per share: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Three Months Ended September 30,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Nine Months Ended September 30,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6"><b>(In thousands, except per share data)</b></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Numerator: </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Net income available to common stockholders </div></td> <td> </td> <td align="left">$</td> <td align="right">3,694</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">3,557</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">8,526</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">10,569</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:30px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Denominator: </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Denominator for basic earnings per share — weighted average shares </div></td> <td> </td> <td> </td> <td align="right">4,242</td> <td> </td> <td> </td> <td> </td> <td align="right">4,236</td> <td> </td> <td> </td> <td> </td> <td align="right">4238</td> <td> </td> <td> </td> <td> </td> <td align="right">4,230</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Effect of dilutive securities </div></td> <td> </td> <td> </td> <td align="right">4</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">4</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:30px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions </div></td> <td> </td> <td> </td> <td align="right">4,246</td> <td> </td> <td> </td> <td> </td> <td align="right">4,236</td> <td> </td> <td> </td> <td> </td> <td align="right">4,242</td> <td> </td> <td> </td> <td> </td> <td align="right">4,230</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:30px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Basic earnings per share </div></td> <td> </td> <td align="left">$</td> <td align="right">.87</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">.84</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2.01</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2.50</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:30px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Diluted earnings per share </div></td> <td> </td> <td align="left">$</td> <td align="right">.87</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">.84</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2.01</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2.50</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:30px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The number of stock options outstanding that had an antidilutive effect on our earnings per share calculation, and therefore have been excluded from diluted earnings per share calculation, was 228,000 for the three and nine months ended September 30, 2011 and 336,000 for the three and nine months ended September 30, 2010. The actual effect of these shares, if any, on the diluted earnings per share calculation will vary significantly depending on the fluctuation in the stock price. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="center" style="font-size: 10pt; margin-top: 0pt"> <b> </b> </div> <div align="center" style="font-size: 10pt; margin-top: 0pt"> <b> </b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     <b><i>Fair Value of Financial Instruments</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     Short-term investments, which include certificates of deposit, approximate fair value due to their short maturities. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     <b><i>Income Taxes</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     Our effective tax rate is higher than the federal statutory rate as a result of the inclusion of state taxes in the income tax amount. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     <b><i>Time Brokerage Agreements</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     We have entered into Time Brokerage Agreements (“TBAs”) or Local Marketing Agreements (“LMA’s”) in certain markets. In a typical TBA/LMA, the FCC licensee of a station makes available, for a fee, blocks of air time on its station to another party that supplies programming to be broadcast during that air time and sells their own commercial advertising announcements during the time periods specified. Revenue and expenses related to TBA’s/LMA’s are included in the accompanying unaudited Condensed Consolidated Statements of Income. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>2. Recent Accounting Pronouncements</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     In October 2009, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2009-13, which addresses the accounting for multiple-deliverable revenue arrangements to enable vendors to account for products or services (deliverables) separately rather than as a combined unit, and provides guidance regarding how to measure and allocate arrangement consideration to one or more units of accounting. This guidance was effective on January 1, 2011 and adoption did not have a material impact on our consolidated financial statements. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     In January 2010, the FASB issued new guidance for fair value measurements and disclosures which requires a reporting entity to disclose separately the amounts of significant transfers in and out of Level 1 and 2 fair value measurements and describe the reasons for the transfers. The guidance also requires a reporting entity to present separately information about purchases, sales, issuances, and settlements in the reconciliation for fair value measurements using significant unobservable inputs (Level 3). The guidance was effective on January 1, 2010, except for disclosures about purchases, sales, issuances, and settlements in the roll forward of activity in Level 3 fair value measurements, which was effective for the Company on January 1, 2011. The guidance adopted on January 1, 2011 did not have a material impact on our consolidated financial statements. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="center" style="font-size: 10pt; margin-top: 0pt"> <b> </b> </div> <div align="center" style="font-size: 10pt; margin-top: 0pt"> <b> </b> </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>3. Intangible Assets</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     We evaluate our FCC licenses for impairment annually as of October 1<sup style="font-size: 85%; vertical-align: text-top">st</sup> or more frequently if events or circumstances indicate that the asset might be impaired. FCC licenses are evaluated for impairment at the market level using a direct method. If the carrying amount of FCC licenses is greater than their estimated fair value in a given market, the carrying amount of FCC licenses in that market is reduced to its estimated fair value. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     Intangible assets that have finite lives are amortized over their useful lives using the straight-line method. Favorable lease agreements are amortized over the lives of the leases ranging from 4 to 26 years. Other intangibles are amortized over one to eleven years. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>4. Common Stock and Treasury Stock</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The following summarizes information relating to the number of shares of our common stock issued in connection with stock transactions through September 30, 2011: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="76%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Common Stock Issued</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Class A</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Class B</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6"><b>(Shares in thousands)</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Balance, January 1, 2010 </div></td> <td> </td> <td> </td> <td align="right">4,771</td> <td> </td> <td> </td> <td> </td> <td align="right">599</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Conversion of shares </div></td> <td> </td> <td> </td> <td align="right">1</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1 </td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Forfeiture of restricted stock </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(2</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Balance, December 31, 2010 </div></td> <td> </td> <td> </td> <td align="right">4,770</td> <td> </td> <td> </td> <td> </td> <td align="right">598</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Conversion of shares </div></td> <td> </td> <td> </td> <td align="right">1</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1 </td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Balance, September 30, 2011 </div></td> <td> </td> <td> </td> <td align="right">4,771</td> <td> </td> <td> </td> <td> </td> <td align="right">597</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     We have a Stock Buy-Back Program (the “Buy-Back Program”) to allow us to purchase up to $60,000,000 of our Class A Common Stock. From its inception in 1998 through September 30, 2011, we have repurchased 1,391,586 shares of our Class A Common Stock for approximately $45,680,000. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>5. Stock-Based Compensation</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     <b><i>2005 Incentive Compensation Plan</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     On May 10, 2010, our stockholders approved the Amended and Restated 2005 Incentive Compensation Plan (the “2005 Plan”) which replaced our 2003 Stock Option Plan (the “2003 Plan”) as to future grants. The 2005 Plan extends through March 2015 and allows for the granting of restricted stock, restricted stock units, incentive stock options, nonqualified stock options, and performance awards to officers and a selected number of employees. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     <b><i>Stock-Based Compensation</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     Compensation expense of approximately $34,000 and $163,000, respectively, and related tax benefits of $14,000 and $67,000, respectively, were recognized for the three and nine months ended September 30, 2011. For the three and nine months ended September 30, 2010, the Company recognized compensation expense of approximately $113,000 and $439,000, respectively, and related tax benefits of $47,000 and $180,000, respectively. Compensation expense is reported in corporate general and administrative expenses in our results of operations. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="center" style="font-size: 10pt; margin-top: 0pt"> <b> </b> </div> <div align="center" style="font-size: 10pt; margin-top: 0pt"> <b> </b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The following summarizes the stock option transactions for the 2005 and 2003 Plans and the 1992 Stock Option Plan (the “1992 Plan”) for the nine months ended September 30, 2011: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Weighted Average</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Remaining</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Aggregate</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Number of</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Weighted Average</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Contractual Term</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Intrinsic</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Options</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Exercise Price</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>(Years)</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Value</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Outstanding at January 1, 2011 </div></td> <td> </td> <td> </td> <td align="right">293,993</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">51.70</td> <td> </td> <td> </td> <td> </td> <td align="right">3.9</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Granted </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Exercised </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Expired </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(65,916</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">58.10</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Forfeited </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(282</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">37.96</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Outstanding at September 30, 2011 </div></td> <td> </td> <td> </td> <td align="right">227,795</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">49.86</td> <td> </td> <td> </td> <td> </td> <td align="right">3.9</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Exercisable at September 30, 2011 </div></td> <td> </td> <td> </td> <td align="right">220,785</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">50.24</td> <td> </td> <td> </td> <td> </td> <td align="right">3.8</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The following summarizes the non-vested stock option transactions for the 2005, 2003 and 1992 Plans for the nine months ended September 30, 2011: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="76%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Weighted Average</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Number of</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Grant Date Fair</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Options</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Value</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Non-vested at January 1, 2011 </div></td> <td> </td> <td> </td> <td align="right">35,155</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">18.51</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Granted </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Vested </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(27,863</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">18.30</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Forfeited/canceled </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(282</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">19.30</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Non-vested at September 30, 2011 </div></td> <td> </td> <td> </td> <td align="right">7,010</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">19.30</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The following summarizes the restricted stock transactions for the nine months ended September 30, 2011: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="76%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Weighted</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Average</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Grant Date</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Shares</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Fair Value</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Outstanding at January 1, 2011 </div></td> <td> </td> <td> </td> <td align="right">21,120</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">28.73</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Granted </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Vested </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(10,632</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">31.28</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Forfeited </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(463</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">25.87</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Non-vested and outstanding at September 30, 2011 </div></td> <td> </td> <td> </td> <td align="right">10,025</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">26.15</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     For the three and nine months ended September 30, 2011 and the three and nine months ended September 30, 2010, we had approximately $40,000, $148,000, $74,000 and $276,000, respectively, of total compensation expense related to restricted stock-based compensation arrangements. The associated tax benefit recognized for the three and nine months ended September 30, 2011 and the three and nine months ended September 30, 2010 was approximately $17,000, $61,000, $31,000 and $113,000, respectively. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="center" style="font-size: 10pt; margin-top: 0pt"> <b> </b> </div> <div align="center" style="font-size: 10pt; margin-top: 0pt"> <b> </b> </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>6. Long-Term Debt</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     Long-term debt consisted of the following: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="76%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 30,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>December 31,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6"><b>(In thousands)</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Credit Agreement: </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Term loan </div></td> <td> </td> <td align="left">$</td> <td align="right">59,250</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Revolving credit facility </div></td> <td> </td> <td> </td> <td align="right">16,000</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Reducing revolver facility </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">95,000</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Secured debt of affiliate </div></td> <td> </td> <td> </td> <td align="right">1,078</td> <td> </td> <td> </td> <td> </td> <td align="right">1,078</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:30px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td align="right">76,328</td> <td> </td> <td> </td> <td> </td> <td align="right">96,078</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Amounts payable within one year </div></td> <td> </td> <td> </td> <td align="right">4,000</td> <td> </td> <td> </td> <td> </td> <td align="right">6,121</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:30px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td align="left">$</td> <td align="right">72,328</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">89,957</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:30px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     Future maturities of long-term debt are as follows: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="88%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 0px solid #000000"><b><u>Year Ending December 31,</u></b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>(In thousands)</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">2011 </div></td> <td> </td> <td align="left">$</td> <td align="right">1,750</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">2012 </div></td> <td> </td> <td> </td> <td align="right">3,000</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">2013 </div></td> <td> </td> <td> </td> <td align="right">3,000</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">2014 </div></td> <td> </td> <td> </td> <td align="right">4,078</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">2015 </div></td> <td> </td> <td> </td> <td align="right">3,000</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Thereafter </div></td> <td> </td> <td> </td> <td align="right">61,500</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:30px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td align="left">$</td> <td align="right">76,328</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:30px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     On June 13, 2011, we entered into a new $120 million credit facility (the “Credit Facility”) with a group of banks, to refinance our outstanding debt under the credit agreement in place at March 31, 2011 (the “Old Credit Agreement”). The Credit Facility consists of a $60 million term loan (the “Term Loan”) and a $60 million revolving loan (the “Revolving Credit Facility”) and matures on June 13, 2016. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     We have pledged substantially all of our assets (excluding our FCC licenses and certain other assets) in support of the Credit Facility and each of our subsidiaries has guaranteed the Credit Facility and has pledged substantially all of their assets (excluding their FCC licenses and certain other assets) in support of the Credit Facility. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     We wrote-off unamortized debt issuance costs relating to the Old Credit Agreement of approximately $1.3 million, pre-tax, due to this refinancing during the quarter ended June 30, 2011. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The proceeds from the Credit Facility were used to refinance our Old Credit Agreement and pay transactional fees. The unused portion of the Revolving Credit Facility is available for general corporate purposes, including working capital, capital expenditures, permitted acquisitions and related transaction expenses and permitted stock buybacks. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The Term Loan principal amortizes in equal installments of 5% of the Term Loan during each year, however, upon satisfaction of certain conditions, as defined in the Credit Facility, no amortization payment is required. The Credit Facility is also subject to mandatory prepayment requirements, including but not limited to, certain sales of assets, certain insurance proceeds, certain debt issuances and certain sales of equity. Optional prepayments of the Credit Facility are permitted without any premium or penalty, other than certain costs and expenses. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="center" style="font-size: 10pt; margin-top: 0pt"> <b> </b> </div> <div align="center" style="font-size: 10pt; margin-top: 0pt"> <b> </b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     Interest rates under the Credit Facility are payable, at our option, at alternatives equal to LIBOR plus 1.50% to 2.75% or the base rate plus 0.50% to 1.75%. The spread over LIBOR and the base rate vary from time to time, depending upon our financial leverage. We also pay quarterly commitment fees of 0.25% to 0.375% per annum on the unused portion of the Revolving Credit Facility. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The Credit Facility contains a number of financial covenants (all of which we were in compliance with at September 30, 2011) which, among other things, require us to maintain specified financial ratios and impose certain limitation on us with respect to investments, additional indebtedness, dividends, distributions, guarantees, liens and encumbrances. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     We had approximately $44.0 million of unused borrowing capacity under the Revolving Credit Facility at September 30, 2011. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     Our Old Credit Agreement was a revolving line of credit maturing on July 29, 2012. Our indebtedness under the Old Credit Agreement was secured by a first priority lien on substantially all of our assets and of our subsidiaries, by a pledge of our subsidiaries’ stock and by a guarantee of our subsidiaries. The Old Credit Agreement was used for general corporate purposes, including working capital and capital expenditures. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     Interest rates under the Old Credit Agreement were payable, at our option, at alternatives equal to LIBOR at the reset date (0.3125% at December 31, 2010) plus 3.00% to 4.25% or the Agent bank’s base rate plus 2.00% to 3.25%. The spread over LIBOR and the base rate vary from time to time, depending upon our financial leverage. We were also required to pay quarterly commitment fees of 0.375% to 0.625% per annum on the unused portion of the Old Credit Agreement. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     In June 2011, approximately $1.1 million of secured debt of an affiliate was amended to extend the maturity date to May 2014. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>7. Related Party Transactions</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     <b><i>Principal Stockholder Employment Agreement</i></b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     In June 2011, we entered into a new employment agreement with Edward K. Christian, Chairman, President and CEO, which became effective as of June 1, 2011, and replaces and supersedes his prior employment agreement. The new employment agreement terminates on March 31, 2018. The agreement provides for an annual base salary of $860,000 (subject to annual increases on each anniversary date not less than the greater of 3% or a defined cost of living increase). Mr. Christian may defer any or all of his annual salary. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     Under the agreement, Mr. Christian is eligible for discretionary and performance bonuses, stock options and/or stock grants in amounts determined by the Compensation Committee and will continue to participate in the Company’s benefit plans. The Company will maintain insurance policies, will furnish an automobile, will pay for an executive medical plan and will maintain an office for Mr. Christian at its principal executive offices and in Sarasota County, Florida. The agreement provides certain payments to Mr. Christian in the event of his disability, death or a change in control. Upon a change in control, Mr. Christian may terminate his employment. The agreement also provides generally that, upon a change in control, the Company will pay Mr. Christian an amount equal to 2.99 times the average of his total annual salary and bonuses for each of the three immediately preceding periods of twelve consecutive months, plus an additional amount for tax liabilities related to the payment. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     In addition, if Mr. Christian’s employment is terminated for any reason, other than for cause, the Company will continue to provide health insurance and medical reimbursement and maintain existing life insurance policies for a period of ten years, and the current split dollar life insurance policy shall be transferred to Mr. Christian and his wife, and the Company shall reimburse Mr. Christian for any tax consequences of such transfer. The agreement contains a covenant not to compete restricting Mr. Christian from competing with the Company in any of its markets if he voluntarily terminates his employment with the Company or is terminated for cause, for a three year period thereafter. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="center" style="font-size: 10pt; margin-top: 0pt"> <b> </b> </div> <div align="center" style="font-size: 10pt; margin-top: 0pt"> <b> </b> </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>8. Segment Information</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     We evaluate the operating performance of our markets individually. For purposes of business segment reporting, we have aligned operations with similar characteristics into two business segments: Radio and Television. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The Radio segment includes twenty-three markets, which includes all ninety-one of our radio stations and five radio information networks. The Television segment includes three markets and consists of five television stations and four low power television (“LPTV”) stations. The Radio and Television segments derive their revenue from the sale of commercial broadcast inventory. The category “Corporate general and administrative” represents the income and expense not allocated to reportable segments. </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Corporate</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Radio</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Television</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>and Other</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Consolidated</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="14"><b>(In thousands)</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><b>Three Months Ended September 30, 2011:</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Net operating revenue </div></td> <td> </td> <td align="left">$</td> <td align="right">27,885</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">4,609</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">32,494</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Station operating expense </div></td> <td> </td> <td> </td> <td align="right">20,029</td> <td> </td> <td> </td> <td> </td> <td align="right">3,524</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">23,553</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Corporate general and administrative </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">1,965</td> <td> </td> <td> </td> <td> </td> <td align="right">1,965</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Operating income (loss) </div></td> <td> </td> <td align="left">$</td> <td align="right">7,856</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1,085</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(1,965</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">6,976</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Depreciation and amortization </div></td> <td> </td> <td align="left">$</td> <td align="right">1,385</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">441</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">60</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1,886</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Corporate</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Radio</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Television</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>and Other</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Consolidated</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="14"><b>(In thousands)</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><b>Three Months Ended September 30, 2010:</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Net operating revenue </div></td> <td> </td> <td align="left">$</td> <td align="right">28,089</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">4,721</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">32,810</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Station operating expense </div></td> <td> </td> <td> </td> <td align="right">20,134</td> <td> </td> <td> </td> <td> </td> <td align="right">3,495</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">23,629</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Corporate general and administrative </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">1,741</td> <td> </td> <td> </td> <td> </td> <td align="right">1,741</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Operating income (loss) </div></td> <td> </td> <td align="left">$</td> <td align="right">7,955</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1,226</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(1,741</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">7,440</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Depreciation and amortization </div></td> <td> </td> <td align="left">$</td> <td align="right">1,447</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">438</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">57</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1,942</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Corporate</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Radio</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Television</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>and Other</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Consolidated</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="14"><b>(In thousands)</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><b>Nine Months Ended September 30, 2011:</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Net operating revenue </div></td> <td> </td> <td align="left">$</td> <td align="right">81,002</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">13,383</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">94,385</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Station operating expense </div></td> <td> </td> <td> </td> <td align="right">59,311</td> <td> </td> <td> </td> <td> </td> <td align="right">10,601</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">69,912</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Corporate general and administrative </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">5,854</td> <td> </td> <td> </td> <td> </td> <td align="right">5,854</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Operating income (loss) </div></td> <td> </td> <td align="left">$</td> <td align="right">21,691</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2,782</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(5,854</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">18,619</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Depreciation and amortization </div></td> <td> </td> <td align="left">$</td> <td align="right">4,072</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1,267</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">173</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">5,512</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Total assets </div></td> <td> </td> <td align="left">$</td> <td align="right">150,581</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">26,910</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">14,699</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">192,190</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Corporate</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Radio</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Television</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>and Other</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Consolidated</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="14"><b>(In thousands)</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><b>Nine Months Ended September 30, 2010:</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Net operating revenue </div></td> <td> </td> <td align="left">$</td> <td align="right">80,894</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">12,790</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">93,684</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Station operating expense </div></td> <td> </td> <td> </td> <td align="right">59,184</td> <td> </td> <td> </td> <td> </td> <td align="right">10,162</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">69,346</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Corporate general and administrative </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">5,520</td> <td> </td> <td> </td> <td> </td> <td align="right">5,520</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Operating income (loss) </div></td> <td> </td> <td align="left">$</td> <td align="right">21,710</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2,628</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(5,520</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">18,818</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Depreciation and amortization </div></td> <td> </td> <td align="left">$</td> <td align="right">4,312</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1,271</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">163</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">5,746</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Total assets </div></td> <td> </td> <td align="left">$</td> <td align="right">152,136</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">26,806</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">23,778</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">202,720</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> </div>

3654488 597859

EX-101.SCH 6 sga-20110930.xsd EX-101 SCHEMA DOCUMENT 00 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 0110 - Statement - Condensed Consolidated Balance Sheets link:presentationLink link:definitionLink link:calculationLink 0120 - Statement - Condensed Consolidated Statements of Income (Unaudited) link:presentationLink link:definitionLink link:calculationLink 0130 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) link:presentationLink link:definitionLink link:calculationLink 0201 - Disclosure - Summary of Significant Accounting Policies link:presentationLink link:definitionLink link:calculationLink 0202 - Disclosure - Recent Accounting Pronouncements link:presentationLink link:definitionLink link:calculationLink 0203 - Disclosure - Intangible Assets link:presentationLink link:definitionLink link:calculationLink 0204 - Disclosure - Common Stock and Treasury Stock link:presentationLink link:definitionLink link:calculationLink 0205 - Disclosure - Stock-Based Compensation link:presentationLink link:definitionLink link:calculationLink 0206 - Disclosure - Long-Term Debt link:presentationLink link:definitionLink link:calculationLink 0207 - Disclosure - Related Party Transactions link:presentationLink link:definitionLink link:calculationLink 0208 - Disclosure - Segment Information link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 7 sga-20110930_cal.xml EX-101 CALCULATION LINKBASE DOCUMENT EX-101.LAB 8 sga-20110930_lab.xml EX-101 LABELS LINKBASE DOCUMENT Document and Entity Information [Abstract] Assets Assets [Abstract] Current assets: Assets, Current [Abstract] Cash and cash equivalents Cash and Cash Equivalents, at Carrying Value Short-term investments Short-term Investments Accounts receivable, net Accounts Receivable, Net, Current Prepaid expenses and other current assets Prepaid Expense and Other Assets, Current Barter transactions Contracts Receivable Deferred income taxes Deferred Tax Assets, Net, Current Total current assets Assets, Current, Total Total current assets Property and equipment Property, Plant and Equipment, Gross Less accumulated depreciation Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Net property and equipment Property, Plant and Equipment, Net Net property and equipment Other assets: Other Assets, Noncurrent [Abstract] Broadcast licenses, net Indefinite-Lived License Agreements Other intangibles, deferred costs and investments, net Other Assets, Noncurrent Assets Other Total other assets Total other assets Total other assets Total other assets Assets Total assets Liabilities and stockholders' equity Liabilities and Equity [Abstract] Current liabilities: Liabilities, Current [Abstract] Accounts payable Accounts Payable, Current Payroll and payroll taxes Employee-related Liabilities, Current Other accrued expenses Accrued Liabilities, Current Barter transactions Deferred Revenue, Current Current portion of long-term debt Long-term Debt, Current Maturities Total current liabilities Liabilities, Current, Total Total current liabilities Deferred income taxes Deferred Tax Liabilities, Noncurrent Long-term debt Long-term Debt, Excluding Current Maturities Other liabilities Other Liabilities, Noncurrent Total liabilities Liabilities, Total Total liabilities Commitments and contingencies Commitments and Contingencies Stockholders' equity Stockholders' Equity Attributable to Parent [Abstract] Common stock Common Stock, Value, Issued Additional paid-in capital Additional Paid in Capital, Common Stock Retained earnings Retained Earnings (Accumulated Deficit) Treasury stock Treasury Stock, Value Treasury stock Total stockholders' equity Stockholders' Equity Attributable to Parent, Total Total stockholders' equity Total stockholders' equity Liabilities and Equity Total liabilities and stockholders' equity Net operating revenue Revenue, Net Station operating expense Direct Operating Costs Corporate general and administrative General and Administrative Expense Operating income Operating Income (Loss) Operating income Other expenses, net: Nonoperating Income (Expense) [Abstract] Interest expense Interest Expense Write-off revolving credit facility debt issuance costs Write off of Deferred Debt Issuance Cost Other (income) expense, net Other Nonoperating Income (Expense) Other (income) expense, net Income before income tax Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest Income before income tax Income tax provision Income Tax Expense (Benefit) Net income Net Income (Loss) Attributable to Parent Net income Earnings per share Earnings Per Share [Abstract] Basic Earnings Per Share, Basic Diluted Earnings Per Share, Diluted Weighted average common shares Weighted Average Number of Shares Outstanding, Basic Weighted average common and common equivalent shares Weighted Average Number of Shares Outstanding, Diluted Cash flows from operating activities: Net Cash Provided by (Used in) Operating Activities [Abstract] Cash provided by operating activities Net Cash Provided by (Used in) Operating Activities Cash flows from investing activities: Net Cash Provided by (Used in) Investing Activities [Abstract] Acquisition of property and equipment Payments to Acquire Property, Plant, and Equipment Acquisition of property and equipment Proceeds from sale of short-term investments Proceeds from Sale of Short-term Investments Proceeds from license downgrade Proceeds from Sale of Intangible Assets Purchases of short-term investments Payments to Acquire Short-term Investments Purchases of short-term investments Other investing activities Payments for (Proceeds from) Other Investing Activities Other investing activities Net cash used in investing activities Net Cash Provided by (Used in) Investing Activities Net cash used in investing activities Cash flows from financing activities: Net Cash Provided by (Used in) Financing Activities [Abstract] Payments on long-term debt Repayments of Long-term Debt Payments on long-term debt Proceeds from long-term debt Proceeds from Issuance of Long-term Debt Payments for debt issuance costs Payments of Debt Issuance Costs Payments for debt issuance costs Purchase of shares held in treasury Payments for Repurchase of Common Stock Purchase of shares held in treasury Net cash used in financing activities Net Cash Provided by (Used in) Financing Activities Net cash used in financing activities Net (decrease) increase in cash and cash equivalents Cash and Cash Equivalents, Period Increase (Decrease) Net (decrease) increase in cash and cash equivalents Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period Summary of Significant Accounting Policies Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] Summary of Significant Accounting Policies [Abstract] Summary of Significant Accounting Policies [Abstract] Recent Accounting Pronouncements Description of New Accounting Pronouncements Not yet Adopted [Text Block] Recent Accounting Pronouncements [Abstract] Recent Accounting Pronouncements [Abstract] Intangible Assets Intangible Assets Disclosure [Text Block] Intangible Assets [Abstract] Intangible Assets [Abstract] Common Stock and Treasury Stock Stockholders' Equity Note Disclosure [Text Block] Common Stock and Treasury Stock [Abstract] Common Stock and Treasury Stock [Abstract] Stock-Based Compensation Disclosure of Compensation Related Costs, Share-based Payments [Text Block] Stock-Based Compensation [Abstract] Stock-Based Compensation [Abstract] Long-Term Debt Debt Disclosure [Text Block] Long-Term Debt [Abstract] Long-Term Debt [Abstract] Related Party Transactions Related Party Transactions Disclosure [Text Block] Related Party Transactions [Abstract] Related Party Transactions [Abstract] Segment Information Segment Reporting Disclosure [Text Block] Segment Information [Abstract] Segment Information [Abstract] Amendment Flag Current Fiscal Year End Date Document Period End Date Document Type Entity Central Index Key Entity Common Stock, Shares Outstanding Entity Current Reporting Status Entity Filer Category Entity Registrant Name Entity Voluntary Filers Entity Well-known Seasoned Issuer Entity Public Float Document Fiscal Period Focus Document Fiscal Year Focus Condensed Consolidated Balance Sheets [Abstract] Condensed Consolidated Statements of Income [Abstract] Condensed Consolidated Statements of Cash Flows [Abstract] Statement [Table] Class of Stock [Axis] Class of Stock [Domain] Common Stock [Member] Common Class A [Member] Common Class B [Member] Statement [Line Items] EX-101.PRE 9 sga-20110930_pre.xml EX-101 PRESENTATION LINKBASE DOCUMENT EX-101.DEF 10 sga-20110930_def.xml EX-101 DEFINITION LINKBASE DOCUMENT XML 11 R3.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Income (Unaudited) (USD $) In Thousands, except Per Share data	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Condensed Consolidated Statements of Income [Abstract]
Net operating revenue	$ 32,494	$ 32,810	$ 94,385	$ 93,684
Station operating expense	23,553	23,629	69,912	69,346
Corporate general and administrative	1,965	1,741	5,854	5,520
Operating income	6,976	7,440	18,619	18,818
Other expenses, net:
Interest expense	646	1,375	2,837	4,362
Write-off revolving credit facility debt issuance costs			1,326
Other (income) expense, net	27	13		(3,398)
Income before income tax	6,303	6,052	14,456	17,854
Income tax provision	2,609	2,495	5,930	7,285
Net income	$ 3,694	$ 3,557	$ 8,526	$ 10,569
Earnings per share
Basic	$ 0.87	$ 0.84	$ 2.01	$ 2.50
Diluted	$ 0.87	$ 0.84	$ 2.01	$ 2.50
Weighted average common shares	4,242	4,236	4,238	4,230
Weighted average common and common equivalent shares	4,246	4,236	4,242	4,230

XML 12 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010
Cash flows from operating activities:
Cash provided by operating activities	$ 19,421	$ 19,229
Cash flows from investing activities:
Acquisition of property and equipment	(4,140)	(3,259)
Proceeds from sale of short-term investments	1,018
Proceeds from license downgrade		3,561
Purchases of short-term investments		(2,005)
Other investing activities	67	153
Net cash used in investing activities	(3,055)	(1,550)
Cash flows from financing activities:
Payments on long-term debt	(111,850)	(15,500)
Proceeds from long-term debt	92,100
Payments for debt issuance costs	(1,149)	(1,503)
Purchase of shares held in treasury	(117)	(78)
Net cash used in financing activities	(21,016)	(17,081)
Net (decrease) increase in cash and cash equivalents	(4,650)	598
Cash and cash equivalents, beginning of period	12,197	12,899
Cash and cash equivalents, end of period	$ 7,547	$ 13,497

XML 13 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information (USD $)	9 Months Ended
Document and Entity Information (USD $)	Sep. 30, 2011	Jun. 30, 2010	Nov. 04, 2011 Common Class A [Member]	Nov. 04, 2011 Common Class B [Member]
Entity Registrant Name	SAGA COMMUNICATIONS INC
Entity Central Index Key	0000886136
Document Type	10-Q
Document Period End Date	Sep. 30, 2011
Amendment Flag	false
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float		$ 86,943,259
Entity Common Stock, Shares Outstanding			3,654,488	597,859

XML 14 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.1.0.1 * */ var moreDialog = null; var Show = { Default:'raw', more:function( obj ){ var bClosed = false; if( moreDialog != null ) { try { bClosed = moreDialog.closed; } catch(e) { //Per article at http://support.microsoft.com/kb/244375 there is a problem with the WebBrowser control // that somtimes causes it to throw when checking the closed property on a child window that has been //closed. So if the exception occurs we assume the window is closed and move on from there. bClosed = true; } if( !bClosed ){ moreDialog.close(); } } obj = obj.parentNode.getElementsByTagName( 'pre' )[0]; var hasHtmlTag = false; var objHtml = ''; var raw = ''; //Check for raw HTML var nodes = obj.getElementsByTagName( '*' ); if( nodes.length ){ objHtml = obj.innerHTML; }else{ if( obj.innerText ){ raw = obj.innerText; }else{ raw = obj.textContent; } var matches = raw.match( /<\/?[a-zA-Z]{1}\w*[^>]*>/g ); if( matches && matches.length ){ objHtml = raw; //If there is an html node it will be 1st or 2nd, // but we can check a little further. var n = Math.min( 5, matches.length ); for( var i = 0; i < n; i++ ){ var el = matches[ i ].toString().toLowerCase(); if( el.indexOf( '= 0 ){ hasHtmlTag = true; break; } } } } if( objHtml.length ){ var html = ''; if( hasHtmlTag ){ html = objHtml; }else{ html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ objHtml + "\n"+''+ "\n"+''; } moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write( html ); moreDialog.document.close(); if( !hasHtmlTag ){ moreDialog.document.body.style.margin = '0.5em'; } } else { //default view logic var lines = raw.split( "\n" ); var longest = 0; if( lines.length > 0 ){ for( var p = 0; p < lines.length; p++ ){ longest = Math.max( longest, lines[p].length ); } } //Decide on the default view this.Default = longest < 120 ? 'raw' : 'formatted'; //Build formatted view var text = raw.split( "\n\n" ) >= raw.split( "\r\n\r\n" ) ? raw.split( "\n\n" ) : raw.split( "\r\n\r\n" ) ; var formatted = ''; if( text.length > 0 ){ if( text.length == 1 ){ text = raw.split( "\n" ) >= raw.split( "\r\n" ) ? raw.split( "\n" ) : raw.split( "\r\n" ) ; formatted = "

"+ text.join( "

\n" ) +"

"; }else{ for( var p = 0; p < text.length; p++ ){ formatted += "

" + text[p] + "

\n"; } } }else{ formatted = '

' + raw + '

'; } html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+'

'+ "\n"+' formatted: '+ ( this.Default == 'raw' ? 'as Filed' : 'with Text Wrapped' ) +''+ "\n"+'

'+ "\n"+' '+ "\n"+'

'+ "\n"+'

'+raw+'

'+ "\n"+'

'+ "\n"+''+ "\n"+''; moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write(html); moreDialog.document.close(); this.toggle( moreDialog ); } moreDialog.document.title = 'Report Preview Details'; }, toggle:function( win, domLink ){ var domId = this.Default; var doc = win.document; var domEl = doc.getElementById( domId ); domEl.style.display = 'block'; this.Default = domId == 'raw' ? 'formatted' : 'raw'; if( domLink ){ domLink.innerHTML = this.Default == 'raw' ? 'with Text Wrapped' : 'as Filed'; } var domElOpposite = doc.getElementById( this.Default ); domElOpposite.style.display = 'none'; }, LastAR : null, showAR : function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }, toggleNext : function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }, hideAR : function(){ Show.LastAR.style.display = 'none'; } } XML 15 R12.htm IDEA: XBRL DOCUMENT

Segment Information

9 Months Ended

Sep. 30, 2011

Segment Information [Abstract]

Segment Information

8. Segment Information


					Corporate
	Radio		Television		and Other			Consolidated
	(In thousands)
Three Months Ended September 30, 2011:
Net operating revenue	$	27,885	$	4,609	$	—		$	32,494
Station operating expense		20,029		3,524		—			23,553
Corporate general and administrative		—		—		1,965			1,965

Operating income (loss)	$	7,856	$	1,085	$	(1,965	)	$	6,976

Depreciation and amortization	$	1,385	$	441	$	60		$	1,886


					Corporate
	Radio		Television		and Other			Consolidated
	(In thousands)
Three Months Ended September 30, 2010:
Net operating revenue	$	28,089	$	4,721	$	—		$	32,810
Station operating expense		20,134		3,495		—			23,629
Corporate general and administrative		—		—		1,741			1,741

Operating income (loss)	$	7,955	$	1,226	$	(1,741	)	$	7,440

Depreciation and amortization	$	1,447	$	438	$	57		$	1,942


					Corporate
	Radio		Television		and Other			Consolidated
	(In thousands)
Nine Months Ended September 30, 2011:
Net operating revenue	$	81,002	$	13,383	$	—		$	94,385
Station operating expense		59,311		10,601		—			69,912
Corporate general and administrative		—		—		5,854			5,854

Operating income (loss)	$	21,691	$	2,782	$	(5,854	)	$	18,619

Depreciation and amortization	$	4,072	$	1,267	$	173		$	5,512

Total assets	$	150,581	$	26,910	$	14,699		$	192,190


					Corporate
	Radio		Television		and Other			Consolidated
	(In thousands)
Nine Months Ended September 30, 2010:
Net operating revenue	$	80,894	$	12,790	$	—		$	93,684
Station operating expense		59,184		10,162		—			69,346
Corporate general and administrative		—		—		5,520			5,520

Operating income (loss)	$	21,710	$	2,628	$	(5,520	)	$	18,818

Depreciation and amortization	$	4,312	$	1,271	$	163		$	5,746

Total assets	$	152,136	$	26,806	$	23,778		$	202,720

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 33

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 34

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 29

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 35

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 41

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 32

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 131

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 30

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 26

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 40

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 42

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 31

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

+ Details

ZIP 16 0000950123-11-096894-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0000950123-11-096894-xbrl.zip M4$L#!!0````(`.=F:3_V+Z.7&C4``&^@`@`0`!P``L``00E#@``!#D!``#L76UWHSBR_G[/N?]!UW-W M=^:<.`;\GD[W'L=)9G(G;QNGMV<^]5%`MK4-B.4EB>?7WRJ!;<#88!NGG1WW MATX"HNJI4JE4)43I].^OEDF>F>MQ87^LJ,=*A3!;%P:W1Q\K@5>EGLYYY>^? M_ON_3O^G6B6_G3UCO'R ML7!'-4U1ZC5N>SZU=58)6YZ8W/ZVHCG>?@)^T^:O"^U?ZK*UVNUV:_+NM*DW MHK.&'AU175A68'.=^J`K[QC^!!:JJG3KRO01[HF&IK97P0];3!\`#8\H=68/ M#*GW)!M'-R2'JJ)6Z^I,`J#'UU`0WC7F#\0;MVKAS6E3@Z7:>4P_'HGG&MS( M0N+Q+$T"8;7VV\WU0!\SBU9G>*"+"3E%#9]X\M8#&Q*I\1-_XK"/%8];CHFX MY;6QRX9P;42K4RT?OWI&A=1".FA(?6'[[-4G`Z9CGX1F!/?TZ#HW/E;.J(G< M>][=\&OC5CPCL:]]Z$IA?^V;U/.^GGV]8=83Y/HK_@;V[@E2%G M+I'`64+JJ8[Z5[]6/BGPK]-IJ?76:6W^V)R4QT867)U=@$MA%YRP5\?D.O=# M+,3@T"X^5>Y=.T22B7O'\6$CJM9=*?(ZHE M(9W6$M*?.LSEPHCI0O:F_TE:`QI$X[0VO3:E$'OFM!;UQ28=T_N/[)C>>^J8 MNO)_@0TDE9WWP1KR*56E5:TKY<@W8`ZJ;)_D@\[KEB6?>L[T_>L_58-I9%/Y M'F%F8#=P8>Q=V`8S]J@301S7/P=O$'5C&R9,&,BSJ[.&S#9BS<+>GEXK21O? MO\L3VE"*:4/93ANWW'XGIJ'NWC26*6/_+*.(,K:TC`ROJ'2_NR+F7A&$V\HK M9LUJW[^CD[/VNK,:Q/B?;3Z+[Z?A?8#74.;/@_.+^\%,2(,_`\`YPRJ8"X"R26JB).`7.N"U.&N@LY%]P[%WH@[UW9 M0^%:--YGD$&>7$A3>6`C[ODN6,`MM1B).OP!D[T5WGO0^[E'^G?4#UX5[E]S3J?D[ MH^Y%Z*R*LJM.G<`J8FG1OC#3_-46+_8`^DW8S+CRO`!&=D&>MR(NVA)B:9[_ M%&9@@[^>7'*3N=YFO%)$%KHLE/^!.<+UN3W"/"LHS.IW'`MYQ-(L)9`^Z'@D MW,(VTM-U9D8K8I)`G&^"XIS==*P\3IS"Q@$N]!\AZ?C3_NM+J-NM;L MQNTL1GWNK*^BM;>IU_8(.&9RUKONW?8OO@Y^N;AX',P\^&RM@GKCGFW@CXM_ M!_R9FOADS^]3UYW`R/DG-0.V0H*IAI*@8_)4ZY5/[6:C#:[UM+86UU*!SE+C ME4!53>UNC70P!J?SR%SKRGYFGA]VQ98:C"'*(K\-@(*:492D8O)A@*<4X/&] M!Z8S4-R3R6Z9'WGF;?6A=AL=-8%G%;)8(LI@.(3W2M@.)KPI5OK7FVJTDJ`P> M6X`H:%WU=GL]$.=LR$!!QB-]#?55XA!4&IT$F!6\2@!53$/=KKH9IE*'65VM M*XVD%UANK*6.G7JKV>P6Y7SO"DC'(9H`-CX,*YS@''3D/[O"VWK*4ELPF393 M`WD5PW+`%1Q)S4ZST]T8'#CUP`I,3`+.F>,":9G_PN\FPU_@\9Z%J<TSAO(N[09N(]M^ZS5T%2UF.4!MS)P%=,M M>([6IKAP;63(@3B[YL_,N.:ZG*E'+F.EA+]=I9FR\SR.9>$K:)=;XHL%-+?" MULN9A5I*:C+,Y+(5D&+::2O=;E$@WHA&4Y9LM+7AM%KM<`Y*$5Z36T$S:+7>3C`6+2O2U)I:9DZ59+,= ME()ZF';P.E`N+,<4$\8>F)RGKCE]XB;W.2LKWFPUZDE#R.58&L!B:FLVM<8V M`$'+;K`+S6G=YD)_9G/:&E#!`+[14C8!-$UT'M@SLX/21A[XF,Q\*LEF.RA% M1UYC?2C7PA[A&M4Y>RHK[44[3N#(X+$%B(*QFIKJEWP0I0\=%0/&)(@<&RU_ MM*B=AM9="T-L02#6M+R@2U75=C/33I=Q+`M?P5A,5;:!%[>S\I36UNJIM"Z; MSW98BBFHT^TVVVMCD5'>3@RJ#O\6@^<"7;4)I&(J:FCUQD:08DVV7WVLU[O: MLJ&_`=N"#D?MMK5F,;:X#9B'+T;P#1(PYO:(V3K"2/)X]?B)S,"Y=AWG/,#BN(5'SGG+CRNY3A_O4 MC#VTM2X4R-F3T5\NS_(P%E29HG4[6V%\8#[E-C,NJ&N#F7J));PA[H[?.A]J MM;5D:)+/LSR,!?78T5*!Y+H8'UVYI"H&WCUZO;_MW-Q<+>F0$UF1>EG^D%^!7?+:P.][1&-QE< MI;B4`"%O"4*36RO*@+!\1]7J==1&/;6+HG0$N2^:6ITUNN&='!`9C$I"DK?>U6@HY2+9T)+4 M3DOMO@V2W$73CMI9#\D5,'69YY?IG5HIGYGB40*`_-UTS7(0;&@26J?>WBV` MO(6\>FI3XTH`7USNL[OA\&XX73/&%5'\8@3C9ISC2ADG]53JGL\V8]WS5M@B M:=1EFFY52_;;:I;EP\OIUJJ:L6)3^76Z\";.ZA+5UCA0F<`CT0> M3-C>&8.\C87M'NDK\VZX+<"$)E/;AIDQ227,!&^8/Q;&LAWS&SNY>BHA?4,! M]EQS>4&UTDS[IC^9YC9UH(U&,SVS'C17+!M)1_O?67-`,/*"9Q#5#WDY2TQ: M^B7#$F8E(LI;6&ATTY%828@V3?NZJ0U5.P>4E\9HG0TT=,O\DA.[>BNU.IE@ ML37WO-"AF7HUOQ'W#6VBTTP%IJ4RS_W\KMGJ%N4^?8%TSUQ90^",>ES?J/NQ MX$(,B5;YI!QWVK%M?%F<2@.C%`#3*!E,0>-8Q*(=8U63-\&2JQ?MN*ELA>6< MFP%^X/X6-A/Q*A'0EG:S,:`=V4[I>+:TGTP\7QC6`F5&[QDBHQ&[#;"^W=TP MK&%R%_CX<@WKC&[HBZ):*`L;D1K)'&$M%#L70"D@0+WU_04H8K=+\7?V%W\A M_2L[QA^-E@4*)8Z!0B:T#,<;"%'>.-B]$-N,A6+.Z/O)4-YX6"U#WG:*?F_P MR]?+Z[LOB^5(\/-LZHWO78&UL8RSR6>/098\>T'1TWW^O+B3<].EDFXCM8^^ M./^=XL[=Z*)I"]G`1KCOZ43VSJ/HZ?\.N,N*?;J[H;X;:NIE7''V.X6=NR$F M]4W]QK!=H3-FR&4@W$^"$TM.J99-+5M)O>(KQCH/[I4-@WK$GTR6\5GAIMK- M^.PXAVV.,6RLU/S"),W5=E!`I]$CE\*-RRG?@80/E>[EJJUV)NJ"$'://_=U M5FH+U%8"+/&4N])]76DVBWCJM\:=K_.F4@KN!^9$W74WC'])4XJ74]5."N8R M=B6"RBTMTES8V%T$4]R4IV^WRU=9^$'G,G>;S3?;`^#[^.1[^')F+K61/=EF M\"L76&Z_*MENJ#`P\%=@"H&KCZD'*E[V4<;&BEOJYI=PW0G*O!<9G:U`+O%" ME]P&W9?OO6&PJ`N+_@4![!1XKOMN*YU"F4TN\.P"B&&-S2M;QV\SV#D+?Y:B M\T8KY=+70;!C['F;,5,[6\I&OF:U2Z6;5U>CDRK,\O9U.8MNU6ML7I=3GD+% M1MPF9R9ZL4UHOK"]H3)#1K5D;IWF0=,Y)]WPVC@ M4'-V((QWSCW=%%A,^Q%D#9D5&Q&?_FKZ'["H]EW_\??["S+V+9/;ZZ)>JR01Y?:7O3=7:UV<5LA&:/J1[65) M'-YZ3=^*H=`9[NE(XO#X'^R$J(KC?R`6=4%I55\X)P0N2.Y(XFGZ2^TI01HK MP*^4N'#K-T=6B).JI5FIQV006-!F0L20#(`>'W*=VCZ)ZNC@4N:]P".2F+6+,)@Z69W6A';>E3$C<->3B MKSPRD,Z[UG$Y$'),&+&C\#L%/+YPFD\.2S+<%(5Q$N&W.T;F[-@4@^ M?'[P`*%V=#XA$L`S)]Q`GEC@$5\0""XM@O749;.>ZW/=9'.%J`KVWP,;X;>V MV'NS.X/J;\?2,EU'<2"CRDAP&V`OXXF,N4UTY(CASRQY&@8!F8(;PQ&QSH.2* M=WU\-2;;VA`#$$L&`81A%+"$NF0\XX`1TC&8Z"H>12E'5$%18)62S51+,*&" MV@UYZ"4,[LB>IY+Y8^J#14Q@T!/VZC!=NH:(^811%[EB-T#LF>:JAESWQR;! M)9!AX,JB?[$!>P32#N$2.`V4*M\+)@L"XH\_9ET$.6!R@HGUL\"S(#T]\+SH(-RH5Z-^ M#]'NMQM>C%VF&WL(9*1$OLN-'^:S]T',4)BF>$'#\65Q=?E""N!'40!.,,'< MRS_);2-H?4:T58I-Q7?P8"P4_V2=8#MQ.T*P1&;,`*ORZ1,2:D=GINDY5)>JIJB!$(5YG`@\2`P@'V>ON.(V3P@PW:0_?0^[?=MV6>8G MSW^%=&EY8VR+(XKV/Y)%2])3NWW1_J'=H=V*22##V\]>GM;V3@4)W% M!UYYHV<.]C!Z#NWVNEWQT;/!&*DK*V88)M\#"HL1^DRY*>="7^`"I"5LH#8O M.KJ#0;2P8>!_\]NZ^%&/;%P_:G4;;QBF;0FVV6R_%["=HZ;6>B]@5>6HV>J6 M//(R5L.C$5/R`-SI)+606<0SQH0B4_FC?,-1A^31$`%ZA$3VN`\ITD&0@R"' M,/30[M#N[VL+A]6`8YM-O_=H?YY]#NT&[WHZ?D+"PVQ\@->.&& MJ\5-5B$/B;^CJ=H'\A+5&"$T+#(2-MO%6DG1=HL)'>^CEQY_[->K>@X'$7-E[ M@/MGT>F2H7=8E%RZH^7=K8`=Y/ASR+$W(6WFEP.20;A;*![5AM^LX=][RB;*#GX/,_#A)=1! MD/6D/ZMC8\E`5?!\K/Q4APHD*(\6.=Y%UC,84O"06E?/Y[,TMBU[FRAIK M4HK%N9WHU-2CXG9'TXIEKCRX-%;&C[U&!:N&KK!6%,F13!(47ZA'-*US!/V[ M1<6S>;6S>KT5IR49;D9/.29AN4,?*VRQV8OOL-I3N!!_1/@0"$^.4(E3=LO% MCXM.7KAI0MCF3H@WKV5I3HC!G*@86DB3#,T`,+LX>+WJ]9-4ZW+*ZZ93'2&9VGI!A/A4?K]^'Z?0IW M76(9P["P,ACSK+BN/'3)#63=,0E\7ZMWR6-2JM!=%@R&V4$IX$C&7!_/*C_J MS/7ED,(2:[A;AJ_[[BYP(T>*TX]/7XF+_<`],H8X`&LGCFGD\YB!A4QE M,;S`%^`D94N8+&A45')>,A5Z'%]\2J'D1(@M?53&M'YB](4E,J06ED[=Y]Y$ M-TG.7/$M?./;&\'DM?_#\DL4#DA/*LLB^H(L%87\.'W=K4$<<];S9G^J'W[" M@HG7`J9*PIMD7NF&%U:@L+&-'Y`E+ MD(?U9<%W^"@V3M8@Z)0":(/:0M8,=:CK3Z+JDH'CF'AN`SBED4LM2\9K`H(J MR>')%=30J>>#?W)GH=R,!48T'A8#C'R6>+'EA\/,E1Z=&L_H!3U\D-HVV+T> M:7]&+8J/D)@C3Q8`P`[3P7,R`VO&/C,["/FP\*AP+$1LRI*@W'$P::B7+U"4'VT*V#L[S3?9'(C_!PD,AASJ+'F$P#S#NI"Z[D3,"/ MA*^^[`W.D@[:\P+H^ZS'I.E MTM%=6Q`X8+7TJL%,CENJ,-UW0S<7NB87K'<4N1MP<_[^])^UQVTCVKS0"![`!6A%%G4EV`7MB/WA?[#%L[P;[*:"D MEH8O%*GPF+'^_:NJ;EX2I>%0$M74-!`@\HAB5W57UWV`[`#1EGMW^"K;MA`[ MW0,R+NDR=[(+,VD\I-8`7YO"#9[3,!-A:J_%P)V0+6-'-,4/^-*FAO+LSG]` M<%;<1M8DDL%E>H>7KY%9%(SW3 MV^`5_[*]&"S7##G9I%OL(8(R%YX(,(;GU.R>E`,;%6JX84`P#@B`U/?P>+-L M=12V#R78H[=`W@@@$2H/6`NZ18BN>3L#7EL62/P>2IE!.$+8I9=_X76BRV^ M\>2Q$34J$'[R(\S!3VF+J)Z47#K4G&]!M,Y>\"!,IRW`PGY,JO3O<`E<)CO& M'X:4V/*4RP;O=EAH5I\L0=!R"!!3J;.:XC7G;H2&+2FG*;1TO$GC_%>TX\P?'6 M,6JR8N>L5$=].0[TTT[QP$\TG^4DL(^A*L@Z[LNOO(!>3#=;IK1M4G.7H*] M;P<2=EI$(SGFI$O[`5901@!2:3GPJZ/XA72+5>`9VBNFEE>L3&FOI?Z=0S/? MGB#\'$9U63D]O`+^RFK=%MK["?A,P*^@FOT'3X==$'_+>2+D%"-@?TY`0\G% MW!X<\4,"7JKGC$+S8;PNZ_LZ^/$71KZ`F>TFLP0H]@Q@$\1A1+L`/\=_,2F( M2#U3LP0"*!7 M(8^;U+EY;M3'-K;B;<)[PUP26D(XVR`K`HS)K'ATY\.+/PB'X$Q.\9-:4#*( MI["EJ-R"ZA+E7(X@!7$8\4H`D0E%!]U%2Q!^B0O)J+Z*EPR^(>`==)Z`O2"< M)ZATERVHDJ:;7AQ;3&R7D<1[&E?BP&FCH2/\/+`-0%\X$,6_IUW%#8U#OHA= M^90XM2QZ%=A(&Z]="LG)(WQOW_O"*'-IKJ:=>0S+%Y'OEKY@^A'L,H+M+863 M#@.2?=SPWC!##6?B@(IZ*V?X)'B6KH*V$EJ"2'L>$[]\FB2KP$#/(;>^YIH' MXIS+:(.//0?IU<])K\J[H*P,ZW>8F&G,Q"1E5/B_!:2K;\2?%)1HQ2$[(0UN MA$7"@CE'OF3I\HZ*V0RBSDU.6,MWPTQM/>%3!M+U^$P&U*,[&14O#(F*[@(_ M7MX=2AUXYL-[1D,U1I[H59ZZ2EDRDTJ]_\\^+Z7`&3\06\BXX2E3Q%JYJW4' M4]RXH/&Q-\?OI+*XO=54LG>NQ5(L3S+$HVZXKF1,AI](;>WV\.^I% M@_>II#![-&HPD;\^H(/)J=M*G[_MPTW:B"%38Y4Z_29+./8PH+2DHQX&+TW& M56/2AINL?7>#Q;JI+[;J^)@$=3&HWJ%12*&FU MY@`/:8E:HR61ED3J2Z(#7GJE&$Z+K.C:S1"NE)&NNZ1-3*>NNDQ,F6 MT8:W\>;U6U"_,(L?BW?82XQAYC+5MQ\HI*UC*CF&1UE,:>5)BB>+UX0?_.G% ML(NES%3.+`.AY+O.('I3"`QWV'M,=G`H!Q0S2F7!L#F9C*L$044:[8/$,N`) M2'-F&M;$-`;CX59<]B`XHCXJ*[=T-^Q%?V`,QX31$U,H*D?QSU*:DRYSN\#, M5^Z%%+_^(DJA;OPP"LEG_A9WZ[.]H8R5ZTVO&.2+=([;&V63+@8=0<6O"6Z6 M1XUH5*ULBQ1L_$`EHKUN=X#%V'F MWC$B%&?I49)EA:XOM,P!S04TGZ-:Q\CBK:2J)0..%IY5VSW3M#+4 M^]:DPO:E6T?KX/;U1[DC$)I2\1T=5GJ8E%N,Y51)5EP`_\!\["6L@(T4TILW M7SF>@]FWH@504M;MB,(:T5M!*'AK63"H"VG$>]I02*-*EB=>I[QX*&9D)E>> M)#-5'";2,4Q:3!%&8+GT*LA6>FQ'MB:+/*F'U#-/!!WTU$AKU*OH5:YCEKG&DM7+?@7_D@&5[X1DWTRX:XN[.>*+NG+<"7/U;T,7_C*=K!79AMN M00+TF^42N[%$)[BZJM^+NEOT*?'MM.E+'7P^W=]^QOV'(V6=L?7R5*+[\+U:9GZ#F1D':[XE503W>9ZM]O1X5YKM`T*9$/U)I8QF5C-@U!O/,C`[+0CC]CJU"Z!:GI/ M$^?KZ4LHSI]]^#\8*97A'E6NU`GV4X/[K)ZK=GT:EF:)NJ8OU[6"^SR>NYAL M>O=]C8W3SG!]SE7(,AP8$_/`,'7EJC\'XXZIH#KX/)Y34FK)(NQ67;O>N$T5 MU]:H,SG`(]2DU6MY;L^=:WMASY[[I41EG<9#XW%5%9M;;LJVU&WV>B-C-!DT M#T(]KUI_TADK*":UIU(+4)6K8C4B&I'CK[,2GE,*5+9*P':-T;@U`G;0[?3Z M[1"PM5L*-;VG6L#NVUWE.:%&1B.CFX)T*W\Z6`'G^=YK'%&^52N]OQC.H$HX MP@7KX-+"ME!7LSW!LZ''&K1]E*5#.S+I;[KOI)/JO2!DIS8[]A7X#W MMA/HT]6)]CI3^P@C\5.FW[4E4=L:&.:@-"AI#PJ:K!M"3&.C&Z3^=I'ZK":W[0O/G%5R)01 MD0+!EH.AD^WNM.4QDP/1$()1!T)T(*35JU3F_SH02J M/U>[/==SB6"I_MSQP:KK/\.SQW+$2._C-U)!U#"2R72LZBJ["IF&V6N-H=\; M=T:U.R#MX5`Z6*6>/-/!*E4#$6;7&%IMBD589J=WYD'!9Z"+-C9'Z+"@IAO(Q*@^'KK6R[AQD4[?7FL2KWK!CU@;V2AG0J2ZO M#EK5)2(%@E8Y@"M^.FXTG9D,Q"K_/2%58;P=3?6=[XSCE0/F7IC]L?PTRLWO MZXV&]%=:I#C(SE^PR(]LMWPX7CKBSM^)X[V>TNC$_,_H]78`=NB2TW18,0+3 M#D-_YFR/RGOBY,`]\<##F_KXAK('.]R9_R>G';X8FMFNO;#,W$`_LV2FHAZN M1^^9%M&85K["#:Y:-ICZR/G'9QE7S:=1R63LJQM#/]&1.N%1E&@*W[\M1'K:OI(MW%8 MW)V7'SP0T'X<@M5QBBE"CYOBK8V*WP1\#D;EFR68@:B9[ZHRS=V:Y_'Y#]/&%W_ON/4859H(I+,#. M<)UHHU88@5QRJEQF)>CD++0PC]'(9`$1!2BD2A)#R_)D)H-C:/=B3..0_O"5 MSV+@%L)#XB^8O5@`F=@15XI.3*,[:K!YY(4`K:S.'Q%V/,0T=-Y#:_$XJZ"Y M6*Y,_7LX&AI6_<2T)B&=#,_`,BXK4]ZL8(DH9&M[0X;S@Q/=@17M>YQMN!TH M12C]MFBC0\/LG;J3D)8L6K(\3\ERG`=AU&M6NAP'[7AB3`9*)^->@'6+2?9$'KN'(X_X(<8/_P55'"\@>@EWPM9QRE]/%'D]>T15QPPKB]0S ME18JX9]XRI[M8Z*F5PI M@9^*R+5KY;%/MQ[[5^SQ[`^F)6K=J/B/S$0^9XX7^3(-A)3B8`3>NM77M&DU`_VL'L+@/=DJV+=F"] M=>=L.\$S#ZRH,Y1/)-@D=2[DFK+9B^'N)A$T49).N+,L)1K^#M\4-@8K`,M? M)Y.,<"=*WY^T&4%"]MGSK^GMNSNV1)A,69.W:`3LH[.V3+V*9.27R> M^WWA'M`[\-&#^,"/G3*,Q-^W<:(%"GA5QTFI@WX(_(B_]A<+N.CV"H"F"EZZ M^4X8QL079E@L*8J':4=\PJKL%@/&XGRW2G`[UL[M,M@ZX*\C^[O!YC$7+W7" ME!L1_XD#>0+L;SAEN-FR`KAX@2Q9TXN\1IV]118&FP`:USQDB\!?E9+W`W!_ M%H=)37:>$Y?N+Y+RVA;9CKG.R[;+%IS+`NW8HQ,`DLN,+"B%$K?B?``-V9B M5AR<3`9PN%<WGX!W2@.F=D9='_$2]SKC)`MB96P,P@3(@`? MZB8/F?B0X`LA4+X]9SYFY(OW)8T\\,?B^N,+[FW@"T(8`BV1T(?_@P;`25P` M-R#6AK!+-0#@=+EH&=UAH*\0NP$\$XW`W4@QM8+[2$P+!2%>WVZG-R`XNQT+ ML5FCCN9Y>#T%*ZPF)PNJI%H"I\1"0OX2HB&9C$'-[>,,C@<^HWHK==Z'.P(F!`@3U?\GM8/]"(V'YH.`(R>!X@@.O M^PER1J%](T_ MROL&]3LE9JR_2$A]Z@>!F.H!>AI0#=!,QE`.$OXC5*#.QMSNTYRI,U#>I,>^ M0J@VB0=%Z@M2,-KG;JX!#>94-9C#*%;01R#X";@X;H M![BO2&BX9L$F%1K9CIU-7?9VS6!#O%A8MV4/)/X(<_2+5*#Q3?@C6BBE^[+? M"OZ^%S4BJYS-4&8OR#W;8S,(W:S$;%"'IO;*X/)MX=4E,6&42.-$ ML3GNY$N08"8*,_@J26G9<;-U7PGQ;'6Z0CSW2?Y)&?YFF:CAZ/C+$42X+=Y[ MR>\M_'T5\;Y'M`L;]8GBG3:/9'QB>"`H!7F_+>MI'9+W).9)X`][U05^V2&J M1'M;W@[A.MYQL)BE?#_<+H/SLDHXP1%7PJ,"N\:_1UP:Y+@M,A=P(T@0OO]H M;PI0]`]L4FE'KO)64.?HM"6;?'T&BME\R\VG>@[=MT:Y[EM/V`=E.W*-.DRB MP0@/ED=$08,M!1P_./CA<^H-^HK"]\YW47Z\`RW;%VZ6+`B"\#MI;$\MQ/9P MHO(@%L^PR^)%I+2_FS_8P9S];X?=W`6@@(.E8C?`JZV%4])PFOXXX!3=$KH3F$,(@$D`$8.G%#H M8$("ET`K)-]>7##,!"(L$A&=\LC76#;,3'XD/$>!CP:(F)6'_!@D%)`&"=+0 M=E&*`DHOQD/J`YEQK\E&@)A#'H5B98B/P!>Q&$,*/:0UBV>130PV5?$_( MT@$..Q)6H46:@9UZ!]$E13G?#BG'R1*O.NQCT,D02X\,:&J#/T[B.=Z&WB=4 M5MQ<":O`2!UQ^N]4=TM/Q=B'(F#!`3(G<8N#N0B[0FPYV"1^:?AB1;;RU$?M M0FJ[0LL62A_1WD]^(/^X#,@$!]YMRWK".1?$)"P$\NWDF[?>D+H3R7:H#R#< MI9D.QH(G(B=K8(P.LIB(IWY>>`6<2E'3DZU:X4IX4K&7C]%K,P,]]:X*BO5= M>#G:&?34(@X\)[PCVHTC?^5/'51TZ3M4U"1=\^^@>]`E78%N-4/WJDOD/M]: M3#9^\4$OF8F-WG,>H/TZ49ASKF=+B!]+UX''OH)!$_J1#>C!#F\,]MX%:VMN M$\Z"8-.+G-['Q->0NH!1Y]E#&6*/07&ED!<1/%"'/94^]3GXD1[UO*/ MMHD"CQ1@HM?GSB(AW\QZZ74F$]+WQ:!06VCUR?:(KL0%KB"L4'%MZ-S3<(?4 MS$438&>%!"047;!#9IP,";AZCC\7?OH'[MYSR@](28Z4.$-8-`AKZA&28`O/ M$QI']G=@>N+D,*2<:Y&,($AB4(>!?5-W3!D M]?BZ7*@"OYK9<#)&:A`4J*+`?025L3L.INU=+C2#YYM<_H`[JVD,TC<-8R8, M0$C@[P@XN646/!_=D;Q'P"I/G0Z=>Q05"XW4%@53)\"7AVLX2S;W72`R>I]T M0!3>N6'A'8JK*1=A1Y!DTMCB^%R6[CI1' M-/MWS"E(A?9:#-(\@6=+>\BY=Z4`$.Y<$O0`-[7NCK()O;B;^T!`,UT\3QX9 MU,ORV!!7)CT$&*[,7@G^0A<44!P\=^^[<(?LP'$W>46HR)5V7PN([Q)@CLK$ M&8M;CV>;''>49L[J.%EKXF1E+H`GV*/G<`M\Y4LDS"^\CFX`\8Y=T`% M_)5U`X`M)<%G'SQ2NG%#%#23_T"]T'9C\IH!\_.!B8F\J;RU(#WM*5OU*"P5 MHXK683B9(O&>4ZYF'#H8:Q"FA=R%(#E%.40"K6'$$ON`BR71]"`>'#IP:L!. M0=T+X,9Q$@.S4-CKT8-?ND#X,_MBSQV?1-TW[O)[)X17JJ,)H7`4$"9;(F(, MJ'\^P#\WKX4DD7N<^!#2AU#ZXW`)>-#WTA,)\(W2AK-3\XTM4*ND[^`%*?DQ M^#6&,Z0QE>U2"4AY6+(,PEQ.*RT1Y5Y16!]A<_T'4%X>4$?+'GN9RTC]_?.W M_Q223Y-W"/C2\Z2U=Z%%4S0@*"CG,4#[!E2\-'D-,V3\-?'L^ ML\.((K`>YOUDUL@,[L`2,X'R>Q2EF) MBDIMRO5SC?5V**BJJ8C+M%-U@3YZ:=5OP=D[=)!6I?A1U\,LTQ"O$CU4(F_1 MMW25V-V`VH_?HE9\/()7<\O-ONZODY@\3ZWQ3OD"V;+",\;>/38H\^=L4W]6:'AN1%)FD5U%Z&2\HN4JN(8ZL;Y"RZT-J&8->;0II M$M"+7+\C*``V=F"U3LI5#:M]VY3754&QU^Z?AB^4LYX!-MQ,&R+;6,:W48-W4,-T9\,_,M' MY-7V:OC(JTOO^-"8C&J3AY:Q:D_RT(AH1(Z_SN\Q;TZ`.6S/SVS3&8RTTB\\IS]TT,AJ9:^F@K=.E\[]I;2JK M7D6O^?VIC4 M,E:1W"*-B$;D^.NLTZ6WA52_/VJ+1.U;X[:`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`YV,\KVPW_\<.'3^]_^*O`)"AA0@$J0-I6?WT!D)!$$@!!U0KAY,DRM0M\N]]B`2Q! MZN+7YU42/$+*$,%O>Z.382^`."01PHNWO8SU`0L1ZOWZO_]\<_'??C_XXW(^ M"7Z#&%*0PBAX0NE27GL/Z*?@BJPW%"V6:?#=U??!PR:8SX-K@C%,$K@)^GW5 MR"5@7)?@O+73DU'Q78+PIP?^7<`Q8?:VMTS3]9O!X.GIZ>3Y@28GA"X&I\/A MV4`)]G+)-\\,E:2?SI3L:/#'^\E=N(0KT$>8I0"'.RW1C$YO='Y^/I#?691C_L@""XH2>`/H!JFKQDU=$BT\>;>!<`K`?"90.8I$Q=D4[L#T=%ROBVN/SGF#&.YRJCE,-7 M'23@`2:RV^KW@PX@"I;YL!9_;O[*T"-(!/OC]`I0NN'3S?]!DD$-=$>]K4E[ M<3*F9>L`#54'_&,I=.JINI`8L&R59Y`^XM&A]&-*5EK7%OV15N`)C2#ETV\O MR!C'1-:B/Y#T@B\A7=WB1\A2.5XU%.G%_&1$C[4@X-0W M`L9A2#*.<`Y#R*/G(8$?8&H9YE9Q/PFQ8RZ(.?.-F!F%:X"BF^>UF"7X$)^F M2TB;TK"3EI\T.4$OV/K!-[;X')Y2$.X'F6ZFT4GYR886:N']'WWS_C6,(;3+]3TJXB`ES.WB)5S8ZST M1]YE5[NGU/YT^'+A7ZL(\0L%-KFRK`1D[=LN!MLMCF",,/?K!#W":()"N19> M4`A-6^-FE4X"P>!L%0W-J%5$>%>RV-N6?"`X-"XS#7(^LF&`JBAP*UITGV9J M5BH#O-O<3Q!X0`E*$;3LY75"79:(9F`CMH'-Q:&J8&2@XS%%#N@56]X5)GAXT#='G_/'OLZ MQ`^?UYQM23[F/7+WM>H]W-:=1+.*CZPTHU;W1%]PT__R.(3=A'-FQX%2/>'1;8PSO&T5U*PD]+DG"P3%3STHU]\C"H^,".U1K- M-+/CR+O2@A,K5AX^ZVWSU8I@B<9X.JLFTEG`-(=(':R*$^\*">,H0CF4&4#1 M+;X":Y2"9,\"W1[50ES@*\*\JR7,80H0AM$-H!CA!2O=3HI1B'33HHN2 MQX2YP%>$>5=FN*<0L(QNK.E-)^0Q(3JXB@!S::'3VY%MIWF=A#+18>=^,:B< M(W^1P^660_;JA/FIXPGS75,!B8.\L>"[CQAD/#G"Z/M>B9(NSYQ/U^(I(#[N MD0K50G*R^00%;4W?1G<6H2G0T*BVNWXZ`*5@T"_THJB,(PW9IT19CV M3KE>S&<*](C5B65SV:3?$1'Y84+E`W,II)"),SSE M5O+)\CU,ER2R/\[Q67OO+((Z\/&VNJ0+7A6-WI65E+7F-%&3^!I)K3E!$6JN M07657G[G]L)I'$]C=1=`5)UO&A(`O= M'P@FY91D'NM-"E]C"#3Y1-'O7=&*;QRLF[?*]YUQJ\6Y2[R?D7A%I7?EK*UU M1=1=\M5OK"TZ&B5]IE<#5U'A4M@Z?MFG_A(#5?DY.ZCR(]H+9(-^5G_T3[;/ M($5BQ(2B$`FO8?Y7=]^HE7I'N5&@FU'RB+B/+S+MV'X=\,VDZE--& MN;-A=PB%:E2V,5`-5.\.5AF,R!/^@11KE3MYC@]L9#*Y)^.0LTMAFV>_VBAW M.6VTI&_[M%,+\U3T.C[.]3D9IB2$,)(+%E$.GL:.[^MP57R-S#J:IMY4X-WA MMKH!?)$*\`(])-#XR+:+TA=!9MTL1:1WY^-J.<9U<+KIO48ZW2Q3C)H+H9TE MW,*`=X3NAZ;<_KLM&EJW\(II=K91$>Y8*/T"ELE6-WAW%LU@Q#N$`0X/7"9K ME;LYM[4NXG4:[Y_!UI[6,HGZ-DHMU.S.;IF,47%HKE;ZL.!5!?9&UER47B%_ M+F8I)KTK5LZVH5>]5V*;-+72KY$ZFSV*,\?C>MVL?GCRR&BXY!/>-+8?2791 M>L44VLQ23)K+7E_:LD;K..4&AW-IABK]P6_$OA,NH)MI?(<6&,4H%,6=_)4" M'.2,)"B4$%N][-BQS6.^)=L50_E&!'>->$TV8F%"6$:AN"N1-R3N-^PU%>S: M"FH&'4R&>%-A"28EF'\,U1MEVI#0U-8QG=_4=]7IIU6GYPV4G*R'?["KZU62 M-LXUE8Z.XTY3=6OGP+.J`WBD4S\H%?B/J[$WS+U&MHX:JHU]%GUZ(^UU"H4 M^_E/76CA'NS*\AJ_C0-UFY[CN$VW)]LYZZ>JLX1X7\@')6C_8JZ1#R'-`$TW M]Q1PUX<28-M9QM3*<><74Z]5-_Y#?%-'I'W7@ M:OJK.O"7VJ#-E>J_&W*Q_6T7_L\_4$L#!!0````(`.=F:3^:*A+:`P4``#R'+2IIV\9H5CMV@1I.U<+*MNRIH MB9:)4*1!THW][T?2I&U].4H7RQ$6!`ALZI!\7NJM MH-UI`41#%F$:G[7FPH,BQ+CU_O>??WKWB^=]/1]=@HB%\P11"4*.H$01&"_! M:`0&C%)$"%J"&QC'B+M10=!IZ[_@S=O?0)_-EAS'4PE>]E^E>GF>G>,<"C6F MZF5U.$4)]#`5$M(0V5ZI'MNC'_N.Q(VOOS_`?)&S MMT#!Z>FI;ZXJ4X&[PH!=LA!*0MH(?]PB?:%;?YV+=7>J<%NX'ASGPD<(V(VWD(C_^"T?0*%^#RY MEBR\[2VPN`\\;Y_6L/&6'D^K4:[I!K=>^H.)=S7&A+.D?&'MQ*R2`L8CQ%6Q MM(X8O\#Q-[$T,+$/KDSL"_`<+$_(_6K4L(TRL'ML(7R1X>&HE9,Q:EBN[.95 M#)VW.S"S6<9>!>BTX5.@/J]*?5Y,_;A)-5\:[LRH92&ZG5R+7#R;5?!,2JV-B-R1,H.BL)?D<;1H9EFCK2TU\0&!?09:[7O'876(20_(,@ MOU`MV1#>:7D0TM4]K,::LJV)MC_G/+58Y6Y9;EIKYOD;$?*)LCMZC:!@%$5# M(>:Y0U\%^UJI_V)D3B7DRPM,$"_RA1*[>K/ZZA:/T(QQB6FLM\)"Q]UM7BNS M6:B^\L.8\?)]*&-5*^&7^9C@$(P*$OY4C;UWO/-D?%Z"CD2G^=2/\W5C[++ M[_S.3@<^!.\N]\L+J"=SBJ\J(%=<94_Q3UA!N@*SX,<-`L]49U;!ZP8HR%1P MEORD`>2EM9W5\*9Q&E(UGU7QM@$JRHM!*^+7!HBXIT"T2DX;HR17/+H=K=,8 M"64EI5/2G,TY4W$Z`4W8FPM*4H??A!VZ2HGJ]+RN^$/MP#W,TP\\]&M3SR\D M/+^0$]?2-C;`V?W:M_.`'JL)\YEH6/;]3_]ZJQJ^1=02P,$%`````@`YV9I M/W[[$B+&```E%L!`!0`'`!S9V$M,C`Q,3`Y,S!?;&%B+GAM;%54"0`#@KZZ M3H*^NDYU>`L``00E#@``!#D!``#=75MOXSBR?C_`^0\\O0_;#<2=S@QP@&[, MS"*W'@2;3H(DLQ<,#@:R1"="RZ17HI-X?_WR(LF2Q9LL64667__ZOG_YG M-D/_.+N_1K]B@O.(X02]INQ9?O$[Q3EE[?/W\^EK]RTB+]4DC^:QI'3-:2$Q[Q`$L`7MEGAG]\5Z7*5">#RN^<<+_0HLCP_%OS'!#^)!A(E?!8E MG/RO*.%/Y=?7T1QG[Y"@_.W^RJC0YY:LDNEX,I2/E$797E";G"7>3/QWS7&U M$.,WADF"DPJS$&)I7UF&M`LI5(BE<4M@)HR$YI4\62JOF*?HCPL:KY>8L%.2 M7!*6LLT56=!\*4WJ=%ZP/(I9N^HX%Z^9DY-/GW_$.O%7\QQC4\`.,W;(*,\ MKDKB'QTZEQ3',>6NLV*S3%6K8E_D=-E?/4;]>?[(YMFN/BUE<=`F<471XFL]\>>IF#K(]?JK)01!*D2D.-XM#O58'_]Y-B\;2@EA?)XA=1 M,9<8>._\%$6K8V$CQSAC1?6-M)K9IY.R7_E3^?4?IT6!6;';&F6%F8BF-24[ M5&$X>HK>9N+3M'Q8G-,"7S=A6FM+;TR_**+==A\%8C8.MH#,\WR=Y\)G?:RT M0PMIK`;@79O=(80U72V8CI645"B2/%^`3-D/JZ(]0A7F$$S[/"J>^2@D_ES^ M:YV^1!E'5IRR\RC/-WRJ_;:LT><+Z_("RZ8F'\5ALK0D\(X MC0UVTT=T=%`N8<;2L1U).F.<%J5;XLG-?S_$5V;$$\Z$XIBN.8)['&/N>/,, MWV!6CF>F$=+*`C0O\E"C-3VRT(/-DIR8NA.0D@7E-<\1(IA-/VL:@/V^@9US MU=,I.*>XR_$J2I/+MQ4F!>8#VRU[QGEK9FBH!R].&!?IH5334SS8H!S&&UK' M]DI.A!5K(>K;B`W1G]G&$)/*#0&6-S=B#5NR42Q&Z MPCG;W'&,KG.1#+&!5[E.$[E-CC_G&&Y_4Z2TR7- M6?IO^;VQ!LR1C9'$@T7&1JV>G2C:*+(!(VXCXN_XS34N"A1MRT!)HQ"($-TA ME6V(1TWY1Z@N078L=P>W.@\+YS\GS0AIC.M1L!U1ON05XY0`X>&.?V4J3I MW58&*/?V`-4Q*Q76ALH0VA]Q';2IV8)(&;HB"5ZD)&7X.GW!R74:R[V'IQQC M6YZ#FPW&+WS5:;J&BP?*._QP=>/Z.8V2."H8RA1'`;,MO"?\+=M,\J&2$6TY M`QL_^G0508T7WN-$4..#M9=-">-?IO-,6'U2!. M?>Q?>\I#B9;%[,#M_#K]40\-N.I$1^.G@YBFK@&UY9KRW"7)06S+XC5^"%6( MFS9F40?!F90'5>1:/V2@QJ7/6"BGWHFS;G_`[KV9-]U@=]M@+="]R3;]@1_/ MW31KQ4&[PW4:S=,L92DN3DGRP&C\_9EF"ZWY\=QJ7ZJM=T.E]> M*+?LAZ\;?-^RRUE?T1#P9QF'8IO)77EDG113$#&$!C2_8W4V!G!G\CA@9Z8. MP&'Z';7+MHS31]-ZHVXPA'7RKDIHOXLV(C/1[Q#%+C'L\0D]=-W!B38E])$) M'1KS@8.5H@8[)-$/;4D=0);?Y7*5T0W&]UAN\W8]UZ"W!Q^,V7LKU/0`)Q.4 M,W@"Z^XW1AM>1"9G%*OR,TQ.[+X:5'RS7#$BW1@!.C#DZQ[^8J$'&Q[L"NR, M$'IBP$'"!LBTNZBXZB-"$*-%+]@E?6"V7R6MW^,73-:.29&)&/9LA!ZZ[EA$ MFQ+Z1(0.39`G@'H!KD]!E-0!V/@U)4_B]/<%GCM.`&DI@5:[9M"M96Z7#&Q] M:X)B7-BN1*HA)8@N4,:9U;'[A+-/O\KUQGY=`Q6TVQ7NMXBM<]FKAQ3D\5[4 MAQ/4\0OFA!/$\3JFT@CA!!#!Z1&Y`3T.-'YE@QP_;:CAS$AQLX$?1+6J8SB- MJN6!GH#9<85_+G4O\.)P:LO1A^6LC#]#<[J(B1A^GF9W!SUE"+,UI_5:)(#%B'5B',CJPV?9$<9J8]_:G/*JIN4R54G2XF)/2A@? MX3")S1YEY8"ZNLFI1/L*)R,YW%5.#DB:2Y)J#G4W;),'X'*GH?C/;?@GO/^U M;^I@>,F"_=(#PTL([)TN]Q!"RM]`U&6*WREC>3I?,Y$)@AA%=U$P:4_"82F1 MJ*UWBW?(X,8$'=S=@:!)`]G[=W%HNTQ*5(8K2`_OCU'2':G+O(_055&L<0*8 MF)$DJ=@@BK*[*$VNR'FT2OD,K*&2:6_>@Q$H5<-;I5;.AI,++'G#$UDW':)F M1.):U%E*4*QXI\_D&$$'P8FX#B7O$6HZ%)P'W6,6I00GEU%.^"RM:%TRLTCC MU#0]\F&$\2!_E9H>Y.:"\B!?9!WKJQ@1+CDG=YSAT"M.]+Y]/Y%D_@#G-X\Y MCHIUOG%.FW2$,'YAAMST@RX5E-V;D'2C+B4AT`2J/\[F)&I.\%6S@+=K^%>C@+=&N<,X@3>=Z8>RS+0:/,!VB$<([KNB/K!C;P'1ZK.GV. MY0:P%V3!%;*K[ZF!_M`M^!92_T;(=A0)R_4?H@P794ZW^9+-#A70R*P'VQJ6 MVR1@8[(.AO:>1G%+8R2V6E"NR*VG)Y?&OZ-$I_T(H4U;1($L.9]J^8 M<"29N`\Z6:8D%3M,+'W!Y<-2!H6=7#`&[ZE,T_8=+%!NX`5+L^^2KR@GQ.A) M\:]D[O:U^6T.+250@J49="NSLDL& MEE)I@M)-3*Q[4Y5-/WTJY1Y0%2EZ+X@[P>EI5ACCU?!TSG=#"6W#KIY/M*?H M>/#!.*:W0DTW=3)!.:TG,$-N<77^7E[5.OWU1/N";_+5?EVR?@@B;^>*,,QK MB]FG=1TJJ#N]M6#;5WBW2.!N[-;`T-QPK:C`UB<]88)/L/Z>IPS?+A:WB^JD MF3A](Q*((FX\8L5D4-2'$<:F_55JFKF;"\KR?9%UK$PRSNAB(2)/-'L176;, MV5.&%E$L0I8;>2X,I:4L=9GWY#XS3$$D%*0+5)^4%,RHXI:+?N#C8L:QSC17 M=#`!'AMSJM(Y.F;D`#T^YD!EF#.]5S/R#]7H`GC-_7X*6&=/4"D/AVZ0*:=^ MU=KN*W<==<)BS14JEW24%&=X07.LZ![%.?1O*:&\%]M4,X)3DK2EJ`VH;Y@] M4_Y+_<*"ODE=R>#D]6/-Q4>V(5-?-CV37-93&->QL`IO.!5(6* M72'A"F@+`VUQ5)559M`H\>BJ^29+*4JB%.?K^4J9YDE*HGR#KAA>EH>,N71> M+YD:(I0.,#&S8"K?:8=3#S%T$6M\R4].A]R0&8SGV#F7/C9X<&*+*L`]J*(C<)P"+& M71#:E!6@K1U?>.TA49\K"C-B#:O@"6\<+X]OW.'\X9G7EV-#QTP.=+^X`W[K M6G$#+=AMXE8\W2NXJX,V?,Z#"L$P_>WA>R+F]$@R!+$MLZO%652DL:?&)6T8 MQMX";K-T21B*F3?`:.Y*YK^!F[4-8=>FCY`6-9P]7Z39FN'$4]F:.@R;W@%O ML^J2-!2[;L'1I"#*7\%MVXY29]T&Y!-N3.+TZ9DC..6-$CWAF_5RCO/;A817 MW*Y9P2(B;@>T]>,]90!M5^ZC:&OGLH\`L$W,_B"[VWVE#!0I(2@N+^B00J;? MMAQ3I5((4E+$?J:2@QJ"P,<<@\9E7]%1O%^]F:4$Y9JCLX9\6*8'YJ1.IAKS!4F..7[>Q[#-'5=/9(R(')'5TORD0Q\!,"[; M7\6FJ_IS0[EH7X2:1STY09%6K]BM2G:Y6,45[^2N.5BM2H#8!R]%H$K&$9)2 MCNK+5@Z@HW_2+TP+3MC)Y#3&.)$Y9^+^#1$7I#D3K^&XLWA]F8$ZEUZJM3H6 M+TZP3J4'NJ[GES*K!FDOUT1 MQM5(YQD^+0KZC*'XF4DENX_M0Y<,8S#2X3[?.\3Q'!5^3!31.#=%',_7U M&Z3`IKR';:WI>XVO-&]VC?*(GB:LX*@>;RFP/4E/975]BJ<(Z-ZE%TS#04U= MZ`NL>QFF4-W1+&B.WK>&]`](::L+?4'W.E.U8HBA^,&1T/!#[\-"[N&'VBTQ MZ%C$H-R;'C,,VM*4,;)U1)7W%`%\$)6+^1;3FQ#R-\4-^NDBFHK^<*(:AO0^8*ZL.Z^TA:U)?..3N!Z8-SXG*]]J5Z MKD"2'AI0CI.2@ M2A!Z7XD">GKH_U.KKB3J!Q;EK+_*I[PCSO,-[SAM#ZN?FQ0Z0G/\E!)Q58X\ M<2"A'%#+2V*=L1Y(1\R_-6HWX<,)^5-$TG_+:W[/*2EHEB;R'Z[R':]3#E;^ M>[LH!](H$X]48CF)OTB+.*-\ZHT?\1L[R\RKX/&+`7J0RP!Z` M.(@>W3=3U\NEN%E;')9(GTBZ2..(,#X=C>F:R`2'.UYR##'YGJ@&FL4-F#5?H[4#QL#3&_A5J'I]V9J*`]V M(1K@BY:4A8.[)8Q:$[[MC8LX3U>J9[G!KPU]\H">AU\B.*MY\/W$03VOOC^8#4)%C'>L>R6C.G?(1]1N88LXT_RN#T5U,_E+KYX0=7 M7XR]O36,019"O4F?H6T=2?5?$WMQ@CU7ZZO4SA.V+C;`9VW]H.G>D+4?&SZX M*XV(/;QEWJ^4)J]IELD7I$QZ.H:TGC)@?&HO19O>U4L`E)_M`=+#:@''L:D5 MFL[S9+;%,\T2G!?JN38^Y\7^XU3C:4'V:_'^NGF<4(L(;\Q0XUV-0.T1`+XAHH;8>#FE1@+T7HD'1 MU^0AAYD#XY\P^%@[F\SJ$T\YR)W$"9_5N]`X23^JX.QU@S6"I00'*< MRFB%)H>)!`M2C@%;W^?/)`MJ2IT^3'D0]1H#ETK?K>6B4K!*\#]2SR',YK(B MZ@S@,`8[[ZJ9-ZO&,3@.%1IX=V"MBKUZ`ZW$X#L#"VKOO@!R5`]%T2GW'N?, M?PEII(;:/[2";^\0:DGA]@`M<#H6),],/A[FX+37GEX?L/)`6W!+N+8.KM'* M0!R"E5M'%RUE&#;NZ"3;)@XZ!AP$]I3W>LBQZB[*V>8QC_A@HS;O_'OY7A*@ M;O_HK63[0A!O=K@[0GI"U&S'JB6'%(&:,@"N#3F<,N&--29M':..FRTL7[.- M1"Z>T+S*F=E@M#[`D6I*92;AKUO#&GUWE'...F3P,7[&-,R;:4+S"%1KJ MN@+D@')0]';[+Y$D./WCE`M-A."O6?1D]H\"QQ^?Z,LQ9U&NP3_L>H1&W+0V M;=1'&''GQ]Y6:ZHU?8/UMI)?:J%(2-V[1<_7>2Z0\8XRROZ)H_R2)!=\#C*\ M<9P0RCE(U4`$B4@7@029>QM%AC"Y75K5H!F$M`\PZ/#3?,14+QPAV MXY0^GA$ULMW*#)<"-8H;:E-J"E(O3L19^'4QFC49I(/9D57;'0O2THY@.Q:Y MXUE-.;/:#[:&+0C%,HVM+JU3:)%,MP2-.)&,P`I M&U7"!S;[/7Y*1?R!L)MH.<*$4B\5JN'UVK5;ODTSO.EU\D9K^ZUP)*0/;/R_ MT6Q-6)0KJ.FS/ M2`UUJXT5?/LF&RWIY$9EQ>%K1XU;/ND"*9%!6%/#9<1-R5_%FY[^W9F&!;P; M,ZIAZ+XZ])#=E@',?F8FK[Z6TL(RM<=HGIG>1]@E`C:G%E1A0)S)@?$@IJ(K M5G,JL21`OTN2$-KZ/(N*XG8A=Y!.WU+3XSL6>F`+,"G0,087\L/;A09JI]\0 M)/(2W?*V"DX&:"9-Q!=T&:7$8!\Z0J#'48R0*XMP8SV8*6C!N6Q`$4):P79# M^QM>SO'N>MY"!V0#)L"U";B0'LX"--"L=]C\KLC`FU]:Y:E'^[<)(0U`![EM M`3:L!S:!'7`&&U!]P6E85G#F:P5GP5C!F=,*#%BGL((S/RLX"\`*ZKG,=4KP M%?_HG#`V"(%GBAW(G2FB$>OAYX9-<)9U@R!#DJYE!.5G_NMW_C__CW\0]Z7P M?_X#4$L#!!0````(`.=F:3\[164U-P\``/_4```4`!P`;),=4/=_34:KV;CP\\OJ]![@C1"!'\\&AV?''D0^R1`>/'Q:!,-0.0C M=/3S?__]KP__&0R\/R_N;[Q?((84Q##PGE&\%,\^`_JW-R'K+46+9>Q]._G. MFVV]^WOODF`,PQ!NO<$@:^0"1(R7X*2UT^-1^EV(\-\S]IW'9,+1^Y<(?3Q: MQO'Z_7#X_/Q\_'QV3.AB>'IR,AK^^?GFP5_"%1@@',4`^_#(8_3O(_'PAO@@ M%@H5V%]F-,P:.!OFOZ6DX/\-,K(!?S08G0[.1L,1MXW@=*0G@/YQ[_^]O]=^OMXNX8?CR*T6H
[:D<,Z>+0#3;S0Z.3\[ MX=I]HV]N6):S=>L/F]4*T.W=_`$M,)HS;=@O^3[9L)_"BRD)D8]@=-3*`*9M M[BO[/?1AJ65*,/OH0VZNEC(WM;6OK->8=8P%FH5P'$6PK71U[GWEF;!?(O@A M)O[?S+$>*031AF[%_^U$TS:TMW?R9D2$8C^SACA*O;Z5-RK:V%>V&X(7CY"N M+N$L;B=1F7/_7A#R\#\%--X^4L#T\\7OM?5_52M[8P@7O`^5HE8K_"3\J4QK M"B/VE7AXPT1(!>%LAXO4*.:MG9QX`R^C+WX$./`29D\9Y^%+#'$`@V1088*' MQ"\1A'R,)+3!DNS!%YW(XUD44X9;UDP(9C`4[1BR#5O)EQI8#+5S$,W$",IF M*0L`UD,N^!"&<90]$:H,3D;IH/U-^OC+`X-/!-E',-OY4BHZ^]T:02YD$?TQ M+0L,J)\UQ3Z6'*(^/4@IAFM`67L#?XG"(..>4[)J8\)4""*7G=``TH]'I\?O M3MX=>9N(2476O`$06K;^)`11Q$9L$<=?4*0#HDYK`Q.9?176KPN<`7'B!`I% M^2[)"B`L,;^,R+K=56Z302`3.K7]R!';[^8OG^%J!JG,]'4:6Y97NTIN\KJP MCGF[$%`H,FXP>9G(FLU5+E(V>5E8%[U<2'AA8O.++MG\PDT_SX,DFYK":_91 M.Z@6B*Q'=?UH6I`T-?CWAS1X!/WC!7D:!A`EMF8?JB9FC[XDD[![N$!\[H7C M6["J3A_59-9-7/,);F:UO&_AV>T,/6%"4Q!>LW7,RZ]PJ[1TC@/-@TZA101MG`++IGL&LM6Z-PW<47@U-8_V;#U MF,D3<)FN0K"0V+CRO;NVK0B:3^5L.O`5BGP0_@4!O6)/JE,)+:6[AE:*G)G< MRH!7EBKI8&9&+]%VQ>PEH3/#6QG])AM*2]Z@CM=J4G?-KI8YL[J5(3*9!OT! MP_!73)[Q`P01P3"XCJ)-;9EH0.^N_1L$ST"P,G8FLOU.P@VS&-U>H1!26;Q1 MT+EN])K`^8+&XHHFZ8[W<$TH/_+ENDACO)[<==.KY,X0L+BF%,XP86HL"%6O M*"M4KMN[(FYF9HM[)-/-+$3^54A`]6A00>.ZB4O"9@:V.'86-BL?EDS#Z&X3 M\T0HGKBECB=:)MV897("0)YX]+&'KY)H*Z_XY*ZD% MH[OY-6:_`MOFJ]3Y#RG3!$1+UG6>VR9UR9O09V)4TA_2I\;Y&15DTC;3A`RF MGC?P1)P-[]"F`F#V*J+1$B3M%'J MBUHV&T<;21::1O0J@?5P9F#Y[*"C*GNV+CBNQ3*FS!RRV55PDVBN%%9(^@3I MC$10T')>1"@+I*QAFQBFL\-&*&MTMA"5NUX9NYJP>=[-J%\8\D`\Q@'_\^F? M#7H"(0_0XW@"*-VRD?AW$&YD.56&?'8Q5KAF?@!LID,*_=EQ?2I2@F\?/[!R MNKQDRSF>17J-GV`4IVG*]3%$2N8TL'*1LU.YON&8IIQ'/`&=.?$LA+XONN;_A.*5P#%'QZX:GGD`6LNW@):>B]*Y#^OYFM1$OH5U")KR/!"#LH4%A4W!+L-VYF-M"[B6R# MT!FT9WW;W>0IV7.$40QOT!-3`?EB*;F@$*JVNYI9;$%LY*D9XLUJY'EZ?8O4 M4CN9]N2.P*N0/1"B0HPM6^=AZ,F<9Z*V:^!,JL;HECHNCKT M9=)EJ!QXD\DV*C<(S%"(8@0C-F,3V31+$C)5(SY[B[>:F8PY:Y?.WLVURK-U M^S;K*9B@^7!>1VP+][9.+<%>=8`_.C\^[1?:V:'8%&SY;GKSP5^5T`&4#<_] MJI+G*>#N3'<.@^FGU3HD6PC3FDIU2TG@->!Q'VD#)3+0>[?#Q+R<;@S!UM"Z M#[)&^/R5@KZ!FQV1W<,GB#>:**TB=!]6E>09IKU+H"I6X5,#*J5R'TVIV/FK M*+V#TB3H=C/:ZL+L@?>);"^&"WD(!:VUFX#-+`X@W&H1U*Q1_KY3[WIQ(69I M45<1=@UKE1X9PKW+J!);K*9]6T?<-:1UNN3ORO4-[8*^^N&X>WB6A,\`[%G" M%7_#$R79]_PU"R+*HD/LR^'44G<-7JTRV0LE)]*-YP[WUU;'#RX>.+P6;H-C MAC/Y?E6'-YX++W`KWQ*KD=@[2FK3=9U!F.A]KE.D]PQ'`ASJ94"MRIL7 MH^G9Y.824>C'=VM^ER6;V4U(),U6E9,Y#J)8%H)0`)J(X?C^#;*W]<:-+E+)X:ZD;^(*Z5R'%*IS&]3@L;V1/:68%+6 M-JO9H1[U#7@C7.;!KNYB%7S'C)D?2&J9].5`B.+N"<4)C0/8(7&'U&6.B;Q40V/RVW MDNS1?(;QD@3Z*H)?]=<=GSE\55OTLY9/;IJTVUZP!=1<>FREI.R$DTCD[FW] MGEL8:U>!E>\=QZ\B[1O5Q;'=#[-CU"FDHHB_9L6G)G4<2;7@NY(X/5O@556^ M`!'R#3!-Z6P!VN2-*D13L7=E<'H66:OZ7J)P$^_.K#2`YI1=@S07O+=E;OZ` M:+%D*HZ9*&`!;S?\!NN[>>TN%57?;)!NJ8V#A7+>U"O2[M!TMY#&DNH6 MNND9:GW>J'Z/S#?LI1P4+N"I9!VN49#SV; MI9O;8B\'L;BW^^J>T-Y=^IM.H;!!LDNX9SS1-M+A>*+5*T_&Z%D\F8*M&,\? MR=C_9X,H;%,BNPVS8_'$H"?D)9);:'G@9`]G#I*8RCZ$@3AVX-F%?)5E=).4 M*6.'W<-0P_Y>5535_YK!AQ=H%D)E_5`3ICZY1%V[OJ:8U**E::`PX^NP4Y@I M>.#D$W=&D%3]*T*+W4-D9DBLJ/$0XQ:Z[RO&JO8U@<7KM/(>C#FNQ?A M53H=.E7%F0&D.'QF6;Z-V)LP==<+3+1[HXN?W%F>\/SOZP!^C4 M.G1&C#NA8#>I9H%P0_TEB)CCZRO?F#!UWQ%TVATZF<89?S`WWU[3Q2[[1QLM MWRB]QO;B@NO/R_FQ/WR?_PF$O,-,(=.(I^/S$C3P$B9_)7[2CKT+"XIV&O7T M8BRY$<:LMU"Z91U#61S/C*^[?E!3Y8WNX%H+?V/RTKBO;O!EU"-'X,KL+M]Z M`U?XA,MSB:^<9K=9K0#=WLT?T`*C.2/`<7J#$;/`E(2H6`$WR[MC7N4-O$L4 M^2&)-A3R)+RD(9Y>5VC*V[7EY8W9NW>JH))F1TU';.7U5[H`.+W->I?5B,1- MU]."5Q0NGMOE.^Y`>F1.M:*O&R3NH0]+ M88$2S#[ZY7N)=\'AM!H"F/C9I2,N6QWW M5:@5*N$T:];7?EK8]F3&*U47KG?9[ZM=-N'V!+D'<.!E#22/;'3@QOL8E'
:R^SMBQ]K%2@K[U.F.`"1#!@/8B7O1`$]0[WKK94 MYHP#P>F56*T4(LT$$ZN6^#=JJQ&LI\4919 MU[_W;M%6KS^,/^Q*P>YIAK[&#ED>QRYB_%"-&)Q\P.D]P6!E,3F+C>;.*D([ M*^"B+-K^JJ*TU@^U]MZM5Q5B][7?I(%C"FB\?:2`A9-D05_O0S_6]Z`$JR=X MO1*SE80^N2*:GM7,8BH-?W$.&AB"B/QUZF M?*Q"2KT/[W__;?2'[Z-O5[,I^D0XD5B3"*VH7EK;9RP?T42D:TGCI4:O)J_1 M?(UF,W0M.">,D37R_0+D"BN(%=RAG?4&>9\*ER3!"!AQ-?:66J<70;!:K7JK M84_(.#CK]P?!M\_3>^OG.<>+I[EDM.)N+$7`,*!<:8:#!H'\^ M[!=CJ!@?'D(820C7'X5,KLD"9TR/O7\SS.B"DLA#6&M)YYDF%8>,EURV=8OT M9MQR%=X&KK-PA?^!7J=$59T5"7NQ^!$4O9:CWQ_XPT$1R$']+&FN=J1E8.(" M_<,UU>L;`):)=?,0C<9>J\>&0D$B(@O*J27;[R,?%='E M)N81]M.)5&`92.G8,BCVR.T`Q\6%F(49ZQ@P MMQ92_`J%KC`S;_C]DA"MG"154ZL&\&)!Z>^A4"2782)X1+B9I*"E!*.1G>UR M3.1`3V(TB[$II+I=W,!2DA"G2(.]79:S`V79`B.Q0`X:O?K*<191Z']]$JI; MJ`E6RX],K%1=JVU7NUS#GY++H",+?Y+L`,FR),%R?;NXIS&'U3S$L.B$H#Q'=0XI*30\##?5E%A13>K$E4A$RJ3Q"CL8(UV)6"T148%]$G$9A%G)"05 M*:3@T`S=2^'$Z_#I$.UL5S0'5Q&I`GB2JEFJ&\B2QW3.R*52F[U%S=HAQW!7 MCBT`<@BG^C?7?P)VP>^U"!]A;_T@"88*KNVSDZ+-H4.5-[NJ."QD@^T&O(!S MII-&^[814!S[20\%3&'!+WT8[>GK4.9M;/Q`S.?_ M7#LA*I:.\K_;+;\)]DTT,N&GHN];UIG9W]YAJ=Q8*^I[=#C+_J M2[D%0A8)E:%.PNR9H$AL-CFU4YL&>X<8?]@%Z8 M([FQIVB2,G-P:FU+219@B[%?G%U^A[%[3PDK/`Q\RTFL%6^';CYL@8!E6`.I M'<\&J10ID1H^2#-*8]R@HGYC#4_5$?01I M"ZD1KUUQM%VXN`N=J7!3?*+.-^8_,&9/QSTGE14<#R&PK8&QU$HXIY' MH79)<1"+W2C#X=QP&+Q[%H?R[%I9!.3+&.+6! M`6%:;;#\+=;Q;#:8SR=C+$=SJ=R<180>S&4WQC3VC6XN6?-K0N7N5L&8&RRG M]BNKR[G2$C:5;IL$L]OWP[S=#&GO8R_`1GE\HTEB-A"06@9N5&UIF`,4I@_7!S&GN.6C*SYVKW.HED=LT M*L8R6_CN)QK+]<%\=SG4^;O93!==`Q0` M```(`.=F:3_V+Z.7&C4``&^@`@`0`!@```````$```"D@0````!S9V$M,C`Q M,3`Y,S`N>&UL550%``."OKI.=7@+``$$)0X```0Y`0``4$L!`AX#%`````@` MYV9I/P^OS?91"0``-6<``!0`&````````0```*2!9#4``'-G82TR,#$Q,#DS M,%]C86PN>&UL550%``."OKI.=7@+``$$)0X```0Y`0``4$L!`AX#%`````@` MYV9I/YHJ$MH#!0``-RT``!0`&````````0```*2!`S\``'-G82TR,#$Q,#DS M,%]D968N>&UL550%``."OKI.=7@+``$$)0X```0Y`0``4$L!`AX#%`````@` MYV9I/W[[\(B+&```E%L!`!0`&````````0```*2!5$0``'-G82TR,#$Q,#DS M,%]L86(N>&UL550%``."OKI.=7@+``$$)0X```0Y`0``4$L!`AX#%`````@` MYV9I/SM%934W#P``_]0``!0`&````````0```*2!+5T``'-G82TR,#$Q,#DS M,%]P&UL550%``."OKI.=7@+``$$)0X```0Y`0``4$L!`AX#%`````@` MYV9I/XC"\201!0``B!\``!``&````````0```*2!LFP``'-G82TR,#$Q,#DS M,"YX`L``00E#@``!#D!``!02P4&``````8`!@`4`@`` (````` ` end XML 17 R8.htm IDEA: XBRL DOCUMENT v2.3.0.15
Common Stock and Treasury Stock
9 Months Ended
Sep. 30, 2011
Common Stock and Treasury Stock [Abstract]
Common Stock and Treasury Stock

4. Common Stock and Treasury Stock

     The following summarizes information relating to the number of shares of our common stock issued in connection with stock transactions through September 30, 2011:

Common Stock Issued

Class A Class B

(Shares in thousands)

Balance, January 1, 2010
4,771 599

Conversion of shares
1 (1 )

Forfeiture of restricted stock
(2 ) —

Balance, December 31, 2010
4,770 598

Conversion of shares
1 (1 )

Balance, September 30, 2011
4,771 597

     We have a Stock Buy-Back Program (the “Buy-Back Program”) to allow us to purchase up to $60,000,000 of our Class A Common Stock. From its inception in 1998 through September 30, 2011, we have repurchased 1,391,586 shares of our Class A Common Stock for approximately $45,680,000.

X
- Details
Name: us-gaap_EquityAbstract
Namespace Prefix: us-gaap
Data Type: xbrli:stringItemType
Balance Type: na
Period Type: duration
X
- Definition
The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29, 30, 31

-Article 5

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SAB TOPIC 4.E)

-URI http://asc.fasb.org/extlink&oid=6228006&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 4

-Subparagraph (SAB TOPIC 4.C)

-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187143-122770

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 129

-Paragraph 2, 3, 4, 5, 6, 7, 8

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Preferred Stock

-URI http://asc.fasb.org/extlink&oid=6521494

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 5

-Paragraph 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Article 4

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 4

-Section C

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29-31)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 4

-Section 08

-Paragraph d

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 4

-Section E

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 30

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 17: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 18: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(d),(e))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 19: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 43

-Chapter 1

-Section B

-Paragraph 7, 11A

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 20: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 21: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 22: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 23: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

+ Details
Name: us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: us-gaap
Data Type: nonnum:textBlockItemType
Balance Type: na
Period Type: duration
XML 18 R6.htm IDEA: XBRL DOCUMENT v2.3.0.15
Recent Accounting Pronouncements
9 Months Ended
Sep. 30, 2011
Recent Accounting Pronouncements [Abstract]
Recent Accounting Pronouncements

2. Recent Accounting Pronouncements

     In October 2009, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2009-13, which addresses the accounting for multiple-deliverable revenue arrangements to enable vendors to account for products or services (deliverables) separately rather than as a combined unit, and provides guidance regarding how to measure and allocate arrangement consideration to one or more units of accounting. This guidance was effective on January 1, 2011 and adoption did not have a material impact on our consolidated financial statements.

     In January 2010, the FASB issued new guidance for fair value measurements and disclosures which requires a reporting entity to disclose separately the amounts of significant transfers in and out of Level 1 and 2 fair value measurements and describe the reasons for the transfers. The guidance also requires a reporting entity to present separately information about purchases, sales, issuances, and settlements in the reconciliation for fair value measurements using significant unobservable inputs (Level 3). The guidance was effective on January 1, 2010, except for disclosures about purchases, sales, issuances, and settlements in the roll forward of activity in Level 3 fair value measurements, which was effective for the Company on January 1, 2011. The guidance adopted on January 1, 2011 did not have a material impact on our consolidated financial statements.

X
- Details
Name: us-gaap_AccountingChangesAndErrorCorrectionsAbstract
Namespace Prefix: us-gaap
Data Type: xbrli:stringItemType
Balance Type: na
Period Type: duration
X
- Definition
The entire disclosure for a new accounting pronouncement that has been issued but not yet adopted.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 11

-Section M

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 250

-SubTopic 10

-Section S99

-Paragraph 5

-Subparagraph (SAB TOPIC 11.M)

-URI http://asc.fasb.org/extlink&oid=6369664&loc=d3e31137-122693

+ Details
Name: us-gaap_DescriptionOfNewAccountingPronouncementsNotYetAdopted
Namespace Prefix: us-gaap
Data Type: nonnum:textBlockItemType
Balance Type: na
Period Type: duration
XML 19 R9.htm IDEA: XBRL DOCUMENT v2.3.0.15
Stock-Based Compensation
9 Months Ended
Sep. 30, 2011
Stock-Based Compensation [Abstract]
Stock-Based Compensation

5. Stock-Based Compensation

     2005 Incentive Compensation Plan

     On May 10, 2010, our stockholders approved the Amended and Restated 2005 Incentive Compensation Plan (the “2005 Plan”) which replaced our 2003 Stock Option Plan (the “2003 Plan”) as to future grants. The 2005 Plan extends through March 2015 and allows for the granting of restricted stock, restricted stock units, incentive stock options, nonqualified stock options, and performance awards to officers and a selected number of employees.

     Stock-Based Compensation

     Compensation expense of approximately $34,000 and $163,000, respectively, and related tax benefits of $14,000 and $67,000, respectively, were recognized for the three and nine months ended September 30, 2011. For the three and nine months ended September 30, 2010, the Company recognized compensation expense of approximately $113,000 and $439,000, respectively, and related tax benefits of $47,000 and $180,000, respectively. Compensation expense is reported in corporate general and administrative expenses in our results of operations.

     The following summarizes the stock option transactions for the 2005 and 2003 Plans and the 1992 Stock Option Plan (the “1992 Plan”) for the nine months ended September 30, 2011:

Weighted Average

Remaining Aggregate

Number of Weighted Average Contractual Term Intrinsic

Options Exercise Price (Years) Value

Outstanding at January 1, 2011
293,993 $ 51.70 3.9 $ —

Granted
— —

Exercised
— —

Expired
(65,916 ) 58.10

Forfeited
(282 ) 37.96

Outstanding at September 30, 2011
227,795 $ 49.86 3.9 $ —

Exercisable at September 30, 2011
220,785 $ 50.24 3.8 $ —

     The following summarizes the non-vested stock option transactions for the 2005, 2003 and 1992 Plans for the nine months ended September 30, 2011:

Weighted Average

Number of Grant Date Fair

Options Value

Non-vested at January 1, 2011
35,155 $ 18.51

Granted
— —

Vested
(27,863 ) 18.30

Forfeited/canceled
(282 ) 19.30

Non-vested at September 30, 2011
7,010 $ 19.30

The following summarizes the restricted stock transactions for the nine months ended September 30, 2011:

Weighted

Average

Grant Date

Shares Fair Value

Outstanding at January 1, 2011
21,120 $ 28.73

Granted
— —

Vested
(10,632 ) 31.28

Forfeited
(463 ) 25.87

Non-vested and outstanding at September 30, 2011
10,025 $ 26.15

     For the three and nine months ended September 30, 2011 and the three and nine months ended September 30, 2010, we had approximately $40,000, $148,000, $74,000 and $276,000, respectively, of total compensation expense related to restricted stock-based compensation arrangements. The associated tax benefit recognized for the three and nine months ended September 30, 2011 and the three and nine months ended September 30, 2010 was approximately $17,000, $61,000, $31,000 and $113,000, respectively.

X
- Details
Name: us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: us-gaap
Data Type: xbrli:stringItemType
Balance Type: na
Period Type: duration
X
- Definition
The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Statement of Position (SOP)

-Number 93-6

-Paragraph 53

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 14

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 123R

-Paragraph 64, 65, A240

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 40

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 50

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 718

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

+ Details
Name: us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: us-gaap
Data Type: nonnum:textBlockItemType
Balance Type: na
Period Type: duration
XML 20 R10.htm IDEA: XBRL DOCUMENT v2.3.0.15
Long-Term Debt
9 Months Ended
Sep. 30, 2011
Long-Term Debt [Abstract]
Long-Term Debt

6. Long-Term Debt

     Long-term debt consisted of the following:

September 30, December 31,

2011 2010

(In thousands)

Credit Agreement:

Term loan
$ 59,250 $ —

Revolving credit facility
16,000 —

Reducing revolver facility
— 95,000

Secured debt of affiliate
1,078 1,078

76,328 96,078

Amounts payable within one year
4,000 6,121

$ 72,328 $ 89,957

     Future maturities of long-term debt are as follows:

Year Ending December 31, (In thousands)

2011
$ 1,750

2012
3,000

2013
3,000

2014
4,078

2015
3,000

Thereafter
61,500

$ 76,328

     On June 13, 2011, we entered into a new $120 million credit facility (the “Credit Facility”) with a group of banks, to refinance our outstanding debt under the credit agreement in place at March 31, 2011 (the “Old Credit Agreement”). The Credit Facility consists of a $60 million term loan (the “Term Loan”) and a $60 million revolving loan (the “Revolving Credit Facility”) and matures on June 13, 2016.

     We have pledged substantially all of our assets (excluding our FCC licenses and certain other assets) in support of the Credit Facility and each of our subsidiaries has guaranteed the Credit Facility and has pledged substantially all of their assets (excluding their FCC licenses and certain other assets) in support of the Credit Facility.

     We wrote-off unamortized debt issuance costs relating to the Old Credit Agreement of approximately $1.3 million, pre-tax, due to this refinancing during the quarter ended June 30, 2011.

     The proceeds from the Credit Facility were used to refinance our Old Credit Agreement and pay transactional fees. The unused portion of the Revolving Credit Facility is available for general corporate purposes, including working capital, capital expenditures, permitted acquisitions and related transaction expenses and permitted stock buybacks.

     The Term Loan principal amortizes in equal installments of 5% of the Term Loan during each year, however, upon satisfaction of certain conditions, as defined in the Credit Facility, no amortization payment is required. The Credit Facility is also subject to mandatory prepayment requirements, including but not limited to, certain sales of assets, certain insurance proceeds, certain debt issuances and certain sales of equity. Optional prepayments of the Credit Facility are permitted without any premium or penalty, other than certain costs and expenses.

     Interest rates under the Credit Facility are payable, at our option, at alternatives equal to LIBOR plus 1.50% to 2.75% or the base rate plus 0.50% to 1.75%. The spread over LIBOR and the base rate vary from time to time, depending upon our financial leverage. We also pay quarterly commitment fees of 0.25% to 0.375% per annum on the unused portion of the Revolving Credit Facility.

     The Credit Facility contains a number of financial covenants (all of which we were in compliance with at September 30, 2011) which, among other things, require us to maintain specified financial ratios and impose certain limitation on us with respect to investments, additional indebtedness, dividends, distributions, guarantees, liens and encumbrances.

     We had approximately $44.0 million of unused borrowing capacity under the Revolving Credit Facility at September 30, 2011.

     Our Old Credit Agreement was a revolving line of credit maturing on July 29, 2012. Our indebtedness under the Old Credit Agreement was secured by a first priority lien on substantially all of our assets and of our subsidiaries, by a pledge of our subsidiaries’ stock and by a guarantee of our subsidiaries. The Old Credit Agreement was used for general corporate purposes, including working capital and capital expenditures.

     Interest rates under the Old Credit Agreement were payable, at our option, at alternatives equal to LIBOR at the reset date (0.3125% at December 31, 2010) plus 3.00% to 4.25% or the Agent bank’s base rate plus 2.00% to 3.25%. The spread over LIBOR and the base rate vary from time to time, depending upon our financial leverage. We were also required to pay quarterly commitment fees of 0.375% to 0.625% per annum on the unused portion of the Old Credit Agreement.

     In June 2011, approximately $1.1 million of secured debt of an affiliate was amended to extend the maturity date to May 2014.

X
- Details
Name: us-gaap_DebtDisclosureAbstract
Namespace Prefix: us-gaap
Data Type: xbrli:stringItemType
Balance Type: na
Period Type: duration
X
- Definition
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.19,20,22)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 129

-Paragraph 2, 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 19, 20, 22

-Article 5

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

+ Details
Name: us-gaap_DebtDisclosureTextBlock
Namespace Prefix: us-gaap
Data Type: nonnum:textBlockItemType
Balance Type: na
Period Type: duration
XML 21 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 22 R11.htm IDEA: XBRL DOCUMENT v2.3.0.15
Related Party Transactions
9 Months Ended
Sep. 30, 2011
Related Party Transactions [Abstract]
Related Party Transactions

7. Related Party Transactions

     Principal Stockholder Employment Agreement

     In June 2011, we entered into a new employment agreement with Edward K. Christian, Chairman, President and CEO, which became effective as of June 1, 2011, and replaces and supersedes his prior employment agreement. The new employment agreement terminates on March 31, 2018. The agreement provides for an annual base salary of $860,000 (subject to annual increases on each anniversary date not less than the greater of 3% or a defined cost of living increase). Mr. Christian may defer any or all of his annual salary.

     Under the agreement, Mr. Christian is eligible for discretionary and performance bonuses, stock options and/or stock grants in amounts determined by the Compensation Committee and will continue to participate in the Company’s benefit plans. The Company will maintain insurance policies, will furnish an automobile, will pay for an executive medical plan and will maintain an office for Mr. Christian at its principal executive offices and in Sarasota County, Florida. The agreement provides certain payments to Mr. Christian in the event of his disability, death or a change in control. Upon a change in control, Mr. Christian may terminate his employment. The agreement also provides generally that, upon a change in control, the Company will pay Mr. Christian an amount equal to 2.99 times the average of his total annual salary and bonuses for each of the three immediately preceding periods of twelve consecutive months, plus an additional amount for tax liabilities related to the payment.

     In addition, if Mr. Christian’s employment is terminated for any reason, other than for cause, the Company will continue to provide health insurance and medical reimbursement and maintain existing life insurance policies for a period of ten years, and the current split dollar life insurance policy shall be transferred to Mr. Christian and his wife, and the Company shall reimburse Mr. Christian for any tax consequences of such transfer. The agreement contains a covenant not to compete restricting Mr. Christian from competing with the Company in any of its markets if he voluntarily terminates his employment with the Company or is terminated for cause, for a three year period thereafter.

X
- Details
Name: us-gaap_RelatedPartyTransactionsAbstract
Namespace Prefix: us-gaap
Data Type: xbrli:stringItemType
Balance Type: na
Period Type: duration
X
- Definition
The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(k))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 3A

-Section 04

-Paragraph b

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 57

-Paragraph 1-4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39678-107864

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 4

-Section 08

-Paragraph k

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864

+ Details
Name: us-gaap_RelatedPartyTransactionsDisclosureTextBlock
Namespace Prefix: us-gaap
Data Type: nonnum:textBlockItemType
Balance Type: na
Period Type: duration
XML 23 R5.htm IDEA: XBRL DOCUMENT v2.3.0.15
Summary of Significant Accounting Policies
9 Months Ended
Sep. 30, 2011
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies

1. Summary of Significant Accounting Policies

     Basis of Presentation

     The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for annual financial statements.

     In our opinion, the accompanying financial statements include all adjustments of a normal, recurring nature considered necessary for a fair presentation of our financial position as of September 30, 2011 and the results of operations for the three and nine months ended September 30, 2011 and 2010. Results of operations for the nine months ended September 30, 2011 are not necessarily indicative of the results that may be expected for the year ending December 31, 2011.

     For further information, refer to the consolidated financial statements and footnotes thereto included in the Saga Communications, Inc. Annual Report on Form 10-K for the year ended December 31, 2010.

     The Company has evaluated events and transactions occurring subsequent to the balance sheet date of September 30, 2011, for items that should potentially be recognized in these financial statements or discussed within the notes to the financial statements.

     Earnings Per Share Information

     The following table sets forth the computation of basic and diluted earnings per share:

Three Months Ended September 30, Nine Months Ended September 30,

2011 2010 2011 2010

(In thousands, except per share data)

Numerator:

Net income available to common stockholders
$ 3,694 $ 3,557 $ 8,526 $ 10,569

Denominator:

Denominator for basic earnings per share — weighted average shares
4,242 4,236 4238 4,230

Effect of dilutive securities
4 — 4 —

Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions
4,246 4,236 4,242 4,230

Basic earnings per share
$ .87 $ .84 $ 2.01 $ 2.50

Diluted earnings per share
$ .87 $ .84 $ 2.01 $ 2.50

     The number of stock options outstanding that had an antidilutive effect on our earnings per share calculation, and therefore have been excluded from diluted earnings per share calculation, was 228,000 for the three and nine months ended September 30, 2011 and 336,000 for the three and nine months ended September 30, 2010. The actual effect of these shares, if any, on the diluted earnings per share calculation will vary significantly depending on the fluctuation in the stock price.

     Fair Value of Financial Instruments

     Short-term investments, which include certificates of deposit, approximate fair value due to their short maturities.

     Income Taxes

     Our effective tax rate is higher than the federal statutory rate as a result of the inclusion of state taxes in the income tax amount.

     Time Brokerage Agreements

     We have entered into Time Brokerage Agreements (“TBAs”) or Local Marketing Agreements (“LMA’s”) in certain markets. In a typical TBA/LMA, the FCC licensee of a station makes available, for a fee, blocks of air time on its station to another party that supplies programming to be broadcast during that air time and sells their own commercial advertising announcements during the time periods specified. Revenue and expenses related to TBA’s/LMA’s are included in the accompanying unaudited Condensed Consolidated Statements of Income.

X
- Details
Name: us-gaap_AccountingPoliciesAbstract
Namespace Prefix: us-gaap
Data Type: xbrli:stringItemType
Balance Type: na
Period Type: duration
X
- Definition
The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 720

-SubTopic 15

-URI http://asc.fasb.org/subtopic&trid=2122524

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6921930&loc=d3e5614-111684

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 8

-URI http://asc.fasb.org/extlink&oid=6970148&loc=SL6228881-111685

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Name Statement of Position (SOP)

-Publisher AICPA

-Number 94-6

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 272

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70478-108055

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6359566&loc=d3e326-107755

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Staff Position (FSP)

-Number FAS140-4/FIN46(R)-8

-Paragraph 8, C1, C7

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Name FASB Interpretation (FIN)

-Publisher FASB

-Number 46R

-Paragraph 4, 14, 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 852

-SubTopic 10

-URI http://asc.fasb.org/subtopic&trid=2209116

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 275

-SubTopic 10

-URI http://asc.fasb.org/subtopic&trid=2134480

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 2-6

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 915

-SubTopic 235

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6472506&loc=d3e38932-110933

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 10

-URI http://asc.fasb.org/subtopic&trid=2122150

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 10

-Section 45

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6359553&loc=d3e288-107754

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-URI http://asc.fasb.org/subtopic&trid=2197480

+ Details
Name: us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock
Namespace Prefix: us-gaap
Data Type: nonnum:textBlockItemType
Balance Type: na
Period Type: duration
XML 24 R7.htm IDEA: XBRL DOCUMENT v2.3.0.15
Intangible Assets
9 Months Ended
Sep. 30, 2011
Intangible Assets [Abstract]
Intangible Assets

3. Intangible Assets

     We evaluate our FCC licenses for impairment annually as of October 1^st or more frequently if events or circumstances indicate that the asset might be impaired. FCC licenses are evaluated for impairment at the market level using a direct method. If the carrying amount of FCC licenses is greater than their estimated fair value in a given market, the carrying amount of FCC licenses in that market is reduced to its estimated fair value.

     Intangible assets that have finite lives are amortized over their useful lives using the straight-line method. Favorable lease agreements are amortized over the lives of the leases ranging from 4 to 26 years. Other intangibles are amortized over one to eleven years.

X
- Details
Name: us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: us-gaap
Data Type: xbrli:stringItemType
Balance Type: na
Period Type: duration
X
- Definition
The entire disclosure for all or part of the information related to intangible assets.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 30

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6905858&loc=d3e16373-109275

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 142

-Paragraph 44, 45, 46

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 30

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6905858&loc=d3e16323-109275

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 30

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6905858&loc=d3e16265-109275

+ Details
Name: us-gaap_IntangibleAssetsDisclosureTextBlock
Namespace Prefix: us-gaap
Data Type: nonnum:textBlockItemType
Balance Type: na
Period Type: duration
XML 25 R2.htm IDEA: XBRL DOCUMENT v2.3.0.15
Condensed Consolidated Balance Sheets (USD $)
In Thousands
Sep. 30, 2011
Dec. 31, 2010
Current assets:
Cash and cash equivalents $ 7,547 $ 12,197
Short-term investments 0 1,007
Accounts receivable, net 19,481 18,985
Prepaid expenses and other current assets 1,466 2,002
Barter transactions 1,762 1,377
Deferred income taxes 1,048 991
Total current assets 31,304 36,559
Property and equipment 162,195 158,589
Less accumulated depreciation 97,984 93,028
Net property and equipment 64,211 65,561
Other assets:
Broadcast licenses, net 90,584 90,584
Other intangibles, deferred costs and investments, net 6,091 7,099
Total other assets 96,675 97,683
Total assets 192,190 199,803
Current liabilities:
Accounts payable 1,252 1,683
Payroll and payroll taxes 6,430 5,524
Other accrued expenses 2,953 3,460
Barter transactions 1,921 1,641
Current portion of long-term debt 4,000 6,121
Total current liabilities 16,556 18,429
Deferred income taxes 11,175 7,105
Long-term debt 72,328 89,957
Other liabilities 3,333 4,234
Total liabilities 103,392 119,725
Commitments and contingencies
Stockholders' equity
Common stock 53 53
Additional paid-in capital 50,609 50,298
Retained earnings 66,726 58,200
Treasury stock (28,590) (28,473)
Total stockholders' equity 88,798 80,078
Total liabilities and stockholders' equity $ 192,190 $ 199,803
X
- Definition
Total other assets
+ Details
Name: sga_AssetsOther
Namespace Prefix: sga
Data Type: xbrli:monetaryItemType
Balance Type: debit
Period Type: instant
X
- Definition
Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 19

-Subparagraph a

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.19(a))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details
Name: us-gaap_AccountsPayableCurrent
Namespace Prefix: us-gaap
Data Type: xbrli:monetaryItemType
Balance Type: credit
Period Type: instant
X
- Definition
Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 3

-Subparagraph a(1)

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 4

-Article 5

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.3-4)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details
Name: us-gaap_AccountsReceivableNetCurrent
Namespace Prefix: us-gaap
Data Type: xbrli:monetaryItemType
Balance Type: debit
Period Type: instant
X
- Definition
Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 20

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.20)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details
Name: us-gaap_AccruedLiabilitiesCurrent
Namespace Prefix: us-gaap
Data Type: xbrli:monetaryItemType
Balance Type: credit
Period Type: instant
X
- Definition
The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 360

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.14)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 5

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 14

-Article 5

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 5

-Subparagraph c

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details
Name: us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
Namespace Prefix: us-gaap
Data Type: xbrli:monetaryItemType
Balance Type: credit
Period Type: instant
X
- Definition
Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 31

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.30(a)(1))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details
Name: us-gaap_AdditionalPaidInCapitalCommonStock
Namespace Prefix: us-gaap
Data Type: xbrli:monetaryItemType
Balance Type: credit
Period Type: instant
X
- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 7

-Section 03

-Paragraph 12

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Topic 210

-SubTopic 10

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

-Section S99

-Name Accounting Standards Codification

-Publisher FASB

-Paragraph 1

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Concepts (CON)

-Number 6

-Paragraph 25

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 18

-Article 5

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.18)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details
Name: us-gaap_Assets
Namespace Prefix: us-gaap
Data Type: xbrli:monetaryItemType
Balance Type: debit
Period Type: instant
X
- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6801-107765

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Section 45

-SubTopic 10

-Topic 210

-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6676-107765

-Publisher FASB

-Name Accounting Standards Codification

-Paragraph 1

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 9

-Article 5

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.9)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6676-107765

+ Details
Name: us-gaap_AssetsCurrent
Namespace Prefix: us-gaap
Data Type: xbrli:monetaryItemType
Balance Type: debit
Period Type: instant
X
- Details
Name: us-gaap_AssetsCurrentAbstract
Namespace Prefix: us-gaap
Data Type: xbrli:stringItemType
Balance Type: na
Period Type: duration
X
- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.1)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 1

-Article 5

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 7

-Footnote 1

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3044-108585

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 8, 9

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6676-107765

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash

-URI http://asc.fasb.org/extlink&oid=6506951

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 7, 26

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash Equivalents

-URI http://asc.fasb.org/extlink&oid=6507016

+ Details
Name: us-gaap_CashAndCashEquivalentsAtCarryingValue
Namespace Prefix: us-gaap
Data Type: xbrli:monetaryItemType
Balance Type: debit
Period Type: instant
X
- Definition
Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-03.17)

-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 17

-Article 9

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 7

-Section 03

-Paragraph 19

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 25

-Article 5

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.(a),19)

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 450

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14326-108349

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 5

-Paragraph 8, 9

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.25)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details
Name: us-gaap_CommitmentsAndContingencies
Namespace Prefix: us-gaap
Data Type: xbrli:monetaryItemType
Balance Type: credit
Period Type: instant
X
- Definition
Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 30

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details
Name: us-gaap_CommonStockValue
Namespace Prefix: us-gaap
Data Type: xbrli:monetaryItemType
Balance Type: credit
Period Type: instant
X
- Definition
Amounts due for services rendered or to be rendered, actions taken or to be taken, or a promise to refrain from taking certain actions in accordance with the terms of a legally binding agreement between the entity and, at a minimum, one other party. Such amounts may be billed or unbilled depending on the specifics of the contract.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.3(c))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details
Name: us-gaap_ContractsReceivable
Namespace Prefix: us-gaap
Data Type: xbrli:monetaryItemType
Balance Type: debit
Period Type: instant
X
- Definition
The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 8

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6935-107765

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 43

-Chapter 3

-Section A

-Paragraph 7, 8

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 13

-Section A

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 605

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SAB TOPIC 13.A.4(a).Q1)

-URI http://asc.fasb.org/extlink&oid=6600647&loc=d3e214044-122780

+ Details
Name: us-gaap_DeferredRevenueCurrent
Namespace Prefix: us-gaap
Data Type: xbrli:monetaryItemType
Balance Type: credit
Period Type: instant
X
- Definition
The current portion of the aggregate tax effects as of the balance sheet date of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after deducting the allocated valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets are classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, are classified according to the expected reversal date of the temporary difference. An unrecognized tax benefit that is directly related to a position taken in a tax year that results in a net operating loss carryforward is presented as a reduction of the related deferred tax asset.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 45

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6907571&loc=d3e31928-109318

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 41, 42, 43

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 45

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6907571&loc=d3e31958-109318

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 45

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6907571&loc=d3e31917-109318

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 45

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6907571&loc=d3e31931-109318

+ Details
Name: us-gaap_DeferredTaxAssetsNetCurrent
Namespace Prefix: us-gaap
Data Type: xbrli:monetaryItemType
Balance Type: debit
Period Type: instant
X
- Definition
Represents the noncurrent portion of deferred tax liabilities, which result from applying the applicable tax rate to net taxable temporary differences pertaining to each jurisdiction to which the entity is obligated to pay income tax. A noncurrent taxable temporary difference is a difference between the tax basis and the carrying amount of a noncurrent asset or liability in the financial statements prepared in accordance with generally accepted accounting principles. In a classified statement of financial position, an enterprise separates deferred tax liabilities and assets into a current amount and a noncurrent amount. Deferred tax liabilities and assets are classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, are classified according to the expected reversal date of the temporary difference.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 45

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6907571&loc=d3e31958-109318

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 41, 42

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 45

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6907571&loc=d3e31917-109318

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 45

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6907571&loc=d3e31931-109318

+ Details
Name: us-gaap_DeferredTaxLiabilitiesNoncurrent
Namespace Prefix: us-gaap
Data Type: xbrli:monetaryItemType
Balance Type: credit
Period Type: instant
X
- Definition
Total of the carrying values as of the balance sheet date of obligations incurred through that date and payable for obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 20

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.20)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details
Name: us-gaap_EmployeeRelatedLiabilitiesCurrent
Namespace Prefix: us-gaap
Data Type: xbrli:monetaryItemType
Balance Type: credit
Period Type: instant
X
- Definition
Carrying amount (original costs adjusted for previously recognized amortization and impairment) as of the balance sheet date for the capitalized costs to acquire rights under a license arrangement (for example, to sell specified products in a specified territory) having an indefinite period of benefit.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 142

-Paragraph 45

-Subparagraph b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 30

-Section 50

-Paragraph 2

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6905858&loc=d3e16323-109275

+ Details
Name: us-gaap_IndefiniteLivedLicenseAgreements
Namespace Prefix: us-gaap
Data Type: xbrli:monetaryItemType
Balance Type: debit
Period Type: instant
X
- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.19-26)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details
Name: us-gaap_Liabilities
Namespace Prefix: us-gaap
Data Type: xbrli:monetaryItemType
Balance Type: credit
Period Type: instant
X
- Definition
Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 32

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.32)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 7

-Section 03

-Paragraph 25

+ Details
Name: us-gaap_LiabilitiesAndStockholdersEquity
Namespace Prefix: us-gaap
Data Type: xbrli:monetaryItemType
Balance Type: credit
Period Type: instant
X
- Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 21

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.21)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details
Name: us-gaap_LiabilitiesCurrent
Namespace Prefix: us-gaap
Data Type: xbrli:monetaryItemType
Balance Type: credit
Period Type: instant
X
- Details
Name: us-gaap_LiabilitiesCurrentAbstract
Namespace Prefix: us-gaap
Data Type: xbrli:stringItemType
Balance Type: na
Period Type: duration
X
- Definition
Total of the portions of the carrying amounts as of the balance sheet date of long-term debt, which may include notes payable, bonds payable, debentures, mortgage loans, and commercial paper, which are scheduled to be repaid within one year or the normal operating cycle, if longer, and after deducting unamortized discount or premiums, if any.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 20

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 19

-Article 5

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.19,20)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details
Name: us-gaap_LongTermDebtCurrent
Namespace Prefix: us-gaap
Data Type: xbrli:monetaryItemType
Balance Type: credit
Period Type: instant
X
- Definition
Sum of the carrying values as of the balance sheet date of all long-term debt, which is debt initially having maturities due after one year from the balance sheet date or beyond the operating cycle, if longer, but excluding the portions thereof scheduled to be repaid within one year (current maturities) or the normal operating cycle, if longer, and after deducting unamortized discount or premiums, if any.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 22

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.22)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details
Name: us-gaap_LongTermDebtNoncurrent
Namespace Prefix: us-gaap
Data Type: xbrli:monetaryItemType
Balance Type: credit
Period Type: instant
X
- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 17

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.17)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details
Name: us-gaap_OtherAssetsNoncurrent
Namespace Prefix: us-gaap
Data Type: xbrli:monetaryItemType
Balance Type: debit
Period Type: instant
X
- Details
Name: us-gaap_OtherAssetsNoncurrentAbstract
Namespace Prefix: us-gaap
Data Type: xbrli:stringItemType
Balance Type: na
Period Type: duration
X
- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 24

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.24)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details
Name: us-gaap_OtherLiabilitiesNoncurrent
Namespace Prefix: us-gaap
Data Type: xbrli:monetaryItemType
Balance Type: credit
Period Type: instant
X
- Definition
The total of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer, and the aggregate carrying amount of current assets, as of the balance sheet date, not separately presented elsewhere in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 8

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 43

-Section A

-Paragraph 4

-Chapter 3

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Section 45

-SubTopic 10

-Topic 210

-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6676-107765

-Publisher FASB

-Name Accounting Standards Codification

-Paragraph 1

+ Details
Name: us-gaap_PrepaidExpenseAndOtherAssetsCurrent
Namespace Prefix: us-gaap
Data Type: xbrli:monetaryItemType
Balance Type: debit
Period Type: instant
X
- Definition
Gross amount, at the balance sheet date, of long-lived physical assets used in the normal conduct of business and not intended for resale. This can include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 5

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 360

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.13)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details
Name: us-gaap_PropertyPlantAndEquipmentGross
Namespace Prefix: us-gaap
Data Type: xbrli:monetaryItemType
Balance Type: debit
Period Type: instant
X
- Definition
Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.13)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 7

-Section 03

-Paragraph 8

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 13

-Subparagraph a

-Article 5

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 12

-Paragraph 5

-Subparagraph b, c

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 360

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

+ Details
Name: us-gaap_PropertyPlantAndEquipmentNet
Namespace Prefix: us-gaap
Data Type: xbrli:monetaryItemType
Balance Type: debit
Period Type: instant
X
- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.31(a)(3))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 31

-Article 5

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

+ Details
Name: us-gaap_RetainedEarningsAccumulatedDeficit
Namespace Prefix: us-gaap
Data Type: xbrli:monetaryItemType
Balance Type: credit
Period Type: instant
X
- Definition
Investments which are intended to be sold in the short term (usually less than one year or the normal operating cycle, whichever is longer) including trading securities, available-for-sale securities, held-to-maturity securities, and other short-term investments not otherwise listed in the existing taxonomy.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 7

-Section 03

-Paragraph 1

-Subparagraph g

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.2)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details
Name: us-gaap_ShortTermInvestments
Namespace Prefix: us-gaap
Data Type: xbrli:monetaryItemType
Balance Type: debit
Period Type: instant
X
- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29-31)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph A3

-Appendix A

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29, 30, 31

-Article 5

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 4

-Section E

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SAB TOPIC 4.E)

-URI http://asc.fasb.org/extlink&oid=6228006&loc=d3e74512-122707

+ Details
Name: us-gaap_StockholdersEquity
Namespace Prefix: us-gaap
Data Type: xbrli:monetaryItemType
Balance Type: credit
Period Type: instant
X
- Details
Name: us-gaap_StockholdersEquityAbstract
Namespace Prefix: us-gaap
Data Type: xbrli:stringItemType
Balance Type: na
Period Type: duration
X
- Definition
The amount allocated to treasury stock. Treasury stock is common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Technical Bulletin (FTB)

-Number 85-6

-Paragraph 3

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 30

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23315-112656

+ Details
Name: us-gaap_TreasuryStockValue
Namespace Prefix: us-gaap
Data Type: xbrli:monetaryItemType
Balance Type: debit
Period Type: instant
XML 26 FilingSummary.xml IDEA: XBRL DOCUMENT 2.3.0.15 Html 11 80 1 false 2 0 false 3 true false R1.htm 00 - Document - Document and Entity Information Sheet http://sagacommunications.com/role/DocumentAndEntityInformation Document and Entity Information false false R2.htm 0110 - Statement - Condensed Consolidated Balance Sheets Sheet http://sagacommunications.com/role/BalanceSheets Condensed Consolidated Balance Sheets false false R3.htm 0120 - Statement - Condensed Consolidated Statements of Income (Unaudited) Sheet http://sagacommunications.com/role/StatementsOfIncome Condensed Consolidated Statements of Income (Unaudited) false false R4.htm 0130 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) Sheet http://sagacommunications.com/role/StatementsOfCashFlows Condensed Consolidated Statements of Cash Flows (Unaudited) false false R5.htm 0201 - Disclosure - Summary of Significant Accounting Policies Sheet http://sagacommunications.com/role/SummaryOfSignificantAccountingPolicies Summary of Significant Accounting Policies false false R6.htm 0202 - Disclosure - Recent Accounting Pronouncements Sheet http://sagacommunications.com/role/RecentAccountingPronouncements Recent Accounting Pronouncements false false R7.htm 0203 - Disclosure - Intangible Assets Sheet http://sagacommunications.com/role/IntangibleAssets Intangible Assets false false R8.htm 0204 - Disclosure - Common Stock and Treasury Stock Sheet http://sagacommunications.com/role/CommonStockAndTreasuryStock Common Stock and Treasury Stock false false R9.htm 0205 - Disclosure - Stock-Based Compensation Sheet http://sagacommunications.com/role/StockBasedCompensation Stock-Based Compensation false false R10.htm 0206 - Disclosure - Long-Term Debt Sheet http://sagacommunications.com/role/LongTermDebt Long-Term Debt false false R11.htm 0207 - Disclosure - Related Party Transactions Sheet http://sagacommunications.com/role/RelatedPartyTransactions Related Party Transactions false false R12.htm 0208 - Disclosure - Segment Information Sheet http://sagacommunications.com/role/SegmentInformation Segment Information false false All Reports Book All Reports Process Flow-Through: 0110 - Statement - Condensed Consolidated Balance Sheets Process Flow-Through: Removing column 'Sep. 30, 2010' Process Flow-Through: Removing column 'Dec. 31, 2009' Process Flow-Through: 0120 - Statement - Condensed Consolidated Statements of Income (Unaudited) Process Flow-Through: 0130 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) sga-20110930.xml sga-20110930.xsd sga-20110930_cal.xml sga-20110930_def.xml sga-20110930_lab.xml sga-20110930_pre.xml true true EXCEL 27 Financial_Report.xls IDEA: XBRL DOCUMENT begin 644 Financial_Report.xls M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O M;VL-"D-O;G1E;G0M5'EP93H@;75L=&EP87)T+W)E;&%T960[(&)O=6YD87)Y M/2(M+2TM/5].97AT4&%R=%]A838T8F-E.5\X,&1F7S0U9C!?864U95\R9C0S M,3,S.3-B830B#0H-"E1H:7,@9&]C=6UE;G0@:7,@82!3:6YG;&4@1FEL92!7 M96(@4&%G92P@86QS;R!K;F]W;B!A'!L;W)E&UL;G,Z=CTS1")U&UL;G,Z;STS1")U&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX M.D5X8V5L5V]R:W-H965T5]);F9O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/E-U;6UA#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/DEN=&%N9VEB;&5?07-S971S/"]X.DYA;64^ M#0H@("`@/'@Z5V]R:W-H965T4V]U#I%>&-E;%=O5]3=&]C/"]X.DYA;64^#0H@("`@/'@Z5V]R:W-H965T4V]U M#I%>&-E;%=O#I7;W)K#I%>&-E;%=O5]4#I7;W)K#I%>&-E;%=O#I!8W1I=F53:&5E=#XP/"]X.D%C=&EV95-H M965T/@T*("`\>#I0#I%>&-E;%=O7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\ M:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E M;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$'0^,C`Q,3QS<&%N/CPO'0^43,\2!796QL+6MN;W=N(%-E87-O;F5D M($ES'0^3F\\2!6;VQU;G1A'0^665S/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$2!#;VUM;VX@4W1O8VLL(%-H87)E'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S7!E.B!T M97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE M860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT M96YT/3-$)W1E>'0O:'1M;#L@8VAA'!E;G-E2!A;F0@97%U:7!M96YT M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XQ-C(L,3DU/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S2!A;F0@97%U:7!M96YT/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M M<#XV-"PR,3$\'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'!E;G-E3PO'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T* M#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O M;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA'!E;G-E'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'!E;G-E+"!N970\+W1D/@T*("`@("`@("`\=&0@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$7!E.B!T97AT+VAT;6P[(&-H M87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U% M5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O M:'1M;#L@8VAA2!O<&5R871I;F<@86-T:79I=&EE'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$3PO=&0^#0H@("`@("`@(#QT9"!C;&%S7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T* M#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O M;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M'1";&]C:RTM/@T*("`@/&1I=B!A;&EG;CTS1&QE9G0@&)R;"QN&)R;"QN>"`M+3X-"B`@(#QD M:78@86QI9VX],T1C96YT97(@6QE/3-$ M)V9O;G0M6EN9R!U M;F%U9&ET960@8V]N9&5N2P-"B`@('1H97D@9&\@;F]T(&EN8VQU9&4@ M86QL(&]F('1H92!I;F9O6QE/3-$)V9O;G0M6EN9R!F:6YA;F-I86P@2!I;F1I M8V%T:79E(&]F('1H92!R97-U;'1S('1H870@;6%Y(&)E(&5X<&5C=&5D(&9O M65A2!B92!R M96-O9VYI>F5D(&EN('1H97-E(&9I;F%N8VEA;`T*("`@6QE/3-$)V9O;G0MF4Z(#$P<'0[(&UA M6QE/3-$)V)O"!S;VQI M9"`C,#`P,#`P)SX\8CXR,#$P/"]B/CPO=&0^#0H@("`@("`@/'1D/B8C,38P M.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&YO M=W)A<#TS1&YO=W)A<"!A;&EG;CTS1&-E;G1E6QE/3-$)VUA'0M:6YD96YT M.BTQ-7!X)SY.=6UE6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X M)SXF(S$V,#L-"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO M=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P M.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C M,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D M/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@ M/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@ M("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@ M("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^ M#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO M=&0^#0H@("`\+W1R/@T*("`@/'1R('9A;&EG;CTS1&)O='1O;3X-"B`@("`@ M("`\=&0^#0H@("`\9&EV('-T>6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X)SY.970@:6YC;VUE(&%V86EL86)L92!T;R!C;VUM M;VX@#L@=&5X="UI;F1E;G0Z M+3$U<'@G/B8C,38P.PT*("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q M-C`[/"]T9#X-"B`@("`@("`\=&0@;F]W6QE/3-$)V)O"!D;W5B;&4@ M(S`P,#`P,"<^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X- M"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@;F]W6QE/3-$)VUA'0M:6YD96YT M.BTQ-7!X)SXF(S$V,#L-"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C M,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D M/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@ M/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@ M("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@ M("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^ M#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO M=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P M.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C M,38P.SPO=&0^#0H@("`\+W1R/@T*("`@/'1R('9A;&EG;CTS1&)O='1O;2!S M='EL93TS1"=B86-K9W)O=6YD.B`C8V-E969F)SX-"B`@("`@("`\=&0^#0H@ M("`\9&EV('-T>6QE/3-$)VUA'0M:6YD96YT M.BTQ-7!X)SY$96YO;6EN871O#L@ M=&5X="UI;F1E;G0Z+3$U<'@G/D1E;F]M:6YA=&]R(&9O6QE/3-$)VUA'0M:6YD96YT.BTQ M-7!X)SY%9F9E8W0@;V8@9&EL=71I=F4@#L@=&5X="UI;F1E M;G0Z+3$U<'@G/B8C,38P.PT*("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^ M)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@;F]W6QE M/3-$)V)O"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W1D M/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\ M+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@8V]L6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X)SY$96YO;6EN871O"<^)B,Q-C`[ M#0H@("`\+V1I=CX\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@ M("`@(#QT9"!N;W=R87`],T1N;W=R87`@8V]L6QE/3-$)V)O"!D;W5B;&4@(S`P,#`P,"<^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^ M)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\ M=&0@;F]W6QE/3-$)VUA'0M:6YD96YT.BTQ M-7!X)SY"87-I8R!E87)N:6YG6QE/3-$)V9O;G0M6QE/3-$)VUA'0M M:6YD96YT.BTQ-7!X)SXF(S$V,#L-"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@ M/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!C M;VQS<&%N/3-$,B!A;&EG;CTS1')I9VAT('-T>6QE/3-$)V)O"!D;W5B;&4@(S`P,#`P,"<^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^ M)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\ M=&0@;F]W6QE M/3-$)V)O"!D;W5B;&4@(S`P,#`P,"<^)B,Q-C`[/"]T M9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\='(@ M=F%L:6=N/3-$8F]T=&]M/@T*("`@("`@(#QT9#X-"B`@(#QD:78@#L@=&5X="UI;F1E;G0Z+3$U<'@G/D1I;'5T M960@96%R;FEN9W,@<&5R('-H87)E#0H@("`\+V1I=CX\+W1D/@T*("`@("`@ M(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS1&QE9G0^)FYB M"<^)B,Q-C`[#0H@("`\+V1I=CX\+W1D/@T*("`@("`@(#QT9#XF(S$V M,#L\+W1D/@T*("`@("`@("`@("`\=&0@;F]WF4Z(#$P<'0[(&UA2!S:6=N:69I8V%N=&QY(&1E<&5N9&EN9R!O;B!T:&4@9FQU M8W1U871I;VX@:6X@=&AE#0H@("!S=&]C:R!P6QE/3-$)V9O M;G0M6QE/3-$)V9O;G0M6QE/3-$)V9O;G0M"!R871E(&ES(&AI9VAE2!R871E(&%S(&$@&5S(&EN('1H92!I;F-O;64@=&%X(&%M;W5N="X-"B`@ M(#PO9&EV/@T*("`@/&1I=B!A;&EG;CTS1&QE9G0@F4Z(#$P<'0[(&UA7!I8V%L(%1"02],34$L('1H92!&0T,@;&EC96YS964@;V8@82!S=&%T:6]N M(&UA:V5S(&%V86EL86)L92P-"B`@(&9O7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI M(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS M1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA7!E/3-$=&5X="]J879A&AT;6PQ+71R86YS:71I;VYA;"YD=&0B("TM/@T*("`@/"$M+2!" M96=I;B!";&]C:R!486=G960@3F]T92`R("T@=7,M9V%A<#I$97-C3H@)U1I;65S($YE=R!2 M;VUA;BF4Z(#$P<'0[(&UA28C,38P.S(P,3`L('1H92!& M05-"(&ES2!I;F9O&-E<'0@9F]R#0H@("!D:7-C;&]S=7)E M2!O;B!*86YU87)Y)B,Q-C`[,2P@ M,C`Q,2X@5&AE#0H@("!G=6ED86YC92!A9&]P=&5D(&]N($IA;G5A3X- M"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]A838T8F-E.5\X,&1F7S0U M9C!?864U95\R9C0S,3,S.3-B830-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z M+R\O0SHO86$V-&)C93E?.#!D9E\T-68P7V%E-65?,F8T,S$S,SDS8F$T+U=O M'0O:'1M M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T* M("`@("`@/'1R(&-L87-S/3-$'0^/"$M+41/0U194$4@:'1M;"!054),24,@(BTO M+U&AT;6PQ+T141"]X:'1M;#$M=')A;G-I=&EO;F%L M+F1T9"(@+2T^#0H@("`\(2TM($)E9VEN($)L;V-K(%1A9V=E9"!.;W1E(#,@ M+2!U6QE/3-$)V9O;G0M9F%M:6QY.B`G5&EM97,@3F5W M(%)O;6%N)RQ4:6UEF4Z(#$P<'0[(&UAF4Z(#$P<'0[(&UA2!A6QE/3-$)V9O;G0MF4Z(#$P<'0[(&UAF5D(&]V M97(@=&AE:7(@=7-E9G5L(&QI=F5S('5S:6YG('1H90T*("`@65A3X-"CPO:'1M;#X-"@T* M+2TM+2TM/5].97AT4&%R=%]A838T8F-E.5\X,&1F7S0U9C!?864U95\R9C0S M,3,S.3-B830-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO86$V-&)C M93E?.#!D9E\T-68P7V%E-65?,F8T,S$S,SDS8F$T+U=O'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C M:&%R2!3=&]C:SPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/"$M+41/0U194$4@:'1M;"!054),24,@(BTO+U&AT;6PQ+T141"]X:'1M;#$M=')A;G-I=&EO;F%L+F1T9"(@+2T^#0H@("`\ M(2TM($)E9VEN($)L;V-K(%1A9V=E9"!.;W1E(#0@+2!U4YO=&5$:7-C;&]S=7)E5&5X=$)L;V-K+2T^#0H@("`\ M9&EV('-T>6QE/3-$)V9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RQ4 M:6UEF4Z(#$P<'0[(&UA6QE/3-$)V9O;G0MF4Z(#$P<'0[('1E>'0M86QI9VXZ(&QE9G0G(&-E;&QS M<&%C:6YG/3-$,"!B;W)D97(],T0P(&-E;&QP861D:6YG/3-$,"!W:61T:#TS M1#$P,"4^#0H@("`\(2TM($)E9VEN(%1A8FQE($AE860@+2T^#0H@("`\='(@ M=F%L:6=N/3-$8F]T=&]M/@T*("`@("`@(#QT9"!W:61T:#TS1#6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P)SX\ M8CY#;VUM;VX@4W1O8VL@27-S=65D/"]B/CPO=&0^#0H@("`@("`@/'1D/B8C M,38P.SPO=&0^#0H@("`\+W1R/@T*("`@/'1R('-T>6QE/3-$)V9O;G0M6QE/3-$)V)A8VMG#L@=&5X="UI;F1E;G0Z+3$U<'@G/D)A;&%N8V4L($IA;G5A"<^0V]N=F5R6QE/3-$)V)A8VMG#L@=&5X="UI M;F1E;G0Z+3$U<'@G/D9O"<^)B,Q-C`[#0H@("`\+V1I=CX\+W1D M/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`] M,T1N;W=R87`@8V]L6QE/3-$)VUA'0M:6YD96YT M.BTQ-7!X)SY"86QA;F-E+"!$96-E;6)E"<^ M0V]N=F5R#L@=&5X="UI;F1E;G0Z+3$U M<'@G/B8C,38P.PT*("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[ M/"]T9#X-"B`@("`@("`\=&0@;F]W6QE/3-$)V)O M"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W1D/@T*("`@ M("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@/"]T"<^0F%L86YC92P@4V5P M=&5M8F5R)B,Q-C`[,S`L(#(P,3$-"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@ M/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@ M("`@/'1D(&%L:6=N/3-$6QE/3-$)V9O;G0M6QE/3-$)VUA'0M:6YD96YT.BTQ M-7!X)SXF(S$V,#L-"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P M.SPO=&0^#0H@("`@("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@8V]L2`M+3X-"B`@(#PO=&%B;&4^#0H@("`\+V1I M=CX-"B`@(#QD:78@86QI9VX],T1L969T('-T>6QE/3-$)V9O;G0M7!E M.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@ M/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C M;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$&AT;6PQ+71R86YS:71I;VYA;"YD=&0B("TM/@T*("`@ M/"$M+2!"96=I;B!";&]C:R!486=G960@3F]T92`U("T@=7,M9V%A<#I$:7-C M;&]S=7)E3V9#;VUP96YS871I;VY296QA=&5D0V]S='-3:&%R94)A6QE/3-$)V9O;G0MF4Z(#$P<'0[(&UAF4Z(#$P<'0[(&UA65E6QE/3-$)V9O;G0M`T*("`@8F5N969I=',@;V8@)FYB2`F;F)S<#LD,3$S+#`P,"!A;F0@)FYB M2P@86YD(')E;&%T960@=&%X(&)E M;F5F:71S#0H@("!O9B`F;F)S<#LD-#6QE/3-$)V9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RQ4:6UE M6QE/3-$)V9O M;G0M6QE M/3-$)V9O;G0MF5S('1H92!S=&]C:R!O<'1I;VX@=')A;G-A8W1I;VYS(&9O6QE/3-$)V9O;G0M6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P)SX\8CY%>&5R8VES92!06QE/3-$)V)O"!S;VQI9"`C M,#`P,#`P)SX\8CY686QU93PO8CX\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\ M+W1D/@T*("`@/"]T6QE/3-$)V)A8VMG#L@=&5X M="UI;F1E;G0Z+3$U<'@G/D]U='-T86YD:6YG(&%T($IA;G5A#L@=&5X="UI;F1E;G0Z M+3$U<'@G/D=R86YT960-"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C M,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D M(&%L:6=N/3-$6QE/3-$ M)VUA'0M:6YD96YT.BTQ-7!X)SY%>&5R8VES M960-"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@ M("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$6QE M/3-$)VUA'0M:6YD96YT.BTQ-7!X)SY%>'!I M6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X)SY&;W)F96ET960-"B`@(#PO9&EV/CPO=&0^ M#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&YO=W)A<#TS M1&YO=W)A<"!A;&EG;CTS1&QE9G0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@ M86QI9VX],T1R:6=H=#XH,C@R/"]T9#X-"B`@("`@("`\=&0@;F]W#L@=&5X="UI;F1E;G0Z+3$U<'@G/B8C,38P.PT*("`@/"]D:78^/"]T9#X- M"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@;F]W6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P M)SXF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@ M(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@ M8V]L6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X)SY/ M=71S=&%N9&EN9R!A="!397!T96UB97(F(S$V,#LS,"P@,C`Q,0T*("`@/"]D M:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^ M)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1R:6=H=#XR,C6QE/3-$)V9O;G0M6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X M)SXF(S$V,#L-"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO M=&0^#0H@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!C;VQS<&%N/3-$,B!A M;&EG;CTS1')I9VAT('-T>6QE/3-$)V)O"!D;W5B;&4@ M(S`P,#`P,"<^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X- M"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@;F]W6QE/3-$)V)O"!D;W5B;&4@(S`P,#`P,"<^)B,Q-C`[/"]T9#X-"B`@("`@("`\ M=&0^)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\='(@=F%L:6=N/3-$8F]T M=&]M('-T>6QE/3-$)V)A8VMG#L@=&5X="UI M;F1E;G0Z+3$U<'@G/D5X97)C:7-A8FQE(&%T(%-E<'1E;6)E#L@=&5X M="UI;F1E;G0Z+3$U<'@G/B8C,38P.PT*("`@/"]D:78^/"]T9#X-"B`@("`@ M("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`@("`@/'1D(&YO=W)A<#TS1&YO M=W)A<"!C;VQS<&%N/3-$,B!A;&EG;CTS1')I9VAT('-T>6QE/3-$)V)O"!D;W5B;&4@(S`P,#`P,"<^)B,Q-C`[/"]T9#X-"B`@("`@ M("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@ M("`@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!C;VQS<&%N/3-$,B!A;&EG M;CTS1')I9VAT('-T>6QE/3-$)V)O"!D;W5B;&4@(S`P M,#`P,"<^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@ M("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`@("`@/'1D(&YO=W)A<#TS M1&YO=W)A<"!C;VQS<&%N/3-$,B!A;&EG;CTS1')I9VAT('-T>6QE/3-$)V)O M"!D;W5B;&4@(S`P,#`P,"<^)B,Q-C`[/"]T9#X-"B`@ M("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X- M"B`@("`@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!C;VQS<&%N/3-$,B!A M;&EG;CTS1')I9VAT('-T>6QE/3-$)V)O"!D;W5B;&4@ M(S`P,#`P,"<^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X- M"B`@(#PO='(^#0H@("`\(2TM($5N9"!486)L92!";V1Y("TM/@T*("`@/"]T M86)L93X-"B`@(#PO9&EV/@T*("`@/&1I=B!A;&EG;CTS1&QE9G0@'0M86QI9VXZ(&QE9G0G(&-E M;&QS<&%C:6YG/3-$,"!B;W)D97(],T0P(&-E;&QP861D:6YG/3-$,"!W:61T M:#TS1#$P,"4^#0H@("`\(2TM($)E9VEN(%1A8FQE($AE860@+2T^#0H@("`\ M='(@=F%L:6=N/3-$8F]T=&]M/@T*("`@("`@(#QT9"!W:61T:#TS1#6QE/3-$)V9O;G0M2`M+3X-"B`@(#QT"<^3F]N+79E6QE/3-$)V)A8VMG#L@ M=&5X="UI;F1E;G0Z+3$U<'@G/E9E6QE M/3-$)V9O;G0M6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X)SXF M(S$V,#L-"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^ M#0H@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!C;VQS<&%N/3-$,B!A;&EG M;CTS1')I9VAT('-T>6QE/3-$)V)O"!S;VQI9"`C,#`P M,#`P)SXF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@ M("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R M87`@8V]L6QE/3-$)V)A8VMG#L@=&5X="UI M;F1E;G0Z+3$U<'@G/DYO;BUV97-T960@870@4V5P=&5M8F5R)B,Q-C`[,S`L M(#(P,3$-"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^ M#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$ M"<^)B,Q-C`[#0H@("`\+V1I=CX\+W1D/@T*("`@("`@(#QT9#XF(S$V M,#L\+W1D/@T*("`@("`@("`@("`\=&0@;F]WF4Z M(#$P<'0[(&UAF5S('1H92!R97-T6QE M/3-$)V9O;G0MF4Z(#AP="<@=F%L M:6=N/3-$8F]T=&]M/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@ M(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@ M("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T* M("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N M;W=R87`@86QI9VX],T1C96YT97(@8V]L6QE/3-$)VUA'0M M:6YD96YT.BTQ-7!X)SY/=71S=&%N9&EN9R!A="!*86YU87)Y)B,Q-C`[,2P@ M,C`Q,0T*("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X- M"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1R M:6=H=#XR,2PQ,C`\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@ M("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS1&QE9G0^ M)FYB"<^1W)A M;G1E9`T*("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X- M"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1R M:6=H=#XF(S@R,3([/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@ M("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X- M"B`@("`@("`\=&0@86QI9VX],T1R:6=H=#XF(S@R,3([/"]T9#X-"B`@("`@ M("`\=&0^)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\='(@=F%L:6=N/3-$ M8F]T=&]M('-T>6QE/3-$)V)A8VMG#L@=&5X M="UI;F1E;G0Z+3$U<'@G/E9E"<^1F]R M9F5I=&5D#0H@("`\+V1I=CX\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D M/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@86QI9VX],T1L969T/B8C M,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$6QE/3-$)V9O;G0M6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X)SXF(S$V,#L-"B`@(#PO M9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D M(&YO=W)A<#TS1&YO=W)A<"!C;VQS<&%N/3-$,B!A;&EG;CTS1')I9VAT('-T M>6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\ M+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V M,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@8V]L6QE/3-$ M)V)A8VMG#L@=&5X="UI;F1E;G0Z+3$U<'@G M/DYO;BUV97-T960@86YD(&]U='-T86YD:6YG(&%T(%-E<'1E;6)E6QE/3-$)V9O;G0M6QE/3-$)VUA'0M:6YD M96YT.BTQ-7!X)SXF(S$V,#L-"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D M/B8C,38P.SPO=&0^#0H@("`@("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@ M8V]L2`M+3X-"B`@(#PO=&%B;&4^#0H@ M("`\+V1I=CX-"B`@(#QD:78@86QI9VX],T1L969T('-T>6QE/3-$)V9O;G0M M2P@;V8@=&]T86P@8V]M<&5N&EM871E;'D@)FYB6QE/3-$)V9O;G0M9F%M:6QY.B`G5&EM97,@3F5W M(%)O;6%N)RQ4:6UE6QE/3-$)V9O;G0M6QE/3-$)V9O;G0M7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X- M"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP M92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA3H@)U1I;65S($YE=R!2;VUA;B6QE/3-$)V9O;G0M M6QE/3-$)V9O;G0M2`M+3X-"B`@(#QT"<^0W)E9&ET M($%G6QE/3-$)VUA'0M:6YD96YT M.BTQ-7!X)SY497)M(&QO86X-"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D M/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$;&5F=#XF;F)S<#LD M/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1R:6=H=#XU.2PR-3`\+W1D/@T* M("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D M/@T*("`@("`@(#QT9"!A;&EG;CTS1&QE9G0^)FYB6QE/3-$)VUA'0M:6YD M96YT.BTQ-7!X)SY2979O;'9I;F<@8W)E9&ET(&9A8VEL:71Y#0H@("`\+V1I M=CX\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF M(S$V,#L\+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS1')I9VAT/C$V+#`P,#PO M=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P M.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L M:6=N/3-$6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X)SY2961U8VEN9R!R979O;'9E0T* M("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@ M("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1R:6=H=#XF M(S@R,3([/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\ M=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@ M("`\=&0@86QI9VX],T1R:6=H=#XY-2PP,#`\+W1D/@T*("`@("`@(#QT9#XF M(S$V,#L\+W1D/@T*("`@/"]T"<^4V5C=7)E9"!D96)T(&]F(&%F9FEL:6%T90T*("`@/"]D:78^ M/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q M-C`[/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1R:6=H=#XQ+#`W.#PO=&0^ M#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO M=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N M/3-$"<^)B,Q-C`[#0H@("`\+V1I=CX\+W1D/@T* M("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N M;W=R87`@8V]L6QE/3-$)VUA'0M:6YD96YT.BTQ M-7!X)SXF(S$V,#L-"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P M.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L M:6=N/3-$"<^06UO=6YT65A<@T*("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T M9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@86QI9VX] M,T1R:6=H=#XT+#`P,#PO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@ M("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^ M#0H@("`@("`@/'1D(&%L:6=N/3-$"<^)B,Q-C`[ M#0H@("`\+V1I=CX\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@ M("`@(#QT9"!N;W=R87`],T1N;W=R87`@8V]L6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X)SXF(S$V,#L-"B`@(#PO9&EV/CPO=&0^ M#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$ M;&5F=#XF;F)S<#LD/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1R:6=H=#XW M,BPS,C@\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT M9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS1&QE9G0^)FYB#L@=&5X="UI;F1E;G0Z+3$U<'@G M/B8C,38P.PT*("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T M9#X-"B`@("`@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!C;VQS<&%N/3-$ M,B!A;&EG;CTS1')I9VAT('-T>6QE/3-$)V)O"!D;W5B M;&4@(S`P,#`P,"<^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T M9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`@("`@/'1D(&YO M=W)A<#TS1&YO=W)A<"!C;VQS<&%N/3-$,B!A;&EG;CTS1')I9VAT('-T>6QE M/3-$)V)O"!D;W5B;&4@(S`P,#`P,"<^)B,Q-C`[/"]T M9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\(2TM M($5N9"!486)L92!";V1Y("TM/@T*("`@/"]T86)L93X-"B`@(#PO9&EV/@T* M("`@/&1I=B!A;&EG;CTS1&QE9G0@6QE/3-$)V9O;G0M2`M+3X-"B`@(#QT"<^,C`Q M,0T*("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@ M("`@("`\=&0@86QI9VX],T1L969T/B9N8G-P.R0\+W1D/@T*("`@("`@(#QT M9"!A;&EG;CTS1')I9VAT/C$L-S4P/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[ M/"]T9#X-"B`@(#PO='(^#0H@("`\='(@=F%L:6=N/3-$8F]T=&]M/@T*("`@ M("`@(#QT9#X-"B`@(#QD:78@#L@ M=&5X="UI;F1E;G0Z+3$U<'@G/C(P,3(-"B`@(#PO9&EV/CPO=&0^#0H@("`@ M("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@ M("`@("`@/'1D(&%L:6=N/3-$"<^,C`Q,PT*("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^ M)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\ M=&0@86QI9VX],T1R:6=H=#XS+#`P,#PO=&0^#0H@("`@("`@/'1D/B8C,38P M.SPO=&0^#0H@("`\+W1R/@T*("`@/'1R('9A;&EG;CTS1&)O='1O;3X-"B`@ M("`@("`\=&0^#0H@("`\9&EV('-T>6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X)SXR,#$T#0H@("`\+V1I=CX\+W1D/@T*("`@ M("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T* M("`@("`@(#QT9"!A;&EG;CTS1')I9VAT/C0L,#6QE/3-$)V)A8VMG#L@=&5X="UI M;F1E;G0Z+3$U<'@G/C(P,34-"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D M/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@ M/'1D(&%L:6=N/3-$"<^5&AE"<^ M)B,Q-C`[#0H@("`\+V1I=CX\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D M/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@8V]L6QE/3-$)V)A8VMG M#L@=&5X="UI;F1E;G0Z+3$U<'@G/B8C,38P M.PT*("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@ M("`@("`\=&0@86QI9VX],T1L969T/B9N8G-P.R0\+W1D/@T*("`@("`@(#QT M9"!A;&EG;CTS1')I9VAT/C6QE/3-$)V9O;G0M6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X)SXF(S$V,#L-"B`@(#PO9&EV M/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@("`@(#QT M9"!N;W=R87`],T1N;W=R87`@8V]L2`M+3X-"B`@(#PO=&%B;&4^#0H@("`\+V1I M=CX-"B`@(#QD:78@86QI9VX],T1L969T('-T>6QE/3-$)V9O;G0M28C.#(R,3LI('=I M=&@@82!G&-L=61I;F<@;W5R($9#0R!L:6-E;G-E2!A;F0@:&%S('!L961G960@ M2!A;&P@;V8@=&AE:7(@87-S971S("AE>&-L=61I;F<@ M=&AE:7(@1D-#(&QI8V5N2X-"B`@(#PO M9&EV/@T*("`@/&1I=B!A;&EG;CTS1&QE9G0@2`F;F)S<#LD,2XS)B,Q-C`[;6EL;&EO M;BP@<')E+71A>"P@9'5E('1O('1H:7,@6QE/3-$)V9O;G0M6UE;G0-"B`@ M(')E<75I6UE;G1S(&]F('1H M92!#3H@)U1I M;65S($YE=R!2;VUA;B6%B;&4L(&%T(&]U2!FF4Z(#$P<'0[(&UAF4Z(#$P<'0[(&UAF4Z(#$P<'0[(&UA2!A(&9I0T*("`@86QL(&]F(&]U M2!A#0H@ M("!G=6%R86YT964@;V8@;W5R('-U8G-I9&EAF4Z(#$P<'0[(&UA2!F7!E M.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@ M/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C M;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA2!4&AT;6PQ+71R86YS:71I;VYA;"YD=&0B("TM M/@T*("`@/"$M+2!"96=I;B!";&]C:R!486=G960@3F]T92`W("T@=7,M9V%A M<#I296QA=&5D4&%R='E46QE/3-$)V9O;G0M9F%M:6QY.B`G5&EM97,@3F5W M(%)O;6%N)RQ4:6UEF4Z(#$P<'0[(&UAF4Z(#$P M<'0[(&UA6UE;G0@ M06=R965M96YT/"]I/CPO8CX-"B`@(#PO9&EV/@T*("`@/&1I=B!A;&EG;CTS M1&QE9G0@2X-"B`@(#PO9&EV/@T*("`@/&1I=B!A;&EG;CTS1&QE9G0@ M2!A;F0@<&5R9F]R;6%N8V4@8F]N=7-E2P@1FQO2!W:6QL('!A>2!-2!A;F0@8F]N=7-E2!R96%S;VXL(&]T:&5R('1H86X@9F]R(&-A=7-E+`T*("`@ M=&AE($-O;7!A;GD@=VEL;"!C;VYT:6YU92!T;R!P65A2!S:&%L;"!B92!T2!T87@@8V]N2!T97)M:6YA=&5S(&AI M3H@)U1I;65S($YE=R!2 M;VUA;B'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$6QE/3-$)V9O;G0M6QE/3-$)V9O;G0M6QE M/3-$)V9O;G0M6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P)SX\8CY2861I;SPO8CX\+W1D M/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\ M+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@86QI9VX],T1C96YT M97(@8V]L6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P M)SX\8CYA;F0@3W1H97(\+V(^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T M9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@;F]W6QE/3-$ M)V)O"!S;VQI9"`C,#`P,#`P)SX\8CY#;VYS;VQI M9&%T960\+V(^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@(#PO M='(^#0H@("`\='(@6QE/3-$)V)A8VMG M#L@=&5X="UI;F1E;G0Z+3$U<'@G/CQB/E1H M"<^3F5T(&]P97)A=&EN9R!R979E;G5E#0H@("`\+V1I=CX\+W1D M/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS M1&QE9G0^)FYB6QE/3-$ M)V)A8VMG#L@=&5X="UI;F1E;G0Z+3$U<'@G M/E-T871I;VX@;W!E"<^)B,Q-C`[#0H@("`\+V1I=CX\+W1D/@T* M("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N M;W=R87`@8V]L6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF M(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT M9"!N;W=R87`],T1N;W=R87`@8V]L6QE/3-$)V)A8VMG#L@=&5X="UI;F1E;G0Z+3$U<'@G/D]P97)A=&EN9R!I;F-O;64@ M*&QO#L@=&5X="UI;F1E;G0Z+3$U<'@G/B8C,38P.PT*("`@/"]D:78^/"]T M9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@;F]W6QE/3-$)V)O"!D;W5B;&4@(S`P,#`P,"<^)B,Q-C`[/"]T9#X-"B`@("`@ M("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@ M("`@("`\=&0@;F]W"<^1&5P"<^)B,Q-C`[#0H@("`\+V1I=CX\+W1D/@T* M("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@("`@("`\=&0@;F]W6QE/3-$)V9O;G0M6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P M)SX\8CY2861I;SPO8CX\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T* M("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N M;W=R87`@86QI9VX],T1C96YT97(@8V]L6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P)SX\8CYA;F0@3W1H97(\+V(^/"]T9#X-"B`@ M("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X- M"B`@("`@("`\=&0@;F]W6QE/3-$)V)O"!S;VQI9"`C M,#`P,#`P)SX\8CY#;VYS;VQI9&%T960\+V(^/"]T9#X-"B`@("`@("`\=&0^ M)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\='(@6QE/3-$)V)A8VMG#L@=&5X="UI M;F1E;G0Z+3$U<'@G/CQB/E1H"<^3F5T(&]P97)A=&EN9R!R979E M;G5E#0H@("`\+V1I=CX\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T* M("`@("`@(#QT9"!A;&EG;CTS1&QE9G0^)FYB6QE/3-$)V)A8VMG#L@ M=&5X="UI;F1E;G0Z+3$U<'@G/E-T871I;VX@;W!E#L@ M=&5X="UI;F1E;G0Z+3$U<'@G/D-O"<^)B,Q-C`[ M#0H@("`\+V1I=CX\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@ M("`@(#QT9"!N;W=R87`],T1N;W=R87`@8V]L6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\ M+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V M,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@8V]L6QE/3-$ M)V)A8VMG#L@=&5X="UI;F1E;G0Z+3$U<'@G M/D]P97)A=&EN9R!I;F-O;64@*&QO#L@=&5X="UI;F1E;G0Z+3$U<'@G/B8C M,38P.PT*("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X- M"B`@("`@("`\=&0@;F]W6QE/3-$)V)O"!D;W5B;&4@(S`P,#`P,"<^ M)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\ M=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@;F]W"<^1&5P"<^)B,Q-C`[ M#0H@("`\+V1I=CX\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@ M("`@("`@("`\=&0@;F]W6QE/3-$)V9O;G0M M6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P)SX\8CY2861I;SPO8CX\+W1D/@T*("`@("`@ M(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@ M("`@(#QT9"!N;W=R87`],T1N;W=R87`@86QI9VX],T1C96YT97(@8V]L6QE M/3-$)V)O"!S;VQI9"`C,#`P,#`P)SX\8CYA;F0@ M3W1H97(\+V(^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@ M("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@;F]W6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P)SX\8CY#;VYS;VQI9&%T960\+V(^ M/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\ M='(@6QE/3-$)V)A8VMG#L@=&5X="UI;F1E;G0Z+3$U<'@G/CQB/DYI;F4@36]N=&AS M($5N9&5D(%-E<'1E;6)E6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X)SY. M970@;W!E6QE/3-$)V)A8VMG#L@=&5X="UI;F1E;G0Z+3$U<'@G/E-T871I;VX@ M;W!E6QE/3-$ M)VUA'0M:6YD96YT.BTQ-7!X)SY#;W)P;W)A M=&4@9V5N97)A;"!A;F0@861M:6YI#L@=&5X="UI M;F1E;G0Z+3$U<'@G/B8C,38P.PT*("`@/"]D:78^/"]T9#X-"B`@("`@("`\ M=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@;F]W6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\ M+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V M,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@8V]L6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X)SY/<&5R871I;F<@:6YC;VUE("AL;W-S*0T* M("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@ M("`\=&0@86QI9VX],T1L969T/B9N8G-P.R0\+W1D/@T*("`@("`@(#QT9"!A M;&EG;CTS1')I9VAT/C(Q+#8Y,3PO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO M=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N M/3-$;&5F=#XF;F)S<#LD/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1R:6=H M=#XR+##L@ M=&5X="UI;F1E;G0Z+3$U<'@G/B8C,38P.PT*("`@/"]D:78^/"]T9#X-"B`@ M("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@;F]W6QE/3-$)V)O"!D;W5B;&4@(S`P,#`P,"<^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^ M)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\ M=&0@;F]W"<^)B,Q-C`[#0H@("`\+V1I=CX\+W1D/@T*("`@ M("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R M87`@8V]L6QE/3-$)V)O"!D;W5B;&4@(S`P,#`P,"<^ M)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\ M=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@;F]W6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X)SY4;W1A;"!A6QE/3-$)V9O M;G0M6QE/3-$ M)VUA'0M:6YD96YT.BTQ-7!X)SXF(S$V,#L- M"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@ M("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@8V]L2`M+3X-"B`@(#PO=&%B;&4^#0H@("`\+V1I=CX-"B`@(#QD M:78@86QI9VX],T1C96YT97(^#0H@("`\=&%B;&4@2`M+3X-"B`@ M(#QT"<^/&(^3FEN92!-;VYT:',@ M16YD960@4V5P=&5M8F5R)B,Q-C`[,S`L(#(P,3`Z/"]B/@T*("`@/"]D:78^ M/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q M-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^ M)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\ M=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@ M("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@ M("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X- M"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T M9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[ M/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\ M='(@=F%L:6=N/3-$8F]T=&]M/@T*("`@("`@(#QT9#X-"B`@(#QD:78@#L@=&5X="UI;F1E;G0Z+3$U<'@G/DYE M="!O<&5R871I;F<@"<^4W1A=&EO;B!O M<&5R871I;F<@97AP96YS90T*("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^ M)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\ M=&0@86QI9VX],T1R:6=H=#XU.2PQ.#0\+W1D/@T*("`@("`@(#QT9#XF(S$V M,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF M(S$V,#L\+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS1')I9VAT/C$P+#$V,CPO M=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P M.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L M:6=N/3-$#L@=&5X="UI;F1E;G0Z+3$U<'@G/D-O"<^)B,Q-C`[#0H@("`\+V1I=CX\+W1D/@T*("`@("`@(#QT M9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@8V]L M6QE/3-$)V)O"!S;VQI M9"`C,#`P,#`P)SXF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D M/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`] M,T1N;W=R87`@8V]L6QE/3-$)V)A8VMG#L@ M=&5X="UI;F1E;G0Z+3$U<'@G/D]P97)A=&EN9R!I;F-O;64@*&QO"<^)B,Q-C`[#0H@("`\+V1I=CX\+W1D/@T*("`@ M("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R M87`@8V]L6QE/3-$)V)O"!D;W5B;&4@(S`P,#`P,"<^ M)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\ M=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@;F]W6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X)SY$ M97!R96-I871I;VX@86YD(&%M;W)T:7IA=&EO;@T*("`@/"]D:78^/"]T9#X- M"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1L M969T/B9N8G-P.R0\+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS1')I9VAT/C0L M,S$R/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^ M)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1L969T/B9N8G-P.R0\ M+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS1')I9VAT/C$L,C6QE/3-$)V9O;G0M6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X)SXF(S$V,#L-"B`@(#PO9&EV/CPO=&0^#0H@("`@ M("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A M<"!C;VQS<&%N/3-$,B!A;&EG;CTS1')I9VAT('-T>6QE/3-$)V)O"!D;W5B;&4@(S`P,#`P,"<^)B,Q-C`[/"]T9#X-"B`@("`@("`\ M=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@ M("`\=&0@;F]W6QE/3-$)V)O"!D;W5B;&4@(S`P,#`P,"<^)B,Q-C`[ M/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\ M='(@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)V)A8VMG#L@=&5X="UI;F1E;G0Z+3$U<'@G/E1O=&%L(&%S#L@=&5X="UI;F1E;G0Z+3$U<'@G/B8C,38P.PT* M("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@ M("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!C;VQS<&%N/3-$,B!A;&EG;CTS M1')I9VAT('-T>6QE/3-$)V)O"!D;W5B;&4@(S`P,#`P M,"<^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@ M("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`@("`@/'1D(&YO=W)A<#TS1&YO M=W)A<"!C;VQS<&%N/3-$,B!A;&EG;CTS1')I9VAT('-T>6QE/3-$)V)O"!D;W5B;&4@(S`P,#`P,"<^)B,Q-C`[/"]T9#X-"B`@("`@ M("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@ M("`@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!C;VQS<&%N/3-$,B!A;&EG M;CTS1')I9VAT('-T>6QE/3-$)V)O"!D;W5B;&4@(S`P M,#`P,"<^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@ M("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`@("`@/'1D(&YO=W)A<#TS M1&YO=W)A<"!C;VQS<&%N/3-$,B!A;&EG;CTS1')I9VAT('-T>6QE/3-$)V)O M"!D;W5B;&4@(S`P,#`P,"<^)B,Q-C`[/"]T9#X-"B`@ M("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\(2TM($5N9"!4 M86)L92!";V1Y("TM/@T*("`@/"]T86)L93X-"B`@(#PO9&EV/@T*("`@/"]D M:78^#0H\

Large accelerated filer o

Accelerated filer þ

Non-accelerated filer o

Smaller Reporting Company o

(Do not check if a smaller reporting company)

Recent Accounting Pronouncements	9 Months Ended
Recent Accounting Pronouncements	Sep. 30, 2011
Recent Accounting Pronouncements [Abstract]
Recent Accounting Pronouncements	2. Recent Accounting Pronouncements In October 2009, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2009-13, which addresses the accounting for multiple-deliverable revenue arrangements to enable vendors to account for products or services (deliverables) separately rather than as a combined unit, and provides guidance regarding how to measure and allocate arrangement consideration to one or more units of accounting. This guidance was effective on January 1, 2011 and adoption did not have a material impact on our consolidated financial statements. In January 2010, the FASB issued new guidance for fair value measurements and disclosures which requires a reporting entity to disclose separately the amounts of significant transfers in and out of Level 1 and 2 fair value measurements and describe the reasons for the transfers. The guidance also requires a reporting entity to present separately information about purchases, sales, issuances, and settlements in the reconciliation for fair value measurements using significant unobservable inputs (Level 3). The guidance was effective on January 1, 2010, except for disclosures about purchases, sales, issuances, and settlements in the roll forward of activity in Level 3 fair value measurements, which was effective for the Company on January 1, 2011. The guidance adopted on January 1, 2011 did not have a material impact on our consolidated financial statements.

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2011
Related Party Transactions [Abstract]
Related Party Transactions	7. Related Party Transactions *Principal Stockholder Employment Agreement* In June 2011, we entered into a new employment agreement with Edward K. Christian, Chairman, President and CEO, which became effective as of June 1, 2011, and replaces and supersedes his prior employment agreement. The new employment agreement terminates on March 31, 2018. The agreement provides for an annual base salary of $860,000 (subject to annual increases on each anniversary date not less than the greater of 3% or a defined cost of living increase). Mr. Christian may defer any or all of his annual salary. Under the agreement, Mr. Christian is eligible for discretionary and performance bonuses, stock options and/or stock grants in amounts determined by the Compensation Committee and will continue to participate in the Company’s benefit plans. The Company will maintain insurance policies, will furnish an automobile, will pay for an executive medical plan and will maintain an office for Mr. Christian at its principal executive offices and in Sarasota County, Florida. The agreement provides certain payments to Mr. Christian in the event of his disability, death or a change in control. Upon a change in control, Mr. Christian may terminate his employment. The agreement also provides generally that, upon a change in control, the Company will pay Mr. Christian an amount equal to 2.99 times the average of his total annual salary and bonuses for each of the three immediately preceding periods of twelve consecutive months, plus an additional amount for tax liabilities related to the payment. In addition, if Mr. Christian’s employment is terminated for any reason, other than for cause, the Company will continue to provide health insurance and medical reimbursement and maintain existing life insurance policies for a period of ten years, and the current split dollar life insurance policy shall be transferred to Mr. Christian and his wife, and the Company shall reimburse Mr. Christian for any tax consequences of such transfer. The agreement contains a covenant not to compete restricting Mr. Christian from competing with the Company in any of its markets if he voluntarily terminates his employment with the Company or is terminated for cause, for a three year period thereafter.

Intangible Assets	9 Months Ended
Intangible Assets	Sep. 30, 2011
Intangible Assets [Abstract]
Intangible Assets	3. Intangible Assets We evaluate our FCC licenses for impairment annually as of October 1^st or more frequently if events or circumstances indicate that the asset might be impaired. FCC licenses are evaluated for impairment at the market level using a direct method. If the carrying amount of FCC licenses is greater than their estimated fair value in a given market, the carrying amount of FCC licenses in that market is reduced to its estimated fair value. Intangible assets that have finite lives are amortized over their useful lives using the straight-line method. Favorable lease agreements are amortized over the lives of the leases ranging from 4 to 26 years. Other intangibles are amortized over one to eleven years.

Condensed Consolidated Balance Sheets (USD $) In Thousands	Sep. 30, 2011	Dec. 31, 2010
Current assets:
Cash and cash equivalents	$ 7,547	$ 12,197
Short-term investments	0	1,007
Accounts receivable, net	19,481	18,985
Prepaid expenses and other current assets	1,466	2,002
Barter transactions	1,762	1,377
Deferred income taxes	1,048	991
Total current assets	31,304	36,559
Property and equipment	162,195	158,589
Less accumulated depreciation	97,984	93,028
Net property and equipment	64,211	65,561
Other assets:
Broadcast licenses, net	90,584	90,584
Other intangibles, deferred costs and investments, net	6,091	7,099
Total other assets	96,675	97,683
Total assets	192,190	199,803
Current liabilities:
Accounts payable	1,252	1,683
Payroll and payroll taxes	6,430	5,524
Other accrued expenses	2,953	3,460
Barter transactions	1,921	1,641
Current portion of long-term debt	4,000	6,121
Total current liabilities	16,556	18,429
Deferred income taxes	11,175	7,105
Long-term debt	72,328	89,957
Other liabilities	3,333	4,234
Total liabilities	103,392	119,725
Commitments and contingencies
Stockholders' equity
Common stock	53	53
Additional paid-in capital	50,609	50,298
Retained earnings	66,726	58,200
Treasury stock	(28,590)	(28,473)
Total stockholders' equity	88,798	80,078
Total liabilities and stockholders' equity	$ 192,190	$ 199,803