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Long-Term Debt - Long-Term Debt Consisted (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Total debt
Amounts payable within one year		$ 5,000
Long-term debt, noncurrent	$ 10,000	15,000
Revolving Credit Facility [Member]
Total debt
Long-term debt, noncurrent	$ 10,000	$ 20,000

XML 14 R24.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2019

Stock-Based Compensation

Summary of Restricted Stock Transactions

The following summarizes the restricted stock transactions for the nine months ended September 30, 2019:


		Weighted
		Average
		Grant Date
		Fair
	Shares	Value
Outstanding at January 1, 2019	109,176	$	40.87
Forfeited	(2,048)		40.94
Non-vested and outstanding at September 30, 2019	107,128	$	40.87

XML 15 R20.htm IDEA: XBRL DOCUMENT

Revenue (Tables)

9 Months Ended

Sep. 30, 2019

Revenue

Schedule of Disaggregation of Revenue


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
	(in thousands)				(in thousands)
Types of Revenue
Broadcast Advertising Revenue, net	$	28,562	$	28,895	$	83,245	$	84,451
Digital Advertising Revenue		879		936		2,769		2,887
Other Revenue		1,833		1,817		5,267		4,553
Net Revenue	$	31,274	$	31,648	$	91,281	$	91,891

XML 16 R28.htm IDEA: XBRL DOCUMENT

Recent Accounting Pronouncements (Details) - USD ($)	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Recent Accounting Pronouncements
New Accounting Pronouncement Or Change In Accounting Principle Assets And Liabilities	$ 0		$ 0
Operating Lease, Right-of-Use Asset	6,000,000	$ 6,700,000
Operating Lease, Liability	$ 6,134,000	$ 6,700,000

XML 17 R39.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation - Restricted Stock Transactions (Details) - Restricted Stock [Member]	9 Months Ended
	Sep. 30, 2019 $ / shares shares
Summary of the restricted stock transactions
Shares, Outstanding \| shares	109,176
Shares, Forfeited \| shares	2,048
Shares, Non-vested and outstanding \| shares	107,128
Weighted Average Grant Date Fair Value, Outstanding \| $ / shares	$ 40.87
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	40.94
Weighted Average Grant Date Fair Value, Non-vested and outstanding \| $ / shares	$ 40.87

XML 18 R31.htm IDEA: XBRL DOCUMENT

Common Stock and Treasury Stock - Information Relating to the Number of Shares of Our Common Stock Issued (Details) - shares shares in Thousands	3 Months Ended			9 Months Ended	12 Months Ended
	Sep. 30, 2019	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Dec. 31, 2018
Class A Common Stock
Common Stock [Line Items]
Balance, shares	6,732	6,698	6,694	6,732	6,694
Conversion of shares					12
Issuance of restricted stock			4		27
Forfeiture of restricted stock (in shares)	(2)	(1)		(2)	(1)
Balance, shares	6,730	6,697	6,698	6,730	6,732
Class B Common Stock
Common Stock [Line Items]
Balance, shares	923	898	898	923	898
Conversion of shares					(12)
Issuance of restricted stock					37
Forfeiture of restricted stock (in shares)					0
Balance, shares	923	898	898	923	923

XML 19 R2.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 41,072	$ 44,729
Accounts receivable, net	18,039	19,984
Prepaid expenses and other current assets	2,714	2,556
Barter transactions	1,615	1,326
Total current assets	63,440	68,595
Property and equipment	142,469	140,220
Less accumulated depreciation	83,235	81,117
Net property and equipment	59,234	59,103
Other assets:
Broadcast licenses, net	95,311	95,250
Goodwill	18,974	18,839
Other intangibles, deferred costs and investments, net	12,040	6,690
Total assets	248,999	248,477
Current liabilities:
Accounts payable	2,037	2,613
Payroll and payroll taxes	7,054	7,899
Dividend payable	1,781	3,274
Other accrued expenses	4,873	3,072
Barter transactions	1,461	1,307
Current portion of long-term debt		5,000
Total current liabilities	17,206	23,165
Deferred income taxes	24,832	23,732
Long-term debt	10,000	15,000
Other liabilities	6,558	1,581
Total liabilities	58,596	63,478
Commitments and contingencies
Stockholders' equity:
Common stock	76	76
Additional paid-in capital	66,338	64,795
Retained earnings	160,778	156,689
Treasury stock	(36,789)	(36,561)
Total stockholders' equity	190,403	184,999
Total liabilities and stockholders' equity	$ 248,999	$ 248,477

XML 20 R6.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2019

Summary of Significant Accounting Policies

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, 2019 and the results of operations for the three and nine months ended September 30, 2019 and 2018. Results of operations for the three and nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019.

We own or operate broadcast properties in 27 markets, including 79 FM and 34 AM radio stations.

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, 2018.

The Company has evaluated events and transactions occurring subsequent to the balance sheet date of September 30, 2019, for items that should potentially be recognized in these financial statements or discussed within the notes to the financial statements.

Earnings Per Share Information

Earnings per share is calculated using the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security. The Company has participating securities related to restricted stock units, granted under the Company’s Second Amended and Restated 2005 Incentive Compensation Plan, that earn dividends on an equal basis with common shares. In applying the two-class method, earnings are allocated to both common shares and participating securities.

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
	(In thousands, except per share data)
Numerator:
Net income	$	3,334	$	3,695	$	9,438	$	9,395
Less: Income allocated to unvested participating securities		61		63		173		160
Net income available to common stockholders	$	3,273	$	3,632	$	9,265	$	9,235

Denominator:
Denominator for basic earnings per share — weighted average shares		5,834		5,822		5,840		5,833
Effect of dilutive securities:
Common stock equivalents		—		—		—		—
Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions		5,834		5,822		5,840		5,833

Earnings per share:
Basic	$	.56	$	.62	$	1.59	$	1.58
Diluted	$	.56	$	.62	$	1.59	$	1.58

There were no stock options outstanding that had an antidilutive effect on our earnings per share for the three and nine months ended September 30, 2019 and 2018. 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.

Financial Instruments

Our financial instruments are comprised of cash and cash equivalents, accounts receivable, accounts payable and long-term debt. The carrying value of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to their short maturities. The carrying value of long-term debt approximates fair value as it carries interest rates that either fluctuate with the euro-dollar rate, prime rate or have been reset at the prevailing market rate at September 30, 2019.

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/Local Marketing Agreements

We have entered into Time Brokerage Agreements (“TBAs”) or Local Marketing Agreements (“LMAs”) 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 TBAs/LMAs are included in the accompanying unaudited Condensed Consolidated Statements of Income.

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Acquisitions and Dispositions - Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets Acquired:
Current assets		$ 559
Property and equipment	$ 25	3,007
Other assets:
Broadcast licenses	61	1,991
Goodwill	124	3,281
Other intangibles, deferred costs and investments		1,123
Total other assets	185	6,395
Total assets acquired	210	9,961
Liabilities Assumed:
Current liabilities		120
Total liabilities assumed		120
Net assets acquired	$ 210	$ 9,841

XML 22 R16.htm IDEA: XBRL DOCUMENT

Litigation	9 Months Ended
Litigation	Sep. 30, 2019
Litigation
Litigation	11. Litigation The Company is subject to various outstanding claims which arise in the ordinary course of business and to other legal proceedings. Management anticipates that any potential liability of the Company, which may arise out of or with respect to these matters, will not materially affect the Company’s financial statements.

XML 23 R12.htm IDEA: XBRL DOCUMENT

Acquisitions and Dispositions

9 Months Ended

Sep. 30, 2019

Acquisitions and Dispositions

Acquisitions and Dispositions

7. Acquisitions and Dispositions

We actively seek and explore opportunities for expansion through the acquisition of additional broadcast properties. The consolidated statements of income include the operating results of the acquired stations from their respective dates of acquisition. All acquisitions were accounted for as purchases and, accordingly, the total purchase consideration was allocated to the acquired assets and assumed liabilities based on their estimated fair values as of the acquisition dates. The excess of the consideration paid over the estimated fair value of net assets acquired have been recorded as goodwill. The Company accounts for acquisition under the provisions of FASB ASC Topic 805, Business Combinations.

Management assigned fair values to the acquired property and equipment through a combination of cost and market approaches based upon each specific asset’s replacement cost, with a provision for depreciation, and to the acquired intangibles, primarily an FCC license, based on the Greenfield valuation methodology, a discounted cash flow approach.

2019 Acquisitions

On January 9, 2019, the Company closed on an agreement to purchase WFAT and W222CH from County Broadcasting Company, LLC for an aggregate purchase price of $210 thousand. Management attributes the goodwill recognized in the acquisition to the power of the existing brands in the Greenfield, Massachusetts market as well as synergies and growth opportunities expected through the combination with the Company’s existing stations.

2018 Acquisitions

On October 29, 2018, the Company entered into an agreement to purchase WOGK-FM, WNDT-FM, WNDD-FM and WNDN-FM, from Ocala Broadcasting Corporation, LLC for an aggregate purchase price of $9.3 million, subject to certain purchase price adjustments. The Company closed this transaction effective December 31, 2018 using funds generated from operations of $9.84 million, which included the purchase price of $9.3 million, the purchase of $566 thousand in accounts receivable by certain closing adjustments and transactional costs of approximately $25 thousand, of which $553 thousand was paid in January 2019. Management attributes the goodwill recognized in the acquisition to the power of the existing brands in the Ocala, Florida market as well as synergies and growth opportunities expected through the combination with the Company’s existing stations.

Condensed Consolidated Balance Sheet of 2019 and 2018 Acquisitions:

The following unaudited condensed balance sheets represent the estimated fair value assigned to the related assets and liabilities of the 2019 acquisitions at their respective acquisition dates.

Saga Communications, Inc.

Condensed Consolidated Balance Sheet of 2019 and 2018 Acquisitions


	Acquisitions in
	2019		2018
	(In thousands)
Assets Acquired:
Current assets	$	—	$	559
Property and equipment		25		3,007
Other assets:
Broadcast licenses		61		1,991
Goodwill		124		3,281
Other intangibles, deferred costs and investments		—		1,123
Total other assets		185		6,395
Total assets acquired		210		9,961
Liabilities Assumed:
Current liabilities		—		120
Total liabilities assumed		—		120
Net assets acquired	$	210	$	9,841

Pro Forma Results of Operations for Acquisitions (Unaudited)

The following unaudited pro forma results of our operations for the three and nine months ended September 30, 2019 and 2018 assume the 2018 acquisitions occurred as of January 1, 2018. The translators are start-up stations and therefore, have no pro forma revenue and expenses. The pro forma results give effect to certain adjustments, including depreciation, amortization of intangible assets, increased interest expense on acquisition debt and related income tax effects. The pro forma results have been prepared for comparative purposes only and do not purport to indicate the results of operations which would actually have occurred had the combinations been in effect on the dates indicated or which may occur in the future.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018

Pro Forma Results of Operation
Net operating revenue	$	31,274	$	32,772	$	91,281	$	95,220
Station operating expense		23,600		24,321		69,642		72,617
Corporate general and administrative		2,788		2,813		8,179		8,205
Other operating expense , net		85		85		86		47
Operating income		4,801		5,553		13,374		14,351
Interest expense		180		243		572		717
Interest income		(162)		(167)		(485)		(444)
Other income		(11)		(25)		(11)		(25)
Income before income tax expense		4,794		5,502		13,298		14,103
Income tax expense		1,460		1,644		3,860		4,233
Net income	$	3,334	$	3,858	$	9,438	$	9,870

Earnings per share:
Basic	$	.56	$	.65	$	1.59	$	1.66
Diluted	$	.56	$	.65	$	1.59	$	1.66

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Net operating revenue	$ 31,274	$ 31,648	$ 91,281	$ 91,891
Station operating expense	23,600	23,429	69,642	69,966
Corporate general and administrative	2,788	2,813	8,179	8,205
Other operating expense (income), net	85	85	86	47
Operating income	4,801	5,321	13,374	13,673
Interest expense	180	243	572	717
Interest income	(162)	(167)	(485)	(444)
Other income	(11)	(25)	(11)	(25)
Income before income tax expense	4,794	5,270	13,298	13,425
Income tax expense	1,460	1,575	3,860	4,030
Net income	$ 3,334	$ 3,695	$ 9,438	$ 9,395
Earnings per share:
Basic earnings per share	$ 0.56	$ 0.62	$ 1.59	$ 1.58
Diluted earnings per share	$ 0.56	$ 0.62	$ 1.59	$ 1.58
Weighted average common and common equivalent shares	5,834	5,822	5,840	5,833
Weighted average common shares	5,834	5,822	5,840	5,833
Dividends declared per share	$ 0.30	$ 0.30	$ 0.90	$ 0.90

XML 26 R30.htm IDEA: XBRL DOCUMENT

Intangible Assets (Details)	9 Months Ended
Intangible Assets (Details)	Sep. 30, 2019
Customer Relationships [Member]
Finite-Lived Intangible Asset, Useful Life	3 years
Maximum [Member] \| Favorable Lease Agreements [Member]
Finite-Lived Intangible Asset, Useful Life	26 years
Maximum [Member] \| Other Intangible [Member]
Finite-Lived Intangible Asset, Useful Life	15 years
Minimum [Member] \| Favorable Lease Agreements [Member]
Finite-Lived Intangible Asset, Useful Life	5 years
Minimum [Member] \| Other Intangible [Member]
Finite-Lived Intangible Asset, Useful Life	1 year

XML 27 R34.htm IDEA: XBRL DOCUMENT

Leases - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended
Leases - Additional Information (Details) - USD ($)	Sep. 30, 2019	Sep. 30, 2019	Jan. 01, 2019
Leases
Operating Lease, Right-of-Use Asset	$ 6,000,000	$ 6,000,000	$ 6,700,000
Operating Lease, Liability	6,134,000	6,134,000	$ 6,700,000
Operating Lease, Payments	442,000	1,258,000
Lease, Cost	$ 420,000	$ 1,272,000
Operating Lease, Weighted Average Remaining Lease Term	6 years 9 months 18 days	6 years 9 months 18 days
Operating Lease, Weighted Average Discount Rate, Percent	4.70%	4.70%

XML 28 R7.htm IDEA: XBRL DOCUMENT

Recent Accounting Pronouncements	9 Months Ended
Recent Accounting Pronouncements	Sep. 30, 2019
Recent Accounting Pronouncements
Recent Accounting Pronouncements	2. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update No. 2016‑02, “Leases (Topic 842)” (“ASU 2016‑02”) which requires that all leases with a term of more than one year, covering leased assets such as real estate, broadcasting towers and equipment, be reflected on the balance sheet as assets and liabilities for the rights and obligations created by these leases. ASU 2016‑02 is effective for fiscal years and interim periods beginning after December 15, 2018. In 2018, the FASB issued several updates to address certain practical expedients, codification improvements, and targeted improvements to the original guidance. This standard and all updates (the “new lease standard”) were adopted on January 1, 2019. The Company adopted the new lease standard using the modified retrospective method. Prior year financial statements were not recast under the new standard and, therefore, have not been reflected as such on our December 31, 2018 balance sheet. We elected the package of transition practical expedients, which allowed us to carryforward our historical assessment of (1) whether contracts are or contain leases, (2) lease classification, and (3) initial direct costs. We elected to not separate lease and non-lease components, for all leases. We also elected to make the accounting policy election for short-term leases resulting in lease payments being recorded as an expense on a straight-line basis over the lease term. As a result of the adoption of the new lease standard we recorded right of use assets and lease liabilities of approximately $6.7 million on January 1, 2019 on our condensed consolidated balance sheet. The adoption of the new lease standard had no impact on retained earnings and had no impact on the statement of cash flows. See Note 6 “Leases” for additional information about this adoption. Recent Accounting Pronouncements – Not Yet Adopted In January 2017, the FASB issued ASU 2017‑04, “Intangibles – Goodwill and Other (Topic 355)” (“ASU 2017‑04”) which removes step 2 from the goodwill impairment test. Under the new guidance, if a reporting unit’s carrying amount exceeds it fair value, an entity will record an impairment charge based on that difference. The impairment charge will be limited to the amount of goodwill allocated to that reporting unit. ASU 2017‑04 will be applied prospectively and is effective for fiscal years and interim impairment tests performed in periods beginning after December 15, 2019 with early adoption permitted. The Company is currently evaluating the impact of adopting this standard on our consolidated financial statements but does not expect there to be a material impact on our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016‑13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016‑13”), which amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. ASU 2016‑13 is effective for fiscal years and interim periods beginning after December 15, 2019. The Company is currently evaluating the impact that this standard will have on those financial statements.

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Income taxes (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
Income taxes (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018	Dec. 31, 2017
Income taxes
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	35.00%
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount			$ 11.5

XML 30 R17.htm IDEA: XBRL DOCUMENT

Dividends	9 Months Ended
Dividends	Sep. 30, 2019
Dividends
Dividends	12. Dividends On September 12, 2019, the Company’s Board of Directors declared a regular cash dividend of $0.30 per share on its Classes A and B Common Stock. This dividend, totaling approximately $1.8 million, was paid on October 11, 2019 to shareholders of record on September 23, 2019 and funded by cash on the Company’s balance sheet. At September 30, 2019, the dividend was recorded in the Dividend payable line on the Condensed Consolidated Balance Sheet. On May 30, 2019, the Company’s Board of Directors declared a regular cash dividend of $0.30 per share on its Classes A and B Common Stock. This dividend, totaling approximately $1.8 million, was paid on July 5, 2019 to shareholders of record on June 14, 2019 and funded by cash on the Company’s balance sheet. On February 26, 2019, the Company’s Board of Directors declared a regular cash dividend of $0.30 per share on its Classes A and B Common Stock. This dividend, totaling approximately $1.8 million, was paid on March 29, 2019 to shareholders of record on March 12, 2019 and funded by cash on the Company’s balance sheet. On November 28, 2018, the Company’s Board of Directors declared a quarterly cash dividend of $0.30 per share and a special cash dividend of $0.25 per share on its Classes A and B shares. This dividend totaling approximately $3.3 million was paid on January 4, 2019 to shareholders of record on December 10, 2018 and funded by cash on the Company’s balance sheet. On August 14, 2018, the Company’s Board of Directors declared a regular cash dividend of $0.30 per share on its Classes A and B Common Stock. This dividend, totaling approximately $1.8 million was paid on September 14, 2018 to shareholders of record on August 31, 2018 and funded by cash on the Company’s balance sheet. On May 15, 2018, the Company’s Board of Directors declared a regular cash dividend of $0.30 per share on its Classes A and B Common Stock. This dividend, totaling approximately $1.8 million, was paid on June 22, 2018 to shareholders of record on May 31, 2018 and funded by cash on the Company’s balance sheet. On February 28, 2018, the Company’s Board of Directors declared a regular quarterly cash dividend of $0.30 per share on its Classes A and B Common Stock. This dividend, totaling approximately $1.8 million, was paid on March 30, 2018 to shareholders of record on March 12, 2018 and funded by cash on the Company’s balance sheet.

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Income taxes	9 Months Ended
Income taxes	Sep. 30, 2019
Income taxes
Income taxes	8. Income taxes On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act makes broad and complex changes to the U.S. tax code, including, but not limited to, the following that impact us: (1) reducing the U.S. federal corporate income tax rate from 35 percent to 21 percent; (2) eliminating the corporate alternative minimum tax (“AMT”) and changing how existing AMT credits can be realized; (3) creating a new limitation on deductible interest expense; (4) repealing the domestic production activities deduction; (5) limiting the deductibility of certain executive compensation; and (6) limiting certain other deductions. The SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 provides for a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting relating to the Tax Act under ASC 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Tax Act for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in its financial statements. If a company cannot determine a provisional estimate to be included in its financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the Tax Act. As a result of our initial analysis of the impact of the Tax Act, we recorded a provisional amount of net tax benefit of $11.5 million in 2017 related to the remeasurement of our deferred tax balance and other effects. We completed our accounting for the income tax effects of the Tax Act in 2018, and no material adjustments were required to the provisional amounts initially recorded.

XML 32 R40.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 16, 2013	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Stock Based Compensation [Abstract]
Stock-Based Compensation expense			$ 0	$ 0	$ 0
Increase in number of common stock shares authorized	233,334
Percentage to retain annual restricted stock awards	50.00%
Restricted Stock [Member]
Stock Based Compensation [Abstract]
Stock-Based Compensation expense		$ 532,000	571,000	1,656,000	1,675,000
Recognized tax benefits		$ 51,000	$ 66,000	$ 176,000	$ 191,000
Class A Common Stock \| Stock Option [Member]
Stock Based Compensation [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	990,000
Class A Common Stock \| Incentive Compensation Plan [Member]
Stock Based Compensation [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	620,000
Class B Common Stock
Stock Based Compensation [Abstract]
Increase in number of common stock shares authorized	90,000
Class B Common Stock \| Stock Option [Member]
Stock Based Compensation [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	370,000
Class B Common Stock \| Incentive Compensation Plan [Member]
Stock Based Compensation [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	370,000

XML 33 R29.htm IDEA: XBRL DOCUMENT

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue
Net Revenue	$ 31,274	$ 31,648	$ 91,281	$ 91,891
Broadcast Advertising Revenue Net [Member]
Revenue
Net Revenue	28,562	28,895	83,245	84,451
Digital Advertising Revenue [Member]
Revenue
Net Revenue	879	936	2,769	2,887
Other Revenue [Member]
Revenue
Net Revenue	$ 1,833	$ 1,817	$ 5,267	$ 4,553

XML 34 R25.htm IDEA: XBRL DOCUMENT

Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2019

Long-Term Debt

Schedule of Long-Term Debt


	September 30,		December 31,
	2019		2018
	(In thousands)

Revolving credit facility	$	10,000	$	20,000
Amounts payable within one year		—		5,000
	$	10,000	$	15,000

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-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

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
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Common Stock and Treasury Stock (Tables)

9 Months Ended

Sep. 30, 2019

Common Stock and Treasury Stock

Schedule of Stock by Class

The following summarizes information relating to the number of shares of our common stock issued in connection with stock transactions through September 30, 2019:


	Common Stock Issued
	Class A	Class B
	(Shares in thousands)
Balance, January 1, 2018	6,694	898
Conversion of shares	12	(12)
Issuance of restricted stock	27	37
Forfeiture of restricted stock	(1)	—
Balance, December 31, 2018	6,732	923
Forfeiture of restricted stock	(2)	—
Balance, September 30, 2019	6,730	923

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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XML 36 R15.htm IDEA: XBRL DOCUMENT

Long-Term Debt

9 Months Ended

Sep. 30, 2019

Long-Term Debt

Long-Term Debt

10. Long-Term Debt

Long-term debt consisted of the following:


	September 30,		December 31,
	2019		2018
	(In thousands)

Revolving credit facility	$	10,000	$	20,000
Amounts payable within one year		—		5,000
	$	10,000	$	15,000

On August 18, 2015, we entered into a new credit facility (the “Credit Facility”) with JPMorgan Chase Bank, N.A., The Huntington National Bank, Citizens Bank, National Association and J.P. Morgan Securities LLC. In connection with the execution of the Credit Facility, the credit agreement in place at June 30, 2015 (the “Old Credit Agreement”) was terminated, and all outstanding amounts were paid in full. The Credit Facility originally consisted of a $100 million five-year revolving facility (the “Revolving Credit Facility”) that was scheduled to mature on August 18, 2020. On June 27, 2018, the Company entered into a Second Amendment to its Credit Facility, dated August 18, 2015, which had previously been amended on September 1, 2017, extending the revolving credit maturity date under the Credit Agreement for five years after the date of the amendment to June 27, 2023. On July 1, 2019, the Company elected to reduce our Revolving Credit Facility to $70 million.

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.

Approximately $266,000 of transaction fees related to the Credit Facility were capitalized and are being amortized over the life of the Credit Facility. Those deferred debt costs are included in other assets, net in the condensed consolidated balance sheets. As a result of the Second Amendment, the Company incurred an additional $120,000 of transaction fees related to the Credit Facility that were capitalized. The cumulative transaction fees are being amortized over the remaining life of the Credit Facility.

Interest rates under the Credit Facility are payable, at our option, at alternatives equal to LIBOR (2.0625% at September 30, 2019), plus 1% to 2% or the base rate plus 0% to 1%. The spread over LIBOR and the base rate vary from time to time, depending upon our financial leverage. Letters of credit issued under the Credit Facility will be subject to a participation fee (which is equal to the interest rate applicable to Eurocurrency Loans, as defined in the Credit Agreement) payable to each of the Lenders and a fronting fee equal to 0.25% per annum payable to the issuing bank. We also pay quarterly commitment fees of 0.2% to 0.3% 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, 2019) which, among other things, require us to maintain specified financial ratios and impose certain limitations on us with respect to investments, additional indebtedness, dividends, distributions, guarantees, liens and encumbrances.

On June 7, 2019, the Company used $5,000,000 from funds generated by operations to voluntarily pay down a portion of its Revolving Credit Facility.

On February 4, 2019, the Company used $5,000,000 from funds generated by operations to voluntarily pay down a portion of its Revolving Credit Facility and it is presented in current portion of long-term debt in our balance sheet at December 31, 2018.

On September 4, 2018, the Company used $5,000,000 from funds generated by operations to voluntarily pay down a portion of its Revolving Credit Facility.

We had approximately $60 million of unused borrowing capacity under the Revolving Credit Facility at September 30, 2019.

XML 37 R11.htm IDEA: XBRL DOCUMENT

Leases

9 Months Ended

Sep. 30, 2019

Leases

Leases

6. Leases

We lease certain land, buildings and equipment for use in our operations. We recognize lease expense for these leases on a straight-line basis over the lease term and combine lease and non-lease components for all leases. Right-of-use (“ROU”) assets and lease liabilities are recorded on the balance sheet for all leases with an expected term of at least one year. Some leases include one or more options to renew. The exercise of lease renewal options is generally at our discretion. The depreciable lives of ROU assets are limited to the expected lease term. Our lease agreements do not contain any residual value guarantees or material restrictive covenants. As of September 30, 2019, we do not have any non-cancellable operating lease commitments that have not yet commenced.

ROU assets are classified within other intangibles, deferred costs and investments, net on the condensed consolidated balance sheet while current lease liabilities are classified within other accrued expenses and long-term lease liabilities are classified within other liabilities. Leases with an initial term of 12 months or less are not recorded on the balance sheet. ROU assets and lease liabilities were $6.0 million and $6.1 million at September 30, 2019, respectively. Payments on lease liabilities during the three and nine months ended September 30, 2019 totaled $442,000 and $1,258,000, respectively.

Lease expense includes cost for leases with terms in excess of one year. For the three and nine months ended September 30, 2019, our total lease expense was $420,000 and $1,272,000, respectively. Short-term lease costs are de minimus.

We have no financing leases and minimum annual rental commitments under non-cancellable operating leases consisted of the following at September 30, 2019 (in thousands):


Years Ending December 31,
2019 (a)	$	418
2020		1,524
2021		1,390
2022		1,205
2023		864
Thereafter		1,889
Total lease payments (b)		7,290
Less: Interest (c)		1,156
Present value of lease liabilities (d)	$	6,134

(a)

Remaining payments are for the three-months ending December 31, 2019.

(b)

Lease payments include options to extend lease terms that are reasonably certain of being exercised. There were no legally binding minimum lease payments for leases signed but not yet commenced at September 30, 2019.

(c)

Our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our discount rate for such leases to determine the present value of lease payments at the lease commencement date.

(d)

The weighted average remaining lease term and weighted average discount rate used in calculating our lease liabilities were 6.8 years and 4.7%, respectively, at September 30, 2019.

XML 38 R19.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2019

Summary of Significant Accounting Policies

Schedule of Computation of Basic and Diluted Earnings Per Share


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
	(In thousands, except per share data)
Numerator:
Net income	$	3,334	$	3,695	$	9,438	$	9,395
Less: Income allocated to unvested participating securities		61		63		173		160
Net income available to common stockholders	$	3,273	$	3,632	$	9,265	$	9,235

Denominator:
Denominator for basic earnings per share — weighted average shares		5,834		5,822		5,840		5,833
Effect of dilutive securities:
Common stock equivalents		—		—		—		—
Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions		5,834		5,822		5,840		5,833

Earnings per share:
Basic	$	.56	$	.62	$	1.59	$	1.58
Diluted	$	.56	$	.62	$	1.59	$	1.58

XML 39 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2019	Nov. 02, 2019
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Registrant Name	SAGA COMMUNICATIONS INC
Entity Central Index Key	0000886136
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	SGA
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Ex Transition Period	false
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,012,150
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		922,918

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Common Stock and Treasury Stock - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Common Stock [Line Items]
Share repurchase program, authorized amount	$ 75,800,000		$ 75,800,000
Stock repurchase program, remaining authorization amount	$ 19,800,000		$ 19,800,000
Stock Buy back Program [Member]
Common Stock [Line Items]
Stock Repurchased During Period, Shares	9,600	20,100	20,700	34,600
Stock Repurchased During Period, Value	$ 276,000	$ 748,000	$ 603,000	$ 1,295,000

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Acquisitions and Dispositions - Pro Forma Results of Operations for Acquisitions (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Acquisitions and Dispositions
Net operating revenue	$ 31,274	$ 32,772	$ 91,281	$ 95,220
Station operating expense	23,600	24,321	69,642	72,617
Corporate general and administrative	2,788	2,813	8,179	8,205
Other operating expense , net	85	85	86	47
Operating income	4,801	5,553	13,374	14,351
Interest expense	180	243	572	717
Interest income	(162)	(167)	(485)	(444)
Other income	(11)	(25)	(11)	(25)
Income before income tax expense	4,794	5,502	13,298	14,103
Income tax expense	1,460	1,644	3,860	4,233
Net income	$ 3,334	$ 3,858	$ 9,438	$ 9,870
Earnings per share:
Basic	$ 0.56	$ 0.65	$ 1.59	$ 1.66
Diluted	$ 0.56	$ 0.65	$ 1.59	$ 1.66

XML 42 R5.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Cash provided by operating activities	$ 18,968	$ 18,167
Cash flows from investing activities:
Acquisition of property and equipment	(4,667)	(4,450)
Acquisition of broadcast properties	(763)
Proceeds from disposals of fixed assets	250	312
Other investing activities		14
Net cash used in investing activities	(5,180)	(4,124)
Cash flows from financing activities:
Cash dividends paid	(6,842)	(11,864)
Payments on long term debt	(10,000)	(5,000)
Purchase of treasury shares	(603)	(1,295)
Other financing activities		(120)
Net cash used in financing activities	(17,445)	(18,279)
Net decrease in cash and cash equivalents	(3,657)	(4,236)
Cash and cash equivalents, beginning of period	44,729	53,030
Cash and cash equivalents, end of period	$ 41,072	$ 48,794

XML 43 R9.htm IDEA: XBRL DOCUMENT

Intangible Assets	9 Months Ended
Intangible Assets	Sep. 30, 2019
Intangible Assets
Intangible Assets	4. Intangible Assets We evaluate our FCC licenses and goodwill for impairment annually as of October 1st 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. If the carrying amount of goodwill in a reporting unit is greater than the implied value of goodwill determined by completing a hypothetical purchase price allocation using estimated fair value of the reporting unit, the carrying amount of goodwill in that reporting unit is reduced to its implied 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 five to twenty-six years. Other intangibles are amortized over one to fifteen years. Customer relationships are amortized over three years.

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Long-Term Debt - Additional Information (Details) - USD ($)		1 Months Ended			9 Months Ended
	Jul. 01, 2019	Feb. 04, 2019	Sep. 04, 2018	Aug. 18, 2015	Sep. 30, 2019	Jun. 07, 2019
Debt Instrument [Line Items]
Amortization of Acquisition Costs					$ 266,000
Amortization Of Additional Acquisition Costs					$ 120,000
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage					0.25%
Maximum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage					0.30%
Maximum [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate					1.00%
Minimum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage					0.20%
Minimum [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate					0.00%
Libor Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage					2.0625%
Libor Rate [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate					2.00%
Libor Rate [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate					1.00%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date				Aug. 18, 2020
Repayments of Long-term Lines of Credit	$ 70,000,000	$ 5,000,000	$ 5,000,000
Long-term Debt				$ 100,000,000
Line of Credit Facility, Remaining Borrowing Capacity	60,000,000					$ 5,000,000
Repayments of Long-term Lines of Credit	$ 70,000,000	$ 5,000,000	$ 5,000,000

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Summary of Significant Accounting Policies - Additional Information (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Summary of Significant Accounting Policies
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	0	0	0

XML 47 R23.htm IDEA: XBRL DOCUMENT

Acquisitions and Dispositions (Tables)

9 Months Ended

Sep. 30, 2019

Acquisitions and Dispositions

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

Condensed Consolidated Balance Sheet of 2019 and 2018 Acquisitions


	Acquisitions in
	2019		2018
	(In thousands)
Assets Acquired:
Current assets	$	—	$	559
Property and equipment		25		3,007
Other assets:
Broadcast licenses		61		1,991
Goodwill		124		3,281
Other intangibles, deferred costs and investments		—		1,123
Total other assets		185		6,395
Total assets acquired		210		9,961
Liabilities Assumed:
Current liabilities		—		120
Total liabilities assumed		—		120
Net assets acquired	$	210	$	9,841

Schedule of Business Acquisition, Pro Forma Information


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018

Pro Forma Results of Operation
Net operating revenue	$	31,274	$	32,772	$	91,281	$	95,220
Station operating expense		23,600		24,321		69,642		72,617
Corporate general and administrative		2,788		2,813		8,179		8,205
Other operating expense , net		85		85		86		47
Operating income		4,801		5,553		13,374		14,351
Interest expense		180		243		572		717
Interest income		(162)		(167)		(485)		(444)
Other income		(11)		(25)		(11)		(25)
Income before income tax expense		4,794		5,502		13,298		14,103
Income tax expense		1,460		1,644		3,860		4,233
Net income	$	3,334	$	3,858	$	9,438	$	9,870

Earnings per share:
Basic	$	.56	$	.65	$	1.59	$	1.66
Diluted	$	.56	$	.65	$	1.59	$	1.66

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Dividends (Details) - USD ($)
$ / shares in Units, $ in Thousands
1 Months Ended 3 Months Ended 9 Months Ended

Sep. 12, 2019

Sep. 14, 2018

Aug. 14, 2018

May 15, 2018

Feb. 28, 2018

May 30, 2019

Mar. 29, 2019

Feb. 26, 2019

Jan. 04, 2019

Nov. 28, 2018

Jun. 22, 2018

Mar. 30, 2018

Feb. 28, 2018

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Common Stock, Dividends, Per Share, Declared $ 0.30 $ 0.30 $ 0.90 $ 0.90

Dividends Payable, Date to be Paid Sep. 14, 2018 Jun. 22, 2018 Mar. 30, 2018 Mar. 29, 2019 Jan. 04, 2019

Dividends Payable, Date of Record Aug. 31, 2018 Mar. 12, 2019 Dec. 10, 2018 May 31, 2018 Mar. 12, 2018

Dividends $ 1,800 $ 1,800 $ 1,800

Dividends Payable $ 1,800 $ 1,800

Payments of Ordinary Dividends, Common Stock $ 3,300 $ 1,800 $ 6,842 $ 11,864

Dividends Payable, Date Declared Aug. 14, 2018 May 15, 2018 Feb. 26, 2019 Nov. 28, 2018 Feb. 28, 2018

Class A Common Stock

Common Stock, Dividends, Per Share, Declared $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 0.30

Class B Common Stock

Common Stock, Dividends, Per Share, Declared $ 0.30 $ 0.30 $ 0.30 $ 0.25 $ 0.30

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Summary of Significant Accounting Policies - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Numerator:

Net income $ 3,334 $ 3,695 $ 9,438 $ 9,395

Less: Income allocated to unvested participating securities 61 63 173 160

Net income available to common stockholders $ 3,273 $ 3,632 $ 9,265 $ 9,235

Denominator:

Denominator for basic earnings per share - weighted average shares 5,834 5,822 5,840 5,833

Effect of dilutive securities:

Denominator for diluted earnings per share - adjusted weighted-average shares and assumed conversions 5,834 5,822 5,840 5,833

Earnings per share:

Basic $ 0.56 $ 0.62 $ 1.59 $ 1.58

Diluted $ 0.56 $ 0.62 $ 1.59 $ 1.58

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Leases (Tables)
9 Months Ended

Sep. 30, 2019

Leases

Schedule of Minimum Annual Rental Commitments

We have no financing leases and minimum annual rental commitments under non-cancellable operating leases consisted of the following at September 30, 2019 (in thousands):

Years Ending December 31,

2019 (a)



$

418

2020

1,524

2021

1,390

2022

1,205

2023

864

Thereafter

1,889

Total lease payments (b)

7,290

Less: Interest (c)

1,156

Present value of lease liabilities (d)

$

6,134

(a)

Remaining payments are for the three-months ending December 31, 2019.

(b)

Lease payments include options to extend lease terms that are reasonably certain of being exercised. There were no legally binding minimum lease payments for leases signed but not yet commenced at September 30, 2019.

(c)

Our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our discount rate for such leases to determine the present value of lease payments at the lease commencement date.

(d)

The weighted average remaining lease term and weighted average discount rate used in calculating our lease liabilities were 6.8 years and 4.7%, respectively, at September 30, 2019.

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Summary of Significant Accounting Policies (Policies)
9 Months Ended

Sep. 30, 2019

Summary of Significant Accounting Policies

Basis of Presentation

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, 2019 and the results of operations for the three and nine months ended September 30, 2019 and 2018. Results of operations for the three and nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019.

We own or operate broadcast properties in 27 markets, including 79 FM and 34 AM radio stations.

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, 2018.

The Company has evaluated events and transactions occurring subsequent to the balance sheet date of September 30, 2019, for items that should potentially be recognized in these financial statements or discussed within the notes to the financial statements.

Earnings Per Share Information

Earnings Per Share Information

Earnings per share is calculated using the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security. The Company has participating securities related to restricted stock units, granted under the Company’s Second Amended and Restated 2005 Incentive Compensation Plan, that earn dividends on an equal basis with common shares. In applying the two-class method, earnings are allocated to both common shares and participating securities.

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

Three Months Ended

Nine Months Ended

September 30,

September 30,



2019



2018



2019



2018

(In thousands, except per share data)

Numerator:









Net income

$

3,334

$

3,695

$

9,438

$

9,395

Less: Income allocated to unvested participating securities

61

63

173

160

Net income available to common stockholders

$

3,273

$

3,632

$

9,265

$

9,235

Denominator:

Denominator for basic earnings per share — weighted average shares

5,834

5,822

5,840

5,833

Effect of dilutive securities:

Common stock equivalents

—

—

—

—

Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions

5,834

5,822

5,840

5,833

Earnings per share:

Basic

$

.56

$

.62

$

1.59

$

1.58

Diluted

$

.56

$

.62

$

1.59

$

1.58

There were no stock options outstanding that had an antidilutive effect on our earnings per share for the three and nine months ended September 30, 2019 and 2018. 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.

Financial Instruments

Financial Instruments

Our financial instruments are comprised of cash and cash equivalents, accounts receivable, accounts payable and long-term debt. The carrying value of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to their short maturities. The carrying value of long-term debt approximates fair value as it carries interest rates that either fluctuate with the euro-dollar rate, prime rate or have been reset at the prevailing market rate at September 30, 2019.

Income Taxes

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/Local Marketing Agreements

Time Brokerage Agreements/Local Marketing Agreements

We have entered into Time Brokerage Agreements (“TBAs”) or Local Marketing Agreements (“LMAs”) 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 TBAs/LMAs are included in the accompanying unaudited Condensed Consolidated Statements of Income.

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Stock-Based Compensation
9 Months Ended

Sep. 30, 2019

Stock-Based Compensation

Stock-Based Compensation

9. Stock-Based Compensation

2005 Incentive Compensation Plan

On October 16, 2013 our stockholders approved the Second Amended and Restated Saga Communications, Inc. 2005 Incentive Compensation Plan, which was amended in 2018 after approval of the amendment by our stockholders at our 2018 annual meeting (as amended, the “Second Restated 2005 Plan”). The 2005 Incentive Compensation Plan, which replaced our 2003 Stock Option Plan, was first approved by stockholders in 2005 and subsequently re-approved by stockholders in 2010. The changes in the Second Restated 2005 Plan approved in 2013 (i) increased the number of authorized shares by 233,334 shares of Common Stock, (ii) extended the date for making awards to September 6, 2018, (iii) included directors as participants, (iv) targeted awards according to groupings of participants based on ranges of base salary of employees and/or retainers of directors, (v) required participants to retain 50 % of their net annual restricted stock awards during their employment or service as a director, and (vi) included a clawback provision. The 2018 amendment to the Second Restated 2005 Plan (i) extended the date for making awards to September 6, 2023 and (ii) increased the number of authorized shares under the Plan by 90,000 shares of Class B Common Stock. The Second Restated 2005 Plan allows for the granting of restricted stock, restricted stock units, incentive stock options, nonqualified stock options, and performance awards to eligible employees and non-employee directors.

The number of shares of Common Stock that may be issued under the Second Restated 2005 Plan may not exceed 370,000 shares of Class B Common Stock, 990,000 shares of Class A Common Stock of which up to 620,000 shares of Class A Common Stock may be issued pursuant to incentive stock options and 370,000 Class A Common Stock issuable upon conversion of Class B Common Stock. Awards denominated in Class A Common Stock may be granted to any employee or director under the Second Restated 2005 Plan. However, awards denominated in Class B Common Stock may only be granted to Edward K. Christian, President, Chief Executive Officer, Chairman of the Board of Directors, and the holder of 100% of the outstanding Class B Common Stock of the Company. Stock options granted under the Second Restated 2005 Plan may be for terms not exceeding ten years from the date of grant and may not be exercised at a price which is less than 100% of the fair market value of shares at the date of grant.

Stock-Based Compensation

All stock options granted were fully vested and expensed at December 31, 2012, therefore there was no compensation expense related to stock options for the three and nine months ended September 30, 2019 and September 30, 2018, respectively.

There were no options granted during 2019 and 2018 and there were no stock options outstanding as of September 30, 2019. All outstanding stock options were exercised in 2017.

The following summarizes the restricted stock transactions for the nine months ended September 30, 2019:

Weighted

Average

Grant Date

Fair



Shares



Value

Outstanding at January 1, 2019

109,176

$

40.87

Forfeited

(2,048)

40.94

Non-vested and outstanding at September 30, 2019

107,128

$

40.87

For the three and nine months ended September 30, 2019 and the three and nine months ended September 30, 2018, we had $532,000, $1,656,000, $571,000 and $1,675,000, respectively, of total compensation expense related to restricted stock-based compensation arrangements. This expense is included in corporate general and administrative expenses in our results of operations. The associated tax benefit recognized for the three and nine months ended September 30, 2019 and the three and nine months ended September 30, 2018, was $51,000, $176,000, $66,000 and $191,000, respectively.

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Common Stock and Treasury Stock
9 Months Ended

Sep. 30, 2019

Common Stock and Treasury Stock

Common Stock and Treasury Stock

5. 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, 2019:

Common Stock Issued



Class A



Class B

(Shares in thousands)

Balance, January 1, 2018

6,694

898

Conversion of shares

12

(12)

Issuance of restricted stock

27

37

Forfeiture of restricted stock

(1)

—

Balance, December 31, 2018

6,732

923

Forfeiture of restricted stock

(2)

—

Balance, September 30, 2019

6,730

923

We have a Stock Buy-Back Program to allow us to purchase up to $75.8 million of our Class A Common Stock. As of September 30, 2019, we have remaining authorization of $19.8 million for future repurchases of our Class A Common Stock. On September 14, 2017, the Board of Directors authorized the repurchase of our Class A Common Stock under our trading plan adopted pursuant to Securities and Exchange Commission Rule 10b5‑1. The Rule 10b5‑1 repurchase plan allows us to repurchase our shares during periods when we would normally not be active in the market due to our internal trading blackout periods. Under the plan, we may repurchase our Class A Common Stock in any combination of open market, block transactions and privately negotiated transactions subject to market conditions, legal requirements including applicable SEC regulations (which include certain price, market, volume and timing constraints), specific repurchase instructions and other corporate considerations. Purchases under the plan will be funded by cash on our balance sheet. The plan does not obligate us to acquire any particular amount of Class A Common Stock. The authorization is effective until November 29, 2019. During the three and nine months ended September 30, 2019 and September 30, 2018, approximately 9,600, 20,700, 20,100 and 34,600 shares, respectively were repurchased for $276,000, $603,000, $748,000 and $1,295,000 respectively, related to the Stock Buy-Back Program.

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Revenue
9 Months Ended

Sep. 30, 2019

Revenue

Revenue

3. Revenue

Adoption of ASC 606, Revenue from Contract with Customers (Topic 606)

We adopted Topic 606 on January 1, 2018, using the modified retrospective method with no impact on our financial statements. The cumulative effect of initially adopting Topic 606 guidance had no impact on the opening balance of retained earnings as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606 revenue standard, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under Topic 605.

Disaggregation of Revenue

The following table presents revenues disaggregated by revenue source:

Three Months Ended

Nine Months Ended

September 30,

September 30,



2019



2018



2019



2018

(in thousands)

(in thousands)

Types of Revenue



Broadcast Advertising Revenue, net

$

28,562

$

28,895

$

83,245

$

84,451

Digital Advertising Revenue

879

936

2,769

2,887

Other Revenue

1,833

1,817

5,267

4,553

Net Revenue

$

31,274

$

31,648

$

91,281

$

91,891

Nature of goods and services

The following is a description of principal activities from which we generate our revenue:

Broadcast Advertising Revenue

Our primary source of revenue is from the sale of advertising for broadcast on our stations. We recognize revenue from the sale of advertising as performance obligations are satisfied upon airing of the advertising; therefore, revenue is recognized at a point in time when each advertising spot is transmitted. Agency commissions are calculated based on a stated percentage applied to gross billing revenue for our advertising inventory placed by agency and are reported as a reduction of advertising revenue.

Digital Advertising Revenue

We recognize revenue from our digital initiatives across multiple platforms such as targeted digital advertising, online promotions, advertising on our websites, mobile messaging, email marketing and other e-commerce. Revenue is recorded when each specific performance obligation in the digital advertising campaign takes place, typically within a one month period.

Other Revenue

Other revenue includes revenue from concerts, promotional events, tower rent and other miscellaneous items. Revenue is generally recognized when the event is completed, as the promotional events are completed or as each performance obligation is satisfied.

Contract Liabilities

Payments from our advertisers are generally due within 30 days although certain advertisers are required to pay in advance. When an advertiser pays for the services in advance of the performance obligations these prepayments are recorded as contract liabilities. Typical contract liabilities relate to prepayments for advertising spots not yet run; prepayments from sponsors for events that have not yet been held; and gift cards sold on our websites used to finance a broadcast advertising campaign. Generally all contract liabilities are expected to be recognized within one year and are included in accounts payable in the Company’s Condensed Consolidated Financial Statements and are immaterial.

Transaction Price Allocated to the Remaining Performance Obligations

As the majority of our contracts are one year or less, we have utilized the optional exemption under ASC 606‑10‑50‑14 and will not disclose information about the remaining performance obligations for contracts which have original expected durations of one year or less.

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Leases- Minimum Annual Rental Commitments (Details) - USD ($)
$ in Thousands

Sep. 30, 2019

Jan. 01, 2019

Minimum annual rental commitments

2019 $ 418

2020 1,524

2021 1,390

2022 1,205

2023 864

Thereafter 1,889

Total lease payments 7,290

Less: Interest 1,156

Present value of lease liabilities $ 6,134 $ 6,700

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CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
shares in Thousands, $ in Thousands

Additional Paid-in Capital

Retained Earnings

Treasury Stock

Class A Common Stock

Class B Common Stock

Total

Balance at Dec. 31, 2017 $ 62,675 $ 151,608 $ (34,894) $ 67 $ 9 $ 179,465

Balance, shares at Dec. 31, 2017 6,694 898

Net income 1,529 1,529

Issuance of restricted stock (in shares) 4

Dividends declared per common share (1,784) (1,784)

Compensation expense related to restricted stock awards 551 551

Purchase of shares held in treasury (93) (93)

401(k) plan contribution (80) 333 253

Balance at Mar. 31, 2018 63,146 151,353 (34,654) $ 67 $ 9 179,921

Balance, shares at Mar. 31, 2018 6,698 898

Balance at Dec. 31, 2017 62,675 151,608 (34,894) $ 67 $ 9 179,465

Balance, shares at Dec. 31, 2017 6,694 898

Net income 9,395

Balance at Sep. 30, 2018 64,270 155,668 (35,856) $ 67 $ 9 184,158

Balance, shares at Sep. 30, 2018 6,697 898

Balance at Dec. 31, 2017 62,675 151,608 (34,894) $ 67 $ 9 179,465

Balance, shares at Dec. 31, 2017 6,694 898

Issuance of restricted stock (in shares) 27 37

Forfeiture of restricted stock (in shares) (1) 0

Balance at Dec. 31, 2018 64,795 156,689 (36,561) $ 67 $ 9 184,999

Balance, shares at Dec. 31, 2018 6,732 923

Balance at Mar. 31, 2018 63,146 151,353 (34,654) $ 67 $ 9 179,921

Balance, shares at Mar. 31, 2018 6,698 898

Net income 4,171 4,171

Forfeiture of restricted stock (in shares) (1)

Dividends declared per common share (1,777) (1,777)

Compensation expense related to restricted stock awards 553 553

Purchase of shares held in treasury (454) (454)

Balance at Jun. 30, 2018 63,699 153,747 (35,108) $ 67 $ 9 182,414

Balance, shares at Jun. 30, 2018 6,697 898

Net income 3,695 3,695

Dividends declared per common share (1,774) (1,774)

Compensation expense related to restricted stock awards 571 571

Purchase of shares held in treasury (748) (748)

Balance at Sep. 30, 2018 64,270 155,668 (35,856) $ 67 $ 9 184,158

Balance, shares at Sep. 30, 2018 6,697 898

Balance at Dec. 31, 2018 64,795 156,689 (36,561) $ 67 $ 9 184,999

Balance, shares at Dec. 31, 2018 6,732 923

Net income 1,370 1,370

Dividends declared per common share (1,784) (1,784)

Compensation expense related to restricted stock awards 559 559

Purchase of shares held in treasury (80) (80)

401(k) plan contribution (113) 375 262

Balance at Mar. 31, 2019 65,241 156,275 (36,266) $ 67 $ 9 185,326

Balance, shares at Mar. 31, 2019 6,732 923

Balance at Dec. 31, 2018 64,795 156,689 (36,561) $ 67 $ 9 184,999

Balance, shares at Dec. 31, 2018 6,732 923

Net income 9,438

Forfeiture of restricted stock (in shares) (2)

Balance at Sep. 30, 2019 66,338 160,778 (36,789) $ 67 $ 9 190,403

Balance, shares at Sep. 30, 2019 6,730 923

Balance at Mar. 31, 2019 65,241 156,275 (36,266) $ 67 $ 9 185,326

Balance, shares at Mar. 31, 2019 6,732 923

Net income 4,734 4,734

Dividends declared per common share (1,784) (1,784)

Compensation expense related to restricted stock awards 565 565

Purchase of shares held in treasury (247) (247)

Balance at Jun. 30, 2019 65,806 159,225 (36,513) $ 67 $ 9 188,594

Balance, shares at Jun. 30, 2019 6,732 923

Net income 3,334 3,334

Forfeiture of restricted stock (in shares) (2)

Dividends declared per common share (1,781) (1,781)

Compensation expense related to restricted stock awards 532 532

Purchase of shares held in treasury (276) (276)

Balance at Sep. 30, 2019 $ 66,338 $ 160,778 $ (36,789) $ 67 $ 9 $ 190,403

Balance, shares at Sep. 30, 2019 6,730 923

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Acquisitions and Dispositions - Additional Information (Details) - USD ($)
$ in Thousands
1 Months Ended 12 Months Ended

Jan. 31, 2019

Dec. 31, 2018

Sep. 30, 2019

Jan. 09, 2019

Oct. 29, 2018

Business Acquisition [Line Items]

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets $ 9,961 $ 210

Disposal Group, Including Discontinued Operation, Consideration $ 210 $ 9,300

Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net 566

Discontinued Operation, Disposal of Discontinued Operation, Transaction Costs 25

Payments to Acquire Businesses, Gross $ 553

Ocala Broadcasting Corp [Member]

Business Acquisition [Line Items]

Proceeds from Divestiture of Businesses, Net of Cash Divested $ 9,840

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

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

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Class A Common Stock, par value $.01 per share	SGA	NASDAQ

		Page
PART I. FINANCIAL INFORMATION		3
Item 1. Financial Statements (Unaudited)		3
Condensed consolidated balance sheets — September 30, 2019 and December 31, 2018		3
Condensed consolidated statements of income — Three and nine months ended September 30, 2019 and 2018		4
Condensed consolidated statements of stockholders’ equity — for each quarterly period in the Nine months ended September 30, 2019 and 2018		5
Condensed consolidated statements of cash flows — Nine months ended September 30, 2019 and 2018		6
Notes to unaudited condensed consolidated financial statements		7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		21
Item 3. Quantitative and Qualitative Disclosures about Market Risk		31
Item 4. Controls and Procedures		32
PART II OTHER INFORMATION		32
Item 1. Legal Proceedings		32
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		32
Item 6. Exhibits		33
Signatures		34

							Approximate
							Dollar
					Total Number		Value of
					of Shares		Shares
					Purchased		that May Yet
					as Part of		be
	Total Number		Average Price		Publicly		Purchased
	of Shares		Paid per		Announced		Under the
Period	Purchased		Share		Program		Program(a)
July 1 – July 31, 2019		—	$	—		—	$	20,079,838
August 1 – August 31, 2019		8,679	$	28.80		8,679	$	19,829,876
September 1 – September 30, 2019		905	$	28.52		905	$	19,804,062
Total		9,584	$	28.78		9,584	$	19,804,062

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.

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		Class A					Class B				Additional									Total
		Common Stock					Common Stock				Paid-In			Retained			Treasury			Stockholders’
		Shares			Amount		Shares		Amount		Capital			Earnings			Stock			Equity
	(In thousands)
Balance at December 31, 2017			6,694		$	67		898	$	9	$	62,675		$	151,608		$	(34,894	)	$	179,465
Net income, Three months ended March 31, 2018															1,529						1,529
Issuance of restricted stock			4			—		—		—		—			—			—			—
Dividends declared per common share			—			—		—		—		—			(1,784	)		—			(1,784	)
Compensation expense related to restricted stock awards			—			—		—		—		551			—			—			551
Purchase of shares held in treasury			—			—		—		—		—			—			(93	)		(93	)
401(k) plan contribution			—			—		—		—		(80	)		—			333			253
Balance at March 31, 2018			6,698		$	67		898	$	9	$	63,146		$	151,353		$	(34,654	)	$	179,921
Net income, Three months ended June 30, 2018															4,171						4,171
Forfeiture of restricted stock			(1	)		—		—		—		—			—			—			—
Dividends declared per common share			—			—		—		—		—			(1,777	)		—			(1,777	)
Compensation expense related to restricted stock awards			—			—		—		—		553			—			—			553
Purchase of shares held in treasury			—			—		—		—		—			—			(454	)		(454	)
Balance at June 30, 2018			6,697		$	67		898	$	9	$	63,699		$	153,747		$	(35,108	)	$	182,414
Net Income, Three months ended September 30, 2018															3,695						3,695
Dividends declared per common share			—			—		—		—		—			(1,774	)		—			(1,774	)
Compensation expense related to restricted stock awards			—			—		—		—		571			—			—			571
Purchase of shares held in treasury			—			—		—		—		—			—			(748	)		(748	)
Balance at September 30, 2018			6,697		$	67		898	$	9	$	64,270		$	155,668		$	(35,856	)	$	184,158

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	(In thousands, except per share data)
Numerator:
Net income	$	3,334	$	3,695	$	9,438	$	9,395
Less: Income allocated to unvested participating securities		61		63		173		160
Net income available to common stockholders	$	3,273	$	3,632	$	9,265	$	9,235

Denominator:
Denominator for basic earnings per share — weighted average shares		5,834		5,822		5,840		5,833
Effect of dilutive securities:
Common stock equivalents		—		—		—		—
Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions		5,834		5,822		5,840		5,833

Earnings per share:
Basic	$	.56	$	.62	$	1.59	$	1.58
Diluted	$	.56	$	.62	$	1.59	$	1.58

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	(in thousands)				(in thousands)
Types of Revenue
Broadcast Advertising Revenue, net	$	28,562	$	28,895	$	83,245	$	84,451
Digital Advertising Revenue		879		936		2,769		2,887
Other Revenue		1,833		1,817		5,267		4,553
Net Revenue	$	31,274	$	31,648	$	91,281	$	91,891

Years Ending December 31,
2019 (a)	$	418
2020		1,524
2021		1,390
2022		1,205
2023		864
Thereafter		1,889
Total lease payments (b)		7,290
Less: Interest (c)		1,156
Present value of lease liabilities (d)	$	6,134

	Acquisitions in
	2019		2018
	(In thousands)
Assets Acquired:
Current assets	$	—	$	559
Property and equipment		25		3,007
Other assets:
Broadcast licenses		61		1,991
Goodwill		124		3,281
Other intangibles, deferred costs and investments		—		1,123
Total other assets		185		6,395
Total assets acquired		210		9,961
Liabilities Assumed:
Current liabilities		—		120
Total liabilities assumed		—		120
Net assets acquired	$	210	$	9,841

				Weighted Average
				Grant Date Fair
	Shares			Value
Outstanding at January 1, 2019		109,176		$	40.87
Forfeited		(2,048	)		40.94
Non-vested and outstanding at September 30, 2019		107,128		$	40.87

	September 30,		December 31,
	2019		2018
	(In thousands)
Revolving credit facility	$	10,000	$	20,000
Amounts payable within one year		—		5,000
	$	10,000	$	15,000

	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,
	2019			2018			2018			2017
Market:
Columbus, Ohio		10	%		11	%		11	%		11	%
Des Moines, Iowa		6	%		7	%		7	%		7	%
Manchester, New Hampshire		5	%		5	%		5	%		5	%
Milwaukee, Wisconsin		11	%		12	%		12	%		12	%
Norfolk, Virginia		6	%		6	%		6	%		6	%

	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,
	2019			2018			2018			2017
Market:
Columbus, Ohio		15	%		16	%		16	%		15	%
Des Moines, Iowa		6	%		6	%		6	%		7	%
Manchester, New Hampshire		5	%		6	%		6	%		6	%
Milwaukee, Wisconsin		12	%		15	%		14	%		14	%
Norfolk, Virginia		6	%		6	%		6	%		6	%

	Three Months Ended
	September 30,						$ Increase			% Increase
	2019			2018			(Decrease)			(Decrease)
	(In thousands, except percentages and per share information)
Net operating revenue	$	31,274		$	31,648		$	(374	)		(1.2	)%
Station operating expense		23,600			23,429			171			0.7	%
Corporate general and administrative		2,788			2,813			(25	)		(0.9	)%
Other operating expense (income), net		85			85			—			—
Operating income from continuing operations		4,801			5,321			(520	)		(9.8	)%
Interest expense		180			243			(63	)		(25.9	)%
Interest income		(162	)		(167	)		5			N/M
Other income		(11	)		(25	)		(14	)		N/M
Income before income tax expense		4,794			5,270			(476	)		(9.0	)%
Income tax expense		1,460			1,575			(115	)		(7.3	)%
Net income	$	3,334		$	3,695		$	(361	)		(9.7	)%
Earnings per share (diluted)		.56			.62			.06			(9.7	)%

	SAGA COMMUNICATIONS, INC.

Date: November 12, 2019	/s/ SAMUEL D. BUSH
	Samuel D. Bush
	Senior Vice President and Chief Financial Officer (Principal Financial Officer)

Date: November 12, 2019	/s/ CATHERINE A. BOBINSKI
	Catherine A. Bobinski
	Senior Vice President, Chief Accounting Officer and Corporate Controller (Principal Accounting Officer)

Date: November 12, 2019	/s/ Edward K. Christian
	Edward K. Christian
	Chief Executive Officer

Dated: November 12, 2019	/s/ Edward K. Christian
	Edward K. Christian
	Chief Executive Officer

Dated: November 12, 2019	/s/ Samuel D. Bush
	Samuel D. Bush
	Chief Financial Officer

Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands						1 Months Ended								3 Months Ended		9 Months Ended
	Sep. 12, 2019	Sep. 14, 2018	Aug. 14, 2018	May 15, 2018	Feb. 28, 2018	May 30, 2019	Mar. 29, 2019	Feb. 26, 2019	Jan. 04, 2019	Nov. 28, 2018	Jun. 22, 2018	Mar. 30, 2018	Feb. 28, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Common Stock, Dividends, Per Share, Declared														$ 0.30	$ 0.30	$ 0.90	$ 0.90
Dividends Payable, Date to be Paid			Sep. 14, 2018	Jun. 22, 2018	Mar. 30, 2018			Mar. 29, 2019		Jan. 04, 2019
Dividends Payable, Date of Record		Aug. 31, 2018					Mar. 12, 2019		Dec. 10, 2018		May 31, 2018	Mar. 12, 2018
Dividends	$ 1,800					$ 1,800	$ 1,800
Dividends Payable		$ 1,800										$ 1,800
Payments of Ordinary Dividends, Common Stock									$ 3,300		$ 1,800					$ 6,842	$ 11,864
Dividends Payable, Date Declared			Aug. 14, 2018	May 15, 2018				Feb. 26, 2019		Nov. 28, 2018			Feb. 28, 2018
Class A Common Stock
Common Stock, Dividends, Per Share, Declared	$ 0.30		$ 0.30	$ 0.30		$ 0.30		$ 0.30		$ 0.30			$ 0.30
Class B Common Stock
Common Stock, Dividends, Per Share, Declared			$ 0.30	$ 0.30				$ 0.30		$ 0.25			$ 0.30

Leases- Minimum Annual Rental Commitments (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019
Minimum annual rental commitments
2019	$ 418
2020	1,524
2021	1,390
2022	1,205
2023	864
Thereafter	1,889
Total lease payments	7,290
Less: Interest	1,156
Present value of lease liabilities	$ 6,134	$ 6,700

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Class A Common Stock	Class B Common Stock	Total
Balance at Dec. 31, 2017	$ 62,675	$ 151,608	$ (34,894)	$ 67	$ 9	$ 179,465
Balance, shares at Dec. 31, 2017				6,694	898
Net income		1,529				1,529
Issuance of restricted stock (in shares)				4
Dividends declared per common share		(1,784)				(1,784)
Compensation expense related to restricted stock awards	551					551
Purchase of shares held in treasury			(93)			(93)
401(k) plan contribution	(80)		333			253
Balance at Mar. 31, 2018	63,146	151,353	(34,654)	$ 67	$ 9	179,921
Balance, shares at Mar. 31, 2018				6,698	898
Balance at Dec. 31, 2017	62,675	151,608	(34,894)	$ 67	$ 9	179,465
Balance, shares at Dec. 31, 2017				6,694	898
Net income						9,395
Balance at Sep. 30, 2018	64,270	155,668	(35,856)	$ 67	$ 9	184,158
Balance, shares at Sep. 30, 2018				6,697	898
Balance at Dec. 31, 2017	62,675	151,608	(34,894)	$ 67	$ 9	179,465
Balance, shares at Dec. 31, 2017				6,694	898
Issuance of restricted stock (in shares)				27	37
Forfeiture of restricted stock (in shares)				(1)	0
Balance at Dec. 31, 2018	64,795	156,689	(36,561)	$ 67	$ 9	184,999
Balance, shares at Dec. 31, 2018				6,732	923
Balance at Mar. 31, 2018	63,146	151,353	(34,654)	$ 67	$ 9	179,921
Balance, shares at Mar. 31, 2018				6,698	898
Net income		4,171				4,171
Forfeiture of restricted stock (in shares)				(1)
Dividends declared per common share		(1,777)				(1,777)
Compensation expense related to restricted stock awards	553					553
Purchase of shares held in treasury			(454)			(454)
Balance at Jun. 30, 2018	63,699	153,747	(35,108)	$ 67	$ 9	182,414
Balance, shares at Jun. 30, 2018				6,697	898
Net income		3,695				3,695
Dividends declared per common share		(1,774)				(1,774)
Compensation expense related to restricted stock awards	571					571
Purchase of shares held in treasury			(748)			(748)
Balance at Sep. 30, 2018	64,270	155,668	(35,856)	$ 67	$ 9	184,158
Balance, shares at Sep. 30, 2018				6,697	898
Balance at Dec. 31, 2018	64,795	156,689	(36,561)	$ 67	$ 9	184,999
Balance, shares at Dec. 31, 2018				6,732	923
Net income		1,370				1,370
Dividends declared per common share		(1,784)				(1,784)
Compensation expense related to restricted stock awards	559					559
Purchase of shares held in treasury			(80)			(80)
401(k) plan contribution	(113)		375			262
Balance at Mar. 31, 2019	65,241	156,275	(36,266)	$ 67	$ 9	185,326
Balance, shares at Mar. 31, 2019				6,732	923
Balance at Dec. 31, 2018	64,795	156,689	(36,561)	$ 67	$ 9	184,999
Balance, shares at Dec. 31, 2018				6,732	923
Net income						9,438
Forfeiture of restricted stock (in shares)				(2)
Balance at Sep. 30, 2019	66,338	160,778	(36,789)	$ 67	$ 9	190,403
Balance, shares at Sep. 30, 2019				6,730	923
Balance at Mar. 31, 2019	65,241	156,275	(36,266)	$ 67	$ 9	185,326
Balance, shares at Mar. 31, 2019				6,732	923
Net income		4,734				4,734
Dividends declared per common share		(1,784)				(1,784)
Compensation expense related to restricted stock awards	565					565
Purchase of shares held in treasury			(247)			(247)
Balance at Jun. 30, 2019	65,806	159,225	(36,513)	$ 67	$ 9	188,594
Balance, shares at Jun. 30, 2019				6,732	923
Net income		3,334				3,334
Forfeiture of restricted stock (in shares)				(2)
Dividends declared per common share		(1,781)				(1,781)
Compensation expense related to restricted stock awards	532					532
Purchase of shares held in treasury			(276)			(276)
Balance at Sep. 30, 2019	$ 66,338	$ 160,778	$ (36,789)	$ 67	$ 9	$ 190,403
Balance, shares at Sep. 30, 2019				6,730	923

Acquisitions and Dispositions - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2019	Dec. 31, 2018	Sep. 30, 2019	Jan. 09, 2019	Oct. 29, 2018
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets		$ 9,961	$ 210
Disposal Group, Including Discontinued Operation, Consideration				$ 210	$ 9,300
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net		566
Discontinued Operation, Disposal of Discontinued Operation, Transaction Costs		25
Payments to Acquire Businesses, Gross	$ 553
Ocala Broadcasting Corp [Member]
Business Acquisition [Line Items]
Proceeds from Divestiture of Businesses, Net of Cash Divested		$ 9,840