Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2019

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

The following unaudited pro forma results of our operations for the years ended December 31, 2019 and 2018 assume the 2019 and 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.


	Years Ended December 31,
	2019		2018
	(In thousands, except per share data)
Pro forma Consolidated Results of Operations
Net operating revenue	$	123,072	$	129,228
Station operating expense		92,692		97,314
Corporate general and administrative		11,460		11,359
Other operating expenses		112		61
Operating income		18,808		20,494
Interest expense		735		946
Interest income		(610)		(631)
Other income		(16)		(23)
Income before income tax expense		18,699		20,202
Income tax expense (benefit) expense		5,420		5,944
Net income	$	13,279	$	14,258

Basic earnings per share	$	2.23	$	2.40
Diluted earnings per share	$	2.23	$	2.40