Quarterly Results of Operations

12 Months Ended

Dec. 31, 2013

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results of Operations

14.   Quarterly Results of Operations (Unaudited)

	March 31,					June 30,			September 30,				December 31,
	2013			2012		2013		2012		2013		2012		2013		2012
		(In thousands, except per share data)
Net operating revenue	$	28,957	$	29,323	$	33,832	$	32,986	$	32,929	$	32,409	$	33,760	$	35,541
Station operating expenses		22,088		22,360		23,493		21,959		23,598		22,379		23,798		23,590
Corporate G&A		1,948		1,949		1,982		1,940		2,051		1,910		2,191		2,161
Impairment of intangible assets		—		—		—		—		—		—		2,033		—
Operating income from continuing operations		4,921		5,014		8,357		9,087		7,280		8,120		5,738		9,790
Other (income) expenses:
Interest expense		358		528		357		458		308		381		282		366
Other		25		(2)		66		(8)		(144)		145		2		144
Income from continuing operations before tax		4,538		4,488		7,934		8,637		7,116		7,594		5,454		9,280
Income tax provision		1,812		1,785		3,130		3,438		2,820		3,227		2,230		3,489
Income from continuing operations, net of tax		2,726		2,703		4,804		5,199		4,296		4,367		3,224		5,791
Income (loss) from discontinued operations, net of tax		223		2		—		(67)		—		(39)		—		(31)
Net income	$	2,949	$	2,705	$	4,804	$	5,132	$	4,296	$	4,328	$	3,224	$	5,760
Basic earnings (loss) per share:
From continuing operations	$	.48	$	.48	$	.85	$	.92	$	.76	$	.77	$	.56	$	1.02
From discontinued operations		.04		—		—		(.01)		—		(.01)		—		—
Earnings per share	$	.52	$	.48	$	.85	$	.91	$	.76	$	.76	$	.56	$	1.02
Weighted average common shares		5,673		5,658		5,683		5,661		5,686		5,661		5,686		5,663
Diluted earnings (loss) per share:
From continuing operations	$	.47	$	.48	$	.84	$	.92	$	.75	$	.77	$	.56	$	1.02
From discontinued operations		.04		—		—		(.01)		—		(.01)		—		(.01)
Diluted earnings per share	$	.51	$	.48	$	.84	$	.91	$	.75	$	.76	$	.56	$	1.01
Weighted average common and common equivalent shares		5,738		5,678		5,745		5,663		5,754		5,670		5,751		5,692

During the fourth quarter of 2013, the Company recognized a pre-tax impairment charge of $2,033,000 to reduce the carrying value of certain radio broadcast licenses to their estimated fair value.