Acquisitions and Dispositions (Tables)

9 Months Ended

Sep. 30, 2015

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The allocation of the purchase price for the 2015 acquisitions is preliminary at September 30, 2015.

Condensed Consolidated Balance Sheet of 2015 and 2014 Acquisitions

	Acquisitions in
	2015		2014

	(In thousands)
Assets Acquired:
Current assets	$	976	$	45
Property and equipment		4,600		425
Other assets:
Broadcast licenses-Radio segment		2,098		219
Broadcast licenses-Television segment		—		19
Goodwill-Radio segment		2,528		325
Goodwill-Television segment		—		—
Other intangibles, deferred costs and investments		1,507		3
Total other assets		6,133		566
Total assets acquired		11,709		1,036
Liabilities Assumed:
Current liabilities		70		—
Total liabilities assumed		70		—
Net assets acquired	$	11,639	$	1,036

Business Acquisition, Pro Forma Information

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,
	2015		2014		2015		2014
	(In thousands, except per share data)
Pro forma Consolidated Results of Operations
Net operating revenue	$	34,243	$	35,433	$	99,723	$	100,828
Station operating expense		24,654		27,151		73,362		75,186
Corporate general and administrative		2,577		2,307		7,642		6,580
Other operating expenses, net		433		—		447		—
Operating income		6,579		5,975		18,272		19,062
Interest expense		229		268		714		812
Write-off of debt issuance costs		557		—		557		—
Other (income) expense, net		—		7		(417)		(38)
Income taxes		2,632		2,293		7,399		7,339
Net income	$	3,161	$	3,407	$	10,019	$	10,949
Basic earnings per share	$	.55	$	.60	$	1.76	$	1.92
Diluted earnings per share	$	.55	$	.59	$	1.74	$	1.90

Business Combination, Segment Allocation

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2015		2014		2015		2014
	(In thousands)
Radio Broadcasting Segment
Net operating revenue	$	28,948	$	30,460	$	84,302	$	86,377
Station operating expense		21,155		23,867		63,028		65,395
Other operating expenses, net		400		—		414		—
Operating income	$	7,393	$	6,593	$	20,860	$	20,982

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2015		2014		2015		2014
	(In thousands)
Television Broadcasting Segment
Net operating revenue	$	5,295	$	4,973	$	15,421	$	14,451
Station operating expense		3,499		3,284		10,334		9,791
Other operating expenses, net		33		—		33		—
Operating income	$	1,763	$	1,689	$	5,054	$	4,660

					Corporate
	Radio		Television		and Other		Consolidated

	(In thousands)
Three Months Ended September 30, 2015:
Net operating revenue	$	28,948	$	5,295	$	—	$	34,243
Station operating expense		21,155		3,499		—		24,654
Corporate general and administrative		—		—		2,577		2,577
Other operating expenses, net		400		33		—		433
Operating income (loss)	$	7,393	$	1,763	$	(2,577)	$	6,579

					Corporate
	Radio		Television		and Other		Consolidated
	(In thousands)
Three Months Ended September 30, 2014:
Net operating revenue	$	30,460	$	4,973	$	—	$	35,433
Station operating expense		23,867		3,284		—		27,151
Corporate general and administrative		—		—		2,307		2,307
Operating income (loss)	$	6,593	$	1,689	$	(2,307)	$	5,975

					Corporate
	Radio		Television		and Other		Consolidated
	(In thousands)
Nine Months Ended September 30, 2015:
Net operating revenue	$	84,302	$	15,421	$	—	$	99,723
Station operating expense		63,028		10,334		—		73,362
Corporate general and administrative		—		—		7,642		7,642
Other operating expenses, net		414		33		—		447
Operating income (loss)	$	20,860	$	5,054	$	(7,642)	$	18,272

					Corporate
	Radio		Television		and Other		Consolidated
	(In thousands)
Nine Months Ended September 30, 2014:
Net operating revenue	$	86,377	$	14,451	$	—	$	100,828
Station operating expense		65,395		9,791		—		75,186
Corporate general and administrative		—		—		6,580		6,580
Operating income (loss)	$	20,982	$	4,660	$	(6,580)	$	19,062