Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The allocation of the purchase price for the 2015 acquisitions is preliminary at December 31, 2015.

Condensed Consolidated Balance Sheet of 2015 and 2014 Acquisitions

	Acquisitions in
	2015		2014
	(In thousands)
Assets Acquired:
Current assets	$	977	$	45
Property and equipment		4,614		424
Other assets:
Broadcast licenses-Radio segment		2,218		219
Broadcast licenses-Television segment		—		19
Goodwill-Radio segment		2,548		326
Goodwill-Television segment		—		—
Other intangibles, deferred costs and investments		1,623		3
Total other assets		6,389		567
Total assets acquired		11,980		1,036
Liabilities Assumed:
Current liabilities		82		—
Total liabilities assumed		82		—
Net assets acquired	$	11,898	$	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.

	Years Ended December 31,
	2015		2014
	(In thousands, except per share data)
Pro forma Consolidated Results of Operations
Net operating revenue	$	139,458	$	143,238
Station operating expense		102,226		104,912
Corporate general and administrative		10,091		8,901
Other operating expenses (income), net		541		(1,210)
Impairment of intangible assets		874		1,936
Operating income		25,726		28,699
Interest expense		888		1,064
Write-off of debt issuance costs		557		—
Other income		(417)		(71)
Income taxes		10,314		11,179
Net income	$	14,384	$	16,527
Basic earnings per share	$	2.52	$	2.90
Diluted earnings per share	$	2.51	$	2.87

Business Acquisition, Pro Forma Information By Segment

	Years Ended December 31,
	2015		2014
	(In thousands)
Radio Broadcasting Segment
Net operating revenue	$	118,394	$	122,867
Station operating expense		88,146		91,655
Other operating expenses (income), net		499		(1,210)
Impairment of intangible assets		874		1,936
Operating income	$	28,875	$	30,486

	Years Ended December 31,
	2015		2014
	(In thousands)
Television Broadcasting Segment
Net operating revenue	$	21,064	$	20,371
Station operating expense		14,080		13,257
Other operating expenses		32		—
Operating income	$	6,952	$	7,114

	Radio		Television		Corporate and Other		Consolidated
	(In thousands)
Year Ended December 31, 2015:
Net operating revenue	$	118,394	$	21,064	$	—	$	139,458
Station operating expense		88,146		14,080		—		102,226
Corporate general and administrative		—		—		10,091		10,091
Other operating expenses		499		32		10		541
Impairment of intangible assets		874		—		—		874
Operating income (loss)	$	28,875	$	6,952	$	(10,101)	$	25,726

	Radio		Television		Corporate and Other		Consolidated
	(In thousands)
Year Ended December 31, 2014:
Net operating revenue	$	122,867	$	20,371	$	—	$	143,238
Station operating expense		91,655		13,257		—		104,912
Corporate general and administrative		—		—		8,901		8,901
Other operating income		(1,210)		—		—		(1,210)
Impairment of intangible assets		1,936		—		—		1,936
Operating income (loss)	$	30,486	$	7,114	$	(8,901)	$	28,699