Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

Condensed Consolidated Balance Sheet of 2016 and 2015 Acquisitions

	Acquisitions in
	2016		2015
	(In thousands)
Assets Acquired:
Current assets	$	814	$	977
Property and equipment		375		4,614
Other assets:
Broadcast licenses-Radio segment		8,123		2,218
Broadcast licenses-Television segment		—		—
Goodwill-Radio segment		4,533		2,548
Goodwill-Television segment		—		—
Other intangibles, deferred costs and investments		398		1,623
Total other assets		13,054		6,389
Total assets acquired		14,243		11,980
Liabilities Assumed:
Current liabilities		41		82
Total liabilities assumed		41		82
Net assets acquired	$	14,202	$	11,898

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,
	2016		2015
	(In thousands, except per share data)
Pro forma Consolidated Results of Operations
Net operating revenue	$	142,591	$	139,458
Station operating expense		101,557		102,401
Corporate general and administrative		10,980		10,091
Other operating (income) expenses, net		(1,393)		541
Impairment of intangible assets		—		874
Operating income		31,447		25,551
Interest expense		776		888
Write-off of debt issuance costs		—		557
Other income		—		(417)
Income before income tax expense		30,671		24,523
Income tax expense		12,494		10,242
Net income	$	18,177	$	14,281
Basic earnings per share	$	3.10	$	2.46
Diluted earnings per share	$	3.09	$	2.44

Business Acquisition, Pro Forma Information By Segment

	Years Ended December 31,
	2016		2015
	(In thousands)
Radio Broadcasting Segment
Net operating revenue	$	118,955	$	118,394
Station operating expense		86,814		88,321
Other operating (income) expenses, net		(1,351)		499
Impairment of intangible assets		—		874
Operating income	$	33,492	$	28,700

	Years Ended December 31,
	2016		2015
	(In thousands)
Television Broadcasting Segment
Net operating revenue	$	23,636	$	21,064
Station operating expense		14,743		14,080
Other operating (income) expenses, net		(42)		32
Operating income	$	8,935	$	6,952

Reconciliation of pro forma segment operating income to pro forma consolidated operating income:

					Corporate and
	Radio		Television		Other		Consolidated
	(In thousands)
Year Ended December 31, 2016:
Net operating revenue	$	118,955	$	23,636	$	—	$	142,591
Station operating expense		86,814		14,743		—		101,557
Corporate general and administrative		—		—		10,980		10,980
Other operating income		(1,351)		(42)		—		(1,393)
Impairment of intangible assets		—		—		—		—
Operating income (loss)	$	33,492	$	8,935	$	(10,980)	$	31,447

					Corporate and
	Radio		Television		Other		Consolidated
	(In thousands)
Year Ended December 31, 2015:
Net operating revenue	$	118,394	$	21,064	$	—	$	139,458
Station operating expense		88,321		14,080		—		102,401
Corporate general and administrative		—		—		10,091		10,091
Other operating expense		499		32		10		541
Impairment of intangible assets		874		—		—		874
Operating income (loss)	$	28,700	$	6,952	$	(10,101)	$	25,551