Acquisitions and Dispositions (Tables)

9 Months Ended

Sep. 30, 2017

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following unaudited condensed balance sheets represent the estimated fair value assigned to the related assets and liabilities of the 2017 and 2016 acquisitions at their respective acquisition dates. The allocation of the purchase price for the 2017 and 2016 acquisitions is preliminary at September 30, 2017.

Saga Communications, Inc.

Condensed Consolidated Balance Sheet of 2017 and 2016 Acquisitions

	Acquisitions in
	2017		2016
	(In thousands)
Assets Acquired:
Current assets	$	1,440	$	814
Property and equipment		6,678		375
Other assets:
Broadcast licenses		8,086		8,123
Goodwill		8,011		4,533
Other intangibles, deferred costs and investments		2,019		398
Total other assets		18,116		13,054
Total assets acquired		26,234		14,243
Liabilities Assumed:
Current liabilities		378		41
Total liabilities assumed		378		41
Net assets acquired	$	25,856	$	14,202

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 September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016

ProForma Results of Operation
Net operating revenue	$	31,546	$	31,888	$	92,187	$	93,993
Station operating expense		23,000		23,478		69,325		69,874
Corporate general and administrative		3,132		2,728		8,875		8,065
Other operating (income) expense, net		(127)		(1,393)		(69)		(1,388)
Operating income		5,541		7,075		14,056		17,442
Interest expense		254		187		691		548
Income from continuing operations, before tax		5,287		6,888		13,365		16,894
Income tax expense		2,430		2,804		5,566		6,939
Income from continuing operations, net of tax		2,857		4,084		7,799		9,955
Income from discontinued operations, net of tax		30,451		1,511		32,501		3,688
Net income	$	33,308	$	5,595	$	40,300	$	13,643

Basic earnings per share:
From continuing operations	$	.47	$	.70	$	1.32	$	1.70
From discontinued operations		5.16		.26		5.51		.63
Basic earnings per share	$	5.63	$	.96	$	6.83	$	2.33

Diluted earnings per share:
From continuing operations	$	.47	$	.70	$	1.32	$	1.70
From discontinued operations		5.16		.26		5.51		.63
Diluted earnings per share	$	5.63	$	.96	$	6.83	$	2.33