Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

Condensed Consolidated Balance Sheet of 2017 and 2016 Acquisitions

	Acquisitions in
	2017		2016
	(In thousands)
Assets Acquired:
Current assets	$	1,335	$	814
Property and equipment		6,678		375
Other assets:
Broadcast licenses		8,086		8,123
Goodwill		8,151		4,533
Other intangibles, deferred costs and investments		2,019		398
Total other assets		18,256		13,054
Total assets acquired		26,269		14,243
Liabilities Assumed:
Current liabilities		413		41
Total liabilities assumed		413		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.

	Years Ended December 31,
	2017		2016

	(In thousands, except per share data)
Pro forma Consolidated Results of Operations
Net operating revenue	$	123,651	$	126,789
Station operating expense		92,563		93,818
Corporate general and administrative		11,657		10,980
Other operating (income) expenses, net		55		(1,351)
Impairment of intangible assets		1,449		—
Operating income		17,927		23,342
Interest expense		903		744
Income from continuing operations before income tax expense		17,024		22,598
Income tax (benefit) expense		(5,634)		9,207
Income from continuing operations, net of tax		22,658		13,391
Income from discontinued operations, net of tax		32,471		5,276
Net income	$	55,129	$	18,667
Basic earnings per share:
From continuing operations
From discontinued operations	$	3.84	$	2.28
Basic earnings per share		5.50		0.90
	$	9.34	$	3.18
Diluted earnings per share:
From continuing operations	$	3.84	$	2.28
From discontinued operations		5.50		0.90
Diluted earnings per share	$	9.34	$	3.18