Acquisitions and Dispositions (Tables)

6 Months Ended

Jun. 30, 2018

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

Condensed Consolidated Balance Sheet of 2018 and 2017 Acquisitions

	Acquisitions in
	2018		2017
	(In thousands)
Assets Acquired:
Current assets	$	—	$	1,335
Property and equipment		—		6,678
Other assets:
Broadcast licenses		—		8,086
Goodwill		—		8,151
Other intangibles, deferred costs and investments		—		2,019
Total other assets		—		18,256
Total assets acquired		—		26,269
Liabilities Assumed:
Current liabilities		—		413
Total liabilities assumed		—		413
Net assets acquired	$	—	$	25,856

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 June 30,					Six Months Ended June 30,
	2018			2017		2018			2017

ProForma Results of Operation
Net operating revenue	$	32,234		$	32,509	$	60,243		$	60,641
Station operating expense		23,140			23,255		46,537			46,325
Corporate general and administrative		2,848			2,880		5,392			5,743
Other operating income, net		213			79		(38	)		58
Operating income from continuing operations		6,033			6,295		8,352			8,515
Interest expense		255			229		474			437
Other income		(188	)		—		(277	)		—
Income from continuing operations, before income tax expense		5,966			6,066		8,155			8,078
Income tax expense		1,795			2,444		2,455			3,263
Income from continuing operations, net of tax		4,171			3,622		5,700			4,815
Income from discontinued operations, net of tax		—			1,159		—			2,050
Net income	$	4,171		$	4,781	$	5,700		$	6,865

Basic earnings per share:
From continuing operations	$	.70		$	.61	$	.96		$	.81
From discontinued operations		—			.20		—			.35
Basic earnings per share	$	.70		$	.81	$	.96		$	1.16

Diluted earnings per share:
From continuing operations	$	.70		$	.61	$	.96		$	.81
From discontinued operations		—			.20		—			.35
Diluted earnings per share	$	.70		$	.81	$	.96		$	1.16