Acquisitions and Dispositions (Tables)

9 Months Ended

Sep. 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 September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017

Pro Forma Results of Operation
Net operating revenue	$	31,648		$	31,546		$	91,891		$	92,187
Station operating expense		23,429			23,000			69,966			69,325
Corporate general and administrative		2,813			3,132			8,205			8,875
Other operating expense (income), net		85			(127	)		47			(69	)
Operating income		5,321			5,541			13,673			14,056
Interest expense		243			254			717			691
Interest income		(167	)		—			(444	)		—
Other income		(25	)		—			(25	)		—
Income from continuing operations, before tax		5,270			5,287			13,425			13,365
Income tax expense		1,575			2,303			4,030			5,566
Income from continuing operations, net of tax		3,695			2,984			9,395			7,799
Income from discontinued operations, net of tax		—			30,451			—			32,501
Net income	$	3,695		$	33,435		$	9,395		$	40,300

Basic earnings per share:
From continuing operations	$	.62		$	.51		$	1.58		$	1.32
From discontinued operations		—			5.15			—			5.51
Basic earnings per share	$	.62		$	5.66		$	1.58		$	6.83

Diluted earnings per share:
From continuing operations	$	.62		$	.51		$	1.58		$	1.32
From discontinued operations		—			5.15			—			5.51
Diluted earnings per share	$	.62		$	5.66		$	1.58		$	6.83