Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 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	$	559	$	1,390
Property and equipment		3,007		6,678
Other assets:
Broadcast licenses		1,991		8,086
Goodwill		3,281		8,151
Other intangibles, deferred costs and investments		1,123		2,019
Total other assets		6,395		18,256
Total assets acquired		9,961		26,324
Liabilities Assumed:
Current liabilities		120		468
Total liabilities assumed		120		468
Net assets acquired	$	9,841	$	25,856

Business Acquisition, Pro Forma Information

The following unaudited pro forma results of our operations for the years ended December 31, 2018 and 2017 assume the 2018 and 2017 acquisitions occurred as of January 1, 2017. The translators are start-up stations and therefore, have no pro forma revenue and expenses. The pro forma results give effect to certain adjustments, including depreciation, amortization of intangible assets, increased interest expense on acquisition debt and related income tax effects.

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,
	2018			2017
	(In thousands, except per share data)
Pro forma Consolidated Results of Operations
Net operating revenue	$	129,228		$	128,180
Station operating expense		97,314			96,218
Corporate general and administrative		11,359			11,657
Other operating expenses		61			55
Impairment of intangible assets		—			1,449
Operating income		20,494			18,801
Interest expense		946			903
Interest income		(631	)		—
Other income		(23	)		—
Income from continuing operations before income tax expense		20,202			17,898
Income tax expense (benefit) expense		5,944			(5,276	)
Income from continuing operations, net of tax		14,258			23,174
Income from discontinued operations, net of tax		—			32,471
Net income	$	14,258		$	55,645
Basic earnings per share:
From continuing operations	$	2.40		$	3.93
From discontinued operations		—			5.50
Basic earnings per share	$	2.40		$	9.43

Diluted earnings per share:
From continuing operations	$	2.40		$	3.93
From discontinued operations		—			5.50
Diluted earnings per share	$	2.40		$	9.43