Acquisitions and Dispositions (Tables)

3 Months Ended

Mar. 31, 2019

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

Condensed Consolidated Balance Sheet of 2019 and 2018 Acquisitions

	Acquisitions in
	2019		2018
	(In thousands)
Assets Acquired:
Current assets	$	—	$	559
Property and equipment		25		3,007
Other assets:
Broadcast licenses		61		1,991
Goodwill		124		3,281
Other intangibles, deferred costs and investments		—		1,123
Total other assets		185		6,395
Total assets acquired		210		9,961
Liabilities Assumed:
Current liabilities		—		120
Total liabilities assumed		—		120
Net assets acquired	$	210	$	9,841

Business Acquisition, Pro Forma Information

The following unaudited pro forma results of our operations for the three months ended March 31, 2019 and 2018 assume the 2019 and 2018 acquisitions occurred as of January 1, 2018. 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.

	Three Months Ended March 31,
	2019			2018

ProForma Results of Operation
Net operating revenue	$	27,816		$	28,975
Station operating expense		23,163			24,232
Corporate general and administrative		2,685			2,544
Other operating expense (income), net		3			(251	)
Operating income		1,965			2,450
Interest expense		208			219
Interest income		(163	)		(89	)
Income before income tax expense		1,920			2,320
Income tax expense		550			699
Net income	$	1,370		$	1,621

Earnings per share:
Basic	$	0.23		$	0.27
Diluted	$	0.23		$	0.27