XML 40 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
REVENUES:        
Station broadcast revenues, net of agency commissions $ 220,014 $ 159,370 $ 412,218 $ 315,331
Revenues realized from station barter arrangements 21,391 18,498 39,075 35,720
Other operating divisions revenues 12,149 10,992 26,097 20,418
Total revenues 253,554 188,860 477,390 371,469
OPERATING EXPENSES:        
Station production expenses 63,350 42,917 123,553 85,262
Station selling, general and administrative expenses 42,234 30,192 78,363 60,754
Expenses recognized from station barter arrangements 19,714 16,531 35,971 32,258
Amortization of program contract costs and net realizable value adjustments 15,467 12,666 29,747 25,284
Other operating divisions expenses 10,503 8,770 22,793 16,733
Depreciation of property and equipment 12,655 7,861 22,144 15,921
Corporate general and administrative expenses 7,513 7,073 16,880 15,737
Amortization of definite-lived intangible and other assets 10,126 4,614 16,025 9,808
Total operating expenses 181,562 130,624 345,476 261,757
Operating income 71,992 58,236 131,914 109,712
OTHER INCOME (EXPENSE):        
Interest expense and amortization of debt discount and deferred financing costs (29,320) (24,934) (56,707) (54,101)
Loss from extinguishment of debt   (3,478) (335) (4,402)
Income from equity and cost method investments 5,148 815 6,424 826
Gain on insurance settlement 10   29 1,723
Other income, net 705 496 1,157 861
Total other expense (23,457) (27,101) (49,432) (55,093)
Income from continuing operations before income taxes 48,535 31,135 82,482 54,619
INCOME TAX PROVISION (18,336) (12,576) (23,142) (20,826)
Income from continuing operations 30,199 18,559 59,340 33,793
DISCONTINUED OPERATIONS:        
Loss from discontinued operations, includes income tax provision of $67, $82, $134 and $189, respectively (67) (82) (134) (189)
NET INCOME 30,132 18,477 59,206 33,604
Net (income) loss attributable to the noncontrolling interests (72) 102 213 254
NET INCOME ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP 30,060 18,579 59,419 33,858
Dividends declared per share (in dollars per share) $ 0.12 $ 0.12 $ 0.24 $ 0.24
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP:        
Basic earnings per share from continuing operations (in dollars per share) $ 0.37 $ 0.23 $ 0.74 $ 0.42
Basic earnings per share (in dollars per share) $ 0.37 $ 0.23 $ 0.73 $ 0.42
Diluted earnings per share from continuing operations (in dollars per share) $ 0.37 $ 0.23 $ 0.73 $ 0.42
Diluted earnings per share (in dollars per share) $ 0.37 $ 0.23 $ 0.73 $ 0.42
Weighted average common shares outstanding (in shares) 81,036 80,734 80,944 80,551
Weighted average common and common equivalent shares outstanding (in shares) 81,294 81,028 81,211 80,860
AMOUNTS ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP COMMON SHAREHOLDERS:        
Income from continuing operations, net of tax 30,127 18,661 59,553 34,047
Loss from discontinued operations, net of tax (67) (82) (134) (189)
Net income $ 30,060 $ 18,579 $ 59,419 $ 33,858