Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Jun. 30, 2013 | Feb. 20, 2014 | Feb. 20, 2014 | |
Class A Common Stock | Class B common stock | |||
Document Information [Line Items] | ' | ' | ' | ' |
Document Type | '10-K | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' |
Trading Symbol | 'SALM | ' | ' | ' |
Entity Registrant Name | 'SALEM COMMUNICATIONS CORP /DE/ | ' | ' | ' |
Entity Central Index Key | '0001050606 | ' | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' | ' |
Entity Public Float | ' | $80,947,771 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 19,487,403 | 5,553,696 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $65 | $380 |
Trade accounts receivable (net of allowance for doubtful accounts of $8,926 in 2012 and $10,809 in 2013) | 37,627 | 35,009 |
Other receivables | 720 | 609 |
Prepaid expenses | 4,049 | 4,096 |
Deferred income taxes | 6,876 | 6,248 |
Assets held for sale | 1,700 | 1,964 |
Assets of discontinued operations | 8 | 8 |
Total current assets | 51,045 | 48,314 |
Notes receivable (net of allowance of $702 in 2012 and $548 in 2013) | 1,866 | 1,662 |
Fair value of interest rate swap | 3,177 | ' |
Property, plant and equipment (net of accumulated depreciation of $135,823 in 2012 and $145,215 in 2013) | 98,928 | 99,467 |
Broadcast licenses | 381,836 | 373,720 |
Goodwill | 22,374 | 22,383 |
Other indefinite-lived intangible assets | 868 | 1,873 |
Amortizable intangible assets (net of accumulated amortization of $25,121 in 2012 and $27,933 in 2013) | 8,793 | 8,753 |
Deferred financing costs | 4,130 | 4,002 |
Other assets | 2,096 | 2,007 |
Total assets | 575,113 | 562,181 |
Current liabilities: | ' | ' |
Accounts payable | 3,960 | 5,259 |
Accrued expenses | 7,888 | 6,627 |
Accrued compensation and related expenses | 6,913 | 8,668 |
Accrued interest | 37 | 1,110 |
Deferred revenue | 9,721 | 9,531 |
Income tax payable | 142 | 175 |
Terminated subordinated debt due to related parties | ' | 15,000 |
Current portion of long-term debt and capital lease obligations | 3,121 | 5,108 |
Total current liabilities | 31,782 | 51,478 |
Long-term debt and capital lease obligations, less current portion | 287,672 | 248,872 |
Deferred income taxes | 43,457 | 47,593 |
Deferred revenue | 9,965 | 8,140 |
Other liabilities | 452 | 29 |
Total liabilities | 373,328 | 356,112 |
Commitments and contingencies (Note 9) | ' | ' |
Stockholders' Equity: | ' | ' |
Additional paid-in capital | 237,579 | 233,974 |
Retained earnings (accumulated deficit) | -2,062 | 5,832 |
Treasury stock, at cost (2,317,650 shares at December 31, 2012 and 2013) | -34,006 | -34,006 |
Total stockholders' equity | 201,785 | 206,069 |
Total liabilities and stockholders' equity | 575,113 | 562,181 |
Class A Common Stock | ' | ' |
Stockholders' Equity: | ' | ' |
Common stock | 218 | 213 |
Class B common stock | ' | ' |
Stockholders' Equity: | ' | ' |
Common stock | $56 | $56 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Trade accounts receivable, allowance for doubtful accounts | $10,809 | $8,926 |
Notes receivable, allowance | 548 | 702 |
Property, plant and equipment, accumulated depreciation | 145,215 | 135,823 |
Amortizable intangible assets, accumulated amortization | $27,933 | $25,121 |
Treasury stock, shares | 2,317,650 | 2,317,650 |
Class A Common Stock | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, authorized | 80,000,000 | 80,000,000 |
Common stock, issued | 21,803,303 | 21,312,510 |
Common stock, outstanding | 19,485,653 | 18,994,860 |
Class B common stock | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, authorized | 20,000,000 | 20,000,000 |
Common stock, issued | 5,553,696 | 5,553,696 |
Common stock, outstanding | 5,553,696 | 5,553,696 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Net broadcast revenue | $183,697 | $183,180 | $178,731 |
Net Internet and e-commerce revenue | 40,906 | 33,474 | 27,304 |
Net publishing revenue | 12,331 | 12,525 | 12,131 |
Total net revenue | 236,934 | 229,179 | 218,166 |
Operating expenses: | ' | ' | ' |
Broadcast operating expenses, exclusive of depreciation and amortization shown below (including $1,297, $1,357 and $1,386 for the years ended December 31, 2011, 2012 and 2013, respectively, paid to related parties) | 122,862 | 120,772 | 115,482 |
Internet operating expenses, exclusive of depreciation and amortization shown below | 28,378 | 25,145 | 20,889 |
Publishing operating expenses exclusive of depreciation and amortization shown below | 13,289 | 12,288 | 11,475 |
Corporate expenses, exclusive of depreciation and amortization shown below (including $402, $386 and $239 for the years ended December 31, 2011, 2012 and 2013, respectively, paid to related parties) | 21,430 | 18,892 | 17,503 |
Depreciation | 12,448 | 12,343 | 12,520 |
Amortization | 2,814 | 2,304 | 2,451 |
Impairment of indefinite-lived long-term assets other than goodwill | 1,006 | 88 | ' |
Impairment of goodwill | 438 | ' | ' |
Impairment of long-lived assets | ' | 6,808 | ' |
(Gain) loss on the sale or disposal of assets | -264 | 49 | -4,153 |
Total operating expenses | 202,401 | 198,689 | 176,167 |
Operating income (loss) from continuing operations | 34,533 | 30,490 | 41,999 |
Other income (expense): | ' | ' | ' |
Interest income | 68 | 106 | 344 |
Interest expense (including $38, $427 and $154 for the years ended December 31, 2011, 2012 and 2013, respectively, due to related parties) | -16,892 | -24,911 | -27,665 |
Change in the fair value of interest rate swap | 3,177 | ' | ' |
Loss on early retirement of long-term debt | -27,795 | -1,088 | -2,169 |
Net miscellaneous income and (expenses) | 18 | 79 | -40 |
Income (loss) from continuing operations before income taxes | -6,891 | 4,676 | 12,469 |
Provision for (benefit from) income taxes | -4,192 | 153 | 6,110 |
Income (loss) from continuing operations | -2,699 | 4,523 | 6,359 |
Loss from discontinued operations, net of tax | -37 | -95 | -741 |
Net income (loss) | ($2,736) | $4,428 | $5,618 |
Basic earnings per share data: | ' | ' | ' |
Earnings (loss) per share from continuing operations | ($0.11) | $0.18 | $0.26 |
Earnings (loss) per share from discontinued operations | ' | ' | ($0.03) |
Basic earnings (loss) per share | ($0.11) | $0.18 | $0.23 |
Diluted earnings per share data: | ' | ' | ' |
Earnings (loss) per share from continuing operations | ($0.11) | $0.18 | $0.26 |
Earnings (loss) from discontinued operations | ' | ' | ($0.03) |
Diluted earnings (loss) per share | ($0.11) | $0.18 | $0.23 |
Dividends per share | $0.21 | $0.14 | ' |
Basic weighted average shares outstanding | 24,938,075 | 24,577,605 | 24,475,102 |
Diluted weighted average shares outstanding | 24,938,075 | 24,986,966 | 24,683,644 |
CONSOLIDATED_STATEMENTS_OF_OPE1
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Broadcast operating expenses exclusive of depreciation and amortization | $122,862 | $120,772 | $115,482 |
Corporate expenses exclusive of depreciation and amortization | 21,430 | 18,892 | 17,503 |
Related Party | ' | ' | ' |
Broadcast operating expenses exclusive of depreciation and amortization | 1,386 | 1,357 | 1,297 |
Corporate expenses exclusive of depreciation and amortization | 239 | 386 | 402 |
Interest expense on related party debt | $154 | $427 | $38 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Class A Common Stock | Class B common stock | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) | Treasury Stock |
In Thousands, except Share data | ||||||
Beginning Balance at Dec. 31, 2010 | $196,404 | $209 | $56 | $230,947 | ($802) | ($34,006) |
Beginning Balance (in shares) at Dec. 31, 2010 | ' | 21,000,193 | 5,553,696 | ' | ' | ' |
Stock-based compensation | 950 | ' | ' | 950 | ' | ' |
Lapse of restricted shares | ' | 10,000 | ' | ' | ' | ' |
Options exercised (in shares) | 41,112 | 41,112 | ' | ' | ' | ' |
Options exercised | 24 | 1 | ' | 23 | ' | ' |
Tax benefit related to stock options exercised | 52 | ' | ' | 52 | ' | ' |
Net income (loss) | 5,618 | ' | ' | ' | 5,618 | ' |
Ending Balance at Dec. 31, 2011 | 203,048 | 210 | 56 | 231,972 | 4,816 | -34,006 |
Ending Balance (in shares) at Dec. 31, 2011 | ' | 21,051,305 | 5,553,696 | ' | ' | ' |
Stock-based compensation | 1,368 | ' | ' | 1,368 | ' | ' |
Options exercised (in shares) | 261,205 | 261,205 | ' | ' | ' | ' |
Options exercised | 409 | 3 | ' | 406 | ' | ' |
Tax benefit related to stock options exercised | 228 | ' | ' | 228 | ' | ' |
Dividends | -3,412 | ' | ' | ' | -3,412 | ' |
Net income (loss) | 4,428 | ' | ' | ' | 4,428 | ' |
Ending Balance at Dec. 31, 2012 | 206,069 | 213 | 56 | 233,974 | 5,832 | -34,006 |
Ending Balance (in shares) at Dec. 31, 2012 | ' | 21,312,510 | 5,553,696 | ' | ' | ' |
Stock-based compensation | 1,849 | ' | ' | 1,849 | ' | ' |
Lapse of restricted shares | ' | 79,810 | ' | ' | ' | ' |
Options exercised (in shares) | 410,983 | 410,983 | ' | ' | ' | ' |
Options exercised | 1,422 | 5 | ' | 1,417 | ' | ' |
Tax benefit related to stock options exercised | 339 | ' | ' | 339 | ' | ' |
Dividends | -5,158 | ' | ' | ' | -5,158 | ' |
Net income (loss) | -2,736 | ' | ' | ' | -2,736 | ' |
Ending Balance at Dec. 31, 2013 | $201,785 | $218 | $56 | $237,579 | ($2,062) | ($34,006) |
Ending Balance (in shares) at Dec. 31, 2013 | ' | 21,803,303 | 5,553,696 | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 |
Term Loan B | Revolver | ||||
OPERATING ACTIVITIES | ' | ' | ' | ' | ' |
Income (loss) from continuing operations | ($2,699) | $4,523 | $6,359 | ' | ' |
Adjustments to reconcile income (loss) from continuing operations to net cash provided by continuing operating activities: | ' | ' | ' | ' | ' |
Non-cash stock-based compensation | 1,849 | 1,368 | 950 | ' | ' |
Tax benefit related to stock options exercised | 339 | 228 | 52 | ' | ' |
Depreciation and amortization | 15,262 | 14,647 | 14,971 | ' | ' |
Amortization of bond issue costs and bank loan fees | 853 | 1,291 | 1,556 | ' | ' |
Amortization and accretion of financing items | 194 | 179 | 186 | ' | ' |
Provision for bad debts | 3,456 | 2,554 | 2,069 | ' | ' |
Deferred income taxes | -4,764 | -329 | 5,352 | ' | ' |
Impairment of indefinite-lived long-term assets other than goodwill | 1,006 | 88 | ' | ' | ' |
Impairment of goodwill | 438 | ' | ' | ' | ' |
Impairment of long-lived assets | ' | 6,808 | ' | ' | ' |
Change in the fair value of interest rate swaps | -3,177 | ' | ' | ' | ' |
(Gain) loss on the sale or disposal of assets | -264 | 49 | -4,153 | ' | ' |
Loss on early retirement of debt | 27,795 | 1,088 | 2,169 | ' | ' |
Changes in operating assets and liabilities: | ' | ' | ' | ' | ' |
Accounts receivable | -3,049 | -2,556 | -633 | ' | ' |
Prepaid expenses and other current assets | -50 | 118 | -81 | ' | ' |
Accounts payable and accrued expenses | -4,733 | 3,291 | 980 | ' | ' |
Deferred revenue | -3,688 | -2,240 | -616 | ' | ' |
Other liabilities | ' | ' | 2,601 | ' | ' |
Income taxes payable | -33 | -30 | -5 | ' | ' |
Net cash provided by continuing operating activities | 28,735 | 31,077 | 31,757 | ' | ' |
INVESTING ACTIVITIES | ' | ' | ' | ' | ' |
Capital expenditures | -10,639 | -8,549 | -7,522 | ' | ' |
Deposits (release) of cash held in escrow pursuant to acquisition and sale activity | 81 | -725 | 248 | ' | ' |
Purchases of broadcast assets and radio stations | -5,500 | -3,330 | -3,151 | ' | ' |
Purchases of Internet businesses and assets | -1,977 | -7,365 | -6,000 | ' | ' |
Proceeds from the sale of assets | 477 | 907 | 12,750 | ' | ' |
Restricted cash | ' | 110 | -10 | ' | ' |
Other | -179 | -114 | -826 | ' | ' |
Net cash used in investing activities of continuing operations | -17,737 | -19,066 | -4,511 | ' | ' |
FINANCING ACTIVITIES | ' | ' | ' | ' | ' |
Payments to redeem Terminated 95/8% Notes | -213,500 | -21,500 | -35,000 | ' | ' |
Payments of bond premium in connection with early redemptions and repurchases of the Terminated 95/8% Notes | -22,677 | -645 | -1,044 | ' | ' |
Proceeds from borrowings under Term Loan B and Revolver | ' | ' | ' | 298,500 | 30,961 |
Payments under Term Loan B and Revolver | ' | ' | ' | -8,750 | -30,961 |
Payments of costs related to bank credit facility | -4,394 | -149 | -597 | ' | ' |
Proceeds from borrowings under terminated credit facilities and subordinated debt | 46,747 | 154,169 | 108,400 | ' | ' |
Payments under terminated credit facilities and subordinated debt | -87,220 | -144,669 | -112,400 | ' | ' |
Proceeds from Terminated Subordinated Debt due to Related Parties | ' | 27,000 | 9,000 | ' | ' |
Payments to Terminated Subordinated Debt due to Related Parties | -15,000 | -21,000 | ' | ' | ' |
Payments of bond issue costs | ' | ' | -43 | ' | ' |
Payment of seller financed note | -2,000 | ' | ' | ' | ' |
Proceeds from exercise of stock options | 1,422 | 409 | 24 | ' | ' |
Payment of cash distribution on common stock | -5,158 | -3,412 | ' | ' | ' |
Payments on capital lease obligations | -122 | -125 | -116 | ' | ' |
Book overdraft | 876 | -1,775 | 3,650 | ' | ' |
Net cash used in financing activities | -11,276 | -11,697 | -28,126 | ' | ' |
CASH FLOWS FROM DISCONTINUED OPERATIONS | ' | ' | ' | ' | ' |
Operating cash flows | -37 | -1 | -625 | ' | ' |
Investing cash flows | ' | ' | 744 | ' | ' |
Total cash inflows (outflows) from discontinued operations | -37 | -1 | 119 | ' | ' |
Net increase (decrease) in cash and cash equivalents | -315 | 313 | -761 | ' | ' |
Cash and cash equivalents at beginning of period | 380 | 67 | 828 | ' | ' |
Cash and cash equivalents at end of period | 65 | 380 | 67 | ' | ' |
Cash paid during the period for: | ' | ' | ' | ' | ' |
Cash paid for interest net of capitalized interest (including $0, $322 and $296 for the years ended December 31, 2011, 2012 and 2013, respectively, paid to related parties) | 16,747 | 23,448 | 26,053 | ' | ' |
Cash paid for income taxes | 242 | 220 | 226 | ' | ' |
Other supplemental disclosures of cash flow information: | ' | ' | ' | ' | ' |
Trade revenue | 5,627 | 5,270 | 5,352 | ' | ' |
Trade expense | 4,845 | 5,309 | 4,680 | ' | ' |
Non-cash investing and financing activities: | ' | ' | ' | ' | ' |
Net present value of advertising credits payable | 2,427 | ' | ' | ' | ' |
Note receivable acquired in exchange for radio station | ' | ' | 1,000 | ' | ' |
Seller financed note due directly to seller of station assets | 2,000 | ' | ' | ' | ' |
Net present value of contingent consideration | 616 | ' | ' | ' | ' |
Installment payments due 2014 under asset purchase agreement | 300 | ' | ' | ' | ' |
Assets acquired under capital leases | $118 | $27 | $25 | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Cash Flows [Abstract] | ' | ' | ' |
Debt, interest rate | 9.63% | 9.63% | 9.63% |
Cash paid for interest, capitalized interest paid to related parties | $296 | $322 | $0 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||||||||||||
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||||||
Basis of Presentation | |||||||||||||||||
The accompanying consolidated financial statements of Salem Communications Corporation (“Salem” “we,” “us,” “our” or the “company”) include the company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated. | |||||||||||||||||
Description of Business | |||||||||||||||||
Salem is a diversified multi-media company with integrated business operations covering radio broadcasting, content programming, the Internet, and publishing. Our programming is intended for audiences interested in Christian and family-themed content and conservative news talk. Our foundational business is the ownership and operation of radio stations in large metropolitan markets. Upon the close of all announced transactions, we will own and/or operate 103 radio stations throughout the United States. Our broadcasting business also includes Salem Radio Network® (“SRN”), SRN News Network (“SNN”), Salem Music Network (“SMN”), Solid Gospel Network (“SGN”), Salem Media Representatives (“SMR”) and Vista Media Representatives (“VMR”). SRN, SNN, SMN and SGN are networks that produce and distribute programming, such as talk, news and music segments to radio stations throughout the United States, including Salem owned and operated stations. SMR and VMR sell commercial airtime to national advertisers on radio stations and networks that we own, as well as on independent radio station affiliates. | |||||||||||||||||
Salem Web Network™ (“SWN”), our Internet businesses, provide Christian and conservative-themed content, audio and video streaming, and other resources on the web. SWN’s Internet portals include OnePlace.com, Christianity.com, Crosswalk.com®, BibleStudyTools.com, GodTube.com, Townhall.com™, HotAir.com, WorshipHouseMedia.com, SermonSpice.com, GodVine.com and Jesus.org. SWN’s content is accessible through our radio station websites that feature content of interest to local listeners throughout the United States. In addition to operating our radio station websites, SWN operates Salem Consumer Products, a website offering books, DVD’s and editorial content developed by many of our on-air personalities that are available for purchase. The revenues generated from this segment are reported as Internet revenue on our Consolidated Statements of Operations. | |||||||||||||||||
Salem Publishing™ produces and distributes Christian and conservative opinion print magazines. Salem Publishing also includes Xulon Press™, a print-on-demand self-publishing service for Christian authors. The revenues generated from this segment are reported as publishing revenue on our Consolidated Statements of Operations. | |||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||
We consider all highly liquid debt instruments, purchased with an initial maturity of three-months or less, to be cash equivalents. The carrying value of our cash equivalents approximated fair value at each balance sheet date. | |||||||||||||||||
Restricted Cash | |||||||||||||||||
Restricted cash includes amounts that are contractually restricted in connection with a security agreement between the company and Traveler’s Insurance. | |||||||||||||||||
Trade Accounts Receivable | |||||||||||||||||
Trade accounts receivable represent receivables from customers for the sale of advertising, block program time, sponsorships and events, product sales, royalties, vide and graphic downloads, subscriptions, book sales and author fees. Our receivables are recorded as invoiced and represent claims that will be settled in cash. The carrying value of our receivables, net of the allowance for doubtful accounts, represents their estimated net realizable value. | |||||||||||||||||
Allowance for Doubtful Accounts | |||||||||||||||||
Our allowance for doubtful accounts is evaluated on a monthly basis and is recorded based on our historical collection experience, the age of the receivables, specific customer information and economic conditions. We also review outstanding balances on an account-specific basis. In general, past due receivable balances are not written-off until all of our collection efforts have been unsuccessful, including use of a recovery agency. A considerable amount of judgment is required in assessing the likelihood of ultimate realization of these receivables including the current creditworthiness of each customer. If the financial condition of our customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. | |||||||||||||||||
Revenue Recognition | |||||||||||||||||
Revenues are recognized when pervasive evidence of an arrangement exists, delivery has occurred or the service has been rendered, the price to the customer is fixed or determinable and collection of the arrangement fee is reasonably assured. | |||||||||||||||||
Revenues from radio programs and commercial advertising are recognized when the program or advertisement is broadcast. Revenue is reported net of agency commissions, which are calculated based on a stated percentage applied to gross billing. Our customers principally include not-for-profit charitable organizations and commercial advertisers. Revenue from the sale of products and services is recognized when the products are shipped and the services are rendered. Revenues from the sale of advertising in our magazines is recognized upon publication. Revenue from the sale of subscriptions to our publications is recognized over the life of the subscription. Revenue from book sales is recorded when shipment occurs. | |||||||||||||||||
Multiple-Deliverables | |||||||||||||||||
We may enter bundled advertising agreements that include spot advertisements on our radio stations, Internet banner placements, print magazine advertisements and booth space at specific events or some combination thereof. The multiple deliverables contained in each agreement are accounted for separately over their respective delivery period provided that they are separate units of accounting. The selling price used for each deliverable is based on vendor specific objective evidence if available or estimated selling price if vendor specific objective evidence is not available. Objective evidence of fair value includes the price charged for each element when it is sold separately. The estimated selling price is the price that we would transact if the deliverable was sold regularly on a standalone basis. Arrangement consideration is allocated at the inception of each arrangement to all deliverables using the relative selling price method. The relative selling price method allocates any discount in the arrangement proportionally to each deliverable on the basis of each deliverable’s selling price. | |||||||||||||||||
Barter Transactions | |||||||||||||||||
We may provide advertising time in exchange for certain products, supplies and services. The terms of the exchanges generally permit for the preemption of such broadcast time in favor of advertisers who purchase time on regular terms. We include the value of such exchanges in both net broadcasting revenues and broadcast operating expenses. The value recorded for barter revenues is based upon management’s estimate of the fair value of the products, supplies and services received. | |||||||||||||||||
Advertising time that our radio stations exchange for goods and or services is recorded as barter revenue when the advertisement is broadcast at an amount equal to our estimate fair value of what was received. The value of goods or services received in such barter transactions is charged to expense as used. Barter advertising revenue included in broadcast revenue for the years ended December 31, 2011, 2012 and 2013 was approximately $5.2 million, $5.3 million and $5.6 million, respectively, and barter expenses were approximately the same as barter revenue for each period. | |||||||||||||||||
Accounting for Stock-Based Compensation | |||||||||||||||||
The company has one employee stock compensation plan, described more fully in “Note 10. Stock Incentive Plan.” We account for stock-based compensation in accordance with the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718 “Compensation—Stock Compensation.” We record equity awards under the fair value method with share-based compensation measured at the fair value of the award as of the grant date. The exercise price for options is equal to the closing market price of Salem Communications common stock on the date of grant. | |||||||||||||||||
We use the straight-line attribution method to recognize share-based compensation costs over the service period of the award. Upon exercise, cancellation, forfeiture, or expiration of stock options, or upon vesting or forfeiture of restricted stock awards, deferred tax assets for options and restricted stock awards with multiple vesting dates are eliminated for each vesting period on a first-in, first-out basis as if each vesting period was a separate award. To calculate the excess tax benefits available as of the date of adoption for use in offsetting future tax shortfalls, we followed the alternative transition method discussed in the FASB ASC Topic 718. | |||||||||||||||||
Accounting for Acquisitions and Upgrades of Radio Station and Network Assets | |||||||||||||||||
A majority of our radio station acquisitions have consisted primarily of the FCC licenses to broadcast in a particular market. We often do not acquire the existing format, or we change the format upon acquisition when we find it beneficial. As a result, a substantial portion of the purchase price for the assets of a radio station is allocated to the broadcast license. It is our policy generally to retain third-party appraisers to value radio stations, networks, Internet or publishing properties. The allocations assigned to acquired broadcast licenses and other assets are subjective by their nature and require our careful consideration and judgment. We believe the allocations represent appropriate estimates of the fair value of the assets acquired. As part of the valuation and appraisal process, the third-party appraisers prepare reports that assign values to the various asset categories in our financial statements. Our management reviews these reports and determines the reasonableness of the assigned values used to record the acquisition at the close of the transaction. | |||||||||||||||||
We undertake projects from time to time to upgrade our radio station technical facilities and/or FCC broadcast licenses. Our policy is to capitalize costs incurred up to the point where the project is complete, at which time we transfer the costs to the appropriate fixed asset and/or intangible asset categories. When the completion of a project is contingent upon FCC or other regulatory approval, we assess the probable future benefit of the asset at the time that it is recorded and monitor it through the FCC or other regulatory approval process. In the event the required approval is not considered probable or the project is abandoned, we write-off the capitalized costs of the project. | |||||||||||||||||
Accounting for Contingent Consideration | |||||||||||||||||
Acquisitions may include contingent consideration, the fair value of which is estimated on the acquisition date as the present value of the expected contingent payments, determined using weighted probabilities of possible payments. As discussed, future page views are the basis for calculating the contingent consideration associated with our acquisition of Twitchy.com in December 2013. The unobservable inputs to the determination of the fair value of the contingent consideration include assumptions as to the ability of the acquired businesses to meet these page view targets and discount rates used in the calculation. Should the actual page views generated by the acquired business increase or decrease as compared to our assumptions, the fair value of the contingent consideration obligations would increase or decrease, up to the contracted limit, as applicable. Changes in the fair value of the contingent earn-out consideration could cause a material impact and volatility in our operating results. | |||||||||||||||||
Accounting for Discontinued Operations | |||||||||||||||||
We regularly review underperforming assets to determine if a sale might be a better way to monetize the assets. When a station, group of stations, or other asset groups are considered for sale, we review the transaction to determine if or when the entity qualifies as a discontinued operation in accordance with the criteria of FASB ASC Topic 205-20 “Discontinued Operations.” This pronouncement specifies that the operations and cash flow of the entity disposed of, or to be sold, have or will be eliminated from the ongoing operations as a result of the disposal and that we will not have significant continuing involvement in the operations after the disposal transaction. For our radio stations, we define a cluster as a group of radio stations operating in the same geographic market, sharing the same building and equipment and managed by a single general manager. The cluster level is the lowest level for which discrete financial information and cash flows are available and the level reviewed by management to analyze operating results. General Managers are compensated based on the results of their cluster as a whole, not the results of any individual radio stations. We have determined that a radio market qualifies for a discontinued operation when management, having the authority to approve the action, commits to a plan to sell the asset (disposal group), the sale is probable, and the sale will result in the exit of a particular geographic market. | |||||||||||||||||
Based on operating results that did not meet expectations, we ceased operating Samaritan Fundraising as of December 31, 2011. Samaritan Fundraising, previously included in our Internet operations, was a web-based fundraising products company that operated from a single facility in Fairfax, VA, under the control of one general manager. As a result of our decision to cease operations, the cash flows associated with this entity ceased and we have no continuing involvement in the operations of the entity. We have reported the operating results and net assets of this entity as a discontinued operation for all periods presented. | |||||||||||||||||
The markets and entities that we have accounted for as a discontinued operation are explained in more fully in “Note 3 – Acquisitions and Recent Transactions.” | |||||||||||||||||
Accounting for Property, Plant and Equipment | |||||||||||||||||
Property, plant and equipment are recorded at cost less accumulated depreciation. Cost represents the historical cost of acquiring the asset, including the costs necessarily incurred to bring it to the condition and location necessary for its intended use. For assets constructed for our own use, such as towers and buildings that are discrete projects for which costs are separately accumulated and for which construction takes considerable time, we record capitalized interest. The amount capitalized is the cost that could have been avoided had the asset not been constructed and is based on the average accumulated expenditures incurred over the capitalization period at the weighted average rate applicable to our outstanding variable rate debt. We capitalized interest of $0.1 million during the years ended December 31, 2012 and 2013, respectively. Repair and maintenance costs are charged to expense as incurred. Improvements are capitalized when they extend the life of the asset or enhance the quality or ability of the asset to benefit operations. Depreciation is computed using the straight-line method over estimated useful lives as follows: | |||||||||||||||||
Category | Life | ||||||||||||||||
Buildings | 40 years | ||||||||||||||||
Office furnishings and equipment | 5-10 years | ||||||||||||||||
Antennae, towers and transmitting equipment | 20 years | ||||||||||||||||
Studio and production equipment | 7-10 years | ||||||||||||||||
Software and website development costs | 3 years | ||||||||||||||||
Record and tape libraries | 3 years | ||||||||||||||||
Automobiles | 5 years | ||||||||||||||||
Leasehold improvements | Lesser of 15 years or life of lease | ||||||||||||||||
The carrying value of property, plant and equipment is evaluated periodically in relation to the operating performance and anticipated future cash flows of the underlying radio stations and businesses for indicators of impairment. When indicators of impairment are present and the cash flows estimated to be generated from these assets is less than the carrying value of these assets, an adjustment to reduce the carrying value to the fair market value of the assets is recorded, if necessary. No adjustments to the carrying amounts of property, plant and equipment were made during the years ended December 31, 2011. | |||||||||||||||||
During June 2012, based on changes in managements’ planned usage, land in Covina, CA was classified as held for sale and evaluated for impairment as of that date. In accordance with the authoritative guidance for impairment of long-lived assets held for sale, we determined the carrying value of the land exceeded the estimated fair value less cost to sell. We recorded an impairment charge of $5.6 million associated with this land based on the estimated sale price. In December 2012, after several purchase offers for the land were terminated, we obtained a third party valuation for the land. Based on this fair value appraisal, we recorded an additional $1.2 million impairment charge associated with the land. | |||||||||||||||||
There were no indications of impairment present during the period ending December 31, 2013 and it is our intent to continue to pursue the sale of this land. | |||||||||||||||||
The table below presents the fair value measurements used to value this asset. | |||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Description | As of December 31, 2013 | Quoted prices in | Significant Other | Significant | Total Gains | ||||||||||||
active markets | Observable | Unobservable | (Losses) | ||||||||||||||
(Level 1) | Inputs (Level 2) | Inputs (Level 3) | |||||||||||||||
Long-Lived Asset Held for Sale | $ | 1,700 | $ | 1,700 | $ | 6,808 | |||||||||||
Accounting for Internally Developed Software and Website Development Costs | |||||||||||||||||
We capitalize costs incurred during the application development stage related to the development of internal-use software as specified in FASB ASC Topic 350-40 “Internal-Use Software.” Capitalized costs are generally amortized over the estimated useful life of three years. Costs incurred related to the conceptual design and maintenance of internal-use software are expensed as incurred. Website development activities include planning, design and development of graphics and content for new websites and operation of existing sites. Costs incurred that involve providing additional functions and features to the website are capitalized. Costs associated with website planning, maintenance, content development and training are expensed as incurred. Capitalized costs are generally amortized over the estimated useful life of three years. We capitalized $2.3 million, $2.3 million and $1.5 million during the years ended December 31, 2011, 2012 and 2013, respectively, related to internally developed software and website development costs. Amortization expense of amounts capitalized was $1.8 million, $2.1 million and $2.3 million for the years ended December 31, 2011, 2012 and 2013, respectively. | |||||||||||||||||
Accounting for Advertising and Promotional Cost | |||||||||||||||||
Costs of media advertising and associated production costs are expensed as incurred and amounted to approximately $10.3 million, $10.5 million and $10.0 million for each of the years ending December 31, 2011, 2012, and 2013, respectively. | |||||||||||||||||
Accounting for Amortizable Intangible Assets | |||||||||||||||||
Intangible assets are recorded at cost less accumulated amortization. Typically, intangible assets are acquired in conjunction with the acquisition of radio stations, Internet businesses and publishing entities. These intangibles are amortized using the straight-line method over the following estimated useful lives: | |||||||||||||||||
Category | Life | ||||||||||||||||
Customer lists and contracts | Lesser of 5 years or life of contract | ||||||||||||||||
Favorable and assigned leases | Life of the lease | ||||||||||||||||
Domain and brand names | 5 to 7 years | ||||||||||||||||
Internally developed software | 3 to 5 years | ||||||||||||||||
Customer relationships | 1 to 3 years | ||||||||||||||||
Other amortizable intangible assets | 5 to 10 years | ||||||||||||||||
The carrying value of our amortizable intangible assets are evaluated periodically in relation to the operating performance and anticipated future cash flows of the underlying radio stations and businesses for indicators of impairment. In accordance with FASB ASC Topic 360 “Property, Plant and Equipment,” when indicators of impairment are present and the undiscounted cash flows estimated to be generated from these assets are less than the carrying amounts of these assets, an adjustment to reduce the carrying value to the fair market value of these assets is recorded, if necessary. No adjustments to the carrying amounts of our amortizable intangible assets were necessary during the years ended December 31, 2011, 2012 or 2013. | |||||||||||||||||
Goodwill and Other Indefinite-Lived Intangible Assets | |||||||||||||||||
Approximately 70% of our total assets as of December 31, 2013, consist of indefinite-lived intangible assets, such as broadcast licenses, goodwill and mastheads, the value of which depends significantly upon the operating results of our businesses. In the case of our radio stations, we would not be able to operate the properties without the related FCC license for each property. Broadcast licenses are renewed with the FCC every eight years for a nominal cost that is expensed as incurred. We continually monitor our stations’ compliance with the various regulatory requirements. Historically, all of our broadcast licenses have been renewed at the end of their respective periods, and we expect that all broadcast licenses will continue to be renewed in the future. Accordingly, we consider our broadcast licenses to be indefinite-lived intangible assets in accordance with FASB ASC Topic 350, “Intangibles – Goodwill and Other.” Broadcast licenses account for approximately 94% of our indefinite-lived intangible assets. Goodwill and magazine mastheads account for the remaining 6%. We do not amortize goodwill or other indefinite-lived intangible assets, but rather test for impairment at least annually or more frequently if events or circumstances indicate that an asset may be impaired. | |||||||||||||||||
We complete our annual impairment tests in the fourth quarter of each year. We believe that our estimate of the value of our broadcast licenses, mastheads, and goodwill is a critical accounting estimate as the value is significant in relation to our total assets, and our estimates incorporate variables and assumptions that are based on past experiences and judgment about future operating performance of our markets and business segments. The fair value measurements for our indefinite-lived intangible assets use significant unobservable inputs that reflect our own assumptions about the estimates that market participants would use in measuring fair value including assumptions about risk. The unobservable inputs are defined in FASB ASC Topic 820 “Fair Value Measurements and Disclosures” as Level 3 inputs discussed in detail in Note 7 to our Consolidated Financial Statements. Please refer to “Note 2 – Impairment of Goodwill and Other Indefinite-Lived Intangible Assets” for a further discussion of our testing plan and impairments recognized. | |||||||||||||||||
Gain or Loss on the Sale or Disposal of Assets | |||||||||||||||||
We record gains or losses on the sale or disposal of assets equal to the proceeds, if any, as compared to the net book value. Exchange transactions are accounted for in accordance with FASB ASC Topic 845 “Non-Monetary Transactions.” For the year ended December 31, 2011, we recorded a gain on disposal of assets of $4.2 million that includes a $2.4 million pre-tax gain on the sale of KKMO-AM in Seattle, Washington and a $2.1 million pre-tax gain on the sale of KXMX-AM in Los Angeles, California, offset by various fixed asset and equipment disposals. For the year ended December 31, 2012, we recorded a $0.2 million pre-tax gain on the sale of WBZS-AM in Pawtucket, Rhode Island and a $0.6 million gain from insurance proceeds for repairs of storm damage in our New York market , partially offset by various fixed asset and equipment disposals including an additional loss associated with the write-off of a receivable from a prior station sale. For the year ended December 31, 2013, we recorded a $0.4 million pre-tax gain on the partial sale of land in our Cleveland market and $0.1 million of insurance proceeds for damages at one of our stations offset by various fixed asset and equipment disposals. | |||||||||||||||||
Leases | |||||||||||||||||
We lease various facilities including broadcast tower and transmitter sites. When we enter a lease agreement, we review the terms to determine the appropriate classification of the lease as a capital lease or operating lease based on the factors listed in FASB ASC Topic 840 “Leases.” Our current lease terms generally range from one to twenty-five years with rent expense recorded on a straight-line basis for financial reporting purposes. We also sublease towers that we own under various agreements with other broadcasters. Subleases generally cover a sixty-year term, over which time we recognize rental income on a straight-line basis. Deferred rent revenue was $4.6 million and $4.5 million at December 31, 2012 and 2013, respectively. | |||||||||||||||||
Leasehold Improvements | |||||||||||||||||
We may elect to construct or otherwise invest in leasehold improvements to properties. We capitalize the cost of the improvements that are then amortized over the shorter of the useful life of the improvement or the remaining lease term. | |||||||||||||||||
Deferred Financing Costs | |||||||||||||||||
Deferred financing costs consist of bond issue costs and bank loan fees. Bond issue costs represent costs incurred in conjunction with the issuance of the 95/ 8% Senior Secured Second Lien Notes on December 1, 2009 (“Terminated 95/8% Notes”). The costs are being amortized over the term of the Terminated 95/8% Notes as an adjustment to interest expense. Bank loan fees represent costs incurred with the Senior Credit Facility, which is a revolving credit facility (“Revolver”) entered on December 1, 2009. The costs are being amortized over the three-year term of the Revolver as an adjustment to interest expense. During the year ended December 31, 2010, approximately $0.7 million of bond issue costs were written off in conjunction with the early redemption of $30.0 million of the 95/8% Notes. During the year ended December 31, 2011, approximately $0.1 million of bond issue costs were written off upon the calling and retirement of the 95/8% Notes. During the year ended December 31, 2012, approximately $0.3 million of bond issue costs were written off upon the calling and retirement of the 95/8% Notes. Deferred financing costs consist of the following: | |||||||||||||||||
As of December 31, 2012 | As of December 31, 2013 | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Bond issue costs | $ | 3,060 | $ | — | |||||||||||||
Bank loan fees | 942 | 4,130 | |||||||||||||||
$ | 4,002 | $ | 4,130 | ||||||||||||||
Partial Self-Insurance on Employee Health Plan | |||||||||||||||||
We provide health insurance benefits to eligible employees under a self-insured plan whereby the company pays actual medical claims subject to certain stop loss limits. We record self-insurance liabilities based on actual claims filed and an estimate of those claims incurred but not reported. Any projection of losses concerning our liability is subject to a high degree of variability. Among the causes of this variability are unpredictable external factors such as future inflation rates, changes in severity, benefit level changes, medical costs and claim settlement patterns. Should the actual amount of claims increase or decrease beyond what was anticipated, we may adjust our future reserves. Our self-insurance liability was $0.6 million and $0.5 million at December 31, 2012 and 2013, respectively. | |||||||||||||||||
Local Programming and Marketing Agreement Fees | |||||||||||||||||
We may enter into a Local Marketing Agreement (“LMA”) or Time Brokerage Agreement (“TBA”) in connection with acquisitions of radio stations that are pending FCC regulatory approval of transfer of the broadcast licenses. Under the terms of these agreements, we make specified periodic payments to the owner in exchange for the right to program and sell advertising for a specified portion of the station’s inventory of broadcast time. We record revenues and expenses associated with the portion of the station’s inventory of broadcast time it manages. Nevertheless, as the holder of the FCC license, the owner-operator retains control and responsibility for the operation of the station, including responsibility over all programming broadcast on the station. We also enter into LMA’s in connection with dispositions of radio stations. In such cases, we may receive periodic payments in exchange for allowing the buyer to program and sell advertising for a portion of the station’s inventory of broadcast time. | |||||||||||||||||
Derivative Instruments | |||||||||||||||||
We are exposed to fluctuations in interest rates. We actively monitor these fluctuations and use derivative instruments from time to time to manage the related risk. In accordance with our risk management strategy, we may use derivative instruments only for the purpose of managing risk associated with an asset, liability, committed transaction, or probable forecasted transaction that is identified by management. Our use of derivative instruments may result in short-term gains or losses that may increase the volatility of our earnings. | |||||||||||||||||
Under FASB ASC Topic 815 “Derivatives and Hedging” the effective portion of the gain or loss on a derivative instrument designated and qualifying as a cash flow hedging instrument shall be reported as a component of other comprehensive income (outside earnings) and reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings. The remaining gain or loss on the derivative instrument, if any, shall be recognized currently in earnings. | |||||||||||||||||
On March 27, 2013, we entered into an interest rate swap agreement with Wells Fargo Bank, N.A that will begin on March 28, 2014 with a notional principal amount of $150.0 million. The agreement was entered to offset risks associated with the variable interest rate on our Term Loan B. Payments on the swap are due on a quarterly basis with a LIBOR floor of 0.625%. The swap expires on March 28, 2019 at a fixed rate of 1.645%. The interest rate swap agreement was not designated as a cash flow hedge, and as a result, all changes in the fair value are recognized in the current period statement of operations rather than through other comprehensive income. We recorded an asset of $3.2 million as of December 31, 2013, representing the change in the fair value of the interest rate swap agreement. The swap was valued based on observable inputs for similar assets and liabilities and other observable inputs for interest rates and yield curves, which are classified within Level 2 inputs in the fair value hierarchy described in Note 7. | |||||||||||||||||
Fair Value Accounting | |||||||||||||||||
FASB ASC Topic 820 “Fair Value Measurements and Disclosures” established a single definition of fair value in generally accepted accounting principles and expanded disclosure requirements about fair value measurements. The provision applies to other accounting pronouncements that require or permit fair value measurements. We adopted the fair value provisions for financial assets and financial liabilities effective January 1, 2008. The adoption had a material impact on our consolidated financial position, results of operations and cash flows. We adopted fair value provisions for nonfinancial assets and nonfinancial liabilities effective January 1, 2009. This includes applying the fair value concept to (i) nonfinancial assets and liabilities initially measured at fair value in business combinations; (ii) reporting units or nonfinancial assets and liabilities measured at fair value in conjunction with goodwill impairment testing; (iii) other nonfinancial assets measured at fair value in conjunction with impairment assessments; and (iv) asset retirement obligations initially measured at fair value. The adoption of the fair value provisions of FASB ASC Topic 820 to nonfinancial assets and nonfinancial liabilities did not have a material impact on our consolidated financial position, results of operations or cash flows. | |||||||||||||||||
The fair value provisions include guidance on how to estimate the fair value of assets and liabilities in the current economic environment and reemphasizes that the objective of a fair value measurement remains an exit price. If we were to conclude that there has been a significant decrease in the volume and level of activity of the asset or liability in relation to normal market activities, quoted market values may not be representative of fair value and we may conclude that a change in valuation technique or the use of multiple valuation techniques may be appropriate. | |||||||||||||||||
The degree of judgment utilized in measuring the fair value of financial instruments generally correlates to the level of pricing observability. Pricing observability is affected by a number of factors, including the type of financial instrument, whether the financial instrument is new to the market, and the characteristics specific to the transaction. Financial instruments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of pricing observability and a lesser degree of judgment utilized in measuring fair value. Conversely, financial instruments rarely traded or not quoted will generally have less (or no) pricing observability and a higher degree of judgment utilized in measuring fair value. Please refer to “Note 7 Fair Value Accounting” for a further discussion. | |||||||||||||||||
Long-term Debt and Debt Covenant Compliance | |||||||||||||||||
Our classification of borrowings under our Revolver as long-term debt on our balance sheet is based on our assessment that, under the terms of our Credit Agreement and after considering our projected operating results and cash flows for the coming year, no principal payments are required to be made. These projections are estimates dependent upon a number of factors including developments in the markets in which we are operating in and economic and political factors, among other factors. Accordingly, these projections are inherently uncertain and our actual results could differ from these estimates. | |||||||||||||||||
Income Taxes and Uncertain Tax Positions | |||||||||||||||||
We account for income taxes in accordance with FASB ASC Topic 740 “Income Taxes.” Deferred income taxes are determined based on the difference between the consolidated financial statement and income tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Our evaluation was performed for tax years that remain subject to examination by major tax jurisdictions, which range from 2009 through 2012. | |||||||||||||||||
Upon the adoption of the provisions on January 1, 2007, we had $3.0 million in liabilities related to uncertain tax positions, including $0.9 million recognized under FASB ASC Topic 450 “Contingencies” and carried forward from prior years and $2.1 million recognized upon adoption of the tax provision changes as a reduction to retained earnings. Included in the $2.1 million accrual was $0.1 million in related interest, net of federal income tax benefits. During 2011, we recognized a net increase of $0.2 million in liabilities and at December 31, 2011, had $3.8 million in liabilities for unrecognized tax benefits. During 2012, we recognized a net decrease of $2.5 million in liabilities and at December 31, 2012, had $1.3 million in liabilities for unrecognized tax benefits. During 2013, we recognized a net decrease of $0.4 million in liabilities and at December 31, 2013, had $0.9 million in liabilities for unrecognized tax benefits. Included in this liability amount were $0.01 million accrued for the related interest, net of federal income tax benefits and $0.02 million for the related penalties recorded in income tax expense on our Consolidated Statements of Operations. Management expects an additional reduction of $0.4 million in the reserve over the next twelve months due to statute expirations. | |||||||||||||||||
A summary of the changes in the gross amount of unrecognized tax benefits is as follows: | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Balance at January 1, 2013 | $ | 1,325 | |||||||||||||||
Additions based on tax positions related to the current year | — | ||||||||||||||||
Additions based on tax positions related to prior years | — | ||||||||||||||||
Reductions related to tax positions of prior years | — | ||||||||||||||||
Decrease due to statute expirations | (401 | ) | |||||||||||||||
Related interest and penalties, net of federal tax benefits | (8 | ) | |||||||||||||||
Balance as of December 31, 2013 | $ | 916 | |||||||||||||||
Valuation Allowance (deferred taxes) | |||||||||||||||||
For financial reporting purposes, we recorded a valuation allowance of $2.9 million as of December 31, 2013 to offset a portion of the deferred tax assets related to the state net operating loss carryforwards. Management regularly reviews our financial forecasts in an effort to determine our ability to utilize the net operating loss carryforwards for tax purposes. Accordingly, the valuation allowance is adjusted periodically based on management’s estimate of the benefit the company will receive from such carryforwards. | |||||||||||||||||
Basic and Diluted Net Earnings Per Share | |||||||||||||||||
Basic net earnings per share has been computed using the weighted average number of Class A and Class B shares of common stock outstanding during the period. Diluted net earnings per share is computed using the weighted average number of shares of Class A and Class B common stock outstanding during the period plus the dilutive effects of stock options. | |||||||||||||||||
Options to purchase 1,640,392, 1,927,099 and 2,162,067 shares of Class A common stock were outstanding at December 31, 2011, 2012 and 2013, respectively. Diluted weighted average shares outstanding exclude outstanding stock options whose exercise price is in excess of the average price of the company’s stock price. These options are excluded from the respective computations of diluted net income or loss per share because their effect would be anti-dilutive. The number of anti-dilutive shares as of December 31, 2011, and 2012 was 1,397,538, and 480,825, respectively. | |||||||||||||||||
The following table sets forth the shares used to compute basic and diluted net earnings per share for the periods indicated: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||
Weighted average shares | 24,475,102 | 24,577,605 | 24,938,075 | ||||||||||||||
Effect of dilutive securities—stock options | 208,542 | 409,361 | — | ||||||||||||||
Weighted average shares adjusted for dilutive securities | 24,683,644 | 24,986,966 | 24,938,075 | ||||||||||||||
Segments | |||||||||||||||||
We have historically had one reportable operating segment—radio broadcasting. Our radio-broadcasting segment operates radio stations throughout the United States, various radio networks and our National sales group. Beginning with the first quarter of 2011, we separated our non-broadcast segment into two operating segments, Internet and Publishing. We believe that this information regarding our non-broadcast segment is useful to readers of our financial statements. Additionally, due to growth within our Internet operations, including the acquisition of WorshipHouseMedia.com on March 28, 2011, our Internet segment qualifies for disclosure as a reportable segment. All prior periods presented have been updated to reflect the separation of these non-broadcast segments. Our Internet segment operates all of our websites and our consumer product sales. Our publishing segment operates our print magazine and Xulon Press, a print-on-demand book publisher. We present our segment operating results in Note 15 to our consolidated financial statements. | |||||||||||||||||
Variable Interest Entities | |||||||||||||||||
We account for entities qualifying as variable interest entities (“VIEs”) in accordance with “FASB ASC Topic 810, Consolidation which requires VIEs to be consolidated by the primary beneficiary. The primary beneficiary is the entity that holds the majority of the beneficial interests in the VIE. A VIE is an entity for which the primary beneficiary’s interest in the entity can change with changes in factors other than the amount of investment in the entity. | |||||||||||||||||
We may enter into LMA’s contemporaneously with entering an APA to acquire or sell a radio station. We may also enter into TBA’s. Typically, both LMA’s and TBA’s are contractual agreements under which the station owner / licensee makes airtime available to a programmer / licensee in exchange for a fee and reimbursement of certain expenses. LMA’s and TBA’s are subject to compliance with the antitrust laws and the communications laws, including the requirement that the licensee must maintain independent control over the station and, in particular, its personnel, programming, and finances. The FCC has held that such agreements do not violate the communications laws as long as the licensee of the station receiving programming from another station maintains ultimate responsibility for, and control over, station operations and otherwise ensures compliance with the communications laws. | |||||||||||||||||
The requirements of FASB ASC Topic 810 may apply to entities under LMA’s or TBA’s, depending on the facts and circumstances related to each transaction. As of December 31, 2013 we did not consolidate any entities with which we entered into LMA’s or TBA’s under the guidance in FASB ASC Topic 810. | |||||||||||||||||
Concentrations of Business Risks | |||||||||||||||||
We derive a substantial part of our total revenues from the sale of advertising. For the years ended December 31, 2011, 2012 and 2013, 43.0%, 42.3% and 41.8% of our total revenues, respectively, were generated from the sale of broadcast advertising. We are particularly dependent on revenue from stations in the Los Angeles and Dallas markets, which generated 15.2% and 23.2% for the year ended December 31, 2011, 16.2% and 23.6% for the year ended December 31, 2012 and 15.2% and 25.5% for the year ended December 31, 2013. Because substantial portions of our revenues are derived from local advertisers in these key markets, our ability to generate revenues in those markets could be adversely affected by local or regional economic downturns. | |||||||||||||||||
Concentrations of Credit Risks | |||||||||||||||||
Financial instruments that potentially subject us to concentrations of credit risk consist of cash and cash equivalents; trade accounts receivable and derivative instruments. We place our cash and cash equivalents with high quality financial institutions. Such balances may be in excess of FDIC insured limits. To manage the related credit exposure, we continually monitor the credit worthiness of the financial institutions where we have deposits. Concentrations of credit risk with respect to trade accounts receivable are limited due to the wide variety of customers and markets in which we provide services, as well as the dispersion of our operations across many geographic areas. We perform ongoing credit evaluations of our customers, but generally do not require collateral to support customer receivables. We establish an allowance for doubtful accounts based on various factors including the credit risk of specific customers, age of receivables outstanding, historical trends, economic conditions and other information. Historically, our bad debt expense has been within management’s expectations. | |||||||||||||||||
Use of Estimates | |||||||||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Significant areas for which management uses estimates include: (1) asset impairments, including broadcasting licenses and goodwill; (2) income tax valuation allowances; (3) uncertain tax positions; (4) allowance for doubtful accounts; (5) self-insurance reserves; (6) fair value of equity awards; (7) estimated lives for tangible and intangible assets; (8) fair value measurements; (9) contingent consideration and (10) contingency reserves. These estimates require the use of judgment as future events and the effect of these events cannot be predicted with certainty. The estimates will change as new events occur, as more experience is acquired and as more information is obtained. We evaluate and update our assumptions and estimates on an ongoing basis and we may consult outside experts to assist as necessary. | |||||||||||||||||
Reclassifications | |||||||||||||||||
Certain reclassifications have been made to the prior year financial statements to conform to the current year presentation. These reclassifications include the separation of our non-broadcast segment into two operating segments, Internet and Publishing. We believe that this information regarding our non-broadcast segments is useful to readers of our financial statements. Additionally, due to growth within our Internet operations, including the acquisition of WorshipHouseMedia.com as discussed in Note 3, our Internet segment qualifies for disclosure as a reportable segment. All prior periods presented have been updated to reflect the separation of these non-broadcast segments. These reclassifications also include the accounting for discontinued operations as described in more detail in Note 3 to our consolidated financial statements. | |||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||
Changes to accounting principles are established by the FASB in the form of accounting standards updates (“ASU’s”) to the FASB’s Accounting Standards Codification. We consider the applicability and impact of all ASU’s. ASU’s not listed below were assessed and determined to be not applicable to our financial position or results of operations. | |||||||||||||||||
In July 2013, the FASB issued ASU 2013-11, Presentation of Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, an amendment to FASB ASC Topic 740, Income Taxes, (“FASB ASU 2013-11”). This update clarifies that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. In situations where a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or the tax law of the jurisdiction does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This ASU is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. Retrospective application is permitted. We are currently evaluating the impact, if any, that the adoption of this pronouncement may have on our financial position, results of operations, cash flows, or presentation thereof. | |||||||||||||||||
In July 2013, the FASB issued ASU 2013-10, Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes, an amendment to FASB ASC Topic 815, Derivatives and Hedging (“FASB ASC Topic 815”). The update permits the use of the Fed Funds Effective Swap Rate to be used as a US benchmark interest rate for hedge accounting purposes under FASB ASC Topic 815, in addition to the interest rates on direct Treasury obligations of the US government (“UST”) and the London Interbank Offered Rate (“LIBOR”). The update also removes the restriction on using different benchmark rates for similar hedges. This ASU is effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. We do not expect the impact of adopting this ASU to be material to our financial position, results of operations, cash flows, or presentation thereof. | |||||||||||||||||
In February 2013, the FASB issued ASU 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date, an amendment to FASB ASC Topic 405, Liabilities (“FASB ASC Topic 405”). The update requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed as of the reporting date as the sum of the obligation the entity agreed to pay among its co-obligors and any additional amount the entity expects to pay on behalf of its co-obligors. This ASU is effective for annual and interim periods beginning after December 15, 2013 and is required to be applied retrospectively to all prior periods presented for those obligations that existed upon adoption of the ASU. We do not expect the impact of adopting this ASU to be material to our financial position, results of operations, cash flows, or presentation thereof. | |||||||||||||||||
In October 2012, the FASB issued ASU 2012-04, “Technical Corrections and Improvements.” The amendments in this update cover a wide range of Topics in the Accounting Standards Codification. These amendments include technical corrections and improvements to the Accounting Standards Codification and conforming amendments related to fair value measurements. The amendments in this update will be effective for fiscal periods beginning after December 15, 2012. The adoption of ASU 2012-04 is not expected to have a material impact on our financial position, results of operations or cash flows. | |||||||||||||||||
In December 2011, the FASB issued ASU 2011-11, “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities.” This ASU requires us to disclose both net and gross information about assets and liabilities that have been offset, if any, and the related arrangements. The disclosures under this new guidance are required to be provided retrospectively for all comparative periods presented. We are required to apply the amendments for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. The adoption of ASU 2011-11 is not expected to have a material impact on our financial position, results of operations or cash flows. |
IMPAIRMENT_OF_GOODWILL_AND_OTH
IMPAIRMENT OF GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
IMPAIRMENT OF GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS | ' | ||||||||||||||||
NOTE 2. IMPAIRMENT OF GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS | |||||||||||||||||
We account for goodwill and other indefinite-lived intangible assets in accordance with FASB ASC Topic 350 “Intangibles—Goodwill and Other.” We do not amortize goodwill or other indefinite-lived intangible assets, but rather test for impairment annually or more frequently if events or circumstances indicate that an asset may be impaired. | |||||||||||||||||
Approximately 70% of our total assets as of December 31, 2013, consist of indefinite-lived intangible assets, such as broadcast licenses, goodwill and mastheads, the value of which depends significantly upon the operating results of our businesses. In the case of our radio stations, we would not be able to operate the properties without the related FCC broadcast license for each property. Broadcast licenses are renewed with the FCC every eight years for a nominal cost that is expensed as incurred. We continually monitor our stations’ compliance with the various regulatory requirements. Historically, all of our broadcast licenses are renewed at the end of their respective periods, and we expect that all broadcast licenses will continue to be renewed in the future. Accordingly, we consider our broadcast licenses to be indefinite-lived intangible assets in accordance with FASB ASC Topic 350, “Intangibles – Goodwill and Other.” Broadcast licenses account for approximately 94% of our indefinite-lived intangible assets. Goodwill and magazine mastheads account for the remaining 6%. We do not amortize goodwill or other indefinite-lived intangible assets, but rather test for impairment at least annually or more frequently if events or circumstances indicate that an asset may be impaired. | |||||||||||||||||
We complete our annual impairment tests in the fourth quarter of each year. We believe that our estimate of the value of our broadcast licenses, mastheads, and goodwill is a critical accounting estimate as the value is significant in relation to our total assets, and our estimates incorporate variables and assumptions that are based on experiences and judgment about future operating performance of our markets and business segments. The fair value measurements for our indefinite-lived intangible assets use significant unobservable inputs that reflect our own assumptions about the estimates that market participants would use in measuring fair value including assumptions about risk. The unobservable inputs are defined in FASB ASC Topic 820 “Fair Value Measurements and Disclosures” as Level 3 inputs discussed in detail in Note 7 to our Consolidated Financial Statements. | |||||||||||||||||
In July 2012, the FASB issued Accounting Standards Update (“ASU”) 2012-02, “Intangibles – Goodwill and Other (Topic 350).” Under ASU 2012-02, we have the option to assess whether it is more likely than not that an indefinite-lived intangible asset is impaired. If it is more likely than not that impairment exists, we are required to perform a quantitative analysis to estimate the fair value of the assets. The qualitative assessment requires significant judgment in considering events and circumstances that may affect the estimated fair value of our indefinite-lived intangible assets and to weigh these events and circumstances by what we believe to be the strongest to weakest indicator of potential impairment. ASU 2012-02 is effective for annual and interim impairment tests for fiscal years beginning after September 15, 2012, with early adoption permitted. We adopted the provisions of ASU 2012-02 as of our 2012 annual testing period. | |||||||||||||||||
ASU 2012-02 provides examples of events and circumstances that could affect the estimated fair value of indefinite-lived intangible assets; however, the examples are not all-inclusive and are not by themselves indicators of impairment. We considered these events and circumstances, as well as other external and internal considerations. Our analysis, in order of what we consider to be the strongest to weakest indicators of impairment include: (1) the difference between any recent fair value calculations and the carrying value; (2) financial performance, such as station operating income, including performance as compared to projected results used in prior estimates of fair value; (3) macroeconomic economic conditions, including limitations on accessing capital that could affect the discount rates used in prior estimates of fair value; (4) industry and market considerations such as a declines in market-dependent multiples or metrics, a change in demand, competition, or other economic factors; (5) operating cost factors, such as increases in labor, that could have a negative effect on future expected earnings and cash flows; (6) legal, regulatory, contractual, political, business, or other factors; (7) other relevant entity-specific events such as changes in management or customers; and (8) any changes to the carrying amount of the indefinite-lived intangible asset. | |||||||||||||||||
Broadcast Licenses | |||||||||||||||||
The unit of accounting we use to test broadcast licenses is the cluster level, which we define as a group of radio stations operating in the same geographic market, sharing the same building and equipment and managed by a single general manager. The cluster level is the lowest level for which discrete financial information and cash flows are available and the level reviewed by management to analyze operating results. For our 2012 annual tests, we performed a qualitative assessment for all of our market clusters and a qualitative assessment for the twelve market clusters that were more likely than not to have an impairment. Our 2012 fair value estimates were prepared using the start-up income approach to estimate the fair value of the broadcast license. The start-up-income approach measures the expected future economic benefits that the broadcast licenses provide and discounts these future benefits using a discounted cash flow analysis. The discounted cash flow analysis assumes that the broadcast licenses hypothetical start-up stations and the values yielded by the discounted cash flow analysis represent the portion of the stations value attributable solely to the broadcast license. The discounted cash flow model incorporates variables such as projected revenues, operating profit margins, forecasted growth rates, estimated start-up costs, losses expected to be incurred in the early years, competition within the market, the effective tax rate, future terminal values and the risk-adjusted discount rate. The variables used reflect historical company growth trends, industry projections, and the anticipated performance of the business. The discounted cash flow projection period was determined to be ten years, which is typically the time radio station operators and investors expect to recover their investments as widely used by industry analysts in their forecasts. We did not record an impairment of our broadcast licenses during 2012. | |||||||||||||||||
For our 2013 annual tests, we also performed a qualitative assessment for all of our market clusters. We reviewed the significant assumptions applicable to our 2012 fair value estimates to assess if events and circumstances have occurred that could affect the significant inputs used in these fair value estimates. We reviewed each of the key estimates and assumptions and determined that there have been no significant changes that would need to be applied to a hypothetical start-up station in order to estimate the fair value. Projected revenues, operating profit margins, forecasted growth rates, estimated start-up costs, losses expected to be incurred in the early years, competition within the market, the effective tax rate, future terminal values and the risk-adjusted discount rate are consistent with those applied in the 2012 testing period. We also reviewed internal benchmarks and economic performance for each of our markets to conclude that we could reasonably rely upon the 2012 fair value estimates and assumptions as a starting point to our qualitative analysis. | |||||||||||||||||
We calculated the amount by which the 2012 estimated fair values exceeded our carrying amounts to calculate the excess of fair value. We concluded that markets with broadcast licenses with a 25% or more excess of the estimated fair value over the carrying value were not likely to be impaired. We believe based on our analysis and review, including the financial performance of each market, that a 25% excess fair value margin is conservative and reasonable in the qualitative analysis. We determined that nine of the twelve markets for which a 2012 fair value was obtained were subject to further testing. The table below presents the percentage within a range by which our prior year start-up income estimated fair value exceeded the carrying value of our broadcasting licenses: | |||||||||||||||||
Geographic Market Clusters as of December 31, 2013 | |||||||||||||||||
Percentage Range By Which 2012 Estimated Fair Value Exceeds Carrying Value | |||||||||||||||||
£25% | >26-30% | >30% to 75% | > than 75% | ||||||||||||||
Number of market clusters | 9 | 1 | 2 | — | |||||||||||||
Broadcast license carrying value (in thousands) | $ | 217,111 | $ | 18,501 | $ | 13,577 | $ | — | |||||||||
Our qualitative review also included a review of the financial results of each market cluster. Radio station are often sold on the basis of a multiple of projected cash flow, or station operating income less station operating expenses (“SOI”). Numerous trade organizations and analysts review these radio stations sales to track SOI multiples applicable to each transaction. Based on published reports and analysis of transactions, we believe industry benchmarks to be in the six to seven times cash flow range. Based our analysis, we determined that an SOI benchmark of four would be a conservative indicator of fair value. We determined that eight of the remaining markets were subject to further testing. The table below presents the percentage within a range by which our estimated fair value as a multiple of SOI exceeded the carrying value of our broadcasting licenses for these market clusters: | |||||||||||||||||
Geographic Market Clusters as of December 31, 2013 | |||||||||||||||||
Percentage Range By Which SOI Estimated Fair Value Exceeds Carrying Value | |||||||||||||||||
£5% | >6-10% | >11% to 40% | >than 40% | ||||||||||||||
Number of market clusters | 8 | 1 | 4 | 8 | |||||||||||||
Broadcast license carrying value (in thousands) | $ | 51,850 | $ | 2,402 | $ | 61,354 | $ | 21,835 | |||||||||
We engaged Bond & Pecaro, an independent third-party appraisal and valuation firm, to perform an appraisal of the indefinite-lived intangible asset(s). Bond & Pecaro utilized an income approach to value broadcast licenses. The income approach measures the expected economic benefits that the broadcast licenses provides and discounts these future benefits using a discounted cash flow analysis. The discounted cash flow analysis assumes that the broadcast licenses are held by hypothetical start-up stations and the values yielded by the discounted cash flow analysis represent the portion of the stations value attributable solely to the broadcast license. The discounted cash flow model incorporates variables such as projected revenues, operating profit margins, and a discount rate. The variables used reflect historical company growth trends, industry projections, and the anticipated performance of the business. The discounted cash flow projection period was determined to be ten years; which is typically the time radio station operators and investors expect to recover their investments as widely used by industry analysts in their forecasts. | |||||||||||||||||
The key estimates and assumptions used in the start-up income valuation for our broadcast licenses were as follows: | |||||||||||||||||
Broadcast Licenses | December 31, 2011 | December 31, 2012 | December 31, 2013 | ||||||||||||||
Discount rate | 9.00% | 9.00% | 9.00% | ||||||||||||||
Operating profit margin ranges | 3.8%—36.3% | 5.1%—35.5% | 4.1%—37.5% | ||||||||||||||
Long-term market revenue growth rate ranges | 1.0%—4.0% | 0.3%—15.0% | 1.0%—2.5% | ||||||||||||||
The table below presents the results of our quantitative analysis for 17 market clusters as of the 2013 annual testing period. | |||||||||||||||||
Excess Fair Value | |||||||||||||||||
Market Cluster | 2013 Estimate | ||||||||||||||||
Atlanta, GA | 13.6 | % | |||||||||||||||
Boston, MA | 6.9 | % | |||||||||||||||
Chicago, IL | 6.4 | % | |||||||||||||||
Cleveland, OH | 4.6 | % | |||||||||||||||
Colorado Springs, CO | 82.5 | % | |||||||||||||||
Columbus, OH | 6 | % | |||||||||||||||
Dallas, TX | 10.9 | % | |||||||||||||||
Detroit, MI | 2.9 | % | |||||||||||||||
Greenville, SC (NEW) | 8.5 | % | |||||||||||||||
Honolulu, HI | 6.3 | % | |||||||||||||||
Los Angeles, CA | 107.4 | % | |||||||||||||||
Louisville, KY | 8 | % | |||||||||||||||
Minneapolis, MN | 85.8 | % | |||||||||||||||
Omaha, NE | 1.1 | % | |||||||||||||||
Phoenix, AZ | 17.4 | % | |||||||||||||||
Portland, OR | 6.9 | % | |||||||||||||||
Sacramento, CA | 1.6 | % | |||||||||||||||
Based on our review and analysis we determined that no impairment charges were necessary to the carrying value of our broadcast licenses as of the annual testing period ending December 31, 2013. Based on prior tests, we determined that no impairments of our broadcast licenses were necessary for years ending December 31, 2012 and 2011, respectively. | |||||||||||||||||
Mastheads | |||||||||||||||||
Mastheads consist of the graphic elements that identify our publications to readers and advertisers. These include customized typeset page headers, section headers, and column graphics as well as other name and identity stylized elements within the body of each publication. We test the value of mastheads as a single combined publishing entity as our print magazines operate from one shared facility under one general manager with operating results and cash flows reported on a combined basis for all publications. This is the lowest level for which discrete financial information and cash flows are available and the level reviewed by management to analyze operating results. | |||||||||||||||||
We have regularly performed quantitative reviews of mastheads based on the low margin by which our estimated fair values exceed our carrying value and actual operating results that do not meet or exceed our expectations. We engaged Bond & Pecaro, an independent third-party appraisal firm, to estimate the fair value of our mastheads using an income-based approach. The income-based approach utilized an estimated royalty stream that measures a cost savings to the business because it does not have to pay a royalty to use the owned trade name and content. The analysis assumes that the assets are employed by a typical market participant in their highest and best use. A discounted cash flow method is applied to calculate the estimated fair value of our mastheads, the key estimates and assumptions to which are as follows: | |||||||||||||||||
Mastheads | December 31, | Interim | December 31, | Interim | December 31, | ||||||||||||
2011 | June 30, 2012 | 2012 | June 30, 2013 | 2013 | |||||||||||||
Discount rate | 8.50% | 8.50% | 8.50% | 9.00% | 9.50% | ||||||||||||
Projected revenue growth ranges | 1.5% -2.50% | 1.5% -2.50% | 1.5% -3.0% | 1.0% -2.8% | 1.2% - 2.5% | ||||||||||||
Royalty growth rate | 3.00% | 3.00% | 3.00% | 3.00% | 2.00% | ||||||||||||
As of our June 2012 interim testing period, the estimated fair value of our mastheads exceeded our carrying value by 1.7%. As of our 2012 annual testing, we recorded an impairment charge associated with mastheads of $0.1 million driven by a reduction in projected net revenues. For the interim testing performed as of June 2013, projected revenue growth rates were lowered based on failure of the print magazine segment to achieve the amounts previously projected. Based on these lower actual and projected growth rates. we recorded an impairment of $0.3 million as of June 2013. During our 2013 annual testing, our royalty rate was lowered to 2.0% from the 3.0% industry standard based on gross margins associated with the segment. Additionally, the discount rate was raised from 9.0% to 9.5% based on risks associated with print magazines. We recorded an additional $0.3 million impairment charge associated with mastheads because of these changes. The primary driver of our impairments is the reduction of revenues, which are prevalent throughout the print magazines industry and is not unique to our operations. | |||||||||||||||||
Goodwill—Broadcast | |||||||||||||||||
We adopted ASU 2011-08, “Testing Goodwill for Impairment” as of our 2012 annual testing period. As a result, beginning in 2012, the first step of our impairment tests for goodwill is a thorough assessment of qualitative factors to determine if events or circumstances indicate that it is not more likely than not that the fair value of these assets is less than their carrying amounts. If the qualitative test indicates it is not more likely than not that the fair value of these assets is less than their carrying amounts, a quantitative assessment is not required. The unit of accounting used to test broadcast licenses is the cluster level, which we define as a group of radio stations operating in the same geographic market, sharing the same building and equipment and managed by a single general manager. Eleven of our 32 market clusters and our networks have goodwill associated with them as of our annual testing period ending December 31, 2013 compared to nine of our 31 markets as of the annual testing period ending December 31, 2012. | |||||||||||||||||
The first step of our review included an assessment to determine if events and circumstances have occurred that could affect the significant inputs used in our fair value estimates. We estimated fair values using a market and income approach and compared the estimated fair value of each market cluster to its carrying value including goodwill. Under the market approach, we applied a multiple of four to each market clusters’ station operating income (“SOI”) to calculate the estimated fair value. As described above, we believe that an SOI benchmark of four would be a conservative indicator of fair value. Under the income approach, we utilized a discounted cash flow method to calculate the estimated fair value of the accounting unit. The discounted cash flow method incorporates the cumulative present value of the net after-tax cash flows projected for each market assuming that it is a hypothetical start-up station. The key estimates and assumptions used in the start-up income valuation of our broadcast market clusters for each testing period are as follows: | |||||||||||||||||
December 31, | |||||||||||||||||
Goodwill –Broadcast Market Clusters | 2011 | 2012 | 2013 | ||||||||||||||
Discount rate | 9.00% | 9.00% | 9.00% | ||||||||||||||
Operating profit margin ranges | 3.8% - 38.0% | 5.1% - 35.5% | 4.1% - 37.5% | ||||||||||||||
Long-term market revenue growth rate ranges | 1.0% - 4.0% | 0.3% - 15.0% | 1.0% - 2.5% | ||||||||||||||
If the carrying amount, including goodwill, exceeded the estimated fair value of the market cluster, an indication exists that the amount of goodwill attributed to that market cluster may be impaired. When we have indication of impairment, we perform a second step to determine the amount of any impairment. We engaged Bond & Pecaro, an independent third-party appraisal and valuation firm, to determine the enterprise value of four of our market clusters in a manner similar to a purchase price allocation. The enterprise valuation assumes that the subject assets are installed as part of an operating business rather than as a hypothetical start-up. The key estimates and assumptions used for our enterprise valuations are as follows: | |||||||||||||||||
December 31, 2011 | December 31, 2012 | December 31, 2013 | |||||||||||||||
Enterprise Valuations | Broadcast Market | Broadcast Market | Broadcast Market | ||||||||||||||
Clusters | Clusters | Clusters | |||||||||||||||
Discount rate | 9.00% | 9.00% | 9.00% | ||||||||||||||
Operating profit margin ranges | 6.8% - 45.4% | 16.9% - 49.2% | 11.9% - 44.7% | ||||||||||||||
Long-term revenue market growth rate ranges | 1.5% - 3.5% | 1.0% - 3.5% | 1.0% - 2.5% | ||||||||||||||
Based on our review and analysis we determined that no impairment charges were necessary to the carrying value of our broadcast goodwill as of the annual testing period ending December 31, 2013. Based on prior tests, we determined that no impairments of our broadcast goodwill were necessary for years ending December 31, 2012 and 2011, respectively. The estimated fair value of our networks exceeded the carrying value by 63%, 113.0% and 101.6% for each of the annual testing periods ending December 31, 2013, 2012 and 2011, respectively. The tables below present the percentage within a range by which the estimated fair value exceeded the carrying value of each of our market clusters, including goodwill: | |||||||||||||||||
Broadcast Market Clusters as of December 31, 2013 | |||||||||||||||||
Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including Goodwill | |||||||||||||||||
£ 1% | >10% to 20% | >20% to 50% | > than 50% | ||||||||||||||
Number of market clusters | 4 | 1 | 3 | 3 | |||||||||||||
Carrying value including goodwill (in thousands) | $ | 28,952 | $ | 17,978 | $ | 45,375 | $ | 45,152 | |||||||||
Broadcast Market Clusters as of December 31, 2012 | |||||||||||||||||
Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including Goodwill | |||||||||||||||||
£ 10% | >10% to 20% | >20% to 50% | > than 50% | ||||||||||||||
Number of market clusters | 2 | 1 | 1 | 5 | |||||||||||||
Carrying value including goodwill (in thousands) | $ | 18,836 | $ | 1,423 | $ | 10,506 | $ | 132,645 | |||||||||
Broadcast Market Clusters as of December 31, 2011 | |||||||||||||||||
Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including Goodwill | |||||||||||||||||
£ 10% | >10% to 20% | >20% to 50% | > than 50% | ||||||||||||||
Number of market clusters | 1 | 2 | 3 | 2 | |||||||||||||
Carrying value including goodwill (in thousands) | $ | 9,877 | $ | 17,487 | $ | 68,506 | $ | 5,178 | |||||||||
Goodwill – Internet & Publishing | |||||||||||||||||
During 2012, we adopted ASU 2011-08, “Testing Goodwill for Impairment.” As a result, beginning in 2012, the first step of our impairment tests for goodwill is a thorough assessment of qualitative factors to determine if events or circumstances indicate that it is not more likely than not that the fair value of these assets is less than their carrying amounts. If the qualitative test indicates it is not more likely than not that the fair value of these assets is less than their carrying amounts, a quantitative assessment is not required. The units of accounting we use to test goodwill in our Internet business include Townhall.com and Salem Web Network. The operating results for Salem Web Network reflect the operating results and cash flows for all of our Internet sites exclusive of Townhall.com. We also separate our publishing business into two accounting units. The first publishing accounting unit is the magazine unit, which operates and produces all publications from a stand-alone facility, under one general manager, with operating results and cash flows of all publications reported on a combined basis. The second accounting unit is our book publishing division, Xulon Press, which also operates from a stand-alone facility, under one general manager who is responsible for the separately stated operating results and cash flows. Four of these accounting units have goodwill associated with them as our annual testing period. | |||||||||||||||||
We have regularly performed quantitative reviews of goodwill associated with our print magazine unit based on the low margin by which our estimated fair values exceed our carrying value including goodwill and actual operating results that do not meet or exceed our expectations. We engaged Bond & Pecaro, an independent third-party appraisal firm, to estimate the enterprise value of our business unit in a manner similar to a purchase price allocation. The enterprise valuation assumes that the subject assets are installed as part of an operating business rather than as a hypothetical start-up. The key estimates and assumptions used for our enterprise valuations are as follows: | |||||||||||||||||
Enterprise Valuation | December 31, | Interim | December 31, 2012 | Interim | December 31, | ||||||||||||
2011 | June 30, 2012 | June 30, 2013 | 2013 | ||||||||||||||
(Internet) | (Publishing) | (Internet & Publishing) | (Publishing) | (Publishing) | |||||||||||||
Discount rate | 13.50% | 8.50% | 8.5% - 13.5% | 9.00% | 9.50% | ||||||||||||
Operating profit margin ranges | 18.4 - 22.0% | 1.4% - 7.5% | 0.5% - 22.0% | 0.9% - 6.0% | (0.5%) - 6.0% | ||||||||||||
Long-term revenue market growth rate ranges | 3.00% | 1.50% | 1.5% - 3.0% | 1.5% - 2.8% | 1.5% - 6.1% | ||||||||||||
Based on our review and analysis of the enterprise estimated fair value, we recorded a $0.4 million impairment charge associated with the print magazine goodwill as of the June 2013 interim testing period. This impairment was driven by lower projected profit margins based on the failure of the print magazine segment to achieve the amounts previously projected. Additionally, the discount rate was raised from 9.0% to 9.5% based on risks associated with print magazines. The reduction of revenue in the print magazine segment is prevalent throughout the print magazine industry and is not unique to our operations. No impairment charges were necessary as of the annual testing periods ending December 31, 2013, 2012 and 2011. The table below presents the percentage within a range by which the estimated fair value exceeded the carrying value of our accounting units, including goodwill. | |||||||||||||||||
Internet and Publishing Accounting units as of December 31, 2013 | |||||||||||||||||
Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including Goodwill | |||||||||||||||||
£ 10% | >10% to 20% | >20% to 50% | > than 50% | ||||||||||||||
Number of accounting units | 2 | — | 2 | — | |||||||||||||
Carrying value including goodwill (in thousands) | $ | $28,707 | $ | — | $ | 5,107 | $ | — | |||||||||
Internet and Publishing Accounting units as of December 31, 2012 | |||||||||||||||||
Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including Goodwill | |||||||||||||||||
£ 10% | >10% to 20% | >20% to 50% | > than 50% | ||||||||||||||
Number of accounting units | — | — | 2 | 2 | |||||||||||||
Carrying value including goodwill (in thousands) | $ | — | $ | — | $ | 28,722 | $ | 2,103 | |||||||||
Internet and Publishing Accounting units as of December 31, 2011 | |||||||||||||||||
Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including Goodwill | |||||||||||||||||
£ 10% | >10% to 20% | >20% to 50% | > than 50% | ||||||||||||||
Number of accounting units | 1 | 1 | 1 | 1 | |||||||||||||
Carrying value including goodwill (in thousands) | $ | $1,123 | $ | 3,764 | $ | 22,757 | $ | (46 | ) | ||||||||
We believe we have made reasonable estimates and assumptions to calculate the estimated fair value of our indefinite-lived intangible assets, however, these estimates and assumptions could be materially different from actual results. If actual market conditions are less favorable than those projected by the industry or by us, or if events occur or circumstances change that would reduce the estimated fair value of our indefinite-lived intangible assets below the amounts reflected on our balance sheet, we may recognize future impairment charges, the amount of which may be material. |
ACQUISITIONS_AND_RECENT_TRANSA
ACQUISITIONS AND RECENT TRANSACTIONS | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
ACQUISITIONS AND RECENT TRANSACTIONS | ' | ||||||||||||
NOTE 3. ACQUISITIONS AND RECENT TRANSACTIONS | |||||||||||||
During the year ended December 31, 2013, we completed or entered into the following transactions: | |||||||||||||
Debt | |||||||||||||
On December 30, 2013, we repaid $0.8 million in principal on our current senior secured credit facility, consisting of a term loan of $300.0 million (“Term Loan B”). We recorded a $3,000 pre-tax loss on the early retirement of long-term debt related to the unamortized discount. | |||||||||||||
On September 30, 2013, we repaid $4.0 million in principal on our Term Loan B. We recorded a $16,000 pre-tax loss on the early retirement of long-term debt related to the unamortized discount. | |||||||||||||
On June 28, 2013, we repaid $4.0 million in principal on the Term Loan B. We recorded a $14,000 pre-tax loss on the early retirement of long-term debt related to the unamortized discount. | |||||||||||||
On May 3, 2013, we terminated the Subordinated Debt due to Related Parties (as defined below) with Mr. Atsinger, Mr. Epperson and Mr. Hinz. There were no early termination penalties and no further amounts owed by Salem as a result of the termination of the Subordinated Debt due to Related Parties. | |||||||||||||
On March 14, 2013, we entered into the Term Loan B and a senior secured revolving credit facility of $25.0 million (“Revolver”). We used the proceeds from the Term Loan B and the Revolver to fund the repurchase of our Terminated 95/8% Notes pursuant to a cash tender offer launched on February 25, 2013 (“Tender Offer”), and to retire all other outstanding debt and pay related fees. Upon entry into the credit facility, our then existing revolving credit facilities, indebtedness due to First California Bank, and Subordinated Debt due to Related Parties were terminated. As a result of these terminations, we recorded a pre-tax loss on the early retirement of long-term debt of $0.9 million associated with unamortized bank fees and closing costs. | |||||||||||||
On March 14, 2013, we tendered for $212.6 million in aggregate principal amount of the Terminated 95/8% Notes for an aggregate purchase price of $240.3 million, or at a price equal to 110.65% of the face value of the Terminated 95/8% Notes in the Tender Offer. We paid $22.7 million for this repurchase resulting in a $26.9 million pre-tax loss on the early retirement of long-term debt, which included approximately $0.8 million of unamortized discount and $2.9 million of bond issue costs associated with the Terminated 95/8% Notes. We issued a notice of redemption to redeem any Terminated 95/ 8% Notes that remained outstanding after the expiration date of the Tender Offer. On June 3, 2013, we redeemed the remaining $0.9 million of the outstanding Terminated 95/ 8% Notes to satisfy and discharge Salem’s obligations under the indenture for the Terminated 95/8% Notes as of such date. | |||||||||||||
Equity | |||||||||||||
On November 20, 2013, we announced a quarterly distribution in the amount of $0.0550 per share on Class A and Class B common stock. The quarterly distribution of $1.4 million, or $0.0550 per share of Class A and Class B common stock, was paid on December 27, 2013 to all common stockholders of record as of December 10, 2013. | |||||||||||||
On September 12, 2013, we announced a quarterly distribution in the amount of $0.0525 per share on Class A and Class B common stock. The quarterly distribution of $1.3 million, or $0.0525 per share of Class A and Class B common stock, was paid on October 4, 2013 to all common stockholders of record as of September 26, 2013. | |||||||||||||
On May 30, 2013, we announced a quarterly distribution in the amount of $0.05 per share on Class A and Class B common stock. The quarterly distribution of $1.2 million, or $0.05 per share of Class A and Class B common stock, was paid on June 28, 2013 to all common stockholders of record as of June 14, 2013. | |||||||||||||
On March 18, 2013, we announced a quarterly distribution in the amount of $0.05 per share on Class A and Class B common stock. The quarterly distribution of $1.2 million, or $0.05 per share of Class A and Class B common stock, was paid on April 1, 2013 to all common stockholders of record as of March 25, 2013. | |||||||||||||
Acquisitions | |||||||||||||
On December 10, 2013, we acquired Twitchy.com for $0.9 million paid in cash upon close of the transaction and up to $1.2 million in contingent earn-out consideration payable based on the achievement of future page view targets. Twitchy.com is a website featuring selected quotes and current events centered on US politics, global news, sports, entertainment, media, and breaking news. The contingent earn-out consideration is payable upon achievement of page view milestones over a two year period and has an estimated fair value of $0.6 million as of the closing date. The estimated fair value of the contingent earn-out consideration was determined using a probability-weighted discounted cash flow model. The fair value measurement includes page view forecasts which represent a Level 3 measurement as discussed in Note 7 of the accompanying consolidated financial statement in Item 8 of this report. The fair value of the contingent earn-out consideration will be reviewed quarterly over the two-year earn-out period based on actual page views as compared to the estimates used in our forecasts. Changes in the fair value of the contingent earn-out consideration will be reflected in our results of operations in future periods as they are identified. We believe that the followers of Twitchy.com, the established relationships and the assembled workforce provide future economic benefits to us, and we have recorded goodwill of $0.4 million representing the excess value of the Twitchy.com business. | |||||||||||||
On December 9, 2013, we acquired the EverythingInspirational.com domain name along with fourteen Facebook pages and various other Christian-themed social media intangible assets for $0.4 million in cash. We paid $0.1 million in cash upon closing and will pay the remaining $0.3 million in cash over three installments within 180 days from the closing date. The first installment of $0.1 million was paid on February 6, 2014. | |||||||||||||
On September 23, 2013, we entered into an APA to acquire radio stations KDIS-FM, Little Rock, Arkansas and KRDY-AM, San Antonio, Texas for $2.5 million in cash, of which $0.5 million related to the KRDY-AM tower site land in San Antonio, Texas. On December 20, 2013, we closed on the land purchase for $0.5 million in cash. The radio station acquisitions closed on February 7, 2014. | |||||||||||||
On September 11, 2013, we acquired the GodUpdates Facebook page for $0.3 million in cash, which we paid to the buyer on October 22, 2013. | |||||||||||||
On August 10, 2013, we acquired Christnotes.org for $0.5 million in cash. Christnotes.org is an online bible resource that allows users to search for bible verses and access commentary from biblical scholars. The acquisition resulted in goodwill of $20,755 representing the excess value of the business to us resulting from the integrated business model and services already established that provide future economic benefits to us due to increased web presence that drives viewers to our content. | |||||||||||||
On February 15, 2013, we completed the acquisition of WTOH-FM, Columbus, Ohio, for $4.0 million in cash. We began operating the radio station under a LMA with the prior owner on November 1, 2012. The accompanying Consolidated Statements of Operations reflect the operating results of this entity as of the LMA date. | |||||||||||||
On February 5, 2013, we completed the acquisition of WGTK-FM, Greenville, South Carolina, for $5.4 million. The $5.4 million purchase price consists of $1.0 million in cash due upon close of the transaction, $2.0 million payable in April 2014, and $3.0 million payable in advertising credits to Bob Jones University, a related party of the station’s owner. The advertising credits are payable over ten years resulting in a fair value of $2.4 million. The $0.6 million discount on the advertising credits was recorded as a reduction of the fair value and will be amortized to interest expense over the ten year term. We began operating the radio station under a LMA with the prior owner on December 3, 2012. The accompanying Consolidated Statements of Operations reflect the operating results of this entity as of the LMA date. We paid the entire balance due on the seller financed note, including accrued interest on September 30, 2013. | |||||||||||||
Throughout the year ending December 31, 2013, we have acquired various domain names, including ChristianHeadlines.com, as well as other intangible assets including applications associated with our Internet segment for an aggregate amount of approximately $0.2 million. | |||||||||||||
A summary of our business acquisitions and asset purchases for the year ended December 31, 2013, none of which were material to our consolidated financial position as of the respective date of acquisition, is as follows: | |||||||||||||
Acquisition Date | Description | Total Consideration | |||||||||||
(Dollars in thousands) | |||||||||||||
December 10, 2013 | Twitchy.com (business acquisition) | $1,536 | |||||||||||
December 9, 2013 | EverythingInspirational.com (asset purchases) | 400 | |||||||||||
September 23, 2013 | Land, San Antonio, Texas (asset purchase) | 500 | |||||||||||
September 11, 2013 | GodUpdates (asset purchase) | 250 | |||||||||||
August 10, 2013 | Christnotes.org (business acquisition) | 500 | |||||||||||
February 15, 2013 | WTOH-FM, Columbus, Ohio (business acquisition) | 4,000 | |||||||||||
February 5, 2013 | WGTK-FM, Greenville, South Carolina (business acquisition) | 5,427 | |||||||||||
Various | Purchase of various intangible Internet assets (asset purchases) | 207 | |||||||||||
$12,820 | |||||||||||||
The results of operations of the acquisitions are included in our consolidated results of operations from their respective dates of acquisition or LMA date if applicable. Under the acquisition method of accounting as specified in FASB ASC Topic 805 “Business Combinations,” the total acquisition consideration is allocated to the assets acquired and liabilities assumed based on their estimated fair values as of the date of the transaction. Estimates of fair value include discounted estimated cash flows to be generated by those assets and the expected useful lives based on historical experience, market trends as well as any synergies to be achieved from the acquisition. Acquisitions may include contingent consideration, the fair value of which is estimated on the acquisition date as the present value of the expected contingent payments, determined using weighted probabilities of possible payments. We may obtain an independent third-party appraisal of the estimated fair value of the acquired net assets as of the acquisition date. Property, plant and equipment are recorded at the estimated fair value and depreciated on a straight-line basis over their estimated useful lives. Finite-lived intangible assets are recorded at their estimated fair value and amortized on a straight-line basis over their estimated useful lives. Goodwill represents the organizational systems and procedures in place to ensure the effective operation of the stations. Costs associated with acquisitions, including consulting and legal fees are expensed as incurred in corporate operating expenses. | |||||||||||||
The total acquisition consideration is equal to the sum of all cash payments, the fair value of any deferred payments and promissory notes and the net present value of any contingent earn-out consideration. We estimated the fair value of the contingent earn-out consideration using a probability-weighted discounted cash flow model. The fair value measurement is based on significant inputs that are not observable in the market and thus represents a Level 3 measurement as defined in Note 7 -Fair Value Measurements. The following table summarizes the total acquisition consideration for the year ending December 31, 2013: | |||||||||||||
Description | Total Consideration | ||||||||||||
(Dollars in thousands) | |||||||||||||
Cash payments | $ | 7,477 | |||||||||||
Early repayment of principal on seller-financed note due 2014 | 2,000 | ||||||||||||
Deferred cash payments (due 2014) | 300 | ||||||||||||
Net present value of deferred advertising credits | 2,427 | ||||||||||||
Fair value of contingent earn-out consideration | 616 | ||||||||||||
Total purchase price consideration | $ | 12,820 | |||||||||||
The total acquisition consideration was allocated to the net assets acquired as follows: | |||||||||||||
Broadcast | Internet | Net Assets | |||||||||||
Assets | Assets | Acquired | |||||||||||
Acquired | Acquired | ||||||||||||
(Dollars in thousands) | |||||||||||||
Assets | |||||||||||||
Property and equipment | $ | 1,752 | $ | 355 | $ | 2,107 | |||||||
Broadcast licenses | 7,429 | — | 7,429 | ||||||||||
Goodwill | 37 | 393 | 430 | ||||||||||
Customer lists and contracts | — | 359 | 359 | ||||||||||
Domain and brand names | — | 1,687 | 1,687 | ||||||||||
Software | — | 99 | 99 | ||||||||||
Favorable and assigned lease | 709 | — | 709 | ||||||||||
$ | 9,927 | $ | 2,893 | $ | 12,820 | ||||||||
Pending Transactions: | |||||||||||||
On November 13, 2013, we entered into an APA to acquire radio station WOCN-AM, Miami, Florida for $1.2 million in cash and the transmitter site for this station for $1.0 million in cash. The purchase is subject to the approval of the FCC and is expected to close during the year ending December 31, 2014. | |||||||||||||
Discontinued Operations: | |||||||||||||
We ceased operating Samaritan Fundraising in December 2011 based on operating results that did not meet our expectations. All employees of this entity were terminated and we have had no material cash flows and we have had no ongoing or further involvement in the operations of this entity. The Consolidated Balance Sheets and Statements of Operations for all prior periods presented have been updated to reflect the operating results and net assets of this entity as a discontinued operation. As of December 31, 2013, assets of discontinued operations consist of net receivables due to us from prior operations. The following table sets forth the components of income (loss) from discontinued operations: | |||||||||||||
Year Ended December 31, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
(Dollars in thousands) | |||||||||||||
Net revenues | $ | 1,950 | $ | 38 | $ | 10 | |||||||
Operating expenses | 2,793 | 196 | 72 | ||||||||||
Operating loss | $ | (843 | ) | $ | (158 | ) | $ | (62 | ) | ||||
Impairment of assets used in discontinued operations | (382 | ) | — | — | |||||||||
Loss from discontinued operations | $ | (1,225 | ) | $ | (158 | ) | $ | (62 | ) | ||||
Benefit from income taxes | (484 | ) | (63 | ) | (25 | ) | |||||||
Loss from discontinued operations, net of tax | $ | (741 | ) | $ | 95 | $ | (37 | ) | |||||
During the year ended December 31, 2012, we completed or entered into the following transactions: | |||||||||||||
Debt | |||||||||||||
On December 12, 2012, we redeemed $4.0 million of the Terminated 95/8% Notes for $4.1 million, or at a price equal to 103% of the face value. This transaction resulted in a $0.2 million pre-tax loss on the early retirement of debt, including approximately $17,000 of unamortized discount and $0.1 million of bond issue costs associated with the 95/8% Notes. | |||||||||||||
On June 1, 2012, we redeemed $17.5 million of the Terminated 95/ 8% Notes for $18.0 million, or at a price equal to 103% of the face value. This transaction resulted in a $0.9 million pre-tax loss on the early retirement of debt, including approximately $80,000 of unamortized discount and $0.3 million of bond issue costs associated with the 95/8% Notes. | |||||||||||||
On May 21, 2012, we entered into a new Business Loan Agreement, Promissory Note and related loan documents with First California Bank (the “FCB Loan”). The FCB Loan is an unsecured, $10.0 million fixed-term loan with a maturity date of June 15, 2014. At December 31, 2012, $7.5 million was outstanding on the FCB Loan. | |||||||||||||
On May 21, 2012, we entered into an additional subordinated line of credit with Roland S. Hinz, a Salem board member. Mr. Hinz committed to provide an unsecured revolving line of credit in a principal amount of up to $6.0 million. On September 12, 2012, we amended and restated the original subordinated line of credit with Mr. Hinz to increase the unsecured revolving line of credit by $6.0 million for a total line of credit of up to $12.0 million. At December 31, 2012, $15.0 million was outstanding on all of our Subordinated Debt due to Related Parties, including amounts due Mr. Epperson. | |||||||||||||
Equity | |||||||||||||
On March 7, 2012, our Board of Directors authorized and declared a quarterly dividend in the amount of $0.035 per share on Class A and Class B common stock. Quarterly common stock dividends of $0.035 per share, were paid on March 30, 2012, June 29, 2012, September 28, 2012 and December 28, 2012, respectively, to all common stockholders of record. We paid $3.4 million in dividends during 2012. We anticipate paying quarterly common stock dividends in March, June, September and December of each year. | |||||||||||||
Acquisitions | |||||||||||||
On December 3, 2012, we began operating radio station WGTK-FM, Greenville, South Carolina under an LMA with the owner. The accompanying Consolidated Statements of Operations reflect the operating results of this entity as of the LMA date. The acquisition of this radio station closed on February 5, 2013. | |||||||||||||
On November 1, 2012, we began operating radio station WTOH-FM, Columbus, Ohio under an LMA with the owner. The accompanying Consolidated Statements of Operations reflect the operating results of this entity as of the LMA date. The acquisition of this radio station closed on February 15, 2013. | |||||||||||||
On October 1, 2012, we completed the acquisition of Godvine.com for $4.2 million. Godvine.com is a Christian video website and media platform that increases our online presence and offers significant exposure on Facebook with over 2.8 million Facebook fans. We believe that the addition of Godvine.com makes Salem Web Network the largest online destination for Christian content with an average of 5.8 million unique visits per month. | |||||||||||||
On August 31, 2012, we completed the acquisition of radio station WLCC-AM, Tampa, Florida, for $1.2 million. We began operating the station as of the closing date. The accompanying Consolidated Balance Sheets and Consolidated Statements of Operations reflect the operating results and net assets of this entity as of the acquisition date. | |||||||||||||
On August 30, 2012, we acquired SermonSpice.com for $3.0 million. SermonSpice.com is an online provider of church media for local churches and ministries. The acquisition resulted in goodwill of $1.2 million representing the excess value of the business attributable to the organizational systems and procedures already in place to ensure effective operations of the business. | |||||||||||||
On May 29, 2012, we acquired an FM translator and related construction permits for $0.3 million that will be used in our Detroit broadcast market. | |||||||||||||
On May 15, 2012, we purchased Churchangel.com and rchurch.com for $0.2 million. These Internet sites are operated under SWN to enhance and build our relationships with local churches and pastors. | |||||||||||||
On April 10, 2012, we completed the acquisition of radio station WKDL-AM in Warrenton, Virginia for $30,000. We began operating the station as of the closing date. The accompanying Consolidated Balance Sheets and Consolidated Statements of Operations reflect the operating results and net assets of this entity as of the acquisition date. | |||||||||||||
On March 16, 2012, we completed the sale of radio station WBZS-AM in Pawtucket, Rhode Island for $0.8 million in cash. The sale resulted in a pre-tax gain of $0.2 million. The accompanying Consolidated Statements of Operations reflect the operating results of this entity through the date of the sale. | |||||||||||||
On January 13, 2012, we completed the acquisition of radio station KTNO-AM, Dallas, Texas for $2.2 million. We began programming the station pursuant to a TBA with the previous owner on November 1, 2011. The accompanying Consolidated Statements of Operations reflect the operating results of this entity as of the TBA date. The accompanying Consolidated Balance Sheets reflect the net assets of this entity as of the closing date. | |||||||||||||
A summary of our business acquisitions and asset purchases for the year ended December 31, 2012, none of which were individually or in aggregate material to our consolidated financial position as of the respective date of acquisition, is as follows: | |||||||||||||
Acquisition Date | Description | Total Consideration | |||||||||||
(Dollars in thousands) | |||||||||||||
October 1, 2012 | Godvine.com (business acquisition) | $ | 4,200 | ||||||||||
August 31, 2012 | WLCC-AM, Tampa, Florida (business acquisition) | 1,150 | |||||||||||
30-Aug-12 | Sermonspice.com (business acquisition) | 3,000 | |||||||||||
15-May-12 | Churchangel.com and rchurch.com (asset purchase) | 165 | |||||||||||
10-Apr-12 | WKDL-AM, Warrenton, Virginia (business acquisition) | 30 | |||||||||||
January 13, 2012 | KTNO-AM, Dallas, Texas (business acquisition) | 2,150 | |||||||||||
$ | 10,695 | ||||||||||||
The total acquisition consideration was allocated to the net assets acquired as follows: | |||||||||||||
Broadcast | Internet | Net | |||||||||||
Assets | Assets | Assets | |||||||||||
Acquired | Acquired | Acquired | |||||||||||
(Dollars in thousands) | |||||||||||||
Asset | |||||||||||||
Property and equipment | $ | 2,235 | $ | 289 | $ | 2,524 | |||||||
Broadcast licenses | 1,086 | — | 1,086 | ||||||||||
Goodwill | 9 | 2,283 | 2,292 | ||||||||||
Customer lists and contracts | — | 767 | 767 | ||||||||||
Software | — | 309 | 309 | ||||||||||
Customer relationships | — | 927 | 927 | ||||||||||
Domain and brand names | — | 2,711 | 2,711 | ||||||||||
Non-compete | — | 106 | 106 | ||||||||||
Liabilities | |||||||||||||
Subscriber liabilities assumed | — | (27 | ) | (27 | ) | ||||||||
$ | 3,330 | $ | 7,365 | $ | 10,695 | ||||||||
During the year ended December 31, 2011, we completed or entered into the following transactions: | |||||||||||||
Debt | |||||||||||||
On December 12, 2011, we redeemed $12.5 million of the Terminated 95/8% Notes for $12.9 million, or at a price equal to 103% of the face value. This transaction resulted in a $0.8 million pre-tax loss on the early retirement of debt, including approximately $62,000 of unamortized discount and $0.3 million of bond issue costs associated with the 95/8% Notes. | |||||||||||||
On November 17, 2011, Salem entered into lines of credit with Edward G. Atsinger III, Chief Executive Officer and director of Salem, and Stuart W. Epperson, Chairman of Salem’s board of directors. Pursuant to the related agreements, Mr. Epperson has committed to provide an unsecured revolving line of credit to Salem in a principal amount of up to $3 million, and Mr. Atsinger has committed to provide an unsecured revolving line of credit in a principal amount of up to $6 million (together, the “ Subordinated Debt due to Related Parties “). The proceeds of the Subordinated Debt due to Related Parties may be used to repurchase a portion of Salem’s outstanding senior secured notes. Outstanding amounts under each subordinated line of credit will bear interest at a rate equal to the lesser of (1) 5% per annum and (2) the maximum rate permitted for subordinated debt under the Credit Agreement referred to above plus 2% per annum. Interest is payable at the time of any repayment of principal. In addition, outstanding amounts under each subordinated line of credit must be repaid within three months from the time that such amounts are borrowed. The Subordinated Lines of Credit do not contain any covenants. At December 31, 2011, $9.0 million was outstanding under the Subordinated Debt due to Related Parties. | |||||||||||||
On November 15, 2011, we completed the Second Amendment to our Revolver entered on December 1, 2009, to among other things: (1) extend the maturity date from December 1, 2012 to December 1, 2014 (2) change the interest rate applicable to LIBOR or the Wells Fargo base rate plus a spread to be determined based on our leverage ratio, (3) allow us to borrow and repay unsecured indebtedness provided certain conditions are met and (4) include step-downs related to our leverage ratio covenant. We incurred $0.5 million in fees to complete this amendment, which are being amortized over the remaining term of the credit agreement. The applicable interest rate relating to the amended credit agreement is LIBOR plus a spread of 3.0% per annum or the Base Rate (as defined in the credit agreement) plus a spread of 1.25% per annum, which is adjusted based on our leverage ratio. | |||||||||||||
On September 6, 2011, we repurchased $5.0 million of the Terminated 95/8% Notes due 2016 for $5.1 million, or at a price equal to 1027/8% of the face value. This transaction resulted in a $0.3 million pre-tax loss on the early retirement of debt, including approximately $26,000 of unamortized discount and $0.1 million of bond issue costs associated with the 95/8% Notes. | |||||||||||||
On June 1, 2011, we redeemed $17.5 million of the Terminated 95/8% Notes for $18.0 million, or at a price equal to 103% of the face value. This transaction resulted in a $1.1 million pre-tax loss on the early retirement of debt, including $0.1 million of unamortized discount and $0.5 million of bond issue costs associated with the 95/8% Notes. | |||||||||||||
Acquisitions and Dispositions | |||||||||||||
On December 21, 2011, we completed the acquisition of radio station KTEK-AM in Houston, Texas for $2.6 million, which includes $1.0 million of cash and $1.6 million netted against the unpaid portion of our note receivable. We began operating the station on March 5, 2010, pursuant to a long-term TBA. The accompanying Consolidated Statements of Operations reflect the operating results of this entity as of the TBA date. The accompanying Consolidated Balance Sheets reflect the net assets of this entity as of the closing date. We previously sold the assets of KTEK-AM on March 28, 2008 for $7.8 million, which included $4.5 million in cash and $3.3 million in notes receivable of which we collected $1.8 million. Our 2011 purchase was partially funded by the unpaid portion of the note of $1.5 million. | |||||||||||||
On March 28, 2011, we completed the acquisition of the Internet business, WorshipHouseMedia.com, an on-line church media and video ministry website, for $6.0 million in cash. WorshipHouseMedia.com offers users worship and small group resources, including movie illustrations, song tracks, worship backgrounds, small group video curriculum and worship software, to churches that may face budget, time and in-house talent constraints. The site also includes WorshipHouseKids, which offers similar products designed to meet the needs of children’s ministry media in the church. The accompanying Consolidated Balance Sheets and Consolidated Statements of Operations reflect the operating results and net assets of this entity as of the acquisition date. The acquisition resulted in goodwill of $2.1 million representing the excess value of the business as a result of the integrated business model and services already established that provide future economic benefit to us. | |||||||||||||
On March 14, 2011, we completed the acquisition of radio station WDDZ-AM, Pawtucket, Rhode Island, for $0.6 million in cash. We began operating the station as WBZS-AM upon the close of the transaction. The accompanying Consolidated Balance Sheets and Consolidated Statements of Operations reflect the operating results and net assets of this entity as of the acquisition date. On January 5, 2012, we entered into an APA to sell this radio station for $0.8 million. | |||||||||||||
On March 1, 2011, we sold radio station WAMD-AM in Aberdeen, Maryland resulting in a pre-tax loss of $0.2 million that was previously recognized upon entering into the agreement in September 2010. | |||||||||||||
On February 25, 2011, we sold radio station KXMX-AM in Los Angeles, California for $12.0 million, which was comprised of $11.0 million in cash and a $1.0 million promissory note. The $1.0 million promissory note has a three-year term, bearing interest at 7% compounded annually, due on February 25, 2016. The sale resulted in a pre-tax gain of $2.1 million. | |||||||||||||
On January 6, 2011, we sold radio station KKMO-AM in Seattle, Washington for $2.7 million in cash resulting in a pre-tax gain of $2.4 million. | |||||||||||||
On January 3, 2011, we began programming radio station KVCE-AM, Highland Park, Texas pursuant to a long-term TBA. | |||||||||||||
A summary of our business acquisitions for the year ended December 31, 2011, none of which were individually or in aggregate material to our consolidated financial position as of the respective date of acquisition, is as follows: | |||||||||||||
Acquisition Date | Description | Total Consideration | |||||||||||
(Dollars in thousands) | |||||||||||||
December 21, 2011 | KTEK-AM, Houston, Texas (business acquisition) | $ | 2,601 | ||||||||||
28-Mar-11 | WorshipHouseMedia.com (business acquisition) | 6,000 | |||||||||||
14-Mar-11 | WBZS-AM, Pawtucket, Rhode Island (business acquisition) | 550 | |||||||||||
$ | 9,151 | ||||||||||||
The total acquisition consideration was allocated to the net assets acquired as follows: | |||||||||||||
Net Broadcast | Net Internet | Net Assets | |||||||||||
Assets Acquired | Assets Acquired | Acquired | |||||||||||
(Dollars in thousands) | |||||||||||||
Asset | |||||||||||||
Property and equipment | $ | 1,018 | $ | 8 | $ | 1,026 | |||||||
Broadcast licenses | 2,130 | — | 2,130 | ||||||||||
Goodwill | 3 | 2,143 | 2,146 | ||||||||||
Customer lists and contracts | — | 80 | 80 | ||||||||||
Domain and brand names | — | 457 | 457 | ||||||||||
Internally developed software | — | 311 | 311 | ||||||||||
Customer relationships | — | 2,451 | 2,451 | ||||||||||
Other amortizable intangible assets | — | 550 | 550 | ||||||||||
$ | 3,151 | $ | 6,000 | $ | 9,151 |
PROPERTY_PLANT_AND_EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | ' | ||||||||||||||||
NOTE 4. PROPERTY, PLANT AND EQUIPMENT | |||||||||||||||||
Property, plant and equipment consisted of the following: | |||||||||||||||||
As of December 31, | |||||||||||||||||
2012 | 2013 | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Land | $ | 28,846 | $ | 29,748 | |||||||||||||
Buildings | 24,663 | 24,695 | |||||||||||||||
Office furnishings and equipment | 37,935 | 38,794 | |||||||||||||||
Antennae, towers and transmitting equipment | 74,897 | 76,454 | |||||||||||||||
Studio and production equipment | 29,234 | 29,819 | |||||||||||||||
Computer software and website development costs | 18,859 | 21,653 | |||||||||||||||
Record and tape libraries | 65 | 65 | |||||||||||||||
Automobiles | 1,107 | 1,139 | |||||||||||||||
Leasehold improvements | 16,721 | 17,414 | |||||||||||||||
Construction-in-progress | 2,963 | 4,362 | |||||||||||||||
$ | 235,290 | $ | 244,143 | ||||||||||||||
Less accumulated depreciation | (135,823 | ) | (145,215 | ) | |||||||||||||
$ | 99,467 | $ | 98,928 | ||||||||||||||
Depreciation expense was approximately $12.5 million, $12.3 million and $12.4 million for the years ended December 31, 2011, 2012, and 2013, respectively, which includes depreciation of $53,000 for each of the years ended December 31, 2011, 2012 and 2013 on a radio station tower that was valued at $0.8 million under a capital lease obligation. Accumulated depreciation associated with the capital lease was $238,000, $291,000 and $344,000 at December 31, 2011, 2012 and 2013, respectively. | |||||||||||||||||
During June 2012, based on changes in managements’ planned usage, land in Covina, CA was classified as held for sale and evaluated for impairment as of that date. In accordance with the authoritative guidance for impairment of long-lived assets held for sale, we determined the carrying value of the land exceeded the estimated fair value less cost to sell. We recorded an impairment charge of $5.6 million associated with this land based on the estimated sale price. In December 2012, after several purchase offers for the land were terminated, we obtained a third party valuation for the land. Based on this fair value appraisal, we recorded an additional $1.2 million impairment charge associated with the land. There were no indications of impairment present during the period ending December 31, 2013 and it is our intent to continue to pursue the sale of this land. | |||||||||||||||||
The table below presents the fair value measurements used to value this asset. | |||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Description | As of December 31, 2013 | Quoted prices in | Significant Other | Significant | Total Gains | ||||||||||||
active markets | Observable | Unobservable | (Losses) | ||||||||||||||
(Level 1) | Inputs (Level 2) | Inputs (Level 3) | |||||||||||||||
Long-Lived Asset Held for Sale | $ | 1,700 | $ | 1,700 | $ | 6,808 |
AMORTIZABLE_INTANGIBLE_ASSETS
AMORTIZABLE INTANGIBLE ASSETS | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
AMORTIZABLE INTANGIBLE ASSETS | ' | ||||||||||||
NOTE 5. AMORTIZABLE INTANGIBLE ASSETS | |||||||||||||
The following tables provide details, by major category, of the significant classes of amortizable intangible assets: | |||||||||||||
As of December 31, 2013 | |||||||||||||
Cost | Accumulated | Net | |||||||||||
Amortization | |||||||||||||
(Dollars in thousands) | |||||||||||||
Customer lists and contracts | $ | 17,572 | $ | (14,232 | ) | $ | 3,340 | ||||||
Domain and brand names | 12,700 | (8,124 | ) | 4,576 | |||||||||
Favorable and assigned leases | 2,358 | (1,701 | ) | 657 | |||||||||
Other amortizable intangible assets | 4,096 | (3,876 | ) | 220 | |||||||||
$ | 36,726 | $ | (27,933 | ) | $ | 8,793 | |||||||
As of December 31, 2012 | |||||||||||||
Cost | Accumulated | Net | |||||||||||
Amortization | |||||||||||||
(Dollars in thousands) | |||||||||||||
Customer lists and contracts | $ | 17,213 | $ | (12,665 | ) | $ | 4,548 | ||||||
Domain and brand names | 11,015 | (7,192 | ) | 3,823 | |||||||||
Favorable and assigned leases | 1,649 | (1,594 | ) | 55 | |||||||||
Other amortizable intangible assets | 3,997 | (3,670 | ) | 327 | |||||||||
$ | 33,874 | $ | (25,121 | ) | $ | 8,753 | |||||||
Based on the amortizable intangible assets as of December 31, 2013, we estimate amortization expense for the next five years to be as follows: | |||||||||||||
Year Ending December 31, | Amortization Expense | ||||||||||||
(Dollars in thousands) | |||||||||||||
2014 | $ | 2,851 | |||||||||||
2015 | 2,170 | ||||||||||||
2016 | 1,343 | ||||||||||||
2017 | 944 | ||||||||||||
2018 | 729 | ||||||||||||
Thereafter | 756 | ||||||||||||
Total | $ | 8,793 | |||||||||||
NOTES_PAYABLE_AND_LONGTERM_DEB
NOTES PAYABLE AND LONG-TERM DEBT | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
NOTES PAYABLE AND LONG-TERM DEBT | ' | ||||||||||||||||
NOTE 6. NOTES PAYABLE AND LONG-TERM DEBT | |||||||||||||||||
Our parent company, Salem Communications Corporation, has no independent assets or operations, the subsidiary guarantees are full and unconditional and joint and several, and any subsidiaries of the parent company other than the subsidiary guarantors are minor. | |||||||||||||||||
Term Loan B and Revolving Credit Facility | |||||||||||||||||
On March 14, 2013, we entered into a new senior secured credit facility, consisting of a term loan of $300.0 million (“Term Loan B”) and a revolving credit facility of $25.0 million (“Revolver”). The Term Loan B was issued at a discount of 4.50% for total net proceeds of $298.5 million. The discount is being amortized to non-cash interest expense over the life of the loan using the effective interest method. For the twelve months ended December 31, 2013, approximately $0.2 million of the discount has been recognized as interest expense. | |||||||||||||||||
The Term Loan B has a term of seven years, in which time the principal amount may be increased by up to an additional $60.0 million, subject to the terms and conditions of the credit agreement. We are required to make principal payments of $750,000 per quarter beginning on September 30, 2013 for the Term Loan B. The Revolver has a term of five years. We believe that the borrowing capacity under our Term Loan B and Revolver allows us to meet our ongoing operating requirements, fund capital expenditures and satisfy our debt service requirements for at least the next twelve months. | |||||||||||||||||
On December 30, 2013, we repaid $0.8 million in principal on the Term Loan B. We recorded a $3,000 pre-tax loss on the early retirement of long-term debt related to the unamortized discount. On September 30, 2013, we repaid $4.0 million in principal on the Term Loan B. We recorded a $16,000 pre-tax loss on the early retirement of long-term debt related to the unamortized discount. On June 28, 2013, we repaid $4.0 million in principal on the Term Loan B. We recorded a $14,000 pre-tax loss on the early retirement of long-term debt related to the unamortized discount. As of December 31, 2013, accrued interest on the Term Loan B was approximately $36,000. | |||||||||||||||||
Borrowings under the Term Loan B may be made at LIBOR (subject to a floor of 1.00%) plus a spread of 3.50% or Wells Fargo’s base rate plus a spread of 2.50%. Borrowings under the Revolver may be made at LIBOR or Wells Fargo’s base rate plus a spread determined by reference to our leverage ratio, as set forth in the pricing grid below. If an event of default occurs under the credit agreement, the applicable interest rate may increase by 2.00% per annum. | |||||||||||||||||
Revolver Pricing | |||||||||||||||||
Pricing Level | Consolidated Leverage Ratio | Base Rate Loans | LIBOR Loans | ||||||||||||||
1 | Less than 3.00 to 1.00 | 1.25 | % | 2.25 | % | ||||||||||||
2 | Greater than or equal to 3.00 to 1.00 but less than 4.00 to 1.00 | 1.5 | % | 2.5 | % | ||||||||||||
3 | Greater than or equal to 4.00 to 1.00 but less than 5.00 to 1.00 | 1.75 | % | 2.75 | % | ||||||||||||
4 | Greater than or equal to 5.00 to 1.00 but less than 6.00 to 1.00 | 2 | % | 3 | % | ||||||||||||
5 | Greater than or equal to 6.00 to 1.00 | 2.5 | % | 3.5 | % | ||||||||||||
The obligations under the credit agreement and the related loan documents are secured by liens on substantially all of the assets of Salem and its subsidiaries, other than certain exceptions set forth in the Security Agreement, dated as of March 14, 2013, among Salem, the subsidiary guarantors party thereto, and Wells Fargo Bank, National Association, as Administrative Agent (the “Security Agreement”) and such other related loan documents. | |||||||||||||||||
With respect to financial covenants, the credit agreement includes a minimum interest coverage ratio, which starts at 1.50 to 1.0 and steps up to 2.50 to 1.0 by 2016 and a maximum leverage ratio, which starts at 6.75 to 1.0 and steps down to 5.75 to 1.0 by 2017. The credit agreement also includes other negative covenants that are customary for credit facilities of this type, including covenants that, subject to exceptions described in the credit agreement, restrict the ability of Salem and its subsidiary guarantors: (i) to incur additional indebtedness; (ii) to make investments; (iii) to make distributions, loans or transfers of assets; (iv) to enter into, create, incur, assume or suffer to exist any liens; (v) to sell assets; (vi) to enter into transactions with affiliates; or (vii) to merge or consolidate with, or dispose of all or substantially all assets to, a third party. As of December 31, 2013, our leverage ratio was 5.49 to 1 compared to our compliance covenant of 6.75 and our interest coverage ratio was 3.16 compared to our compliance ratio of 1. We were in compliance with our debt covenants under the credit facility at December 31, 2013. | |||||||||||||||||
Terminated Senior Secured Second Lien Notes | |||||||||||||||||
On December 1, 2009, we issued $300.0 million principal amount of Terminated 95/8% Notes at a discount for $298.1 million resulting in an effective yield of 9.75%. Interest was due and payable on June 15 and December 15 of each year, commencing June 15, 2010 until maturity. We were not required to make principal payments on the Terminated 95/8% Notes, which were due in full in December 2016. The Terminated 95/ 8% Notes were guaranteed by all of our existing domestic restricted subsidiaries. Upon issuance, we were required to pay $28.9 million per year in interest on the then outstanding Terminated 95/8% Notes. As of December 31, 2012, accrued interest on the Terminated 95/ 8% Notes was $0.9 million. The discount was being amortized to interest expense over the term of the Terminated 95/ 8% Notes based on the effective interest method. For each of the twelve months ended December 31, 2013 and 2012, approximately $37,000 and $0.2 million of the discount, respectively, was recognized as interest expense. | |||||||||||||||||
On March 14, 2013, we tendered for $212.6 million in aggregate principal amount of the Terminated 95/8% Notes for an aggregate purchase price of $240.3 million, or at a price equal to 110.65% of the face value of the Terminated 95/8% Notes in the Tender Offer. We paid $22.7 million for this repurchase resulting in a $26.9 million pre-tax loss on the early retirement of long-term debt, which included approximately $0.8 million of unamortized discount and $2.9 million of bond issue costs associated with the Terminated 95/8% Notes. We issued a notice of redemption to redeem any of the Terminated 95/8% Notes that remained outstanding after the expiration date of the Tender Offer. On June 3, 2013, we redeemed the remaining $0.9 million of the outstanding Terminated 95/ 8% Notes to satisfy and discharge Salem’s obligations under the indenture for the Terminated 95/8% Notes. The carrying value of the Terminated 95/8% Notes was $212.6 million at December 31, 2012. There are no outstanding Terminated 95/8% Notes as of the effectiveness of the redemption. | |||||||||||||||||
Information regarding repurchases and redemptions of the Terminated 95/8% Notes are as follows: | |||||||||||||||||
Date | Principal | Premium | Unamortized | Bond Issue | |||||||||||||
Redeemed/Repurchased | Paid | Discount | Costs | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
June 3, 2013 | $ | 903 | $ | 27 | $ | 3 | $ | — | |||||||||
March 14, 2013 | 212,597 | 22,650 | 837 | 2,867 | |||||||||||||
December 12, 2012 | 4,000 | 120 | 17 | 57 | |||||||||||||
June 1, 2012 | 17,500 | 525 | 80 | 287 | |||||||||||||
December 12, 2011 | 12,500 | 375 | 62 | 337 | |||||||||||||
September 6, 2011 | 5,000 | 144 | 26 | 135 | |||||||||||||
June 1, 2011 | 17,500 | 525 | 93 | 472 | |||||||||||||
December 1, 2010 | 12,500 | 375 | 70 | 334 | |||||||||||||
June 1, 2010 | 17,500 | 525 | 105 | 417 | |||||||||||||
Terminated Senior Credit Facility | |||||||||||||||||
On December 1, 2009, our parent company, Salem Communications Corporation entered into a Revolver (“Terminated Revolver”). We amended the Terminated Revolver on November 1, 2010 to increase the borrowing capacity from $30 million to $40 million. The amendment allowed us to use borrowings under the Revolver, subject to the “Available Amount” as defined by the terms of the credit agreement, to redeem applicable portions of the Terminated 95/8% Notes. The calculation of the “Available Amount” also pertained to the payment of dividends when the leverage ratio was above 5.0 to 1. | |||||||||||||||||
On November 15, 2011, we completed the Second Amendment of the Terminated Revolver to, among other things, (1) extend the maturity date from December 1, 2012 to December 1, 2014, (2) change the interest rate applicable to LIBOR or the Wells Fargo base rate plus a spread to be determined based on our leverage ratio, (3) allow us to borrow and repay unsecured indebtedness provided certain conditions are met and (4) include step-downs related to our leverage ratio covenant. We incurred $0.5 million in fees to complete this amendment, which were being amortized over the remaining term of the agreement. The applicable interest rate relating to the amended credit agreement was LIBOR plus a spread of 3.00% per annum or the Base Rate plus a spread of 1.25% per annum, which was adjustable based on our leverage ratio. If an event of default occurred, the interest rate could be increased by 2.00% per annum. Details of the change in our rate based on our leverage ratio were as follows: | |||||||||||||||||
Consolidated Leverage Ratio | Base Rate | Eurodollar | Applicable | ||||||||||||||
Rate Loans | Fee Rate | ||||||||||||||||
Less than 3.25 to 1.00 | 0.75 | % | 2.25 | % | 0.4 | % | |||||||||||
Greater than or equal to 3.25 to 1.00 but less than 4.50 to 1.00 | 0.75 | % | 2.5 | % | 0.5 | % | |||||||||||
Greater than or equal to 4.50 to 1.00 but less than 6.00 to 1.00 | 1.25 | % | 3 | % | 0.6 | % | |||||||||||
Greater than or equal to 6.00 to 1.00 | 2.25 | % | 3.5 | % | 0.75 | % | |||||||||||
The Terminated Revolver included a $5 million subfacility for standby letters of credit and a subfacility for swingline loans of up to $5 million, subject to the terms and conditions of the credit agreement relating to the Terminated Revolver. In addition to interest charges outlined above, we paid a commitment fee on the unused balance based on the Applicable Fee Rate in the above table. The Terminated Revolver included a $5 million subfacility for standby letters of credit and a subfacility for swingline loans of up to $5 million, subject to the terms and conditions of the credit agreement. | |||||||||||||||||
The Terminated Revolver was terminated on March 14, 2013 upon entry into our current senior secured credit facility. This termination resulted in a $0.9 million pre-tax loss on the early retirement of long-term debt related to unamortized credit facility fees. There is no outstanding balance on the Terminated Revolver as of the termination date. | |||||||||||||||||
Terminated Subordinated Credit Facility with First California Bank | |||||||||||||||||
On May 21, 2012, we entered into a Business Loan Agreement, Promissory Note and related loan documents with First California Bank (the “FCB Loan”). The FCB Loan was an unsecured, $10.0 million fixed-term loan with a maturity date of June 15, 2014. The interest rate for the FCB Loan (“Interest Rate”) was variable and was equal to the greater of: (a) 4.250% or (b) the Wall Street Journal Prime Rate as published in The Wall Street Journal and reported by FCB plus 1%. | |||||||||||||||||
We were required to repay the FCB Loan as follows: (a) twenty-three (23) consecutive monthly interest payments based upon the then-current principal balance outstanding at the then-current Interest Rate commencing on September 15, 2012; (b) seven quarterly consecutive principal payments of $1.25 million each commencing on September 15, 2012; and (c) one final principal and interest payment on June 15, 2014 of all outstanding and unpaid interest and principal as of such maturity date. The FCB Loan could be prepaid at any time subject to a minimum interest charge of fifty dollars ($50). If an event of default occurred on the FCB Loan, the Interest Rate could have been increased by 5.00% per annum. | |||||||||||||||||
The FCB loan was terminated on March 14, 2013 upon entry into our current senior secured credit facility. This termination resulted in a $33,000 pre-tax loss on the early retirement of long-term debt for unamortized credit facility fees. There is no outstanding balance on the FCB Loan as of the termination date. | |||||||||||||||||
Terminated Subordinated Debt due to Related Parties | |||||||||||||||||
On November 17, 2011, we entered into the Terminated Subordinated Debt due Related Parties with Edward G. Atsinger III, Chief Executive Officer and director of Salem, and Stuart W. Epperson, Chairman of Salem’s Board of Directors. Pursuant to the related agreements, Mr. Epperson committed to provide an unsecured revolving line of credit to Salem in a principal amount of up to $3 million, and Mr. Atsinger committed to provide an unsecured revolving line of credit in a principal amount of up to $6 million. On May 21, 2012, we also entered into a subordinated line of credit with Roland S. Hinz, a Salem board member. Mr. Hinz committed to provide an unsecured revolving line of credit in a principal amount of up to $6 million. On September 12, 2012, we amended and restated the original subordinated line of credit with Mr. Hinz to increase the unsecured revolving line of credit by $6 million for a total line of credit of up to $12 million. | |||||||||||||||||
The proceeds of the Terminated Subordinated Debt due to Related Parties could be used to repurchase a portion of the Terminated 95/8% Notes. Outstanding amounts under each subordinated line of credit bore interest at a rate equal to the lesser of (1) 5% per annum and (2) the maximum rate permitted for subordinated debt under the Terminated Revolver referred to above plus 2% per annum. Interest was payable at the time of any repayment of principal. In addition, outstanding amounts under each subordinated line of credit were required to be repaid within three (3) months from the time that such amounts are borrowed, with the exception of the subordinated line of credit with Mr. Hinz, which was to be repaid within six (6) months from the time that such amounts were borrowed. The Terminated Subordinated Debt due to Related Parties did not contain any covenants. On March 14, 2013, we repaid these lines of credit upon entry into our current senior secured credit facility. On April 3, 2013, we provided written notice to Messrs. Atsinger, Epperson and Hinz electing to terminate the Terminated Subordinated Debt due to Related Parties and related agreements effective as of May 3, 2013. There are no outstanding balances on the Terminated Subordinated Debt due to Related Parties as of the repayment date. | |||||||||||||||||
Summary of long-term debt obligations | |||||||||||||||||
Long-term debt consisted of the following: | |||||||||||||||||
As of December 31, | |||||||||||||||||
2012 | 2013 | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Term Loan B | $ | — | $ | 289,939 | |||||||||||||
Revolver | — | — | |||||||||||||||
Terminated Revolver | 33,000 | — | |||||||||||||||
Terminated 95/8% senior secured second lien notes due 2016 | 212,622 | — | |||||||||||||||
Terminated Subordinated debt | 7,500 | — | |||||||||||||||
Terminated Subordinated Debt due to Related Parties | 15,000 | — | |||||||||||||||
Capital leases and other loans | 858 | 854 | |||||||||||||||
268,980 | 290,793 | ||||||||||||||||
Less current portion | (20,108 | ) | (3,121 | ) | |||||||||||||
$ | 248,872 | $ | 287,672 | ||||||||||||||
In addition to the outstanding amounts listed above, we also have interest payments related to our long-term debt as follows as of December 31, 2013: | |||||||||||||||||
• | Outstanding borrowings of $291.3 million under the Term Loan B with interest payments due at LIBOR (subject to a floor of 1.00%) plus 3.50% or prime rate plus 2.50%. | ||||||||||||||||
Other Debt | |||||||||||||||||
We enter capital leases for copiers and various other pieces of office equipment. The obligations recorded at December 31, 2012 and 2013 represent the present value of future commitments under the lease agreements. | |||||||||||||||||
Maturities of Long-Term Debt | |||||||||||||||||
Principal repayment requirements under all long-term debt agreements outstanding at December 31, 2013 for each of the next five years and thereafter are as follows: | |||||||||||||||||
Amount | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
2014 | $ | 3,121 | |||||||||||||||
2015 | 3,107 | ||||||||||||||||
2016 | 3,094 | ||||||||||||||||
2017 | 3,101 | ||||||||||||||||
2018 | 3,091 | ||||||||||||||||
Thereafter | 275,279 | ||||||||||||||||
$ | 290,793 |
FAIR_VALUE_ACCOUNTING
FAIR VALUE ACCOUNTING | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
FAIR VALUE ACCOUNTING | ' | ||||||||||||||||
NOTE 7. FAIR VALUE ACCOUNTING | |||||||||||||||||
FASB ASC Topic 820 “Fair Value Measurements and Disclosures” established a hierarchal disclosure framework associated with the level of pricing observability utilized in measuring fair value. This framework defines three levels of inputs to the fair value measurement process and requires that each fair value measurement be assigned to a level corresponding to the lowest level input that is significant to the fair value measurement in its entirety. The three broad levels of inputs defined by the FASB ASC Topic 820 hierarchy are as follows: | |||||||||||||||||
• | Level 1 Inputs—quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date; | ||||||||||||||||
• | Level 2 Inputs—inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability; and | ||||||||||||||||
• | Level 3 Inputs—unobservable inputs for the asset or liability. These unobservable inputs reflect the entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability, and are developed based on the best information available in the circumstances (which might include the reporting entity’s own data). | ||||||||||||||||
As of December 31, 2013, the carrying value of cash and cash equivalents, trade accounts receivables, accounts payable, accrued expenses and accrued interest approximates fair value due to the short-term nature of such instruments. The carrying value of other long-term liabilities approximates fair value as the related interest rates approximate rates currently available to the company. The following table summarizes the fair value of our financial assets that are measured at fair value: | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Total Fair Value and | Fair Value Measurement Category | ||||||||||||||||
Carrying Value on | |||||||||||||||||
Balance Sheet | Level 1 | Level 2 | Level 3 | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 65 | $ | 65 | $ | — | $ | — | |||||||||
Trade accounts receivable, net | 37,627 | 37,627 | — | — | |||||||||||||
Fair value of interest rate swap | 3,177 | — | 3,177 | — | |||||||||||||
Fair value of earn-out contingent payment | 616 | — | — | 616 | |||||||||||||
Liabilities | |||||||||||||||||
Accounts payable | 3,960 | 3,960 | — | — | |||||||||||||
Accrued expenses | 7,888 | 7,888 | — | — | |||||||||||||
Accrued interest | 37 | 37 | — | — | |||||||||||||
Long-term debt | 287,672 | 287,672 | — | — |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
INCOME TAXES | ' | ||||||||||||
NOTE 8. INCOME TAXES | |||||||||||||
We account for income taxes in accordance with FASB ASC Topic 740 “Income Taxes.” Deferred income taxes are determined based on the difference between the consolidated financial statement and income tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Our evaluation was performed for tax years that remain subject to examination by major tax jurisdictions, which range from 2009 through 2012. | |||||||||||||
The consolidated provision (benefit) for income taxes from continuing operations for Salem consisted of the following: | |||||||||||||
December 31, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
(Dollars in thousands) | |||||||||||||
Current: | |||||||||||||
Federal | $ | (8 | ) | $ | 8 | $ | — | ||||||
State | 282 | 198 | 193 | ||||||||||
274 | 206 | 193 | |||||||||||
Deferred: | |||||||||||||
Federal | 4,425 | 3,649 | (1,075 | ) | |||||||||
State | 1,411 | (3,702 | ) | (3,310 | ) | ||||||||
5,836 | (53 | ) | (4,385 | ) | |||||||||
Provision for (benefit from) income taxes | $ | 6,110 | $ | 153 | $ | (4,192 | ) | ||||||
Discontinued operations are reported net of the tax benefit of $0.5 million in 2011, $(0.06) million in 2012 and $(0.02) million in 2013. | |||||||||||||
The consolidated deferred tax asset and liability consisted of the following: | |||||||||||||
December 31, | |||||||||||||
2012 | 2013 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Financial statement accruals not currently deductible | $ | 6,146 | $ | 6,786 | |||||||||
Net operating loss, AMT credit and other carryforwards | 58,702 | 71,246 | |||||||||||
State taxes | 103 | 90 | |||||||||||
Other | 3,014 | 3,322 | |||||||||||
Total deferred tax assets | 67,965 | 81,444 | |||||||||||
Valuation allowance for deferred tax assets | (2,913 | ) | (2,868 | ) | |||||||||
Net deferred tax assets | $ | 65,052 | $ | 78,576 | |||||||||
Deferred tax liabilities: | |||||||||||||
Excess of net book value of property, plant, equipment and software for financial reporting purposes over tax basis | $ | 5,032 | $ | 3,840 | |||||||||
Excess of net book value of intangible assets for financial reporting purposes over tax basis | 100,040 | 109,133 | |||||||||||
Interest rate swap | — | 1,251 | |||||||||||
Unrecognized tax benefits | 1,325 | 933 | |||||||||||
Total deferred tax liabilities | 106,397 | 115,157 | |||||||||||
Net deferred tax liabilities | $ | (41,345 | ) | $ | (36,581 | ) | |||||||
The following table reconciles the above net deferred tax liabilities to the financial statements: | |||||||||||||
December 31, | |||||||||||||
2012 | 2013 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Deferred income tax asset per balance sheet | $ | 6,248 | $ | 6,876 | |||||||||
Deferred income tax liability per balance sheet | (47,593 | ) | (43,457 | ) | |||||||||
$ | (41,345 | ) | $ | (36,581 | ) | ||||||||
A reconciliation of the statutory federal income tax rate to the provision for income tax is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
(Dollars in thousands) | |||||||||||||
Statutory federal income tax rate (at 35%) | $ | 4,364 | $ | 1,637 | $ | (2,411 | ) | ||||||
Effect of state taxes, net of federal | 1,102 | (2,278 | ) | (2,025 | ) | ||||||||
Permanent items | 696 | 788 | 270 | ||||||||||
ISO benefit | — | — | — | ||||||||||
Other, net | (52 | ) | 6 | (26 | ) | ||||||||
Provision for income taxes | $ | 6,110 | $ | 153 | $ | (4,192 | ) | ||||||
At December 31, 2013, we had net operating loss carryforwards for federal income tax purposes of approximately $155.6 million that expire in 2020 through 2033 and for state income tax purposes of approximately $974.6 million that expire in years 2014 through 2033. For financial reporting purposes at December 31, 2013, we had a valuation allowance of $2.9 million, net of federal benefit, to offset a portion of the deferred tax assets related to state net operating loss carryforwards that may not be realized. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||||||
COMMITMENTS AND CONTINGENCIES | ' | ||||||||||||
NOTE 9. COMMITMENTS AND CONTINGENCIES | |||||||||||||
The company enters into various agreements in the normal course of business that contain minimum guarantees. The typical minimum guarantee is tied to future revenue amounts that exceed the contractual level. Accordingly, the fair value of these arrangements is zero. | |||||||||||||
The company and its subsidiaries, incident to its business activities, are parties to a number of legal proceedings, lawsuits, arbitration and other claims. Such matters are subject to many uncertainties and outcomes that are not predictable with assurance. The company maintains insurance that may provide coverage for such matters. Consequently, the company is unable to ascertain the ultimate aggregate amount of monetary liability or the financial impact with respect to these matters. The company believes, at this time, that the final resolution of these matters, individually and in the aggregate, will not have a material adverse effect upon the company’s annual consolidated financial position, results of operations or cash flows. | |||||||||||||
Salem leases various land, offices, studios and other equipment under operating leases that generally expire over the next ten to twenty-five years. The majority of these leases are subject to escalation clauses and may be renewed for successive periods ranging from one to five years on terms similar to current agreements and except for specified increases in lease payments. Rental expense included in operating expense under all lease agreements was $14.9 million, $15.7 million and $16.9 million in 2011, 2012 and 2013, respectively. | |||||||||||||
Future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2013, are as follows: | |||||||||||||
Related Parties | Other | Total | |||||||||||
(Dollars in thousands) | |||||||||||||
2014 | $ | 1,445 | $ | 9,730 | $ | 11,175 | |||||||
2015 | 1,449 | 9,046 | 10,495 | ||||||||||
2016 | 1,367 | 6,787 | 8,154 | ||||||||||
2017 | 1,042 | 4,809 | 5,851 | ||||||||||
2018 | 439 | 3,858 | 4,297 | ||||||||||
Thereafter | 4,212 | 23,556 | 27,768 | ||||||||||
$ | 9,954 | $ | 57,786 | $ | 67,740 | ||||||||
STOCK_INCENTIVE_PLAN
STOCK INCENTIVE PLAN | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||
STOCK INCENTIVE PLAN | ' | ||||||||||||||||||||
NOTE 10. STOCK INCENTIVE PLAN | |||||||||||||||||||||
The company has one stock incentive plan. The Amended and Restated 1999 Stock Incentive Plan (the “Plan”) allows the company to grant stock options and restricted stock to employees, directors, officers and advisors of the company. A maximum of 5,000,000 shares are authorized under the Plan. Options generally vest over a four year period and have a maximum term of five years from the vesting date. The Plan provides that vesting may be accelerated upon the occurrence of certain corporate transactions of the company. The Plan provides that the Board of Directors, or a committee appointed by the Board, has discretion, subject to certain limits, to modify the terms of outstanding options. We recognize non-cash stock-based compensation expense related to the estimated fair value of stock options granted in accordance with FASB ASC Topic 718 “Compensation—Stock Compensation.” | |||||||||||||||||||||
During the year ending December 31, 2012, the Board of Directors accelerated the vesting period for two outstanding stock awards issued to two employees. This accelerated vesting resulted in additional compensation cost of $0.1 million recognized in the fourth quarter of 2012. The following table reflects the components of stock-based compensation expense recognized in the Consolidated Statements of Operations for the years ended December 31, 2011, 2012 and 2013: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Stock option compensation expense included in corporate expenses | $ | 603 | $ | 933 | $ | 766 | |||||||||||||||
Restricted stock shares compensation expense included in corporate expenses | 4 | — | 481 | ||||||||||||||||||
Stock option compensation expense included in broadcast operating expenses | 281 | 305 | 302 | ||||||||||||||||||
Stock option compensation expense included in Internet operating expenses | 52 | 111 | 253 | ||||||||||||||||||
Stock option compensation expense included in publishing operating expenses | 10 | 19 | 47 | ||||||||||||||||||
Total stock-based compensation expense, pre-tax | $ | 950 | $ | 1,368 | $ | 1,849 | |||||||||||||||
Tax benefit (expense) from stock-based compensation expense | (220 | ) | (579 | ) | (740 | ) | |||||||||||||||
Total stock-based compensation expense, net of tax | $ | 730 | $ | 789 | $ | 1,109 | |||||||||||||||
Stock option and restricted stock grants | |||||||||||||||||||||
The Plan allows the company to grant stock options and shares of restricted stock to employees, directors, officers and advisors of the company. For grants of stock options, the option exercise price is set at the closing price of the company’s common stock on the date of grant, and the related number of shares underlying the stock option is fixed at that point in time. The Plan also provides for grants of restricted stock. Eligible employees may receive stock options annually with the number of shares and type of instrument generally determined by the employee’s salary grade and performance level. In addition, certain management and professional level employees typically receive a stock option grant upon commencement of employment. The Plan does not allow key employees and directors (restricted persons) to exercise options during pre-defined blackout periods. Employees may participate in plans established pursuant to Rule 10b5-1 under the Exchange Act that allow them to exercise options according to pre-established criteria. | |||||||||||||||||||||
We use the Black-Scholes valuation model to estimate the grant date fair value of stock options and restricted stock. The expected volatility reflects the consideration of the historical volatility of our stock as determined by the closing price over a six to ten year term that is generally commensurate with the expected term of the award. Expected dividends reflect the quarterly distributions authorized and declared on our Class A and Class B common stock as of the grant date. The expected term of the awards are based on evaluations of historical and expected future employee exercise behavior. The risk-free interest rates for periods within the expected term of the award are based on the U.S. Treasury yield curve in effect during the period the options were granted. We use historical data to estimate future forfeiture rates to apply against the gross amount of compensation expense determined using the valuation model. | |||||||||||||||||||||
The weighted-average assumptions used to estimate the fair value of the stock options and restricted shares using the Black-Scholes valuation model were as follows for the years ended December 31, 2011, 2012 and 2013: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||||||
Expected volatility | 101.49 | % | 102.37 | % | 100.78 | % | |||||||||||||||
Expected dividends | 0 | % | 5.07 | % | 2.05 | % | |||||||||||||||
Expected term (in years) | 7.5 | 8.2 | 6.6 | ||||||||||||||||||
Risk-free interest rate | 1.64 | % | 1.66 | % | 1.06 | % | |||||||||||||||
Stock option information with respect to the company’s stock-based equity plans during the three years ended December 31, 2013 is as follows (Dollars in thousands, except weighted average exercise price and weighted average grant date fair value): | |||||||||||||||||||||
Options | Shares | Weighted Average | Weighted Average | Weighted Average | Aggregate | ||||||||||||||||
Exercise Price | Grant Date Fair | Remaining | Intrinsic | ||||||||||||||||||
Value | Contractual Term | Value | |||||||||||||||||||
Outstanding at January 1, 2011 | 1,151,998 | $ | 6.83 | $ | 5.36 | 5.0 years | $ | 748 | |||||||||||||
Granted | 630,000 | 2.43 | 2.05 | 116 | |||||||||||||||||
Exercised | (41,112 | ) | 0.59 | 0.42 | 125 | ||||||||||||||||
Forfeited or expired | (100,494 | ) | 11.47 | 7.72 | 22 | ||||||||||||||||
Outstanding at December 31, 2011 | 1,640,392 | $ | 5.01 | $ | 4.07 | 5.2 years | $ | 584 | |||||||||||||
Exercisable at December 31, 2011 | 655,228 | 7.56 | 5.47 | 2.9 years | 414 | ||||||||||||||||
Expected to Vest | 980,189 | $ | 3.31 | $ | 3.13 | 6.8 years | $ | 170 | |||||||||||||
Outstanding at January 1, 2012 | 1,640,392 | $ | 5.01 | $ | 4.07 | 5.2 years | $ | 584 | |||||||||||||
Granted | 626,000 | 2.74 | 1.51 | 1,704 | |||||||||||||||||
Exercised | (261,205 | ) | 1.57 | 1.28 | 910 | ||||||||||||||||
Forfeited or expired | (78,088 | ) | 14.06 | 8.03 | 10,824 | ||||||||||||||||
Outstanding at December 31, 2012 | 1,927,099 | $ | 4.37 | $ | 3.45 | 5.4 years | $ | 3,899 | |||||||||||||
Exercisable at December 31, 2012 | 707,024 | 6.58 | 5.41 | 2.9 years | 1,004 | ||||||||||||||||
Expected to Vest | 1,158,461 | $ | 3.09 | $ | 2.32 | 6.8 years | $ | 2,749 | |||||||||||||
Outstanding at January 1, 2013 | 1,927,099 | $ | 4.37 | $ | 3.45 | 5.4 years | $ | 3,899 | |||||||||||||
Granted | 735,750 | 6.93 | 4.9 | 1,303 | |||||||||||||||||
Exercised | (410,983 | ) | 3.46 | 2.47 | 1,883 | ||||||||||||||||
Forfeited or expired | (89,799 | ) | 12.3 | 7.43 | 72 | ||||||||||||||||
Outstanding at December 31, 2013 | 2,162,067 | $ | 5.09 | $ | 3.57 | 5.5 years | $ | 8,491 | |||||||||||||
Exercisable at December 31, 2013 | 514,751 | 6.29 | 4.52 | 2.7 years | 1,919 | ||||||||||||||||
Expected to Vest | 1,564,128 | $ | 4.71 | $ | 3.28 | 6.4 years | $ | 6,240 | |||||||||||||
The aggregate intrinsic value represents the difference between the company’s closing stock price on December 31, 2013 of $8.70 and the option exercise price of the shares for stock options that were in the money, multiplied by the number of shares underlying such options. The total fair value of options vested during the years ended December 31, 2011, 2012 and 2013 was $1.0 million, $1.2 million and $0.8 million, respectively. | |||||||||||||||||||||
Non-employee directors of the company have been awarded restricted stock grants that vest one year from the date of issuance. During the twelve months ended December 31, 2013, the company granted restricted stock awards to certain members of management. These restricted stock awards vested immediately, but contained transfer restrictions under which they could not be sold, pledged, transferred or assigned until the three-month anniversary from the grant date. The restricted stock awards were independent of option grants and were granted at no cost to the recipient other than applicable taxes owed by the recipient. The awards were considered issued and outstanding from the date of grant. | |||||||||||||||||||||
The fair values of shares of restricted stock are determined based on the closing price of the company common stock on the grant dates. There were no restricted stock awards outstanding during the year ending December 31, 2012. Information regarding the company’s restricted stock during the years ended December 31, 2011 and 2013 is as follows: | |||||||||||||||||||||
Restricted Stock | Shares | Weighted Average Grant | |||||||||||||||||||
Date Fair Value | |||||||||||||||||||||
Non-Vested at January 1, 2011 | 10,000 | $ | 2.03 | ||||||||||||||||||
Granted | |||||||||||||||||||||
Lapsed | (10,000 | ) | 2.03 | ||||||||||||||||||
Forfeited | — | ||||||||||||||||||||
Non-Vested at December 31, 2011 | — | $ | — | ||||||||||||||||||
Non-Vested at January 1, 2013 | — | $ | — | ||||||||||||||||||
Granted | 79,810 | 6.02 | |||||||||||||||||||
Lapsed | (79,810 | ) | 6.02 | ||||||||||||||||||
Forfeited | — | — | |||||||||||||||||||
Non-Vested at December 31, 2013 | — | $ | — | ||||||||||||||||||
As of December 31, 2013, there was $2.4 million of total unrecognized compensation cost related to non-vested awards of stock options. This cost is expected to be recognized over a weighted-average period of 1.86 years. | |||||||||||||||||||||
Additional information regarding options outstanding as of December 31, 2013, is as follows: | |||||||||||||||||||||
Range of Exercise Prices | Options | Weighted Average | Weighted | Exercisable | Weighted | ||||||||||||||||
Contractual Life | Average | Options | Average | ||||||||||||||||||
Remaining | Exercise Price | Exercise Price | |||||||||||||||||||
(Years) | |||||||||||||||||||||
$0.36 - $ 3.00 | 997,166 | 5.9 | $ | 2.51 | 196,000 | $ | 2 | ||||||||||||||
$3.01 - $ 6.00 | 289,625 | 3.9 | 5.15 | 171,725 | 5.17 | ||||||||||||||||
$6.01 - $ 9.00 | 728,250 | 6.5 | 6.93 | — | — | ||||||||||||||||
$9.01 - $ 12.00 | 70,050 | 1.2 | 11.8 | 70,050 | 11.8 | ||||||||||||||||
$12.01 - $ 15.00 | 58,475 | 0.9 | 13.88 | 58,475 | 13.88 | ||||||||||||||||
$15.01 - $ 18.00 | 13,876 | 0.4 | 16.75 | 13,876 | 16.75 | ||||||||||||||||
$18.01 - $ 21.00 | 4,625 | 0.9 | 18.89 | 4,625 | 18.89 | ||||||||||||||||
$21.01 - $ 24.00 | — | — | — | — | — | ||||||||||||||||
$24.01 - $ 25.50 | — | — | — | — | — | ||||||||||||||||
$0.36 - $ 25.50 | 2,162,067 | 5.5 | $ | 5.09 | 514,751 | $ | 6.29 | ||||||||||||||
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
RELATED PARTY TRANSACTIONS | ' |
NOTE 11. RELATED PARTY TRANSACTIONS | |
Our board of directors has adopted a written policy for review, approval and monitoring of transactions between the company and its related parties. Related parties include our directors, executive officers, nominees to become a director, any person beneficially owning more than 5% of any class of our stock, immediate family members of any of the foregoing, and any entity in which any of the foregoing persons is employed or is a general partner or principal or in which the person has a 10% or greater beneficial ownership interest. The policy covers material transactions in which a related party had, has or will have a direct or indirect interest. | |
Leases with Principal Stockholders | |
A trust controlled by the Chief Executive Officer of the company, Edward G. Atsinger III, owns real estate on which assets of one radio station are located. Salem has entered into a lease agreement with this trust. Rental expense related to this lease included in operating expense for 2011, 2012 and 2013 amounted to $160,000, $165,000 and $170,000, respectively. | |
Land and buildings occupied by various Salem radio stations are leased from entities owned by the company’s CEO and its Chairman of the Board. Rental expense under these leases included in operating expense for 2011, 2012 and 2013 amounted to $1.1 million, $1.2 million and $1.2 million, respectively. | |
Terminated Subordinated Debt due to Related Parties | |
On November 17, 2011, we entered into terminated subordinated lines of credit with Edward G. Atsinger III, Chief Executive Officer and director of Salem, and Stuart W. Epperson, Chairman of Salem’s board of directors. Pursuant to the related agreements, Mr. Epperson had committed to provide an unsecured revolving line of credit to Salem in a principal amount of up to $3 million, and Mr. Atsinger had committed to provide an unsecured revolving line of credit in a principal amount of up to $6 million. On May 21, 2012, we entered into a line of credit with Roland S. Hinz, a Salem board member. Mr. Hinz committed to provide an unsecured revolving line of credit in a principal amount of up to $6.0 million. On September 12, 2012, we amended and restated the original line of credit with Mr. Hinz to increase the unsecured revolving line of credit by $6.0 million for a total line of credit of up to $12.0 million (together, the “Terminated Subordinated Debt due to Related Parties”). | |
The proceeds of the Subordinated Debt due to Related Parties may be used to repurchase a portion of Salem’s then outstanding Terminated 95/8% Notes. Outstanding amounts under each subordinated line of credit bore interest at a rate equal to the lesser of (1) 5% per annum and (2) the maximum rate permitted for subordinated debt under the Revolver referred to above plus 2% per annum. Interest was payable at the time of any repayment of principal. In addition, outstanding amounts under each terminated subordinated line of credit were required to be repaid within three (3) months from the time that such amounts are borrowed, with the exception of the subordinated line of credit with Mr. Hinz, which was to be repaid within six (6) months from the time that such amounts were borrowed. The terminated subordinated lines of credit did not contain any covenants. At December 31, 2011 and 2012, $9.0 million and $15.0 million, respectively, was outstanding under the Terminated Subordinated Debt due to Related Parties. There are no outstanding balances on the Terminated Subordinated Debt due Related Parties as of the repayment date. | |
Because the transactions with Msrs. Atsinger, Epperson and Hinz described above constitute related party transactions, the nominating and corporate governance committee (the “Committee”) of Salem’s board of directors approved the entry by Salem into the subordinated lines of credit and any definitive credit agreements associated therewith. As part of its consideration, the Committee concluded that the terms of the subordinated lines of credit were more favorable to Salem as compared to terms of lines of credit available from unaffiliated third parties. Additionally, in August 2012, the company obtained a fairness opinion from Bond & Pecaro confirming this conclusion. | |
Radio Stations Owned by the Epperson’s | |
Nancy A. Epperson, the wife of the Chairman of the Board, Stuart W. Epperson, currently serves as an officer, director and stockholder of six radio stations in Virginia, five radio stations in North Carolina, and five radio stations in Florida. Chesapeake-Portsmouth Broadcasting Corporation (“Chesapeake-Portsmouth”) is a company controlled by Nancy Epperson, wife of Salem’s Chairman of the Board Stuart W. Epperson and sister of CEO Edward G. Atsinger III. Chesapeake-Portsmouth owns and operates radio stations WJGR-AM, Jacksonville, Florida, WZNZ-AM, Jacksonville, Florida and WZAZ-AM, Jacksonville, Florida. | |
The markets where these radio stations are located are not currently served by stations owned and operated by the company. Under his employment agreement, Mr. Epperson is required to offer the company a right of first refusal of opportunities related to the company’s business. | |
Radio Stations Owned by Mr. Hinz | |
Mr. Hinz, a director of the company, through companies or entities controlled by him, operates three radio stations in Southern California. These radio stations are formatted in Christian Teaching and Talk programming in the Spanish language. | |
Truth For Life—Mr. Hinz, Mr. Riddle and Mrs. Weinberg | |
Truth For Life is a non-profit organization that is a customer of Salem Communications. During 2011, 2012 and 2013, the company billed Truth For Life approximately $1.9 million, $2.1 million and $2.1 million, respectively, for airtime on its stations. Mr. Hinz, a director of the company was an active member of the board of directors of Truth for Life during 2009 and through September 2010. Mr. Riddle, a director of the company, joined the Truth for Life board in October 2010 and remains a member of this board. Mrs. Allyson Weinberg is the wife of the company’s former director Dennis M. Weinberg, who did not stand for re-election to the board at the 2013 Annual Meeting of Stockholders. Mrs. Weinberg joined the board of Truth for Life in April 2011 and remains a member of this board. | |
Know the Truth—Mr. Riddle | |
Know the Truth is a non-profit organization that is a customer of Salem Communications. During 2011, 2012 and 2013, the company billed Know the Truth approximately $0.3 million, $0.4 million and $0.4 million, respectively, for airtime on its stations. Mr. Riddle, a director of the company, joined the Know the Truth board 2010 and remains a member of this board. | |
Split-Dollar Life Insurance | |
The company purchased split-dollar life insurance policies for its Chairman and Chief Executive Officer in 1997. During 2011, the then existing policies were cancelled and new policies were entered. The company is the owner of the policies and is entitled to recover all of the premiums paid on these policies. The company records an asset based on the lower of the aggregate premiums paid or insurance cash surrender value. The premiums were $990,000, $193,000 and $386,000, for each of the years ended December 31, 2011, 2012 and 2013, respectively. As of December 31, 2011, 2012, and 2013 we recorded net assets of $1.1 million, $1.3 million and $1.6 million, respectively. Benefits above and beyond the cumulative premiums paid will go to the beneficiary trusts established by each of the Chairman and Chief Executive Officer. | |
Transportation Services Supplied by Atsinger Aviation | |
From time to time, the company rents aircraft from a company that is owned by Edward G. Atsinger III, Chief Executive Officer and director of Salem. As approved by the independent members of the company’s board of directors, the company rents these aircraft on an hourly basis at what the company believes are market rates and uses them for general corporate needs. Total rental expense for these aircraft for 2011, 2012 and 2013 amounted to approximately $402,000, $386,000 and $239,000, respectively. |
DEFINED_CONTRIBUTION_PLAN
DEFINED CONTRIBUTION PLAN | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
DEFINED CONTRIBUTION PLAN | ' |
NOTE 12. DEFINED CONTRIBUTION PLAN | |
We maintain a 401(k) defined contribution plan (the “401(k) Plan”), which covers all eligible employees (as defined in the 401(k) Plan). Participants are allowed to make non-forfeitable contributions up to 60% of their annual salary, but may not exceed the annual maximum contribution limitations established by the Internal Revenue Service. The plan previously allowed for a company match of 50% on the first 3% of the amounts contributed by each participant and 25% on the next 3% contributed but does not match participants’ contributions in excess of 6% of their compensation per pay period. The company match was temporarily suspended in July 2008 as part of an extensive cost-reduction program. The company match was reinstated effective January 1, 2012 under new terms that allow for a company match of 50% on the first 5% of the amounts contributed by each participant. During the years ending December 31, 2012 and 2013, we contributed and expensed $1.3 million and $1.4 million, respectively, in the 401(k) Plan. |
EQUITY_TRANSACTIONS
EQUITY TRANSACTIONS | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Equity [Abstract] | ' | ||||||||||
EQUITY TRANSACTIONS | ' | ||||||||||
NOTE 13. EQUITY TRANSACTIONS | |||||||||||
Holders of Class A common stock are entitled to one vote per share and holders of Class B common stock are entitled to ten votes per share, except for specified related party transactions. Holders of Class A common stock and Class B common stock vote together as a single class on all matters submitted to a vote of stockholders, except that holders of Class A common stock vote separately for two independent directors. | |||||||||||
The following table shows distributions that have been declared and paid since January 1, 2012: | |||||||||||
Announcement Date | Payment Date | Amount Per Share | Cash Distributed | ||||||||
(in thousands) | |||||||||||
November 20, 2013 | December 27, 2013 | $ | 0.055 | $ | 1,376 | ||||||
September 12, 2013 | October 4, 2013 | $ | 0.0525 | 1,308 | |||||||
May 30, 2013 | June 28, 2013 | $ | 0.05 | 1,240 | |||||||
March 18, 2013 | April 1, 2013 | $ | 0.05 | 1,234 | |||||||
November 29, 2012 | December 28, 2012 | $ | 0.035 | 854 | |||||||
August 30, 2012 | September 28, 2012 | $ | 0.035 | 854 | |||||||
May 31, 2012 | June 21, 2012 | $ | 0.035 | 854 | |||||||
March 7, 2012 | March 30, 2012 | $ | 0.035 | 850 | |||||||
We account for stock-based compensation expense in accordance with FASB ASC Topic 718 “Compensation—Stock Expense.” As a result, $1.0 million, $1.4 million and $1.8 million of non-cash stock-based compensation expense has been recorded to additional paid-in capital for the year ended December 31, 2011, 2012, and 2013, respectively. |
QUARTERLY_RESULTS_OF_OPERATION
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED): | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED): | ' | ||||||||||||||||||||||||||||||||
NOTE 14. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED): | |||||||||||||||||||||||||||||||||
The following table sets forth selected financial results of the company on a quarterly basis. | |||||||||||||||||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||||||||||||||||||
2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | ||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||||||||||||
Total revenue | $ | 54,284 | $ | 55,628 | $ | 57,626 | $ | 60,136 | $ | 56,719 | $ | 58,476 | $ | 60,550 | $ | 62,694 | |||||||||||||||||
Operating income | 7,930 | 6,582 | 3,862 | 9,287 | 8,479 | 8,974 | 10,219 | 9,690 | |||||||||||||||||||||||||
Net income (loss) before discontinued operations | 885 | (18,582 | ) | (1,779 | ) | 5,205 | 3,407 | 5,334 | 2,010 | 5,344 | |||||||||||||||||||||||
Net income (loss) | $ | 843 | $ | (18,593 | ) | $ | (1,792 | ) | $ | 5,201 | $ | 3,368 | $ | 5,323 | $ | 2,009 | $ | 5,333 | |||||||||||||||
Basic earnings (loss) per share | $ | 0.04 | $ | (0.75 | ) | $ | (0.07 | ) | $ | 0.2 | $ | 0.13 | $ | 0.21 | $ | 0.08 | $ | 0.21 | |||||||||||||||
Basic earnings (loss) per share from continuing operations | $ | 0.03 | $ | (0.75 | ) | $ | (0.07 | ) | $ | 0.2 | $ | 0.13 | $ | 0.21 | $ | 0.08 | $ | 0.21 | |||||||||||||||
Diluted earnings (loss) per share | $ | 0.04 | $ | (0.75 | ) | $ | (0.07 | ) | $ | 0.2 | $ | 0.13 | $ | 0.21 | $ | 0.08 | $ | 0.21 | |||||||||||||||
Diluted earnings (loss) per share from continuing operations | $ | 0.03 | $ | (0.75 | ) | $ | (0.07 | ) | $ | 0.2 | $ | 0.13 | $ | 0.21 | $ | 0.08 | $ | 0.21 | |||||||||||||||
Weighted average shares outstanding – basic | 24,564,947 | 24,632,431 | 24,356,298 | 24,737,131 | 24,663,027 | 25,126,858 | 24,726,148 | 25,255,881 | |||||||||||||||||||||||||
Weighted average shares outstanding – diluted | 24,753,671 | 24,632,431 | 24,356,298 | 25,624,350 | 25,358,052 | 25,921,391 | 25,266,368 | 26,051,098 |
SEGMENT_DATA
SEGMENT DATA | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
SEGMENT DATA | ' | ||||||||||||||||||||
NOTE 15. SEGMENT DATA | |||||||||||||||||||||
FASB ASC Topic 280 “Segment Reporting” requires companies to provide certain information about their operating segments. We have historically had one reportable operating segment—radio broadcasting. Our radio broadcasting segment operates radio stations throughout the United States, as well as various radio networks and our National sales group. Beginning with the first quarter of 2011, we separated our non-broadcast segment into two operating segments, Internet and Publishing. We believe that this information regarding our non-broadcast segment is useful to readers of our financial statements. Additionally, due to growth within our Internet operations, including the acquisition of WorshipHouseMedia.com on March 28, 2011, our Internet segment meets the threshold for disclosure as a reportable segment. All prior periods presented have been updated to separate these non-broadcast segments. Our Internet segment operates all of our websites and our consumer product sales. Our publishing segment operates our print magazine and Xulon Press, a print-on-demand book publisher. | |||||||||||||||||||||
Management uses operating income before depreciation, amortization, impairments, (gain) loss on the sale or disposal of assets, as its measure of profitability for purposes of assessing performance and allocating resources. | |||||||||||||||||||||
Radio | Internet | Publishing | Corporate | Consolidated | |||||||||||||||||
Broadcast | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
Net revenue | $ | 183,697 | $ | 40,906 | $ | 12,331 | $ | — | $ | 236,934 | |||||||||||
Operating expenses | 122,862 | 28,378 | 13,289 | 21,430 | 185,959 | ||||||||||||||||
Operating income (loss) before depreciation, amortization, impairment of long-lived assets and (gain) loss on the sale or disposal of assets | $ | 60,835 | $ | 12,528 | $ | (958 | ) | $ | (21,430 | ) | $ | 50,975 | |||||||||
Depreciation | 7,934 | 2,904 | 444 | 1,166 | 12,448 | ||||||||||||||||
Amortization | 154 | 2,654 | 6 | — | 2,814 | ||||||||||||||||
Impairment of indefinite-lived long-term assets other than goodwill | — | — | 1,006 | — | 1,006 | ||||||||||||||||
Impairment of goodwill | — | — | 438 | — | 438 | ||||||||||||||||
(Gain) loss on the sale or disposal of assets | (274 | ) | — | — | 10 | (264 | ) | ||||||||||||||
Operating income (loss) | $ | 53,021 | $ | 6,970 | $ | (2,852 | ) | $ | (22,606 | ) | $ | 34,533 | |||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
Net revenue | $ | 183,180 | $ | 33,474 | $ | 12,525 | $ | — | $ | 229,179 | |||||||||||
Operating expenses | 120,772 | 25,145 | 12,288 | 18,892 | 177,097 | ||||||||||||||||
Operating income (loss) before depreciation, amortization, impairment of long-lived assets and (gain) loss on the sale or disposal of assets | $ | 62,408 | $ | 8,329 | $ | 237 | $ | (18,892 | ) | $ | 52,082 | ||||||||||
Depreciation | 8,274 | 2,438 | 423 | 1,208 | 12,343 | ||||||||||||||||
Amortization | 105 | 2,189 | 8 | 2 | 2,304 | ||||||||||||||||
Impairment of indefinite-lived long-term assets other than goodwill | — | — | 88 | — | 88 | ||||||||||||||||
Impairment of long-lived assets | 6,808 | — | — | — | 6,808 | ||||||||||||||||
(Gain) loss on the sale or disposal of assets | 84 | (76 | ) | — | 41 | 49 | |||||||||||||||
Operating income (loss) | $ | 47,137 | $ | 3,778 | $ | (282 | ) | $ | (20,143 | ) | $ | 30,490 | |||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||
Net revenue | $ | 178,731 | $ | 27,304 | $ | 12,131 | $ | — | $ | 218,166 | |||||||||||
Operating expenses | 115,482 | 20,889 | 11,475 | 17,503 | 165,349 | ||||||||||||||||
Operating income (loss) before depreciation, amortization, impairment of long-lived assets and (gain) loss on the sale or disposal of assets | $ | 63,249 | $ | 6,415 | $ | 656 | $ | (17,503 | ) | $ | 52,817 | ||||||||||
Depreciation | 8,834 | 2,139 | 308 | 1,239 | 12,520 | ||||||||||||||||
Amortization | 136 | 2,186 | 127 | 2 | 2,451 | ||||||||||||||||
(Gain) loss on the sale or disposal of assets | (4,332 | ) | (11 | ) | 23 | 167 | (4,153 | ) | |||||||||||||
Operating income (loss) | $ | 58,611 | $ | 2,101 | $ | 198 | $ | (18,911 | ) | $ | 41,999 | ||||||||||
Radio | Internet | Publishing | Corporate | Consolidated | |||||||||||||||||
Broadcast | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Property, plant and equipment, net | $ | 82,457 | $ | 6,402 | $ | 1,596 | $ | 8,473 | $ | 98,928 | |||||||||||
Broadcast licenses | 381,836 | — | — | — | 381,836 | ||||||||||||||||
Goodwill | 3,917 | 17,550 | 899 | 8 | 22,374 | ||||||||||||||||
Other indefinite-lived intangible assets | — | — | 868 | — | 868 | ||||||||||||||||
Amortizable intangible assets, net | 661 | 8,119 | 11 | 2 | 8,793 | ||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||
Property, plant and equipment, net | $ | 82,972 | $ | 6,309 | $ | 1,271 | $ | 8,915 | $ | 99,467 | |||||||||||
Broadcast licenses | 373,720 | — | — | — | 373,720 | ||||||||||||||||
Goodwill | 3,881 | 17,157 | 1,337 | 8 | 22,383 | ||||||||||||||||
Other indefinite-lived intangible assets | — | — | 1,873 | — | 1,873 | ||||||||||||||||
Amortizable intangible assets, net | 106 | 8,634 | 11 | 2 | 8,753 |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
NOTE 16. SUBSEQUENT EVENTS | |
On January 10, 2014, we acquired the assets of Eagle Publishing, including Regnery Publishing, HumanEvents.com, and Redstate.com, as well as Eagle Financial Publications and Eagle Wellness. We began operating these entities as of the closing date. The base purchase price of the Eagle entities is $8.5 million with $3.5 million paid in cash upon closing, $2.5 million payable in January 2015 and $2.5 million payable in January 2016. Up to an additional $8.5 million of contingent earn-out consideration $8.5 million can be paid over the next three years based on the achievement of certain revenue benchmarks established for calendar years 2014, 2015 and 2016. The contingent earn out consideration will be recorded at the estimated net present value based on a weighted probability of possible payments. Changes in the fair value of the contingent earn-out consideration may materially impact and cause volatility in our future operating results. | |
On February 7, 2014, we closed on the acquisition of radio stations KDIS-FM, Little Rock, Arkansas and KRDY-AM, San Antonio, Texas for $2.0 million in cash. We began operating these stations as of the closing date. | |
On February 28, 2014, we entered into an APA to acquire radio station WOLT-FM in Greenville, South Carolina for $1.1 million. We began operating the station under an LMA as of this date. The acquisition is subject to the approval of the FCC and is expected to close during the year ending December 31, 2014. | |
Subsequent events reflect all applicable transactions through the date of the filing. |
Schedule_II_Valuation_Qualifyi
Schedule II - Valuation & Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Valuation And Qualifying Accounts [Abstract] | ' | ||||||||||||||||
Schedule II - Valuation & Qualifying Accounts | ' | ||||||||||||||||
SALEM COMMUNICATIONS CORPORATION | |||||||||||||||||
Schedule II – Valuation & Qualifying Accounts | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Description | Balance at | Additions | Deductions | Balance at | |||||||||||||
Beginning | Charged to | Bad Debt | End of Period | ||||||||||||||
of Period | Cost and | Write-offs | |||||||||||||||
Expense | |||||||||||||||||
Year Ended December 31, 2011 Allowance for Doubtful Accounts | 10,026 | 2,069 | (2,795 | ) | 9,300 | ||||||||||||
Year Ended December 31, 2012 Allowance for Doubtful Accounts | 9,300 | 2,554 | (2,928 | ) | 8,926 | ||||||||||||
Year Ended December 31, 2013 Allowance for Doubtful Accounts | 8,926 | 3,456 | (1,573 | ) | 10,809 | ||||||||||||
All other schedules for which provision is made in the applicable accounting regulation of the Securities and Exchange Commission are not required under the related instructions or are inapplicable, and therefore have been omitted. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Basis of Presentation | ' | ||||||||||||||||
Basis of Presentation | |||||||||||||||||
The accompanying consolidated financial statements of Salem Communications Corporation (“Salem” “we,” “us,” “our” or the “company”) include the company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated. | |||||||||||||||||
Description of Business | ' | ||||||||||||||||
Description of Business | |||||||||||||||||
Salem is a diversified multi-media company with integrated business operations covering radio broadcasting, content programming, the Internet, and publishing. Our programming is intended for audiences interested in Christian and family-themed content and conservative news talk. Our foundational business is the ownership and operation of radio stations in large metropolitan markets. Upon the close of all announced transactions, we will own and/or operate 103 radio stations throughout the United States. Our broadcasting business also includes Salem Radio Network® (“SRN”), SRN News Network (“SNN”), Salem Music Network (“SMN”), Solid Gospel Network (“SGN”), Salem Media Representatives (“SMR”) and Vista Media Representatives (“VMR”). SRN, SNN, SMN and SGN are networks that produce and distribute programming, such as talk, news and music segments to radio stations throughout the United States, including Salem owned and operated stations. SMR and VMR sell commercial airtime to national advertisers on radio stations and networks that we own, as well as on independent radio station affiliates. | |||||||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||
We consider all highly liquid debt instruments, purchased with an initial maturity of three-months or less, to be cash equivalents. The carrying value of our cash equivalents approximated fair value at each balance sheet date. | |||||||||||||||||
Restricted Cash | ' | ||||||||||||||||
Restricted Cash | |||||||||||||||||
Restricted cash includes amounts that are contractually restricted in connection with a security agreement between the company and Traveler’s Insurance. | |||||||||||||||||
Trade Accounts Receivable | ' | ||||||||||||||||
Trade Accounts Receivable | |||||||||||||||||
Trade accounts receivable represent receivables from customers for the sale of advertising, block program time, sponsorships and events, product sales, royalties, vide and graphic downloads, subscriptions, book sales and author fees. Our receivables are recorded as invoiced and represent claims that will be settled in cash. The carrying value of our receivables, net of the allowance for doubtful accounts, represents their estimated net realizable value. | |||||||||||||||||
Allowance for Doubtful Accounts | ' | ||||||||||||||||
Allowance for Doubtful Accounts | |||||||||||||||||
Our allowance for doubtful accounts is evaluated on a monthly basis and is recorded based on our historical collection experience, the age of the receivables, specific customer information and economic conditions. We also review outstanding balances on an account-specific basis. In general, past due receivable balances are not written-off until all of our collection efforts have been unsuccessful, including use of a recovery agency. A considerable amount of judgment is required in assessing the likelihood of ultimate realization of these receivables including the current creditworthiness of each customer. If the financial condition of our customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. | |||||||||||||||||
Revenue Recognition | ' | ||||||||||||||||
Revenue Recognition | |||||||||||||||||
Revenues are recognized when pervasive evidence of an arrangement exists, delivery has occurred or the service has been rendered, the price to the customer is fixed or determinable and collection of the arrangement fee is reasonably assured. | |||||||||||||||||
Revenues from radio programs and commercial advertising are recognized when the program or advertisement is broadcast. Revenue is reported net of agency commissions, which are calculated based on a stated percentage applied to gross billing. Our customers principally include not-for-profit charitable organizations and commercial advertisers. Revenue from the sale of products and services is recognized when the products are shipped and the services are rendered. Revenues from the sale of advertising in our magazines is recognized upon publication. Revenue from the sale of subscriptions to our publications is recognized over the life of the subscription. Revenue from book sales is recorded when shipment occurs. | |||||||||||||||||
Multiple-Deliverables | ' | ||||||||||||||||
Multiple-Deliverables | |||||||||||||||||
We may enter bundled advertising agreements that include spot advertisements on our radio stations, Internet banner placements, print magazine advertisements and booth space at specific events or some combination thereof. The multiple deliverables contained in each agreement are accounted for separately over their respective delivery period provided that they are separate units of accounting. The selling price used for each deliverable is based on vendor specific objective evidence if available or estimated selling price if vendor specific objective evidence is not available. Objective evidence of fair value includes the price charged for each element when it is sold separately. The estimated selling price is the price that we would transact if the deliverable was sold regularly on a standalone basis. Arrangement consideration is allocated at the inception of each arrangement to all deliverables using the relative selling price method. The relative selling price method allocates any discount in the arrangement proportionally to each deliverable on the basis of each deliverable’s selling price. | |||||||||||||||||
Barter Transactions | ' | ||||||||||||||||
Barter Transactions | |||||||||||||||||
We may provide advertising time in exchange for certain products, supplies and services. The terms of the exchanges generally permit for the preemption of such broadcast time in favor of advertisers who purchase time on regular terms. We include the value of such exchanges in both net broadcasting revenues and broadcast operating expenses. The value recorded for barter revenues is based upon management’s estimate of the fair value of the products, supplies and services received. | |||||||||||||||||
Advertising time that our radio stations exchange for goods and or services is recorded as barter revenue when the advertisement is broadcast at an amount equal to our estimate fair value of what was received. The value of goods or services received in such barter transactions is charged to expense as used. Barter advertising revenue included in broadcast revenue for the years ended December 31, 2011, 2012 and 2013 was approximately $5.2 million, $5.3 million and $5.6 million, respectively, and barter expenses were approximately the same as barter revenue for each period. | |||||||||||||||||
Accounting for Stock-Based Compensation | ' | ||||||||||||||||
Accounting for Stock-Based Compensation | |||||||||||||||||
The company has one employee stock compensation plan, described more fully in “Note 10. Stock Incentive Plan.” We account for stock-based compensation in accordance with the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718 “Compensation—Stock Compensation.” We record equity awards under the fair value method with share-based compensation measured at the fair value of the award as of the grant date. The exercise price for options is equal to the closing market price of Salem Communications common stock on the date of grant. | |||||||||||||||||
We use the straight-line attribution method to recognize share-based compensation costs over the service period of the award. Upon exercise, cancellation, forfeiture, or expiration of stock options, or upon vesting or forfeiture of restricted stock awards, deferred tax assets for options and restricted stock awards with multiple vesting dates are eliminated for each vesting period on a first-in, first-out basis as if each vesting period was a separate award. To calculate the excess tax benefits available as of the date of adoption for use in offsetting future tax shortfalls, we followed the alternative transition method discussed in the FASB ASC Topic 718. | |||||||||||||||||
Accounting for Acquisitions and Upgrades of Radio Station and Network Assets | ' | ||||||||||||||||
Accounting for Acquisitions and Upgrades of Radio Station and Network Assets | |||||||||||||||||
A majority of our radio station acquisitions have consisted primarily of the FCC licenses to broadcast in a particular market. We often do not acquire the existing format, or we change the format upon acquisition when we find it beneficial. As a result, a substantial portion of the purchase price for the assets of a radio station is allocated to the broadcast license. It is our policy generally to retain third-party appraisers to value radio stations, networks, Internet or publishing properties. The allocations assigned to acquired broadcast licenses and other assets are subjective by their nature and require our careful consideration and judgment. We believe the allocations represent appropriate estimates of the fair value of the assets acquired. As part of the valuation and appraisal process, the third-party appraisers prepare reports that assign values to the various asset categories in our financial statements. Our management reviews these reports and determines the reasonableness of the assigned values used to record the acquisition at the close of the transaction. | |||||||||||||||||
We undertake projects from time to time to upgrade our radio station technical facilities and/or FCC broadcast licenses. Our policy is to capitalize costs incurred up to the point where the project is complete, at which time we transfer the costs to the appropriate fixed asset and/or intangible asset categories. When the completion of a project is contingent upon FCC or other regulatory approval, we assess the probable future benefit of the asset at the time that it is recorded and monitor it through the FCC or other regulatory approval process. In the event the required approval is not considered probable or the project is abandoned, we write-off the capitalized costs of the project. | |||||||||||||||||
Accounting for Contingent Consideration | ' | ||||||||||||||||
Accounting for Contingent Consideration | |||||||||||||||||
Acquisitions may include contingent consideration, the fair value of which is estimated on the acquisition date as the present value of the expected contingent payments, determined using weighted probabilities of possible payments. As discussed, future page views are the basis for calculating the contingent consideration associated with our acquisition of Twitchy.com in December 2013. The unobservable inputs to the determination of the fair value of the contingent consideration include assumptions as to the ability of the acquired businesses to meet these page view targets and discount rates used in the calculation. Should the actual page views generated by the acquired business increase or decrease as compared to our assumptions, the fair value of the contingent consideration obligations would increase or decrease, up to the contracted limit, as applicable. Changes in the fair value of the contingent earn-out consideration could cause a material impact and volatility in our operating results. | |||||||||||||||||
Accounting for Discontinued Operations | ' | ||||||||||||||||
Accounting for Discontinued Operations | |||||||||||||||||
We regularly review underperforming assets to determine if a sale might be a better way to monetize the assets. When a station, group of stations, or other asset groups are considered for sale, we review the transaction to determine if or when the entity qualifies as a discontinued operation in accordance with the criteria of FASB ASC Topic 205-20 “Discontinued Operations.” This pronouncement specifies that the operations and cash flow of the entity disposed of, or to be sold, have or will be eliminated from the ongoing operations as a result of the disposal and that we will not have significant continuing involvement in the operations after the disposal transaction. For our radio stations, we define a cluster as a group of radio stations operating in the same geographic market, sharing the same building and equipment and managed by a single general manager. The cluster level is the lowest level for which discrete financial information and cash flows are available and the level reviewed by management to analyze operating results. General Managers are compensated based on the results of their cluster as a whole, not the results of any individual radio stations. We have determined that a radio market qualifies for a discontinued operation when management, having the authority to approve the action, commits to a plan to sell the asset (disposal group), the sale is probable, and the sale will result in the exit of a particular geographic market. | |||||||||||||||||
Based on operating results that did not meet expectations, we ceased operating Samaritan Fundraising as of December 31, 2011. Samaritan Fundraising, previously included in our Internet operations, was a web-based fundraising products company that operated from a single facility in Fairfax, VA, under the control of one general manager. As a result of our decision to cease operations, the cash flows associated with this entity ceased and we have no continuing involvement in the operations of the entity. We have reported the operating results and net assets of this entity as a discontinued operation for all periods presented. | |||||||||||||||||
The markets and entities that we have accounted for as a discontinued operation are explained in more fully in “Note 3 – Acquisitions and Recent Transactions.” | |||||||||||||||||
Accounting for Property, Plant and Equipment | ' | ||||||||||||||||
Accounting for Property, Plant and Equipment | |||||||||||||||||
Property, plant and equipment are recorded at cost less accumulated depreciation. Cost represents the historical cost of acquiring the asset, including the costs necessarily incurred to bring it to the condition and location necessary for its intended use. For assets constructed for our own use, such as towers and buildings that are discrete projects for which costs are separately accumulated and for which construction takes considerable time, we record capitalized interest. The amount capitalized is the cost that could have been avoided had the asset not been constructed and is based on the average accumulated expenditures incurred over the capitalization period at the weighted average rate applicable to our outstanding variable rate debt. We capitalized interest of $0.1 million during the years ended December 31, 2012 and 2013, respectively. Repair and maintenance costs are charged to expense as incurred. Improvements are capitalized when they extend the life of the asset or enhance the quality or ability of the asset to benefit operations. Depreciation is computed using the straight-line method over estimated useful lives as follows: | |||||||||||||||||
Category | Life | ||||||||||||||||
Buildings | 40 years | ||||||||||||||||
Office furnishings and equipment | 5-10 years | ||||||||||||||||
Antennae, towers and transmitting equipment | 20 years | ||||||||||||||||
Studio and production equipment | 7-10 years | ||||||||||||||||
Software and website development costs | 3 years | ||||||||||||||||
Record and tape libraries | 3 years | ||||||||||||||||
Automobiles | 5 years | ||||||||||||||||
Leasehold improvements | Lesser of 15 years or life of lease | ||||||||||||||||
The carrying value of property, plant and equipment is evaluated periodically in relation to the operating performance and anticipated future cash flows of the underlying radio stations and businesses for indicators of impairment. When indicators of impairment are present and the cash flows estimated to be generated from these assets is less than the carrying value of these assets, an adjustment to reduce the carrying value to the fair market value of the assets is recorded, if necessary. No adjustments to the carrying amounts of property, plant and equipment were made during the years ended December 31, 2011. | |||||||||||||||||
During June 2012, based on changes in managements’ planned usage, land in Covina, CA was classified as held for sale and evaluated for impairment as of that date. In accordance with the authoritative guidance for impairment of long-lived assets held for sale, we determined the carrying value of the land exceeded the estimated fair value less cost to sell. We recorded an impairment charge of $5.6 million associated with this land based on the estimated sale price. In December 2012, after several purchase offers for the land were terminated, we obtained a third party valuation for the land. Based on this fair value appraisal, we recorded an additional $1.2 million impairment charge associated with the land. | |||||||||||||||||
There were no indications of impairment present during the period ending December 31, 2013 and it is our intent to continue to pursue the sale of this land. | |||||||||||||||||
The table below presents the fair value measurements used to value this asset. | |||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Description | As of December 31, 2013 | Quoted prices in | Significant Other | Significant | Total Gains | ||||||||||||
active markets | Observable | Unobservable | (Losses) | ||||||||||||||
(Level 1) | Inputs (Level 2) | Inputs (Level 3) | |||||||||||||||
Long-Lived Asset Held for Sale | $ | 1,700 | $ | 1,700 | $ | 6,808 | |||||||||||
Accounting for Internally Developed Software and Website Development Costs | ' | ||||||||||||||||
Accounting for Internally Developed Software and Website Development Costs | |||||||||||||||||
We capitalize costs incurred during the application development stage related to the development of internal-use software as specified in FASB ASC Topic 350-40 “Internal-Use Software.” Capitalized costs are generally amortized over the estimated useful life of three years. Costs incurred related to the conceptual design and maintenance of internal-use software are expensed as incurred. Website development activities include planning, design and development of graphics and content for new websites and operation of existing sites. Costs incurred that involve providing additional functions and features to the website are capitalized. Costs associated with website planning, maintenance, content development and training are expensed as incurred. Capitalized costs are generally amortized over the estimated useful life of three years. We capitalized $2.3 million, $2.3 million and $1.5 million during the years ended December 31, 2011, 2012 and 2013, respectively, related to internally developed software and website development costs. Amortization expense of amounts capitalized was $1.8 million, $2.1 million and $2.3 million for the years ended December 31, 2011, 2012 and 2013, respectively. | |||||||||||||||||
Accounting for Advertising and Promotional Cost | ' | ||||||||||||||||
Accounting for Advertising and Promotional Cost | |||||||||||||||||
Costs of media advertising and associated production costs are expensed as incurred and amounted to approximately $10.3 million, $10.5 million and $10.0 million for each of the years ending December 31, 2011, 2012, and 2013, respectively. | |||||||||||||||||
Accounting for Amortizable Intangible Assets | ' | ||||||||||||||||
Accounting for Amortizable Intangible Assets | |||||||||||||||||
Intangible assets are recorded at cost less accumulated amortization. Typically, intangible assets are acquired in conjunction with the acquisition of radio stations, Internet businesses and publishing entities. These intangibles are amortized using the straight-line method over the following estimated useful lives: | |||||||||||||||||
Category | Life | ||||||||||||||||
Customer lists and contracts | Lesser of 5 years or life of contract | ||||||||||||||||
Favorable and assigned leases | Life of the lease | ||||||||||||||||
Domain and brand names | 5 to 7 years | ||||||||||||||||
Internally developed software | 3 to 5 years | ||||||||||||||||
Customer relationships | 1 to 3 years | ||||||||||||||||
Other amortizable intangible assets | 5 to 10 years | ||||||||||||||||
The carrying value of our amortizable intangible assets are evaluated periodically in relation to the operating performance and anticipated future cash flows of the underlying radio stations and businesses for indicators of impairment. In accordance with FASB ASC Topic 360 “Property, Plant and Equipment,” when indicators of impairment are present and the undiscounted cash flows estimated to be generated from these assets are less than the carrying amounts of these assets, an adjustment to reduce the carrying value to the fair market value of these assets is recorded, if necessary. No adjustments to the carrying amounts of our amortizable intangible assets were necessary during the years ended December 31, 2011, 2012 or 2013. | |||||||||||||||||
Goodwill and Other Indefinite-Lived Intangible Assets | ' | ||||||||||||||||
Goodwill and Other Indefinite-Lived Intangible Assets | |||||||||||||||||
Approximately 70% of our total assets as of December 31, 2013, consist of indefinite-lived intangible assets, such as broadcast licenses, goodwill and mastheads, the value of which depends significantly upon the operating results of our businesses. In the case of our radio stations, we would not be able to operate the properties without the related FCC license for each property. Broadcast licenses are renewed with the FCC every eight years for a nominal cost that is expensed as incurred. We continually monitor our stations’ compliance with the various regulatory requirements. Historically, all of our broadcast licenses have been renewed at the end of their respective periods, and we expect that all broadcast licenses will continue to be renewed in the future. Accordingly, we consider our broadcast licenses to be indefinite-lived intangible assets in accordance with FASB ASC Topic 350, “Intangibles – Goodwill and Other.” Broadcast licenses account for approximately 94% of our indefinite-lived intangible assets. Goodwill and magazine mastheads account for the remaining 6%. We do not amortize goodwill or other indefinite-lived intangible assets, but rather test for impairment at least annually or more frequently if events or circumstances indicate that an asset may be impaired. | |||||||||||||||||
We complete our annual impairment tests in the fourth quarter of each year. We believe that our estimate of the value of our broadcast licenses, mastheads, and goodwill is a critical accounting estimate as the value is significant in relation to our total assets, and our estimates incorporate variables and assumptions that are based on past experiences and judgment about future operating performance of our markets and business segments. The fair value measurements for our indefinite-lived intangible assets use significant unobservable inputs that reflect our own assumptions about the estimates that market participants would use in measuring fair value including assumptions about risk. The unobservable inputs are defined in FASB ASC Topic 820 “Fair Value Measurements and Disclosures” as Level 3 inputs discussed in detail in Note 7 to our Consolidated Financial Statements. Please refer to “Note 2 – Impairment of Goodwill and Other Indefinite-Lived Intangible Assets” for a further discussion of our testing plan and impairments recognized. | |||||||||||||||||
Gain or Loss on the Sale or Disposal of Assets | ' | ||||||||||||||||
Gain or Loss on the Sale or Disposal of Assets | |||||||||||||||||
We record gains or losses on the sale or disposal of assets equal to the proceeds, if any, as compared to the net book value. Exchange transactions are accounted for in accordance with FASB ASC Topic 845 “Non-Monetary Transactions.” For the year ended December 31, 2011, we recorded a gain on disposal of assets of $4.2 million that includes a $2.4 million pre-tax gain on the sale of KKMO-AM in Seattle, Washington and a $2.1 million pre-tax gain on the sale of KXMX-AM in Los Angeles, California, offset by various fixed asset and equipment disposals. For the year ended December 31, 2012, we recorded a $0.2 million pre-tax gain on the sale of WBZS-AM in Pawtucket, Rhode Island and a $0.6 million gain from insurance proceeds for repairs of storm damage in our New York market , partially offset by various fixed asset and equipment disposals including an additional loss associated with the write-off of a receivable from a prior station sale. For the year ended December 31, 2013, we recorded a $0.4 million pre-tax gain on the partial sale of land in our Cleveland market and $0.1 million of insurance proceeds for damages at one of our stations offset by various fixed asset and equipment disposals. | |||||||||||||||||
Leases | ' | ||||||||||||||||
Leases | |||||||||||||||||
We lease various facilities including broadcast tower and transmitter sites. When we enter a lease agreement, we review the terms to determine the appropriate classification of the lease as a capital lease or operating lease based on the factors listed in FASB ASC Topic 840 “Leases.” Our current lease terms generally range from one to twenty-five years with rent expense recorded on a straight-line basis for financial reporting purposes. We also sublease towers that we own under various agreements with other broadcasters. Subleases generally cover a sixty-year term, over which time we recognize rental income on a straight-line basis. Deferred rent revenue was $4.6 million and $4.5 million at December 31, 2012 and 2013, respectively. | |||||||||||||||||
Leasehold Improvements | ' | ||||||||||||||||
Leasehold Improvements | |||||||||||||||||
We may elect to construct or otherwise invest in leasehold improvements to properties. We capitalize the cost of the improvements that are then amortized over the shorter of the useful life of the improvement or the remaining lease term. | |||||||||||||||||
Deferred Financing Costs | ' | ||||||||||||||||
Deferred Financing Costs | |||||||||||||||||
Deferred financing costs consist of bond issue costs and bank loan fees. Bond issue costs represent costs incurred in conjunction with the issuance of the 95/8% Senior Secured Second Lien Notes on December 1, 2009 (“Terminated 95/8% Notes”). The costs are being amortized over the term of the Terminated 95/8% Notes as an adjustment to interest expense. Bank loan fees represent costs incurred with the Senior Credit Facility, which is a revolving credit facility (“Revolver”) entered on December 1, 2009. The costs are being amortized over the three-year term of the Revolver as an adjustment to interest expense. During the year ended December 31, 2010, approximately $0.7 million of bond issue costs were written off in conjunction with the early redemption of $30.0 million of the 95/8% Notes. During the year ended December 31, 2011, approximately $0.1 million of bond issue costs were written off upon the calling and retirement of the 95/8% Notes. During the year ended December 31, 2012, approximately $0.3 million of bond issue costs were written off upon the calling and retirement of the 95/8% Notes. Deferred financing costs consist of the following: | |||||||||||||||||
As of December 31, 2012 | As of December 31, 2013 | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Bond issue costs | $ | 3,060 | $ | — | |||||||||||||
Bank loan fees | 942 | 4,130 | |||||||||||||||
$ | 4,002 | $ | 4,130 | ||||||||||||||
Partial Self-Insurance on Employee Health Plan | ' | ||||||||||||||||
Partial Self-Insurance on Employee Health Plan | |||||||||||||||||
We provide health insurance benefits to eligible employees under a self-insured plan whereby the company pays actual medical claims subject to certain stop loss limits. We record self-insurance liabilities based on actual claims filed and an estimate of those claims incurred but not reported. Any projection of losses concerning our liability is subject to a high degree of variability. Among the causes of this variability are unpredictable external factors such as future inflation rates, changes in severity, benefit level changes, medical costs and claim settlement patterns. Should the actual amount of claims increase or decrease beyond what was anticipated, we may adjust our future reserves. Our self-insurance liability was $0.6 million and $0.5 million at December 31, 2012 and 2013, respectively. | |||||||||||||||||
Local Programming and Marketing Agreement Fees | ' | ||||||||||||||||
Local Programming and Marketing Agreement Fees | |||||||||||||||||
We may enter into a Local Marketing Agreement (“LMA”) or Time Brokerage Agreement (“TBA”) in connection with acquisitions of radio stations that are pending FCC regulatory approval of transfer of the broadcast licenses. Under the terms of these agreements, we make specified periodic payments to the owner in exchange for the right to program and sell advertising for a specified portion of the station’s inventory of broadcast time. We record revenues and expenses associated with the portion of the station’s inventory of broadcast time it manages. Nevertheless, as the holder of the FCC license, the owner-operator retains control and responsibility for the operation of the station, including responsibility over all programming broadcast on the station. We also enter into LMA’s in connection with dispositions of radio stations. In such cases, we may receive periodic payments in exchange for allowing the buyer to program and sell advertising for a portion of the station’s inventory of broadcast time. | |||||||||||||||||
Derivative Instruments | ' | ||||||||||||||||
Derivative Instruments | |||||||||||||||||
We are exposed to fluctuations in interest rates. We actively monitor these fluctuations and use derivative instruments from time to time to manage the related risk. In accordance with our risk management strategy, we may use derivative instruments only for the purpose of managing risk associated with an asset, liability, committed transaction, or probable forecasted transaction that is identified by management. Our use of derivative instruments may result in short-term gains or losses that may increase the volatility of our earnings. | |||||||||||||||||
Under FASB ASC Topic 815 “Derivatives and Hedging” the effective portion of the gain or loss on a derivative instrument designated and qualifying as a cash flow hedging instrument shall be reported as a component of other comprehensive income (outside earnings) and reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings. The remaining gain or loss on the derivative instrument, if any, shall be recognized currently in earnings. | |||||||||||||||||
On March 27, 2013, we entered into an interest rate swap agreement with Wells Fargo Bank, N.A that will begin on March 28, 2014 with a notional principal amount of $150.0 million. The agreement was entered to offset risks associated with the variable interest rate on our Term Loan B. Payments on the swap are due on a quarterly basis with a LIBOR floor of 0.625%. The swap expires on March 28, 2019 at a fixed rate of 1.645%. The interest rate swap agreement was not designated as a cash flow hedge, and as a result, all changes in the fair value are recognized in the current period statement of operations rather than through other comprehensive income. We recorded an asset of $3.2 million as of December 31, 2013, representing the change in the fair value of the interest rate swap agreement. The swap was valued based on observable inputs for similar assets and liabilities and other observable inputs for interest rates and yield curves, which are classified within Level 2 inputs in the fair value hierarchy described in Note 7. | |||||||||||||||||
Fair Value Accounting | ' | ||||||||||||||||
Fair Value Accounting | |||||||||||||||||
FASB ASC Topic 820 “Fair Value Measurements and Disclosures” established a single definition of fair value in generally accepted accounting principles and expanded disclosure requirements about fair value measurements. The provision applies to other accounting pronouncements that require or permit fair value measurements. We adopted the fair value provisions for financial assets and financial liabilities effective January 1, 2008. The adoption had a material impact on our consolidated financial position, results of operations and cash flows. We adopted fair value provisions for nonfinancial assets and nonfinancial liabilities effective January 1, 2009. This includes applying the fair value concept to (i) nonfinancial assets and liabilities initially measured at fair value in business combinations; (ii) reporting units or nonfinancial assets and liabilities measured at fair value in conjunction with goodwill impairment testing; (iii) other nonfinancial assets measured at fair value in conjunction with impairment assessments; and (iv) asset retirement obligations initially measured at fair value. The adoption of the fair value provisions of FASB ASC Topic 820 to nonfinancial assets and nonfinancial liabilities did not have a material impact on our consolidated financial position, results of operations or cash flows. | |||||||||||||||||
The fair value provisions include guidance on how to estimate the fair value of assets and liabilities in the current economic environment and reemphasizes that the objective of a fair value measurement remains an exit price. If we were to conclude that there has been a significant decrease in the volume and level of activity of the asset or liability in relation to normal market activities, quoted market values may not be representative of fair value and we may conclude that a change in valuation technique or the use of multiple valuation techniques may be appropriate. | |||||||||||||||||
The degree of judgment utilized in measuring the fair value of financial instruments generally correlates to the level of pricing observability. Pricing observability is affected by a number of factors, including the type of financial instrument, whether the financial instrument is new to the market, and the characteristics specific to the transaction. Financial instruments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of pricing observability and a lesser degree of judgment utilized in measuring fair value. Conversely, financial instruments rarely traded or not quoted will generally have less (or no) pricing observability and a higher degree of judgment utilized in measuring fair value. Please refer to “Note 7 Fair Value Accounting” for a further discussion. | |||||||||||||||||
Long-term Debt and Debt Covenant Compliance | ' | ||||||||||||||||
Long-term Debt and Debt Covenant Compliance | |||||||||||||||||
Our classification of borrowings under our Revolver as long-term debt on our balance sheet is based on our assessment that, under the terms of our Credit Agreement and after considering our projected operating results and cash flows for the coming year, no principal payments are required to be made. These projections are estimates dependent upon a number of factors including developments in the markets in which we are operating in and economic and political factors, among other factors. Accordingly, these projections are inherently uncertain and our actual results could differ from these estimates. | |||||||||||||||||
Income Taxes and Uncertain Tax Positions | ' | ||||||||||||||||
Income Taxes and Uncertain Tax Positions | |||||||||||||||||
We account for income taxes in accordance with FASB ASC Topic 740 “Income Taxes.” Deferred income taxes are determined based on the difference between the consolidated financial statement and income tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Our evaluation was performed for tax years that remain subject to examination by major tax jurisdictions, which range from 2009 through 2012. | |||||||||||||||||
Upon the adoption of the provisions on January 1, 2007, we had $3.0 million in liabilities related to uncertain tax positions, including $0.9 million recognized under FASB ASC Topic 450 “Contingencies” and carried forward from prior years and $2.1 million recognized upon adoption of the tax provision changes as a reduction to retained earnings. Included in the $2.1 million accrual was $0.1 million in related interest, net of federal income tax benefits. During 2011, we recognized a net increase of $0.2 million in liabilities and at December 31, 2011, had $3.8 million in liabilities for unrecognized tax benefits. During 2012, we recognized a net decrease of $2.5 million in liabilities and at December 31, 2012, had $1.3 million in liabilities for unrecognized tax benefits. During 2013, we recognized a net decrease of $0.4 million in liabilities and at December 31, 2013, had $0.9 million in liabilities for unrecognized tax benefits. Included in this liability amount were $0.01 million accrued for the related interest, net of federal income tax benefits and $0.02 million for the related penalties recorded in income tax expense on our Consolidated Statements of Operations. Management expects an additional reduction of $0.4 million in the reserve over the next twelve months due to statute expirations. | |||||||||||||||||
A summary of the changes in the gross amount of unrecognized tax benefits is as follows: | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Balance at January 1, 2013 | $ | 1,325 | |||||||||||||||
Additions based on tax positions related to the current year | — | ||||||||||||||||
Additions based on tax positions related to prior years | — | ||||||||||||||||
Reductions related to tax positions of prior years | — | ||||||||||||||||
Decrease due to statute expirations | (401 | ) | |||||||||||||||
Related interest and penalties, net of federal tax benefits | (8 | ) | |||||||||||||||
Balance as of December 31, 2013 | $ | 916 | |||||||||||||||
Valuation Allowance (deferred taxes) | ' | ||||||||||||||||
Valuation Allowance (deferred taxes) | |||||||||||||||||
For financial reporting purposes, we recorded a valuation allowance of $2.9 million as of December 31, 2013 to offset a portion of the deferred tax assets related to the state net operating loss carryforwards. Management regularly reviews our financial forecasts in an effort to determine our ability to utilize the net operating loss carryforwards for tax purposes. Accordingly, the valuation allowance is adjusted periodically based on management’s estimate of the benefit the company will receive from such carryforwards. | |||||||||||||||||
Basic and Diluted Net Earnings Per Share | ' | ||||||||||||||||
Basic and Diluted Net Earnings Per Share | |||||||||||||||||
Basic net earnings per share has been computed using the weighted average number of Class A and Class B shares of common stock outstanding during the period. Diluted net earnings per share is computed using the weighted average number of shares of Class A and Class B common stock outstanding during the period plus the dilutive effects of stock options. | |||||||||||||||||
Options to purchase 1,640,392, 1,927,099 and 2,162,067 shares of Class A common stock were outstanding at December 31, 2011, 2012 and 2013, respectively. Diluted weighted average shares outstanding exclude outstanding stock options whose exercise price is in excess of the average price of the company’s stock price. These options are excluded from the respective computations of diluted net income or loss per share because their effect would be anti-dilutive. The number of anti-dilutive shares as of December 31, 2011, and 2012 was 1,397,538, and 480,825, respectively. | |||||||||||||||||
The following table sets forth the shares used to compute basic and diluted net earnings per share for the periods indicated: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||
Weighted average shares | 24,475,102 | 24,577,605 | 24,938,075 | ||||||||||||||
Effect of dilutive securities—stock options | 208,542 | 409,361 | — | ||||||||||||||
Weighted average shares adjusted for dilutive securities | 24,683,644 | 24,986,966 | 24,938,075 | ||||||||||||||
Segments | ' | ||||||||||||||||
Segments | |||||||||||||||||
We have historically had one reportable operating segment—radio broadcasting. Our radio-broadcasting segment operates radio stations throughout the United States, various radio networks and our National sales group. Beginning with the first quarter of 2011, we separated our non-broadcast segment into two operating segments, Internet and Publishing. We believe that this information regarding our non-broadcast segment is useful to readers of our financial statements. Additionally, due to growth within our Internet operations, including the acquisition of WorshipHouseMedia.com on March 28, 2011, our Internet segment qualifies for disclosure as a reportable segment. All prior periods presented have been updated to reflect the separation of these non-broadcast segments. Our Internet segment operates all of our websites and our consumer product sales. Our publishing segment operates our print magazine and Xulon Press, a print-on-demand book publisher. We present our segment operating results in Note 15 to our consolidated financial statements. | |||||||||||||||||
Variable Interest Entities | ' | ||||||||||||||||
Variable Interest Entities | |||||||||||||||||
We account for entities qualifying as variable interest entities (“VIEs”) in accordance with “FASB ASC Topic 810, Consolidation which requires VIEs to be consolidated by the primary beneficiary. The primary beneficiary is the entity that holds the majority of the beneficial interests in the VIE. A VIE is an entity for which the primary beneficiary’s interest in the entity can change with changes in factors other than the amount of investment in the entity. | |||||||||||||||||
We may enter into LMA’s contemporaneously with entering an APA to acquire or sell a radio station. We may also enter into TBA’s. Typically, both LMA’s and TBA’s are contractual agreements under which the station owner / licensee makes airtime available to a programmer / licensee in exchange for a fee and reimbursement of certain expenses. LMA’s and TBA’s are subject to compliance with the antitrust laws and the communications laws, including the requirement that the licensee must maintain independent control over the station and, in particular, its personnel, programming, and finances. The FCC has held that such agreements do not violate the communications laws as long as the licensee of the station receiving programming from another station maintains ultimate responsibility for, and control over, station operations and otherwise ensures compliance with the communications laws. | |||||||||||||||||
The requirements of FASB ASC Topic 810 may apply to entities under LMA’s or TBA’s, depending on the facts and circumstances related to each transaction. As of December 31, 2013 we did not consolidate any entities with which we entered into LMA’s or TBA’s under the guidance in FASB ASC Topic 810. | |||||||||||||||||
Concentrations of Business Risks | ' | ||||||||||||||||
Concentrations of Business Risks | |||||||||||||||||
We derive a substantial part of our total revenues from the sale of advertising. For the years ended December 31, 2011, 2012 and 2013, 43.0%, 42.3% and 41.8% of our total revenues, respectively, were generated from the sale of broadcast advertising. We are particularly dependent on revenue from stations in the Los Angeles and Dallas markets, which generated 15.2% and 23.2% for the year ended December 31, 2011, 16.2% and 23.6% for the year ended December 31, 2012 and 15.2% and 25.5% for the year ended December 31, 2013. Because substantial portions of our revenues are derived from local advertisers in these key markets, our ability to generate revenues in those markets could be adversely affected by local or regional economic downturns. | |||||||||||||||||
Concentrations of Credit Risks | ' | ||||||||||||||||
Concentrations of Credit Risks | |||||||||||||||||
Financial instruments that potentially subject us to concentrations of credit risk consist of cash and cash equivalents; trade accounts receivable and derivative instruments. We place our cash and cash equivalents with high quality financial institutions. Such balances may be in excess of FDIC insured limits. To manage the related credit exposure, we continually monitor the credit worthiness of the financial institutions where we have deposits. Concentrations of credit risk with respect to trade accounts receivable are limited due to the wide variety of customers and markets in which we provide services, as well as the dispersion of our operations across many geographic areas. We perform ongoing credit evaluations of our customers, but generally do not require collateral to support customer receivables. We establish an allowance for doubtful accounts based on various factors including the credit risk of specific customers, age of receivables outstanding, historical trends, economic conditions and other information. Historically, our bad debt expense has been within management’s expectations. | |||||||||||||||||
Use of Estimates | ' | ||||||||||||||||
Use of Estimates | |||||||||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Significant areas for which management uses estimates include: (1) asset impairments, including broadcasting licenses and goodwill; (2) income tax valuation allowances; (3) uncertain tax positions; (4) allowance for doubtful accounts; (5) self-insurance reserves; (6) fair value of equity awards; (7) estimated lives for tangible and intangible assets; (8) fair value measurements; (9) contingent consideration and (10) contingency reserves. These estimates require the use of judgment as future events and the effect of these events cannot be predicted with certainty. The estimates will change as new events occur, as more experience is acquired and as more information is obtained. We evaluate and update our assumptions and estimates on an ongoing basis and we may consult outside experts to assist as necessary. | |||||||||||||||||
Reclassifications | ' | ||||||||||||||||
Reclassifications | |||||||||||||||||
Certain reclassifications have been made to the prior year financial statements to conform to the current year presentation. These reclassifications include the separation of our non-broadcast segment into two operating segments, Internet and Publishing. We believe that this information regarding our non-broadcast segments is useful to readers of our financial statements. Additionally, due to growth within our Internet operations, including the acquisition of WorshipHouseMedia.com as discussed in Note 3, our Internet segment qualifies for disclosure as a reportable segment. All prior periods presented have been updated to reflect the separation of these non-broadcast segments. These reclassifications also include the accounting for discontinued operations as described in more detail in Note 3 to our consolidated financial statements. | |||||||||||||||||
Recent Accounting Pronouncements | ' | ||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||
Changes to accounting principles are established by the FASB in the form of accounting standards updates (“ASU’s”) to the FASB’s Accounting Standards Codification. We consider the applicability and impact of all ASU’s. ASU’s not listed below were assessed and determined to be not applicable to our financial position or results of operations. | |||||||||||||||||
In July 2013, the FASB issued ASU 2013-11, Presentation of Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, an amendment to FASB ASC Topic 740, Income Taxes, (“FASB ASU 2013-11”). This update clarifies that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. In situations where a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or the tax law of the jurisdiction does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This ASU is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. Retrospective application is permitted. We are currently evaluating the impact, if any, that the adoption of this pronouncement may have on our financial position, results of operations, cash flows, or presentation thereof. | |||||||||||||||||
In July 2013, the FASB issued ASU 2013-10, Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes, an amendment to FASB ASC Topic 815, Derivatives and Hedging (“FASB ASC Topic 815”). The update permits the use of the Fed Funds Effective Swap Rate to be used as a US benchmark interest rate for hedge accounting purposes under FASB ASC Topic 815, in addition to the interest rates on direct Treasury obligations of the US government (“UST”) and the London Interbank Offered Rate (“LIBOR”). The update also removes the restriction on using different benchmark rates for similar hedges. This ASU is effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. We do not expect the impact of adopting this ASU to be material to our financial position, results of operations, cash flows, or presentation thereof. | |||||||||||||||||
In February 2013, the FASB issued ASU 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date, an amendment to FASB ASC Topic 405, Liabilities (“FASB ASC Topic 405”). The update requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed as of the reporting date as the sum of the obligation the entity agreed to pay among its co-obligors and any additional amount the entity expects to pay on behalf of its co-obligors. This ASU is effective for annual and interim periods beginning after December 15, 2013 and is required to be applied retrospectively to all prior periods presented for those obligations that existed upon adoption of the ASU. We do not expect the impact of adopting this ASU to be material to our financial position, results of operations, cash flows, or presentation thereof. | |||||||||||||||||
In October 2012, the FASB issued ASU 2012-04, “Technical Corrections and Improvements.” The amendments in this update cover a wide range of Topics in the Accounting Standards Codification. These amendments include technical corrections and improvements to the Accounting Standards Codification and conforming amendments related to fair value measurements. The amendments in this update will be effective for fiscal periods beginning after December 15, 2012. The adoption of ASU 2012-04 is not expected to have a material impact on our financial position, results of operations or cash flows. | |||||||||||||||||
In December 2011, the FASB issued ASU 2011-11, “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities.” This ASU requires us to disclose both net and gross information about assets and liabilities that have been offset, if any, and the related arrangements. The disclosures under this new guidance are required to be provided retrospectively for all comparative periods presented. We are required to apply the amendments for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. The adoption of ASU 2011-11 is not expected to have a material impact on our financial position, results of operations or cash flows. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Property, Plant and Equipment Estimated Useful Lives | ' | ||||||||||||
Depreciation is computed using the straight-line method over estimated useful lives as follows: | |||||||||||||
Category | Life | ||||||||||||
Buildings | 40 years | ||||||||||||
Office furnishings and equipment | 5-10 years | ||||||||||||
Antennae, towers and transmitting equipment | 20 years | ||||||||||||
Studio and production equipment | 7-10 years | ||||||||||||
Software and website development costs | 3 years | ||||||||||||
Record and tape libraries | 3 years | ||||||||||||
Automobiles | 5 years | ||||||||||||
Leasehold improvements | Lesser of 15 years or life of lease | ||||||||||||
Intangibles Asset Estimated Useful Lives | ' | ||||||||||||
These intangibles are amortized using the straight-line method over the following estimated useful lives: | |||||||||||||
Category | Life | ||||||||||||
Customer lists and contracts | Lesser of 5 years or life of contract | ||||||||||||
Favorable and assigned leases | Life of the lease | ||||||||||||
Domain and brand names | 5 to 7 years | ||||||||||||
Internally developed software | 3 to 5 years | ||||||||||||
Customer relationships | 1 to 3 years | ||||||||||||
Other amortizable intangible assets | 5 to 10 years | ||||||||||||
Deferred financing costs | ' | ||||||||||||
Deferred financing costs consist of the following: | |||||||||||||
As of December 31, 2012 | As of December 31, 2013 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Bond issue costs | $ | 3,060 | $ | — | |||||||||
Bank loan fees | 942 | 4,130 | |||||||||||
$ | 4,002 | $ | 4,130 | ||||||||||
Summary of Changes in Gross Amount of Unrecognized Tax Benefits | ' | ||||||||||||
A summary of the changes in the gross amount of unrecognized tax benefits is as follows: | |||||||||||||
December 31, 2013 | |||||||||||||
(Dollars in thousands) | |||||||||||||
Balance at January 1, 2013 | $ | 1,325 | |||||||||||
Additions based on tax positions related to the current year | — | ||||||||||||
Additions based on tax positions related to prior years | — | ||||||||||||
Reductions related to tax positions of prior years | — | ||||||||||||
Decrease due to statute expirations | (401 | ) | |||||||||||
Related interest and penalties, net of federal tax benefits | (8 | ) | |||||||||||
Balance as of December 31, 2013 | $ | 916 | |||||||||||
Shares Used to Compute Basic and Diluted Net Earning Per Share | ' | ||||||||||||
The following table sets forth the shares used to compute basic and diluted net earnings per share for the periods indicated: | |||||||||||||
Year Ended December 31, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
Weighted average shares | 24,475,102 | 24,577,605 | 24,938,075 | ||||||||||
Effect of dilutive securities—stock options | 208,542 | 409,361 | — | ||||||||||
Weighted average shares adjusted for dilutive securities | 24,683,644 | 24,986,966 | 24,938,075 | ||||||||||
PROPERTY_PLANT_AND_EQUIPMENT_T
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Measurements Table | ' | ||||||||||||||||
The table below presents the fair value measurements used to value this asset. | |||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Description | As of December 31, 2013 | Quoted prices in | Significant Other | Significant | Total Gains | ||||||||||||
active markets | Observable | Unobservable | (Losses) | ||||||||||||||
(Level 1) | Inputs (Level 2) | Inputs (Level 3) | |||||||||||||||
Long-Lived Asset Held for Sale | $ | 1,700 | $ | 1,700 | $ | 6,808 | |||||||||||
Property, Plant and Equipment | ' | ||||||||||||||||
Property, plant and equipment consisted of the following: | |||||||||||||||||
As of December 31, | |||||||||||||||||
2012 | 2013 | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Land | $ | 28,846 | $ | 29,748 | |||||||||||||
Buildings | 24,663 | 24,695 | |||||||||||||||
Office furnishings and equipment | 37,935 | 38,794 | |||||||||||||||
Antennae, towers and transmitting equipment | 74,897 | 76,454 | |||||||||||||||
Studio and production equipment | 29,234 | 29,819 | |||||||||||||||
Computer software and website development costs | 18,859 | 21,653 | |||||||||||||||
Record and tape libraries | 65 | 65 | |||||||||||||||
Automobiles | 1,107 | 1,139 | |||||||||||||||
Leasehold improvements | 16,721 | 17,414 | |||||||||||||||
Construction-in-progress | 2,963 | 4,362 | |||||||||||||||
$ | 235,290 | $ | 244,143 | ||||||||||||||
Less accumulated depreciation | (135,823 | ) | (145,215 | ) | |||||||||||||
$ | 99,467 | $ | 98,928 | ||||||||||||||
Property Plant and Equipment | ' | ||||||||||||||||
Fair Value Measurements Table | ' | ||||||||||||||||
The table below presents the fair value measurements used to value this asset. | |||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Description | As of December 31, 2013 | Quoted prices in | Significant Other | Significant | Total Gains | ||||||||||||
active markets | Observable | Unobservable | (Losses) | ||||||||||||||
(Level 1) | Inputs (Level 2) | Inputs (Level 3) | |||||||||||||||
Long-Lived Asset Held for Sale | $ | 1,700 | $ | 1,700 | $ | 6,808 |
IMPAIRMENT_OF_GOODWILL_AND_OTH1
IMPAIRMENT OF GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Qualitative Analysis for Annual Testing Period | ' | ||||||||||||||||
The table below presents the results of our quantitative analysis for 17 market clusters as of the 2013 annual testing period. | |||||||||||||||||
Excess Fair Value | |||||||||||||||||
Market Cluster | 2013 Estimate | ||||||||||||||||
Atlanta, GA | 13.6 | % | |||||||||||||||
Boston, MA | 6.9 | % | |||||||||||||||
Chicago, IL | 6.4 | % | |||||||||||||||
Cleveland, OH | 4.6 | % | |||||||||||||||
Colorado Springs, CO | 82.5 | % | |||||||||||||||
Columbus, OH | 6 | % | |||||||||||||||
Dallas, TX | 10.9 | % | |||||||||||||||
Detroit, MI | 2.9 | % | |||||||||||||||
Greenville, SC (NEW) | 8.5 | % | |||||||||||||||
Honolulu, HI | 6.3 | % | |||||||||||||||
Los Angeles, CA | 107.4 | % | |||||||||||||||
Louisville, KY | 8 | % | |||||||||||||||
Minneapolis, MN | 85.8 | % | |||||||||||||||
Omaha, NE | 1.1 | % | |||||||||||||||
Phoenix, AZ | 17.4 | % | |||||||||||||||
Portland, OR | 6.9 | % | |||||||||||||||
Sacramento, CA | 1.6 | % | |||||||||||||||
Fair Value of Mastheads Calculated by Discounted Cash Flow Method | ' | ||||||||||||||||
A discounted cash flow method is applied to calculate the estimated fair value of our mastheads, the key estimates and assumptions to which are as follows: | |||||||||||||||||
Mastheads | December 31, | Interim | December 31, | Interim | December 31, | ||||||||||||
2011 | June 30, 2012 | 2012 | June 30, 2013 | 2013 | |||||||||||||
Discount rate | 8.50% | 8.50% | 8.50% | 9.00% | 9.50% | ||||||||||||
Projected revenue growth ranges | 1.5% -2.50% | 1.5% -2.50% | 1.5% -3.0% | 1.0% -2.8% | 1.2% - 2.5% | ||||||||||||
Royalty growth rate | 3.00% | 3.00% | 3.00% | 3.00% | 2.00% | ||||||||||||
Enterprise Valuation | ' | ||||||||||||||||
Key Estimates and Assumptions Used for Valuations | ' | ||||||||||||||||
The key estimates and assumptions used for our enterprise valuations are as follows: | |||||||||||||||||
Enterprise Valuation | December 31, | Interim | December 31, 2012 | Interim | December 31, | ||||||||||||
2011 | June 30, 2012 | June 30, 2013 | 2013 | ||||||||||||||
(Internet) | (Publishing) | (Internet & Publishing) | (Publishing) | (Publishing) | |||||||||||||
Discount rate | 13.50% | 8.50% | 8.5% - 13.5% | 9.00% | 9.50% | ||||||||||||
Operating profit margin ranges | 18.4 - 22.0% | 1.4% - 7.5% | 0.5% - 22.0% | 0.9% - 6.0% | (0.5%) - 6.0% | ||||||||||||
Long-term revenue market growth rate ranges | 3.00% | 1.50% | 1.5% - 3.0% | 1.5% - 2.8% | 1.5% - 6.1% | ||||||||||||
Broadcast licenses | ' | ||||||||||||||||
Percentage Range by which Fair Value Exceeded Carrying Value | ' | ||||||||||||||||
The table below presents the percentage within a range by which our prior year start-up income estimated fair value exceeded the carrying value of our broadcasting licenses: | |||||||||||||||||
Geographic Market Clusters as of December 31, 2013 | |||||||||||||||||
Percentage Range By Which 2012 Estimated Fair Value Exceeds Carrying Value | |||||||||||||||||
£25% | >26-30% | >30% to 75% | > than 75% | ||||||||||||||
Number of market clusters | 9 | 1 | 2 | — | |||||||||||||
Broadcast license carrying value (in thousands) | $ | 217,111 | $ | 18,501 | $ | 13,577 | $ | — | |||||||||
Broadcast licenses | 12 December 2011 | ' | ||||||||||||||||
Key Estimates and Assumptions Used for Valuations | ' | ||||||||||||||||
The key estimates and assumptions used in the start-up income valuation for our broadcast licenses were as follows: | |||||||||||||||||
Broadcast Licenses | December 31, 2011 | December 31, 2012 | December 31, 2013 | ||||||||||||||
Discount rate | 9.00% | 9.00% | 9.00% | ||||||||||||||
Operating profit margin ranges | 3.8%—36.3% | 5.1%—35.5% | 4.1%—37.5% | ||||||||||||||
Long-term market revenue growth rate ranges | 1.0%—4.0% | 0.3%—15.0% | 1.0%—2.5% | ||||||||||||||
Goodwill-Broadcast | ' | ||||||||||||||||
Percentage Range by which Fair Value Exceeded Carrying Value | ' | ||||||||||||||||
The tables below present the percentage within a range by which the estimated fair value exceeded the carrying value of each of our market clusters, including goodwill: | |||||||||||||||||
Broadcast Market Clusters as of December 31, 2013 | |||||||||||||||||
Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including Goodwill | |||||||||||||||||
£ 1% | >10% to 20% | >20% to 50% | > than 50% | ||||||||||||||
Number of market clusters | 4 | 1 | 3 | 3 | |||||||||||||
Carrying value including goodwill (in thousands) | $ | 28,952 | $ | 17,978 | $ | 45,375 | $ | 45,152 | |||||||||
Broadcast Market Clusters as of December 31, 2012 | |||||||||||||||||
Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including Goodwill | |||||||||||||||||
£ 10% | >10% to 20% | >20% to 50% | > than 50% | ||||||||||||||
Number of market clusters | 2 | 1 | 1 | 5 | |||||||||||||
Carrying value including goodwill (in thousands) | $ | 18,836 | $ | 1,423 | $ | 10,506 | $ | 132,645 | |||||||||
Broadcast Market Clusters as of December 31, 2011 | |||||||||||||||||
Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including Goodwill | |||||||||||||||||
£ 10% | >10% to 20% | >20% to 50% | > than 50% | ||||||||||||||
Number of market clusters | 1 | 2 | 3 | 2 | |||||||||||||
Carrying value including goodwill (in thousands) | $ | 9,877 | $ | 17,487 | $ | 68,506 | $ | 5,178 | |||||||||
Key Estimates and Assumptions Used for Valuations | ' | ||||||||||||||||
The key estimates and assumptions used in the start-up income valuation of our broadcast market clusters for each testing period are as follows: | |||||||||||||||||
December 31, | |||||||||||||||||
Goodwill –Broadcast Market Clusters | 2011 | 2012 | 2013 | ||||||||||||||
Discount rate | 9.00% | 9.00% | 9.00% | ||||||||||||||
Operating profit margin ranges | 3.8% - 38.0% | 5.1% - 35.5% | 4.1% - 37.5% | ||||||||||||||
Long-term market revenue growth rate ranges | 1.0% - 4.0% | 0.3% - 15.0% | 1.0% - 2.5% | ||||||||||||||
Station Operating Income [Member] | Broadcast licenses | ' | ||||||||||||||||
Percentage Range by which Fair Value Exceeded Carrying Value | ' | ||||||||||||||||
The table below presents the percentage within a range by which our estimated fair value as a multiple of SOI exceeded the carrying value of our broadcasting licenses for these market clusters: | |||||||||||||||||
Geographic Market Clusters as of December 31, 2013 | |||||||||||||||||
Percentage Range By Which SOI Estimated Fair Value Exceeds Carrying Value | |||||||||||||||||
£5% | >6-10% | >11% to 40% | >than 40% | ||||||||||||||
Number of market clusters | 8 | 1 | 4 | 8 | |||||||||||||
Broadcast license carrying value (in thousands) | $ | 51,850 | $ | 2,402 | $ | 61,354 | $ | 21,835 | |||||||||
Internet and Publishing | ' | ||||||||||||||||
Percentage Range by which Fair Value Exceeded Carrying Value | ' | ||||||||||||||||
The table below presents the percentage within a range by which the estimated fair value exceeded the carrying value of our accounting units, including goodwill. | |||||||||||||||||
Internet and Publishing Accounting units as of December 31, 2013 | |||||||||||||||||
Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including Goodwill | |||||||||||||||||
£ 10% | >10% to 20% | >20% to 50% | > than 50% | ||||||||||||||
Number of accounting units | 2 | — | 2 | — | |||||||||||||
Carrying value including goodwill (in thousands) | $ | $28,707 | $ | — | $ | 5,107 | $ | — | |||||||||
Internet and Publishing Accounting units as of December 31, 2012 | |||||||||||||||||
Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including Goodwill | |||||||||||||||||
£ 10% | >10% to 20% | >20% to 50% | > than 50% | ||||||||||||||
Number of accounting units | — | — | 2 | 2 | |||||||||||||
Carrying value including goodwill (in thousands) | $ | — | $ | — | $ | 28,722 | $ | 2,103 | |||||||||
Internet and Publishing Accounting units as of December 31, 2011 | |||||||||||||||||
Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including Goodwill | |||||||||||||||||
£ 10% | >10% to 20% | >20% to 50% | > than 50% | ||||||||||||||
Number of accounting units | 1 | 1 | 1 | 1 | |||||||||||||
Carrying value including goodwill (in thousands) | $ | $1,123 | $ | 3,764 | $ | 22,757 | $ | (46 | ) | ||||||||
Key Estimates and Assumptions Used for Valuations | ' | ||||||||||||||||
The key estimates and assumptions used for our enterprise valuations are as follows: | |||||||||||||||||
December 31, 2011 | December 31, 2012 | December 31, 2013 | |||||||||||||||
Enterprise Valuations | Broadcast Market | Broadcast Market | Broadcast Market | ||||||||||||||
Clusters | Clusters | Clusters | |||||||||||||||
Discount rate | 9.00% | 9.00% | 9.00% | ||||||||||||||
Operating profit margin ranges | 6.8% - 45.4% | 16.9% - 49.2% | 11.9% - 44.7% | ||||||||||||||
Long-term revenue market growth rate ranges | 1.5% - 3.5% | 1.0% - 3.5% | 1.0% - 2.5% |
ACQUISITIONS_AND_RECENT_TRANSA1
ACQUISITIONS AND RECENT TRANSACTIONS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Summary of Business Acquisitions and Asset Purchased | ' | ||||||||||||
A summary of our business acquisitions and asset purchases for the year ended December 31, 2013, none of which were material to our consolidated financial position as of the respective date of acquisition, is as follows: | |||||||||||||
Acquisition Date | Description | Total Consideration | |||||||||||
(Dollars in thousands) | |||||||||||||
December 10, 2013 | Twitchy.com (business acquisition) | $1,536 | |||||||||||
December 9, 2013 | EverythingInspirational.com (asset purchases) | 400 | |||||||||||
September 23, 2013 | Land San Antonio, Texas (asset purchase) | 500 | |||||||||||
September 11, 2013 | GodUpdates (asset purchase) | 250 | |||||||||||
August 10, 2013 | Christnotes.org (business acquisition) | 500 | |||||||||||
February 15, 2013 | WTOH-FM, Columbus, Ohio (business acquisition) | 4,000 | |||||||||||
February 5, 2013 | WGTK-FM, Greenville, South Carolina (business acquisition) | 5,427 | |||||||||||
Various | Purchase of various intangible Internet assets (asset purchases) | 207 | |||||||||||
$12,820 | |||||||||||||
Summary of Total Acquisition Consideration | ' | ||||||||||||
The following table summarizes the total acquisition consideration for the year ending December 31, 2013: | |||||||||||||
Description | Total Consideration | ||||||||||||
(Dollars in thousands) | |||||||||||||
Cash payments | $ | 7,477 | |||||||||||
Early repayment of principal on seller-financed note due 2014 | 2,000 | ||||||||||||
Deferred cash payments (due 2014) | 300 | ||||||||||||
Net present value of deferred advertising credits | 2,427 | ||||||||||||
Fair value of contingent earn-out consideration | 616 | ||||||||||||
Total purchase price consideration | $ | 12,820 | |||||||||||
Total Acquisition Consideration Allocated | ' | ||||||||||||
The total acquisition consideration was allocated to the net assets acquired as follows: | |||||||||||||
Broadcast | Internet | Net Assets | |||||||||||
Assets | Assets | Acquired | |||||||||||
Acquired | Acquired | ||||||||||||
(Dollars in thousands) | |||||||||||||
Assets | |||||||||||||
Property and equipment | $ | 1,752 | $ | 355 | $ | 2,107 | |||||||
Broadcast licenses | 7,429 | — | 7,429 | ||||||||||
Goodwill | 37 | 393 | 430 | ||||||||||
Customer lists and contracts | — | 359 | 359 | ||||||||||
Domain and brand names | — | 1,687 | 1,687 | ||||||||||
Software | — | 99 | 99 | ||||||||||
Favorable and assigned lease | 709 | — | 709 | ||||||||||
$ | 9,927 | $ | 2,893 | $ | 12,820 | ||||||||
Income (Loss) from Discontinued Operations | ' | ||||||||||||
The following table sets forth the components of income (loss) from discontinued operations: | |||||||||||||
Year Ended December 31, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
(Dollars in thousands) | |||||||||||||
Net revenues | $ | 1,950 | $ | 38 | $ | 10 | |||||||
Operating expenses | 2,793 | 196 | 72 | ||||||||||
Operating loss | $ | (843 | ) | $ | (158 | ) | $ | (62 | ) | ||||
Impairment of assets used in discontinued operations | (382 | ) | — | — | |||||||||
Loss from discontinued operations | $ | (1,225 | ) | $ | (158 | ) | $ | (62 | ) | ||||
Benefit from income taxes | (484 | ) | (63 | ) | (25 | ) | |||||||
Loss from discontinued operations, net of tax | $ | (741 | ) | $ | 95 | $ | (37 | ) | |||||
Acquisitions 2012 | ' | ||||||||||||
Summary of Business Acquisitions and Asset Purchased | ' | ||||||||||||
A summary of our business acquisitions and asset purchases for the year ended December 31, 2012, none of which were individually or in aggregate material to our consolidated financial position as of the respective date of acquisition, is as follows: | |||||||||||||
Acquisition Date | Description | Total Consideration | |||||||||||
(Dollars in thousands) | |||||||||||||
October 1, 2012 | Godvine.com (business acquisition) | $ | 4,200 | ||||||||||
August 31, 2012 | WLCC-AM, Tampa, Florida (business acquisition) | 1,150 | |||||||||||
30-Aug-12 | Sermonspice.com (business acquisition) | 3,000 | |||||||||||
15-May-12 | Churchangel.com and rchurch.com (asset purchase) | 165 | |||||||||||
10-Apr-12 | WKDL-AM, Warrenton, Virginia (business acquisition) | 30 | |||||||||||
January 13, 2012 | KTNO-AM, Dallas, Texas (business acquisition) | 2,150 | |||||||||||
$ | 10,695 | ||||||||||||
Summary of Total Acquisition Consideration | ' | ||||||||||||
The total acquisition consideration was allocated to the net assets acquired as follows: | |||||||||||||
Broadcast | Internet | Net | |||||||||||
Assets | Assets | Assets | |||||||||||
Acquired | Acquired | Acquired | |||||||||||
(Dollars in thousands) | |||||||||||||
Asset | |||||||||||||
Property and equipment | $ | 2,235 | $ | 289 | $ | 2,524 | |||||||
Broadcast licenses | 1,086 | — | 1,086 | ||||||||||
Goodwill | 9 | 2,283 | 2,292 | ||||||||||
Customer lists and contracts | — | 767 | 767 | ||||||||||
Software | — | 309 | 309 | ||||||||||
Customer relationships | — | 927 | 927 | ||||||||||
Domain and brand names | — | 2,711 | 2,711 | ||||||||||
Non-compete | — | 106 | 106 | ||||||||||
Liabilities | |||||||||||||
Subscriber liabilities assumed | — | (27 | ) | (27 | ) | ||||||||
$ | 3,330 | $ | 7,365 | $ | 10,695 | ||||||||
Acquisitions 2011 | ' | ||||||||||||
Summary of Business Acquisitions and Asset Purchased | ' | ||||||||||||
A summary of our business acquisitions for the year ended December 31, 2011, none of which were individually or in aggregate material to our consolidated financial position as of the respective date of acquisition, is as follows: | |||||||||||||
Acquisition Date | Description | Total Consideration | |||||||||||
(Dollars in thousands) | |||||||||||||
December 21, 2011 | KTEK-AM, Houston, Texas (business acquisition) | $ | 2,601 | ||||||||||
28-Mar-11 | WorshipHouseMedia.com (business acquisition) | 6,000 | |||||||||||
14-Mar-11 | WBZS-AM, Pawtucket, Rhode Island (business acquisition) | 550 | |||||||||||
$ | 9,151 | ||||||||||||
Summary of Total Acquisition Consideration | ' | ||||||||||||
The total acquisition consideration was allocated to the net assets acquired as follows: | |||||||||||||
Net Broadcast | Net Internet | Net Assets | |||||||||||
Assets Acquired | Assets Acquired | Acquired | |||||||||||
(Dollars in thousands) | |||||||||||||
Asset | |||||||||||||
Property and equipment | $ | 1,018 | $ | 8 | $ | 1,026 | |||||||
Broadcast licenses | 2,130 | — | 2,130 | ||||||||||
Goodwill | 3 | 2,143 | 2,146 | ||||||||||
Customer lists and contracts | — | 80 | 80 | ||||||||||
Domain and brand names | — | 457 | 457 | ||||||||||
Internally developed software | — | 311 | 311 | ||||||||||
Customer relationships | — | 2,451 | 2,451 | ||||||||||
Other amortizable intangible assets | — | 550 | 550 | ||||||||||
$ | 3,151 | $ | 6,000 | $ | 9,151 | ||||||||
AMORTIZABLE_INTANGIBLE_ASSETS_
AMORTIZABLE INTANGIBLE ASSETS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Significant Classes of Amortizable Intangible Assets by Major Category | ' | ||||||||||||
The following tables provide details, by major category, of the significant classes of amortizable intangible assets: | |||||||||||||
As of December 31, 2013 | |||||||||||||
Cost | Accumulated | Net | |||||||||||
Amortization | |||||||||||||
(Dollars in thousands) | |||||||||||||
Customer lists and contracts | $ | 17,572 | $ | (14,232 | ) | $ | 3,340 | ||||||
Domain and brand names | 12,700 | (8,124 | ) | 4,576 | |||||||||
Favorable and assigned leases | 2,358 | (1,701 | ) | 657 | |||||||||
Other amortizable intangible assets | 4,096 | (3,876 | ) | 220 | |||||||||
$ | 36,726 | $ | (27,933 | ) | $ | 8,793 | |||||||
As of December 31, 2012 | |||||||||||||
Cost | Accumulated | Net | |||||||||||
Amortization | |||||||||||||
(Dollars in thousands) | |||||||||||||
Customer lists and contracts | $ | 17,213 | $ | (12,665 | ) | $ | 4,548 | ||||||
Domain and brand names | 11,015 | (7,192 | ) | 3,823 | |||||||||
Favorable and assigned leases | 1,649 | (1,594 | ) | 55 | |||||||||
Other amortizable intangible assets | 3,997 | (3,670 | ) | 327 | |||||||||
$ | 33,874 | $ | (25,121 | ) | $ | 8,753 | |||||||
Amortizable Intangible Assets, Estimate Amortization Expense | ' | ||||||||||||
Based on the amortizable intangible assets as of December 31, 2013, we estimate amortization expense for the next five years to be as follows: | |||||||||||||
Year Ending December 31, | Amortization Expense | ||||||||||||
(Dollars in thousands) | |||||||||||||
2014 | $ | 2,851 | |||||||||||
2015 | 2,170 | ||||||||||||
2016 | 1,343 | ||||||||||||
2017 | 944 | ||||||||||||
2018 | 729 | ||||||||||||
Thereafter | 756 | ||||||||||||
Total | $ | 8,793 | |||||||||||
NOTES_PAYABLE_AND_LONGTERM_DEB1
NOTES PAYABLE AND LONG-TERM DEBT (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Change in Rate Based on Leverage Ratio | ' | ||||||||||||||||
Details of the change in our rate based on our leverage ratio were as follows: | |||||||||||||||||
Consolidated Leverage Ratio | Base Rate | Eurodollar | Applicable | ||||||||||||||
Rate Loans | Fee Rate | ||||||||||||||||
Less than 3.25 to 1.00 | 0.75 | % | 2.25 | % | 0.4 | % | |||||||||||
Greater than or equal to 3.25 to 1.00 but less than 4.50 to 1.00 | 0.75 | % | 2.5 | % | 0.5 | % | |||||||||||
Greater than or equal to 4.50 to 1.00 but less than 6.00 to 1.00 | 1.25 | % | 3 | % | 0.6 | % | |||||||||||
Greater than or equal to 6.00 to 1.00 | 2.25 | % | 3.5 | % | 0.75 | % | |||||||||||
Repurchased and Redemptions of Nine and Five Eighths Percent Notes | ' | ||||||||||||||||
Information regarding repurchases and redemptions of the Terminated 95/8% Notes are as follows: | |||||||||||||||||
Date | Principal | Premium | Unamortized | Bond Issue | |||||||||||||
Redeemed/Repurchased | Paid | Discount | Costs | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
June 3, 2013 | $ | 903 | $ | 27 | $ | 3 | $ | — | |||||||||
March 14, 2013 | 212,597 | 22,650 | 837 | 2,867 | |||||||||||||
December 12, 2012 | 4,000 | 120 | 17 | 57 | |||||||||||||
June 1, 2012 | 17,500 | 525 | 80 | 287 | |||||||||||||
December 12, 2011 | 12,500 | 375 | 62 | 337 | |||||||||||||
September 6, 2011 | 5,000 | 144 | 26 | 135 | |||||||||||||
June 1, 2011 | 17,500 | 525 | 93 | 472 | |||||||||||||
December 1, 2010 | 12,500 | 375 | 70 | 334 | |||||||||||||
June 1, 2010 | 17,500 | 525 | 105 | 417 | |||||||||||||
Long-Term Debt | ' | ||||||||||||||||
Long-term debt consisted of the following: | |||||||||||||||||
As of December 31, | |||||||||||||||||
2012 | 2013 | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Term Loan B | $ | — | $ | 289,939 | |||||||||||||
Revolver | — | — | |||||||||||||||
Terminated Revolver | 33,000 | — | |||||||||||||||
Terminated 95/8% senior secured second lien notes due 2016 | 212,622 | — | |||||||||||||||
Terminated Subordinated debt | 7,500 | — | |||||||||||||||
Terminated Subordinated Debt due to Related Parties | 15,000 | — | |||||||||||||||
Capital leases and other loans | 858 | 854 | |||||||||||||||
268,980 | 290,793 | ||||||||||||||||
Less current portion | (20,108 | ) | (3,121 | ) | |||||||||||||
$ | 248,872 | $ | 287,672 | ||||||||||||||
Principle Repayment Requirements Under Long Term Agreements Outstanding | ' | ||||||||||||||||
Principal repayment requirements under all long-term debt agreements outstanding at December 31, 2013 for each of the next five years and thereafter are as follows: | |||||||||||||||||
Amount | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
2014 | $ | 3,121 | |||||||||||||||
2015 | 3,107 | ||||||||||||||||
2016 | 3,094 | ||||||||||||||||
2017 | 3,101 | ||||||||||||||||
2018 | 3,091 | ||||||||||||||||
Thereafter | 275,279 | ||||||||||||||||
$ | 290,793 | ||||||||||||||||
Term Loan B and Revolving Credit Facility | ' | ||||||||||||||||
Change in Rate Based on Leverage Ratio | ' | ||||||||||||||||
Revolver Pricing | |||||||||||||||||
Pricing Level | Consolidated Leverage Ratio | Base Rate Loans | LIBOR Loans | ||||||||||||||
1 | Less than 3.00 to 1.00 | 1.25 | % | 2.25 | % | ||||||||||||
2 | Greater than or equal to 3.00 to 1.00 but less than 4.00 to 1.00 | 1.5 | % | 2.5 | % | ||||||||||||
3 | Greater than or equal to 4.00 to 1.00 but less than 5.00 to 1.00 | 1.75 | % | 2.75 | % | ||||||||||||
4 | Greater than or equal to 5.00 to 1.00 but less than 6.00 to 1.00 | 2 | % | 3 | % | ||||||||||||
5 | Greater than or equal to 6.00 to 1.00 | 2.5 | % | 3.5 | % |
FAIR_VALUE_ACCOUNTING_Tables
FAIR VALUE ACCOUNTING (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value of Financial Assets Measured at Fair Value | ' | ||||||||||||||||
The following table summarizes the fair value of our financial assets that are measured at fair value: | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Total Fair Value and | Fair Value Measurement Category | ||||||||||||||||
Carrying Value on | |||||||||||||||||
Balance Sheet | Level 1 | Level 2 | Level 3 | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 65 | $ | 65 | $ | — | $ | — | |||||||||
Trade accounts receivable, net | 37,627 | 37,627 | — | — | |||||||||||||
Fair value of interest rate swap | 3,177 | — | 3,177 | — | |||||||||||||
Fair value of earn-out contingent payment | 616 | — | — | 616 | |||||||||||||
Liabilities | |||||||||||||||||
Accounts payable | 3,960 | 3,960 | — | — | |||||||||||||
Accrued expenses | 7,888 | 7,888 | — | — | |||||||||||||
Accrued interest | 37 | 37 | — | — | |||||||||||||
Long-term debt | 287,672 | 287,672 | — | — |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Consolidated Provision (Benefit) for Income Taxes from Continuing Operations | ' | ||||||||||||
The consolidated provision (benefit) for income taxes from continuing operations for Salem consisted of the following: | |||||||||||||
December 31, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
(Dollars in thousands) | |||||||||||||
Current: | |||||||||||||
Federal | $ | (8 | ) | $ | 8 | $ | — | ||||||
State | 282 | 198 | 193 | ||||||||||
274 | 206 | 193 | |||||||||||
Deferred: | |||||||||||||
Federal | 4,425 | 3,649 | (1,075 | ) | |||||||||
State | 1,411 | (3,702 | ) | (3,310 | ) | ||||||||
5,836 | (53 | ) | (4,385 | ) | |||||||||
Provision for (benefit from) income taxes | $ | 6,110 | $ | 153 | $ | (4,192 | ) | ||||||
Consolidated Deferred Tax Asset and Liability | ' | ||||||||||||
The consolidated deferred tax asset and liability consisted of the following: | |||||||||||||
December 31, | |||||||||||||
2012 | 2013 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Financial statement accruals not currently deductible | $ | 6,146 | $ | 6,786 | |||||||||
Net operating loss, AMT credit and other carryforwards | 58,702 | 71,246 | |||||||||||
State taxes | 103 | 90 | |||||||||||
Other | 3,014 | 3,322 | |||||||||||
Total deferred tax assets | 67,965 | 81,444 | |||||||||||
Valuation allowance for deferred tax assets | (2,913 | ) | (2,868 | ) | |||||||||
Net deferred tax assets | $ | 65,052 | $ | 78,576 | |||||||||
Deferred tax liabilities: | |||||||||||||
Excess of net book value of property, plant, equipment and software for financial reporting purposes over tax basis | $ | 5,032 | $ | 3,840 | |||||||||
Excess of net book value of intangible assets for financial reporting purposes over tax basis | 100,040 | 109,133 | |||||||||||
Interest rate swap | — | 1,251 | |||||||||||
Unrecognized tax benefits | 1,325 | 933 | |||||||||||
Total deferred tax liabilities | 106,397 | 115,157 | |||||||||||
Net deferred tax liabilities | $ | (41,345 | ) | $ | (36,581 | ) | |||||||
Reconciliation of Net Deferred Tax Liabilities to Financial Instrument | ' | ||||||||||||
The following table reconciles the above net deferred tax liabilities to the financial statements: | |||||||||||||
December 31, | |||||||||||||
2012 | 2013 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Deferred income tax asset per balance sheet | $ | 6,248 | $ | 6,876 | |||||||||
Deferred income tax liability per balance sheet | (47,593 | ) | (43,457 | ) | |||||||||
$ | (41,345 | ) | $ | (36,581 | ) | ||||||||
Reconciliation of Statutory Federal Income Tax Rate to Provision for Income Tax | ' | ||||||||||||
A reconciliation of the statutory federal income tax rate to the provision for income tax is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2011 | 2012 | 2013 | |||||||||||
(Dollars in thousands) | |||||||||||||
Statutory federal income tax rate (at 35%) | $ | 4,364 | $ | 1,637 | $ | (2,411 | ) | ||||||
Effect of state taxes, net of federal | 1,102 | (2,278 | ) | (2,025 | ) | ||||||||
Permanent items | 696 | 788 | 270 | ||||||||||
ISO benefit | — | — | — | ||||||||||
Other, net | (52 | ) | 6 | (26 | ) | ||||||||
Provision for income taxes | $ | 6,110 | $ | 153 | $ | (4,192 | ) | ||||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||||||
Future Minimum Rental Payments Required Under Operating Leases that have Initial or Remaining Non-Cancelable Lease Terms in Excess of One | ' | ||||||||||||
Future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2013, are as follows: | |||||||||||||
Related Parties | Other | Total | |||||||||||
(Dollars in thousands) | |||||||||||||
2014 | $ | 1,445 | $ | 9,730 | $ | 11,175 | |||||||
2015 | 1,449 | 9,046 | 10,495 | ||||||||||
2016 | 1,367 | 6,787 | 8,154 | ||||||||||
2017 | 1,042 | 4,809 | 5,851 | ||||||||||
2018 | 439 | 3,858 | 4,297 | ||||||||||
Thereafter | 4,212 | 23,556 | 27,768 | ||||||||||
$ | 9,954 | $ | 57,786 | $ | 67,740 | ||||||||
STOCK_INCENTIVE_PLAN_Tables
STOCK INCENTIVE PLAN (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||
Stock-Based Compensation Expense Recognized | ' | ||||||||||||||||||||
The following table reflects the components of stock-based compensation expense recognized in the Consolidated Statements of Operations for the years ended December 31, 2011, 2012 and 2013: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Stock option compensation expense included in corporate expenses | $ | 603 | $ | 933 | $ | 766 | |||||||||||||||
Restricted stock shares compensation expense included in corporate expenses | 4 | — | 481 | ||||||||||||||||||
Stock option compensation expense included in broadcast operating expenses | 281 | 305 | 302 | ||||||||||||||||||
Stock option compensation expense included in Internet operating expenses | 52 | 111 | 253 | ||||||||||||||||||
Stock option compensation expense included in publishing operating expenses | 10 | 19 | 47 | ||||||||||||||||||
Total stock-based compensation expense, pre-tax | $ | 950 | $ | 1,368 | $ | 1,849 | |||||||||||||||
Tax benefit (expense) from stock-based compensation expense | (220 | ) | (579 | ) | (740 | ) | |||||||||||||||
Total stock-based compensation expense, net of tax | $ | 730 | $ | 789 | $ | 1,109 | |||||||||||||||
Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options and Restricted Stock Awards using Black-Scholes Option Valuation Model | ' | ||||||||||||||||||||
The weighted-average assumptions used to estimate the fair value of the stock options and restricted shares using the Black-Scholes valuation model were as follows for the years ended December 31, 2011, 2012 and 2013: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2011 | 2012 | 2013 | |||||||||||||||||||
Expected volatility | 101.49 | % | 102.37 | % | 100.78 | % | |||||||||||||||
Expected dividends | 0 | % | 5.07 | % | 2.05 | % | |||||||||||||||
Expected term (in years) | 7.5 | 8.2 | 6.6 | ||||||||||||||||||
Risk-free interest rate | 1.64 | % | 1.66 | % | 1.06 | % | |||||||||||||||
Stock Option | ' | ||||||||||||||||||||
Stock option information with respect to the company’s stock-based equity plans during the three years ended December 31, 2013 is as follows (Dollars in thousands, except weighted average exercise price and weighted average grant date fair value): | |||||||||||||||||||||
Options | Shares | Weighted Average | Weighted Average | Weighted Average | Aggregate | ||||||||||||||||
Exercise Price | Grant Date Fair | Remaining | Intrinsic | ||||||||||||||||||
Value | Contractual Term | Value | |||||||||||||||||||
Outstanding at January 1, 2011 | 1,151,998 | $ | 6.83 | $ | 5.36 | 5.0 years | $ | 748 | |||||||||||||
Granted | 630,000 | 2.43 | 2.05 | 116 | |||||||||||||||||
Exercised | (41,112 | ) | 0.59 | 0.42 | 125 | ||||||||||||||||
Forfeited or expired | (100,494 | ) | 11.47 | 7.72 | 22 | ||||||||||||||||
Outstanding at December 31, 2011 | 1,640,392 | $ | 5.01 | $ | 4.07 | 5.2 years | $ | 584 | |||||||||||||
Exercisable at December 31, 2011 | 655,228 | 7.56 | 5.47 | 2.9 years | 414 | ||||||||||||||||
Expected to Vest | 980,189 | $ | 3.31 | $ | 3.13 | 6.8 years | $ | 170 | |||||||||||||
Outstanding at January 1, 2012 | 1,640,392 | $ | 5.01 | $ | 4.07 | 5.2 years | $ | 584 | |||||||||||||
Granted | 626,000 | 2.74 | 1.51 | 1,704 | |||||||||||||||||
Exercised | (261,205 | ) | 1.57 | 1.28 | 910 | ||||||||||||||||
Forfeited or expired | (78,088 | ) | 14.06 | 8.03 | 10,824 | ||||||||||||||||
Outstanding at December 31, 2012 | 1,927,099 | $ | 4.37 | $ | 3.45 | 5.4 years | $ | 3,899 | |||||||||||||
Exercisable at December 31, 2012 | 707,024 | 6.58 | 5.41 | 2.9 years | 1,004 | ||||||||||||||||
Expected to Vest | 1,158,461 | $ | 3.09 | $ | 2.32 | 6.8 years | $ | 2,749 | |||||||||||||
Outstanding at January 1, 2013 | 1,927,099 | $ | 4.37 | $ | 3.45 | 5.4 years | $ | 3,899 | |||||||||||||
Granted | 735,750 | 6.93 | 4.9 | 1,303 | |||||||||||||||||
Exercised | (410,983 | ) | 3.46 | 2.47 | 1,883 | ||||||||||||||||
Forfeited or expired | (89,799 | ) | 12.3 | 7.43 | 72 | ||||||||||||||||
Outstanding at December 31, 2013 | 2,162,067 | $ | 5.09 | $ | 3.57 | 5.5 years | $ | 8,491 | |||||||||||||
Exercisable at December 31, 2013 | 514,751 | 6.29 | 4.52 | 2.7 years | 1,919 | ||||||||||||||||
Expected to Vest | 1,564,128 | $ | 4.71 | $ | 3.28 | 6.4 years | $ | 6,240 | |||||||||||||
Information Regarding Restricted Stock | ' | ||||||||||||||||||||
Information regarding the company’s restricted stock during the years ended December 31, 2011 and 2013 is as follows: | |||||||||||||||||||||
Restricted Stock | Shares | Weighted Average Grant | |||||||||||||||||||
Date Fair Value | |||||||||||||||||||||
Non-Vested at January 1, 2011 | 10,000 | $ | 2.03 | ||||||||||||||||||
Granted | |||||||||||||||||||||
Lapsed | (10,000 | ) | 2.03 | ||||||||||||||||||
Forfeited | — | ||||||||||||||||||||
Non-Vested at December 31, 2011 | — | $ | — | ||||||||||||||||||
Non-Vested at January 1, 2013 | — | $ | — | ||||||||||||||||||
Granted | 79,810 | 6.02 | |||||||||||||||||||
Lapsed | (79,810 | ) | 6.02 | ||||||||||||||||||
Forfeited | — | — | |||||||||||||||||||
Non-Vested at December 31, 2013 | — | $ | — | ||||||||||||||||||
Additional Information Regarding Options Outstanding | ' | ||||||||||||||||||||
Additional information regarding options outstanding as of December 31, 2013, is as follows: | |||||||||||||||||||||
Range of Exercise Prices | Options | Weighted Average | Weighted | Exercisable | Weighted | ||||||||||||||||
Contractual Life | Average | Options | Average | ||||||||||||||||||
Remaining | Exercise Price | Exercise Price | |||||||||||||||||||
(Years) | |||||||||||||||||||||
$0.36 - $ 3.00 | 997,166 | 5.9 | $ | 2.51 | 196,000 | $ | 2 | ||||||||||||||
$3.01 - $ 6.00 | 289,625 | 3.9 | 5.15 | 171,725 | 5.17 | ||||||||||||||||
$6.01 - $ 9.00 | 728,250 | 6.5 | 6.93 | — | — | ||||||||||||||||
$9.01 - $ 12.00 | 70,050 | 1.2 | 11.8 | 70,050 | 11.8 | ||||||||||||||||
$12.01 - $ 15.00 | 58,475 | 0.9 | 13.88 | 58,475 | 13.88 | ||||||||||||||||
$15.01 - $ 18.00 | 13,876 | 0.4 | 16.75 | 13,876 | 16.75 | ||||||||||||||||
$18.01 - $ 21.00 | 4,625 | 0.9 | 18.89 | 4,625 | 18.89 | ||||||||||||||||
$21.01 - $ 24.00 | — | — | — | — | — | ||||||||||||||||
$24.01 - $ 25.50 | — | — | — | — | — | ||||||||||||||||
$0.36 - $ 25.50 | 2,162,067 | 5.5 | $ | 5.09 | 514,751 | $ | 6.29 | ||||||||||||||
EQUITY_TRANSACTIONS_Tables
EQUITY TRANSACTIONS (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Equity [Abstract] | ' | ||||||||||
Schedule of Cash Distributions Declared and Paid | ' | ||||||||||
The following table shows distributions that have been declared and paid since January 1, 2012: | |||||||||||
Announcement Date | Payment Date | Amount Per Share | Cash Distributed | ||||||||
(in thousands) | |||||||||||
November 20, 2013 | December 27, 2013 | $ | 0.055 | $ | 1,376 | ||||||
September 12, 2013 | October 4, 2013 | $ | 0.0525 | 1,308 | |||||||
May 30, 2013 | June 28, 2013 | $ | 0.05 | 1,240 | |||||||
March 18, 2013 | April 1, 2013 | $ | 0.05 | 1,234 | |||||||
November 29, 2012 | December 28, 2012 | $ | 0.035 | 854 | |||||||
August 30, 2012 | September 28, 2012 | $ | 0.035 | 854 | |||||||
May 31, 2012 | June 21, 2012 | $ | 0.035 | 854 | |||||||
March 7, 2012 | March 30, 2012 | $ | 0.035 | 850 |
QUARTERLY_RESULTS_OF_OPERATION1
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED): (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Quarterly Financial Information | ' | ||||||||||||||||||||||||||||||||
The following table sets forth selected financial results of the company on a quarterly basis. | |||||||||||||||||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||||||||||||||||||
2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | ||||||||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||||||||||||
Total revenue | $ | 54,284 | $ | 55,628 | $ | 57,626 | $ | 60,136 | $ | 56,719 | $ | 58,476 | $ | 60,550 | $ | 62,694 | |||||||||||||||||
Operating income | 7,930 | 6,582 | 3,862 | 9,287 | 8,479 | 8,974 | 10,219 | 9,690 | |||||||||||||||||||||||||
Net income (loss) before discontinued operations | 885 | (18,582 | ) | (1,779 | ) | 5,205 | 3,407 | 5,334 | 2,010 | 5,344 | |||||||||||||||||||||||
Net income (loss) | $ | 843 | $ | (18,593 | ) | $ | (1,792 | ) | $ | 5,201 | $ | 3,368 | $ | 5,323 | $ | 2,009 | $ | 5,333 | |||||||||||||||
Basic earnings (loss) per share | $ | 0.04 | $ | (0.75 | ) | $ | (0.07 | ) | $ | 0.2 | $ | 0.13 | $ | 0.21 | $ | 0.08 | $ | 0.21 | |||||||||||||||
Basic earnings (loss) per share from continuing operations | $ | 0.03 | $ | (0.75 | ) | $ | (0.07 | ) | $ | 0.2 | $ | 0.13 | $ | 0.21 | $ | 0.08 | $ | 0.21 | |||||||||||||||
Diluted earnings (loss) per share | $ | 0.04 | $ | (0.75 | ) | $ | (0.07 | ) | $ | 0.2 | $ | 0.13 | $ | 0.21 | $ | 0.08 | $ | 0.21 | |||||||||||||||
Diluted earnings (loss) per share from continuing operations | $ | 0.03 | $ | (0.75 | ) | $ | (0.07 | ) | $ | 0.2 | $ | 0.13 | $ | 0.21 | $ | 0.08 | $ | 0.21 | |||||||||||||||
Weighted average shares outstanding – basic | 24,564,947 | 24,632,431 | 24,356,298 | 24,737,131 | 24,663,027 | 25,126,858 | 24,726,148 | 25,255,881 | |||||||||||||||||||||||||
Weighted average shares outstanding – diluted | 24,753,671 | 24,632,431 | 24,356,298 | 25,624,350 | 25,358,052 | 25,921,391 | 25,266,368 | 26,051,098 |
SEGMENT_DATA_Tables
SEGMENT DATA (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment Data | ' | ||||||||||||||||||||
Management uses operating income before depreciation, amortization, impairments, (gain) loss on the sale or disposal of assets, as its measure of profitability for purposes of assessing performance and allocating resources. | |||||||||||||||||||||
Radio | Internet | Publishing | Corporate | Consolidated | |||||||||||||||||
Broadcast | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
Net revenue | $ | 183,697 | $ | 40,906 | $ | 12,331 | $ | — | $ | 236,934 | |||||||||||
Operating expenses | 122,862 | 28,378 | 13,289 | 21,430 | 185,959 | ||||||||||||||||
Operating income (loss) before depreciation, amortization, impairment of long-lived assets and (gain) loss on the sale or disposal of assets | $ | 60,835 | $ | 12,528 | $ | (958 | ) | $ | (21,430 | ) | $ | 50,975 | |||||||||
Depreciation | 7,934 | 2,904 | 444 | 1,166 | 12,448 | ||||||||||||||||
Amortization | 154 | 2,654 | 6 | — | 2,814 | ||||||||||||||||
Impairment of indefinite-lived long-term assets other than goodwill | — | — | 1,006 | — | 1,006 | ||||||||||||||||
Impairment of goodwill | — | — | 438 | — | 438 | ||||||||||||||||
(Gain) loss on the sale or disposal of assets | (274 | ) | — | — | 10 | (264 | ) | ||||||||||||||
Operating income (loss) | $ | 53,021 | $ | 6,970 | $ | (2,852 | ) | $ | (22,606 | ) | $ | 34,533 | |||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
Net revenue | $ | 183,180 | $ | 33,474 | $ | 12,525 | $ | — | $ | 229,179 | |||||||||||
Operating expenses | 120,772 | 25,145 | 12,288 | 18,892 | 177,097 | ||||||||||||||||
Operating income (loss) before depreciation, amortization, impairment of long-lived assets and (gain) loss on the sale or disposal of assets | $ | 62,408 | $ | 8,329 | $ | 237 | $ | (18,892 | ) | $ | 52,082 | ||||||||||
Depreciation | 8,274 | 2,438 | 423 | 1,208 | 12,343 | ||||||||||||||||
Amortization | 105 | 2,189 | 8 | 2 | 2,304 | ||||||||||||||||
Impairment of indefinite-lived long-term assets other than goodwill | — | — | 88 | — | 88 | ||||||||||||||||
Impairment of long-lived assets | 6,808 | — | — | — | 6,808 | ||||||||||||||||
(Gain) loss on the sale or disposal of assets | 84 | (76 | ) | — | 41 | 49 | |||||||||||||||
Operating income (loss) | $ | 47,137 | $ | 3,778 | $ | (282 | ) | $ | (20,143 | ) | $ | 30,490 | |||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||
Net revenue | $ | 178,731 | $ | 27,304 | $ | 12,131 | $ | — | $ | 218,166 | |||||||||||
Operating expenses | 115,482 | 20,889 | 11,475 | 17,503 | 165,349 | ||||||||||||||||
Operating income (loss) before depreciation, amortization, impairment of long-lived assets and (gain) loss on the sale or disposal of assets | $ | 63,249 | $ | 6,415 | $ | 656 | $ | (17,503 | ) | $ | 52,817 | ||||||||||
Depreciation | 8,834 | 2,139 | 308 | 1,239 | 12,520 | ||||||||||||||||
Amortization | 136 | 2,186 | 127 | 2 | 2,451 | ||||||||||||||||
(Gain) loss on the sale or disposal of assets | (4,332 | ) | (11 | ) | 23 | 167 | (4,153 | ) | |||||||||||||
Operating income (loss) | $ | 58,611 | $ | 2,101 | $ | 198 | $ | (18,911 | ) | $ | 41,999 | ||||||||||
Radio | Internet | Publishing | Corporate | Consolidated | |||||||||||||||||
Broadcast | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Property, plant and equipment, net | $ | 82,457 | $ | 6,402 | $ | 1,596 | $ | 8,473 | $ | 98,928 | |||||||||||
Broadcast licenses | 381,836 | — | — | — | 381,836 | ||||||||||||||||
Goodwill | 3,917 | 17,550 | 899 | 8 | 22,374 | ||||||||||||||||
Other indefinite-lived intangible assets | — | — | 868 | — | 868 | ||||||||||||||||
Amortizable intangible assets, net | 661 | 8,119 | 11 | 2 | 8,793 | ||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||
Property, plant and equipment, net | $ | 82,972 | $ | 6,309 | $ | 1,271 | $ | 8,915 | $ | 99,467 | |||||||||||
Broadcast licenses | 373,720 | — | — | — | 373,720 | ||||||||||||||||
Goodwill | 3,881 | 17,157 | 1,337 | 8 | 22,383 | ||||||||||||||||
Other indefinite-lived intangible assets | — | — | 1,873 | — | 1,873 | ||||||||||||||||
Amortizable intangible assets, net | 106 | 8,634 | 11 | 2 | 8,753 |
Recovered_Sheet1
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Jan. 31, 2007 | Jan. 31, 2007 | Jan. 31, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 27, 2013 | Dec. 31, 2013 | |
Station | Reduction of Retained Earnings | Contingencies | Los Angeles Market | Los Angeles Market | Los Angeles Market | Dallas | Dallas | Dallas | Broadcast | Broadcast | Broadcast | All Other Segments | KKMO-AM in Seattle, Washington | KXMX-AM in Los Angeles, California | KPXI-FM, Tyler-Longview, Texas | Cleveland market [Member] | Minimum | Maximum | Production Costs | Production Costs | Production Costs | Broadcast licenses | Broadcast licenses | Broadcast licenses | Mastheads | Mastheads | Fair value of interest rate swaps | Fair value of interest rate swaps | Fair value of interest rate swaps | ||||||||
Segment | Segment | Significant Other Observable Inputs (Level 2) | |||||||||||||||||||||||||||||||||||
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Radio stations to be owned and/or operated throughout United States | ' | ' | 103 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,600,000 | $5,300,000 | $5,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest capitalized | ' | ' | 100,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying amount of property plant and equipment | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charge | 1,200,000 | 5,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 100,000 | ' | ' | ' | ' |
Impairment Charges Land Held For Sale | ' | 5,600,000 | 0 | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Internally developed software and website development capitalized costs | ' | ' | 1,500,000 | 2,300,000 | 2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense for internally developed software and website development capitalized costs | ' | ' | 2,300,000 | 2,100,000 | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Internally developed software and website development capitalized costs, useful life | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of media advertising and associated production costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | 10,500,000 | 10,300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of intangible assets | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of indefinite-lived intangible assets out of total assets | ' | ' | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of indefinite-lived intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 94.00% | ' | ' | ' | 6.00% | ' | ' | ' |
Broadcast licenses renewal period | ' | ' | '8 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Gain) loss on disposal of assets | ' | ' | 264,000 | -49,000 | 4,153,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-tax (Gain) loss on disposal of assets | ' | ' | -62,000 | -158,000 | -1,225,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | 2,100,000 | 200,000 | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-tax (Gain) loss on disposal of assets | ' | ' | 100,000 | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '25 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred rent revenue | 4,600,000 | ' | 4,500,000 | 4,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sublease term | ' | ' | '60 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write off bond issue costs | ' | ' | ' | 300,000 | 100,000 | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to redeem notes | ' | ' | 213,500,000 | 21,500,000 | 35,000,000 | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing costs amortization period | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Self insurance liability | 600,000 | ' | 500,000 | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate swap agreement, notional principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' |
Payments swap LIBOR floor rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.63% | ' | ' |
Interest rate swap, expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28-Mar-19 | ' | ' |
Interest rate swap, fixed rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.65% | ' | ' |
Change in fair value of the interest rate swap agreement asset | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,200,000 |
Debt, principal payment | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities for unrecognized tax benefits | 1,300,000 | ' | 900,000 | 1,300,000 | 3,800,000 | ' | ' | 3,000,000 | 2,100,000 | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefit, interest accrued net of federal income tax benefits | ' | ' | 10,000 | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (decrease) in unrecognized tax benefits | ' | ' | -400,000 | -2,500,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefits, penalty | ' | ' | 20,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional reduction of reserve | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Valuation allowance to offset deferred tax asset | $2,913,000 | ' | $2,868,000 | $2,913,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options to purchase Class A common stock | 1,927,099 | ' | 2,162,067 | 1,927,099 | 1,640,392 | 1,151,998 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Anti Dilutive Shares | ' | ' | ' | 480,825 | 1,397,538 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reportable operating segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Total Revenue generated from advertising | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.20% | 16.20% | 15.20% | 25.50% | 23.60% | 23.20% | 41.80% | 42.30% | 43.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property_Plant_and_Equipment_E
Property Plant and Equipment Estimated Useful Lives (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Buildings | ' |
Property Plant and Equipment Estimated Useful Lives [Line Items] | ' |
Property plant and equipment, useful life | '40 years |
Office Furnishings And Equipment | Minimum | ' |
Property Plant and Equipment Estimated Useful Lives [Line Items] | ' |
Property plant and equipment, useful life | '5 years |
Office Furnishings And Equipment | Maximum | ' |
Property Plant and Equipment Estimated Useful Lives [Line Items] | ' |
Property plant and equipment, useful life | '10 years |
Antennae, towers and transmitting equipment | ' |
Property Plant and Equipment Estimated Useful Lives [Line Items] | ' |
Property plant and equipment, useful life | '20 years |
Studio and Production Equipment | Minimum | ' |
Property Plant and Equipment Estimated Useful Lives [Line Items] | ' |
Property plant and equipment, useful life | '7 years |
Studio and Production Equipment | Maximum | ' |
Property Plant and Equipment Estimated Useful Lives [Line Items] | ' |
Property plant and equipment, useful life | '10 years |
Software and Website Development Costs | ' |
Property Plant and Equipment Estimated Useful Lives [Line Items] | ' |
Property plant and equipment, useful life | '3 years |
Record and Tape Libraries | ' |
Property Plant and Equipment Estimated Useful Lives [Line Items] | ' |
Property plant and equipment, useful life | '3 years |
Automobiles | ' |
Property Plant and Equipment Estimated Useful Lives [Line Items] | ' |
Property plant and equipment, useful life | '5 years |
Leasehold improvements | ' |
Property Plant and Equipment Estimated Useful Lives [Line Items] | ' |
Property plant and equipment, estimated useful life, description | 'Lesser of 15 years or life of lease |
Fair_Value_Measurements_Table_
Fair Value Measurements Table (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' |
Long-Lived Asset Held for Sale, fair value | $1,700 | $1,700 |
Long-Lived Asset Held for Sale, Total Gains (Losses) | 6,808 | 6,808 |
Significant Unobservable Inputs (Level 3) | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Long-Lived Asset Held for Sale, fair value | $1,700 | $1,700 |
Intangibles_Asset_Estimated_Us
Intangibles Asset Estimated Useful Lives (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Customer lists and contracts | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite lived intangible assets useful life, description | 'Lesser of 5 years or life of contract |
Favorable and assigned leases | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite lived intangible assets useful life, description | 'Life of the lease |
Domain and brand names | Minimum | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite lived intangible assets useful life | '5 years |
Domain and brand names | Maximum | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite lived intangible assets useful life | '7 years |
Internally Developed Software | Minimum | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite lived intangible assets useful life | '3 years |
Internally Developed Software | Maximum | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite lived intangible assets useful life | '5 years |
Customer Relationship | Minimum | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite lived intangible assets useful life | '1 year |
Customer Relationship | Maximum | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite lived intangible assets useful life | '3 years |
Other Amortizable Intangible Assets | Minimum | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite lived intangible assets useful life | '5 years |
Other Amortizable Intangible Assets | Maximum | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite lived intangible assets useful life | '10 years |
Deferred_Financing_Costs_Detai
Deferred Financing Costs (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized and Other Assets Disclosure [Line Items] | ' | ' |
Deferred financing costs | $4,130 | $4,002 |
Bond issue costs | ' | ' |
Deferred Costs, Capitalized and Other Assets Disclosure [Line Items] | ' | ' |
Deferred financing costs | ' | 3,060 |
Bank loan fees | ' | ' |
Deferred Costs, Capitalized and Other Assets Disclosure [Line Items] | ' | ' |
Deferred financing costs | $4,130 | $942 |
Summary_of_Changes_in_Gross_Am
Summary of Changes in Gross Amount of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Accounting Policies [Abstract] | ' |
Beginning balance | $1,325 |
Additions based on tax positions related to the current year | ' |
Additions based on tax positions related to prior years | ' |
Reductions related to tax positions of prior years | ' |
Decrease due to statute expirations | -401 |
Related interest and penalties, net of federal tax benefits | -8 |
Ending balance | $916 |
Shares_Used_to_Compute_Basic_a
Shares Used to Compute Basic and Diluted Net Earning Per Share (Detail) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accounting Policies [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average shares | 25,255,881 | 25,126,858 | 24,737,131 | 24,632,431 | 24,726,148 | 24,663,027 | 24,356,298 | 24,564,947 | 24,938,075 | 24,577,605 | 24,475,102 |
Effect of dilutive securities - stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' | 409,361 | 208,542 |
Weighted average shares adjusted for dilutive securities | 26,051,098 | 25,921,391 | 25,624,350 | 24,632,431 | 25,266,368 | 25,358,052 | 24,356,298 | 24,753,671 | 24,938,075 | 24,986,966 | 24,683,644 |
Recovered_Sheet2
Impairment of Goodwill and Other Indefinite-Lived Intangible Assets - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Internet and Publishing | Internet and Publishing | Internet and Publishing | Internet and Publishing | Internet and Publishing | Minimum | Maximum | Networks | Networks | Networks | Broadcast licenses | Broadcast licenses | Broadcast licenses | Mastheads | Mastheads | Mastheads | Mastheads | Mastheads | Mastheads | Mastheads | Goodwill-Broadcast | Goodwill-Broadcast | Goodwill-Broadcast | Goodwill-Broadcast | Goodwill-Broadcast | Goodwill-Broadcast | ||||
Internet and Publishing | Internet and Publishing | Minimum | Maximum | Networks | Networks | Networks | |||||||||||||||||||||||
Goodwill And Other Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of indefinite-lived intangible assets out of total assets | ' | ' | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of indefinite-lived intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 94.00% | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Broadcast licenses renewal period | ' | ' | '8 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discounted cash flow projection period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess of estimated fair value over carrying value, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63.00% | 113.00% | 101.60% | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of excess fair value over carrying value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charges | $1.20 | $5.60 | ' | $0.40 | ' | $0 | $0 | $0 | ' | ' | ' | ' | ' | $0 | $0 | $0 | ' | $0.10 | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 |
Excess fair value estimate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Royalty growth rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 3.00% | 2.00% | 3.00% | 3.00% | 2.00% | 3.00% | ' | ' | ' | ' | ' | ' |
Discount rate | ' | ' | ' | 9.00% | 8.50% | 9.50% | ' | 13.50% | 8.50% | 13.50% | ' | ' | ' | 9.00% | 9.00% | 9.00% | 9.00% | 8.50% | 9.50% | 8.50% | 8.50% | 9.00% | 9.50% | 9.00% | 9.00% | 9.00% | ' | ' | ' |
Additional impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage_Range_by_Which_Fair
Percentage Range by Which Fair Value Exceeds Carrying Value of Broadcasting Licenses for Each of Clusters (Detail) (Broadcast licenses, USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Entity | |
Less than or equal to 25% | ' |
Fair Value Measurements [Line Items] | ' |
Number of market clusters | 9 |
Carrying value | $217,111 |
>26% to 30% | ' |
Fair Value Measurements [Line Items] | ' |
Number of market clusters | 1 |
Carrying value | 18,501 |
>30% to 75% | ' |
Fair Value Measurements [Line Items] | ' |
Number of market clusters | 2 |
Carrying value | 13,577 |
Less than or equal 5% | Station Operating Income [Member] | ' |
Fair Value Measurements [Line Items] | ' |
Number of market clusters | 8 |
Carrying value | 51,850 |
>6% To 10% | Station Operating Income [Member] | ' |
Fair Value Measurements [Line Items] | ' |
Number of market clusters | 1 |
Carrying value | 2,402 |
>11% To 40 % | Station Operating Income [Member] | ' |
Fair Value Measurements [Line Items] | ' |
Number of market clusters | 4 |
Carrying value | 61,354 |
> than 40% | Station Operating Income [Member] | ' |
Fair Value Measurements [Line Items] | ' |
Number of market clusters | 8 |
Carrying value | $21,835 |
Key_Estimates_and_Assumptions_
Key Estimates and Assumptions used in Start-Up Income Valuation of Broadcast Units For Each Testing Period (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Broadcast licenses | ' | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' |
Discount rate | 9.00% | 9.00% | 9.00% |
Broadcast licenses | Minimum | ' | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' |
Operating profit margin ranges | 4.10% | 5.10% | 3.80% |
Long-term market revenue growth rate ranges | 1.00% | 0.30% | 1.00% |
Broadcast licenses | Maximum | ' | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' |
Operating profit margin ranges | 37.50% | 35.50% | 36.30% |
Long-term market revenue growth rate ranges | 2.50% | 15.00% | 4.00% |
Goodwill-Broadcast | ' | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' |
Discount rate | 9.00% | 9.00% | 9.00% |
Goodwill-Broadcast | Minimum | ' | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' |
Operating profit margin ranges | 4.10% | 5.10% | 3.80% |
Long-term market revenue growth rate ranges | 1.00% | 0.30% | 1.00% |
Goodwill-Broadcast | Maximum | ' | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' |
Operating profit margin ranges | 37.50% | 35.50% | 38.00% |
Long-term market revenue growth rate ranges | 2.50% | 15.00% | 4.00% |
Results_of_Qualitative_Analysi
Results of Qualitative Analysis for Annual Testing (Detail) (Current year) | 12 Months Ended |
Dec. 31, 2013 | |
Atlanta Georgia | ' |
Goodwill And Other Intangibles [Line Items] | ' |
Excess fair value estimate | 13.60% |
Boston Massachusetts | ' |
Goodwill And Other Intangibles [Line Items] | ' |
Excess fair value estimate | 6.90% |
Chicago Illinois | ' |
Goodwill And Other Intangibles [Line Items] | ' |
Excess fair value estimate | 6.40% |
Cleveland Ohio | ' |
Goodwill And Other Intangibles [Line Items] | ' |
Excess fair value estimate | 4.60% |
Colorado Springs Colorado | ' |
Goodwill And Other Intangibles [Line Items] | ' |
Excess fair value estimate | 82.50% |
Columbus Ohio | ' |
Goodwill And Other Intangibles [Line Items] | ' |
Excess fair value estimate | 6.00% |
Dallas | ' |
Goodwill And Other Intangibles [Line Items] | ' |
Excess fair value estimate | 10.90% |
Detroit Michigan | ' |
Goodwill And Other Intangibles [Line Items] | ' |
Excess fair value estimate | 2.90% |
Greenville South Carolina | ' |
Goodwill And Other Intangibles [Line Items] | ' |
Excess fair value estimate | 8.50% |
Honolulu Hawaii | ' |
Goodwill And Other Intangibles [Line Items] | ' |
Excess fair value estimate | 6.30% |
Los Angeles California | ' |
Goodwill And Other Intangibles [Line Items] | ' |
Excess fair value estimate | 107.40% |
Louisville Kentucky | ' |
Goodwill And Other Intangibles [Line Items] | ' |
Excess fair value estimate | 8.00% |
Minneapolis Minnesota | ' |
Goodwill And Other Intangibles [Line Items] | ' |
Excess fair value estimate | 85.80% |
Omaha Nebraska | ' |
Goodwill And Other Intangibles [Line Items] | ' |
Excess fair value estimate | 1.10% |
Phoenix Arizona | ' |
Goodwill And Other Intangibles [Line Items] | ' |
Excess fair value estimate | 17.40% |
Portland Oregon | ' |
Goodwill And Other Intangibles [Line Items] | ' |
Excess fair value estimate | 6.90% |
Sacramento California | ' |
Goodwill And Other Intangibles [Line Items] | ' |
Excess fair value estimate | 1.60% |
Fair_Value_of_Mastheads_Calcul
Fair Value of Mastheads Calculated by Discounted Cash Flow Method (Detail) (Mastheads) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ' |
Discount rate | 9.00% | 8.50% | 9.50% | 8.50% | 8.50% |
Royalty growth rate | 3.00% | 3.00% | 2.00% | 3.00% | 3.00% |
Minimum | ' | ' | ' | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ' |
Discount rate | ' | ' | 9.00% | ' | ' |
Projected revenue growth ranges | 1.00% | 1.50% | 1.20% | 1.50% | 1.50% |
Royalty growth rate | ' | ' | 2.00% | ' | ' |
Maximum | ' | ' | ' | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ' |
Discount rate | ' | ' | 9.50% | ' | ' |
Projected revenue growth ranges | 2.80% | 2.50% | 2.50% | 3.00% | 2.50% |
Royalty growth rate | ' | ' | 3.00% | ' | ' |
Key_Estimates_and_Assumptions_1
Key Estimates and Assumptions Used for Enterprise Valuations (Detail) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Internet and Publishing | ' | ' | ' | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ' |
Discount rate | 9.00% | 8.50% | 9.50% | ' | 13.50% |
Long-term revenue market growth rate ranges | ' | 1.50% | ' | ' | 3.00% |
Internet and Publishing | Minimum | ' | ' | ' | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ' |
Discount rate | ' | ' | ' | 8.50% | ' |
Operating profit margin ranges | 0.90% | 1.40% | -0.50% | 0.50% | 18.40% |
Long-term revenue market growth rate ranges | 1.50% | ' | 1.50% | 1.50% | ' |
Internet and Publishing | Maximum | ' | ' | ' | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ' |
Discount rate | ' | ' | ' | 13.50% | ' |
Operating profit margin ranges | 6.00% | 7.50% | 6.00% | 22.00% | 22.00% |
Long-term revenue market growth rate ranges | 2.80% | ' | 6.10% | 3.00% | ' |
Goodwill-Broadcast | ' | ' | ' | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ' |
Discount rate | ' | ' | 9.00% | 9.00% | 9.00% |
Goodwill-Broadcast | Minimum | ' | ' | ' | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ' |
Long-term revenue market growth rate ranges | ' | ' | 1.00% | 0.30% | 1.00% |
Goodwill-Broadcast | Maximum | ' | ' | ' | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ' |
Operating profit margin ranges | ' | ' | 37.50% | 35.50% | 38.00% |
Long-term revenue market growth rate ranges | ' | ' | 2.50% | 15.00% | 4.00% |
Radio Clusters | Goodwill-Broadcast | ' | ' | ' | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ' |
Discount rate | ' | ' | 9.00% | 9.00% | 9.00% |
Radio Clusters | Goodwill-Broadcast | Minimum | ' | ' | ' | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ' |
Operating profit margin ranges | ' | ' | 11.90% | 16.90% | 6.80% |
Long-term revenue market growth rate ranges | ' | ' | 1.00% | 1.00% | 1.50% |
Radio Clusters | Goodwill-Broadcast | Maximum | ' | ' | ' | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ' |
Operating profit margin ranges | ' | ' | 44.70% | 49.20% | 45.40% |
Long-term revenue market growth rate ranges | ' | ' | 2.50% | 3.50% | 3.50% |
Percentage_Within_Range_by_Whi
Percentage Within Range by Which Fair Value Exceeded Carrying Value of Each Clusters Including Goodwill (Detail) (Goodwill-Broadcast, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Entity | Entity | Entity | |
Less than or equal 5% | ' | ' | ' |
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ' |
Number of market clusters | 4 | 2 | 1 |
Carrying value | $28,952 | $18,836 | $9,877 |
>6% To 10% | ' | ' | ' |
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ' |
Number of market clusters | 1 | 1 | 2 |
Carrying value | 17,978 | 1,423 | 17,487 |
>11% To 40 % | ' | ' | ' |
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ' |
Number of market clusters | 3 | 1 | 3 |
Carrying value | 45,375 | 10,506 | 68,506 |
> than 40% | ' | ' | ' |
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ' |
Number of market clusters | 3 | 5 | 2 |
Carrying value | $45,152 | $132,645 | $5,178 |
Percentage_Within_Range_by_Whi1
Percentage Within Range by Which Fair Value Exceeded Carrying Value of Accounting Units, Including Goodwill (Detail) (Internet and Publishing, USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | Entity | Entity | Entity |
Less than or equal 5% | ' | ' | ' |
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ' |
Number of accounting units | 2 | ' | 1 |
Carrying value | $28,707 | ' | $1,123 |
>6% To 10% | ' | ' | ' |
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ' |
Number of accounting units | ' | ' | 1 |
Carrying value | ' | ' | 3,764 |
>11% To 40 % | ' | ' | ' |
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ' |
Number of accounting units | 2 | 2 | 1 |
Carrying value | 5,107 | 28,722 | 22,757 |
> than 40% | ' | ' | ' |
Carrying Amounts and Fair Values of Financial Instruments [Line Items] | ' | ' | ' |
Number of accounting units | ' | 2 | 1 |
Carrying value | ' | $2,103 | ($46) |
Recovered_Sheet3
Acquisitions and Recent Transactions - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 2 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nov. 20, 2013 | Sep. 30, 2013 | 30-May-13 | Mar. 31, 2013 | Mar. 14, 2013 | Dec. 28, 2012 | Sep. 28, 2012 | Jun. 29, 2012 | Dec. 10, 2013 | Sep. 12, 2013 | Mar. 07, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 20, 2013 | 21-May-12 | Dec. 21, 2011 | Jan. 10, 2014 | Nov. 17, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 12, 2012 | 21-May-12 | Nov. 17, 2011 | Nov. 17, 2011 | Mar. 14, 2013 | Nov. 15, 2011 | Dec. 30, 2013 | Jun. 28, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Mar. 14, 2013 | Mar. 14, 2013 | Mar. 14, 2013 | Dec. 12, 2012 | Jun. 01, 2012 | Sep. 06, 2011 | Dec. 12, 2011 | Jun. 01, 2011 | Dec. 31, 2013 | Jun. 03, 2013 | Dec. 01, 2010 | Jun. 01, 2010 | Dec. 31, 2009 | Sep. 11, 2013 | Aug. 31, 2012 | Aug. 30, 2012 | Feb. 15, 2013 | 29-May-12 | 15-May-12 | Apr. 10, 2012 | Mar. 16, 2012 | Aug. 10, 2013 | Mar. 16, 2012 | Jan. 13, 2012 | Dec. 10, 2013 | Dec. 31, 2013 | Mar. 14, 2011 | Jan. 05, 2012 | Mar. 01, 2011 | Feb. 25, 2011 | Feb. 25, 2011 | Feb. 25, 2011 | Jan. 06, 2011 | Dec. 09, 2013 | Dec. 31, 2013 | Feb. 06, 2014 | Sep. 23, 2013 | Feb. 07, 2014 | Sep. 23, 2013 | Feb. 15, 2013 | Feb. 05, 2013 | Dec. 31, 2013 | Oct. 02, 2012 | Sep. 30, 2012 | Mar. 28, 2011 | Dec. 21, 2011 | Mar. 28, 2008 | Mar. 28, 2008 | Mar. 28, 2008 | Nov. 13, 2013 | Nov. 13, 2013 | |
Subsequent Event | Terminated Subordinated Debt due to Related Parties | Terminated Subordinated Debt due to Related Parties | Terminated Subordinated Debt due to Related Parties | Terminated Subordinated Debt due to Related Parties | Terminated Subordinated Debt due to Related Parties | Terminated Subordinated Debt due to Related Parties | Terminated Subordinated Debt due to Related Parties | Terminated Subordinated Debt due to Related Parties | Revolver under senior credit facility | Revolver under senior credit facility | Term Loan B | Term Loan B | Term Loan B | Term Loan B | Term Loan B | Revolver | Terminated 95/8% Senior Secured Second Lien Notes | Terminated 95/8% Senior Secured Second Lien Notes | Terminated 95/8% Senior Secured Second Lien Notes | Terminated 95/8% Senior Secured Second Lien Notes | Terminated 95/8% Senior Secured Second Lien Notes | Terminated 95/8% Senior Secured Second Lien Notes | Terminated 95/8% Senior Secured Second Lien Notes | Terminated 95/8% Senior Secured Second Lien Notes | Terminated 95/8% Senior Secured Second Lien Notes | Terminated 95/8% Senior Secured Second Lien Notes | Terminated 95/8% Senior Secured Second Lien Notes | GodUpdates Facebook page | WLCC-AM, Tampa, Florida (business acquisition) | Sermonspice.com business acquisition (business acquisition) | WTOH-FM, Columbus, Ohio (business acquisition) | WTOH-FM, Columbus, Ohio (business acquisition) | Churchangel.com and rchurch.com (asset purchase) | WKDL-AM, Warrenton, Virginia (business acquisition) | Christnotes.org (business acquisition) | Christnotes.org (business acquisition) | Christnotes.org (business acquisition) | KTNO-AM, Dallas, Texas (business acquisition) | Twitchy.com (business acquisition) | Twitchy.com (business acquisition) | Twitchy.com (business acquisition) | Divestiture | WAMD-AM | KXMX-AM | KXMX-AM | KXMX-AM | KKMO-AM | EverythingInspirational.com (asset purchases) | EverythingInspirational.com (asset purchases) | EverythingInspirational.com (asset purchases) | KDIS-FM, Little Rock, Arkansas and KRDY-AM, San Antonio, Texas | KDIS-FM, Little Rock, Arkansas and KRDY-AM, San Antonio, Texas | KRDY-AM tower site in San Antonio, Texas | WJKR-FM, Columbus, Ohio | WGTK-FM, Greenville, South Carolina | Purchase of various intangible Internet assets (asset purchases) | Godvine.com (business acquisition) | Godvine.com (business acquisition) | WorshipHouseMedia.com (business acquisition) | KTEK-AM, Houston, Texas (business acquisition) | Business Acquisitions | Business Acquisitions | Business Acquisitions | WOCN-AM, Miami, Florida | Transmitter site | ||||||||||||||||||
Roland S. Hinz, a Salem board member | Roland S. Hinz, a Salem board member | Stuart W. Epperson, Board of Directors Chairman | Edward G. Atsinger III, Chief Executive Officer and Director | Cash Transaction | Cash Transaction | Promissory Note | Installment | Subsequent Event | Subsequent Event | Cash Transaction | Notes Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, issuance of principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of Term Loan B | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | 4,000,000 | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on early retirement of long-term debt | ' | 16,000 | ' | ' | 33,000 | ' | ' | ' | ' | ' | ' | -27,795,000 | -1,088,000 | -2,169,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' | 3,000 | 14,000 | 16,000 | ' | ' | ' | 26,900,000 | 200,000 | 900,000 | -337,000 | 800,000 | -1,100,000 | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000 | 6,000,000 | 3,000,000 | 6,000,000 | ' | ' | ' | ' | ' | 291,300,000 | 300,000,000 | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal repurchased or redeemed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 212,597,000 | 4,000,000 | 17,500,000 | 5,000,000 | 12,500,000 | 17,500,000 | ' | 903,000 | 12,500,000 | 17,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, aggregate purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 240,300,000 | 4,100,000 | 18,000,000 | 5,100,000 | 12,900,000 | 18,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of debt purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110.65% | 103.00% | 103.00% | 102.88% | 103.00% | 103.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount paid for redemption | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 837,000 | 17,000 | 80,000 | 26,000 | 62,000 | 93,000 | ' | 3,000 | 70,000 | 105,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bond Issue Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,867,000 | 57,000 | 287,000 | 135,000 | 337,000 | 472,000 | ' | ' | 334,000 | 417,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class A and Class B common stock, dividend declared date | 20-Nov-13 | ' | 30-May-13 | ' | ' | ' | ' | ' | ' | 12-Sep-13 | 7-Mar-12 | 18-Mar-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class A and Class B common stock, dividend declared per share | $0.06 | ' | $0.05 | ' | ' | ' | ' | ' | ' | $0.05 | $0.04 | $0.05 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class A and Class B common stock, dividend paid | 1,400,000 | ' | 1,200,000 | 1,200,000 | ' | ' | ' | ' | ' | 1,300,000 | ' | 5,158,000 | 3,412,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class A and Class B common stock, payment date | 27-Dec-13 | ' | 28-Jun-13 | 1-Apr-13 | ' | ' | ' | ' | ' | 4-Oct-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class A and Class B common stock, record date | 10-Dec-13 | ' | 14-Jun-13 | 25-Mar-13 | ' | ' | ' | ' | ' | 26-Sep-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class A and Class B common stock, dividend declared per share, paid | $0.06 | ' | $0.05 | $0.05 | ' | $0.04 | $0.04 | $0.04 | ' | $0.05 | $0.04 | $0.21 | $0.14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount due on close of Transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,477,000 | ' | ' | ' | ' | ' | 3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent earn-out consideration payable, description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Up to $1.2 million in contingent earn-out consideration payable based on the achievement of future page view targets. Twitchy.com is a website featuring selected quotes and current events centered on US politics, global news, sports, entertainment, media, and breaking news. The contingent earn-out consideration is payable upon achievement of page view milestones over a two year period and has an estimated fair value of $0.6 million as of the closing date. The estimated fair value of the contingent earn-out consideration was determined using a probability-weighted discounted cash flow model. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent earn-out consideration payable upon achievement of milestone | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent earn-out consideration achievement of milestone period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent earn-out consideration estimated fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 616,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Goodwill Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,374,000 | 22,383,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | ' | ' | ' | ' | ' | ' |
Contingent earn-out consideration period | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,820,000 | 10,695,000 | 9,151,000 | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 1,150,000 | 3,000,000 | 4,000,000 | 300,000 | 165,000 | 30,000 | ' | 500,000 | ' | 2,150,000 | 1,536,000 | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | 2,500,000 | 2,000,000 | 500,000 | 4,000,000 | ' | 207,000 | 4,200,000 | 4,200,000 | 6,000,000 | 2,601,000 | ' | ' | ' | 1,200,000 | 1,000,000 |
Amount payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred cash payment, number of installments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred cash payment period (in days) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '180 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred cash payment, first installment amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred cash payment, first installment due date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6-Feb-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 430,000 | 2,292,000 | 2,146,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' | ' | ' | ' | 20,755 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,977,000 | 7,365,000 | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition payment date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2014-04 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount on advertising credits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of advertising credits payable over ten years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,427,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising credits payable term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Ten | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization period of interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long term loan from bank | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date of loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Jun-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan outstanding amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subordinated debt due to related parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class A and Class B common stock, expected annual dividend payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Radio station sold amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | ' | ' | ' | ' | 800,000 | ' | 12,000,000 | 11,000,000 | 1,000,000 | 2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre tax gain on sale of business | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | ' | ' | 2,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,000,000 | 0 | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit interest rate description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Outstanding amounts under each subordinated line of credit will bear interest at a rate equal to the lesser of (1) 5% per annum and (2) the maximum rate permitted for subordinated debt under the Credit Agreement referred to above plus 2% per annum. Interest is payable at the time of any repayment of principal. In addition, outstanding amounts under each subordinated line of credit must be repaid within three months from the time that such amounts are borrowed. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, interest rate above the maximum rate permitted for subordinate debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amendment fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility previous maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Dec-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility extend maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2014-12-01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '("Revolver") entered on December 1, 2009, to among other things (1) extend the maturity date from December 1, 2012 to December 1, 2014 (2) change the interest rate applicable to LIBOR or the Wells Fargo base rate plus a spread to be determined based on our leverage ratio, (3) allow us to borrow and repay unsecured indebtedness provided certain conditions are met and (4) include step-downs related to our leverage ratio covenant. We incurred $0.5 million in fees to complete this amendment, which are being amortized over the remaining term of the credit agreement. The applicable interest rate relating to the amended credit agreement is LIBOR plus a spread of 3.0% per annum or the Base Rate (as defined in the credit agreement) plus a spread of 1.25% per annum, which is adjusted based on our leverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, interest rate over LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, interest rate above base rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note due date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, amount paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | 1,000,000 | ' | ' | ' | ' | ' |
Business acquisition, amount reverse of note receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | ' | ' | ' | ' | ' |
Amount of KTEK -AM assets sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 264,000 | -49,000 | 4,153,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,800,000 | 4,500,000 | 3,300,000 | ' | ' |
Amount received from notes receivable related to KTEK-AM assets sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | ' |
Unpaid portion of notes receivable related to KTEK-AM assets sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre tax loss on sale of business | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($200,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Promissory note, maturity term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Promissory note, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25-Feb-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business_Acquisitions_and_Asse
Business Acquisitions and Asset Purchases (Detail) (USD $) | Dec. 31, 2013 | Dec. 20, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 10, 2013 | Dec. 09, 2013 | Sep. 23, 2013 | Sep. 11, 2013 | Aug. 10, 2013 | Feb. 15, 2013 | 29-May-12 | Feb. 05, 2013 | Dec. 31, 2013 | Dec. 21, 2011 | Mar. 28, 2011 | Mar. 14, 2011 | Oct. 02, 2012 | Sep. 30, 2012 | Aug. 31, 2012 | Aug. 30, 2012 | 15-May-12 | Apr. 10, 2012 | Jan. 13, 2012 |
Twitchy.com (business acquisition) | EverythingInspirational.com (asset purchases) | Land, San Antonio, Texas (asset purchase) | GodUpdates (asset purchase) | Christnotes.org (business acquisition) | WTOH-FM, Columbus, Ohio (business acquisition) | WTOH-FM, Columbus, Ohio (business acquisition) | WGTK-FM, Greenville, South Carolina (business acquisition) | Purchase of various intangible Internet assets (asset purchases) | KTEK-AM, Houston, Texas (business acquisition) | WorshipHouseMedia.com (business acquisition) | WBZS-AM, Pawtucket, Rhode Island (business acquisition) | Godvine.com (business acquisition) | Godvine.com (business acquisition) | WLCC-AM, Tampa, Florida (business acquisition) | Sermonspice.com business acquisition (business acquisition) | Churchangel.com and rchurch.com (asset purchase) | WKDL-AM, Warrenton, Virginia (business acquisition) | KTNO-AM, Dallas, Texas (business acquisition) | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, total Consideration | $12,820,000 | $500,000 | $10,695,000 | $9,151,000 | $1,536,000 | $400,000 | $500,000 | $250,000 | $500,000 | $4,000,000 | $300,000 | $5,427,000 | $207,000 | $2,601,000 | $6,000,000 | $550,000 | $4,200,000 | $4,200,000 | $1,150,000 | $3,000,000 | $165,000 | $30,000 | $2,150,000 |
Summary_of_Total_Acquisition_C
Summary of Total Acquisition Consideration (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Business Combinations [Abstract] | ' |
Cash payments | $7,477 |
Early repayment of principal on seller-financed note due 2014 | 2,000 |
Deferred cash payments (due 2014) | 300 |
Net present value of deferred advertising credits | 2,427 |
Fair value of contingent earn-out consideration | 616 |
Total purchase price consideration | $12,820 |
Total_Acquisition_Consideratio
Total Acquisition Consideration Allocated (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Assets | ' | ' | ' |
Property and equipment | $2,107,000 | $2,524,000 | $1,026,000 |
Broadcast licenses | 7,429,000 | 1,086,000 | 2,130,000 |
Goodwill | 430,000 | 2,292,000 | 2,146,000 |
Customer lists and contracts | 359,000 | 767,000 | 80,000 |
Domain and brand names | 1,687,000 | ' | 457,000 |
Internally developed software | 99,000 | 309,000 | 311,000 |
Customer relationships | ' | 927,000 | 2,451,000 |
Favorable and assigned lease | 709,000 | ' | ' |
Domain and brand names | ' | 2,711,000 | ' |
Other amortizable intangible assets | ' | ' | 550,000 |
Non-compete | ' | 106,000 | ' |
Liabilities | ' | ' | ' |
Subscriber liabilities assumed | ' | -27,000 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | 12,820,000 | 10,695,000 | 9,151,000 |
Broadcast | ' | ' | ' |
Assets | ' | ' | ' |
Property and equipment | 1,752,000 | 2,235,000 | 1,018,000 |
Broadcast licenses | 7,429,000 | 1,086,000 | 2,130,000 |
Goodwill | 37,000 | 9,000 | 3,000 |
Favorable and assigned lease | 709,000 | ' | ' |
Liabilities | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | 9,927,000 | 3,330,000 | 3,151,000 |
Internet | ' | ' | ' |
Assets | ' | ' | ' |
Property and equipment | 355,000 | 289,000 | 8,000 |
Goodwill | 393,000 | 2,283,000 | 2,143,000 |
Customer lists and contracts | 359,000 | 767,000 | 80,000 |
Domain and brand names | 1,687,000 | ' | 457,000 |
Internally developed software | 99,000 | 309,000 | 311,000 |
Customer relationships | ' | 927,000 | 2,451,000 |
Domain and brand names | ' | 2,711,000 | ' |
Other amortizable intangible assets | ' | ' | 550,000 |
Non-compete | ' | 106,000 | ' |
Liabilities | ' | ' | ' |
Subscriber liabilities assumed | ' | -27,000 | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | $2,893,000 | $7,365,000 | $6,000,000 |
Income_Loss_from_Discontinued_
Income (Loss) from Discontinued Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenues | ' | ' | ' | ' | ' | ' | ' | ' | $10 | $38 | $1,950 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 72 | 196 | 2,793 |
Operating loss | ' | ' | ' | ' | ' | ' | ' | ' | -62 | -158 | -843 |
Impairment of assets used in discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -382 |
Loss from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | -62 | -158 | -1,225 |
Benefit from income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -25 | -63 | -484 |
Loss from discontinued operations, net of tax | $5,344 | $5,334 | $5,205 | ($18,582) | $2,010 | $3,407 | ($1,779) | $885 | ($37) | ($95) | ($741) |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant And Equipment Gross | $244,143 | $235,290 |
Less accumulated depreciation | -145,215 | -135,823 |
Property, plant and equipment | 98,928 | 99,467 |
Land | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant And Equipment Gross | 29,748 | 28,846 |
Buildings | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant And Equipment Gross | 24,695 | 24,663 |
Office Furnishings And Equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant And Equipment Gross | 38,794 | 37,935 |
Antennae, Towers and Transmitting Equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant And Equipment Gross | 76,454 | 74,897 |
Studio and Production Equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant And Equipment Gross | 29,819 | 29,234 |
Computer Software and Website Development Costs | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant And Equipment Gross | 21,653 | 18,859 |
Record and Tape Libraries | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant And Equipment Gross | 65 | 65 |
Automobiles | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant And Equipment Gross | 1,139 | 1,107 |
Leasehold Improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant And Equipment Gross | 17,414 | 16,721 |
Construction in Progress | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant And Equipment Gross | $4,362 | $2,963 |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property, Plant, and Equipment Disclosure [Line Items] | ' | ' | ' | ' |
Depreciation expense | ' | $12,400,000 | $12,300,000 | $12,500,000 |
Capital Lease Obligations | ' | 800,000 | ' | ' |
Accumulated depreciation on Capital Lease | ' | 145,215,000 | 135,823,000 | ' |
Impairment Charges Land Held For Sale | 5,600,000 | 0 | 1,200,000 | ' |
Capital Lease | ' | ' | ' | ' |
Property, Plant, and Equipment Disclosure [Line Items] | ' | ' | ' | ' |
Depreciation expense | ' | 53,000 | 53,000 | 53,000 |
Accumulated depreciation on Capital Lease | ' | $344,000 | $291,000 | $238,000 |
Fair_Value_Measurements_used_t
Fair Value Measurements used to Value Assets (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' |
Long-Lived Asset Held for Sale, fair value | $1,700 | $1,700 |
Long-Lived Asset Held for Sale, Total Gains (Losses) | 6,808 | 6,808 |
Significant Unobservable Inputs (Level 3) | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Long-Lived Asset Held for Sale, fair value | $1,700 | $1,700 |
Significant_Classes_of_Amortiz
Significant Classes of Amortizable Intangible Assets by Major Category (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | $36,726 | $33,874 |
Accumulated Amortization | -27,933 | -25,121 |
Net | 8,793 | 8,753 |
Customer lists and contracts | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 17,572 | 17,213 |
Accumulated Amortization | -14,232 | -12,665 |
Net | 3,340 | 4,548 |
Domain and brand names | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 12,700 | 11,015 |
Accumulated Amortization | -8,124 | -7,192 |
Net | 4,576 | 3,823 |
Favorable and assigned leases | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 2,358 | 1,649 |
Accumulated Amortization | -1,701 | -1,594 |
Net | 657 | 55 |
Other amortizable intangible assets | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 4,096 | 3,997 |
Accumulated Amortization | -3,876 | -3,670 |
Net | $220 | $327 |
Recovered_Sheet4
Amortizable Intangible Assets, Estimate Amortization Expense (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
2014 | $2,851 |
2015 | 2,170 |
2016 | 1,343 |
2017 | 944 |
2018 | 729 |
Thereafter | 756 |
Total | $8,793 |
Recovered_Sheet5
Notes Payable and Long-Term Debt - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||
Sep. 30, 2013 | Mar. 14, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 30, 2013 | Jun. 28, 2013 | Mar. 14, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Mar. 14, 2013 | Mar. 14, 2013 | Nov. 15, 2011 | Dec. 31, 2013 | Nov. 01, 2010 | Dec. 01, 2009 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 03, 2013 | Mar. 14, 2013 | Dec. 12, 2012 | Jun. 01, 2012 | Sep. 06, 2011 | Dec. 12, 2011 | Jun. 01, 2011 | Dec. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 01, 2010 | Jun. 01, 2010 | Sep. 15, 2012 | 21-May-12 | Nov. 17, 2011 | Dec. 31, 2013 | Nov. 17, 2011 | Nov. 17, 2011 | Sep. 12, 2012 | 21-May-12 | |
Standby letters of credit | Swingline Credit Facility | Term Loan B | Term Loan B | Term Loan B | Term Loan B | Term Loan B | Term Loan B | Revolver | Revolver under senior credit facility | Revolver under senior credit facility | Revolver under senior credit facility | Revolver under senior credit facility | Revolver under senior credit facility | Revolver under senior credit facility | Revolver under senior credit facility | Revolver under senior credit facility | Revolver under senior credit facility | Terminated 95/8% Senior Secured Second Lien Notes | Terminated 95/8% Senior Secured Second Lien Notes | Terminated 95/8% Senior Secured Second Lien Notes | Terminated 95/8% Senior Secured Second Lien Notes | Terminated 95/8% Senior Secured Second Lien Notes | Terminated 95/8% Senior Secured Second Lien Notes | Terminated 95/8% Senior Secured Second Lien Notes | Terminated 95/8% Senior Secured Second Lien Notes | Terminated 95/8% Senior Secured Second Lien Notes | Terminated 95/8% Senior Secured Second Lien Notes | Terminated 95/8% Senior Secured Second Lien Notes | Terminated 95/8% Senior Secured Second Lien Notes | Terminated 95/8% Senior Secured Second Lien Notes | Terminated Subordinated debt | Terminated Subordinated debt | Terminated Subordinated Debt due to Related Parties | Terminated Subordinated Debt due to Related Parties | Terminated Subordinated Debt due to Related Parties | Terminated Subordinated Debt due to Related Parties | Terminated Subordinated Debt due to Related Parties | Terminated Subordinated Debt due to Related Parties | ||||||
Minimum | Maximum | Covenant requirement | Covenant requirement | Stuart W. Epperson, Board of Directors Chairman | Edward G. Atsinger III, Chief Executive Officer and Director | Roland S. Hinz, a Salem board member | Roland S. Hinz, a Salem board member | |||||||||||||||||||||||||||||||||||||
Minimum | Maximum | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, borrowing capacity | ' | ' | ' | ' | ' | $5,000,000 | $5,000,000 | ' | ' | $300,000,000 | ' | ' | $291,300,000 | $25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,000,000 | $6,000,000 | $12,000,000 | $6,000,000 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, issued at discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 298,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 298,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, discount percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan maturity year | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional term loan amount increased | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, quarterly consecutive principal payments | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | 750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,250,000 | ' | ' | ' | ' | ' | ' | ' |
Repayment of term loan | 4,000,000 | ' | ' | ' | ' | ' | ' | 800,000 | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on early retirement of long-term debt | 16,000 | 33,000 | -27,795,000 | -1,088,000 | -2,169,000 | ' | ' | 3,000 | 14,000 | ' | ' | 16,000 | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,900,000 | 200,000 | 900,000 | -337,000 | 800,000 | -1,100,000 | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, accrued interest | ' | ' | 37,000 | 1,110,000 | ' | ' | ' | ' | ' | ' | ' | ' | 36,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Floor percentage on Term Loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, interest rate over LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, interest rate above base rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | ' | ' | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, increase in interest rate if default occurs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, covenant description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'With respect to financial covenants, the credit agreement includes a minimum interest coverage ratio, which starts at 1.50 to 1.0 and steps up to 2.50 to 1.0 by 2016 and a maximum leverage ratio, which starts at 6.75 to 1.0 and steps down to 5.75 to 1.0 by 2017. The credit agreement also includes other negative covenants that are customary for credit facilities of this type, including covenants that, subject to exceptions described in the credit agreement, restrict the ability of Salem and its subsidiary guarantors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 316.00% | ' | ' | ' | ' | 150.00% | 250.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 549.00% | 500.00% | ' | 575.00% | 675.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, issuance of principal amount | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, effective yield | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, interest payment terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Interest was due and payable on June 15 and December 15 of each year, commencing June 15, 2010 until maturity. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt maturity period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2016-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, annual interest payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal repurchased or redeemed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 903,000 | 212,597,000 | 4,000,000 | 17,500,000 | 5,000,000 | 12,500,000 | 17,500,000 | ' | ' | ' | ' | 12,500,000 | 17,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Notes, aggregate purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 240,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of debt purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110.65% | 103.00% | 103.00% | 102.88% | 103.00% | 103.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount paid for redemption | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000 | 837,000 | 17,000 | 80,000 | 26,000 | 62,000 | 93,000 | ' | ' | ' | ' | 70,000 | 105,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Bond Issue Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,867,000 | 57,000 | 287,000 | 135,000 | 337,000 | 472,000 | ' | ' | ' | ' | 334,000 | 417,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 212,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemed notes amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 903,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, interest rate | ' | ' | 9.63% | 9.63% | 9.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt outstanding | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' |
Increase borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, amendment fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, second amendment description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'On November 15, 2011, we completed the Second Amendment of the Terminated Revolver to, among other things, (1) extend the maturity date from December 1, 2012 to December 1, 2014, (2) change the interest rate applicable to LIBOR or the Wells Fargo base rate plus a spread to be determined based on our leverage ratio, (3) allow us to borrow and repay unsecured indebtedness provided certain conditions are met and (4) include step-downs related to our leverage ratio covenant. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility extend maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2014-12-01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' |
Debt, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Jun-14 | 15-Jun-14 | ' | ' | ' | ' | ' | ' |
Credit facility, interest at a floating rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.25% | ' | ' | ' | ' | ' | ' |
Credit facility, floating rate, interest above prime rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' |
Debt, interest rate terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The interest rate for the FCB Loan ("Interest Rate") was variable and was equal to the greater of (a) 4.250% or (b) the Wall Street Journal Prime Rate as published in The Wall Street Journal and reported by FCB plus 1%. | 'Outstanding amounts under each subordinated line of credit bore interest at a rate equal to the lesser of (1) 5% per annum and (2) the maximum rate permitted for subordinated debt under the Revolver referred to above plus 2% per annum. | 'Outstanding amounts under each subordinated line of credit bore interest at a rate equal to the lesser of (1) 5% per annum and (2) the maximum rate permitted for subordinated debt under the Terminated Revolver referred to above plus 2% per annum. Interest was payable at the time of any repayment of principal. In addition, outstanding amounts under each subordinated line of credit were required to be repaid within three (3) months from the time that such amounts are borrowed, with the exception of the subordinated line of credit with Mr. Hinz, which was to be repaid within six (6) months from the time that such amounts were borrowed. | ' | ' | ' | ' |
Credit facility, term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '23 months | ' | ' | ' | ' | ' | ' | ' |
Credit facility, interest charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50 | ' | ' | ' | ' | ' | ' | ' |
Credit facility, increased interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' |
FCB loan termination date | ' | ' | 14-Mar-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, interest rate above LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change_in_Rate_Based_on_Levera
Change in Rate Based on Leverage Ratio (Detail) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Instrument [Line Items] | ' | ' | ' |
Change in rate based on leverage ratio, contractual interest rate | 9.63% | 9.63% | 9.63% |
Base Rate | Less than 3.00 to 1.00 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Change in rate based on leverage ratio, contractual interest rate | 1.25% | ' | ' |
Base Rate | Greater than or equal to 3.00 to 1.00 but less than 4.00 to 1.00 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Change in rate based on leverage ratio, contractual interest rate | 1.50% | ' | ' |
Base Rate | Greater than or equal to 4.00 to 1.00 but less than 5.00 to 1.00 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Change in rate based on leverage ratio, contractual interest rate | 1.75% | ' | ' |
Base Rate | Greater than or equal to 5.00 to 1.00 but less than 6.00 to 1.00 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Change in rate based on leverage ratio, contractual interest rate | 2.00% | ' | ' |
Base Rate | Greater than or equal to 6.00 to 1.00 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Change in rate based on leverage ratio, contractual interest rate | 2.50% | ' | ' |
LIBOR Loans | Less than 3.00 to 1.00 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Change in rate based on leverage ratio, contractual interest rate | 2.25% | ' | ' |
LIBOR Loans | Greater than or equal to 3.00 to 1.00 but less than 4.00 to 1.00 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Change in rate based on leverage ratio, contractual interest rate | 2.50% | ' | ' |
LIBOR Loans | Greater than or equal to 4.00 to 1.00 but less than 5.00 to 1.00 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Change in rate based on leverage ratio, contractual interest rate | 2.75% | ' | ' |
LIBOR Loans | Greater than or equal to 5.00 to 1.00 but less than 6.00 to 1.00 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Change in rate based on leverage ratio, contractual interest rate | 3.00% | ' | ' |
LIBOR Loans | Greater than or equal to 6.00 to 1.00 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Change in rate based on leverage ratio, contractual interest rate | 3.50% | ' | ' |
Less than 3.25 to 1.00 | Base Rate | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Change in rate based on leverage ratio, contractual interest rate | 0.75% | ' | ' |
Less than 3.25 to 1.00 | Eurodollar Rate Loans | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Change in rate based on leverage ratio, contractual interest rate | 2.25% | ' | ' |
Less than 3.25 to 1.00 | Applicable Fee Rate | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Change in rate based on leverage ratio, contractual interest rate | 0.40% | ' | ' |
Greater than or equal to 3.25 to 1.00 but less than 4.50 to 1.00 | Base Rate | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Change in rate based on leverage ratio, contractual interest rate | 0.75% | ' | ' |
Greater than or equal to 3.25 to 1.00 but less than 4.50 to 1.00 | Eurodollar Rate Loans | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Change in rate based on leverage ratio, contractual interest rate | 2.50% | ' | ' |
Greater than or equal to 3.25 to 1.00 but less than 4.50 to 1.00 | Applicable Fee Rate | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Change in rate based on leverage ratio, contractual interest rate | 0.50% | ' | ' |
Greater than or equal to 4.50 to 1.00 but less than 6.00 to 1.00 | Base Rate | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Change in rate based on leverage ratio, contractual interest rate | 1.25% | ' | ' |
Greater than or equal to 4.50 to 1.00 but less than 6.00 to 1.00 | Eurodollar Rate Loans | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Change in rate based on leverage ratio, contractual interest rate | 3.00% | ' | ' |
Greater than or equal to 4.50 to 1.00 but less than 6.00 to 1.00 | Applicable Fee Rate | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Change in rate based on leverage ratio, contractual interest rate | 0.60% | ' | ' |
Greater than or equal to 6.00 to 1.00 | Base Rate | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Change in rate based on leverage ratio, contractual interest rate | 2.25% | ' | ' |
Greater than or equal to 6.00 to 1.00 | Eurodollar Rate Loans | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Change in rate based on leverage ratio, contractual interest rate | 3.50% | ' | ' |
Greater than or equal to 6.00 to 1.00 | Applicable Fee Rate | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Change in rate based on leverage ratio, contractual interest rate | 0.75% | ' | ' |
Change_in_Rate_Based_on_Levera1
Change in Rate Based on Leverage Ratio (Parenthetical) (Detail) | Dec. 31, 2013 |
Maximum | Less than 3.00 to 1.00 | ' |
Debt Instrument [Line Items] | ' |
Leverage ratio | 3.00% |
Maximum | Greater than or equal to 3.00 to 1.00 but less than 4.00 to 1.00 | ' |
Debt Instrument [Line Items] | ' |
Leverage ratio | 4.00% |
Maximum | Greater than or equal to 4.00 to 1.00 but less than 5.00 to 1.00 | ' |
Debt Instrument [Line Items] | ' |
Leverage ratio | 5.00% |
Maximum | Greater than or equal to 5.00 to 1.00 but less than 6.00 to 1.00 | ' |
Debt Instrument [Line Items] | ' |
Leverage ratio | 6.00% |
Minimum | Greater than or equal to 3.00 to 1.00 but less than 4.00 to 1.00 | ' |
Debt Instrument [Line Items] | ' |
Leverage ratio | 3.00% |
Minimum | Greater than or equal to 4.00 to 1.00 but less than 5.00 to 1.00 | ' |
Debt Instrument [Line Items] | ' |
Leverage ratio | 4.00% |
Minimum | Greater than or equal to 5.00 to 1.00 but less than 6.00 to 1.00 | ' |
Debt Instrument [Line Items] | ' |
Leverage ratio | 5.00% |
Minimum | Greater than or equal to 6.00 to 1.00 | ' |
Debt Instrument [Line Items] | ' |
Leverage ratio | 6.00% |
Less than 3.25 to 1.00 | Maximum | ' |
Debt Instrument [Line Items] | ' |
Leverage ratio | 3.25% |
Greater than or equal to 3.25 to 1.00 but less than 4.50 to 1.00 | Maximum | ' |
Debt Instrument [Line Items] | ' |
Leverage ratio | 4.50% |
Greater than or equal to 3.25 to 1.00 but less than 4.50 to 1.00 | Minimum | ' |
Debt Instrument [Line Items] | ' |
Leverage ratio | 3.25% |
Greater than or equal to 4.50 to 1.00 but less than 6.00 to 1.00 | Maximum | ' |
Debt Instrument [Line Items] | ' |
Leverage ratio | 6.00% |
Greater than or equal to 4.50 to 1.00 but less than 6.00 to 1.00 | Minimum | ' |
Debt Instrument [Line Items] | ' |
Leverage ratio | 4.50% |
Greater than or equal to 6.00 to 1.00 | Minimum | ' |
Debt Instrument [Line Items] | ' |
Leverage ratio | 6.00% |
Repurchased_and_Redemptions_of
Repurchased and Redemptions of Terminated Nine and Five-Eighths Percent Notes (Detail) (Terminated 95/8% Senior Secured Second Lien Notes, USD $) | Jun. 03, 2013 | Mar. 14, 2013 | Dec. 12, 2012 | Jun. 01, 2012 | Dec. 12, 2011 | Sep. 06, 2011 | Jun. 01, 2011 | Dec. 01, 2010 | Jun. 01, 2010 |
Terminated 95/8% Senior Secured Second Lien Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal Redeemed/Repurchased | $903,000 | $212,597,000 | $4,000,000 | $17,500,000 | $12,500,000 | $5,000,000 | $17,500,000 | $12,500,000 | $17,500,000 |
Premium Paid | 27,000 | 22,650,000 | 120,000 | 525,000 | 375,000 | 144,000 | 525,000 | 375,000 | 525,000 |
Unamortized discount | 3,000 | 837,000 | 17,000 | 80,000 | 62,000 | 26,000 | 93,000 | 70,000 | 105,000 |
Bond Issue Costs | ' | $2,867,000 | $57,000 | $287,000 | $337,000 | $135,000 | $472,000 | $334,000 | $417,000 |
LongTerm_Debt_Detail
Long-Term Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $290,793 | $268,980 |
Less current portion | -3,121 | -20,108 |
Long-term debt and capital lease obligations, less current portion | 287,672 | 248,872 |
Term Loan B | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 289,939 | ' |
Revolver | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | ' | ' |
Revolver under senior credit facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | ' | 33,000 |
Terminated 95/8% Senior Secured Second Lien Notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | ' | 212,622 |
Terminated Subordinated debt | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | ' | 7,500 |
Terminated Subordinated Debt due to Related Parties | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | ' | 15,000 |
Capital leases and other loans | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $854 | $858 |
LongTerm_Debt_Parenthetical_De
Long-Term Debt (Parenthetical) (Detail) (Terminated 95/8% Senior Secured Second Lien Notes) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Terminated 95/8% Senior Secured Second Lien Notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, interest rate | 9.63% | 9.63% |
Debt, maturity year | '2016 | '2016 |
Principle_Repayment_Requiremen
Principle Repayment Requirements Under Long Term Agreements Outstanding (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
2014 | $3,121 | ' |
2015 | 3,107 | ' |
2016 | 3,094 | ' |
2017 | 3,101 | ' |
2018 | 3,091 | ' |
Thereafter | 275,279 | ' |
Long-term debt | $290,793 | $268,980 |
Fair_Value_Accounting_Fair_Val
Fair Value Accounting - Fair Value of Financial Assets Measured at Fair Value (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Assets: | ' |
Cash and cash equivalents | $65 |
Trade accounts receivable, net | 37,627 |
Fair value of interest rate swap | 3,177 |
Fair value of earn-out contingent payment | 616 |
Liabilities | ' |
Accounts payable | 3,960 |
Accrued expenses | 7,888 |
Accrued interest | 37 |
Long-term debt | 287,672 |
Quoted prices in active markets (Level 1) | ' |
Assets: | ' |
Cash and cash equivalents | 65 |
Trade accounts receivable, net | 37,627 |
Liabilities | ' |
Accounts payable | 3,960 |
Accrued expenses | 7,888 |
Accrued interest | 37 |
Long-term debt | 287,672 |
Significant Other Observable Inputs (Level 2) | ' |
Assets: | ' |
Fair value of interest rate swap | 3,177 |
Significant Unobservable Inputs (Level 3) | ' |
Assets: | ' |
Fair value of earn-out contingent payment | $616 |
Consolidated_Provision_Benefit
Consolidated Provision (Benefit) for Income Taxes from Continuing Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | ' | $8 | ($8) |
State | 193 | 198 | 282 |
Current Income Tax Expense (Benefit), Total | 193 | 206 | 274 |
Deferred: | ' | ' | ' |
Federal | -1,075 | 3,649 | 4,425 |
State | -3,310 | -3,702 | 1,411 |
Deferred income taxes | -4,385 | -53 | 5,836 |
Provision for (benefit from) income taxes | ($4,192) | $153 | $6,110 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax And Carryforwards [Line Items] | ' | ' | ' |
Provision for (benefit from) income taxes | ($4,192,000) | $153,000 | $6,110,000 |
Valuation allowance to offset deferred tax asset | 2,868,000 | 2,913,000 | ' |
Discontinued Operations [Member] | ' | ' | ' |
Income Tax And Carryforwards [Line Items] | ' | ' | ' |
Provision for (benefit from) income taxes | -20,000 | -60,000 | 500,000 |
Federal Tax | ' | ' | ' |
Income Tax And Carryforwards [Line Items] | ' | ' | ' |
Net operating loss carryforwards | 155,600,000 | ' | ' |
Net operating loss carryforwards, beginning expiry year | '2020 | ' | ' |
Net operating loss carryforwards, ending expiry year | '2033 | ' | ' |
State | ' | ' | ' |
Income Tax And Carryforwards [Line Items] | ' | ' | ' |
Net operating loss carryforwards | $974,600,000 | ' | ' |
Net operating loss carryforwards, beginning expiry year | '2014 | ' | ' |
Net operating loss carryforwards, ending expiry year | '2033 | ' | ' |
Consolidated_Deferred_Tax_Asse
Consolidated Deferred Tax Asset and Liability (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Financial statement accruals not currently deductible | $6,786 | $6,146 |
Net operating loss, AMT credit and other carryforwards | 71,246 | 58,702 |
State taxes | 90 | 103 |
Other | 3,322 | 3,014 |
Total deferred tax assets | 81,444 | 67,965 |
Valuation allowance for deferred tax assets | -2,868 | -2,913 |
Net deferred tax assets | 78,576 | 65,052 |
Deferred tax liabilities: | ' | ' |
Excess of net book value of property, plant, equipment and software for financial reporting purposes over tax basis | 3,840 | 5,032 |
Excess of net book value of intangible assets for financial reporting purposes over tax basis | 109,133 | 100,040 |
Interest rate swap | 1,251 | ' |
Unrecognized tax benefits | 933 | 1,325 |
Total deferred tax liabilities | 115,157 | 106,397 |
Net deferred tax liabilities | ($36,581) | ($41,345) |
Reconciliation_of_Net_Deferred
Reconciliation of Net Deferred Tax Liabilities to Financial Instrument (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Components Of Deferred Tax Assets And Liabilities [Abstract] | ' | ' |
Deferred income tax asset per balance sheet | $6,876 | $6,248 |
Deferred income tax liability per balance sheet | -43,457 | -47,593 |
Net deferred tax liabilities | ($36,581) | ($41,345) |
Reconciliation_of_Statutory_Fe
Reconciliation of Statutory Federal Income Tax Rate to Provision for Income Tax (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Abstract] | ' | ' | ' |
Statutory federal income tax rate (at 35%) | ($2,411) | $1,637 | $4,364 |
Effect of state taxes, net of federal | -2,025 | -2,278 | 1,102 |
Permanent items | 270 | 788 | 696 |
ISO benefit | ' | ' | ' |
Other, net | -26 | 6 | -52 |
Provision for (benefit from) income taxes | ($4,192) | $153 | $6,110 |
Reconciliation_of_Statutory_Fe1
Reconciliation of Statutory Federal Income Tax Rate to Provision for Income Tax (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Abstract] | ' | ' | ' |
Statutory federal rate | 35.00% | 35.00% | 35.00% |
Recovered_Sheet6
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule of Operating Leases [Line Items] | ' | ' | ' |
Fair value of guarantees | $0 | ' | ' |
Rental expense | $16,900,000 | $15,700,000 | $14,900,000 |
Minimum | ' | ' | ' |
Schedule of Operating Leases [Line Items] | ' | ' | ' |
Lease expiration period | '10 years | ' | ' |
Lease renewal periods | '1 year | ' | ' |
Maximum | ' | ' | ' |
Schedule of Operating Leases [Line Items] | ' | ' | ' |
Lease expiration period | '25 years | ' | ' |
Lease renewal periods | '5 years | ' | ' |
Future_Minimum_Rental_Payments
Future Minimum Rental Payments Required Under Operating Leases that have Initial or Remaining Non-Cancelable Lease Terms in Excess of One (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Leases Future Minimum Payments [Line Items] | ' |
2014 | $11,175 |
2015 | 10,495 |
2016 | 8,154 |
2017 | 5,851 |
2018 | 4,297 |
Thereafter | 27,768 |
Operating Leases, Future Minimum Payments Due, Total | 67,740 |
Related Parties | ' |
Leases Future Minimum Payments [Line Items] | ' |
2014 | 1,445 |
2015 | 1,449 |
2016 | 1,367 |
2017 | 1,042 |
2018 | 439 |
Thereafter | 4,212 |
Operating Leases, Future Minimum Payments Due, Total | 9,954 |
Other | ' |
Leases Future Minimum Payments [Line Items] | ' |
2014 | 9,730 |
2015 | 9,046 |
2016 | 6,787 |
2017 | 4,809 |
2018 | 3,858 |
Thereafter | 23,556 |
Operating Leases, Future Minimum Payments Due, Total | $57,786 |
Stock_Incentive_Plan_Additiona
Stock Incentive Plan - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
EquityPlan | OptionPlan | Employee | |||
EquityPlan | EquityPlan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Number of stock option plans | ' | ' | 1 | ' | ' |
Awards issued to number of employees | ' | ' | ' | 2 | ' |
Number of outstanding accelerated vesting stock awards | 2 | ' | ' | 2 | ' |
Accelerated additional compensation cost | $0.10 | ' | ' | ' | ' |
Closing stock price | ' | $8.70 | $8.70 | ' | ' |
Total fair value of options vested | ' | ' | 0.8 | 1.2 | 1 |
Total unrecognized compensation cost related to non-vested awards of stock options | ' | $2.40 | $2.40 | ' | ' |
Total unrecognized compensation cost related to non-vested awards of stock options, weighted average recognition period | ' | '1 year 10 months 10 days | ' | ' | ' |
Restricted stock | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Share based compensation, vesting period | ' | ' | '1 year | ' | ' |
Stock Option | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Shares authorized under plan | ' | 5,000,000 | 5,000,000 | ' | ' |
Minimum | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Stock option, historical volatility term | ' | ' | '6 years | ' | ' |
Minimum | Stock Option | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Share based compensation, vesting period | ' | ' | '4 years | ' | ' |
Maximum | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Stock option, historical volatility term | ' | ' | '10 years | ' | ' |
Maximum | Stock Option | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Stock options, term | ' | ' | '5 years | ' | ' |
StockBased_Compensation_Expens
Stock-Based Compensation Expense Recognized (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total stock-based compensation expense, pre-tax | $1,849 | $1,368 | $950 |
Tax benefit (expense) from stock-based compensation expense | -740 | -579 | -220 |
Total stock-based compensation expense, net of tax | 1,109 | 789 | 730 |
Corporate | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock option expense | 766 | 933 | 603 |
Restricted stock expenses | 481 | ' | 4 |
Broadcast | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock option expense | 302 | 305 | 281 |
Internet | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock option expense | 253 | 111 | 52 |
Publishing | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Stock option expense | $47 | $19 | $10 |
WeightedAverage_Assumptions_us
Weighted-Average Assumptions used to Estimate Fair Value of Stock Options and Restricted Stock Awards using Black-Scholes Valuation Model (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Expected volatility | 100.78% | 102.37% | 101.49% |
Expected dividends | 2.05% | 5.07% | 0.00% |
Expected term (in years) | '6 years 7 months 6 days | '8 years 2 months 12 days | '7 years 6 months |
Risk-free interest rate | 1.06% | 1.66% | 1.64% |
Stock_Option_Detail
Stock Option (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Shares | ' | ' | ' |
Beginning Balance | 1,927,099 | 1,640,392 | 1,151,998 |
Granted | 735,750 | 626,000 | 630,000 |
Exercised | -410,983 | -261,205 | -41,112 |
Forfeited or expired | -89,799 | -78,088 | -100,494 |
Ending Balance | 2,162,067 | 1,927,099 | 1,640,392 |
Exercisable at end of period | 514,751 | 707,024 | 655,228 |
Expected to Vest | 1,564,128 | 1,158,461 | 980,189 |
Weighted Average Exercise Price | ' | ' | ' |
Beginning Balance | $4.37 | $5.01 | $6.83 |
Granted | $6.93 | $2.74 | $2.43 |
Exercised | $3.46 | $1.57 | $0.59 |
Forfeited or expired | $12.30 | $14.06 | $11.47 |
Ending Balance | $5.09 | $4.37 | $5.01 |
Exercisable at end of period | $6.29 | $6.58 | $7.56 |
Expected to Vest | $4.71 | $3.09 | $3.31 |
Weighted Average Grant Date Fair value | ' | ' | ' |
Beginning Balance | $3.45 | $4.07 | $5.36 |
Granted | $4.90 | $1.51 | $2.05 |
Exercised | $2.47 | $1.28 | $0.42 |
Forfeited or expired | $7.43 | $8.03 | $7.72 |
Ending Balance | $3.57 | $3.45 | $4.07 |
Exercisable at end of period | $4.52 | $5.41 | $5.47 |
Expected to Vest | $3.28 | $2.32 | $3.13 |
Weighted Average Remaining Contractual Term | ' | ' | ' |
Outstanding at beginning of period | '5 years 4 months 24 days | '5 years 2 months 12 days | '5 years |
Outstanding at end of period | '5 years 6 months | '5 years 4 months 24 days | '5 years 2 months 12 days |
Exercisable at end of period | '2 years 8 months 12 days | '2 years 10 months 24 days | '2 years 10 months 24 days |
Expected to Vest | '6 years 4 months 24 days | '6 years 9 months 18 days | '6 years 9 months 18 days |
Aggregate Intrinsic Value | ' | ' | ' |
Beginning Balance | $3,899 | $584 | $748 |
Granted | 1,303 | 1,704 | 116 |
Exercised | 1,883 | 910 | 125 |
Forfeited or expired | 72 | 10,824 | 22 |
Ending Balance | 8,491 | 3,899 | 584 |
Exercisable at end of period | 1,919 | 1,004 | 414 |
Expected to Vest | $6,240 | $2,749 | $170 |
Information_Regarding_Restrict
Information Regarding Restricted Stock (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2011 | |
Shares | ' | ' |
Beginning balance | ' | 10,000 |
Granted | 79,810 | ' |
Lapsed | -79,810 | -10,000 |
Forfeited | ' | ' |
Weighted Average Grant Date Fair Value | ' | ' |
Beginning balance | ' | $2.03 |
Granted | $6.02 | ' |
Lapsed | $6.02 | $2.03 |
Forfeited | ' | ' |
Additional_Information_Regardi
Additional Information Regarding Options Outstanding (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
$ 0.36 - $ 3.00 | $ 3.01 - $ 6.00 | $ 6.01 - $ 9.00 | $ 9.01 - $ 12.00 | $ 12.01 - $ 15.00 | $ 15.01 - $ 18.00 | $ 18.01 - $ 21.00 | $ 21.01 - $ 24.00 | $ 24.01 - $ 25.50 | $ 0.36 - $ 25.50 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Range of Exercise Prices, Lower Limit | ' | ' | ' | ' | $0.36 | $3.01 | $6.01 | $9.01 | $12.01 | $15.01 | $18.01 | $21.01 | $24.01 | $0.36 |
Range of Exercise Prices, Upper Limit | ' | ' | ' | ' | $3 | $6 | $9 | $12 | $15 | $18 | $21 | $24 | $25.50 | $25.50 |
Options | 2,162,067 | 1,927,099 | 1,640,392 | 1,151,998 | 997,166 | 289,625 | 728,250 | 70,050 | 58,475 | 13,876 | 4,625 | ' | ' | 2,162,067 |
Weighted Average Contractual Life Remaining (Years) | ' | ' | ' | ' | '5 years 10 months 24 days | '3 years 10 months 24 days | '6 years 6 months | '1 year 2 months 12 days | '10 months 24 days | '4 months 24 days | '10 months 24 days | '0 years | '0 years | '5 years 6 months |
Weighted Average Exercise Price | $5.09 | $4.37 | $5.01 | $6.83 | $2.51 | $5.15 | $6.93 | $11.80 | $13.88 | $16.75 | $18.89 | ' | ' | $5.09 |
Exercisable Options | 514,751 | 707,024 | 655,228 | ' | 196,000 | 171,725 | ' | 70,050 | 58,475 | 13,876 | 4,625 | ' | ' | 514,751 |
Weighted Average Exercise Price | $6.29 | $6.58 | $7.56 | ' | $2 | $5.17 | ' | $11.80 | $13.88 | $16.75 | $18.89 | ' | ' | $6.29 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 17, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 17, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 17, 2011 | Sep. 12, 2012 | 21-May-12 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Terminated Subordinated Debt due to Related Parties | Terminated Subordinated Debt due to Related Parties | Terminated Subordinated Debt due to Related Parties | Terminated Subordinated Debt due to Related Parties | Edward G. Atsinger III, Chief Executive Officer and Director | Edward G. Atsinger III, Chief Executive Officer and Director | Edward G. Atsinger III, Chief Executive Officer and Director | Edward G. Atsinger III, Chief Executive Officer and Director | Edward G. Atsinger III, Chief Executive Officer and Director | Edward G. Atsinger III, Chief Executive Officer and Director | Edward G. Atsinger III, Chief Executive Officer and Director | Know the Truth | Know the Truth | Know the Truth | Chairman and Chief Executive Officer | Chairman and Chief Executive Officer | Chairman and Chief Executive Officer | Stuart W. Epperson, Board of Directors Chairman | Roland S. Hinz, a Salem board member | Roland S. Hinz, a Salem board member | Truth For Life | Truth For Life | Truth For Life | ||||
Terminated Subordinated Debt due to Related Parties | Aircraft | Aircraft | Aircraft | Trust | Trust | Trust | Land and Building | Land and Building | Land and Building | Terminated Subordinated Debt due to Related Parties | Terminated Subordinated Debt due to Related Parties | Terminated Subordinated Debt due to Related Parties | ||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum ownership percentage | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum ownership interest | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rental Expenses | $16,900,000 | $15,700,000 | $14,900,000 | ' | ' | ' | ' | ' | $239,000 | $386,000 | $402,000 | $170,000 | $165,000 | $160,000 | ' | ' | ' | $1,200,000 | $1,200,000 | $1,100,000 | ' | ' | ' | ' | ' | ' |
Credit facility, borrowing capacity | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | 12,000,000 | 6,000,000 | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | ' | ' | 0 | 15,000,000 | 9,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, interest rate terms | ' | ' | ' | 'Outstanding amounts under each subordinated line of credit bore interest at a rate equal to the lesser of (1) 5% per annum and (2) the maximum rate permitted for subordinated debt under the Revolver referred to above plus 2% per annum. | 'Outstanding amounts under each subordinated line of credit bore interest at a rate equal to the lesser of (1) 5% per annum and (2) the maximum rate permitted for subordinated debt under the Terminated Revolver referred to above plus 2% per annum. Interest was payable at the time of any repayment of principal. In addition, outstanding amounts under each subordinated line of credit were required to be repaid within three (3) months from the time that such amounts are borrowed, with the exception of the subordinated line of credit with Mr. Hinz, which was to be repaid within six (6) months from the time that such amounts were borrowed. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount received from non-profit organization for airtime | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | 400,000 | 300,000 | ' | ' | ' | ' | ' | ' | 2,100,000 | 2,100,000 | 1,900,000 |
Life insurance premium | 386,000 | 193,000 | 990,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net assets | $1,600,000 | $1,300,000 | $1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined_Contribution_Plan_Addi
Defined Contribution Plan - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Contribution Benefit Plans [Line Items] | ' | ' |
Maximum employee contribution to defined contribution benefit plans | 60.00% | ' |
Maximum company match of participant contribution of eligible compensation per pay period | 6.00% | ' |
Define contribution plan, contribution | $1.40 | $1.30 |
After January 1, 2012 | ' | ' |
Defined Contribution Benefit Plans [Line Items] | ' | ' |
Maximum employee contribution to defined contribution benefit plans | 50.00% | ' |
Employer matching contribution to employee contribution percentage | 5.00% | ' |
First 3 Percent of Each Participant's Contributions | ' | ' |
Defined Contribution Benefit Plans [Line Items] | ' | ' |
Employer matching contribution to employee contribution percentage | 50.00% | ' |
Employee contribution percentage of eligible compensation | 3.00% | ' |
Second 3 Percent of Each Participant's Contributions | ' | ' |
Defined Contribution Benefit Plans [Line Items] | ' | ' |
Employer matching contribution to employee contribution percentage | 25.00% | ' |
Employee contribution percentage of eligible compensation | 3.00% | ' |
Equity_Transactions_Additional
Equity Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Director | |||
Equity [Abstract] | ' | ' | ' |
Common stock vote per share | 'Holders of Class A common stock are entitled to one vote per share and holders of Class B common stock are entitled to ten votes per share, except for specified related party transactions. | ' | ' |
Number of independent directors Number?Of?Independent?Directors 2 | 2 | ' | ' |
Stock based compensation expenses | $1,849 | $1,368 | $950 |
Schedule_of_Cash_Distributions
Schedule of Cash Distributions Declared and Paid (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Nov. 20, 2013 | 30-May-13 | Mar. 31, 2013 | Sep. 12, 2013 | Mar. 07, 2012 | Dec. 31, 2013 |
Dividends Payable [Line Items] | ' | ' | ' | ' | ' | ' |
Announcement Date | 20-Nov-13 | 30-May-13 | ' | 12-Sep-13 | 7-Mar-12 | 18-Mar-13 |
Payment Date | 27-Dec-13 | 28-Jun-13 | 1-Apr-13 | 4-Oct-13 | ' | ' |
Dividend Payment 1st | ' | ' | ' | ' | ' | ' |
Dividends Payable [Line Items] | ' | ' | ' | ' | ' | ' |
Announcement Date | ' | ' | ' | ' | ' | 20-Nov-13 |
Payment Date | ' | ' | ' | ' | ' | 27-Dec-13 |
Amount Per Share | ' | ' | ' | ' | ' | 0.055 |
Cash Distributed | ' | ' | ' | ' | ' | 1,376 |
Dividend Payment 2nd | ' | ' | ' | ' | ' | ' |
Dividends Payable [Line Items] | ' | ' | ' | ' | ' | ' |
Announcement Date | ' | ' | ' | ' | ' | 12-Sep-13 |
Payment Date | ' | ' | ' | ' | ' | 4-Oct-13 |
Amount Per Share | ' | ' | ' | ' | ' | 0.0525 |
Cash Distributed | ' | ' | ' | ' | ' | 1,308 |
Dividend Payment 3rd | ' | ' | ' | ' | ' | ' |
Dividends Payable [Line Items] | ' | ' | ' | ' | ' | ' |
Announcement Date | ' | ' | ' | ' | ' | 30-May-13 |
Payment Date | ' | ' | ' | ' | ' | 28-Jun-13 |
Amount Per Share | ' | ' | ' | ' | ' | 0.05 |
Cash Distributed | ' | ' | ' | ' | ' | 1,240 |
Dividend Payment 4th | ' | ' | ' | ' | ' | ' |
Dividends Payable [Line Items] | ' | ' | ' | ' | ' | ' |
Announcement Date | ' | ' | ' | ' | ' | 18-Mar-13 |
Payment Date | ' | ' | ' | ' | ' | 1-Apr-13 |
Amount Per Share | ' | ' | ' | ' | ' | 0.05 |
Cash Distributed | ' | ' | ' | ' | ' | 1,234 |
Dividend Payment Five | ' | ' | ' | ' | ' | ' |
Dividends Payable [Line Items] | ' | ' | ' | ' | ' | ' |
Announcement Date | ' | ' | ' | ' | ' | 29-Nov-12 |
Payment Date | ' | ' | ' | ' | ' | 28-Dec-12 |
Amount Per Share | ' | ' | ' | ' | ' | 0.035 |
Cash Distributed | ' | ' | ' | ' | ' | 854 |
Dividend Payment Six | ' | ' | ' | ' | ' | ' |
Dividends Payable [Line Items] | ' | ' | ' | ' | ' | ' |
Announcement Date | ' | ' | ' | ' | ' | 30-Aug-12 |
Payment Date | ' | ' | ' | ' | ' | 28-Sep-12 |
Amount Per Share | ' | ' | ' | ' | ' | 0.035 |
Cash Distributed | ' | ' | ' | ' | ' | 854 |
Dividend Payment Seven | ' | ' | ' | ' | ' | ' |
Dividends Payable [Line Items] | ' | ' | ' | ' | ' | ' |
Announcement Date | ' | ' | ' | ' | ' | 31-May-12 |
Payment Date | ' | ' | ' | ' | ' | 21-Jun-12 |
Amount Per Share | ' | ' | ' | ' | ' | 0.035 |
Cash Distributed | ' | ' | ' | ' | ' | 854 |
Dividend Payment Eight | ' | ' | ' | ' | ' | ' |
Dividends Payable [Line Items] | ' | ' | ' | ' | ' | ' |
Announcement Date | ' | ' | ' | ' | ' | 7-Mar-12 |
Payment Date | ' | ' | ' | ' | ' | 30-Mar-12 |
Amount Per Share | ' | ' | ' | ' | ' | 0.035 |
Cash Distributed | ' | ' | ' | ' | ' | 850 |
Quarterly_Financial_Informatio
Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | $62,694 | $58,476 | $60,136 | $55,628 | $60,550 | $56,719 | $57,626 | $54,284 | ' | ' | ' |
Operating income | 9,690 | 8,974 | 9,287 | 6,582 | 10,219 | 8,479 | 3,862 | 7,930 | 34,533 | 30,490 | 41,999 |
Net income (loss) before discontinued operations | 5,344 | 5,334 | 5,205 | -18,582 | 2,010 | 3,407 | -1,779 | 885 | -37 | -95 | -741 |
Net income (loss) | $5,333 | $5,323 | $5,201 | ($18,593) | $2,009 | $3,368 | ($1,792) | $843 | ($2,736) | $4,428 | $5,618 |
Basic earnings (loss) per share | $0.21 | $0.21 | $0.20 | ($0.75) | $0.08 | $0.13 | ($0.07) | $0.04 | ($0.11) | $0.18 | $0.23 |
Basic earnings (loss) per share from continuing operations | $0.21 | $0.21 | $0.20 | ($0.75) | $0.08 | $0.13 | ($0.07) | $0.03 | ($0.11) | $0.18 | $0.26 |
Diluted earnings (loss) per share | $0.21 | $0.21 | $0.20 | ($0.75) | $0.08 | $0.13 | ($0.07) | $0.04 | ($0.11) | $0.18 | $0.23 |
Diluted earnings (loss) per share from continuing operations | $0.21 | $0.21 | $0.20 | ($0.75) | $0.08 | $0.13 | ($0.07) | $0.03 | ($0.11) | $0.18 | $0.26 |
Weighted average shares outstanding - basic | 25,255,881 | 25,126,858 | 24,737,131 | 24,632,431 | 24,726,148 | 24,663,027 | 24,356,298 | 24,564,947 | 24,938,075 | 24,577,605 | 24,475,102 |
Weighted average shares outstanding - diluted | 26,051,098 | 25,921,391 | 25,624,350 | 24,632,431 | 25,266,368 | 25,358,052 | 24,356,298 | 24,753,671 | 24,938,075 | 24,986,966 | 24,683,644 |
Segment_Data_Additional_Inform
Segment Data - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Segment | |
Radio Broadcast | ' |
Segment Reporting Information [Line Items] | ' |
Operating segments | 1 |
Non-Broadcast Segment | ' |
Segment Reporting Information [Line Items] | ' |
Operating segments | 2 |
Segment_Data_Detail
Segment Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | $236,934 | $229,179 | $218,166 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 185,959 | 177,097 | 165,349 |
Operating income (loss) before depreciation, amortization, impairment of long-lived assets and (gain) loss on the sale or disposal of assets | ' | ' | ' | ' | ' | ' | ' | ' | 50,975 | 52,082 | 52,817 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 12,448 | 12,343 | 12,520 |
Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 2,814 | 2,304 | 2,451 |
Impairment of indefinite-lived long-term assets other than goodwill | ' | ' | ' | ' | ' | ' | ' | ' | 1,006 | 88 | ' |
Impairment of goodwill | ' | ' | ' | ' | ' | ' | ' | ' | 438 | ' | ' |
Impairment of long-lived assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,808 | ' |
(Gain) loss on the sale or disposal of assets | ' | ' | ' | ' | ' | ' | ' | ' | -264 | 49 | -4,153 |
Operating income (loss) from continuing operations | 9,690 | 8,974 | 9,287 | 6,582 | 10,219 | 8,479 | 3,862 | 7,930 | 34,533 | 30,490 | 41,999 |
Property, plant and equipment, net | 98,928 | ' | ' | ' | 99,467 | ' | ' | ' | 98,928 | 99,467 | ' |
Broadcast licenses | 381,836 | ' | ' | ' | 373,720 | ' | ' | ' | 381,836 | 373,720 | ' |
Goodwill | 22,374 | ' | ' | ' | 22,383 | ' | ' | ' | 22,374 | 22,383 | ' |
Other indefinite-lived intangible assets | 868 | ' | ' | ' | 1,873 | ' | ' | ' | 868 | 1,873 | ' |
Amortizable intangible assets, net | 8,793 | ' | ' | ' | 8,753 | ' | ' | ' | 8,793 | 8,753 | ' |
Operating Segments | Radio Broadcast | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | 183,697 | 183,180 | 178,731 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 122,862 | 120,772 | 115,482 |
Operating income (loss) before depreciation, amortization, impairment of long-lived assets and (gain) loss on the sale or disposal of assets | ' | ' | ' | ' | ' | ' | ' | ' | 60,835 | 62,408 | 63,249 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 7,934 | 8,274 | 8,834 |
Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 154 | 105 | 136 |
Impairment of indefinite-lived long-term assets other than goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of long-lived assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,808 | ' |
(Gain) loss on the sale or disposal of assets | ' | ' | ' | ' | ' | ' | ' | ' | -274 | 84 | -4,332 |
Operating income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 53,021 | 47,137 | 58,611 |
Property, plant and equipment, net | 82,457 | ' | ' | ' | 82,972 | ' | ' | ' | 82,457 | 82,972 | ' |
Broadcast licenses | 381,836 | ' | ' | ' | 373,720 | ' | ' | ' | 381,836 | 373,720 | ' |
Goodwill | 3,917 | ' | ' | ' | 3,881 | ' | ' | ' | 3,917 | 3,881 | ' |
Other indefinite-lived intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortizable intangible assets, net | 661 | ' | ' | ' | 106 | ' | ' | ' | 661 | 106 | ' |
Operating Segments | Internet | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | 40,906 | 33,474 | 27,304 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 28,378 | 25,145 | 20,889 |
Operating income (loss) before depreciation, amortization, impairment of long-lived assets and (gain) loss on the sale or disposal of assets | ' | ' | ' | ' | ' | ' | ' | ' | 12,528 | 8,329 | 6,415 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 2,904 | 2,438 | 2,139 |
Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 2,654 | 2,189 | 2,186 |
Impairment of indefinite-lived long-term assets other than goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of long-lived assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Gain) loss on the sale or disposal of assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | -76 | -11 |
Operating income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 6,970 | 3,778 | 2,101 |
Property, plant and equipment, net | 6,402 | ' | ' | ' | 6,309 | ' | ' | ' | 6,402 | 6,309 | ' |
Broadcast licenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 17,550 | ' | ' | ' | 17,157 | ' | ' | ' | 17,550 | 17,157 | ' |
Other indefinite-lived intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortizable intangible assets, net | 8,119 | ' | ' | ' | 8,634 | ' | ' | ' | 8,119 | 8,634 | ' |
Operating Segments | Publishing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | 12,331 | 12,525 | 12,131 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 13,289 | 12,288 | 11,475 |
Operating income (loss) before depreciation, amortization, impairment of long-lived assets and (gain) loss on the sale or disposal of assets | ' | ' | ' | ' | ' | ' | ' | ' | -958 | 237 | 656 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 444 | 423 | 308 |
Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 8 | 127 |
Impairment of indefinite-lived long-term assets other than goodwill | ' | ' | ' | ' | ' | ' | ' | ' | 1,006 | 88 | ' |
Impairment of goodwill | ' | ' | ' | ' | ' | ' | ' | ' | 438 | ' | ' |
Impairment of long-lived assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Gain) loss on the sale or disposal of assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23 |
Operating income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -2,852 | -282 | 198 |
Property, plant and equipment, net | 1,596 | ' | ' | ' | 1,271 | ' | ' | ' | 1,596 | 1,271 | ' |
Broadcast licenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 899 | ' | ' | ' | 1,337 | ' | ' | ' | 899 | 1,337 | ' |
Other indefinite-lived intangible assets | 868 | ' | ' | ' | 1,873 | ' | ' | ' | 868 | 1,873 | ' |
Amortizable intangible assets, net | 11 | ' | ' | ' | 11 | ' | ' | ' | 11 | 11 | ' |
Operating Segments | Corporate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 21,430 | 18,892 | 17,503 |
Operating income (loss) before depreciation, amortization, impairment of long-lived assets and (gain) loss on the sale or disposal of assets | ' | ' | ' | ' | ' | ' | ' | ' | -21,430 | -18,892 | -17,503 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 1,166 | 1,208 | 1,239 |
Amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 2 |
Impairment of indefinite-lived long-term assets other than goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of long-lived assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Gain) loss on the sale or disposal of assets | ' | ' | ' | ' | ' | ' | ' | ' | 10 | 41 | 167 |
Operating income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -22,606 | -20,143 | -18,911 |
Property, plant and equipment, net | 8,473 | ' | ' | ' | 8,915 | ' | ' | ' | 8,473 | 8,915 | ' |
Broadcast licenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 8 | ' | ' | ' | 8 | ' | ' | ' | 8 | 8 | ' |
Other indefinite-lived intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortizable intangible assets, net | $2 | ' | ' | ' | $2 | ' | ' | ' | $2 | $2 | ' |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 20, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 23, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 10, 2014 | Feb. 07, 2014 | Feb. 28, 2014 | |
KDIS-FM, Little Rock, Arkansas and KRDY-AM, San Antonio, Texas | WOLT-FM in Greenville, South Carolina | Jan-15 | Jan-16 | Subsequent Event | Subsequent Event | Subsequent Event | |||||
KDIS-FM, Little Rock, Arkansas and KRDY-AM, San Antonio, Texas | WOLT-FM in Greenville, South Carolina | ||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition date | 10-Jan-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price | ' | ' | ' | ' | ' | ' | ' | ' | $8,500,000 | ' | ' |
Amount due on close of Transaction | 7,477,000 | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | ' | ' |
Amount payable | ' | ' | ' | ' | ' | ' | 2,500,000 | 2,500,000 | ' | ' | ' |
Acquisition payment date | ' | ' | ' | ' | ' | ' | '2015-01 | '2016-01 | ' | ' | ' |
Contingent earn-out consideration | ' | ' | ' | ' | ' | ' | ' | ' | 8,500,000 | ' | ' |
Contingent earn-out consideration achievement of milestone period | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' |
Business acquisition purchase price | $12,820,000 | $500,000 | $10,695,000 | $9,151,000 | $2,500,000 | ' | ' | ' | ' | $2,000,000 | $1,100,000 |
Business acquisition, APA date | ' | ' | ' | ' | ' | 28-Feb-14 | ' | ' | ' | ' | ' |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Valuation And Qualifying Accounts [Abstract] | ' | ' | ' |
Balance at Beginning of Period | $8,926 | $9,300 | $10,026 |
Additions Charged to Cost and Expense | 3,456 | 2,554 | 2,069 |
Deductions Bad Debt Write-offs | -1,573 | -2,928 | -2,795 |
Balance at End of Period | $10,809 | $8,926 | $9,300 |