Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | ||
Sep. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | |
Common Class A [Member] | Common Class B [Member] | ||
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Entity Registrant Name | 'Entercom Communications Corp. | ' | ' |
Entity Central Index Key | '0001067837 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Well Known Seasoned Issuer | 'No | ' | ' |
Entity Common Stock Shares Outstanding | ' | 31,552,673 | 7,197,532 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets Abstract | ' | ' |
Cash and cash equivalents | $6,569 | $8,923 |
Accounts receivable, net of allowance for doubtful accounts | 71,523 | 70,955 |
Prepaid expenses, deposits and other | 5,497 | 3,649 |
Prepaid and refundable federal and state income taxes | 56 | 47 |
Deferred tax assets | 2,445 | 2,445 |
Total current assets | 86,090 | 86,019 |
Net property and equipment | 45,239 | 51,677 |
Radio broadcasting licenses | 718,656 | 718,656 |
Goodwill | 39,103 | 39,103 |
Assets held for sale | 2,090 | 0 |
Deferred charges and other assets, net of accumulated amortization | 15,980 | 20,126 |
TOTAL ASSETS | 907,158 | 915,581 |
Liabilities Abstract | ' | ' |
Accounts payable | 428 | 400 |
Accrued expenses | 14,945 | 14,205 |
Other current liabilities | 18,765 | 12,253 |
Financing method lease obligations, current portion | 0 | 12,610 |
Long-term debt, current portion | 31 | 9,808 |
Total current liabilities | 34,169 | 49,276 |
Long-term debt, net of current portion | 525,591 | 560,133 |
Financing method lease obligations | 0 | 0 |
Deferred tax liabilities | 39,306 | 26,226 |
Other long-term liabilities | 24,826 | 15,229 |
Total long-term liabilities | 589,723 | 601,588 |
Total liabilities | 623,892 | 650,864 |
CONTINGENCIES AND COMMITMENTS | ' | ' |
SHAREHOLDERS' EQUITY: | ' | ' |
Preferred stock | 0 | 0 |
Common stock | 387 | 384 |
Additional paid-in capital | 603,876 | 601,847 |
Accumulated deficit | -320,997 | -337,514 |
Accumulated other comprehensive income (loss) | 0 | 0 |
Total shareholders' equity | 283,266 | 264,717 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $907,158 | $915,581 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Class of Stock [Line Items] | ' | ' |
Common Stock, Value | $387 | $384 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement Abstract | ' | ' | ' | ' |
NET REVENUES | $98,436 | $102,295 | $278,035 | $286,832 |
OPERATING EXPENSE: | ' | ' | ' | ' |
Station operating expenses, including non-cash compensation expense | 67,104 | 63,719 | 191,040 | 191,120 |
Depreciation and amortization expense | 2,041 | 2,746 | 6,557 | 8,242 |
Corporate general and administrative expenses, including non-cash compensation expense | 6,039 | 6,329 | 17,887 | 19,159 |
Impairment loss | 0 | 0 | 850 | 22,307 |
Merger and acquisition costs | 0 | 0 | 0 | 0 |
Net time brokerage agreement (income) fees | 0 | -4 | 0 | 238 |
Net (gain) loss on sale or disposal of assets | -34 | 120 | -1,625 | 123 |
Total operating expense | 75,150 | 72,910 | 214,709 | 241,189 |
OPERATING INCOME (LOSS) | 23,286 | 29,385 | 63,326 | 45,643 |
OTHER (INCOME) EXPENSE: | ' | ' | ' | ' |
Net interest expense | 11,038 | 13,285 | 33,822 | 40,854 |
Net (gain) loss on extinguishment of debt | 0 | 0 | 0 | 0 |
Net (gain) loss on derivative instruments | 0 | 0 | 0 | -1,346 |
Net (gain) loss on investments | 0 | 50 | 0 | 50 |
Other income | 0 | -35 | -93 | -81 |
TOTAL OTHER EXPENSE | 11,038 | 13,300 | 33,729 | 39,477 |
INCOME (LOSS) BEFORE INCOME TAXES (BENEFIT) | 12,248 | 16,085 | 29,597 | 6,166 |
INCOME TAXES (BENEFIT) | 5,373 | 7,908 | 13,080 | 2,245 |
NET INCOME (LOSS) | $6,875 | $8,177 | $16,517 | $3,921 |
NET INCOME (LOSS) PER SHARE - BASIC | $0.18 | $0.22 | $0.44 | $0.11 |
NET INCOME (LOSS) PER SHARE - DILUTED | $0.18 | $0.22 | $0.43 | $0.10 |
WEIGHTED AVERAGE SHARES: | ' | ' | ' | ' |
Basic | 37,385,753 | 36,735,215 | 37,334,620 | 36,704,001 |
Diluted | 38,153,422 | 37,547,645 | 38,208,979 | 37,662,184 |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Total | Common Class A [Member] | Common Class B [Member] | Additional Paid In Capital [Member] | Retained Earnings [Member] |
In Thousands, except Share data | |||||
Opening Balance VALUE at Dec. 31, 2011 | $248,911 | $310 | $72 | $597,327 | ($348,798) |
Opening Balance SHARES at Dec. 31, 2011 | ' | 31,044,001 | 7,197,532 | ' | ' |
Conversion of Class B common stock to Class A common stock SHARES | ' | 0 | 0 | ' | ' |
Compensation expense related to granting of stock options SHARES | ' | 0 | 0 | ' | ' |
Compensation expense related to granting of restricted stock units SHARES | ' | 280,072 | 0 | ' | ' |
Issuance of common stock related to an incentive plan SHARES | ' | 0 | 0 | ' | ' |
Common stock repurchase SHARES | ' | 0 | 0 | ' | ' |
Exercise of stock options SHARES | ' | 101,350 | 0 | ' | ' |
Purchase of vested employee restricted stock units SHARES | ' | -199,376 | 0 | ' | ' |
Net income (loss) | 11,268 | 0 | 0 | 0 | 11,268 |
Conversion of Class B common stock to Class A common stock VALUE | 0 | 0 | 0 | 0 | 0 |
Compensation expense related to granting of stock options VALUE | 210 | 0 | 0 | 210 | 0 |
Compensation expense related to granting of restricted stock units VALUE | 5,544 | 3 | 0 | 5,541 | 0 |
Issuance of common stock related to an incentive plan VALUE | 0 | 0 | 0 | 0 | 0 |
Common stock repurchase VALUE | 0 | 0 | 0 | 0 | 0 |
Purchase of vested employee restricted stock units | -1,367 | -2 | 0 | -1,365 | 0 |
Forfeitures of dividend equivalents VALUE | 16 | 0 | 0 | 0 | 16 |
Realization of tax benefit for dividend equivalent payments VALUE | 0 | 0 | 0 | 0 | 0 |
Exercise of stock options VALUE | 135 | 1 | 0 | 134 | 0 |
Net unrealized gain (loss) on derivatives VALUE | 0 | 0 | 0 | 0 | 0 |
Ending Balance VALUE at Dec. 31, 2012 | 264,717 | 312 | 72 | 601,847 | -337,514 |
Ending Balance SHARES at Dec. 31, 2012 | ' | 31,226,047 | 7,197,532 | ' | ' |
Conversion of Class B common stock to Class A common stock SHARES | ' | 0 | 0 | ' | ' |
Compensation expense related to granting of stock options SHARES | 5,000 | 0 | 0 | ' | ' |
Compensation expense related to granting of restricted stock units SHARES | ' | 298,270 | 0 | ' | ' |
Issuance of common stock related to an incentive plan SHARES | ' | 0 | 0 | ' | ' |
Common stock repurchase SHARES | ' | 0 | 0 | ' | ' |
Exercise of stock options SHARES | -153,782 | 153,782 | 0 | ' | ' |
Purchase of vested employee restricted stock units SHARES | ' | -138,676 | 0 | ' | ' |
Net income (loss) | 16,517 | 0 | 0 | 0 | 16,517 |
Conversion of Class B common stock to Class A common stock VALUE | 0 | 0 | 0 | 0 | 0 |
Compensation expense related to granting of stock options VALUE | 37 | 0 | 0 | 37 | 0 |
Compensation expense related to granting of restricted stock units VALUE | 2,943 | 3 | 0 | 2,940 | 0 |
Issuance of common stock related to an incentive plan VALUE | 0 | 0 | 0 | 0 | 0 |
Common stock repurchase VALUE | 0 | 0 | 0 | 0 | 0 |
Purchase of vested employee restricted stock units | -1,167 | -1 | 0 | -1,166 | 0 |
Payments of dividends VALUE | 0 | 0 | 0 | 0 | 0 |
Forfeitures of dividend equivalents VALUE | 0 | 0 | 0 | 0 | 0 |
Exercise of stock options VALUE | 219 | 1 | 0 | 218 | 0 |
Net unrealized gain (loss) on investments VALUE | 0 | 0 | 0 | 0 | 0 |
Net unrealized gain (loss) on derivatives VALUE | 0 | 0 | 0 | 0 | 0 |
Ending Balance VALUE at Sep. 30, 2013 | $283,266 | $315 | $72 | $603,876 | ($320,997) |
Ending Balance SHARES at Sep. 30, 2013 | ' | 31,539,423 | 7,197,532 | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
OPERATING ACTIVITIES: | ' | ' |
Net income (loss) | $16,517 | $3,921 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 6,557 | 8,242 |
Amortization of deferred financing costs | 3,261 | 3,465 |
Net deferred taxes (benefit) and other | 13,080 | 2,245 |
Tax benefit on exercise of options | 0 | 0 |
Provision for bad debts | 657 | 64 |
Net (gain) loss on sale or disposal of assets | -1,625 | 123 |
Non-cash stock-based compensation expense | 2,980 | 3,982 |
Net (gain) loss on investments | 0 | 50 |
Net (gain) loss on derivatives | 0 | -1,346 |
Deferred rent | 126 | 514 |
Unearned revenue - long-term | -61 | 134 |
Net (gain) loss on extinguishment of debt | 0 | 0 |
Deferred compensation | 1,587 | 1,400 |
Tax benefit for vesting of restricted stock unit awards | 0 | 0 |
Impairment loss | 850 | 22,307 |
Accretion expense, net of asset retirement obligation payments | 16 | -93 |
Other income | -93 | -81 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | -1,216 | -9,881 |
Prepaid expenses and deposits | -1,844 | 880 |
Prepaid and refundable income taxes | 0 | 264 |
Accounts payable and accrued liabilities | 2,230 | 2,227 |
Accrued interest expense | 4,311 | 8,319 |
Accrued liabilities - long-term | -1,055 | -839 |
Prepaid expenses - long-term | 200 | 657 |
Net cash provided by (used in) operating activities | 46,478 | 46,554 |
INVESTING ACTIVITIES: | ' | ' |
Additions to property and equipment | -3,502 | -1,787 |
Proceeds from sale of property, equipment, intangibles and other assets | 8 | 28 |
Purchases of radio station assets | 0 | -25,325 |
Deferred charges and other assets | -4 | -797 |
Purchases of investments | 0 | 0 |
Proceeds from investments and capital projects | 137 | 444 |
Proceeds from termination of radio station contract | 0 | 0 |
Proceeds from insurance recovery | 0 | 0 |
Station acquisition deposits and costs | 0 | 0 |
Net cash provided by (used in) investing activities | -3,361 | -27,437 |
FINANCING ACTIVITIES: | ' | ' |
Deferred financing expenses related to the senior unsecured notes | 0 | -167 |
Borrowing under the revolving senior debt | 23,000 | 30,000 |
Proceeds from the financing method of lease obligations | 0 | 0 |
Payments of long-term debt | -67,523 | -45,521 |
Net proceeds from the senior unsecured notes | 0 | 0 |
Retirement of senior subordinated notes | 0 | 0 |
Purchase of the Company's common stock | 0 | 0 |
Proceeds from issuance of employee stock plan | 0 | 0 |
Proceeds from the exercise of stock options | 219 | 120 |
Purchase of vested employee restricted stock units | -1,167 | -530 |
Realization of tax benefits for payment of dividend equivalents | 0 | 0 |
Payment of dividend equivalents on vested restricted stock units | 0 | -43 |
Payment of dividends | 0 | 0 |
Payments of deferred compensation | 0 | 0 |
Net cash provided by (used in) financing activities | -45,471 | -16,141 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -2,354 | 2,976 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 8,923 | 3,625 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 6,569 | 6,601 |
Cash paid during the period for: | ' | ' |
Interest | 26,378 | 29,068 |
Income taxes | 69 | 99 |
Dividends | $0 | $0 |
BASIS_OF_PRESENTATION_AND_ORGA
BASIS OF PRESENTATION AND ORGANIZATION (Block) | 9 Months Ended |
Sep. 30, 2013 | |
Organization Consolidation And Presentation Of Financial Statements Abstract | ' |
Business Description And Basis Of Presentation Text Block | ' |
1. BASIS OF PRESENTATION AND SIGNIFICANT POLICIES | |
The condensed consolidated interim unaudited financial statements included herein have been prepared by Entercom Communications Corp. and its subsidiaries (collectively, the “Company”) in accordance with: (i) generally accepted accounting principles (“U.S. GAAP”) for interim financial information; and (ii) the instructions of the Securities and Exchange Commission (the “SEC”) for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, the financial statements reflect all adjustments considered necessary for a fair statement of the results of operations and financial position for the interim periods presented. All such adjustments are of a normal and recurring nature. The Company's results are subject to seasonal fluctuations and, therefore, the results shown on an interim basis are not necessarily indicative of results for a full year. | |
Separate condensed consolidating financial information is not included as Entercom Communications Corp. does not have independent assets or operations, Entercom Radio, LLC is a 100% owned finance subsidiary of Entercom Communications Corp., and all guarantees by Entercom Communications Corp. and its subsidiaries are full, unconditional (subject to the customary automatic release provisions), joint and several under its senior credit facility and are full, unconditional, joint and several under its senior unsecured notes. | |
This Form 10-Q should be read in conjunction with the financial statements and related notes included in the Company's audited financial statements as of and for the year ended December 31, 2012 and filed with the SEC on February 27, 2013, as part of the Company's Annual Report on Form 10-K. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. | |
There have been no material changes from Note 2, Significant Accounting Policies, as described in the notes to the Company's financial statements contained in its Form 10-K for the year ended December 31, 2012 that was filed with the SEC on February 27, 2013, except as described below. | |
Long-Lived Assets | |
The Company evaluates the recoverability of its long-lived assets, which include property and equipment, broadcasting licenses (subject to an eight-year renewal cycle), goodwill, deferred charges, and other assets. See Note 2 for further discussion. The determination and measurement of the fair value of long-lived assets requires the use of significant judgments and estimates. Future events may impact these judgments and estimates. | |
During the second quarter of 2013, the Company conducted an evaluation of useful lives for longer-lived assets, such as broadcast towers and buildings. As a result of this review, the Company determined that based on current facts and circumstances, future acquisitions may warrant the use of longer lives anywhere between 15 years and 40 years. | |
Recent Accounting Pronouncements | |
The Company does not believe that any recently issued pronouncements, including those listed below, would have a material effect on the Company's results of operations, cash flows or financial condition. | |
Netting Of Unrecognized Tax Benefits Against Tax Assets | |
In June 2013, the accounting guidance was modified to require the netting of unrecognized tax benefits against a deferred tax asset for a loss or other carryforward that would apply in the settlement of uncertain tax positions. This guidance is effective for the Company beginning January 1, 2014 and can be applied on a prospective basis. The Company does not anticipate that the adoption of this guidance will have a material effect on the presentation of the Company's consolidated financial statements as the Company's current presentation conforms to this new guidance. | |
Amounts Reclassified Out Of Accumulated Other Comprehensive Income | |
In February 2013, the accounting guidance was modified to clarify how to report the effect of a significant reclassification out of accumulated other comprehensive income. This guidance, which was effective for the Company as of January 1, 2013, did not have a material effect on the presentation of the Company's consolidated financial statements. | |
Balance Sheet Disclosures About Offsetting Assets And Liabilities | |
In December 2011, the accounting guidance was revised to modify disclosures regarding financial and derivative instruments. Entities are required to provide both net and gross information for these assets and liabilities in order to provide for comparability with international accounting standards. This guidance, which was effective for the Company as of January 1, 2013, did not have a material effect on the presentation of the Company's consolidated financial statements. | |
Reclassifications | |
Certain reclassifications have been made to the prior year's financial statements to conform to the presentation in the current year. |
INTANGIBLE_ASSETS_AND_GOODWILL
INTANGIBLE ASSETS AND GOODWILL (Block) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Goodwil And Intangible Assets Disclosure [Abstract] | ' | ||||||||||
Goodwill And Intangible Assets Disclosure Text Block | ' | ||||||||||
2. INTANGIBLE ASSETS AND GOODWILL | |||||||||||
Goodwill and certain intangible assets are not amortized. The Company accounts for its acquired broadcasting licenses as indefinite-lived intangible assets and, similar to goodwill, these assets are reviewed at least annually for impairment. At the time of each review, if the fair value is less than the carrying value of goodwill and certain intangibles (such as broadcasting licenses), then a charge is recorded to the results of operations. | |||||||||||
The following table presents the changes in broadcasting licenses for the periods indicated: | |||||||||||
Broadcasting Licenses | |||||||||||
Carrying Amount | |||||||||||
2013 | 2012 | ||||||||||
(amounts in thousands) | |||||||||||
Beginning of period balance as of January 1, | $ | 718,656 | $ | 715,902 | |||||||
Impairment loss | - | -22,307 | |||||||||
Acquisitions | - | 25,061 | |||||||||
Ending period balance as of September 30, | $ | 718,656 | $ | 718,656 | |||||||
The following table presents the changes in goodwill for each of the periods indicated: | |||||||||||
Goodwill Carrying Amount | |||||||||||
2013 | 2012 | ||||||||||
(amounts in thousands) | |||||||||||
Goodwill balance before cumulative loss | |||||||||||
on impairment as of January 1, | $ | 164,718 | $ | 164,506 | |||||||
Accumulated loss on impairment as of January 1, | -125,615 | -125,615 | |||||||||
Goodwill beginning balance after cumulative loss | |||||||||||
on impairment as of January 1, | 39,103 | 38,891 | |||||||||
Acquisitions | - | 212 | |||||||||
Goodwill ending balance as of September 30, | $ | 39,103 | $ | 39,103 | |||||||
Broadcasting Licenses Impairment Test | |||||||||||
The Company performs its annual broadcasting license impairment test during the second quarter of each year by evaluating its broadcasting licenses for impairment at the market level using the direct method. | |||||||||||
Each market's broadcasting licenses are combined into a single unit of accounting for purposes of testing impairment, as the broadcasting licenses in each market are operated as a single asset. The Company determines the fair value of the broadcasting licenses in each of its markets by relying on a discounted cash flow approach (a 10-year income model) assuming a start-up scenario in which the only assets held by an investor are broadcasting licenses. The Company's fair value analysis contains assumptions based upon past experience and reflects expectations of industry observers and includes judgments about future performance using industry normalized information for an average station within a certain market. These assumptions include, but are not limited to: (1) the discount rate; (2) the market share and profit margin of an average station within a market, based upon market size and station type; (3) the forecast growth rate of each radio market; (4) the estimated capital start-up costs and losses incurred during the early years; (5) the likely media competition within the market area; (6) the tax rate; and (7) future terminal values. | |||||||||||
The methodology used by the Company in determining its key estimates and assumptions was applied consistently to each market. Of the seven variables identified above, the Company believes that the assumptions in items (1) through (3) above are the most important to the determination of fair value. | |||||||||||
Broadcasting License Impairment Testing During The Quarter Ended June 30, 201 | |||||||||||
The Company completed its annual impairment test for broadcasting licenses and determined that the fair value of its broadcasting licenses was greater than the amount reflected in the balance sheet for each of the Company's markets and, accordingly, no impairment was recorded. | |||||||||||
If actual market conditions are less favorable than those projected by the industry or the Company, or if events occur or circumstances change that would reduce the fair value of the Company's broadcasting licenses below the amount reflected in the balance sheet, the Company may be required to conduct an interim test and possibly recognize impairment charges, which may be material, in future periods. | |||||||||||
There were no events or circumstances since the second quarter of 2013 that indicated an interim review of broadcasting licenses was required. | |||||||||||
Broadcasting License Impairment Testing During The Second Quarter Ended June 30, 2012 | |||||||||||
The Company completed its annual impairment test for broadcasting licenses and determined that the fair value of its broadcasting licenses in Boston was less than the amount reflected in the balance sheet. The impairment was principally due to a change in the relative market share attributable to the different classes of broadcast license signals in the Boston market. As a result, the Company recorded an impairment loss of $22.3 million. | |||||||||||
Goodwill Impairment Test | |||||||||||
The Company performs its annual goodwill impairment test during the second quarter of each year by evaluating its goodwill for each reporting unit. | |||||||||||
Goodwill Impairment Testing During The Second Quarter Ended June 30, 2013 | |||||||||||
The Company completed its annual goodwill impairment test during the second quarter of 2013 and the results indicated that there was no impairment as the fair value was greater than the carrying value. | |||||||||||
If actual market conditions are less favorable than those projected by the industry or the Company, or if events occur or circumstances change that would reduce the fair value of the Company's goodwill below the amount reflected in the balance sheet, the Company may be required to conduct an interim test and possibly recognize impairment charges, which could be material, in future periods. | |||||||||||
There were no events or circumstances since the Company's second quarter annual goodwill test that required the Company to test the carrying value of its goodwill. | |||||||||||
Goodwill Impairment Testing During The Second Quarter Ended June 30, 2012 | |||||||||||
The results of step one indicated that it was not necessary to perform the second step analysis in any of the markets tested, as the fair values for the goodwill in all of the Company's markets were in excess of the carrying values. As a result of the step one test, no impairment loss was recorded during the second quarter of 2012. | |||||||||||
The Company also performed a reasonableness test on the fair value results for goodwill on a combined basis for the Company by comparing it to the enterprise value of the Company based upon the Company's stock price. The Company determined that the results were reasonable. | |||||||||||
In step one of the Company's goodwill analysis, the Company considered the results of the market approach and the income approach, when appropriate, in computing the fair value of the Company's reporting units. In the market approach, the Company applied an estimated market multiple to each reporting unit's operating performance to calculate the fair value. In the income approach, the Company utilized the discounted cash flow methodology to calculate the fair value of the reporting unit (the key estimates and assumptions are included in the table below). Management believes that these approaches are commonly used and appropriate methodologies for valuing broadcast radio stations. Factors contributing to the determination of the reporting unit's operating performance were historical performance and management's estimate of future performance. | |||||||||||
OTHER_CURRENT_AND_LONGTERM_LIA
OTHER CURRENT AND LONG-TERM LIABILITIES (Block) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Other Liabilities Disclosure Abstract | ' | |||||
Other Liabilities Disclosure Text Block | ' | |||||
3. OTHER CURRENT LIABILITIES | ||||||
Other current liabilities consist of the following as of the periods indicated: | ||||||
Other Current Liabilities | ||||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
(amounts in thousands) | ||||||
Accrued compensation | $ | 5,813 | $ | 4,820 | ||
Accounts receivable credits | 2,309 | 1,894 | ||||
Advertiser obligations | 1,088 | 1,083 | ||||
Accrued interest payable | 7,744 | 3,432 | ||||
Other | 1,811 | 1,024 | ||||
$ | 18,765 | $ | 12,253 |
LONGTERM_DEBT_Block
LONG-TERM DEBT (Block) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Debt Disclosure [Abstract] | ' | |||||||||
Debt Disclosure Text Block | ' | |||||||||
4. LONG-TERM DEBT | ||||||||||
(A) Senior Debt | ||||||||||
The Credit Facility | ||||||||||
As of September 30, 2013, the amount outstanding under the term loan component (the “Term B Loan”) of the Company's senior secured credit facility (the “Credit Facility”) was $308.0 million. There was no amount outstanding under the revolving credit facility component (the “Revolver”) of the Company's Credit Facility. The maximum available amount of the Revolver, which includes the impact of an outstanding letter of credit, was $49.6 million as of September 30, 2013. The amount of the Revolver actually available to the Company is a function of covenant compliance at the time of borrowing. | ||||||||||
On November 23, 2011, the Company entered into a credit agreement with a syndicate of lenders for a $425 million Credit Facility that is comprised of: (a) a $50 million Revolver that matures on November 23, 2016; and (b) a $375 million Term B Loan that matures on November 23, 2018. | ||||||||||
The Term B Loan requires mandatory prepayments equal to 50% of Excess Cash Flow, as defined within the agreement, subject to incremental step-downs, depending on the Consolidated Leverage Ratio. The Excess Cash Flow payment is due in the first quarter of each year and the amount of the payment is based on the Excess Cash Flow and Leverage Ratio for the prior year. The Company estimates that the Excess Cash Flow payment, which is due in the first quarter of 2014, has been fully paid as of September 30, 2013. The amount of the Excess Cash Flow prepayment required is subject to change based on actual results, which could differ materially from the Company's financial projections as of September 30, 2013. The Company funded the prepayment using cash from operating activities. | ||||||||||
As of September 30, 2013, the Company is in compliance with all financial covenants and all other terms of the Credit Facility in all material respects. The Company's ability to maintain compliance with its covenants is highly dependent on its results of operations. Management believes that over the next 12 months the Company can continue to maintain compliance. The Company's operating cash flow is positive, and management believes that it is adequate to fund the Company's operating needs. Management believes that cash on hand and cash from operating activities, together with available borrowings under the Revolver, will be sufficient to permit the Company to meet its liquidity requirements over the next 12 months, including its debt repayments. As a result, the Company has not been required to rely upon, and the Company does not anticipate being required to rely upon, the Revolver to fund its operations. | ||||||||||
Failure to comply with the Company's financial covenants or other terms of its Credit Facility and any subsequent failure to negotiate and obtain any required relief from its lenders could result in a default under the Company's Credit Facility. Any event of default could have a material adverse effect on the Company's business and financial condition. In addition, a default under either the Company's Credit Facility or the indenture governing the Company's 10.5% senior unsecured notes (the “Senior Notes”) could cause a cross default in the other and result in the acceleration of the maturity of all outstanding debt. Under these circumstances, the acceleration of the Company's debt could have a material adverse effect on its business. The Company may seek from time to time to amend its Credit Facility or obtain other funding or additional funding, which may result in higher interest rates on its debt. | ||||||||||
As of September 30, 2013, the Company's Consolidated Leverage Ratio was 4.8 times versus a covenant limit of 6.5 times and the Consolidated Interest Coverage Ratio was 2.6 times versus a covenant minimum of 1.6 times. These covenants become more restrictive over time. | ||||||||||
(B) Senior Unsecured Debt | ||||||||||
The Senior Notes | ||||||||||
Simultaneously with entering into the Credit Facility on November 23, 2011, the Company issued $220 million of 10.5% unsecured Senior Notes, which mature on December 1, 2019. The Company received net proceeds of $212.7 million, which included a discount of $2.9 million, and incurred deferred financing costs of $6.1 million. These amounts are amortized over the term under the effective interest rate method. Interest on the Senior Notes is payable semi-annually in arrears on June 1 and December 1 of each year | ||||||||||
(C) Net Interest Expense | ||||||||||
The components of net interest expense are as follows: | ||||||||||
Net Interest Expense | ||||||||||
Nine Months Ended | ||||||||||
September 30, | ||||||||||
2013 | 2012 | |||||||||
(amounts in thousands) | ||||||||||
Interest expense | $ | 30,564 | $ | 36,005 | ||||||
Amortization of deferred financing costs | 3,058 | 3,283 | ||||||||
Amortization of original issue discount of senior notes | 203 | 182 | ||||||||
Interest expense on interest rate hedging agreements | 0 | 1,392 | ||||||||
Interest income and other investment income | -3 | -8 | ||||||||
Total net interest expense | $ | 33,822 | $ | 40,854 | ||||||
Net Interest Expense | ||||||||||
Three Months Ended | ||||||||||
September 30, | ||||||||||
2013 | 2012 | |||||||||
(amounts in thousands) | ||||||||||
Interest expense | $ | 9,965 | $ | 12,114 | ||||||
Amortization of deferred financing costs | 1,005 | 1,111 | ||||||||
Amortization of original issue discount of senior notes | 69 | 62 | ||||||||
Interest expense on interest rate hedging agreements | - | - | ||||||||
Interest income and other investment income | -1 | -2 | ||||||||
Total net interest expense | $ | 11,038 | $ | 13,285 |
TOWER_SALE_AND_LEASEBACK_Block
TOWER SALE AND LEASEBACK (Block) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Tower Sale And Leaseback [Abstract] | ' | |||||
Tower Sale And Leaseback [Text Block] | ' | |||||
5. TOWER SALE AND LEASEBACK | ||||||
During the fourth quarter of 2009, the Company completed the sale of certain tower facilities for $12.6 million in cash. At the same time, the Company entered into leases for space on the towers at most of these sites for use by the Company's radio stations. The sale agreement included the opportunity for additional cash consideration for the Company through an earn-out which would be paid to the Company if the buyer met agreed upon revenue targets during the earn-out period. The earn-out constituted a continuing involvement by the Company that precluded sale and leaseback accounting until the earn-out period was complete. As a result of its continuing involvement in the tower facilities, the Company recorded a $12.6 million finance method lease obligation when the cash from the sale was received. On June 23, 2013, the earn-out period ended, and it was determined that the Company was not entitled to receive any additional compensation. | ||||||
With the earn-out complete, the Company applied the guidance under sale and leaseback accounting during the second quarter of 2013. As a result, the Company eliminated its finance method lease obligation of $12.6 million and also recorded a current and deferred gain of $1.6 million and $9.9 million, respectively. Both the elimination of the finance method lease obligation and the recording of the gain were non cash. The current gain is included in the statement of operations under net (gain) loss on sale or disposal of assets. The deferred gain will be amortized on a straight-line basis over the remaining life of the lease, which was 16.5 years as of June 2013, and during this period the gain will be reflected as a net (gain) loss on sale or disposal of assets. As of September 30, 2013, the Company recorded on the balance sheet $0.6 million of deferred gain as a short-term liability under other current liabilities and $9.1 million of deferred gain as a long-term liability under other long-term liabilities. For the nine and three months ended September 30, 2013, the Company recorded $0.2 million for each period as amortization of deferred gain. All of the leases were accounted for as operating leases. | ||||||
Minimum rental commitments at September 30, 2013 for these non-cancellable leases are as follows: | ||||||
Minimum Rental Commitments Under Sale And Leaseback | ||||||
As of September 30, 2013 | ||||||
Operating | ||||||
Leases | ||||||
(amounts in thousands) | ||||||
Years ending December 31, | ||||||
2013 | $ | 194 | ||||
2014 | 792 | |||||
2015 | 816 | |||||
2016 | 840 | |||||
2017 | 865 | |||||
Thereafter | 12,447 | |||||
Total | $ | 15,954 |
DERIVATIVES_AND_HEDGING_ACTIVI
DERIVATIVES AND HEDGING ACTIVITIES (Block) | 9 Months Ended |
Sep. 30, 2013 | |
Derivative Instruments And Hedging Activities Disclosure Abstract | ' |
Derivative Instruments And Hedging Activities Disclosure Text Block | ' |
6. DERIVATIVES AND HEDGING ACTIVITIES | |
The Company from time to time enters into derivative financial instruments, including interest rate exchange agreements and interest rate collar agreements, to manage its exposure to fluctuations in interest rates. | |
As of September 30, 2013, there were no derivative interest rate transactions outstanding. |
SHAREBASED_COMPENSATION_Block
SHARE-BASED COMPENSATION (Block) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments Abstract | ' | ||||||||||||||||
Disclosure Of Compensation Related Costs Share Based Payments Text Block | ' | ||||||||||||||||
7. SHARE-BASED COMPENSATION | |||||||||||||||||
Under the Entercom Equity Compensation Plan (the “Plan”), the Company is authorized to issue share-based compensation awards to key employees, directors and consultants. | |||||||||||||||||
Restricted Stock Units (“RSUs”) Activity | |||||||||||||||||
The following is a summary of the changes in RSUs under the Plan during the current period: | |||||||||||||||||
Number | Weighted | Aggregate | |||||||||||||||
Of | Weighted | Average | Intrinsic | ||||||||||||||
Restricted | Average | Remaining | Value As Of | ||||||||||||||
Stock | Purchase | Contractual | September 30, | ||||||||||||||
Period Ended | Units | Price | Term (Years) | 2013 | |||||||||||||
RSUs outstanding as of: | 31-Dec-12 | 1,481,268 | |||||||||||||||
RSUs awarded | 341,377 | ||||||||||||||||
RSUs released | -434,842 | ||||||||||||||||
RSUs forfeited | -43,107 | ||||||||||||||||
RSUs outstanding as of: | 30-Sep-13 | 1,344,696 | $ | - | 1.1 | $ | 11,806,431 | ||||||||||
RSUs vested and expected | |||||||||||||||||
to vest as of: | 30-Sep-13 | 1,251,546 | $ | - | 1.1 | $ | 10,224,751 | ||||||||||
RSUs exercisable (vested and | |||||||||||||||||
deferred) as of: | 30-Sep-13 | 86,996 | $ | - | 0 | $ | 763,825 | ||||||||||
Weighted average remaining | |||||||||||||||||
recognition period in years | 2.2 | ||||||||||||||||
Unamortized compensation | |||||||||||||||||
expense, net of estimated | |||||||||||||||||
forfeitures | $ | 5,318,998 | |||||||||||||||
Options | |||||||||||||||||
Option Activity | |||||||||||||||||
The following table provides summary information related to the exercise of stock options: | |||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||
Other Option Disclosures | 2013 | 2012 | |||||||||||||||
(amounts in thousands) | |||||||||||||||||
Intrinsic value of options exercised | $ | 1,093 | $ | 446 | |||||||||||||
Tax benefit from options exercised (1) | $ | 415 | $ | 169 | |||||||||||||
Cash received from exercise price of options exercised | $ | 219 | $ | 120 | |||||||||||||
(1) Amount excludes impact from suspended income tax benefits and/or valuation allowances. | |||||||||||||||||
The following table presents the option activity during the current period under the Plan: | |||||||||||||||||
Weighted | Intrinsic | ||||||||||||||||
Weighted | Average | Value | |||||||||||||||
Average | Remaining | As Of | |||||||||||||||
Number Of | Exercise | Contractual | September 30, | ||||||||||||||
Period Ended | Options | Price | Term (Years) | 2013 | |||||||||||||
Options outstanding as of: | 31-Dec-12 | 742,550 | $ | 2.39 | |||||||||||||
Options granted | 5,000 | 8.72 | |||||||||||||||
Options exercised | -153,782 | 1.44 | |||||||||||||||
Options forfeited | -3,625 | 1.34 | |||||||||||||||
Options expired | -11,875 | 10.16 | |||||||||||||||
Options outstanding as of: | 30-Sep-13 | 578,268 | $ | 2.54 | 5.3 | $ | 3,938,379 | ||||||||||
Options vested and expected to vest as of: | 30-Sep-13 | 577,466 | $ | 2.53 | 5.3 | $ | 3,938,280 | ||||||||||
Options vested and exercisable as of: | 30-Sep-13 | 571,018 | $ | 2.47 | 5.2 | $ | 3,932,860 | ||||||||||
Weighted average remaining | |||||||||||||||||
recognition period in years | 2.7 | ||||||||||||||||
Unamortized compensation expense, | |||||||||||||||||
net of estimated forfeitures | $ | 27,367 | |||||||||||||||
The following table summarizes significant ranges of outstanding and exercisable options as of the current period: | |||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||
Number Of | Weighted | Number Of | |||||||||||||||
Options | Average | Weighted | Options | Weighted | |||||||||||||
Range Of | Outstanding | Remaining | Average | Exercisable | Average | ||||||||||||
Exercise Prices | September 30, | Contractual | Exercise | September 30, | Exercise | ||||||||||||
From | To | 2013 | Life | Price | 2013 | Price | |||||||||||
$ | 1.34 | $ | 2.02 | 522,518 | 5.3 | $ | 1.34 | 522,518 | $ | 1.34 | |||||||
$ | 4.76 | $ | 6.62 | 16,000 | 6 | $ | 5.58 | 13,750 | $ | 5.43 | |||||||
$ | 8.72 | $ | 11.31 | 15,000 | 6.2 | $ | 10.39 | 10,000 | $ | 11.23 | |||||||
$ | 11.69 | $ | 11.78 | 15,750 | 4.3 | $ | 11.72 | 15,750 | $ | 11.72 | |||||||
$ | 33.9 | $ | 48.21 | 9,000 | 1 | $ | 37.72 | 9,000 | $ | 37.72 | |||||||
$ | 1.34 | $ | 48.21 | 578,268 | 5.3 | $ | 2.54 | 571,018 | $ | 2.47 | |||||||
Recognized Non-Cash Stock-Based Compensation Expense | |||||||||||||||||
The following summarizes recognized non-cash stock-based compensation expense, which consists primarily of RSUs: | |||||||||||||||||
Nine Months Ended | |||||||||||||||||
September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(amounts in thousands) | |||||||||||||||||
Station operating expenses | $ | 522 | $ | 433 | |||||||||||||
Corporate general and administrative expenses | 2,458 | 3,549 | |||||||||||||||
Stock-based compensation expense included in operating expenses | 2,980 | 3,982 | |||||||||||||||
Income tax benefit (1) | 791 | 1,119 | |||||||||||||||
Net stock-based compensation expense | $ | 2,189 | $ | 2,863 | |||||||||||||
Three Months Ended | |||||||||||||||||
September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(amounts in thousands) | |||||||||||||||||
Station operating expenses | $ | 187 | $ | 169 | |||||||||||||
Corporate general and administrative expenses | 695 | 1,097 | |||||||||||||||
Stock-based compensation expense included in operating expenses | 882 | 1,266 | |||||||||||||||
Income tax benefit (1) | 230 | 358 | |||||||||||||||
Net stock-based compensation expense | $ | 652 | $ | 908 |
NET_INCOME_LOSS_PER_COMMON_SHA
NET INCOME (LOSS) PER COMMON SHARE (Block) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share Abstract | ' | |||||||||||||||
Earnings Per Share Text Block | ' | |||||||||||||||
8. NET INCOME (LOSS) PER COMMON SHARE | ||||||||||||||||
For the periods indicated, the following tables present the computations of basic and diluted net income (loss) per share: | ||||||||||||||||
Nine Months Ended | ||||||||||||||||
30-Sep-13 | 30-Sep-12 | |||||||||||||||
(amounts in thousands, except share and per share data) | ||||||||||||||||
Net Income | Net Income | |||||||||||||||
Net Income | (Loss) | Net Income | (Loss) | |||||||||||||
(Loss) | Shares | Per Share | (Loss) | Shares | Per Share | |||||||||||
Basic net income (loss) per common share: | $ | 16,517 | 37,334,620 | $ | 0.44 | $ | 3,921 | 36,704,001 | $ | 0.11 | ||||||
Impact of dilutive equity awards | 874,359 | 958,183 | ||||||||||||||
Diluted net income (loss) per common share: | $ | 16,517 | 38,208,979 | $ | 0.43 | $ | 3,921 | 37,662,184 | $ | 0.1 | ||||||
Three Months Ended | ||||||||||||||||
30-Sep-13 | 30-Sep-12 | |||||||||||||||
(amounts in thousands, except share and per share data) | ||||||||||||||||
Net Income | Net Income | |||||||||||||||
Net Income | (Loss) | Net Income | (Loss) | |||||||||||||
(Loss) | Shares | Per Share | (Loss) | Shares | Per Share | |||||||||||
Basic net income (loss) per common share: | $ | 6,875 | 37,385,753 | $ | 0.18 | $ | 8,177 | 36,735,215 | $ | 0.22 | ||||||
Impact of dilutive equity awards | 767,669 | 812,430 | ||||||||||||||
Diluted net income (loss) per common share: | $ | 6,875 | 38,153,422 | $ | 0.18 | $ | 8,177 | 37,547,645 | $ | 0.22 | ||||||
Incremental Shares Disclosed As Anti-Dilutive | ||||||||||||||||
For the periods indicated, the following table provides the incremental shares excluded as they were anti-dilutive under the treasury stock method: | ||||||||||||||||
Nine Months Ended | ||||||||||||||||
September 30, | ||||||||||||||||
Impact Of Equity Awards | 2013 | 2012 | ||||||||||||||
(amounts in thousands, | ||||||||||||||||
except per share data) | ||||||||||||||||
Dilutive or anti-dilutive for all potentially dilutive equivalent shares | dilutive | dilutive | ||||||||||||||
Excluded shares as anti-dilutive under the treasury stock method: | ||||||||||||||||
Options | 38 | 51 | ||||||||||||||
Price range of options: from | $ | 8.79 | $ | 6.36 | ||||||||||||
Price range of options: to | $ | 48.21 | $ | 48.21 | ||||||||||||
RSUs with service conditions | 242 | 1,109 | ||||||||||||||
RSUs with service and market conditions as market conditions not met | 200 | 200 | ||||||||||||||
Total RSUs | 442 | 1,309 | ||||||||||||||
Three Months Ended | ||||||||||||||||
September 30, | ||||||||||||||||
Impact Of Equity Awards | 2013 | 2012 | ||||||||||||||
(amounts in thousands, | ||||||||||||||||
except per share data) | ||||||||||||||||
Dilutive or anti-dilutive for all potentially dilutive equivalent shares | dilutive | dilutive | ||||||||||||||
Excluded shares as anti-dilutive under the treasury stock method: | ||||||||||||||||
Options | 36 | 49 | ||||||||||||||
Price range of options: from | $ | 8.79 | $ | 6.34 | ||||||||||||
Price range of options: to | $ | 48.21 | $ | 48.21 | ||||||||||||
RSUs with service conditions | 6 | 956 | ||||||||||||||
RSUs with service and market conditions as market conditions not met | 200 | 200 | ||||||||||||||
Total RSUs | 206 | 1,156 |
INCOME_TAXES_Block
INCOME TAXES (Block) | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure Abstract | ' |
Income Tax Disclosure Text Block | ' |
9. INCOME TAXES | |
Tax Rates For The Nine Months And Three Months Ended September 30, 2013 | |
The effective income tax rates were 44.2% and 43.9% for the nine months and three months ended September 30, 2013, respectively. These rates were impacted by an adjustment for expenses that are not deductible for tax purposes and an increase in net deferred tax liabilities associated with non-amortizable assets such as broadcasting licenses and goodwill. | |
Tax Rates For The Nine Months And Three Months Ended September 30, 2012 | |
The effective income tax rates were 36.4% and 49.2% for the nine months and three months ended September 30, 2012, respectively. These rates were impacted by an adjustment for expenses that are not deductible for tax purposes and a tax benefit associated with a reduction in liabilities for uncertain tax positions due to the expiration of the statute of limitations in certain jurisdictions. | |
Deferred Tax Assets And Liabilities | |
As of September 30, 2013 and December 31, 2012, net deferred tax liabilities were $36.9 million and $23.8 million, respectively. The income tax accounting process to determine the deferred tax liabilities involves estimating all temporary differences between the tax and financial reporting bases of the Company's assets and liabilities, based on enacted tax laws and statutory tax rates applicable to the period in which the differences are expected to affect taxable income. The Company estimated the current exposure by assessing the temporary differences and computing the provision for income taxes by applying the estimated effective tax rate to income. |
FAIR_VALUE_OF_FINANCIAL_INSTRU
FAIR VALUE OF FINANCIAL INSTRUMENTS (Block) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures Abstract | ' | |||||||||||||||
Fair Value Disclosures Text Block | ' | |||||||||||||||
10. FAIR VALUE OF FINANCIAL INSTRUMENTS | ||||||||||||||||
Fair Value Of Financial Instruments Subject To Fair Value Measurements | ||||||||||||||||
Recurring Fair Value Measurements | ||||||||||||||||
The following tables set forth the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis. The financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. | ||||||||||||||||
30-Sep-13 | ||||||||||||||||
Value Measurements At Reporting Date Using | ||||||||||||||||
Quoted Prices | ||||||||||||||||
In Active | ||||||||||||||||
Markets For | Significant | |||||||||||||||
Identical | Other | Significant | ||||||||||||||
Assets Or | Observable | Unobservable | ||||||||||||||
Liabilities | Inputs | Inputs | ||||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
(amounts in thousands) | ||||||||||||||||
Assets | ||||||||||||||||
Cash equivalents (1) | $ | 4,925 | $ | 4,925 | $ | - | $ | - | ||||||||
Liabilities | ||||||||||||||||
Deferred Compensation (2) | $ | 9,700 | $ | 9,700 | $ | - | $ | - | ||||||||
31-Dec-12 | ||||||||||||||||
Value Measurements At Reporting Date Using | ||||||||||||||||
Quoted Prices | ||||||||||||||||
In Active | ||||||||||||||||
Markets For | Significant | |||||||||||||||
Identical | Other | Significant | ||||||||||||||
Assets Or | Observable | Unobservable | ||||||||||||||
Liabilities | Inputs | Inputs | ||||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
(amounts in thousands) | ||||||||||||||||
Assets | ||||||||||||||||
Cash equivalents (1) | $ | 6,695 | $ | 6,695 | $ | - | $ | - | ||||||||
Liabilities | ||||||||||||||||
Deferred Compensation (2) | $ | 8,377 | $ | 8,377 | $ | - | $ | - | ||||||||
Lease abandonment liability (3): | ||||||||||||||||
Short-term | $ | 72 | $ | - | $ | 72 | $ | - | ||||||||
Long-term | $ | 609 | $ | - | $ | 609 | $ | - | ||||||||
(1) Cash equivalents, which are included under current assets as cash and cash equivalents, are invested in institutional money market funds. This investment is considered a Level 1 measurement, using quoted prices in active markets for identical investments. | ||||||||||||||||
(2) The Company's deferred compensation liability, which is included in other long-term liabilities, is recorded at fair value on a recurring basis. The unfunded plan allows participants to hypothetically invest in various specified investment options. The deferred compensation plan liability is valued based on quoted market prices of the underlying investments. The Company classifies its non-qualified deferred compensation plan liability as Level 1. | ||||||||||||||||
(3) The Company's lease abandonment liability is recorded at fair value on a recurring basis. The Company uses Level 2 inputs for its valuation methodology, as the fair value of the underlying lease is based on expected future cash flows which are adjusted for a nonperformance risk by the Company. The Company reflects the short-term lease abandonment liability under current liabilities and long-term lease abandonment liability under other long-term liabilities. | ||||||||||||||||
Non-Recurring Fair Value Measurements | ||||||||||||||||
The Company has certain assets that are measured at fair value on a non-recurring basis and are adjusted to fair value only when the carrying values are more than the fair values. The categorization of the framework used to price the assets is considered Level 3, due to the subjective nature of the unobservable inputs used to determine the fair value. | ||||||||||||||||
Included in the following table are the major categories of assets measured at fair value on a non-recurring basis along with the fair value measurement of the impairment loss recognized: | ||||||||||||||||
Assets Subject To Non-Recurring Fair Value Measurement | ||||||||||||||||
31-Dec-12 | ||||||||||||||||
Based Upon The Valuation As Of June 30, 2012 | ||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
Quoted Prices | ||||||||||||||||
In Active | For The Nine | |||||||||||||||
Markets For | Significant | Months Ended | ||||||||||||||
Identical | Other | Significant | September 30, | |||||||||||||
Assets Or | Observable | Unobservable | 2012 | |||||||||||||
Liabilities | Inputs | Inputs | Impairment | |||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | Loss | |||||||||||
(amounts in thousands) | ||||||||||||||||
Radio broadcasting licenses | $ | 100,512 | $ | - | $ | - | $ | 100,512 | $ | 22,307 | ||||||
As a result of the Company's second quarter annual impairment testing during the six months ended June 30, 2012, the Company determined that an adjustment was required to reduce the carrying value of its radio broadcasting licenses. | ||||||||||||||||
Fair Value Of Financial Instruments Subject To Disclosures | ||||||||||||||||
The estimated fair value of financial instruments is determined using the best available market information and appropriate valuation methodologies. Considerable judgment is necessary, however, in interpreting market data to develop the estimates of fair value. Accordingly, the estimates presented are not necessarily indicative of the amounts that the Company could realize in a current market exchange, or the value that ultimately will be realized upon maturity or disposition. The use of different market assumptions may have a material effect on the estimated fair value amounts. | ||||||||||||||||
The carrying amount of the following assets and liabilities approximates fair value due to the short maturity of these instruments: (1) cash and cash equivalents (other than the cash equivalents separately identified under this Note as a Level 1 measurement); (2) accounts receivable; and (3) accounts payable, including accrued liabilities. | ||||||||||||||||
The following table presents the carrying value of financial instruments and, where practicable, the fair value as of the periods indicated: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Value | Value | Value | Value | |||||||||||||
(amounts in thousands) | ||||||||||||||||
Credit Facility (1) | $ | 308,000 | $ | 309,540 | $ | 352,500 | $ | 356,686 | ||||||||
Senior Notes (2) | $ | 217,552 | $ | 246,922 | $ | 217,349 | $ | 241,257 | ||||||||
Finance method lease obligations (3) | $ | - | $ | 12,610 | ||||||||||||
Letter of credit (4) | $ | 370 | $ | 570 | ||||||||||||
The following methods and assumptions were used to estimate the fair value of financial instruments: | ||||||||||||||||
(1) The Company's determination of the fair value of the Credit Facility was based on quoted prices for similar instruments and is considered a Level 3 measurement. | ||||||||||||||||
(2) The Company utilizes a Level 2 valuation input based upon the market trading prices of the Senior Notes to compute the fair value as these Senior Notes are traded in the debt securities market. | ||||||||||||||||
(3) The Company does not believe it is practicable to estimate the fair value of the finance method lease obligation as it is highly unlikely that the Company will be required to repay the amount outstanding. | ||||||||||||||||
(4) The Company does not believe it is practicable to estimate the fair value of the outstanding standby letter of credit and does not expect any material loss since the performance of the letter of credit is not likely to be required. | ||||||||||||||||
ASSETS_HELD_FOR_SALE_Block
ASSETS HELD FOR SALE (Block) | 9 Months Ended |
Sep. 30, 2013 | |
Discontinued Operations And Disposal Groups Abstract | ' |
Disposal Groups Including Discontinued Operations Disclosure Text Block | ' |
11. ASSETS HELD FOR SALE | |
Land Assets Held For Sale | |
Long-lived assets to be sold are classified as held for sale in the period in which they meet all the criteria for the disposal of long-lived assets. In the second quarter of 2013, management determined that it had met all of the criteria to reflect certain land it no longer used as held for sale. As of September 30, 2013, the Company classified land in the amount of $2.1 million as assets held for sale. The land formerly served as a transmitter site in one of the Company's markets. | |
Impairment Of Assets Held For Sale | |
Long-lived assets considered held for sale are stated at the lower of carrying value or fair value less the cost to sell. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In the second quarter of 2013, the Company determined that the carrying value of land it was holding for sale was in excess of the fair value less the cost to sell. The Level 3 fair value measurement was determined using a third party's offer as representative of the fair value. The third party's offer was accepted by the Company in early July 2013. As a result, the Company recorded an impairment of $0.9 million during the second quarter of 2013. |
ACQUISITIONS_DIVERSTITURES_AND
ACQUISITIONS, DIVERSTITURES AND PRO FORMA SUMMARY (Block) | 9 Months Ended |
Sep. 30, 2013 | |
Business Combinations [Abstract] | ' |
Mergers Acquisitions And Dispositions Disclosures Text Block | ' |
12. ACQUISITIONS AND OTHER | |
Acquisition-Related Lease Abandonment Costs | |
During the second quarter of 2013, the Company entered into a sublease for previously abandoned studio space. As a result, the Company eliminated a lease abandonment liability of $0.7 million and recorded a reduction to station operating expenses of $0.6 million, net of broker's commission. | |
As background, in connection with the Company's acquisition on February 28, 2011 of KUFX-FM, San Jose, California, the Company assumed a lease for surplus studio space. The Company recorded a lease abandonment expense of $0.8 million during the first quarter of 2011. Lease abandonment costs include required future lease payments offset by estimated sublease income. Due to soft rental conditions at the time of the acquisition, including a higher than normal vacancy rate that was expected to continue throughout the remaining term of the lease, the Company did not include an estimate for any sublease income. The lease abandonment liability was discounted using a credit risk adjusted basis utilizing the estimated rental cash flows over the remaining term of the agreement. The lease expires during the third quarter of 2018. |
CONTINGENCIES_GUARANTOR_ARRANG
CONTINGENCIES, GUARANTOR ARRANGEMENTS AND COMMITMENTS (Block) | 9 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies Disclosure Abstract | ' |
Commitments And Contingencies Disclosure Text Block | ' |
13. CONTINGENCIES, GUARANTOR ARRANGEMENTS AND COMMITMENTS | |
The Company is subject to various outstanding claims which arise in the ordinary course of business and to other legal proceedings. Management anticipates that any potential liability of the Company, which may arise out of or with respect to these matters, will not materially affect the Company's financial position, results of operations or cash flows. There were no material changes from the contingencies listed in the Company's Form 10-K, filed with the SEC on February 27, 2013. |
SUBSEQUENT_EVENTS_Block
SUBSEQUENT EVENTS (Block) | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events Abstract | ' |
Schedule Of Subsequent Events Text Block | ' |
14. SUBSEQUENT EVENTS | |
Events occurring after September 30, 2013, and through the date that these consolidated financial statements were issued, were evaluated to ensure that any subsequent events that met the criteria for recognition have been included. |
INTANGIBLE_ASSETS_AND_GOODWILL1
INTANGIBLE ASSETS AND GOODWILL (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||
Schedule of the changes in broadcasting license | ' | ||||||||||
Broadcasting Licenses | |||||||||||
Carrying Amount | |||||||||||
2013 | 2012 | ||||||||||
(amounts in thousands) | |||||||||||
Beginning of period balance as of January 1, | $ | 718,656 | $ | 715,902 | |||||||
Impairment loss | - | -22,307 | |||||||||
Acquisitions | - | 25,061 | |||||||||
Ending period balance as of September 30, | $ | 718,656 | $ | 718,656 | |||||||
Schedule of changes in goodwill | ' | ||||||||||
Goodwill Carrying Amount | |||||||||||
2013 | 2012 | ||||||||||
(amounts in thousands) | |||||||||||
Goodwill balance before cumulative loss | |||||||||||
on impairment as of January 1, | $ | 164,718 | $ | 164,506 | |||||||
Accumulated loss on impairment as of January 1, | -125,615 | -125,615 | |||||||||
Goodwill beginning balance after cumulative loss | |||||||||||
on impairment as of January 1, | 39,103 | 38,891 | |||||||||
Acquisitions | - | 212 | |||||||||
Goodwill ending balance as of September 30, | $ | 39,103 | $ | 39,103 |
OTHER_CURRENT_AND_LONGTERM_LIA1
OTHER CURRENT AND LONG-TERM LIABILITIES (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Other Liabilities Disclosure Abstract | ' | |||||
Schedule of Accounts Payable and Accrued Liabilities | ' | |||||
Other Current Liabilities | ||||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
(amounts in thousands) | ||||||
Accrued compensation | $ | 5,813 | $ | 4,820 | ||
Accounts receivable credits | 2,309 | 1,894 | ||||
Advertiser obligations | 1,088 | 1,083 | ||||
Accrued interest payable | 7,744 | 3,432 | ||||
Other | 1,811 | 1,024 | ||||
$ | 18,765 | $ | 12,253 |
LONGTERM_DEBT_LIABILITIES_Tabl
LONG-TERM DEBT LIABILITIES (Tables) | 3 Months Ended | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | Sep. 30, 2013 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | ' | |||||||||||||||
Schedule Of Net Interest Expense | ' | ' | |||||||||||||||
Net Interest Expense | Net Interest Expense | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(amounts in thousands) | (amounts in thousands) | ||||||||||||||||
Interest expense | $ | 9,965 | $ | 12,114 | Interest expense | $ | 30,564 | $ | 36,005 | ||||||||
Amortization of deferred financing costs | 1,005 | 1,111 | Amortization of deferred financing costs | 3,058 | 3,283 | ||||||||||||
Amortization of original issue discount of senior notes | 69 | 62 | Amortization of original issue discount of senior notes | 203 | 182 | ||||||||||||
Interest expense on interest rate hedging agreements | - | - | Interest expense on interest rate hedging agreements | 0 | 1,392 | ||||||||||||
Interest income and other investment income | -1 | -2 | Interest income and other investment income | -3 | -8 | ||||||||||||
Total net interest expense | $ | 11,038 | $ | 13,285 | Total net interest expense | $ | 33,822 | $ | 40,854 |
TOWER_SALE_AND_LEASEBACK_Table
TOWER SALE AND LEASEBACK (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Tower Sale And Leaseback [Abstract] | ' | |||||
Schedule Of Future Minimum Rental Payments For Operating Leases Table Text Block | ' | |||||
Minimum Rental Commitments Under Sale And Leaseback | ||||||
As of September 30, 2013 | ||||||
Operating | ||||||
Leases | ||||||
(amounts in thousands) | ||||||
Years ending December 31, | ||||||
2013 | $ | 194 | ||||
2014 | 792 | |||||
2015 | 816 | |||||
2016 | 840 | |||||
2017 | 865 | |||||
Thereafter | 12,447 | |||||
Total | $ | 15,954 |
SHAREBASED_COMPENSATION_Tables
SHARE-BASED COMPENSATION (Tables) | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2013 | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ||||||||||||||||||||||
Schedule Of Other Options Dislcosure Table [Text Block] | ' | ' | ||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||
Other Option Disclosures | 2013 | 2012 | ||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||
Intrinsic value of options exercised | $ | 1,093 | $ | 446 | ||||||||||||||||||||
Tax benefit from options exercised (1) | $ | 415 | $ | 169 | ||||||||||||||||||||
Cash received from exercise price of options exercised | $ | 219 | $ | 120 | ||||||||||||||||||||
Schedule Of significant ranges of outstanding and exercisable options | ' | ' | ||||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||||||
Number Of | Weighted | Number Of | ||||||||||||||||||||||
Options | Average | Weighted | Options | Weighted | ||||||||||||||||||||
Range Of | Outstanding | Remaining | Average | Exercisable | Average | |||||||||||||||||||
Exercise Prices | September 30, | Contractual | Exercise | September 30, | Exercise | |||||||||||||||||||
From | To | 2013 | Life | Price | 2013 | Price | ||||||||||||||||||
$ | 1.34 | $ | 2.02 | 522,518 | 5.3 | $ | 1.34 | 522,518 | $ | 1.34 | ||||||||||||||
$ | 4.76 | $ | 6.62 | 16,000 | 6 | $ | 5.58 | 13,750 | $ | 5.43 | ||||||||||||||
$ | 8.72 | $ | 11.31 | 15,000 | 6.2 | $ | 10.39 | 10,000 | $ | 11.23 | ||||||||||||||
$ | 11.69 | $ | 11.78 | 15,750 | 4.3 | $ | 11.72 | 15,750 | $ | 11.72 | ||||||||||||||
$ | 33.9 | $ | 48.21 | 9,000 | 1 | $ | 37.72 | 9,000 | $ | 37.72 | ||||||||||||||
$ | 1.34 | $ | 48.21 | 578,268 | 5.3 | $ | 2.54 | 571,018 | $ | 2.47 | ||||||||||||||
Schedule of recognized stock-based compensation expense | ' | ' | ||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, | ||||||||||||||||||||||||
September 30, | 2013 | 2012 | ||||||||||||||||||||||
2013 | 2012 | (amounts in thousands) | ||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||
Station operating expenses | $ | 522 | $ | 433 | ||||||||||||||||||||
Station operating expenses | $ | 187 | $ | 169 | Corporate general and administrative expenses | 2,458 | 3,549 | |||||||||||||||||
Corporate general and administrative expenses | 695 | 1,097 | Stock-based compensation expense included in operating expenses | 2,980 | 3,982 | |||||||||||||||||||
Stock-based compensation expense included in operating expenses | 882 | 1,266 | Income tax benefit (1) | 791 | 1,119 | |||||||||||||||||||
Income tax benefit (1) | 230 | 358 | Net stock-based compensation expense | $ | 2,189 | $ | 2,863 | |||||||||||||||||
Net stock-based compensation expense | $ | 652 | $ | 908 | ||||||||||||||||||||
Restricted Stock Units Activity [Member] | ' | ' | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ||||||||||||||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | ' | ' | ||||||||||||||||||||||
Number | Weighted | Aggregate | ||||||||||||||||||||||
Of | Weighted | Average | Intrinsic | |||||||||||||||||||||
Restricted | Average | Remaining | Value As Of | |||||||||||||||||||||
Stock | Purchase | Contractual | September 30, | |||||||||||||||||||||
Period Ended | Units | Price | Term (Years) | 2013 | ||||||||||||||||||||
RSUs outstanding as of: | 31-Dec-12 | 1,481,268 | ||||||||||||||||||||||
RSUs awarded | 341,377 | |||||||||||||||||||||||
RSUs released | -434,842 | |||||||||||||||||||||||
RSUs forfeited | -43,107 | |||||||||||||||||||||||
RSUs outstanding as of: | 30-Sep-13 | 1,344,696 | $ | - | 1.1 | $ | 11,806,431 | |||||||||||||||||
RSUs vested and expected | ||||||||||||||||||||||||
to vest as of: | 30-Sep-13 | 1,251,546 | $ | - | 1.1 | $ | 10,224,751 | |||||||||||||||||
RSUs exercisable (vested and | ||||||||||||||||||||||||
deferred) as of: | 30-Sep-13 | 86,996 | $ | - | 0 | $ | 763,825 | |||||||||||||||||
Weighted average remaining | ||||||||||||||||||||||||
recognition period in years | 2.2 | |||||||||||||||||||||||
Unamortized compensation | ||||||||||||||||||||||||
expense, net of estimated | ||||||||||||||||||||||||
forfeitures | $ | 5,318,998 | ||||||||||||||||||||||
Options Activity [Member] | ' | ' | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ||||||||||||||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | ' | ' | ||||||||||||||||||||||
Weighted | Intrinsic | |||||||||||||||||||||||
Weighted | Average | Value | ||||||||||||||||||||||
Average | Remaining | As Of | ||||||||||||||||||||||
Number Of | Exercise | Contractual | September 30, | |||||||||||||||||||||
Period Ended | Options | Price | Term (Years) | 2013 | ||||||||||||||||||||
Options outstanding as of: | 31-Dec-12 | 742,550 | $ | 2.39 | ||||||||||||||||||||
Options granted | 5,000 | 8.72 | ||||||||||||||||||||||
Options exercised | -153,782 | 1.44 | ||||||||||||||||||||||
Options forfeited | -3,625 | 1.34 | ||||||||||||||||||||||
Options expired | -11,875 | 10.16 | ||||||||||||||||||||||
Options outstanding as of: | 30-Sep-13 | 578,268 | $ | 2.54 | 5.3 | $ | 3,938,379 | |||||||||||||||||
Options vested and expected to vest as of: | 30-Sep-13 | 577,466 | $ | 2.53 | 5.3 | $ | 3,938,280 | |||||||||||||||||
Options vested and exercisable as of: | 30-Sep-13 | 571,018 | $ | 2.47 | 5.2 | $ | 3,932,860 | |||||||||||||||||
Weighted average remaining | ||||||||||||||||||||||||
recognition period in years | 2.7 | |||||||||||||||||||||||
Unamortized compensation expense, | ||||||||||||||||||||||||
net of estimated forfeitures | $ | 27,367 |
NET_INCOME_PER_COMMON_SHARE_Ta
NET INCOME PER COMMON SHARE (Tables) | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2013 | |||||||||||||||||||||||||||||||
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract] | ' | ' | ||||||||||||||||||||||||||||||
Schedule of Earnings Per Share Reconciliation [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
30-Sep-13 | 30-Sep-12 | 30-Sep-13 | 30-Sep-12 | |||||||||||||||||||||||||||||
(amounts in thousands, except share and per share data) | (amounts in thousands, except share and per share data) | |||||||||||||||||||||||||||||||
Net Income | Net Income | Net Income | Net Income | |||||||||||||||||||||||||||||
Net Income | (Loss) | Net Income | (Loss) | Net Income | (Loss) | Net Income | (Loss) | |||||||||||||||||||||||||
(Loss) | Shares | Per Share | (Loss) | Shares | Per Share | (Loss) | Shares | Per Share | (Loss) | Shares | Per Share | |||||||||||||||||||||
Basic net income (loss) per common share: | $ | 6,875 | 37,385,753 | $ | 0.18 | $ | 8,177 | 36,735,215 | $ | 0.22 | Basic net income (loss) per common share: | $ | 16,517 | 37,334,620 | $ | 0.44 | $ | 3,921 | 36,704,001 | $ | 0.11 | |||||||||||
Impact of dilutive equity awards | 767,669 | 812,430 | Impact of dilutive equity awards | 874,359 | 958,183 | |||||||||||||||||||||||||||
Diluted net income (loss) per common share: | $ | 6,875 | 38,153,422 | $ | 0.18 | $ | 8,177 | 37,547,645 | $ | 0.22 | Diluted net income (loss) per common share: | $ | 16,517 | 38,208,979 | $ | 0.43 | $ | 3,921 | 37,662,184 | $ | 0.1 | |||||||||||
Equity Award Impact Schedule [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||||||
Impact Of Equity Awards | 2013 | 2012 | Impact Of Equity Awards | 2013 | 2012 | |||||||||||||||||||||||||||
(amounts in thousands, | (amounts in thousands, | |||||||||||||||||||||||||||||||
except per share data) | except per share data) | |||||||||||||||||||||||||||||||
Dilutive or anti-dilutive for all potentially dilutive equivalent shares | dilutive | dilutive | Dilutive or anti-dilutive for all potentially dilutive equivalent shares | dilutive | dilutive | |||||||||||||||||||||||||||
Excluded shares as anti-dilutive under the treasury stock method: | Excluded shares as anti-dilutive under the treasury stock method: | |||||||||||||||||||||||||||||||
Options | 36 | 49 | Options | 38 | 51 | |||||||||||||||||||||||||||
Price range of options: from | $ | 8.79 | $ | 6.34 | Price range of options: from | $ | 8.79 | $ | 6.36 | |||||||||||||||||||||||
Price range of options: to | $ | 48.21 | $ | 48.21 | Price range of options: to | $ | 48.21 | $ | 48.21 | |||||||||||||||||||||||
RSUs with service conditions | 6 | 956 | RSUs with service conditions | 242 | 1,109 | |||||||||||||||||||||||||||
RSUs with service and market conditions as market conditions not met | 200 | 200 | RSUs with service and market conditions as market conditions not met | 200 | 200 | |||||||||||||||||||||||||||
Total RSUs | 206 | 1,156 | Total RSUs | 442 | 1,309 |
FAIR_VALUE_OF_FINANCIAL_INSTRU1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2013 | Dec. 31, 2012 | ||||||||||||||||||||||||||||
Fair Value Disclosures Abstract | ' | ' | |||||||||||||||||||||||||||
Schedule of recurring fair value measurements | ' | ' | |||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||||||||||
Value Measurements At Reporting Date Using | Value Measurements At Reporting Date Using | ||||||||||||||||||||||||||||
Quoted Prices | Quoted Prices | ||||||||||||||||||||||||||||
In Active | In Active | ||||||||||||||||||||||||||||
Markets For | Significant | Markets For | Significant | ||||||||||||||||||||||||||
Identical | Other | Significant | Identical | Other | Significant | ||||||||||||||||||||||||
Assets Or | Observable | Unobservable | Assets Or | Observable | Unobservable | ||||||||||||||||||||||||
Liabilities | Inputs | Inputs | Liabilities | Inputs | Inputs | ||||||||||||||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | Description | Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||
(amounts in thousands) | (amounts in thousands) | ||||||||||||||||||||||||||||
Assets | Assets | ||||||||||||||||||||||||||||
Cash equivalents (1) | $ | 4,925 | $ | 4,925 | $ | - | $ | - | Cash equivalents (1) | $ | 6,695 | $ | 6,695 | $ | - | $ | - | ||||||||||||
Liabilities | Liabilities | ||||||||||||||||||||||||||||
Deferred Compensation (2) | $ | 9,700 | $ | 9,700 | $ | - | $ | - | Deferred Compensation (2) | $ | 8,377 | $ | 8,377 | $ | - | $ | - | ||||||||||||
Lease abandonment liability (3): | |||||||||||||||||||||||||||||
Short-term | $ | 72 | $ | - | $ | 72 | $ | - | |||||||||||||||||||||
Long-term | $ | 609 | $ | - | $ | 609 | $ | - | |||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Impairment Loss | ' | ' | |||||||||||||||||||||||||||
Assets Subject To Non-Recurring Fair Value Measurement | |||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||
Based Upon The Valuation As Of June 30, 2012 | |||||||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||||||
Quoted Prices | |||||||||||||||||||||||||||||
In Active | For The Nine | ||||||||||||||||||||||||||||
Markets For | Significant | Months Ended | |||||||||||||||||||||||||||
Identical | Other | Significant | September 30, | ||||||||||||||||||||||||||
Assets Or | Observable | Unobservable | 2012 | ||||||||||||||||||||||||||
Liabilities | Inputs | Inputs | Impairment | ||||||||||||||||||||||||||
Description | Total | (Level 1) | (Level 2) | (Level 3) | Loss | ||||||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||||||||||
Radio broadcasting licenses | $ | 100,512 | $ | - | $ | - | $ | 100,512 | $ | 22,307 | |||||||||||||||||||
Schedule Of Carrying Value Of Financial Instruments | ' | ' | |||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||||||||||
Value | Value | Value | Value | ||||||||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||||||||||
Credit Facility (1) | $ | 308,000 | $ | 309,540 | $ | 352,500 | $ | 356,686 | |||||||||||||||||||||
Senior Notes (2) | $ | 217,552 | $ | 246,922 | $ | 217,349 | $ | 241,257 | |||||||||||||||||||||
Finance method lease obligations (3) | $ | - | $ | 12,610 | |||||||||||||||||||||||||
Letter of credit (4) | $ | 370 | $ | 570 |
INTANGIBLE_ASSETS_AND_GOODWILL2
INTANGIBLE ASSETS AND GOODWILL (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Changes in broadcasting licenses [Line Items] | ' | ' |
Impairment loss | $0 | ' |
Changes in goodwill [Roll Forward] | ' | ' |
Goodwill before cumulative loss on impairment | 164,718 | 164,506 |
Accumulated loss on impairment | -125,615 | -125,615 |
Beginning balance after cumulative loss on impairment | 39,103 | 38,891 |
Loss on impairment during the year | 0 | 0 |
Acquisition | 0 | 212 |
Ending balance | 39,103 | 39,103 |
Radio Broadcasting Licences [Member] | ' | ' |
Changes in broadcasting licenses [Line Items] | ' | ' |
Beginning of period balance | 718,656 | 715,902 |
Impairment loss | 0 | -22,307 |
Acquisition | 0 | 25,061 |
Ending period balance | $718,656 | $718,656 |
OTHER_CURRENT_AND_LONGTERM_LIA2
OTHER CURRENT AND LONG-TERM LIABILITIES (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts Payable and Accrued Liabilities, Current [Abstract] | ' | ' |
Accrued compensation | $5,813 | $4,820 |
Accounts receivable credits | 2,309 | 1,894 |
Derivative valuation - short-term | 0 | 0 |
Advertiser obligations | 1,088 | 1,083 |
Accrued interest payable | 7,744 | 3,432 |
Other | 1,811 | 1,024 |
Other current liabilities | $18,765 | $12,253 |
LONGTERM_DEBT_LIABILITIES_Seni
LONG-TERM DEBT LIABILITIES - Senior Debt (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Debt Instrument [Line Items] | ' |
Credit Facility | $425 |
Consolidated Leverage Ratio | 4.8 |
Consolidated Interest Coverage Ratio | 2.6 |
Minimum [Member] | ' |
Debt Instrument [Line Items] | ' |
Consolidated Interest Coverage Ratio | 1.6 |
Mandatory Prepayment Percentage | 0.00% |
Maximum [Member] | ' |
Debt Instrument [Line Items] | ' |
Consolidated Leverage Ratio | 6.5 |
Mandatory Prepayment Percentage | 50.00% |
Revolving Credit Facility [Member] | ' |
Debt Instrument [Line Items] | ' |
Credit Facility | 50 |
Undrawn amount of the Revolver | 49.6 |
Line of Credit Facility, Amount Outstanding | 0 |
Term Loan B [Member] | ' |
Debt Instrument [Line Items] | ' |
Credit Facility | 375 |
Mandatory prepayments amount | 0 |
Line of Credit Facility, Amount Outstanding | $308 |
LONGTERM_DEBT_LIABILITIES_Seni1
LONG-TERM DEBT LIABILITIES - Senior Unsecured Debt (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Debt Instrument [Line Items] | ' |
Senior Notes | $220 |
Net Proceeds | 212.7 |
Discount | 2.9 |
Stated interest rate percentage, senior unsecured debt | 10.50% |
Senior Unsecured Debt [Member] | ' |
Debt Instrument [Line Items] | ' |
Deferred Finance Costs | $6.10 |
LONGTERM_DEBT_LIABILITIES_Debt
LONG-TERM DEBT LIABILITIES - Debt Extinguishment and Net Interest Expense (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Extinguishment of Debt Disclosures [Abstract] | ' | ' | ' | ' |
Net (gain) loss on debt extinguishment | $0 | $0 | $0 | $0 |
Net Interest Expense | ' | ' | ' | ' |
Interest expense | 9,965 | 12,114 | 30,564 | 36,005 |
Amortization of deferred financing costs | 1,005 | 1,111 | 3,058 | 3,283 |
Amortization of original issue discount of senior notes | 69 | 62 | 203 | 182 |
Interest expense on interest rate hedging agreements | 0 | 0 | 0 | 1,392 |
Interest income and other investment income | -1 | -2 | -3 | -8 |
Total net interest expense | $11,038 | $13,285 | $33,822 | $40,854 |
TOWER_SALE_AND_LEASEBACK_Detai
TOWER SALE AND LEASEBACK (Details) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | |
number | |||
Minimum Lease Payments Sale Leaseback Transactions [Abstract] | ' | ' | ' |
Remainder of 2013 | $194,000 | ' | ' |
2014 | 792,000 | ' | ' |
2015 | 816,000 | ' | ' |
2016 | 840,000 | ' | ' |
2017 | 865,000 | ' | ' |
Thereafter | 12,447,000 | ' | ' |
Total | 15,954,000 | ' | ' |
Tower Sale And Leaseback [Abstract] | ' | ' | ' |
Principal portion of total lease obligations | 0 | 12,600,000 | 0 |
Operating Lease Remaining Life Amortization Period | 16.5 | ' | ' |
Sale Leaseback Transaction Current Period Gain Recognized | 1,600,000 | ' | ' |
Sale Leaseback Transaction Deferred Gain Gross | 9,900,000 | ' | ' |
Sale Leaseback Transaction Deferred Gain Short Term | 600,000 | ' | ' |
Sale Leaseback Transaction Deferred Gain Long Term | 9,100,000 | ' | ' |
Sale Leaseback Transaction Amortization Of Deferred Gain | $200,000 | ' | ' |
SHAREBASED_COMPENSATION_RSU_Ac
SHARE-BASED COMPENSATION - RSU Activity (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Number of Restricted Stock Units [Roll Forward] | ' | ' |
RSUs beginning | 1,481,268 | ' |
RSUs awarded | 341,377 | ' |
RSUs released | -434,842 | ' |
RSUs forfeited | -43,107 | ' |
RSUs ending | 1,344,696 | ' |
Weighted Average Purchase Price RSUs | $0 | ' |
Weighted Average Remaining Contractual Term (Years) RSUs | '1 year 1 month 6 days | ' |
Aggregate Intrinsic Value RSUs | $11,806,431 | ' |
Number of RSUs vested and expected to vest | 1,251,546 | ' |
Weighted Average Purchase Price of RSUs vested and expected to vest | $0 | ' |
Weighted Average Remaining Contractual Term (Years) of RUSs vested and expected to vest | '1 year 1 month 6 days | ' |
Aggregate Intrinsic Value RSUs vested and expected to vest | 10,224,751 | ' |
Number of RSUs exercisable | 86,996 | ' |
Weighted Average Purchase Price of RUSs exercisable | $0 | ' |
Weighted Average Remaining Contractual Term (Years) of RUSs exercisable | '0 years | ' |
Aggregate Intrinsic Value RSUs exercisable | 763,825 | ' |
Weighted average remaining recognition period in years | '2 years 2 months 12 days | ' |
Unamortized compensation expense, net of estimated forfeitures | 5,318,998 | ' |
Other Options Disclosure [Abstract] | ' | ' |
Intrinsic value of options exercised | 1,093,000 | 446,000 |
Tax benefit from options exercised, before impact of valuation allowance | 415,000 | 169,000 |
Cash received from exercise price of options exercised | $219,000 | $120,000 |
SHAREBASED_COMPENSATION_Option
SHARE-BASED COMPENSATION - Options Activity (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Options activity [Roll Forward] | ' | ' |
Options beginning | 742,550 | ' |
Options granted | 5,000 | ' |
Options exercised | -153,782 | ' |
Options forfeited | -3,625 | ' |
Options expired | -11,875 | ' |
Options ending | 578,268 | ' |
Weighted average exercise price - beginning | $2.39 | ' |
Weighted average exercise price - options granted | $8.72 | ' |
Weighted average exercise price - options exercised | $1.44 | ' |
Weighted average exercise price - options forfeited | $1.34 | ' |
Weighted average exercise price - options expired | $10.16 | ' |
Weighted average exercise price - ending | $2.54 | ' |
Weighted Average Remaining Contractual Term (Years) Options | '5 years 3 months 18 days | ' |
Intrinsic Value Options | $3,938,379 | ' |
Options vested and expected to vest | 577,466 | ' |
Options vested and exercisable | 571,018 | ' |
Weighted average exercise price options vested and expected to vest | $2.53 | ' |
Weighted average exercise price options vested and exerciable | $2.47 | ' |
Weighted average remaining contractual period (Years) options vested and expected to vest | '5 years 3 months 18 days | ' |
Weighted average remaining contractual period (years) options vested and exercisable | '5 years 2 months 12 days | ' |
Intrinsic value options vested and expected to vest | 3,938,280 | ' |
Intrinsic value options vested and exercisable | 3,932,860 | ' |
Weighted average remaining recognition period in years | '2 years 8 months 12 days | ' |
Unamortized compensation expense, net of estimated forfeitures | 27,367 | ' |
Cash received from exercise price of options exercised | $219,000 | $120,000 |
SHAREBASED_COMPENSATION_Other_
SHARE-BASED COMPENSATION - Other Award Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Significant ranges of outstanding and exercisable options [Line Items] | ' | ' | ' | ' | ' |
Number of options outstanding | 578,268 | ' | 578,268 | ' | 742,550 |
Weighted average remaining contractual life options outstanding | ' | ' | '5 years 3 months 18 days | ' | ' |
Weighted average exercise price options outstanding | $2.54 | ' | $2.54 | ' | $2.39 |
Number of options exercisable | 571,018 | ' | 571,018 | ' | ' |
Weighted average exercise price options exercisable | $2.47 | ' | $2.47 | ' | ' |
Recognized Non-Cash Compensation Expense [Line Items] | ' | ' | ' | ' | ' |
Total Non cash compensation expense recognized | $652 | $908 | $2,189 | $2,863 | ' |
Station operating expenses [Member] | ' | ' | ' | ' | ' |
Recognized Non-Cash Compensation Expense [Line Items] | ' | ' | ' | ' | ' |
Total Non cash compensation expense recognized | 187 | 169 | 522 | 433 | ' |
Corporate general and administrative expenses [Member] | ' | ' | ' | ' | ' |
Recognized Non-Cash Compensation Expense [Line Items] | ' | ' | ' | ' | ' |
Total Non cash compensation expense recognized | 695 | 1,097 | 2,458 | 3,549 | ' |
Stock-based compensation expense included in operating expenses [Member] | ' | ' | ' | ' | ' |
Recognized Non-Cash Compensation Expense [Line Items] | ' | ' | ' | ' | ' |
Total Non cash compensation expense recognized | 882 | 1,266 | 2,980 | 3,982 | ' |
Income Tax Benefit Net Of Fully Reserved Valuation Allowance For Prior Year [Member] | ' | ' | ' | ' | ' |
Recognized Non-Cash Compensation Expense [Line Items] | ' | ' | ' | ' | ' |
Total Non cash compensation expense recognized | $230 | $358 | $791 | $1,119 | ' |
Exercise prices one [Member] | ' | ' | ' | ' | ' |
Significant ranges of outstanding and exercisable options [Line Items] | ' | ' | ' | ' | ' |
Number of options outstanding | 522,518 | ' | 522,518 | ' | ' |
Weighted average remaining contractual life options outstanding | ' | ' | '5 years 3 months 18 days | ' | ' |
Weighted average exercise price options outstanding | $1.34 | ' | $1.34 | ' | ' |
Number of options exercisable | 522,518 | ' | 522,518 | ' | ' |
Weighted average exercise price options exercisable | $1.34 | ' | $1.34 | ' | ' |
Exercise prices range two [Member] | ' | ' | ' | ' | ' |
Significant ranges of outstanding and exercisable options [Line Items] | ' | ' | ' | ' | ' |
Number of options outstanding | 16,000 | ' | 16,000 | ' | ' |
Weighted average remaining contractual life options outstanding | ' | ' | '6 years | ' | ' |
Weighted average exercise price options outstanding | $5.58 | ' | $5.58 | ' | ' |
Number of options exercisable | 13,750 | ' | 13,750 | ' | ' |
Weighted average exercise price options exercisable | $5.43 | ' | $5.43 | ' | ' |
Exercise prices range three [Member] | ' | ' | ' | ' | ' |
Significant ranges of outstanding and exercisable options [Line Items] | ' | ' | ' | ' | ' |
Number of options outstanding | 15,000 | ' | 15,000 | ' | ' |
Weighted average remaining contractual life options outstanding | ' | ' | '6 years 2 months 12 days | ' | ' |
Weighted average exercise price options outstanding | $10.39 | ' | $10.39 | ' | ' |
Number of options exercisable | 10,000 | ' | 10,000 | ' | ' |
Weighted average exercise price options exercisable | $11.23 | ' | $11.23 | ' | ' |
Exercise prices range four [Member] | ' | ' | ' | ' | ' |
Significant ranges of outstanding and exercisable options [Line Items] | ' | ' | ' | ' | ' |
Number of options outstanding | 15,750 | ' | 15,750 | ' | ' |
Weighted average remaining contractual life options outstanding | ' | ' | '4 years 3 months 18 days | ' | ' |
Weighted average exercise price options outstanding | $11.72 | ' | $11.72 | ' | ' |
Number of options exercisable | 15,750 | ' | 15,750 | ' | ' |
Weighted average exercise price options exercisable | $11.72 | ' | $11.72 | ' | ' |
Exercise prices range five [Member] | ' | ' | ' | ' | ' |
Significant ranges of outstanding and exercisable options [Line Items] | ' | ' | ' | ' | ' |
Number of options outstanding | 9,000 | ' | 9,000 | ' | ' |
Weighted average remaining contractual life options outstanding | ' | ' | '1 year | ' | ' |
Weighted average exercise price options outstanding | $37.72 | ' | $37.72 | ' | ' |
Number of options exercisable | 9,000 | ' | 9,000 | ' | ' |
Weighted average exercise price options exercisable | $37.72 | ' | $37.72 | ' | ' |
NET_INCOME_PER_COMMON_SHARE_De
NET INCOME PER COMMON SHARE (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Impact Of Equity Awards [Line Items] | ' | ' | ' | ' | ' |
Excluded shares as anti-dilutive when reporting loss | 0 | ' | 0 | 0 | ' |
Earnings Per Share, Basic and Diluted [Abstract] | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable to Parent | $6,875 | $8,177 | $16,517 | $3,921 | $11,268 |
Weighted Average Number Of Shares Outstanding Basic | 37,385,753 | 36,735,215 | 37,334,620 | 36,704,001 | ' |
Earnings Per Share Basic | $0.18 | $0.22 | $0.44 | $0.11 | ' |
Incremental Common Shares Attributable to Share-based Payment Arrangements | 767,669 | 812,430 | 874,359 | 958,183 | ' |
Weighted Average Number Of Diluted Shares Outstanding | 38,153,422 | 37,547,645 | 38,208,979 | 37,662,184 | ' |
Earnings Per Share Diluted | $0.18 | $0.22 | $0.43 | $0.10 | ' |
Options Activity [Member] | ' | ' | ' | ' | ' |
Impact Of Equity Awards [Line Items] | ' | ' | ' | ' | ' |
Excluded shares as anti-dilutive under the treasury stock method | 36 | 49 | 38 | 51 | ' |
Price range of option: from | $8.79 | $6.34 | $8.79 | $6.36 | ' |
Price range of option: to | $48.21 | $48.21 | $48.21 | $48.21 | ' |
Restricted Stock Units Activity [Member] | ' | ' | ' | ' | ' |
Impact Of Equity Awards [Line Items] | ' | ' | ' | ' | ' |
Excluded shares as anti-dilutive under the treasury stock method | 206 | 1,156 | 442 | 1,309 | ' |
Restricted Stock Units Activity [Member] | Restricted Stock Units Service Conditions [Member] | ' | ' | ' | ' | ' |
Impact Of Equity Awards [Line Items] | ' | ' | ' | ' | ' |
Excluded shares as anti-dilutive under the treasury stock method | 6 | 956 | 242 | 1,109 | ' |
Restricted Stock Units Activity [Member] | Restricted Stock Units Service And Market Conditions But Market Not Met [Member] | ' | ' | ' | ' | ' |
Impact Of Equity Awards [Line Items] | ' | ' | ' | ' | ' |
Excluded shares as anti-dilutive under the treasury stock method | 200 | 200 | 200 | 200 | ' |
INCOME_TAXES_Deferred_Tax_Asse
INCOME TAXES - Deferred Tax Assets and Liabilities (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Effective Income Tax Rate [Abstract] | ' | ' | ' | ' | ' |
Effective income tax rate | 43.90% | 49.20% | 44.20% | 36.40% | ' |
Deferred tax assets: | ' | ' | ' | ' | ' |
Total current deferred tax assets - net | $2,445 | ' | $2,445 | ' | $2,445 |
Deferred tax liabilities: | ' | ' | ' | ' | ' |
Total non-current deferred tax liabilities | ($39,306) | ' | ($39,306) | ' | ($26,226) |
FAIR_VALUE_OF_FINANCIAL_INSTRU2
FAIR VALUE OF FINANCIAL INSTRUMENTS - Recurring and Nonrecurring Basis (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash equivalents | $4,925 | $6,695 |
Radio broadcasting licenses | ' | 100,512 |
Liabilities | ' | ' |
Deferred Compensation | 9,700 | 8,377 |
Current Liabilities [Member] | ' | ' |
Liabilities | ' | ' |
Lease abandonment liability | 0 | 72 |
Other Long Term Liabilities [Member] | ' | ' |
Liabilities | ' | ' |
Lease abandonment liability | 0 | 609 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets | ' | ' |
Cash equivalents | 4,925 | 6,695 |
Radio broadcasting licenses | ' | 0 |
Liabilities | ' | ' |
Deferred Compensation | 9,700 | 8,377 |
Fair Value, Inputs, Level 1 [Member] | Current Liabilities [Member] | ' | ' |
Liabilities | ' | ' |
Lease abandonment liability | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Other Long Term Liabilities [Member] | ' | ' |
Liabilities | ' | ' |
Lease abandonment liability | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets | ' | ' |
Cash equivalents | 0 | 0 |
Radio broadcasting licenses | ' | 0 |
Liabilities | ' | ' |
Deferred Compensation | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Current Liabilities [Member] | ' | ' |
Liabilities | ' | ' |
Lease abandonment liability | ' | 72 |
Fair Value, Inputs, Level 2 [Member] | Other Long Term Liabilities [Member] | ' | ' |
Liabilities | ' | ' |
Lease abandonment liability | ' | 609 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets | ' | ' |
Cash equivalents | 0 | 0 |
Radio broadcasting licenses | ' | 100,512 |
Liabilities | ' | ' |
Deferred Compensation | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Current Liabilities [Member] | ' | ' |
Liabilities | ' | ' |
Lease abandonment liability | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Other Long Term Liabilities [Member] | ' | ' |
Liabilities | ' | ' |
Lease abandonment liability | $0 | $0 |
FAIR_VALUE_OF_FINANCIAL_INSTRU3
FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Value (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Line of Credit [Member] | ' | ' |
Fair Value Of Instruments [Line Items] | ' | ' |
Carrying value of debt | $308,000 | $352,500 |
Fair value of debt | 309,540 | 356,686 |
Senior Notes [Member] | ' | ' |
Fair Value Of Instruments [Line Items] | ' | ' |
Carrying value of debt | 217,552 | 217,349 |
Fair value of debt | 246,922 | 241,257 |
Capital Lease Obligations [Member] | ' | ' |
Fair Value Of Instruments [Line Items] | ' | ' |
Carrying value of debt | 0 | 12,610 |
Letter of credit [Member] | ' | ' |
Fair Value Of Instruments [Line Items] | ' | ' |
Carrying value of debt | $370 | $570 |
ASSETS_HELD_FOR_SALE_Details
ASSETS HELD FOR SALE (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Business Acquisition Purchase Price Allocation Current Assets Asset Not To Be Used [Abstract] | ' |
Business Acquisition Purchase Price Allocation Current Assets Asset Held For Sale | $2.10 |
Impairment Of Real Estate | $0.90 |
ACQUISITONS_AND_OTHER_Details
ACQUISITONS AND OTHER (Details) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2011 |
In Millions, unless otherwise specified | |||
Business Acquisition Purchase Price Allocation Assets Acquired Liabilities Assumed Net [Abstract] | ' | ' | ' |
Lease Abandonment Liability | $0 | $0.70 | ' |
Lease Abandonment Expense | ' | ' | 0.8 |
Lease Abandonment Expense Recovery | $0.60 | ' | ' |