Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Feb. 28, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-K | ' |
Document Period End Date | 31-Dec-13 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'FY | ' |
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 Public Float | ' | $248,745,397 |
Common Class A [Member] | ' | ' |
Document Information [Line Items] | ' | ' |
Entity Common Stock Shares Outstanding | ' | 31,935,156 |
Common Class B [Member] | ' | ' |
Document Information [Line Items] | ' | ' |
Entity Common Stock Shares Outstanding | ' | 7,197,532 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets Abstract | ' | ' |
Cash and cash equivalents | $12,231 | $8,923 |
Accounts receivable, net of allowance for doubtful accounts | 71,818 | 70,955 |
Prepaid expenses, deposits and other | 4,326 | 3,649 |
Prepaid and refundable federal and state income taxes | 41 | 47 |
Deferred tax assets | 2,850 | 7,222 |
Total current assets | 91,266 | 90,796 |
Net property and equipment | 44,439 | 51,677 |
Radio broadcasting licenses | 718,542 | 718,656 |
Goodwill | 38,850 | 39,103 |
Assets held for sale | 2,090 | 0 |
Deferred charges and other assets, net of accumulated amortization | 17,501 | 20,126 |
TOTAL ASSETS | 912,688 | 920,358 |
Liabilities Abstract | ' | ' |
Accounts payable | 200 | 400 |
Accrued expenses | 13,729 | 14,205 |
Accrued compensation and other current liabilities | 12,723 | 12,253 |
Financing method lease obligations, current portion | 0 | 12,610 |
Long-term debt, current portion | 3,000 | 9,808 |
Total current liabilities | 29,652 | 49,276 |
Long-term debt, net of current portion | 514,124 | 560,133 |
Deferred tax liabilities | 44,272 | 26,226 |
Other long-term liabilities | 26,247 | 15,229 |
Total long-term liabilities | 584,643 | 601,588 |
Total liabilities | 614,295 | 650,864 |
CONTINGENCIES AND COMMITMENTS | ' | ' |
SHAREHOLDERS' EQUITY: | ' | ' |
Preferred stock | 0 | 0 |
Common stock | 385 | 384 |
Additional paid-in capital | 604,721 | 601,847 |
Accumulated deficit | -306,713 | -332,737 |
Accumulated other comprehensive income (loss) | 0 | 0 |
Total shareholders' equity | 298,393 | 269,494 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 912,688 | 920,358 |
Common Class A [Member] | ' | ' |
SHAREHOLDERS' EQUITY: | ' | ' |
Common stock | 313 | 312 |
Common Class B [Member] | ' | ' |
SHAREHOLDERS' EQUITY: | ' | ' |
Common stock | 72 | 72 |
Common Class C Member | ' | ' |
SHAREHOLDERS' EQUITY: | ' | ' |
Common stock | $0 | $0 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Class of Stock [Line Items] | ' | ' |
Preferred Stock, Value, Issued | $0 | $0 |
Preferred Stock, Par Value Per Share | $0.01 | $0.01 |
Preferred Stock, Shares Authorized | 25,000,000 | 25,000,000 |
Preferred Stock, Shares Issued and Outstanding | 0 | 0 |
Common Stock, Value | 385 | 384 |
Common Class A [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Common Stock, Value | 313 | 312 |
Common Stock, Par Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares Issued and Outstanding | 31,308,194 | 31,226,047 |
Common Class B [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Common Stock, Value | 72 | 72 |
Common Stock, Par Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares Issued and Outstanding | 7,197,532 | 7,197,532 |
Common Class C Member | ' | ' |
Class of Stock [Line Items] | ' | ' |
Common Stock, Value | $0 | $0 |
Common Stock, Par Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock, Shares Issued and Outstanding | 0 | 0 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement Abstract | ' | ' | ' |
NET REVENUES | $377,618 | $388,924 | $382,727 |
OPERATING EXPENSE: | ' | ' | ' |
Station operating expenses, including non-cash compensation expense | 252,596 | 252,934 | 264,195 |
Depreciation and amortization expense | 8,545 | 10,839 | 11,276 |
Corporate general and administrative expenses, including non-cash compensation expense | 24,381 | 25,874 | 26,609 |
Impairment loss | 850 | 22,307 | 0 |
Merger and acquisition costs | 0 | 0 | 767 |
Net time brokerage agreement (income) fees | 0 | 238 | 244 |
Net (gain) loss on sale or disposal of assets | -1,321 | 138 | 163 |
Total operating expense | 285,051 | 312,330 | 303,254 |
OPERATING INCOME (LOSS) | 92,567 | 76,594 | 79,473 |
OTHER (INCOME) EXPENSE: | ' | ' | ' |
Net interest expense | 44,232 | 53,446 | 24,919 |
Net (gain) loss on extinguishment of debt | 0 | 747 | 1,144 |
Net (gain) loss on derivative instruments | 0 | -1,346 | 1,346 |
Net (gain) loss on investments | 0 | 123 | 30 |
Other income | -165 | -118 | -32 |
TOTAL OTHER EXPENSE | 44,067 | 52,852 | 27,407 |
INCOME (LOSS) BEFORE INCOME TAXES (BENEFIT) | 48,500 | 23,742 | 52,066 |
INCOME TAXES (BENEFIT) | 22,476 | 12,474 | -18,988 |
NET INCOME (LOSS) | $26,024 | $11,268 | $71,054 |
NET INCOME (LOSS) PER SHARE - BASIC | ' | ' | ' |
NET INCOME (LOSS) PER SHARE - BASIC | $0.70 | $0.31 | $1.95 |
NET INCOME (LOSS) PER SHARE - DILUTED | ' | ' | ' |
NET INCOME (LOSS) PER SHARE - DILUTED | $0.68 | $0.30 | $1.88 |
WEIGHTED AVERAGE SHARES: | ' | ' | ' |
Basic | 37,417,807 | 36,906,468 | 36,369,410 |
Diluted | 38,301,495 | 37,809,646 | 37,763,965 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Income And Comprehensive Income Abstract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NET INCOME (LOSS) | $9,507 | $6,875 | $9,893 | ($251) | $7,347 | $8,177 | ($3,207) | ($1,049) | $26,024 | $11,268 | $71,054 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES (BENEFIT): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net unrealized gain (loss) on derivatives, net of taxes (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 7,277 |
COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | $26,024 | $11,268 | $78,331 |
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] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands, except Share data | ||||||
Opening Balance VALUE at Dec. 31, 2010 | $170,667 | $307 | $74 | $592,643 | ($415,080) | ($7,277) |
Opening Balance SHARES at Dec. 31, 2010 | ' | 30,700,568 | 7,367,532 | ' | ' | ' |
Conversion of Class B common stock to Class A common stock SHARES | ' | 170,000 | -170,000 | ' | ' | ' |
Compensation expense related to granting of stock options SHARES | ' | 0 | 0 | ' | ' | ' |
Compensation expense related to granting of restricted stock units SHARES | ' | 416,906 | 0 | ' | ' | ' |
Issuance of common stock related to an incentive plan SHARES | ' | 0 | 0 | ' | ' | ' |
Common stock repurchase SHARES | ' | 0 | 0 | ' | ' | ' |
Exercise of stock options SHARES | ' | 53,625 | 0 | ' | ' | ' |
Purchase of vested employee restricted stock units SHARES | -297,000 | -297,098 | 0 | ' | ' | ' |
Net income (loss) | 71,054 | 0 | 0 | 0 | 71,054 | ' |
Conversion of Class B common stock to Class A common stock VALUE | 0 | 2 | -2 | 0 | 0 | ' |
Compensation expense related to granting of stock options VALUE | 462 | 0 | 0 | 462 | 0 | ' |
Compensation expense related to granting of restricted stock units VALUE | 7,209 | 4 | 0 | 7,205 | 0 | ' |
Purchase of vested employee restricted stock units | -3,057 | -3 | 0 | -3,054 | 0 | ' |
Forfeitures of dividend equivalents VALUE | 5 | 0 | 0 | 0 | 5 | ' |
Exercise of stock options VALUE | 71 | 0 | 0 | 71 | ' | ' |
Net unrealized gain (loss) on derivatives VALUE | 7,277 | 0 | 0 | 0 | 0 | 7,277 |
Ending Balance VALUE at Dec. 31, 2011 | 253,688 | 310 | 72 | 597,327 | -344,021 | 0 |
Ending 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 | ' | ' | ' |
Exercise of stock options SHARES | ' | 101,350 | 0 | ' | ' | ' |
Purchase of vested employee restricted stock units SHARES | -199,000 | -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 | ' |
Purchase of vested employee restricted stock units | -1,367 | -2 | 0 | -1,365 | 0 | ' |
Forfeitures of dividend equivalents VALUE | 16 | 0 | 0 | 0 | 16 | ' |
Exercise of stock options VALUE | 135 | 1 | 0 | 134 | ' | ' |
Ending Balance VALUE at Dec. 31, 2012 | 269,494 | 312 | 72 | 601,847 | -332,737 | 0 |
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 | ' | ' | ' | ' | ' |
Compensation expense related to granting of restricted stock units SHARES | ' | 96,560 | ' | ' | ' | ' |
Exercise of stock options SHARES | 171,625 | 171,625 | ' | ' | ' | ' |
Purchase of vested employee restricted stock units SHARES | -186,000 | -186,038 | ' | ' | ' | ' |
Net income (loss) | 26,024 | ' | ' | ' | 26,024 | ' |
Conversion of Class B common stock to Class A common stock VALUE | 0 | 0 | 0 | ' | ' | ' |
Compensation expense related to granting of stock options VALUE | 41 | ' | ' | 41 | ' | ' |
Compensation expense related to granting of restricted stock units VALUE | 4,229 | 1 | ' | 4,228 | ' | ' |
Purchase of vested employee restricted stock units | -1,640 | -2 | ' | -1,638 | ' | ' |
Exercise of stock options VALUE | 245 | 2 | ' | 243 | ' | ' |
Ending Balance VALUE at Dec. 31, 2013 | $298,393 | $313 | $72 | $604,721 | ($306,713) | $0 |
Ending Balance SHARES at Dec. 31, 2013 | ' | 31,308,194 | 7,197,532 | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
OPERATING ACTIVITIES: | ' | ' | ' |
Net income (loss) | $26,024 | $11,268 | $71,054 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 8,545 | 10,839 | 11,276 |
Amortization of deferred financing costs | 4,144 | 4,651 | 3,592 |
Net deferred taxes (benefit) and other | 22,422 | 13,296 | -17,345 |
Tax benefit on exercise of options | 0 | 0 | 0 |
Provision for bad debts | 824 | 390 | 1,672 |
Net (gain) loss on sale or disposal of assets | -1,251 | 138 | 163 |
Non-cash stock-based compensation expense | 4,270 | 5,754 | 7,671 |
Net (gain) loss on investments | 0 | 123 | 30 |
Net (gain) loss on derivatives | 0 | -1,346 | 1,346 |
Deferred rent | 206 | 516 | 191 |
Unearned revenue - long-term | -82 | -15 | 5 |
Net (gain) loss on extinguishment of debt | 0 | 747 | 1,144 |
Deferred compensation | 2,380 | 1,762 | 727 |
Tax benefit for vesting of restricted stock unit awards | 0 | 0 | 0 |
Impairment loss | 850 | 22,307 | 0 |
Net accretion expense for asset retirement obligations | 18 | -87 | 88 |
Other income | -165 | -118 | -32 |
Changes in assets and liabilities: | ' | ' | ' |
Accounts receivable | -1,678 | -2,138 | 208 |
Prepaid expenses and deposits | -743 | 1,692 | -6 |
Prepaid and refundable income taxes | 0 | 271 | 493 |
Accounts payable and accrued liabilities | -952 | -535 | 524 |
Accrued interest expense | -523 | 302 | 2,926 |
Accrued liabilities - long-term | -1,140 | -772 | -739 |
Prepaid expenses - long-term | 200 | 657 | 537 |
Net cash provided by (used in) operating activities | 63,349 | 69,702 | 85,525 |
INVESTING ACTIVITIES: | ' | ' | ' |
Additions to property and equipment | -4,325 | -3,688 | -5,712 |
Proceeds from sale of property, equipment, intangibles and other assets | 8 | 29 | 231 |
Purchases of radio station assets | 0 | -25,325 | -9,000 |
Deferred charges and other assets | -475 | -857 | -1,185 |
Purchases of investments | 0 | 0 | 0 |
Proceeds from investments and capital projects | 209 | 482 | 32 |
Proceeds from termination of radio station contract | 0 | 0 | 0 |
Proceeds from insurance recovery | 0 | 0 | 0 |
Station acquisition deposits and costs | 0 | 0 | 1,350 |
Net cash provided by (used in) investing activities | -4,583 | -29,359 | -14,284 |
FINANCING ACTIVITIES: | ' | ' | ' |
Deferred financing expenses related to bank facility amendment | -1,040 | -1,241 | -19,937 |
Proceeds from issuance of long-term debt | 33,000 | 36,000 | 587,500 |
Proceeds from the financing method of lease obligations | 0 | 0 | 0 |
Payments of long-term debt | -86,023 | -68,529 | -852,527 |
Net proceeds from the senior unsecured notes | 0 | 0 | 217,078 |
Retirement of senior subordinated notes | 0 | 0 | 0 |
Purchase of the Company's common stock | 0 | 0 | 0 |
Proceeds from issuance of employee stock plan | 0 | 0 | 0 |
Proceeds from the exercise of stock options | 245 | 135 | 71 |
Purchase of vested employee restricted stock units | -1,640 | -1,367 | -3,057 |
Realization of tax benefits for payment of dividend equivalents | 0 | 0 | 0 |
Payment of dividend equivalents on vested restricted stock units | 0 | -43 | -512 |
Payment of dividends | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | -55,458 | -35,045 | -71,384 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 3,308 | 5,298 | -143 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 8,923 | 3,625 | 3,768 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 12,231 | 8,923 | 3,625 |
Cash paid during the period for: | ' | ' | ' |
Interest | 41,010 | 48,568 | 18,393 |
Income taxes | 69 | 99 | 82 |
Dividends | $0 | $0 | $0 |
BASIS_OF_PRESENTATION_AND_ORGA
BASIS OF PRESENTATION AND ORGANIZATION (Block) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Organization Consolidation And Presentation Of Financial Statements Abstract | ' | |||||||||
Business Description And Basis Of Presentation Text Block | ' | |||||||||
1. BASIS OF PRESENTATION AND ORGANIZATION | ||||||||||
Nature Of Business – Entercom Communications Corp. (the “Company”) is one of the five largest radio broadcasting companies in the United States with a nationwide portfolio in excess of 100 stations in 23 markets, including San Francisco, Boston, Seattle, Denver, Portland, Sacramento and Kansas City. | ||||||||||
Revision Of Prior Period Financial Statements | ||||||||||
In connection with the preparation of the Company's consolidated financial statements for the year ended December 31, 2013, the Company identified and corrected a prior period error relating to the timing difference on the recognition of a gain on the sale of certain towers. For tax purposes, the gain was reported in the 2009 tax year, but was deferred for book purposes. The timing difference created a deferred tax asset that would be reversed at such time as the gain was reported for book purposes. Since all deferred tax assets were fully reserved in 2009 and in 2010 with a valuation allowance, there was no income statement impact in the years 2009 or 2010. When the Company reversed its full valuation allowance in 2011, the release created an income tax benefit, which is reflected as an adjustment in the table below. | ||||||||||
The Company assessed the materiality of this error and concluded that it was not material to its previously issued consolidated financial statements. The Company has revised all affected periods presented herein to reflect the correct accounting for this tax benefit. This non-cash item did not impact the Company's operating income or operating cash flows for the current or prior periods and has no impact on the Company's cash taxes. | ||||||||||
The following table presents the effects of the revision on the Company's consolidated statement of operation for the period presented: | ||||||||||
Year Ended December 31, 2011 | ||||||||||
As | ||||||||||
Previously | ||||||||||
Reported | Adjustment | As Revised | ||||||||
(amounts in thousands, except per share data) | ||||||||||
Income taxes (benefit) | $ | -14,211 | $ | -4,777 | $ | -18,988 | ||||
Net income (loss) | $ | 66,277 | $ | 4,777 | $ | 71,054 | ||||
Net income per share: | ||||||||||
Basic | $ | 1.82 | $ | 0.13 | $ | 1.95 | ||||
Diluted | $ | 1.76 | $ | 0.12 | $ | 1.88 | ||||
The following table presents the effects of the revision on the Company's balance sheet for the periods presented: | ||||||||||
31-Dec-11 | ||||||||||
As | ||||||||||
Previously | ||||||||||
Reported | Adjustment | As Revised | ||||||||
(amounts in thousands) | ||||||||||
Deferred tax liabilities | $ | 13,550 | $ | -4,777 | $ | 8,773 | ||||
Total long-term liabilities | $ | 638,985 | $ | -4,777 | $ | 634,208 | ||||
Total liabilities | $ | 670,358 | $ | -4,777 | $ | 665,581 | ||||
Accumulated deficit | $ | -348,798 | $ | 4,777 | $ | -344,021 | ||||
Total shareholders' equity | $ | 248,911 | $ | 4,777 | $ | 253,688 | ||||
31-Dec-12 | ||||||||||
As | ||||||||||
Previously | ||||||||||
Reported | Adjustment | As Revised | ||||||||
(amounts in thousands) | ||||||||||
Deferred tax assets | $ | 2,445 | $ | 4,777 | $ | 7,222 | ||||
Total current assets | $ | 86,019 | $ | 4,777 | $ | 90,796 | ||||
Total assets | $ | 915,581 | $ | 4,777 | $ | 920,358 | ||||
Accumulated deficit | $ | -337,514 | $ | 4,777 | $ | -332,737 | ||||
Total shareholders' equity | $ | 264,717 | $ | 4,777 | $ | 269,494 | ||||
Total liabilities and shareholders' equity | $ | 915,581 | $ | 4,777 | $ | 920,358 | ||||
The following table presents the effects of the revision on the Company's consolidated statement of cash flows for the period presented: | ||||||||||
Year Ended December 31, 2011 | ||||||||||
As | ||||||||||
Previously | ||||||||||
Reported | Adjustment | As Revised | ||||||||
(amounts in thousands) | ||||||||||
Net income (loss) | $ | 66,277 | $ | 4,777 | $ | 71,054 | ||||
Net deferred taxes (benefit) and other | $ | -12,568 | $ | -4,777 | $ | -17,345 |
SIGNIFICANT_ACCOUNTING_POLICIE
SIGNIFICANT ACCOUNTING POLICIES (Block) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Accounting Policies Abstract | ' | |||||||||
Significant Accounting Policies Text Block | ' | |||||||||
2. SIGNIFICANT ACCOUNTING POLICIES | ||||||||||
Principles Of Consolidation – The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are 100% owned by the Company. All intercompany transactions and balances have been eliminated in consolidation. The Company also considers the applicability of any variable interest entities (“VIEs”) that are required to be consolidated by the primary beneficiary. From time to time, the Company may enter into a time brokerage agreement (“TBA”) in connection with the pending acquisition or disposition of radio stations and the requirement to consolidate a VIE may apply, depending on the facts and circumstances related to each transaction. As of December 31, 2013, the consolidation requirements as a VIE (see Note 20, Contingencies, Guarantor Arrangements And Commitments) did not apply as there were no pending transactions. | ||||||||||
Reportable Segment - The Company operates under one reportable business segment, radio broadcasting, for which segment disclosure is consistent with the management decision-making process that determines the allocation of resources and the measuring of performance. Radio stations serving the same geographic area, which may be comprised of a city or combination of cities, are referred to as markets or as distinct operating segments. The Company has 23 operating segments. These operating segments are aggregated to create one reportable segment. | ||||||||||
Management's Use Of Estimates – The preparation of consolidated financial statements, in conformity with accounting principles generally accepted in the United States of America, requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities, as of the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are used for, but not limited to: (1) asset impairments, including broadcasting licenses and goodwill; (2) income tax valuation allowances; (3) uncertain tax positions; (4) allowance for doubtful accounts; (5) self-insurance reserves; (6) fair value of equity awards; (7) estimated lives for tangible and intangible assets; (8) fair value measurements for financial instruments such as interest rate hedging transactions; and (9) contingency and litigation reserves. The Company's accounting estimates require the use of judgment as future events and the effect of these events cannot be predicted with certainty. The accounting estimates may change as new events occur, as more experience is acquired and as more information is obtained. The Company evaluates and updates assumptions and estimates on an ongoing basis and may use outside experts to assist in the Company's evaluation, as considered necessary. Actual results could differ from those estimates. | ||||||||||
Income Taxes – The Company applies the liability method to the accounting for deferred income taxes. Deferred income taxes are recognized for 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 periods in which the differences are expected to affect taxable income. A valuation allowance is recorded for a net deferred tax asset balance when it is more likely than not that the benefits of the tax asset will not be realized. The Company reviews on a continuing basis the need for a deferred tax asset valuation allowance in the jurisdictions in which it operates. Any adjustment to the deferred tax asset valuation allowance is recorded in the consolidated statements of operations in the period that such an adjustment is required. | ||||||||||
The Company applies the guidance for income taxes and intra-period allocation to the recognition of uncertain tax positions. This guidance clarifies the recognition, de-recognition and measurement in financial statements of income tax positions taken in previously filed tax returns or tax positions expected to be taken in tax returns, including a decision whether to file or not to file in a particular jurisdiction. The guidance requires that any liability created for unrecognized tax benefits is disclosed. The application of this guidance may also affect the tax bases of assets and liabilities and therefore may change or create deferred tax liabilities or assets. This guidance also clarifies the method to allocate income taxes (benefit) to the different components of income (loss), such as: (1) income (loss) from continuing operations; (2) income (loss) from discontinued operations; (3) extraordinary items; (4) other comprehensive income (loss); (5) the cumulative effects of accounting changes; and (6) other charges or credits recorded directly to shareholders' equity. See Note 13 for a further discussion of income taxes. | ||||||||||
Property And Equipment – Property and equipment are carried at cost. Major additions or improvements are capitalized, including interest expense when material, while repairs and maintenance are charged to expense when incurred. Upon sale or retirement, the related cost and accumulated depreciation are removed from the accounts, and any gain or loss is recognized in the statement of operations. | ||||||||||
Depreciation expense on property and equipment is determined on a straight-line basis. | ||||||||||
Depreciation expense for property and equipment is reflected in the following table for the periods indicated: | ||||||||||
Property And Equipment | ||||||||||
Years Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
(amounts in thousands) | ||||||||||
Depreciation expense | $ | 7,543 | $ | 9,903 | $ | 10,325 | ||||
As of December 31, 2013, the Company had construction commitments outstanding of $1.7 million. | ||||||||||
The following is a summary of the categories of property and equipment along with the range of estimated useful lives used for depreciation purposes: | ||||||||||
Depreciation Period | Property And Equipment | |||||||||
In Years | December 31, | |||||||||
From | To | 2013 | 2012 | |||||||
(amounts in thousands) | ||||||||||
Land, land easements and land improvements | 0 | 15 | $ | 12,750 | $ | 16,640 | ||||
Buildings | 20 | 40 | 22,660 | 21,535 | ||||||
Equipment | 3 | 40 | 118,180 | 123,979 | ||||||
Furniture and fixtures | 5 | 10 | 13,945 | 14,690 | ||||||
Leasehold improvements | shorter of economic life | |||||||||
or lease term | 21,442 | 21,485 | ||||||||
188,977 | 198,329 | |||||||||
Accumulated depreciation | -145,193 | -148,605 | ||||||||
43,784 | 49,724 | |||||||||
Capital improvements in progress | 655 | 1,953 | ||||||||
Net property and equipment | $ | 44,439 | $ | 51,677 | ||||||
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 4 for further discussion. If events or changes in circumstances were to indicate that an asset's carrying value is not recoverable, a write-down of the asset would be recorded through a charge to operations. 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. | ||||||||||
Revenue Recognition – Revenue from the sale of commercial broadcast time to advertisers is recognized when the commercials are broadcast. Revenues presented in the consolidated financial statements are reflected on a net basis, after the deduction of advertising agency fees by the advertising agencies, usually at a rate of 15% of gross revenues. Promotional fees are recognized as services are rendered. Advertiser payments received in advance of when the commercials are broadcast are recorded as unearned revenue. | ||||||||||
The Company derives revenues through e-commerce by selling discount certificates for advertiser goods and services directly to the Company's listeners through the use of the Company's station websites. In this business model, the Company shares a portion of the e-commerce sales with the advertiser. The Company reports these revenues on a net basis after deducting the portion of the sales that were shared with the advertiser. | ||||||||||
The following table presents the amounts of unearned revenues as of the periods indicated: | ||||||||||
Unearned Revenues | ||||||||||
December 31, | ||||||||||
Balance Sheet Location | 2013 | 2012 | ||||||||
(amounts in thousands) | ||||||||||
Current | Accrued compensation and other current liabilities | $ | 317 | $ | 291 | |||||
Long-term | Other long-term liabilities | $ | 43 | $ | 125 | |||||
Concentration Of Credit Risk – The Company's revenues and accounts receivable relate primarily to the sale of advertising within its radio stations' broadcast areas. Credit is extended based on an evaluation of the customers' financial condition and, generally, collateral is not required. Credit losses are provided for in the financial statements and consistently have been within management's expectations. The Company also maintains deposit accounts with financial institutions. At times, such deposits may exceed FDIC insurance limits. | ||||||||||
Debt Issuance Costs And Original Issue Discount – The costs related to the issuance of debt are capitalized and amortized over the lives of the related debt and such amortization is accounted for as interest expense. In connection with the Company's debt: (1) in December 2013 and in November 2012, the Company recorded deferred debt issuance costs in connection with debt modifications; and (2) in November 2011, the Company recorded deferred debt issuance costs and an original issue discount in connection with its debt refinancing (debt modification for its revolving credit facility). See Note 7 for further discussion for the amount of deferred financing expense and original issue discount that was included in interest expense in the accompanying consolidated statements of operations. | ||||||||||
Extinguishment Of Debt –The Company may amend, append or replace, in part or in full, its outstanding debt. The Company reviews its unamortized financing costs associated with its outstanding debt to determine the amount subject to extinguishment under the accounting provisions for an exchange of debt instruments with substantially different terms or changes in a line-of-credit or revolving-debt arrangement. In connection with the Company's November 2012 debt modification and November 2011 debt refinancing, the Company recorded debt extinguishment costs. See Note 7 for a discussion of any debt extinguishments associated with the Company's long-term debt. | ||||||||||
Corporate General And Administrative Expense – Corporate general and administrative expense consists of corporate overhead costs and non-cash compensation expense. Included in corporate general and administrative expenses are those costs not specifically allocable to any of the Company's individual business properties. | ||||||||||
Time Brokerage Agreement (Income) Fees – TBA fees or income consist of fees paid or received under agreements which permit an acquirer to program and market stations prior to an acquisition. The Company sometimes enters into a TBA agreement prior to the consummation of station acquisitions and dispositions. The Company may also enter into a Joint Sales Agreement (“JSA”) to market, but not to program, a station for a defined period of time. | ||||||||||
Barter Transactions – The Company provides advertising broadcast time in exchange for certain products, supplies and services. The terms of the exchanges generally permit the Company to preempt such broadcast time in favor of advertisers who purchase time on regular terms. The Company includes the value of such exchanges in both broadcasting net revenues and station operating expenses. Barter valuation is based upon management's estimate of the fair value of the products, supplies and services received. See Note 15, Supplemental Cash Flow Disclosures On Non-Cash Investing And Financing Activities, for a summary of the Company's barter transactions. | ||||||||||
Business Combinations – Accounting guidance for business combinations provides the criteria to recognize intangible assets apart from goodwill. Other than goodwill, the Company uses a direct value method to determine the fair value of all intangible assets required to be recognized for business combinations. For a discussion of impairment testing of those assets acquired in a business combination, including goodwill, see Note 4. | ||||||||||
Asset Retirement Obligations – The Company reasonably estimates the fair value of an asset retirement obligation. For an asset retirement obligation that is conditional (uncertainty about the timing and/or method of settlement), the Company factors into its fair value measurement a probability factor as the obligation depends upon a future event that may or may not be within the control of the Company. The Company's asset retirement obligations are not significant when compared to its net outstanding property and equipment. | ||||||||||
Accrued Compensation – Certain types of employee compensation, which amounts are included in the balance sheets under accrued compensation and other current liabilities, are paid in subsequent periods. See Note 6 for amounts reflected in the balance sheets. | ||||||||||
Cash And Cash Equivalents – Cash and cash equivalents consist primarily of amounts held on deposit with financial institutions, including investments held in financial institutions in immediately available money market accounts and all highly liquid debt instruments with initial maturities of three months or less. | ||||||||||
Derivative Financial Instruments – The Company follows accounting guidance for its derivative financial instruments, including certain derivative instruments embedded in other contracts, and hedging activities (for further discussion, see Note 9). | ||||||||||
Leases – The Company follows accounting guidance for its leases, which includes the recognition of escalated rents on a straight-line basis over the term of the lease agreement, as described further in Note 6. | ||||||||||
Share-Based Compensation – The Company records compensation expense for all share-based payment awards made to employees and directors, at estimated fair values. The Company also uses the simplified method in developing an estimate of the expected term of certain stock options. For further discussion of share-based compensation, see Note 11. | ||||||||||
Investments – For those investments in which the Company has the ability to exercise significant influence over the operating and financial policies of the investee, the investment is accounted for under the equity method. For those investments in which the Company does not have such significant influence, the Company applies the accounting guidance for certain investments in debt and equity securities. An investment is classified into one of three categories: held-to-maturity, available-for-sale, or trading securities, and, depending upon the classification, is carried at fair value based upon quoted market prices or historical cost when quoted market prices are unavailable. | ||||||||||
The Company also provides certain quantitative and qualitative disclosures for those investments that are impaired (other than temporarily) at the balance sheet date and for those investments for which an impairment has not been recognized. | ||||||||||
Advertising And Promotion Costs – Costs of media advertising and associated production costs are expensed when incurred. | ||||||||||
Insurance And Self-Insurance Liabilities – The Company uses a combination of insurance and self-insurance mechanisms to provide for the potential liabilities for workers' compensation, general liability, property, director and officers' liability, vehicle liability and employee health care benefits. Liabilities associated with the risks that are retained by the Company are estimated, in part, by considering claims experience, demographic factors, severity factors, outside expertise and other actuarial assumptions. For any legal costs expected to be incurred in connection with a loss contingency, the Company recognizes the expense as incurred. | ||||||||||
Recognition Of Insurance Recoveries – The Company recognizes insurance recoveries when all of the contingencies related to the insurance claims have been satisfied. | ||||||||||
Sports Programming Costs – Programming costs which are for a specified number of events are amortized on an event-by-event basis, and programming costs which are for a specified season are amortized over the season on a straight-line basis. The Company allocates that portion of sports programming costs that are related to sponsorship and marketing activities to sales and marketing expenses on a straight-line basis over the term of the agreement. | ||||||||||
Accrued Litigation - The Company evaluates the likelihood of an unfavorable outcome in legal or regulatory proceedings to which it is a party and records a loss contingency when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These judgments are subjective, based on the status of such legal or regulatory proceedings, the merits of the Company's defenses and consultation with corporate and external legal counsel. Actual outcomes of these legal and regulatory proceedings may materially differ from the Company's estimates. The Company expenses legal costs as incurred in professional fees. See Contingencies under Note 20. | ||||||||||
Software Costs – The Company capitalizes direct internal and external costs incurred to develop internal-use software during the application development state. Internal-use software includes website development activities such as the planning and design of additional functionality and features for existing sites and/or the planning and design of new sites. Costs related to the maintenance, content development and training of internal-use software are expensed as incurred. Capitalized costs are amortized over the estimated useful life of three years using the straight-line method. | ||||||||||
Reclassifications – Certain reclassifications have been made to the prior years' financial statements to conform to the presentation in the current year. | ||||||||||
Recent Accounting Standards | ||||||||||
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 anticipates that the adoption of this guidance will not 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. | ||||||||||
Obligations Resulting From Joint And Several Liability Arrangements | ||||||||||
In February 2013, the accounting guidance was amended for obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. The amendments provide guidance on the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements, including debt arrangements, other contractual obligations, and settled litigation and judicial rulings, for which the total amount of the obligation is fixed at the reporting date. The amendment is effective for the Company beginning January 1, 2014 and should be applied retrospectively. The Company does not expect that the adoption of these provisions will have a significant impact on the Company's consolidated financial statements. | ||||||||||
Amounts Reclassified Out Of Accumulated Other Comprehensive Income | ||||||||||
In February 2013, the accounting guidance was modified with respect to how to report the effect of a significant reclassification out of accumulated other comprehensive income. This guidance was effective for the Company as of January 1, 2013 and was applied prospectively. The adoption of this guidance did not materially change 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, was applied retrospectively. The adoption of this guidance did not materially change the presentation of the Company's consolidated financial statements. |
ACCOUNTS_RECEIVABLE_AND_RELATE
ACCOUNTS RECEIVABLE AND RELATED ALLOWANCE FOR DOUBTFALL ACCOUNTS (Block) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Receivables [Abstract] | ' | ||||||||||||
Loans Notes Trade And Other Receivables Disclosure Text Block | ' | ||||||||||||
3. ACCOUNTS RECEIVABLE AND RELATED ALLOWANCE FOR DOUBTFUL ACCOUNTS | |||||||||||||
Accounts receivable are primarily attributable to advertising which has been provided and for which payment has not been received from the advertiser. Accounts receivable are net of agency commissions and an estimated allowance for doubtful accounts. Estimates of the allowance for doubtful accounts are recorded based on management's judgment of the collectability of the accounts receivable based on historical information, relative improvements or deteriorations in the age of the accounts receivable and changes in current economic conditions. | |||||||||||||
The accounts receivable balances and reserve for doubtful accounts are presented in the following table as of the periods indicated: | |||||||||||||
Net Accounts Receivable | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(amounts in thousands) | |||||||||||||
Accounts receivable | $ | 74,231 | $ | 73,658 | |||||||||
Allowance for doubtful accounts | -2,413 | -2,703 | |||||||||||
Accounts receivable, net of allowance for doubtful accounts | $ | 71,818 | $ | 70,955 | |||||||||
See the table in Note 6 for the amounts outstanding as of the periods indicated for accounts receivable credits. | |||||||||||||
The following table presents the changes in the allowance for doubtful accounts for the periods presented: | |||||||||||||
Changes In Allowance For Doubtful Accounts | |||||||||||||
Additions | |||||||||||||
Balance At | Charged To | Deductions | Balance At | ||||||||||
Beginning | Costs And | From | End Of | ||||||||||
Year Ended | Of Year | Expenses | Reserves | Year | |||||||||
(amounts in thousands) | |||||||||||||
31-Dec-13 | $ | 2,703 | $ | 824 | $ | -1,114 | $ | 2,413 | |||||
31-Dec-12 | 3,319 | 390 | -1,006 | 2,703 | |||||||||
31-Dec-11 | 3,127 | 1,672 | -1,480 | 3,319 |
INTANGIBLE_ASSETS_AND_GOODWILL
INTANGIBLE ASSETS AND GOODWILL (Block) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Goodwil And Intangible Assets Disclosure [Abstract] | ' | ||||||||||
Goodwill And Intangible Assets Disclosure Text Block | ' | ||||||||||
4. INTANGIBLE ASSETS AND GOODWILL | |||||||||||
Indefinite-Lived Intangibles | |||||||||||
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 Company may only write down the carrying value of its indefinite-lived intangibles. The Company is not permitted to increase the carrying value if the fair value of these assets subsequently increases. | |||||||||||
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 | |||||||||
Dispositions | -114 | - | |||||||||
Ending period balance as of December 31, | $ | 718,542 | $ | 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 | 0 | 212 | |||||||||
Dispositions | -253 | 0 | |||||||||
Goodwill ending balance as of December 31, | $ | 38,850 | $ | 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, 2013 | |||||||||||
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. | |||||||||||
The following table reflects the estimates and assumptions used in the second quarter of 2013 as compared to the second quarter of 2012, the date of the most recent prior impairment test: | |||||||||||
Estimates And Assumptions | |||||||||||
Second | Second | ||||||||||
Quarter | Quarter | ||||||||||
2013 | 2012 | ||||||||||
Discount rate | 9.80% | 10.00% | |||||||||
Operating profit margin ranges expected for average stations | |||||||||||
in the markets where the Company operates | 25.0% to 41.0% | 20.7% to 40.9% | |||||||||
Long-term revenue growth rate range of the Company's markets | 1.5% to 2.0% | 1.5% to 2.0% | |||||||||
The Company has made reasonable estimates and assumptions to calculate the fair value of its broadcasting licenses; however, these estimates and assumptions could be materially different from actual results. | |||||||||||
If actual market conditions are less favorable than those projected by the industry or 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. | |||||||||||
The following table reflects the estimates and assumptions used in the second quarter of 2012 as compared to the second quarter of 2011, the date of the most recent prior impairment test | |||||||||||
Estimates And Assumptions | |||||||||||
Second | Second | ||||||||||
Quarter | Quarter | ||||||||||
2012 | 2011 | ||||||||||
Discount rate | 10.00% | 10.00% | |||||||||
Operating profit margin ranges expected for average stations | |||||||||||
in the markets where the Company operates | 20.7% to 40.9% | 19.5% to 41.5% | |||||||||
Long-term revenue growth rate range of the Company's markets | 1.5% to 2.0% | 1.5% to 2.0% | |||||||||
Broadcasting License Impairment Testing During The Second Quarter Ended June 30, 2011 | |||||||||||
During the second quarter of 2011, the Company completed its annual impairment test for broadcasting licenses and determined that the fair value of its broadcasting licenses was in excess of the carrying value for each of the Company's markets and, accordingly, no impairment was recorded. | |||||||||||
The following table reflects the estimates and assumptions used in the second quarter of 2011 as compared to the second quarter of 2010, the date of the prior impairment test: | |||||||||||
Estimates And Assumptions | |||||||||||
Second | Fourth | ||||||||||
Quarter | Quarter | ||||||||||
2011 | 2010 | ||||||||||
Discount rate | 10.00% | 10.00% | |||||||||
Operating profit margin ranges expected for average stations | |||||||||||
in the markets where the Company operates | 19.5% to 41.5% | 21.0% to 42.5% | |||||||||
Long-term revenue growth rate range of the Company's markets | 1.5% to 2.0% | 1.5% to 2.0% | |||||||||
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. | |||||||||||
The Company has determined that a radio market is a reporting unit and, in total, the Company assesses goodwill at 19 separate reporting units (4 of the Company's 23 reporting units have no goodwill). If the fair value of any reporting unit is less than the amount reflected on the balance sheet, an indication exists that the amount of goodwill attributed to a reporting unit may be impaired, and the Company is required to perform a second step of the impairment test. In the second step, the Company compares the amount reflected on the balance sheet to the implied fair value of the reporting unit's goodwill, determined by allocating the reporting unit's fair value to all of its assets and liabilities in a manner similar to a purchase price allocation. | |||||||||||
To determine the fair value, the Company uses a market approach and, when appropriate, an income approach for each reporting unit. The market approach compares recent sales of similar broadcast radio stations. The income approach uses the subject property's income generated over a specified time and capitalized at an appropriate market rate to arrive at an indication of the most probable selling price. | |||||||||||
In September 2011, the accounting guidance for how an entity tests goodwill for impairment was revised. The revised guidance allows an entity to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. An entity is no longer required to calculate the fair value of a reporting unit unless the entity determines, based on a qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. This guidance was available but not used for the Company's annual goodwill testing. | |||||||||||
Goodwill Impairment Testing During The Second Quarter Ended June 30, 2013 | |||||||||||
The results of step one indicated that it was not necessary to perform the second step analysis in any of the 19 reporting units that contained goodwill. | |||||||||||
The Company also performed a reasonableness test on the fair value results for goodwill on a combined basis by comparing the amount to the Company's enterprise value based upon its 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 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 profit 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/or management's estimates of future performance. | |||||||||||
The following table reflects certain key estimates and assumptions applied to each of the Company's markets that were used in the impairment test: | |||||||||||
Estimates And Assumptions | |||||||||||
Second | Second | ||||||||||
Quarter | Quarter | ||||||||||
2013 | 2012 | ||||||||||
Discount rate | 9.80% | 10.00% | |||||||||
Long-term revenue growth rate range of the Company's markets | 1.5% to 2.0% | 1.5% to 2.0% | |||||||||
Market multiple used in step one of the market valuation approach | 7.5x to 8.0x | 7.5x to 8.0x | |||||||||
During the second quarter testing, the results of step one indicated that it was not necessary to perform the second step analysis in any of the 19 reporting units that contained goodwill. | |||||||||||
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. | |||||||||||
The following table reflects certain key estimates and assumptions applied to each of the Company's markets that were used in the second quarter of 2012 and in the second quarter of 2011, the date of the most recent prior impairment test: | |||||||||||
Estimates And Assumptions | |||||||||||
Second | Second | ||||||||||
Quarter | Quarter | ||||||||||
2012 | 2011 | ||||||||||
Discount rate | 10.00% | 10.00% | |||||||||
Long-term revenue growth rate range of the Company's markets | 1.5% to 2.0% | 1.5% to 2.0% | |||||||||
Market multiple used in step one of the market valuation approach | 7.5x to 8.0x | 7.5x to 8.0x | |||||||||
Goodwill Impairment Testing During The Second Quarter Ended June 30, 2011 | |||||||||||
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 all of the Company's markets were above book value. As a result of the step one test, no impairment loss was recorded during the second quarter of 2011. | |||||||||||
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 units (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. | |||||||||||
The following table reflects certain key estimates and assumptions applied to each of the Company's markets that were used in the second quarter of 2011 and in the second quarter of 2010, the date of the prior impairment test: | |||||||||||
Estimates And Assumptions | |||||||||||
Second | Second | ||||||||||
Quarter | Quarter | ||||||||||
2011 | 2010 | ||||||||||
Discount rate | 10.00% | 10.00% | |||||||||
Long-term revenue growth rate range of the Company's markets | 1.5% to 2.0% | 1.5% to 2.0% | |||||||||
Market multiple used in step one of the market valuation approach | 7.5x to 8.0x | 7.5x to 8.0x | |||||||||
(B) Definite-Lived Intangibles | |||||||||||
The Company has definite-lived intangible assets that consist of advertiser lists and customer relationships, and acquired advertising contracts. These assets are amortized over the period for which the assets are expected to contribute to the Company's future cash flows and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For the years ended December 31, 2013, 2012 and 2011, the Company reviewed the carrying value and the useful lives of these assets and determined they were appropriate. | |||||||||||
See Note 5 for: (1) a listing of the assets comprising definite-lived assets, which are included in deferred charges and other assets on the balance sheets; (2) the amount of amortization expense for definite-lived assets; and (3) the Company's estimate of amortization expense for definite-lived assets in future periods. | |||||||||||
The following table provides summary information on the granting and vesting of options: |
DEFERRED_CHARGES_AND_OTHER_ASS
DEFERRED CHARGES AND OTHER ASSETS (Block) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure Abstract | ' | |||||||||||||||||||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure Text Block | ' | |||||||||||||||||||
5. DEFERRED CHARGES AND OTHER ASSETS | ||||||||||||||||||||
Deferred charges and other assets, including definite-lived intangible assets, consist of the following as of the periods indicated: | ||||||||||||||||||||
Deferred Charges And Other Assets | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Period Of | ||||||||||||||||||||
Asset | Reserve | Net | Asset | Reserve | Net | Amortization | ||||||||||||||
(amounts in thousands) | ||||||||||||||||||||
Deferred contracts and other agreements | $ | 1,788 | $ | 1,277 | $ | 511 | $ | 1,788 | $ | 1,177 | $ | 611 | Term of contract | |||||||
Leasehold premium | 846 | 474 | 372 | 1,732 | 1,215 | 517 | Less than 1 year | |||||||||||||
Other definitive lived assets | 833 | 823 | 10 | 833 | 769 | 64 | 3 years | |||||||||||||
Total definite-lived intangibles | 3,467 | 2,574 | 893 | 4,353 | 3,161 | 1,192 | ||||||||||||||
Debt issuance costs | 23,154 | 9,734 | 13,420 | 22,115 | 5,864 | 16,251 | Term of debt | |||||||||||||
Prepaid assets - long-term | 600 | - | 600 | 800 | - | 800 | ||||||||||||||
Software costs and other | 4,889 | 2,301 | 2,588 | 11,116 | 9,233 | 1,883 | ||||||||||||||
$ | 32,110 | $ | 14,609 | $ | 17,501 | $ | 38,384 | $ | 18,258 | $ | 20,126 | |||||||||
The following table presents the various categories of amortization expense for the periods indicated, including deferred financing expense which is reflected as interest expense: | ||||||||||||||||||||
Amortization Expense | ||||||||||||||||||||
For The Years Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||
Definite-lived assets | $ | 203 | $ | 240 | $ | 284 | ||||||||||||||
Deferred financing expense | 3,870 | 4,405 | 3,567 | |||||||||||||||||
Software costs | 800 | 696 | 667 | |||||||||||||||||
Total amortization expense for deferred charges and other assets | $ | 4,873 | $ | 5,341 | $ | 4,518 | ||||||||||||||
The following table presents the Company's estimate of amortization expense, for each of the five succeeding years for: (1) deferred charges and other assets; and (2) definite-lived assets: | ||||||||||||||||||||
Future Amortization Expense | ||||||||||||||||||||
Definite-Lived | ||||||||||||||||||||
Total | Other | Assets | ||||||||||||||||||
Years ending December 31, | (amounts in thousands) | |||||||||||||||||||
2014 | $ | 5,154 | $ | 5,005 | 149 | |||||||||||||||
2015 | 4,188 | 4,080 | 108 | |||||||||||||||||
2016 | 3,092 | 3,010 | 82 | |||||||||||||||||
2017 | 1,411 | 1,341 | 70 | |||||||||||||||||
2018 | 1,064 | 996 | 68 | |||||||||||||||||
Thereafter | 1,386 | 970 | 416 | |||||||||||||||||
Total | $ | 16,295 | $ | 15,402 | $ | 893 |
OTHER_CURRENT_AND_LONGTERM_LIA
OTHER CURRENT AND LONG-TERM LIABILITIES (Block) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Other Liabilities Disclosure Abstract | ' | |||||
Other Liabilities Disclosure Text Block | ' | |||||
6. OTHER CURRENT AND LONG-TERM LIABILITIES | ||||||
Other Current Liabilities | ||||||
Other current liabilities consist of the following as of the periods indicated: | ||||||
Other Current Liabilities | ||||||
December 31, | ||||||
2013 | 2012 | |||||
(amounts in thousands) | ||||||
Accrued compensation | $ | 5,418 | $ | 4,820 | ||
Accounts receivable credits | 1,547 | 1,894 | ||||
Advertiser obligations | 1,123 | 1,083 | ||||
Accrued interest payable | 2,910 | 3,432 | ||||
Other | 1,725 | 1,024 | ||||
$ | 12,723 | $ | 12,253 | |||
Other Long-Term Liabilities - Deferred Rent Liabilities | ||||||
Under the Company's leases, the Company recognizes: (1) escalated rents, including any rent-free periods, on a straight-line basis over the term of the lease for those lease agreements where the Company receives the right to control the use of the entire leased property at the beginning of the lease term; (2) amortization expense over the shorter of the economic lives of the leasehold assets or the lease term, excluding any lease renewals unless the lease renewals are reasonably assured; (3) landlord incentive payments to the Company as deferred rent that is amortized as reductions to lease rent expense over the lease term; and (4) rental costs associated with ground or building operating leases, that are incurred during a construction period, as rental expense. | ||||||
For those leasehold improvements acquired in a business combination or acquired subsequent to lease inception, the amortization period is based on the lesser of the useful life of the leasehold improvements or the period of the lease including all renewal periods that are reasonably assured of exercise at the time of the acquisition. | ||||||
The following table reflects deferred rent liabilities included under other long-term liabilities as of the periods indicated: | ||||||
Deferred Rent Liabilities | ||||||
December 31, | ||||||
2013 | 2012 | |||||
(amounts in thousands) | ||||||
Deferred rent liabilities | $ | 4,313 | $ | 4,107 |
LONGTERM_DEBT_Block
LONG-TERM DEBT (Block) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Debt Disclosure Text Block | ' | |||||||||||||||
7. LONG-TERM DEBT | ||||||||||||||||
Long-term debt, including financing method lease obligations, was comprised of the following as of the periods indicated: | ||||||||||||||||
Long-Term Debt | ||||||||||||||||
December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(amounts in thousands) | ||||||||||||||||
Credit Facility | ||||||||||||||||
Revolver, due November 23, 2016 (A) | $ | - | $ | 5,000 | ||||||||||||
Term B Loan, due November 23, 2018 (A) | 299,500 | 347,500 | ||||||||||||||
Senior Notes | ||||||||||||||||
10.5% senior unsecured notes, due December 1, 2019 (B) | 220,000 | 220,000 | ||||||||||||||
Other | ||||||||||||||||
Financing Method Lease Obligations (C) | - | 12,610 | ||||||||||||||
Other | - | 92 | ||||||||||||||
Total | 519,500 | 585,202 | ||||||||||||||
Current amount of long-term debt | -3,000 | -9,808 | ||||||||||||||
Current amount of finance method lease obligations | - | -12,610 | ||||||||||||||
Unamortized original issue discount | -2,376 | -2,651 | ||||||||||||||
Total long-term debt | $ | 514,124 | $ | 560,133 | ||||||||||||
Outstanding standby letter of credit | $ | 370 | $ | 570 | ||||||||||||
(A) Senior Debt | ||||||||||||||||
The Credit Facility | ||||||||||||||||
As of December 31, 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 $299.5 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 December 31, 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 was 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 Company used the proceeds from the Revolver, the Term B Loan and the issuance of 10.5% senior unsecured notes (the “Senior Notes”) to pay all of the outstanding debt under its former credit agreement (the “Former Facility”), along with transaction costs for both the Credit Facility and the Senior Notes. The Company expects it may use the Revolver to: (1) provide for working capital; and (2) provide for general corporate purposes, including capital expenditures and any or all of the following (subject to certain restrictions): repurchases of Class A common stock, repurchases of the Company's Senior Notes, dividends, investments and acquisitions. The Credit Facility is secured by a pledge of 100% of the capital stock and other equity interest in all of the Company's wholly owned subsidiaries. In addition, the Credit Facility is secured by a lien on substantially all of the Company's assets, with limited exclusions (including the Company's real property). The assets securing the Credit Facility are subject to customary release provisions which would enable the Company to sell such assets free and clear of encumbrance, subject to certain conditions and exceptions. | ||||||||||||||||
The Term B Loan requires mandatory prepayments equal to 50% of Excess Cash Flow, as defined within the agreement, subject to incremental step-downs to 0%, 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 would be due in the first quarter of 2014, has been considered to be fully paid as the Company made sufficient pre-payments in 2013 using cash from operating activities. | ||||||||||||||||
As of December 31, 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 and mandatory debt repayments under the Company's Credit Facility. 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. | ||||||||||||||||
The Credit Facility requires the Company to maintain compliance with certain financial covenants which are defined terms within the agreement, including: | ||||||||||||||||
a maximum Consolidated Leverage Ratio that cannot exceed 6.5 times as of December 31, 2013 and 5.5 times as of December 31, 2014, which decreases over time to 4.5 times as of March 31, 2016 and thereafter; and | ||||||||||||||||
a minimum Consolidated Interest Coverage Ratio of 1.6 times as of December 31, 2013 and 1.75 times as of December 31, 2014, which increases over time to 2.0 times as of September 30, 2015 and thereafter. | ||||||||||||||||
On December 2, 2013 and on November 27, 2012, the Term B Loan was amended, with each amendment further reducing the interest rates. Under the December 2, 2013 amendment of the Term B Loan and depending on the Consolidated Leverage Ratio, the Company may elect an interest rate per annum equal to: (1) the Eurodollar London Interbank Offered Rate (“LIBOR”) plus fees of 3.00% (prior to the December 2, 2013 amendment, the interest rate ranged from LIBOR plus fees of 3.5% to 5.0%); and (2) the Base Rate plus fees of 2.00% (prior to the December 2, 2013 amendment, the interest rate ranged from the Base Rate plus fees of 2.5% to 4.0%). The Term B Loan includes a LIBOR floor of 1.00% (prior to the December 2, 2013 amendment, the LIBOR floor was 1.25%). | ||||||||||||||||
Under the Revolver and depending on the Consolidated Leverage Ratio, the Company may elect an interest rate per annum equal to: (1) LIBOR plus fees that can range from 4.5% to 5.0%; or (2) the Base Rate plus fees that can range from 3.5% to 4.0%, where the Base Rate is the highest of: (a) the administrative agent's prime rate; (b) the Federal Funds Rate plus 0.5%; and (c) LIBOR plus 1.0%. In addition, the Revolver requires the Company to pay a commitment fee of 0.5% per annum for the unused amount of the Revolver. | ||||||||||||||||
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 our business and financial condition. In addition, a default under either the Company's Credit Facility or the indenture governing the Company's Senior Notes could cause a cross default in the other instrument 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. | ||||||||||||||||
As of December 31, 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 2.7 times versus a covenant minimum of 1.6 times. These covenants become more restrictive over time. | ||||||||||||||||
The Term B Loan amendment in December 2013 was reflected as a loan modification and the Company: (1) recorded deferred financing costs of $1.0 million (including the lender's legal costs) that will be amortized over the remaining life of the Term B Loan under the effective interest rate method; and (2) maintained unamortized deferred financing costs of $6.8 million that will continue to be amortized over the remaining life of the Term B Loan under the effective interest rate method. The Company did not record any loss on extinguishment of debt as all lenders participated at the same commitment level and agreed to the terms of the amendment. The Company also incurred third-party costs of less than $0.1 million, which were expensed. | ||||||||||||||||
The Company treated the 2012 amendment under modification accounting and the Company: (1) recorded deferred financing costs of $1.1 million (including the lender's legal costs) that will be amortized over the remaining life of the Term B Loan under the effective interest rate method; and (2) maintained unamortized deferred financing costs of $9.0 million that will continue to be amortized over the remaining life of the Term B Loan under the effective interest rate method. The Company also recorded a loss on the extinguishment of debt of $0.7 million for those lenders who either participated at a reduced commitment level or for those lenders who did not agree to the terms of the amendment. The Company also incurred third-party costs of $0.1 million that were expensed. | ||||||||||||||||
In connection with the debt refinancing during the fourth quarter of 2011, the Term B Loan was treated as new debt while the Revolver was treated as debt extinguishment and modification. As a result, unamortized deferred financing costs were adjusted as follows: (1) $0.3 million under the Former Facility's term loan were written off as a net loss on extinguishment of debt; (2) $0.8 million under the Former Facility's revolving credit were written off as a net loss on extinguishment of debt; and (3) $0.3 million of unamortized deferred financing costs under the Former Facility's revolving credit were deferred (to be amortized on a straight-line basis over the term of the Revolver). In addition, the Company recorded new deferred financing costs of: (i) $12.8 million for the Term B Loan that will be amortized under the effective interest rate method over the term; and (ii) $1.2 million for the Revolver that will be amortized under the straight-line method over the term. | ||||||||||||||||
The Company's Former Credit Agreement | ||||||||||||||||
The Company's Former Facility consisted of: (1) a revolving credit facility of $650 million, of which $535.5 million was outstanding and paid in full as of the refinancing on November 23, 2011; and (2) a term loan of $400 million, of which $60.0 million was outstanding and paid in full as of the refinancing on November 23, 2011. | ||||||||||||||||
Depending on the Consolidated Leverage Ratio, the Company could elect an interest rate equal to: (1) the LIBOR Rate plus fees that ranged from 0.50% to 2.50%; or (2) the Base Rate plus fees that ranged from 0% to 1.5%, where the Base Rate was the highest of: (a) the Federal Funds Rate plus 0.5%; (b) the LIBOR Rate plus 1.0%; and (c) the Prime Rate. | ||||||||||||||||
(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 | ||||||||||||||||
The Senior Notes are in minimum denominations of $2,000. The Senior Notes may be redeemed at any time on or after December 1, 2015 at a redemption price of 105.25% of principal amount plus accrued interest. The redemption price decreases to 102.625% of principal amount plus accrued interest on or after December 1, 2016 and 100% on or after December 1, 2017. The Senior Notes are unsecured and rank: (1) senior in right of payment to the Company's future subordinated debt; (2) equally in right of payment with all of the Company's existing and future senior debt; (3) effectively subordinated to the Company's existing and future secured debt (including the debt under the Company's Credit Facility), to the extent of the value of the collateral securing such debt; and (4) structurally subordinated to all of the liabilities of the Company's subsidiaries that do not guarantee the Senior Notes, to the extent of the assets of those subsidiaries. | ||||||||||||||||
Financial statements of the subsidiaries are not included in accordance with Rule 3-10 of Regulation S-X as: (1) Entercom Communications Corp. after excluding all subsidiaries (the “Parent Company”), has no independent assets or operations; (2) Entercom Radio, LLC (“Radio”) is a 100% owned finance subsidiary of the Parent Company; (3) the Parent Company has guaranteed the Credit Facility and Senior Notes; (4) all of the Parent Company's direct and indirect subsidiaries other than Radio have guaranteed the Credit Facility and Senior Notes; (5) all of the guarantees are full and unconditional (subject to the customary automatic release provisions); and (6) all of the guarantees are joint and several. | ||||||||||||||||
Radio, which is a wholly owned subsidiary of the Parent Company, holds the ownership interest in various subsidiary companies that own the operating assets, including broadcasting licenses, permits, authorizations and cash royalties. Radio is the borrower under the Credit Facility and is the issuer of the Senior Notes. The assets securing both the Credit Facility and the Senior Notes are subject to customary release provisions which would enable the Company to sell such assets free and clear of encumbrance, subject to certain conditions and exceptions. | ||||||||||||||||
Under certain covenants, the Company's subsidiary guarantors are restricted from paying dividends or distributions in excess of amounts defined under the Senior Notes, and the subsidiary guarantors are limited in their ability to incur additional indebtedness under certain restrictive covenants. See Note 20 for financial statements of parent. | ||||||||||||||||
A default under the Company's Senior Notes could cause a default under the Company's Credit Facility. Any event of default, therefore, could have a material adverse effect on the Company's business and financial condition. | ||||||||||||||||
(C) Net Interest Expense | ||||||||||||||||
The components of net interest expense are as follows: | ||||||||||||||||
Net Interest Expense | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
(amounts in thousands) | ||||||||||||||||
Interest expense | $ | 40,091 | $ | 47,412 | $ | 14,790 | ||||||||||
Amortization of deferred financing costs | 3,870 | 4,405 | 3,567 | |||||||||||||
Amortization of original issue discount of senior notes | 274 | 246 | 25 | |||||||||||||
Interest expense on interest rate hedging agreements | 0 | 1,392 | 6,568 | |||||||||||||
Interest income and other investment income | -3 | -9 | -31 | |||||||||||||
Total net interest expense | $ | 44,232 | $ | 53,446 | $ | 24,919 | ||||||||||
The weighted average interest rate under the Credit Facility (before taking into account the fees on the unused portion of the Revolver) was: (1) 4.00% as of December 31, 2013; and (2) 5.01% as of December 31, 2012 | ||||||||||||||||
(D) Financing Method Lease Obligation | ||||||||||||||||
In September 2009, the Company entered into an agreement to sell certain tower facilities and lease back most of these tower sites for use by the Company's radio stations. This transaction was accounted for under the financing method as described more fully under Note 8. | ||||||||||||||||
(E) Interest Rate Transactions | ||||||||||||||||
As of December 31, 2013 and 2012, there were no derivative interest rate transactions outstanding. | ||||||||||||||||
The Company from time-to-time enters into interest rate transactions from time to time with different lenders to diversify its risk associated with interest rate fluctuations of its variable rate debt. See Note 9 for the accounting for these transactions. Under these transactions, the Company agrees with other parties (participating members of the Company's Credit Facility) to exchange, at specified intervals, the difference between fixed rate and floating rate interest amounts calculated by reference to an agreed notional principal amount against the variable debt. | ||||||||||||||||
The Company's credit exposure under these hedging agreements, or similar agreements the Company may enter into in the future, is the cost of replacing such agreements in the event of nonperformance by the Company's counterparty. For those interest rate transactions that may be entered into with the same counterparty, the Company will enter into a master netting agreement that would allow, under certain circumstances, the Company and the counterparty to settle financial assets and liabilities on a net basis. | ||||||||||||||||
(F) Aggregate Principal Maturities | ||||||||||||||||
The minimum aggregate principal maturities on the Company's outstanding debt (excluding any impact from required principal payments based upon the Company's future operating performance) are as follows: | ||||||||||||||||
Principal Debt Maturities | ||||||||||||||||
Credit | Senior | |||||||||||||||
Facility | Notes | Total | ||||||||||||||
(amounts in thousands) | ||||||||||||||||
Years ending December 31: | ||||||||||||||||
2014 | $ | 3,000 | $ | - | $ | 3,000 | ||||||||||
2015 | 3,000 | - | 3,000 | |||||||||||||
2016 | 3,000 | - | 3,000 | |||||||||||||
2017 | 3,000 | - | 3,000 | |||||||||||||
2018 | 287,500 | - | 287,500 | |||||||||||||
Thereafter | - | 220,000 | 220,000 | |||||||||||||
Total | $ | 299,500 | $ | 220,000 | $ | 519,500 | ||||||||||
(G) Outstanding Letters Of Credit | ||||||||||||||||
The Company is required to maintain a standby letter of credit, in connection with insurance coverage as described in Note 20. | ||||||||||||||||
(H) Guarantor and Non-Guarantor Financial Information | ||||||||||||||||
Radio, which is a wholly owned subsidiary of Entercom Communications Corp., holds the ownership interest in various subsidiary companies that own the operating assets, including broadcasting licenses, permits and authorizations. Radio (1) is the borrower under the Credit Facility, as described in Note 7(A); and (2) is the issuer of the Senior Notes, as described in Note 7(B). As of December 31, 2013, Entercom Communications Corp. and each direct and indirect subsidiary of Radio is a guarantor of Radio's obligations under both the Credit Facility and the Senior Notes. | ||||||||||||||||
Separate condensed consolidating financial information is not included as Entercom Communications Corp. does not have independent assets or operations, Radio is a 100% owned finance subsidiary of Entercom Communications Corp., and all guarantees by Entercom Communications Corp. and its guarantor subsidiaries are full, unconditional (subject to the customary automatic release provisions), joint and several under its Credit Facility and are full, unconditional, joint and several under its Senior Notes. | ||||||||||||||||
Under the Credit Facility, Radio is permitted to make distributions to Entercom Communications Corp. in amounts as defined, which are required to pay Entercom Communications Corp.'s reasonable overhead costs, including income taxes and other costs associated with conducting the operations of Radio and its subsidiaries. | ||||||||||||||||
Under the indenture governing the Senior Notes, Radio is permitted to make distributions to Entercom Communications Corp. in amounts, as defined, that are required to pay Entercom Communications Corp's overhead costs and other costs associated with conducting the operations of Radio and its subsidiaries. | ||||||||||||||||
(I) Debt Extinguishment | ||||||||||||||||
The following table presents for the periods indicated the amount of gain or loss recorded on debt extinguishment along with the amount of debt that was retired early: | ||||||||||||||||
Debt Extinguishment | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
(amounts in thousands) | ||||||||||||||||
Write-off of unamortized deferred financing costs | $ | - | $ | 747 | $ | 1,144 | ||||||||||
Amount of debt retired early | $ | 69 | $ | - | $ | 595,500 |
TOWER_SALE_AND_LEASEBACK_Block
TOWER SALE AND LEASEBACK (Block) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Tower Sale And Leaseback [Abstract] | ' | ||||||||
Tower Sale And Leaseback [Text Block] | ' | ||||||||
8. TOWER SALE AND LEASEBACK | |||||||||
In 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 these towers 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 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 December 31, 2013, the Company recorded on the balance sheet $0.6 million of deferred gain as a short-term liability under other current liabilities and $9.0 million of deferred gain as a long-term liability under other long-term liabilities. All of the leases were accounted for as operating leases. | |||||||||
As background, in connection with the sale of the towers and the Company's continuing involvement as described above, the Company classified this transaction under the financing method as $12.6 million in finance method lease obligations. Under the financing method: (1) the assets and accumulated depreciation remained on the consolidated balance sheet and continued to be depreciated; (2) no gain was recognized for book purposes (the gain was recognized in 2009 for tax purposes); (3) proceeds of $12.6 million received by the Company from these transactions were recorded as a finance method lease liability; and (4) transaction costs of $0.2 million were recorded as deferred financing expense, which was amortized over 42 months. | |||||||||
Payments under these leases over the partial lease term of 42 months were applied as payments of imputed interest at an approximate interest rate of 5.5%. The earn-out component of this transaction enabled the Company to participate in the upside potential of these sites as the new owner (whose primary business is managing tower sites) was better suited to maximize the value of these sites through new third-party tenants. | |||||||||
Minimum rental commitments at December 31, 2013 for these non-cancellable leases are included within the operating lease commitment table under Note 20 | |||||||||
The following table presents property and equipment held under financing method leases, by major category, which represented components of property and equipment included in the balance sheet under property and equipment for the period presented: | |||||||||
Net Property And Equipment | |||||||||
Held Under Finance Method | |||||||||
Lease Obligations | |||||||||
December 31, | |||||||||
2012 | |||||||||
(amounts in thousands) | |||||||||
Land and land improvements | $ | 843 | |||||||
Building | 358 | ||||||||
Leasehold improvements | 11 | ||||||||
Equipment | 3,863 | ||||||||
Leasehold premium | 885 | ||||||||
Total | 5,960 | ||||||||
Less accumulated depreciation | -4,785 | ||||||||
Property and equipment held under financing method leases, net | $ | 1,175 | |||||||
The following table presents, for the periods indicated, the amount of: (1) depreciation expense attributable to assets held under financing method leases; and (2) the interest expense associated with financing method lease obligations: | |||||||||
Years Ended | |||||||||
December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
(amounts in thousands) | |||||||||
Interest expense for financing method lease obligations | $ | 385 | $ | 749 | $ | 719 | |||
Depreciation expense attributable to assets held under financing method | $ | 76 | $ | 192 | $ | 199 |
DERIVATIVES_AND_HEDGING_ACTIVI
DERIVATIVES AND HEDGING ACTIVITIES (Block) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Derivative Instruments And Hedging Activities Disclosure Abstract | ' | |||||||||||
Derivative Instruments And Hedging Activities Disclosure Text Block | ' | |||||||||||
9. DERIVATIVE AND HEDGING ACTIVITIES | ||||||||||||
The Company from time to time enters into derivative financial instruments, including interest rate exchange agreements (“Swaps”) and interest rate collar agreements (“Collars”), to manage its exposure to fluctuations in interest rates under the Company's variable rate debt. | ||||||||||||
As of December 31, 2013 and 2012, there were no derivative interest rate transactions outstanding. | ||||||||||||
Accounting For Derivative Instruments And Hedging Activities | ||||||||||||
The Company recognizes at fair value all derivatives, whether designated in hedging relationships or not, in the balance sheet as either net assets or net liabilities. The accounting for changes in the fair value of a derivative, including certain derivative instruments embedded in other contracts, depends on the intended use of the derivative and the resulting designation. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and the hedged item are recognized in the statement of operations. If the derivative is designated as a cash flow hedge, changes in the fair value of the derivative are recorded in other comprehensive income and are recognized in the statement of operations when the hedged item affects net income. If a derivative does not qualify as a hedge, it is marked to fair value through the statement of operations. Any fees associated with these derivatives are amortized over their term. Under these derivatives, the differentials to be received or paid are recognized as an adjustment to interest expense over the life of the contract. In the event the cash flow hedges are terminated early, any amount previously included in comprehensive income (loss) would be reclassified as interest expense to the statement of operations as the forecasted transaction settles. | ||||||||||||
The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedge transactions. This process includes ongoing effectiveness assessments by relating all derivatives that are designated as fair value or cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company's derivative activities, all of which are for purposes other than trading, are initiated within the guidelines of corporate risk-management policies. The Company reviews the correlation and effectiveness of its derivatives on a periodic basis. | ||||||||||||
The fair value of these derivatives is determined using observable market based inputs (a Level 2 measurement, as described in Note 17) and the impact of credit risk on a derivative's fair value (the creditworthiness of the Company's counterparty for assets and the creditworthiness of the Company for liabilities). | ||||||||||||
During the period of an interest rate hedging agreement, the outstanding amount of the Company's variable rate debt is expected to be greater than the notional amount of the derivative rate hedging transactions. These transactions are typically tied to LIBOR. Under a fixed rate swap, the Company pays a fixed rate on a notional amount to the counterparty, and the counterparty pays to the Company a variable rate on the notional amount equal to LIBOR. A Collar establishes two separate agreements: an upper limit equal to LIBOR, or cap, and a lower limit equal to LIBOR, or floor. | ||||||||||||
Hedge Accounting Treatment | ||||||||||||
The following interest rate transactions received hedge accounting treatment, which continued throughout their terms: | ||||||||||||
Expired Derivatives | ||||||||||||
Year Ended December 31, 2011 | ||||||||||||
Type | Fixed | |||||||||||
Of | Notional | Effective | LIBOR | Expiration | ||||||||
Hedge | Amount | Date | Collar | Rate | Date | |||||||
(amounts | ||||||||||||
(in millions) | ||||||||||||
Swap | $ | 150 | 28-Jan-08 | n/a | 3.03% | 28-Jan-11 | ||||||
Collar | 100 | 28-Feb-08 | [ | Cap | 4.00% | ] | 28-Feb-11 | |||||
Floor | 2.14% | |||||||||||
Swap | 125 | 28-Mar-08 | n/a | 2.91% | 28-Sep-11 | |||||||
375 | ||||||||||||
Non-Hedge Accounting Treatment | ||||||||||||
For the following hedge, the Company recognized non-hedge accounting treatment for the period from November 23, 2011 through May 28, 2012 (the Company received hedge accounting treatment prior to November 23, 2011). In connection with the refinancing on November 23, 2011, this hedge, which was not terminated, no longer received hedge accounting treatment as the hedge was not effective due to the refinancing. As a result, the Company reclassified, as of November 23, 2011, all amounts remaining in accumulated other comprehensive income to the statement of operations. | ||||||||||||
Expired Derivative | ||||||||||||
Year Ended December 31, 2012 | ||||||||||||
Type | Fixed | |||||||||||
Of | Notional | Effective | LIBOR | Expiration | ||||||||
Hedge | Amount | Date | Collar | Rate | Date | |||||||
(amounts | ||||||||||||
(in millions) | ||||||||||||
Swap | $ | 100 | 28-May-08 | n/a | 3.62% | 28-May-12 | ||||||
The following is a summary of the gains (losses) related to the Company's cash flow hedges for the periods indicated: | ||||||||||||
Years Ended December 31, | ||||||||||||
Description | 2012 | 2011 | ||||||||||
(amounts in thousands) | ||||||||||||
Type Of Derivative Designated As A Cash Flow Hedge | Interest Rate | Interest Rate | ||||||||||
Amount Of Gain (Loss) Recognized In OCI | $ | - | $ | 5,643 | ||||||||
Location Of Gain (Loss) Reclassified From | ||||||||||||
Accumulated OCI To Statement Of Operations | Interest Expense | Interest Expense | ||||||||||
Amount Of Gain (Loss) Reclassified From | ||||||||||||
Accumulated OCI To Statement Of Operations | $ | - | $ | -1,634 | ||||||||
Location Of Gain (Loss) In Statement Of Operations | Interest Expense | Interest Expense | ||||||||||
Amount Of Gain (Loss) In Statement Of Operations | ||||||||||||
Due To Ineffectiveness | $ | 1,346 | $ | 288 | ||||||||
The gains and losses were recorded to the statement of comprehensive income (loss) as these derivatives qualified for hedge accounting treatment (except as disclosed above under Non-Hedge Accounting Treatment). The fair value of these derivatives was determined using observable market-based inputs (a Level 2 measurement) and the impact of credit risk on a derivative's fair value (the creditworthiness of the transaction's counterparty for assets and the creditworthiness of the Company for liabilities). | ||||||||||||
As of November 23, 2011, the remaining amount in accumulated other comprehensive income related to these derivatives was reclassified to the statement of operations. | ||||||||||||
The following table presents the accumulated net derivative gain (loss) recorded in the statements of other comprehensive income (loss): | ||||||||||||
Fair Value Of Accumulated | ||||||||||||
Derivatives Outstanding | ||||||||||||
December 31, | ||||||||||||
2011 | ||||||||||||
Assets (Liabilities) | ||||||||||||
(amounts in thousands) | ||||||||||||
Beginning balance as of January 1 | $ | -7,277 | ||||||||||
Net unrealized gain (loss) on derivatives, | ||||||||||||
net of taxes (benefit) | 7,277 | |||||||||||
Ending balance as of December 31 | $ | 0 | ||||||||||
SHAREHOLDERS_EQUITY_Block
SHAREHOLDERS' EQUITY (Block) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Stockholders Equity Note Abstract | ' | |||||||||
Stockholders Equity Note Disclosure Text Block | ' | |||||||||
10. SHAREHOLDERS' EQUITY | ||||||||||
Conversion Of Class B Common Stock | ||||||||||
Shares of Class B common stock are transferable only to Joseph M. Field, David J. Field, certain of their family members, their estates or trusts for any of their benefit. Upon any other transfer, shares of Class B common stock automatically convert into shares of Class A common stock on a one-for-one basis. | ||||||||||
During the year ended 2011, Joseph M. Field contributed to charitable entities 170,000 Class B shares. Upon the transfer of these shares, they were automatically converted to shares of Class A common stock. | ||||||||||
Dividends | ||||||||||
The Company does not currently pay and has not paid dividends on its common stock since 2008. Any future dividends will be at the discretion of the Board of Directors based upon the relevant factors at the time of such consideration, including, without limitation, compliance with the restrictions set forth in the Credit Facility. | ||||||||||
Under the Credit Facility, the Company has $40 million available for dividends, share repurchases, investments and debt repurchases, which can be used when its pro forma Consolidated Leverage Ratio is less than or equal to 6.0 times (or the maximum permitted at the time if lower). The amount available can increase over time based upon the Company's financial performance and the incremental amount in excess of $40 million can be used when its pro forma Consolidated Leverage Ratio is less than or equal to 5.0 times (or the maximum permitted at the time if lower). There are certain other limitations that apply to its use. | ||||||||||
Dividend Equivalents | ||||||||||
The Company's grants of restricted stock units (“RSUs”) include the right, upon vesting, to receive a cash payment equal to the aggregate amount of dividends, if any, that holders would have received on the shares of common stock underlying their RSUs if such RSUs had been vested during the period. | ||||||||||
The following table presents the amounts accrued and unpaid on unvested RSUs as of the periods indicated: | ||||||||||
Dividend Equivalent Liabilities | ||||||||||
Balance Sheet | December 31, | |||||||||
Location | 2013 | 2012 | ||||||||
(amounts in thousands) | ||||||||||
Long-term | Other long-term liabilities | $ | 221 | $ | 221 | |||||
The following table presents the amount of dividend equivalents that were paid to the holders of RSUs that vested (there was no tax benefit recognized to paid-in capital as a result of the dividend equivalents payment): | ||||||||||
Years Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
(amounts in thousands) | ||||||||||
Dividend equivalents paid | $ | - | $ | 43 | $ | 512 | ||||
Tax benefit recognized in paid-in capital | $ | - | $ | - | $ | - | ||||
Deemed Repurchase Of Vested RSUs | ||||||||||
Upon vesting of RSUs, a tax obligation is created for both the employer and the employee. Unless employees elect to pay their tax withholding obligations in cash, the Company withholds shares of stock in an amount sufficient to cover their tax withholding obligations. The withholding of these shares by the Company is deemed to be a repurchase of its stock. | ||||||||||
The following table provides summary information on the deemed repurchase of vested RSUs: | ||||||||||
Years Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
(amounts in thousands) | ||||||||||
Shares of stock deemed repurchased | 186 | 199 | 297 | |||||||
Amount recorded as financing activity | $ | 1,640 | $ | 1,367 | $ | 3,057 |
SHAREBASED_COMPENSATION_Block
SHARE-BASED COMPENSATION (Block) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments Abstract | ' | ||||||||||||||||||
Disclosure Of Compensation Related Costs Share Based Payments Text Block | ' | ||||||||||||||||||
11. SHARE-BASED COMPENSATION | |||||||||||||||||||
Equity Compensation Plan | |||||||||||||||||||
Under the Entercom Equity Compensation Plan (the “Plan”), the Company is authorized to issue share-based compensation awards to key employees, directors and consultants. The RSUs and options that have been issued generally vest over periods of up to four years. The options expire ten years from the date of grant. The Company issues new shares of Class A common stock upon the exercise of stock options and the later of vesting or issuance of RSUs. | |||||||||||||||||||
On January 1 of each year, the number of shares of Class A common stock authorized under the Plan is automatically increased by 1.5 million, or a lesser number as may be determined by the Company's Board of Directors. On January 1 2014, the Board of Directors elected to forego an increase in the shares available for grant. As of January 1, 2014, the shares available for grant were 3.9 million shares. | |||||||||||||||||||
The Plan includes certain performance criteria for purposes of satisfying expense deduction requirements for income tax purposes. | |||||||||||||||||||
Accounting For Share-Based Compensation | |||||||||||||||||||
The measurement and recognition of compensation expense, for all share-based payment awards made to employees and directors, is based on estimated fair values. The fair value is determined at the time of grant: (1) using the Company's stock price for RSUs; and (2) using the Black Scholes model for options. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Company's consolidated statements of operations. Estimated forfeitures are revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. | |||||||||||||||||||
RSU 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 | December 31, | ||||||||||||||||
Period Ended | Units | Price | Term (Years) | 2013 | |||||||||||||||
RSUs outstanding as of: | 31-Dec-12 | 1,481,268 | |||||||||||||||||
RSUs awarded | 360,667 | ||||||||||||||||||
RSUs released | -547,342 | ||||||||||||||||||
RSUs forfeited | -264,107 | ||||||||||||||||||
RSUs outstanding as of: | 31-Dec-13 | 1,030,486 | $ | - | 1.2 | $ | 10,830,408 | ||||||||||||
RSUs vested and expected | |||||||||||||||||||
to vest as of: | 31-Dec-13 | 975,327 | $ | - | 1.2 | $ | 9,336,358 | ||||||||||||
RSUs exercisable (vested and | |||||||||||||||||||
deferred) as of: | 31-Dec-13 | 86,996 | $ | - | 0 | $ | 914,328 | ||||||||||||
Weighted average remaining | |||||||||||||||||||
recognition period in years | 2.1 | ||||||||||||||||||
Unamortized compensation | |||||||||||||||||||
expense, net of estimated | |||||||||||||||||||
forfeitures | $ | 4,919,275 | |||||||||||||||||
The following table presents additional information on RSU activity for the periods indicated | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||
(amounts in thousands) | |||||||||||||||||||
RSUs issued | 361 | $ | 2,906 | 307 | $ | 2,133 | 445 | $ | 4,721 | ||||||||||
RSUs forfeited - service based | -64 | -685 | -26 | -235 | -28 | -474 | |||||||||||||
RSUs forfeited - market based | -200 | -2,110 | - | - | - | - | |||||||||||||
Net RSUs issued and increase | |||||||||||||||||||
(decrease) to paid-in capital | 97 | $ | 111 | 281 | $ | 1,898 | 417 | $ | 4,247 | ||||||||||
RSUs vested and released | 547 | 659 | 886 | ||||||||||||||||
RSUs With Service And Market Conditions | |||||||||||||||||||
During the fourth quarter of 2010, the Company issued RSUs with service and market conditions where these shares vest upon the performance of the Company's stock over a defined measurement period. The market condition allows for vesting of portions of the award if certain shareholder performance targets are met. The compensation expense is recognized even if the market conditions are not satisfied and are only reversed in the event the service period is not fulfilled. | |||||||||||||||||||
The following table presents the changes in outstanding RSUs with market conditions: | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
(amounts in thousands, except years) | |||||||||||||||||||
Reconciliation Of RSUs With Market Conditions | |||||||||||||||||||
Beginning of period balance | 200 | 300 | 300 | ||||||||||||||||
Number of RSUs granted | - | - | - | ||||||||||||||||
Number of RSUs forfeited | -200 | - | - | ||||||||||||||||
Number of RSUs vested | - | -100 | - | ||||||||||||||||
End of period balance | - | 200 | 300 | ||||||||||||||||
Option Activity | |||||||||||||||||||
The following table presents the option activity during the current year ended under the Plan: | |||||||||||||||||||
Weighted | Intrinsic | ||||||||||||||||||
Weighted | Average | Value | |||||||||||||||||
Average | Remaining | As Of | |||||||||||||||||
Number Of | Exercise | Contractual | December 31, | ||||||||||||||||
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 | -171,625 | 1.43 | |||||||||||||||||
Options forfeited | -3,625 | 1.34 | |||||||||||||||||
Options expired | -14,750 | 8.7 | |||||||||||||||||
Options outstanding as of: | 31-Dec-13 | 557,550 | $ | 2.58 | 5 | $ | 4,692,120 | ||||||||||||
Options vested and expected to vest as of: | 31-Dec-13 | 557,040 | $ | 2.57 | 5 | $ | 4,691,207 | ||||||||||||
Options vested and exercisable as of: | 31-Dec-13 | 552,550 | $ | 2.52 | 5 | $ | 4,683,170 | ||||||||||||
Weighted average remaining | |||||||||||||||||||
recognition period in years | 3.6 | ||||||||||||||||||
Unamortized compensation expense, | |||||||||||||||||||
net of estimated forfeitures | $ | 25,091 | |||||||||||||||||
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 | December 31, | Contractual | Exercise | December 31, | Exercise | ||||||||||||||
From | To | 2013 | Life | Price | 2013 | Price | |||||||||||||
$ | 1.34 | $ | 1.34 | 501,175 | 5.1 | $ | 1.34 | 501,175 | $ | 1.34 | |||||||||
$ | 2.02 | $ | 11.78 | 47,375 | 5.3 | $ | 9.02 | 42,375 | $ | 9.06 | |||||||||
$ | 33.9 | $ | 48.21 | 9,000 | 0.8 | $ | 37.72 | 9,000 | $ | 37.72 | |||||||||
$ | 1.34 | $ | 48.21 | 557,550 | 5 | $ | 2.58 | 552,550 | $ | 2.52 | |||||||||
Years Ended December 31, | |||||||||||||||||||
Other Option Disclosures | 2013 | 2012 | 2011 | ||||||||||||||||
From | To | From | To | From | To | ||||||||||||||
Exercise price range of options issued | $ | 8.72 | $ | 8.72 | $ | - | $ | - | $ | - | $ | - | |||||||
Upon vesting, period to exercise | 1 | 10 | - | - | - | - | |||||||||||||
Fair value per option issued | $ | 6.07 | $ | - | $ | - | |||||||||||||
(amounts in thousands) | |||||||||||||||||||
Intrinsic value of options exercised | $ | 1,228 | $ | 508 | $ | 528 | |||||||||||||
Tax benefit from options exercised (1) | $ | 466 | $ | 192 | $ | 209 | |||||||||||||
Cash received from exercise price of | |||||||||||||||||||
options exercised | $ | 245 | $ | 135 | $ | 71 | |||||||||||||
Number of options granted | 5 | - | - | ||||||||||||||||
(1) Amount excludes impact from suspended income tax benefits and/or valuation allowances. | |||||||||||||||||||
Valuation Of Options | |||||||||||||||||||
The Company estimates the fair value of option awards on the date of grant using an option-pricing model. The Company used the straight-line single option method for recognizing compensation expense, which was reduced for estimated forfeitures based on awards ultimately expected to vest. The Company's determination of the fair value of share-based payment awards on the date of grant using an option-pricing model is affected by the Company's stock price, as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, the Company's expected stock price volatility over the term of the awards, and actual and projected employee stock option exercise behaviors. Option-pricing models were developed for use in estimating the value of traded options that have no vesting or hedging restrictions and are fully transferable. The Company's stock options have certain characteristics that are different from traded options, and changes in the subjective assumptions could affect the estimated value. | |||||||||||||||||||
For options granted, the Company used the Black-Scholes option-pricing model and determined: (1) the term by using the simplified plain-vanilla method as the Company's employee exercise history may not be indicative for estimating future exercises; (2) a historical volatility over a period commensurate with the expected term, with the observation of the volatility on a daily basis; (3) a risk-free interest rate that was consistent with the expected term of the stock options and based on the U.S. Treasury yield curve in effect at the time of the grant; and (4) an annual dividend yield based upon the Company's most recent quarterly dividend at the time of grant. | |||||||||||||||||||
The fair value of each option grant, using the Black-Scholes option-pricing model, was estimated on the date of each grant. The following table presents the range of the assumptions used to determine the fair value over the periods indicated: | |||||||||||||||||||
Option Valuation Estimates | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Expected life (years) | 6.3 | no options issued | no options issued | ||||||||||||||||
Expected volatility factor (%) | 78.8 | ||||||||||||||||||
Risk-free interest rate (%) | 2 | ||||||||||||||||||
Expected dividend yield (%) | 0 | ||||||||||||||||||
Recognized Non-Cash Stock-Based Compensation Expense | |||||||||||||||||||
The following summarizes recognized non-cash stock-based compensation expense, which consists primarily of RSUs: | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
(amounts in thousands) | |||||||||||||||||||
Station operating expenses | $ | 766 | $ | 584 | $ | 776 | |||||||||||||
Corporate general and administrative expenses | 3,504 | 5,170 | 6,895 | ||||||||||||||||
Stock-based compensation expense included in operating expenses | 4,270 | 5,754 | 7,671 | ||||||||||||||||
Income tax benefit (1) | 1,080 | 1,540 | 2,107 | ||||||||||||||||
Net stock-based compensation expense | $ | 3,190 | $ | 4,214 | $ | 5,564 | |||||||||||||
(1) Amount excludes impact from suspended income tax benefits and/or valuation allowances. | |||||||||||||||||||
NET_INCOME_LOSS_PER_COMMON_SHA
NET INCOME (LOSS) PER COMMON SHARE (Block) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share Abstract | ' | |||||||||||
Earnings Per Share Text Block | ' | |||||||||||
12. NET INCOME (LOSS) PER COMMON SHARE | ||||||||||||
Net income per common share is calculated as basic net income per share and diluted net income per share. Basic net income per share excludes dilution and is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted net income per share is computed in the same manner as basic net income after assuming issuance of common stock for all potentially dilutive equivalent shares, which includes the potential dilution that could occur: (1) if the RSUs with service conditions were fully vested (using the treasury stock method); (2) if all of the Company's outstanding stock options that are in-the-money were exercised (using the treasury stock method); and (3) if the RSUs with service and market conditions were considered contingently issuable. | ||||||||||||
The Company considered the allocation of undistributed net income for multiple classes of common stock and determined that it was appropriate to allocate undistributed net income between the Company's Class A and Class B common stock on an equal basis. For purposes of making this determination, the Company's charter provides that the holders of Class A and Class B common stock have equal rights and privileges except with respect to voting on most matters voted by Joseph Field or David Field. | ||||||||||||
For the periods indicated, the following tables present the computations of basic and diluted net income (loss) per share: | ||||||||||||
Computation Of Net Income (Loss) Per Share | ||||||||||||
Year Ended December 31, 2013 | ||||||||||||
(amounts in thousands, except share and per share data) | ||||||||||||
Net Income (Loss) | ||||||||||||
Net Income (Loss) | Shares | Per Share | ||||||||||
Basic net income (loss) per common share: | $ | 26,024 | 37,417,807 | $ | 0.7 | |||||||
Impact of dilutive equity awards | 883,688 | |||||||||||
Diluted net income (loss) per common share: | $ | 26,024 | 38,301,495 | $ | 0.68 | |||||||
Computation Of Net Income (Loss) Per Share | ||||||||||||
Year Ended December 31, 2012 | ||||||||||||
(amounts in thousands, except share and per share data) | ||||||||||||
Net Income (Loss) | ||||||||||||
Net Income (Loss) | Shares | Per Share | ||||||||||
Basic net income (loss) per common share: | $ | 11,268 | 36,906,468 | $ | 0.31 | |||||||
Impact of dilutive equity awards | 903,178 | |||||||||||
Diluted net income (loss) per common share: | $ | 11,268 | 37,809,646 | $ | 0.3 | |||||||
Computation Of Net Income (Loss) Per Share | ||||||||||||
Year Ended December 31, 2011 | ||||||||||||
(amounts in thousands, except share and per share data) | ||||||||||||
Net Income (Loss) | ||||||||||||
Net Income (Loss) | Shares | Per Share | ||||||||||
Basic net income (loss) per common share: | $ | 71,054 | 36,369,410 | $ | 1.95 | |||||||
Impact of dilutive equity awards | 1,394,555 | |||||||||||
Diluted net income (loss) per common share: | $ | 71,054 | 37,763,965 | $ | 1.88 | |||||||
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: | ||||||||||||
Impact Of Equity Awards | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(amounts in thousands, except per share data) | ||||||||||||
Dilutive or anti-dilutive for all potentially | ||||||||||||
dilutive equivalent shares | dilutive | dilutive | dilutive | |||||||||
Excluded shares as anti-dilutive under | ||||||||||||
the treasury stock method | ||||||||||||
Price range of options excluded: from | $ | 10.52 | $ | 6.43 | $ | 8.21 | ||||||
Price range of options excluded: to | $ | 48.21 | $ | 48.21 | $ | 48.21 | ||||||
Options excluded | 37 | 46 | 54 | |||||||||
RSUs with service conditions | 4 | 939 | 945 | |||||||||
RSUs with service and market conditions | - | 200 | 200 | |||||||||
Total RSUs excluded | 4 | 1,139 | 1,145 |
INCOME_TAXES_Block
INCOME TAXES (Block) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Income Tax Disclosure Abstract | ' | |||||||||||||||
Income Tax Disclosure Text Block | ' | |||||||||||||||
13. INCOME TAXES | ||||||||||||||||
Effective Tax Rate - Overview | ||||||||||||||||
The Company's effective income tax rate may be impacted by: (1) changes in the level of income in any of the Company's taxing jurisdictions; (2) changes in the statutes and rules applicable to taxable income in the jurisdictions in which the Company operates; (3) changes in the expected outcome of income tax audits; (4) changes in the estimate of expenses that are not deductible for tax purposes; (5) income taxes in certain states where the states' current taxable income is dependent on factors other than the Company's consolidated net income; and (6) adding facilities in states that on average have different income tax rates from states in which the Company currently operates and the resulting effect on previously reported temporary differences between the tax and financial reporting bases of the Company's assets and liabilities. The Company's annual effective tax rate may also be materially impacted by tax expense associated with non-amortizable assets such as broadcasting licenses and goodwill and changes in the deferred tax valuation allowance. | ||||||||||||||||
An impairment loss for financial statement purposes will result in an income tax benefit during the period incurred as the amortization of broadcasting licenses and goodwill is deductible for income tax purposes. | ||||||||||||||||
Expected And Reported Income Taxes (Benefit) | ||||||||||||||||
Income tax expense (benefit) computed using the United States federal statutory rates is reconciled to the reported income tax expense (benefit) as follows: | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
(amounts in thousands) | ||||||||||||||||
Federal statutory income tax rate | 35% | 35% | 35% | |||||||||||||
Computed tax expense (benefit) at federal statutory | ||||||||||||||||
rates on income (loss) before income taxes (benefit) | $ | 16,975 | $ | 8,310 | $ | 18,223 | ||||||||||
State income tax expense (benefit), net of federal benefit | 3,399 | 2,274 | -1,421 | |||||||||||||
Non-recognition of expense due to full valuation allowance | 54 | 203 | - | |||||||||||||
Valuation allowance current year activity | - | - | -41,721 | |||||||||||||
Reversal of net tax on derivative liability | - | - | 2,547 | |||||||||||||
Tax benefit shortfall associated with share-based awards | 997 | 412 | 2,061 | |||||||||||||
Nondeductible expenses and other | 1,051 | 1,275 | 1,323 | |||||||||||||
Income taxes (benefit) | $ | 22,476 | $ | 12,474 | $ | -18,988 | ||||||||||
For The Year Ended December 31, 2013 | ||||||||||||||||
The effective income tax rate was 46.3%. This rate was higher than the federal statutory rate of 35% primarily due to the combination of: (1) an increase in net deferred tax liabilities associated with non-amortizable assets such as broadcasting licenses and goodwill; and (2) an adjustment for expenses that are not deductible for tax purposes. In addition, the effective tax rate increased due to a tax benefit shortfall associated with share-based awards. | ||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||
The effective income tax rate was 52.5%. This rate was higher than the federal statutory rate of 35% primarily due to the combination of: (1) a reduction in income before income taxes as a result of the impairment loss of $22.3 million recorded in the second quarter of 2012; (2) an increase in net deferred tax liabilities associated with non-amortizable assets such as broadcasting licenses and goodwill; and (3) an adjustment for expenses that are not deductible for tax purposes. The rate was reduced by 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. | ||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||
The effective income tax rate was 36.5%. The difference between the federal statutory rate of 35% and the effective tax rate was primarily due to a reversal of the full valuation allowance against the Company's deferred tax assets for the reasons as described below under Valuation Allowance For Deferred Tax Assets. | ||||||||||||||||
Income Tax Expense | ||||||||||||||||
Income tax expense (benefit) for the years ended December 31, 2013, 2012 and 2011 is summarized as follows: | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Current: | ||||||||||||||||
Federal | $ | 0 | $ | 0 | $ | 0 | ||||||||||
State | 54 | -822 | -1,643 | |||||||||||||
Total current | 54 | -822 | -1,643 | |||||||||||||
Deferred: | ||||||||||||||||
Federal | 19,051 | 10,481 | -18,531 | |||||||||||||
State | 3,371 | 2,815 | 1,186 | |||||||||||||
Total deferred | 22,422 | 13,296 | -17,345 | |||||||||||||
Total income taxes (benefit) | $ | 22,476 | $ | 12,474 | $ | -18,988 | ||||||||||
Deferred Tax Assets And Deferred Tax Liabilities | ||||||||||||||||
The income tax accounting process to determine the Company's deferred tax assets and liabilities involves estimating all temporary differences between the tax and financial reporting bases of the Company's assets and liabilities based on tax laws and statutory tax rates applicable to the period in which the differences are expected to affect taxable income. These estimates include assessing the likely future tax consequences of events that have been recognized in the Company's financial statements or tax returns. Changes to these estimates could have a future impact on the Company's financial position or results of operations. | ||||||||||||||||
The tax effects of significant temporary differences that comprise the net deferred tax assets and liabilities are as follows: | ||||||||||||||||
December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(amounts in thousands) | ||||||||||||||||
Deferred tax assets: | ||||||||||||||||
Employee benefits | $ | 857 | $ | 877 | ||||||||||||
Deferred compensation | 476 | 72 | ||||||||||||||
Provision for doubtful accounts | 947 | 1,060 | ||||||||||||||
Deferred gain on tower transaction | 236 | 4,955 | ||||||||||||||
Other | 567 | 480 | ||||||||||||||
Total current deferred tax assets before valuation allowance | 3,083 | 7,444 | ||||||||||||||
Valuation allowance | -195 | -209 | ||||||||||||||
Total current deferred tax assets - net | 2,888 | 7,235 | ||||||||||||||
Federal and state income tax loss carryforwards | 115,130 | 93,199 | ||||||||||||||
Share-based compensation | 2,136 | 2,969 | ||||||||||||||
Investments - impairments | 490 | 490 | ||||||||||||||
Lease rental obligations | 2,058 | 2,296 | ||||||||||||||
Deferred compensation | 4,112 | 3,291 | ||||||||||||||
Deferred gain on tower transaction | 3,525 | - | ||||||||||||||
Other non-current | 1,086 | 1,165 | ||||||||||||||
Total non-current deferred tax assets before valuation allowance | 128,537 | 103,410 | ||||||||||||||
Valuation allowance | -20,043 | -18,124 | ||||||||||||||
Total non-current deferred tax assets - net | 108,494 | 85,286 | ||||||||||||||
Total deferred tax assets | $ | 111,382 | $ | 92,521 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||||
Advertiser broadcasting obligations | $ | -38 | $ | -13 | ||||||||||||
Total current deferred tax liabilities | -38 | -13 | ||||||||||||||
Deferral of gain recognition on the extinguishment of debt | -7,657 | -7,642 | ||||||||||||||
Property, equipment and certain intangibles (other | ||||||||||||||||
than broadcasting licenses and goodwill) | 4,318 | 1,901 | ||||||||||||||
Broadcasting licenses and goodwill | -149,427 | -105,771 | ||||||||||||||
Total non-current deferred tax liabilities | -152,766 | -111,512 | ||||||||||||||
Total deferred tax liabilities | $ | -152,804 | $ | -111,525 | ||||||||||||
Total net deferred tax liabilities | $ | -41,422 | $ | -19,004 | ||||||||||||
Valuation Allowance For Deferred Tax Assets | ||||||||||||||||
Judgment is required in estimating valuation allowances for deferred tax assets. Deferred tax assets are reduced by a valuation allowance if an assessment of their components indicates that it is more likely than not that all or some portion of these assets will not be realized. The realization of a deferred tax asset ultimately depends on the existence of sufficient taxable income in the carryforward periods under tax law. The Company periodically assesses the need for valuation allowances for deferred tax assets based on more-likely-than-not realization threshold criteria. In the Company's assessment, appropriate consideration is given to all positive and negative evidence related to the realization of the deferred tax assets. This assessment considers, among other matters, forecasts of future profitability, the duration of statutory carryforward periods, the Company's experience with operating loss carryforwards not expiring unused and any ownership change limitations under Internal Revenue Code Section 382 on the Company's future income that can be used to offset historic losses. | ||||||||||||||||
In 2011, management determined that, on a more likely than not realization basis, a full valuation allowance was no longer required. Contributing to management's assessment were sufficient positive indicators such as, but not limited to, the then present economic conditions (as compared to the economic conditions when the valuation allowance was established), recent profitability, management's expectation of future profitability, including available future taxable income under the current tax law to realize all of the tax benefits for deductible temporary differences and carryforwards. In addition, the Company does not have a history of its federal and certain state net operating loss carryforwards expiring unused. The deferred tax asset valuation allowance was initially established in 2008 as the Company was impacted by the economic downturn during this period which resulted in impairments to the Company's broadcast licenses and goodwill in 2007 and 2008. These impairment losses impacted the Company's three-year cumulative income. | ||||||||||||||||
As changes occur in the Company's assessments regarding its ability to recover its deferred tax assets, the Company's tax provision is increased in any period in which the Company determines that the recovery is not probable. | ||||||||||||||||
The following table presents the changes in the deferred tax asset valuation allowance for the periods indicated: | ||||||||||||||||
Increase | ||||||||||||||||
(Decrease) | Increase | |||||||||||||||
Charged | (Decrease) | |||||||||||||||
(Credited) | Charged | |||||||||||||||
Balance At | To Income | (Credited) | Balance At | |||||||||||||
Beginning | Taxes | To | End Of | |||||||||||||
Year Ended | Of Year | (Benefit) | OCI | Year | ||||||||||||
(amounts in thousands) | ||||||||||||||||
31-Dec-13 | $ | 18,333 | $ | 1,905 | $ | 0 | $ | 20,238 | ||||||||
31-Dec-12 | 9,633 | 8,700 | 0 | 18,333 | ||||||||||||
31-Dec-11 | 56,142 | -43,737 | -2,772 | 9,633 | ||||||||||||
Liabilities For Uncertain Tax Positions | ||||||||||||||||
The Company recognizes liabilities for uncertain tax positions based on whether evidence indicates that it is more likely than not that the position will be sustained on audit. It is inherently difficult and subjective to estimate such amounts, as this requires the Company to estimate the probability of various possible outcomes. The Company reevaluates these uncertain tax positions on a quarterly basis. Changes in assumptions may result in the recognition of a tax benefit or an additional charge to the tax provision. | ||||||||||||||||
The Company classifies interest related to income tax liabilities as income tax expense, and penalties are recognized as a component of income tax expense. The income tax liabilities and accrued interest and penalties are presented as non-current liabilities, as payments are not anticipated within one year of the balance sheet date. These non-current income tax liabilities are recorded in other long-term liabilities in the consolidated balance sheets. | ||||||||||||||||
The Company's liabilities for uncertain tax positions are reflected in the following table: | ||||||||||||||||
December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(amounts in thousands) | ||||||||||||||||
Liabilities for uncertain tax positions | ||||||||||||||||
Tax | $ | 67 | $ | 67 | ||||||||||||
Interest and penalties | 132 | 121 | ||||||||||||||
Total | $ | 199 | $ | 188 | ||||||||||||
The amounts for interest and penalties expense reflected in the statements of operations were eliminated in the statements of cash flows under net deferred taxes (benefit) and other as no cash payments were made during these periods. | ||||||||||||||||
The following table presents the expense (income) for uncertain tax positions, which amounts were reflected in the consolidated statements of operations as an increase (decrease) to income tax expense: | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
(amounts in thousands) | ||||||||||||||||
Tax expense (income) | $ | - | $ | -617 | $ | -990 | ||||||||||
Interest and penalties (income) | 11 | -309 | -717 | |||||||||||||
Total income taxes (benefit) | ||||||||||||||||
from uncertain tax positions | $ | 11 | $ | -926 | $ | -1,707 | ||||||||||
The increase in liabilities for uncertain tax positions for the year ended December 31, 2013 primarily reflects the addition of interest related to existing uncertain tax positions. | ||||||||||||||||
For those years with a decrease, the liabilities for uncertain tax positions primarily reflect the expiration of statutes of limitation for certain tax jurisdictions. | ||||||||||||||||
The following table presents the gross amount of changes in unrecognized tax benefits for the periods indicated: | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
(amounts in thousands) | ||||||||||||||||
Beginning of year balance | $ | -7,690 | $ | -8,180 | $ | -7,738 | ||||||||||
Prior year positions | ||||||||||||||||
Gross Increases | - | -733 | - | |||||||||||||
Gross Decreases | - | 858 | 708 | |||||||||||||
Current year positions | ||||||||||||||||
Gross Increases | - | - | -1,431 | |||||||||||||
Gross Decreases | - | - | - | |||||||||||||
Settlements with tax authorities | - | - | - | |||||||||||||
Reductions due to statute lapse | - | 365 | 281 | |||||||||||||
End of year balance | $ | -7,690 | $ | -7,690 | $ | -8,180 | ||||||||||
Ending liability balance included above that was | ||||||||||||||||
reflected as an offset to deferred tax assets | $ | -7,623 | $ | -7,623 | $ | -7,495 | ||||||||||
The gross amount of the Company's unrecognized tax benefits is reflected in the above table which, if recognized, would impact the Company's effective income tax rate in the period of recognition. The total amount of unrecognized tax benefits could increase or decrease within the next 12 months for a number of reasons including the expiration of statutes of limitations, audit settlements and tax examination activities. | ||||||||||||||||
As of December 31, 2013, there were no unrecognized net tax benefits (exclusive of interest and penalties) that over the next 12 months are subject to the expiration of various statutes of limitation. Interest and penalties accrued on uncertain tax positions are released upon the expiration of statutes of limitations. | ||||||||||||||||
Federal And State Income Tax Audits | ||||||||||||||||
The Company is subject to federal and state income tax audits from time to time that could result in proposed assessments. Management believes that the Company has made sufficient tax provisions for tax periods that are within the statutory period of limitations not previously audited and that are potentially open for examination by the taxing authorities. Potential liabilities associated with these years will be resolved when an event occurs to warrant closure, primarily through the completion of audits by the taxing jurisdictions, or if the statute of limitations expires. To the extent audits or other events result in a material adjustment to the accrued estimates, the effect would be recognized during the period of the event. There can be no assurance, however, that the ultimate outcome of audits will not have a material adverse impact on the Company's financial position, results of operations or cash flows. | ||||||||||||||||
The Company cannot predict with certainty how these audits will be resolved and whether the Company will be required to make additional tax payments, which may include penalties and interest. During the fourth quarter of 2010, the Company concluded an audit by the IRS with no proposed adjustment for the tax years of 2004 through 2008. For most states where the Company conducts business, the Company is subject to examination for the preceding three to six years. In certain states, the period could be longer. | ||||||||||||||||
Income Tax Payments And Refunds | ||||||||||||||||
The following table provides the amount of income tax payments and income tax refunds for the periods indicated: | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
(amounts in thousands) | ||||||||||||||||
State income tax payments | $ | 69 | $ | 99 | $ | 82 | ||||||||||
Federal and state income tax refunds (1) | $ | 5 | $ | 256 | $ | 492 | ||||||||||
(1) The tax refunds in 2011 were primarily comprised of refunds resulting from federal tax legislation during the fourth quarter of 2009 that allowed the Company to carryback its 2008 net operating loss for five years rather than for two years. | ||||||||||||||||
Net Operating Loss Carryforwards | ||||||||||||||||
The Company reversed a full valuation allowance against its deferred tax assets during 2011. The Company has recorded a valuation allowance, however, for certain of its state net operating loss carryforwards (“NOLs”) as the Company does not expect to obtain a benefit in future periods. Utilization in future years of the NOL carryforwards may be subject to limitations due to the changes in ownership provisions under Section 382 of the Internal Revenue Code and similar state provisions. | ||||||||||||||||
Windfall tax benefits will be recognized for book purposes and recorded to paid-in capital only when realized. The Company does not recognize a deferred tax asset for unrealized tax benefits associated with the tax deductions in excess of the compensation recorded (excess tax benefit). The Company applies the “with and without” approach for utilization of tax attributes upon realization of NOLs in the future. This method allocates stock-based compensation benefits last among other tax benefits recognized. The NOLs reflected in the following table exclude these windfall stock compensation deductions. | ||||||||||||||||
Net Operating Losses | ||||||||||||||||
31-Dec-13 | ||||||||||||||||
Suspended | ||||||||||||||||
NOLs | Windfall | NOL Expiration Period | ||||||||||||||
(amounts in thousands) | (in years) | |||||||||||||||
Federal NOL carryforwards | $ | 257,187 | $ | 8,824 | 2030 to 2034 | |||||||||||
State NOL carryforwards | $ | 549,737 | $ | 8,174 | 2014 to 2033 | |||||||||||
State income tax credit | $ | 1,248 | to 2018 |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Block) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ||||||||||||
Comprehensive Income Note Text Block | ' | ||||||||||||
14. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||
The Company's accumulated comprehensive income (loss) consists of net income (loss) and other items recorded directly to the equity accounts. | |||||||||||||
The following table summarizes the types of other comprehensive income (loss) recorded to the statements of comprehensive income (loss) for the periods indicated: | |||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||
Year Ended December 31, | |||||||||||||
Category | 2011 | ||||||||||||
(amounts in thousands) | |||||||||||||
Accumulated other comprehensive income (loss) beginning balance | $ | -7,277 | |||||||||||
Interest Rate Derivatives | |||||||||||||
Prior period correction | 5,998 | ||||||||||||
Net gain (loss) on derivatives | 5,643 | ||||||||||||
Income (taxes) benefit | -2,149 | ||||||||||||
Net gain (loss) on derivatives, net of taxes and | |||||||||||||
before valuation allowance | 9,492 | ||||||||||||
Valuation allowance - (decrease) increase | - | ||||||||||||
Net gain (loss), net of taxes | 9,492 | ||||||||||||
Reclassification to the income statement due to hedge ineffectiveness | -2,215 | ||||||||||||
Net activity | 7,277 | ||||||||||||
Accumulated other comprehensive income (loss) ending balance | $ | - |
SUPPLEMENTAL_CASH_FLOW_INFORMA
SUPPLEMENTAL CASH FLOW INFORMATION (Block) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||||
Cash Flow, Supplemental Disclosures [Text Block] | ' | |||||||||
15. SUPPLEMENTAL CASH FLOW DISCLOSURES ON NON-CASH INVESTING AND FINANCING ACTIVITIES | ||||||||||
The following table provides non-cash disclosures during the periods indicated: | ||||||||||
Years Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
(amounts in thousands) | ||||||||||
Barter revenues | $ | 3,821 | $ | 3,403 | $ | 3,847 | ||||
Barter expenses | $ | 3,766 | $ | 3,573 | $ | 3,955 | ||||
Retirement of finance method lease obligations and other | $ | 12,679 | $ | - | $ | - |
EMPLOYEE_SAVINGS_AND_BENEFIT_P
EMPLOYEE SAVINGS AND BENEFIT PLANS (Block) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Compensation And Retirement Disclosure Abstract | ' | |||||||||||
Compensation And Employee Benefit Plans Text Block | ' | |||||||||||
16. EMPLOYEE SAVINGS AND BENEFIT PLANS | ||||||||||||
Deferred Compensation Plans | ||||||||||||
The Company provides certain of its employees and the Board of Directors with an opportunity to defer a portion of their compensation on a tax-favored basis. The obligations by the Company to pay these benefits under the deferred compensation plans represent unsecured general obligations that rank equally with the Company's other unsecured indebtedness. Amounts deferred under these plans were included in other long-term liabilities in the consolidated balance sheets. Any change in the deferred compensation liability for each period is recorded to corporate general and administrative expenses and to station operating expenses in the statement of operations. | ||||||||||||
Years Ended December 31, | ||||||||||||
Benefit Plan Disclosures | 2013 | 2012 | 2011 | |||||||||
(amounts in thousands) | ||||||||||||
Deferred compensation | ||||||||||||
Beginning of period balance | $ | 8,377 | $ | 6,824 | $ | 6,622 | ||||||
Employee compensation deferrals | 369 | 805 | 790 | |||||||||
Employee compensation payments | -297 | -210 | -534 | |||||||||
Increase (decrease) in plan fair value | 2,010 | 958 | -54 | |||||||||
End of period balance | $ | 10,459 | $ | 8,377 | $ | 6,824 | ||||||
401(k) Savings Plan | ||||||||||||
The Company has a savings plan which is intended to be qualified under Section 401(k) of the Internal Revenue Code. The plan is a defined contribution plan, available to all eligible employees, and allows participants to contribute up to the legal maximum of their eligible compensation, not to exceed the maximum tax-deferred amount allowed by the Internal Revenue Service. | ||||||||||||
The following table presents for the periods indicated the Company's contribution to the 401(k) Plan: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(amounts in thousands) | ||||||||||||
401(k) savings plan expense | $ | 851 | $ | 881 | $ | 477 |
FAIR_VALUE_OF_FINANCIAL_INSTRU
FAIR VALUE OF FINANCIAL INSTRUMENTS (Block) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures Abstract | ' | |||||||||||||||
Fair Value Disclosures Text Block | ' | |||||||||||||||
17. FAIR VALUE OF FINANCIAL INSTRUMENTS | ||||||||||||||||
Fair Value Of Financial Instruments Subject To Fair Value Measurements | ||||||||||||||||
The Company has determined the types of financial assets and liabilities subject to fair value measurement are: (1) certain tangible and intangible assets subject to impairment testing as described in Note 4; (2) deemed deferred compensation plans as described in Note 16; (3) financial instruments as described in Note 7; (4) lease abandonment liabilities; (5) interest rate derivative transactions as described under Note 9; and (6) investments in cash equivalents. | ||||||||||||||||
The fair value is the price that would be received upon the sale of an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent to the inputs of the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy assigns the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). | ||||||||||||||||
The three levels of the fair value hierarchy are as follows: | ||||||||||||||||
Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. | ||||||||||||||||
Level 2 – Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reported date. | ||||||||||||||||
Level 3 – Pricing inputs include significant inputs that are generally less observable than objective sources. These inputs may be used with internally developed methodologies that result in management's best estimate of fair value. At each balance sheet date, the Company performs an analysis of all instruments and includes in Level 3 all of those whose fair value is based on significant unobservable inputs. | ||||||||||||||||
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. | ||||||||||||||||
31-Dec-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) | ||||||||||||
Liabilities | ||||||||||||||||
Deferred compensation (1) | $ | 10,459 | $ | 10,459 | $ | - | $ | - | ||||||||
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 (2) | $ | 6,695 | $ | 6,695 | $ | - | $ | - | ||||||||
Liabilities | ||||||||||||||||
Deferred compensation (1) | $ | 8,377 | $ | 8,377 | $ | - | $ | - | ||||||||
Lease abandonment liability (3): | ||||||||||||||||
Short-term | $ | 72 | $ | - | $ | 72 | $ | - | ||||||||
Long-term | $ | 609 | $ | - | $ | 609 | $ | - | ||||||||
(1) 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. | ||||||||||||||||
(2) 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. | ||||||||||||||||
(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. | ||||||||||||||||
For The Years Ended December 31, 2013 And 2011 | ||||||||||||||||
The Company reviewed the fair value of its broadcasting licenses, goodwill and net property and equipment and other intangibles, and concluded that these assets were not impaired as the fair value of these assets equaled or exceeded their carrying values. | ||||||||||||||||
For The Year Ended December 31, 2012 | ||||||||||||||||
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 Year | |||||||||||||||
Markets For | Significant | Ended | ||||||||||||||
Identical | Other | Significant | December 31, | |||||||||||||
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 | ||||||
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: | ||||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Value | Value | Value | Value | |||||||||||||
(amounts in thousands) | ||||||||||||||||
Credit Facility (1) | $ | 299,500 | $ | 301,559 | $ | 352,500 | $ | 356,686 | ||||||||
Senior Notes (2) | $ | 217,624 | $ | 248,635 | $ | 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 2 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. This transaction was completed during the second quarter of 2013 and fully written off. | ||||||||||||||||
(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. | ||||||||||||||||
DISCONTINUED_OPERATIONS_Block
DISCONTINUED OPERATIONS (Block) | 12 Months Ended |
Dec. 31, 2013 | |
Discontinued Operations And Disposal Groups Abstract | ' |
Disposal Groups Including Discontinued Operations Disclosure Text Block | ' |
18. 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 December 31, 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_AND_OTHER_Block
ACQUISITIONS AND OTHER (Block) | 12 Months Ended |
Dec. 31, 2013 | |
Business Combinations [Abstract] | ' |
Mergers Acquisitions And Dispositions Disclosures Text Block | ' |
19. ACQUISITIONS AND OTHER | |
The Company consummated acquisitions of radio stations under the purchase method of accounting, and the purchase price was allocated to the assets based upon their respective fair values as determined as of the purchase date. The purchase price for acquisitions consummated subsequent to 2008 excludes transaction costs. | |
Acquisitions For The Year Ended December 31, 2013 | |
There were no acquisitions during the current year. | |
Acquisition For The Year Ended December 31, 2012 | |
San Francisco, California | |
On June 28, 2012, the Company acquired the assets of KBLX-FM, a radio station in the San Francisco, California, market for a purchase price of $25.0 million in cash, of which $7.0 million was paid from cash available from operating cash flow and $18.0 was borrowed under the Company's Revolver. The Company commenced operations under a TBA effective May 1, 2012. | |
In connection with this acquisition, the Company recorded goodwill of $0.2 million, which is fully deductible for tax purposes, and indefinite-lived intangible assets in the form of broadcasting licenses of $24.8 million. The acquisition of this station was not material to the Company's results of operations for any of the periods presented herein. | |
Including this acquisition, the Company owns four radio stations in the San Francisco market and one station in the San Jose market. Management believes that the addition of KBLX-FM to the Company's cluster of existing stations in this market will allow the Company to compete more effectively by sharing certain synergies in sales, programming and administration. | |
Acquisition For The Year Ended December 31, 2011 | |
San Jose, California | |
On February 28, 2011, the Company acquired the assets of KUFX-FM, a radio station in the San Jose, California, market for $9.0 million in cash, of which $1.4 million was paid as a deposit in December 2010. The source of the funds used to complete this transaction was as follows: (1) $7.6 million from funds borrowed under the Company's Former Facility; and (2) $1.4 million related to the December 2010 deposit from funds available from operating cash flow. In December 2010, the Company entered into an asset purchase agreement and a TBA under which the Company commenced operations on January 19, 2011. In connection with this acquisition, the Company recorded goodwill of $0.7 million, which is fully deductible for tax purposes, and indefinite-lived intangible assets in the form of broadcasting licenses of $8.1 million. The acquisition of this station was not material to the Company's results of operations for the year ended December 31, 2011. | |
Other | |
Acquired Unfavorable Lease Liability | |
In connection with the acquisition of KUFX-FM, the Company acquired an unfavorable lease for studio space in San Jose, California, with lease terms significantly above market. The unfavorable lease liability was recorded in other liabilities and has a remaining life of approximately 7.5 years as of the acquisition date. The unfavorable lease liability is amortized on a straight-line basis over the life of the lease. | |
Merger Costs | |
During the first quarter of 2011, the Company incurred legal and advisory expenses of $0.8 million associated with its unsuccessful effort to acquire a large radio group operator. These expenses are reflected as merger and acquisition costs in the consolidated statements of operations. | |
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, a lease was assumed 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 lease liabilities 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 to sublease any of the space. 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) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Commitments And Contingencies Disclosure Abstract | ' | |||||||||||||||||||||
Commitments And Contingencies Disclosure Text Block | ' | |||||||||||||||||||||
20. CONTINGENCIES, GUARANTOR ARRANGEMENTS AND COMMITMENTS | ||||||||||||||||||||||
Contingencies | ||||||||||||||||||||||
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. | ||||||||||||||||||||||
Insurance | ||||||||||||||||||||||
The Company uses a combination of insurance and self-insurance mechanisms to mitigate the potential liabilities for workers' compensation, general liability, property, directors' and officers' liability, vehicle liability and employee health care benefits. Liabilities associated with the risks that are retained by the Company are estimated, in part, by considering claims experience, demographic factors, severity factors, outside expertise and other actuarial assumptions. Under one of these policies, the Company is required to maintain a letter of credit in the amount of $0.4 million. | ||||||||||||||||||||||
Broadcast Licenses | ||||||||||||||||||||||
The Company could face increased costs in the form of fines and a greater risk that the Company could lose any one or more of its broadcasting licenses if the Federal Communications Commission (the “FCC”) concludes that programming broadcast by a Company station was obscene, indecent or profane and such conduct warrants license revocation. The FCC's authority to impose a fine for the broadcast of such material is $325,000 for a single incident, with a maximum fine of up to $3,000,000 for a continuing violation. In the past, the FCC has issued Notices of Apparent Liability and a Forfeiture Order with respect to several of the Company's stations proposing fines for certain programming which the FCC deemed to have been indecent. These cases are the subject of pending administrative appeals. The FCC has also investigated other complaints from the public that some of the Company's stations broadcast indecent programming. These investigations remain pending. The FCC initiated an investigation into an incident where a person died after participating in a contest at one of the Company's stations and this investigation remains pending. The Company has determined that, at this time, the amount of potential fines and penalties, if any, is not fixed or determinable. | ||||||||||||||||||||||
The Company has filed, on a timely basis, renewal applications for those radio stations with radio broadcasting licenses that are subject to renewal with the FCC. The Company's costs to renew its licenses with the FCC are nominal and are expensed as incurred rather than capitalized. Certain licenses were not renewed prior to the renewal date. The Company continues to operate these radio stations under their existing licenses until the licenses are renewed. The FCC may delay the renewal pending the resolution of open inquiries. The affected stations are, however, authorized to continue operations until the FCC acts upon the renewal applications. | ||||||||||||||||||||||
Commitments | ||||||||||||||||||||||
Leases And Other Contracts | ||||||||||||||||||||||
Rental expense is incurred principally for office and broadcasting facilities. Certain of the leases contain clauses that provide for contingent rental expense based upon defined events such as cost of living adjustments and/or maintenance costs in excess of pre-defined amounts. For the period prior to July 1, 2013, rental expense does not include any payments made in connection with financing method lease obligations as described under Note 8, Tower Sale And Leaseback. | ||||||||||||||||||||||
The following table provides the Company's rent expense for the periods indicated: | ||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||
Rent Expense | $ | 13,226 | $ | 12,748 | $ | 12,719 | ||||||||||||||||
The Company also has various commitments under the following types of contracts: (1) operating leases; (2) sports programming; (3) on-air talent; and (4) other contracts with aggregate minimum annual commitments as of December 31, 2013 as follows: | ||||||||||||||||||||||
Programming | ||||||||||||||||||||||
Operating | And Related | |||||||||||||||||||||
Leases | Contracts | Total | ||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||
Years ending December 31, | ||||||||||||||||||||||
2014 | $ | 13,798 | $ | 72,235 | $ | 86,033 | ||||||||||||||||
2015 | 13,675 | 57,438 | 71,113 | |||||||||||||||||||
2016 | 13,358 | 49,240 | 62,598 | |||||||||||||||||||
2017 | 12,197 | 14,321 | 26,518 | |||||||||||||||||||
2018 | 10,049 | 956 | 11,005 | |||||||||||||||||||
Thereafter | 33,404 | 416 | 33,820 | |||||||||||||||||||
$ | 96,481 | $ | 194,606 | $ | 291,087 | |||||||||||||||||
Guarantor Arrangements | ||||||||||||||||||||||
The Company recognizes, at the inception of a guarantee, a liability for the fair value of the obligation undertaken by issuing the guarantee. The following is a summary of agreements that the Company has determined are within the scope of guarantor arrangements: | ||||||||||||||||||||||
The Company enters into indemnification agreements in the ordinary course of business. Under these agreements, the Company typically indemnifies, holds harmless, and agrees to reimburse the indemnified party for losses suffered or incurred by the indemnified party. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited. The Company believes that the estimated fair value of these agreements is minimal. Accordingly, the Company has not recorded liabilities for these agreements as of December 31, 2013. | ||||||||||||||||||||||
Under the Company's Credit Facility, the Company is required to reimburse lenders for any increased costs that they may incur in the event of a change in law, rule or regulation resulting in their reduced returns from any change in capital requirements. The Company cannot estimate the potential amount of any future payment under this provision, nor can the Company predict if such an event will ever occur. | ||||||||||||||||||||||
In connection with many of the Company's acquisitions, the Company enters into time brokerage agreements or local marketing agreements for specified periods of time, usually six months or less, whereby the Company typically indemnifies the owner and operator of the radio station, their employees, agents and contractors from liability, claims and damages arising from the activities of operating the radio station under such agreements. The maximum potential amount of any future payments the Company could be required to make for any such previous indemnification obligations is indeterminable at this time. The Company has not, however, previously incurred any significant costs to defend lawsuits or settle claims relating to any such indemnification obligation. | ||||||||||||||||||||||
Financial Statements Of Parent | ||||||||||||||||||||||
The condensed financial data of the Parent Company has been prepared in accordance with Rule 12-04 of Regulation S-X. The Parent Company's financial data includes the financial data of Entercom Communications Corp., excluding all subsidiaries. | ||||||||||||||||||||||
The most significant restrictions on the payment of dividends by Radio (as contemplated by Rule 4-08(e) of Regulation S-X) are set forth in the Credit Facility and the indenture governing the Senior Notes. | ||||||||||||||||||||||
Under both the Credit Facility and the indenture governing the Senior Notes, Radio is permitted to make distributions to the Parent Company in amounts, as defined, as follow: (a) amounts which are required to pay the Parent Company's reasonable overhead costs, including income taxes and other costs associated with conducting the operations of Radio and its subsidiaries; and (b) certain amounts which qualify as “Restricted Payments.” With respect to the Credit Facility, the permitted Restricted Payment is generally $40 million plus Cumulative Retained Excess Cash Flow. The Company's ability to make a Restricted Payment in these amounts under the Credit Facility is a function of its leverage ratio. With respect to the indenture governing the Senior Notes, the permitted Restricted Payment is generally $60 million plus a variable amount. The variable amount is a function of the Company's EBITDA and the Company's leverage ratio. | ||||||||||||||||||||||
Effectively all of Radio's assets are subject to these distribution limitations to Parent. | ||||||||||||||||||||||
The following tables set forth the condensed financial data (other than the statements of shareholders' equity and statements of comprehensive income as these statements are not condensed) of the Parent Company: | ||||||||||||||||||||||
the balance sheets as of December 31, 2013 and 2012; | ||||||||||||||||||||||
the statements of operations for the years ended December 31, 2013, 2012 and 2011; | ||||||||||||||||||||||
the statements of comprehensive income (loss) for the years ended December 31, 2013, 2012 and 2011; | ||||||||||||||||||||||
the statements of shareholders' equity for the years ended December 31, 2013, 2012 and 2011; and | ||||||||||||||||||||||
the statements of cash flows for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||||||||||
ENTERCOM COMMUNICATIONS CORP. | ||||||||||||||||||||||
CONDENSED PARENT COMPANY BALANCE SHEETS | ||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
ASSETS | ||||||||||||||||||||||
Current Assets | $ | 4,330 | $ | 1,968 | ||||||||||||||||||
Property And Equipment - Net | 727 | 895 | ||||||||||||||||||||
Deferred Charges And | ||||||||||||||||||||||
Other Assets - Net | 2,564 | 1,991 | ||||||||||||||||||||
Investment In Subsidiaries / Intercompany | 328,116 | 289,361 | ||||||||||||||||||||
TOTAL ASSETS | $ | 335,737 | $ | 294,215 | ||||||||||||||||||
LIABILITIES AND | ||||||||||||||||||||||
SHAREHOLDERS' EQUITY | ||||||||||||||||||||||
Current Liabilities | $ | 11,317 | $ | 9,697 | ||||||||||||||||||
Long Term Liabilities | 26,027 | 15,024 | ||||||||||||||||||||
Total Liabilities | 37,344 | 24,721 | ||||||||||||||||||||
Shareholders' Equity: | ||||||||||||||||||||||
Class A, B and C Common Stock | 385 | 384 | ||||||||||||||||||||
Additional Paid-In Capital | 604,721 | 601,847 | ||||||||||||||||||||
Accumulated Deficit | -306,713 | -332,737 | ||||||||||||||||||||
Total shareholders' equity | 298,393 | 269,494 | ||||||||||||||||||||
TOTAL LIABILITIES AND | ||||||||||||||||||||||
SHAREHOLDERS' EQUITY | $ | 335,737 | $ | 294,215 | ||||||||||||||||||
See notes to condensed Parent Company financial statements. | ||||||||||||||||||||||
ENTERCOM COMMUNICATIONS CORP. | ||||||||||||||||||||||
CONDENSED PARENT COMPANY INCOME STATEMENTS | ||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||
YEARS ENDED DECEMBER 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
NET REVENUES | $ | 615 | $ | 659 | $ | 652 | ||||||||||||||||
OPERATING (INCOME) EXPENSE: | ||||||||||||||||||||||
Depreciation and amortization expense | 1,122 | 920 | 852 | |||||||||||||||||||
Corporate general and administrative expenses | 24,229 | 25,717 | 26,464 | |||||||||||||||||||
Merger and acquisition costs | - | - | 767 | |||||||||||||||||||
Net (gain) loss on sale or disposal of assets | -1,954 | - | -28 | |||||||||||||||||||
Total operating expense | 23,397 | 26,637 | 28,055 | |||||||||||||||||||
OPERATING INCOME (LOSS) | -22,782 | -25,978 | -27,403 | |||||||||||||||||||
Net interest expense, including amortization | ||||||||||||||||||||||
of deferred financing expense | 1 | -46 | 59 | |||||||||||||||||||
Other income | -165 | -118 | -32 | |||||||||||||||||||
Income from equity investment in subsidiaries | -71,118 | -49,556 | -79,496 | |||||||||||||||||||
TOTAL OTHER (INCOME) EXPENSE | -71,282 | -49,720 | -79,469 | |||||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES (BENEFIT) | 48,500 | 23,742 | 52,066 | |||||||||||||||||||
INCOME TAXES (BENEFIT) | 22,476 | 12,474 | -18,988 | |||||||||||||||||||
NET INCOME (LOSS) | $ | 26,024 | $ | 11,268 | $ | 71,054 | ||||||||||||||||
See notes to condensed Parent Company financial statements. | ||||||||||||||||||||||
ENTERCOM COMMUNICATIONS CORP. | ||||||||||||||||||||||
PARENT COMPANY STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||
YEARS ENDED DECEMBER 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
NET INCOME (LOSS) | $ | 26,024 | $ | 11,268 | $ | 71,054 | ||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), | ||||||||||||||||||||||
NET OF TAXES (BENEFIT): | ||||||||||||||||||||||
Net unrealized gain (loss) on derivatives, | ||||||||||||||||||||||
net of taxes (benefit) | 0 | 0 | 7,277 | |||||||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 26,024 | $ | 11,268 | $ | 78,331 | ||||||||||||||||
See notes to Parent Company financial statements. | ||||||||||||||||||||||
ENTERCOM COMMUNICATIONS CORP. | ||||||||||||||||||||||
PARENT COMPANY STATEMENTS OF SHAREHOLDERS' EQUITY | ||||||||||||||||||||||
YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011 | ||||||||||||||||||||||
(amounts in thousands, except share data) | ||||||||||||||||||||||
Retained | Accumulated | |||||||||||||||||||||
Common Stock | Additional | Earnings | Other | |||||||||||||||||||
Class A | Class B | Paid-in | (Accumulated | Comprehensive | ||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit) | Income (Loss) | Total | |||||||||||||||
Balance, December 31, 2010 | 30,700,568 | $ | 307 | 7,367,532 | $ | 74 | $ | 592,643 | $ | -415,080 | $ | -7,277 | $ | 170,667 | ||||||||
Net income (loss) | - | - | - | - | - | 71,054 | - | 71,054 | ||||||||||||||
Conversion of Class B common stock | ||||||||||||||||||||||
to Class A common stock | 170,000 | 2 | -170,000 | -2 | - | - | - | - | ||||||||||||||
Compensation expense related to granting | ||||||||||||||||||||||
of stock options | - | - | - | - | 462 | - | - | 462 | ||||||||||||||
Compensation expense related to granting | ||||||||||||||||||||||
of restricted stock units | 416,906 | 4 | - | - | 7,205 | - | - | 7,209 | ||||||||||||||
Exercise of stock options | 53,625 | - | - | - | 71 | - | - | 71 | ||||||||||||||
Purchase of vested employee restricted | ||||||||||||||||||||||
stock units | -297,098 | -3 | - | - | -3,054 | - | - | -3,057 | ||||||||||||||
Forfeitures of dividend equivalents | - | - | - | - | - | 5 | - | 5 | ||||||||||||||
Net unrealized gain (loss) on derivatives | - | - | - | - | - | - | 7,277 | 7,277 | ||||||||||||||
Balance, December 31, 2011 | 31,044,001 | 310 | 7,197,532 | 72 | 597,327 | -344,021 | - | 253,688 | ||||||||||||||
Net income (loss) | - | - | - | - | - | 11,268 | - | 11,268 | ||||||||||||||
Compensation expense related to granting | ||||||||||||||||||||||
of stock options | - | - | - | - | 210 | - | - | 210 | ||||||||||||||
Compensation expense related to granting | ||||||||||||||||||||||
of restricted stock units | 280,072 | 3 | - | - | 5,541 | - | - | 5,544 | ||||||||||||||
Exercise of stock options | 101,350 | 1 | - | - | 134 | - | - | 135 | ||||||||||||||
Purchase of vested employee restricted | ||||||||||||||||||||||
stock units | -199,376 | -2 | - | - | -1,365 | - | - | -1,367 | ||||||||||||||
Forfeitures of dividend equivalents | - | - | - | - | - | 16 | - | 16 | ||||||||||||||
Balance, December 31, 2012 | 31,226,047 | 312 | 7,197,532 | 72 | 601,847 | -332,737 | - | 269,494 | ||||||||||||||
ENTERCOM COMMUNICATIONS CORP. | ||||||||||||||||||||||
PARENT COMPANY STATEMENTS OF SHAREHOLDERS' EQUITY | ||||||||||||||||||||||
YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011 | ||||||||||||||||||||||
(amounts in thousands, except share data) | ||||||||||||||||||||||
Retained | Accumulated | |||||||||||||||||||||
Common Stock | Additional | Earnings | Other | |||||||||||||||||||
Class A | Class B | Paid-in | (Accumulated | Comprehensive | ||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit) | Income (Loss) | Total | |||||||||||||||
Net income (loss) | - | - | - | - | - | 26,024 | - | 26,024 | ||||||||||||||
Compensation expense related to granting | ||||||||||||||||||||||
of stock options | - | - | - | - | 41 | - | - | 41 | ||||||||||||||
Compensation expense related to granting | ||||||||||||||||||||||
of restricted stock units | 96,560 | 1 | - | - | 4,228 | - | - | 4,229 | ||||||||||||||
Exercise of stock options | 171,625 | 2 | - | - | 243 | - | - | 245 | ||||||||||||||
Purchase of vested employee restricted | ||||||||||||||||||||||
stock units | -186,038 | -2 | - | - | -1,638 | - | - | -1,640 | ||||||||||||||
Balance, December 31, 2013 | 31,308,194 | $ | 313 | 7,197,532 | $ | 72 | $ | 604,721 | $ | -306,713 | $ | - | $ | 298,393 | ||||||||
See notes to Parent Company financial statements. | ||||||||||||||||||||||
ENTERCOM COMMUNICATIONS CORP. | ||||||||||||||||||||||
CONDENSED PARENT COMPANY STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||
YEARS ENDED DECEMBER 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | -18,167 | $ | -16,074 | $ | -16,974 | ||||||||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||||
Additions to property and equipment | 1,893 | -500 | -349 | |||||||||||||||||||
Deferred charges and other assets | 4,668 | -842 | -1,154 | |||||||||||||||||||
Proceeds (distributions) from investments in subsidiaries | 13,033 | 18,712 | 21,810 | |||||||||||||||||||
Net cash provided by (used in) investing activities | 19,594 | 17,370 | 20,307 | |||||||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||||
Proceeds from the exercise of stock options | 245 | 135 | 71 | |||||||||||||||||||
Purchase of vested employee restricted stock units | -1,640 | -1,367 | -3,057 | |||||||||||||||||||
Payment of dividend equivalents on vested restricted stock units | - | -43 | -512 | |||||||||||||||||||
Net cash provided by (used in) financing activities | -1,395 | -1,275 | -3,498 | |||||||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 32 | 21 | -165 | |||||||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 269 | 248 | 413 | |||||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 301 | $ | 269 | $ | 248 | ||||||||||||||||
See notes to condensed Parent Company financial statements. | ||||||||||||||||||||||
Accounting Policies | ||||||||||||||||||||||
The Parent Company follows the accounting policies as described in Note 2 except that the Parent Company accounts for its investment in its subsidiaries using the equity method. | ||||||||||||||||||||||
Debt – For a discussion of debt obligations of the Company, refer to Note 7. | ||||||||||||||||||||||
Other - For further information, reference should be made to the notes to the consolidated financial statements of the Company. |
SUBSEQUENT_EVENTS_Block
SUBSEQUENT EVENTS (Block) | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events Abstract | ' |
Schedule Of Subsequent Events Text Block | ' |
21. SUBSEQUENT EVENTS | |
Events occurring after December 31, 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. |
SUMMARIZED_QUARTERLY_FINANCIAL
SUMMARIZED QUARTERLY FINANCIAL DATA (Unaudited) (Block) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Quarterly Financial Information Disclosure Abstract | ' | |||||||||||
Quarterly Financial Information Text Block | ' | |||||||||||
22. SUMMARIZED QUARTERLY FINANCIAL DATA (Unaudited) | ||||||||||||
The following table presents unaudited operating results for each quarter within the two most recent years. The Company believes that all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to present fairly the following quarterly results when read in conjunction with the financial statements included elsewhere in this report. Results of operations for any particular quarter are not necessarily indicative of results of operations for a full year. The Company's financial results are also not comparable from quarter to quarter due to: (1) the seasonality of revenues, with revenues usually the lowest in the first quarter of each year; (2) the modifications to the Company's Credit Facility during the fourth quarters of 2012 and 2013 that reduced interest rates on outstanding debt resulting in a decrease to interest expense, as described in Note 7, Long-Term Debt; (3) the impairment of broadcast licenses recorded in the second quarter of 2012; and (4) the Company's acquisition of a radio station as described in Note 19, Acquisitions And Other. | ||||||||||||
Quarters Ended | ||||||||||||
31-Dec | 30-Sep | 30-Jun | 31-Mar | |||||||||
(amounts in thousands, except per share data) | ||||||||||||
2013 | ||||||||||||
Net revenues | $ | 99,583 | $ | 98,436 | $ | 101,239 | $ | 78,360 | ||||
Operating income | $ | 29,241 | $ | 23,286 | $ | 28,268 | $ | 11,772 | ||||
Net income (loss) | $ | 9,507 | $ | 6,875 | $ | 9,893 | $ | -251 | ||||
Basic net income (loss) per common share (1) | $ | 0.25 | $ | 0.18 | $ | 0.26 | $ | -0.01 | ||||
Weighted average basic common shares outstanding | 37,471 | 37,386 | 37,344 | 37,138 | ||||||||
Diluted net income (loss) per common share (1) | $ | 0.25 | $ | 0.18 | $ | 0.26 | $ | -0.01 | ||||
Weighted average diluted common and common equivalent shares outstanding | 38,336 | 38,153 | 38,103 | 37,138 | ||||||||
Quarters Ended | ||||||||||||
31-Dec | 30-Sep | June 30 (2) | 31-Mar | |||||||||
(amounts in thousands, except per share data) | ||||||||||||
2012 | ||||||||||||
Net revenues | $ | 102,092 | $ | 102,295 | $ | 104,571 | $ | 79,966 | ||||
Operating income | $ | 30,951 | $ | 29,385 | $ | 5,368 | $ | 10,890 | ||||
Net income (loss) | $ | 7,347 | $ | 8,177 | $ | -3,207 | $ | -1,049 | ||||
Basic net income (loss) per common share (1) | $ | 0.2 | $ | 0.22 | $ | -0.09 | $ | -0.03 | ||||
Weighted average basic common shares outstanding | 36,935 | 36,735 | 36,686 | 36,483 | ||||||||
Diluted net income (loss) per common share (1) | $ | 0.19 | $ | 0.22 | $ | -0.09 | $ | -0.03 | ||||
Weighted average diluted common and common equivalent shares outstanding | 37,837 | 37,548 | 36,686 | 36,483 | ||||||||
Basic and diluted net income per share is computed independently for each quarter and the full year based upon respective average shares outstanding. Therefore, the sum of the quarterly per share amounts may not equal the annual per share amounts reported. | ||||||||||||
During the second quarter of 2012, the Company recognized an impairment loss of $22.3 million as a result of a write-down in the carrying value of the broadcasting licenses in its Boston market. | ||||||||||||
SIGNIFICANT_ACCOUNTING_POLICIE1
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Accounting Policies Abstract | ' | |||||||||
Principles Of Consolidation | ' | |||||||||
Principles Of Consolidation – The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are 100% owned by the Company. All intercompany transactions and balances have been eliminated in consolidation. The Company also considers the applicability of any variable interest entities (“VIEs”) that are required to be consolidated by the primary beneficiary. From time to time, the Company may enter into a time brokerage agreement (“TBA”) in connection with the pending acquisition or disposition of radio stations and the requirement to consolidate a VIE may apply, depending on the facts and circumstances related to each transaction. As of December 31, 2013, the consolidation requirements as a VIE (see Note 20, Contingencies, Guarantor Arrangements And Commitments) did not apply as there were no pending transactions. | ||||||||||
Reportable Segment | ' | |||||||||
Reportable Segment - The Company operates under one reportable business segment, radio broadcasting, for which segment disclosure is consistent with the management decision-making process that determines the allocation of resources and the measuring of performance. Radio stations serving the same geographic area, which may be comprised of a city or combination of cities, are referred to as markets or as distinct operating segments. The Company has 23 operating segments. These operating segments are aggregated to create one reportable segment. | ||||||||||
Management's Use Of Estimates | ' | |||||||||
Management's Use Of Estimates – The preparation of consolidated financial statements, in conformity with accounting principles generally accepted in the United States of America, requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities, as of the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are used for, but not limited to: (1) asset impairments, including broadcasting licenses and goodwill; (2) income tax valuation allowances; (3) uncertain tax positions; (4) allowance for doubtful accounts; (5) self-insurance reserves; (6) fair value of equity awards; (7) estimated lives for tangible and intangible assets; (8) fair value measurements for financial instruments such as interest rate hedging transactions; and (9) contingency and litigation reserves. The Company's accounting estimates require the use of judgment as future events and the effect of these events cannot be predicted with certainty. The accounting estimates may change as new events occur, as more experience is acquired and as more information is obtained. The Company evaluates and updates assumptions and estimates on an ongoing basis and may use outside experts to assist in the Company's evaluation, as considered necessary. Actual results could differ from those estimates. | ||||||||||
Income Taxes | ' | |||||||||
Income Taxes – The Company applies the liability method to the accounting for deferred income taxes. Deferred income taxes are recognized for 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 periods in which the differences are expected to affect taxable income. A valuation allowance is recorded for a net deferred tax asset balance when it is more likely than not that the benefits of the tax asset will not be realized. The Company reviews on a continuing basis the need for a deferred tax asset valuation allowance in the jurisdictions in which it operates. Any adjustment to the deferred tax asset valuation allowance is recorded in the consolidated statements of operations in the period that such an adjustment is required. | ||||||||||
The Company applies the guidance for income taxes and intra-period allocation to the recognition of uncertain tax positions. This guidance clarifies the recognition, de-recognition and measurement in financial statements of income tax positions taken in previously filed tax returns or tax positions expected to be taken in tax returns, including a decision whether to file or not to file in a particular jurisdiction. The guidance requires that any liability created for unrecognized tax benefits is disclosed. The application of this guidance may also affect the tax bases of assets and liabilities and therefore may change or create deferred tax liabilities or assets. This guidance also clarifies the method to allocate income taxes (benefit) to the different components of income (loss), such as: (1) income (loss) from continuing operations; (2) income (loss) from discontinued operations; (3) extraordinary items; (4) other comprehensive income (loss); (5) the cumulative effects of accounting changes; and (6) other charges or credits recorded directly to shareholders' equity. See Note 13 for a further discussion of income taxes. | ||||||||||
Property And Equipment | ' | |||||||||
Property And Equipment – Property and equipment are carried at cost. Major additions or improvements are capitalized, including interest expense when material, while repairs and maintenance are charged to expense when incurred. Upon sale or retirement, the related cost and accumulated depreciation are removed from the accounts, and any gain or loss is recognized in the statement of operations. | ||||||||||
Depreciation expense on property and equipment is determined on a straight-line basis. | ||||||||||
Depreciation expense for property and equipment is reflected in the following table for the periods indicated: | ||||||||||
Property And Equipment | ||||||||||
Years Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
(amounts in thousands) | ||||||||||
Depreciation expense | $ | 7,543 | $ | 9,903 | $ | 10,325 | ||||
As of December 31, 2013, the Company had construction commitments outstanding of $1.7 million. | ||||||||||
The following is a summary of the categories of property and equipment along with the range of estimated useful lives used for depreciation purposes: | ||||||||||
Depreciation Period | Property And Equipment | |||||||||
In Years | December 31, | |||||||||
From | To | 2013 | 2012 | |||||||
(amounts in thousands) | ||||||||||
Land, land easements and land improvements | 0 | 15 | $ | 12,750 | $ | 16,640 | ||||
Buildings | 20 | 40 | 22,660 | 21,535 | ||||||
Equipment | 3 | 40 | 118,180 | 123,979 | ||||||
Furniture and fixtures | 5 | 10 | 13,945 | 14,690 | ||||||
Leasehold improvements | shorter of economic life | |||||||||
or lease term | 21,442 | 21,485 | ||||||||
188,977 | 198,329 | |||||||||
Accumulated depreciation | -145,193 | -148,605 | ||||||||
43,784 | 49,724 | |||||||||
Capital improvements in progress | 655 | 1,953 | ||||||||
Net property and equipment | $ | 44,439 | $ | 51,677 | ||||||
Revenue Recognition | ' | |||||||||
Revenue Recognition – Revenue from the sale of commercial broadcast time to advertisers is recognized when the commercials are broadcast. Revenues presented in the consolidated financial statements are reflected on a net basis, after the deduction of advertising agency fees by the advertising agencies, usually at a rate of 15% of gross revenues. Promotional fees are recognized as services are rendered. Advertiser payments received in advance of when the commercials are broadcast are recorded as unearned revenue. | ||||||||||
The Company derives revenues through e-commerce by selling discount certificates for advertiser goods and services directly to the Company's listeners through the use of the Company's station websites. In this business model, the Company shares a portion of the e-commerce sales with the advertiser. The Company reports these revenues on a net basis after deducting the portion of the sales that were shared with the advertiser. | ||||||||||
The following table presents the amounts of unearned revenues as of the periods indicated: | ||||||||||
Unearned Revenues | ||||||||||
December 31, | ||||||||||
Balance Sheet Location | 2013 | 2012 | ||||||||
(amounts in thousands) | ||||||||||
Current | Accrued compensation and other current liabilities | $ | 317 | $ | 291 | |||||
Long-term | Other long-term liabilities | $ | 43 | $ | 125 | |||||
Concentration Of Credit Risk | ' | |||||||||
Concentration Of Credit Risk – The Company's revenues and accounts receivable relate primarily to the sale of advertising within its radio stations' broadcast areas. Credit is extended based on an evaluation of the customers' financial condition and, generally, collateral is not required. Credit losses are provided for in the financial statements and consistently have been within management's expectations. The Company also maintains deposit accounts with financial institutions. At times, such deposits may exceed FDIC insurance limits. | ||||||||||
Long-Lived Assets | ' | |||||||||
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 4 for further discussion. If events or changes in circumstances were to indicate that an asset's carrying value is not recoverable, a write-down of the asset would be recorded through a charge to operations. 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. | ||||||||||
Debt Issuance Costs And Original Issue Discount | ' | |||||||||
Debt Issuance Costs And Original Issue Discount – The costs related to the issuance of debt are capitalized and amortized over the lives of the related debt and such amortization is accounted for as interest expense. In connection with the Company's debt: (1) in December 2013 and in November 2012, the Company recorded deferred debt issuance costs in connection with debt modifications; and (2) in November 2011, the Company recorded deferred debt issuance costs and an original issue discount in connection with its debt refinancing (debt modification for its revolving credit facility). See Note 7 for further discussion for the amount of deferred financing expense and original issue discount that was included in interest expense in the accompanying consolidated statements of operations. | ||||||||||
Extinguishment Of Debt | ' | |||||||||
Extinguishment Of Debt –The Company may amend, append or replace, in part or in full, its outstanding debt. The Company reviews its unamortized financing costs associated with its outstanding debt to determine the amount subject to extinguishment under the accounting provisions for an exchange of debt instruments with substantially different terms or changes in a line-of-credit or revolving-debt arrangement. In connection with the Company's November 2012 debt modification and November 2011 debt refinancing, the Company recorded debt extinguishment costs. See Note 7 for a discussion of any debt extinguishments associated with the Company's long-term debt. | ||||||||||
Corporate General And Administrative Expense | ' | |||||||||
Corporate General And Administrative Expense – Corporate general and administrative expense consists of corporate overhead costs and non-cash compensation expense. Included in corporate general and administrative expenses are those costs not specifically allocable to any of the Company's individual business properties. | ||||||||||
Time Brokerage Agreement (Income) Fees | ' | |||||||||
Time Brokerage Agreement (Income) Fees – TBA fees or income consist of fees paid or received under agreements which permit an acquirer to program and market stations prior to an acquisition. The Company sometimes enters into a TBA agreement prior to the consummation of station acquisitions and dispositions. The Company may also enter into a Joint Sales Agreement (“JSA”) to market, but not to program, a station for a defined period of time. | ||||||||||
Barter Transactions | ' | |||||||||
Barter Transactions – The Company provides advertising broadcast time in exchange for certain products, supplies and services. The terms of the exchanges generally permit the Company to preempt such broadcast time in favor of advertisers who purchase time on regular terms. The Company includes the value of such exchanges in both broadcasting net revenues and station operating expenses. Barter valuation is based upon management's estimate of the fair value of the products, supplies and services received. See Note 15, Supplemental Cash Flow Disclosures On Non-Cash Investing And Financing Activities, for a summary of the Company's barter transactions. | ||||||||||
Business Combinations | ' | |||||||||
Business Combinations – Accounting guidance for business combinations provides the criteria to recognize intangible assets apart from goodwill. Other than goodwill, the Company uses a direct value method to determine the fair value of all intangible assets required to be recognized for business combinations. For a discussion of impairment testing of those assets acquired in a business combination, including goodwill, see Note 4. | ||||||||||
Asset Retirement Obligations | ' | |||||||||
Asset Retirement Obligations – The Company reasonably estimates the fair value of an asset retirement obligation. For an asset retirement obligation that is conditional (uncertainty about the timing and/or method of settlement), the Company factors into its fair value measurement a probability factor as the obligation depends upon a future event that may or may not be within the control of the Company. The Company's asset retirement obligations are not significant when compared to its net outstanding property and equipment. | ||||||||||
Accrued Compensation | ' | |||||||||
Accrued Compensation – Certain types of employee compensation, which amounts are included in the balance sheets under accrued compensation and other current liabilities, are paid in subsequent periods. See Note 6 for amounts reflected in the balance sheets. | ||||||||||
Cash And Cash Equivalents | ' | |||||||||
Cash And Cash Equivalents – Cash and cash equivalents consist primarily of amounts held on deposit with financial institutions, including investments held in financial institutions in immediately available money market accounts and all highly liquid debt instruments with initial maturities of three months or less. | ||||||||||
Derivative Financial Instruments | ' | |||||||||
Derivative Financial Instruments – The Company follows accounting guidance for its derivative financial instruments, including certain derivative instruments embedded in other contracts, and hedging activities (for further discussion, see Note 9). | ||||||||||
Leases | ' | |||||||||
Leases – The Company follows accounting guidance for its leases, which includes the recognition of escalated rents on a straight-line basis over the term of the lease agreement, as described further in Note 6. | ||||||||||
Share-Based Compensation | ' | |||||||||
Share-Based Compensation – The Company records compensation expense for all share-based payment awards made to employees and directors, at estimated fair values. The Company also uses the simplified method in developing an estimate of the expected term of certain stock options. For further discussion of share-based compensation, see Note 11. | ||||||||||
Investments | ' | |||||||||
Investments – For those investments in which the Company has the ability to exercise significant influence over the operating and financial policies of the investee, the investment is accounted for under the equity method. For those investments in which the Company does not have such significant influence, the Company applies the accounting guidance for certain investments in debt and equity securities. An investment is classified into one of three categories: held-to-maturity, available-for-sale, or trading securities, and, depending upon the classification, is carried at fair value based upon quoted market prices or historical cost when quoted market prices are unavailable. | ||||||||||
The Company also provides certain quantitative and qualitative disclosures for those investments that are impaired (other than temporarily) at the balance sheet date and for those investments for which an impairment has not been recognized. | ||||||||||
Advertising And Promotion Costs | ' | |||||||||
Advertising And Promotion Costs – Costs of media advertising and associated production costs are expensed when incurred. | ||||||||||
Insurance And Self-Insurance Liabilities | ' | |||||||||
Insurance And Self-Insurance Liabilities – The Company uses a combination of insurance and self-insurance mechanisms to provide for the potential liabilities for workers' compensation, general liability, property, director and officers' liability, vehicle liability and employee health care benefits. Liabilities associated with the risks that are retained by the Company are estimated, in part, by considering claims experience, demographic factors, severity factors, outside expertise and other actuarial assumptions. For any legal costs expected to be incurred in connection with a loss contingency, the Company recognizes the expense as incurred. | ||||||||||
Recognition Of Insurance Recoveries | ' | |||||||||
Recognition Of Insurance Recoveries – The Company recognizes insurance recoveries when all of the contingencies related to the insurance claims have been satisfied. | ||||||||||
Sports Programming Costs | ' | |||||||||
Sports Programming Costs – Programming costs which are for a specified number of events are amortized on an event-by-event basis, and programming costs which are for a specified season are amortized over the season on a straight-line basis. The Company allocates that portion of sports programming costs that are related to sponsorship and marketing activities to sales and marketing expenses on a straight-line basis over the term of the agreement. | ||||||||||
Accrued Litigation | ' | |||||||||
Accrued Litigation - The Company evaluates the likelihood of an unfavorable outcome in legal or regulatory proceedings to which it is a party and records a loss contingency when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These judgments are subjective, based on the status of such legal or regulatory proceedings, the merits of the Company's defenses and consultation with corporate and external legal counsel. Actual outcomes of these legal and regulatory proceedings may materially differ from the Company's estimates. The Company expenses legal costs as incurred in professional fees. See Contingencies under Note 20. | ||||||||||
Software Costs | ' | |||||||||
Software Costs – The Company capitalizes direct internal and external costs incurred to develop internal-use software during the application development state. Internal-use software includes website development activities such as the planning and design of additional functionality and features for existing sites and/or the planning and design of new sites. Costs related to the maintenance, content development and training of internal-use software are expensed as incurred. Capitalized costs are amortized over the estimated useful life of three years using the straight-line method. | ||||||||||
Reclassifications | ' | |||||||||
Reclassifications – Certain reclassifications have been made to the prior years' financial statements to conform to the presentation in the current year. | ||||||||||
New Accounting Pronouncements and Changes in Accounting Principles | ' | |||||||||
Recent Accounting Standards | ||||||||||
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 anticipates that the adoption of this guidance will not 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. | ||||||||||
Obligations Resulting From Joint And Several Liability Arrangements | ||||||||||
In February 2013, the accounting guidance was amended for obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. The amendments provide guidance on the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements, including debt arrangements, other contractual obligations, and settled litigation and judicial rulings, for which the total amount of the obligation is fixed at the reporting date. The amendment is effective for the Company beginning January 1, 2014 and should be applied retrospectively. The Company does not expect that the adoption of these provisions will have a significant impact on the Company's consolidated financial statements. | ||||||||||
Amounts Reclassified Out Of Accumulated Other Comprehensive Income | ||||||||||
In February 2013, the accounting guidance was modified with respect to how to report the effect of a significant reclassification out of accumulated other comprehensive income. This guidance was effective for the Company as of January 1, 2013 and was applied prospectively. The adoption of this guidance did not materially change 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, was applied retrospectively. The adoption of this guidance did not materially change the presentation of the Company's consolidated financial statements. |
BASIS_OF_PRESENTATION_AND_ORGA1
BASIS OF PRESENTATION AND ORGANIZATION (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Restatement Tables [Abstract] | ' | |||||||||
Schedule Of Error Corrections And Prior Period Adjustment Restatement Income Statement [Table Text Block] | ' | |||||||||
Year Ended December 31, 2011 | ||||||||||
As | ||||||||||
Previously | ||||||||||
Reported | Adjustment | As Revised | ||||||||
(amounts in thousands, except per share data) | ||||||||||
Income taxes (benefit) | $ | -14,211 | $ | -4,777 | $ | -18,988 | ||||
Net income (loss) | $ | 66,277 | $ | 4,777 | $ | 71,054 | ||||
Net income per share: | ||||||||||
Basic | $ | 1.82 | $ | 0.13 | $ | 1.95 | ||||
Diluted | $ | 1.76 | $ | 0.12 | $ | 1.88 | ||||
Schedule Of Error Corrections And Prior Period Adjustment Restatement Balance Sheet [Table Text Block] | ' | |||||||||
31-Dec-11 | ||||||||||
As | ||||||||||
Previously | ||||||||||
Reported | Adjustment | As Revised | ||||||||
(amounts in thousands) | ||||||||||
Deferred tax liabilities | $ | 13,550 | $ | -4,777 | $ | 8,773 | ||||
Total long-term liabilities | $ | 638,985 | $ | -4,777 | $ | 634,208 | ||||
Total liabilities | $ | 670,358 | $ | -4,777 | $ | 665,581 | ||||
Accumulated deficit | $ | -348,798 | $ | 4,777 | $ | -344,021 | ||||
Total shareholders' equity | $ | 248,911 | $ | 4,777 | $ | 253,688 | ||||
31-Dec-12 | ||||||||||
As | ||||||||||
Previously | ||||||||||
Reported | Adjustment | As Revised | ||||||||
(amounts in thousands) | ||||||||||
Deferred tax assets | $ | 2,445 | $ | 4,777 | $ | 7,222 | ||||
Total current assets | $ | 86,019 | $ | 4,777 | $ | 90,796 | ||||
Total assets | $ | 915,581 | $ | 4,777 | $ | 920,358 | ||||
Accumulated deficit | $ | -337,514 | $ | 4,777 | $ | -332,737 | ||||
Total shareholders' equity | $ | 264,717 | $ | 4,777 | $ | 269,494 | ||||
Total liabilities and shareholders' equity | $ | 915,581 | $ | 4,777 | $ | 920,358 | ||||
Schedule Of Error Corrections And Prior Period Adjustment Restatement Cash Flow Statement [Table Text Block] | ' | |||||||||
Year Ended December 31, 2011 | ||||||||||
As | ||||||||||
Previously | ||||||||||
Reported | Adjustment | As Revised | ||||||||
(amounts in thousands) | ||||||||||
Net income (loss) | $ | 66,277 | $ | 4,777 | $ | 71,054 | ||||
Net deferred taxes (benefit) and other | $ | -12,568 | $ | -4,777 | $ | -17,345 |
SIGNIFICANT_ACCOUNTING_POLICIE2
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Accounting Policies Abstract | ' | |||||||||
Schedule of depreciation expense on property pland and equipment | ' | |||||||||
Property And Equipment | ||||||||||
Years Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
(amounts in thousands) | ||||||||||
Depreciation expense | $ | 7,543 | $ | 9,903 | $ | 10,325 | ||||
Schedule of property plant and equipment by category | ' | |||||||||
Depreciation Period | Property And Equipment | |||||||||
In Years | December 31, | |||||||||
From | To | 2013 | 2012 | |||||||
(amounts in thousands) | ||||||||||
Land, land easements and land improvements | 0 | 15 | $ | 12,750 | $ | 16,640 | ||||
Buildings | 20 | 40 | 22,660 | 21,535 | ||||||
Equipment | 3 | 40 | 118,180 | 123,979 | ||||||
Furniture and fixtures | 5 | 10 | 13,945 | 14,690 | ||||||
Leasehold improvements | shorter of economic life | |||||||||
or lease term | 21,442 | 21,485 | ||||||||
188,977 | 198,329 | |||||||||
Accumulated depreciation | -145,193 | -148,605 | ||||||||
43,784 | 49,724 | |||||||||
Capital improvements in progress | 655 | 1,953 | ||||||||
Net property and equipment | $ | 44,439 | $ | 51,677 | ||||||
Schedule of Deferred Revenue, by Arrangement | ' | |||||||||
Unearned Revenues | ||||||||||
December 31, | ||||||||||
Balance Sheet Location | 2013 | 2012 | ||||||||
(amounts in thousands) | ||||||||||
Current | Accrued compensation and other current liabilities | $ | 317 | $ | 291 | |||||
Long-term | Other long-term liabilities | $ | 43 | $ | 125 |
ACCOUNTS_RECEIVABLE_AND_RELATE1
ACCOUNTS RECEIVABLE AND RELATED ALLOWANCE FOR DOUBTFUL ACCOUNTS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Receivables [Abstract] | ' | ||||||||||||
Schedule of accounts receivable balances and reserve for doubtful amount | ' | ||||||||||||
Net Accounts Receivable | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(amounts in thousands) | |||||||||||||
Accounts receivable | $ | 74,231 | $ | 73,658 | |||||||||
Allowance for doubtful accounts | -2,413 | -2,703 | |||||||||||
Accounts receivable, net of allowance for doubtful accounts | $ | 71,818 | $ | 70,955 | |||||||||
Schedule of changes in allowance for doubtful accounts | ' | ||||||||||||
Changes In Allowance For Doubtful Accounts | |||||||||||||
Additions | |||||||||||||
Balance At | Charged To | Deductions | Balance At | ||||||||||
Beginning | Costs And | From | End Of | ||||||||||
Year Ended | Of Year | Expenses | Reserves | Year | |||||||||
(amounts in thousands) | |||||||||||||
31-Dec-13 | $ | 2,703 | $ | 824 | $ | -1,114 | $ | 2,413 | |||||
31-Dec-12 | 3,319 | 390 | -1,006 | 2,703 | |||||||||
31-Dec-11 | 3,127 | 1,672 | -1,480 | 3,319 |
INTANGIBLE_ASSETS_AND_GOODWILL1
INTANGIBLE ASSETS AND GOODWILL (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||||||||
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 | |||||||||||||||||
Dispositions | -114 | - | |||||||||||||||||
Ending period balance as of December 31, | $ | 718,542 | $ | 718,656 | |||||||||||||||
Schedule of assumptions and estimates for broadcasting licences impairment testing | ' | ' | ' | ||||||||||||||||
Estimates And Assumptions | Estimates And Assumptions | Estimates And Assumptions | |||||||||||||||||
Second | Second | Second | Second | Second | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | ||||||||||||||
2013 | 2012 | 2012 | 2011 | 2011 | 2010 | ||||||||||||||
Discount rate | 9.80% | 10.00% | Discount rate | 10.00% | 10.00% | Discount rate | 10.00% | 10.00% | |||||||||||
Operating profit margin ranges expected for average stations | Operating profit margin ranges expected for average stations | Operating profit margin ranges expected for average stations | |||||||||||||||||
in the markets where the Company operates | 25.0% to 41.0% | 20.7% to 40.9% | in the markets where the Company operates | 20.7% to 40.9% | 19.5% to 41.5% | in the markets where the Company operates | 19.5% to 41.5% | 21.0% to 42.5% | |||||||||||
Long-term revenue growth rate range of the Company's markets | 1.5% to 2.0% | 1.5% to 2.0% | Long-term revenue growth rate range of the Company's markets | 1.5% to 2.0% | 1.5% to 2.0% | Long-term revenue growth rate range of the Company's markets | 1.5% to 2.0% | 1.5% to 2.0% | |||||||||||
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 | 0 | 212 | |||||||||||||||||
Dispositions | -253 | 0 | |||||||||||||||||
Goodwill ending balance as of December 31, | $ | 38,850 | $ | 39,103 | |||||||||||||||
Schedule of assumptions and estimates for goodwill impairment testing | ' | ' | ' | ||||||||||||||||
Estimates And Assumptions | Estimates And Assumptions | Estimates And Assumptions | |||||||||||||||||
Second | Second | Second | Second | Second | Second | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | ||||||||||||||
2013 | 2012 | 2012 | 2011 | 2011 | 2010 | ||||||||||||||
Discount rate | 9.80% | 10.00% | Discount rate | 10.00% | 10.00% | Discount rate | 10.00% | 10.00% | |||||||||||
Long-term revenue growth rate range of the Company's markets | 1.5% to 2.0% | 1.5% to 2.0% | Long-term revenue growth rate range of the Company's markets | 1.5% to 2.0% | 1.5% to 2.0% | Long-term revenue growth rate range of the Company's markets | 1.5% to 2.0% | 1.5% to 2.0% | |||||||||||
Market multiple used in step one of the market valuation approach | 7.5x to 8.0x | 7.5x to 8.0x | Market multiple used in step one of the market valuation approach | 7.5x to 8.0x | 7.5x to 8.0x | Market multiple used in step one of the market valuation approach | 7.5x to 8.0x | 7.5x to 8.0x |
DEFERRED_CHARGES_AND_OTHER_ASS1
DEFERRED CHARGES AND OTHER ASSETS (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure Abstract | ' | |||||||||||||||||||
Schedule of Deferred Charges and Other Assets | ' | |||||||||||||||||||
Deferred Charges And Other Assets | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Period Of | ||||||||||||||||||||
Asset | Reserve | Net | Asset | Reserve | Net | Amortization | ||||||||||||||
(amounts in thousands) | ||||||||||||||||||||
Deferred contracts and other agreements | $ | 1,788 | $ | 1,277 | $ | 511 | $ | 1,788 | $ | 1,177 | $ | 611 | Term of contract | |||||||
Leasehold premium | 846 | 474 | 372 | 1,732 | 1,215 | 517 | Less than 1 year | |||||||||||||
Other definitive lived assets | 833 | 823 | 10 | 833 | 769 | 64 | 3 years | |||||||||||||
Total definite-lived intangibles | 3,467 | 2,574 | 893 | 4,353 | 3,161 | 1,192 | ||||||||||||||
Debt issuance costs | 23,154 | 9,734 | 13,420 | 22,115 | 5,864 | 16,251 | Term of debt | |||||||||||||
Prepaid assets - long-term | 600 | - | 600 | 800 | - | 800 | ||||||||||||||
Software costs and other | 4,889 | 2,301 | 2,588 | 11,116 | 9,233 | 1,883 | ||||||||||||||
$ | 32,110 | $ | 14,609 | $ | 17,501 | $ | 38,384 | $ | 18,258 | $ | 20,126 | |||||||||
Schdule of Deferred Charges Amortization Expense | ' | |||||||||||||||||||
Amortization Expense | ||||||||||||||||||||
For The Years Ended December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||
Definite-lived assets | $ | 203 | $ | 240 | $ | 284 | ||||||||||||||
Deferred financing expense | 3,870 | 4,405 | 3,567 | |||||||||||||||||
Software costs | 800 | 696 | 667 | |||||||||||||||||
Total amortization expense for deferred charges and other assets | $ | 4,873 | $ | 5,341 | $ | 4,518 | ||||||||||||||
Schdule of Future Estimated Amortization Expense | ' | |||||||||||||||||||
Future Amortization Expense | ||||||||||||||||||||
Definite-Lived | ||||||||||||||||||||
Total | Other | Assets | ||||||||||||||||||
Years ending December 31, | (amounts in thousands) | |||||||||||||||||||
2014 | $ | 5,154 | $ | 5,005 | 149 | |||||||||||||||
2015 | 4,188 | 4,080 | 108 | |||||||||||||||||
2016 | 3,092 | 3,010 | 82 | |||||||||||||||||
2017 | 1,411 | 1,341 | 70 | |||||||||||||||||
2018 | 1,064 | 996 | 68 | |||||||||||||||||
Thereafter | 1,386 | 970 | 416 | |||||||||||||||||
Total | $ | 16,295 | $ | 15,402 | $ | 893 |
OTHER_CURRENT_AND_LONGTERM_LIA1
OTHER CURRENT AND LONG-TERM LIABILITIES (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Other Liabilities Disclosure Abstract | ' | |||||
Schedule of Accounts Payable and Accrued Liabilities | ' | |||||
Other Current Liabilities | ||||||
December 31, | ||||||
2013 | 2012 | |||||
(amounts in thousands) | ||||||
Accrued compensation | $ | 5,418 | $ | 4,820 | ||
Accounts receivable credits | 1,547 | 1,894 | ||||
Advertiser obligations | 1,123 | 1,083 | ||||
Accrued interest payable | 2,910 | 3,432 | ||||
Other | 1,725 | 1,024 | ||||
$ | 12,723 | $ | 12,253 | |||
Schedule of Deferred Rent Liabilities | ' | |||||
Deferred Rent Liabilities | ||||||
December 31, | ||||||
2013 | 2012 | |||||
(amounts in thousands) | ||||||
Deferred rent liabilities | $ | 4,313 | $ | 4,107 |
LONGTERM_DEBT_LIABILITIES_Tabl
LONG-TERM DEBT LIABILITIES (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Debt | ' | |||||||||||||||
Long-Term Debt | ||||||||||||||||
December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(amounts in thousands) | ||||||||||||||||
Credit Facility | ||||||||||||||||
Revolver, due November 23, 2016 (A) | $ | - | $ | 5,000 | ||||||||||||
Term B Loan, due November 23, 2018 (A) | 299,500 | 347,500 | ||||||||||||||
Senior Notes | ||||||||||||||||
10.5% senior unsecured notes, due December 1, 2019 (B) | 220,000 | 220,000 | ||||||||||||||
Other | ||||||||||||||||
Financing Method Lease Obligations (C) | - | 12,610 | ||||||||||||||
Other | - | 92 | ||||||||||||||
Total | 519,500 | 585,202 | ||||||||||||||
Current amount of long-term debt | -3,000 | -9,808 | ||||||||||||||
Current amount of finance method lease obligations | - | -12,610 | ||||||||||||||
Unamortized original issue discount | -2,376 | -2,651 | ||||||||||||||
Total long-term debt | $ | 514,124 | $ | 560,133 | ||||||||||||
Outstanding standby letter of credit | $ | 370 | $ | 570 | ||||||||||||
Schedule Of Net Interest Expense | ' | |||||||||||||||
Net Interest Expense | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
(amounts in thousands) | ||||||||||||||||
Interest expense | $ | 40,091 | $ | 47,412 | $ | 14,790 | ||||||||||
Amortization of deferred financing costs | 3,870 | 4,405 | 3,567 | |||||||||||||
Amortization of original issue discount of senior notes | 274 | 246 | 25 | |||||||||||||
Interest expense on interest rate hedging agreements | 0 | 1,392 | 6,568 | |||||||||||||
Interest income and other investment income | -3 | -9 | -31 | |||||||||||||
Total net interest expense | $ | 44,232 | $ | 53,446 | $ | 24,919 | ||||||||||
Schedule of Maturities of Long-term Debt | ' | |||||||||||||||
Principal Debt Maturities | ||||||||||||||||
Credit | Senior | |||||||||||||||
Facility | Notes | Total | ||||||||||||||
(amounts in thousands) | ||||||||||||||||
Years ending December 31: | ||||||||||||||||
2014 | $ | 3,000 | $ | - | $ | 3,000 | ||||||||||
2015 | 3,000 | - | 3,000 | |||||||||||||
2016 | 3,000 | - | 3,000 | |||||||||||||
2017 | 3,000 | - | 3,000 | |||||||||||||
2018 | 287,500 | - | 287,500 | |||||||||||||
Thereafter | - | 220,000 | 220,000 | |||||||||||||
Total | $ | 299,500 | $ | 220,000 | $ | 519,500 | ||||||||||
Schedule of Extinguishment of Debt | ' | |||||||||||||||
Debt Extinguishment | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
(amounts in thousands) | ||||||||||||||||
Write-off of unamortized deferred financing costs | $ | - | $ | 747 | $ | 1,144 | ||||||||||
Amount of debt retired early | $ | 69 | $ | - | $ | 595,500 |
TOWER_SALE_AND_LEASEBACK_Table
TOWER SALE AND LEASEBACK (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||||||
Financing Method Lease Obligations [Abstract] | ' | ' | |||||||||||||
Schedule of Property and Lease held under capital lease | ' | ' | |||||||||||||
Net Property And Equipment | |||||||||||||||
Held Under Finance Method | |||||||||||||||
Lease Obligations | |||||||||||||||
December 31, | |||||||||||||||
2012 | |||||||||||||||
(amounts in thousands) | |||||||||||||||
Land and land improvements | $ | 843 | |||||||||||||
Building | 358 | ||||||||||||||
Leasehold improvements | 11 | ||||||||||||||
Equipment | 3,863 | ||||||||||||||
Leasehold premium | 885 | ||||||||||||||
Total | 5,960 | ||||||||||||||
Less accumulated depreciation | -4,785 | ||||||||||||||
Property and equipment held under financing method leases, net | $ | 1,175 | |||||||||||||
Schedule Of Depreciation And Interest Financing Method Lease | ' | ' | |||||||||||||
Years Ended | |||||||||||||||
December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
(amounts in thousands) | |||||||||||||||
Interest expense for financing method lease obligations | $ | 385 | $ | 749 | $ | 719 | |||||||||
Depreciation expense attributable to assets held under financing method | $ | 76 | $ | 192 | $ | 199 |
DERIVATIVES_AND_HEDGING_ACTIVI1
DERIVATIVES AND HEDGING ACTIVITIES (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure Abstract | ' | ' | ||||||||||||||||||||||
Schedule of derivatives expired [Text Block] | ' | ' | ||||||||||||||||||||||
Expired Derivative | Expired Derivatives | |||||||||||||||||||||||
Year Ended December 31, 2012 | Year Ended December 31, 2011 | |||||||||||||||||||||||
Type | Fixed | Type | Fixed | |||||||||||||||||||||
Of | Notional | Effective | LIBOR | Expiration | Of | Notional | Effective | LIBOR | Expiration | |||||||||||||||
Hedge | Amount | Date | Collar | Rate | Date | Hedge | Amount | Date | Collar | Rate | Date | |||||||||||||
(amounts | (amounts | |||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||
Swap | $ | 100 | 28-May-08 | n/a | 3.62% | 28-May-12 | Swap | $ | 150 | 28-Jan-08 | n/a | 3.03% | 28-Jan-11 | |||||||||||
Collar | 100 | 28-Feb-08 | [ | Cap | 4.00% | ] | 28-Feb-11 | |||||||||||||||||
Floor | 2.14% | |||||||||||||||||||||||
Swap | 125 | 28-Mar-08 | n/a | 2.91% | 28-Sep-11 | |||||||||||||||||||
375 | ||||||||||||||||||||||||
Schedule of the gains (losses) related to the Company's cash flow hedge | ' | ' | ||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||
Description | 2012 | 2011 | ||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||
Type Of Derivative Designated As A Cash Flow Hedge | Interest Rate | Interest Rate | ||||||||||||||||||||||
Amount Of Gain (Loss) Recognized In OCI | $ | - | $ | 5,643 | ||||||||||||||||||||
Location Of Gain (Loss) Reclassified From | ||||||||||||||||||||||||
Accumulated OCI To Statement Of Operations | Interest Expense | Interest Expense | ||||||||||||||||||||||
Amount Of Gain (Loss) Reclassified From | ||||||||||||||||||||||||
Accumulated OCI To Statement Of Operations | $ | - | $ | -1,634 | ||||||||||||||||||||
Location Of Gain (Loss) In Statement Of Operations | Interest Expense | Interest Expense | ||||||||||||||||||||||
Amount Of Gain (Loss) In Statement Of Operations | ||||||||||||||||||||||||
Due To Ineffectiveness | $ | 1,346 | $ | 288 | ||||||||||||||||||||
Schedule of accumulated derivative gain (loss) recorded in the statements of other comprehensive income (loss) | ' | ' | ||||||||||||||||||||||
Fair Value Of Accumulated | ||||||||||||||||||||||||
Derivatives Outstanding | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2011 | ||||||||||||||||||||||||
Assets (Liabilities) | ||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||
Beginning balance as of January 1 | $ | -7,277 | ||||||||||||||||||||||
Net unrealized gain (loss) on derivatives, | ||||||||||||||||||||||||
net of taxes (benefit) | 7,277 | |||||||||||||||||||||||
Ending balance as of December 31 | $ | 0 | ||||||||||||||||||||||
SHAREHOLDERS_EQUITY_Tables
SHAREHOLDER'S EQUITY (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Stockholders Equity Note Abstract | ' | |||||||||
Schedule of dividends payable on unvested restricted stock units | ' | |||||||||
Dividend Equivalent Liabilities | ||||||||||
Balance Sheet | December 31, | |||||||||
Location | 2013 | 2012 | ||||||||
(amounts in thousands) | ||||||||||
Long-term | Other long-term liabilities | $ | 221 | $ | 221 | |||||
Schedule of dividends paid to the holder of vested RSUs | ' | |||||||||
Years Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
(amounts in thousands) | ||||||||||
Dividend equivalents paid | $ | - | $ | 43 | $ | 512 | ||||
Tax benefit recognized in paid-in capital | $ | - | $ | - | $ | - | ||||
Schedule Of Vested Employee Restricted Stock Units And Value | ' | |||||||||
Years Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
(amounts in thousands) | ||||||||||
Shares of stock deemed repurchased | 186 | 199 | 297 | |||||||
Amount recorded as financing activity | $ | 1,640 | $ | 1,367 | $ | 3,057 |
SHAREBASED_COMPENSATION_Tables
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments Abstract | ' | ||||||||||||||||||
Schedule Of Restricted Stock Units Market Based | ' | ||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
(amounts in thousands, except years) | |||||||||||||||||||
Reconciliation Of RSUs With Market Conditions | |||||||||||||||||||
Beginning of period balance | 200 | 300 | 300 | ||||||||||||||||
Number of RSUs granted | - | - | - | ||||||||||||||||
Number of RSUs forfeited | -200 | - | - | ||||||||||||||||
Number of RSUs vested | - | -100 | - | ||||||||||||||||
End of period balance | - | 200 | 300 | ||||||||||||||||
Schedule Of Other Options Dislcosure | ' | ||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
Other Option Disclosures | 2013 | 2012 | 2011 | ||||||||||||||||
From | To | From | To | From | To | ||||||||||||||
Exercise price range of options issued | $ | 8.72 | $ | 8.72 | $ | - | $ | - | $ | - | $ | - | |||||||
Upon vesting, period to exercise | 1 | 10 | - | - | - | - | |||||||||||||
Fair value per option issued | $ | 6.07 | $ | - | $ | - | |||||||||||||
(amounts in thousands) | |||||||||||||||||||
Intrinsic value of options exercised | $ | 1,228 | $ | 508 | $ | 528 | |||||||||||||
Tax benefit from options exercised (1) | $ | 466 | $ | 192 | $ | 209 | |||||||||||||
Cash received from exercise price of | |||||||||||||||||||
options exercised | $ | 245 | $ | 135 | $ | 71 | |||||||||||||
Number of options granted | 5 | - | - | ||||||||||||||||
Stock Option Valuation Assumptions | ' | ||||||||||||||||||
Option Valuation Estimates | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Expected life (years) | 6.3 | no options issued | no options issued | ||||||||||||||||
Expected volatility factor (%) | 78.8 | ||||||||||||||||||
Risk-free interest rate (%) | 2 | ||||||||||||||||||
Expected dividend yield (%) | 0 | ||||||||||||||||||
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 | December 31, | Contractual | Exercise | December 31, | Exercise | ||||||||||||||
From | To | 2013 | Life | Price | 2013 | Price | |||||||||||||
$ | 1.34 | $ | 1.34 | 501,175 | 5.1 | $ | 1.34 | 501,175 | $ | 1.34 | |||||||||
$ | 2.02 | $ | 11.78 | 47,375 | 5.3 | $ | 9.02 | 42,375 | $ | 9.06 | |||||||||
$ | 33.9 | $ | 48.21 | 9,000 | 0.8 | $ | 37.72 | 9,000 | $ | 37.72 | |||||||||
$ | 1.34 | $ | 48.21 | 557,550 | 5 | $ | 2.58 | 552,550 | $ | 2.52 | |||||||||
Schedule of recognized stock-based compensation expense | ' | ||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
(amounts in thousands) | |||||||||||||||||||
Station operating expenses | $ | 766 | $ | 584 | $ | 776 | |||||||||||||
Corporate general and administrative expenses | 3,504 | 5,170 | 6,895 | ||||||||||||||||
Stock-based compensation expense included in operating expenses | 4,270 | 5,754 | 7,671 | ||||||||||||||||
Income tax benefit (1) | 1,080 | 1,540 | 2,107 | ||||||||||||||||
Net stock-based compensation expense | $ | 3,190 | $ | 4,214 | $ | 5,564 | |||||||||||||
Schedule Of Restricted Stock Units Vested And Released | ' | ||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||
(amounts in thousands) | |||||||||||||||||||
RSUs issued | 361 | $ | 2,906 | 307 | $ | 2,133 | 445 | $ | 4,721 | ||||||||||
RSUs forfeited - service based | -64 | -685 | -26 | -235 | -28 | -474 | |||||||||||||
RSUs forfeited - market based | -200 | -2,110 | - | - | - | - | |||||||||||||
Net RSUs issued and increase | |||||||||||||||||||
(decrease) to paid-in capital | 97 | $ | 111 | 281 | $ | 1,898 | 417 | $ | 4,247 | ||||||||||
RSUs vested and released | 547 | 659 | 886 | ||||||||||||||||
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest | ' | ||||||||||||||||||
Number | Weighted | Aggregate | |||||||||||||||||
Of | Weighted | Average | Intrinsic | ||||||||||||||||
Restricted | Average | Remaining | Value As Of | ||||||||||||||||
Stock | Purchase | Contractual | December 31, | ||||||||||||||||
Period Ended | Units | Price | Term (Years) | 2013 | |||||||||||||||
RSUs outstanding as of: | 31-Dec-12 | 1,481,268 | |||||||||||||||||
RSUs awarded | 360,667 | ||||||||||||||||||
RSUs released | -547,342 | ||||||||||||||||||
RSUs forfeited | -264,107 | ||||||||||||||||||
RSUs outstanding as of: | 31-Dec-13 | 1,030,486 | $ | - | 1.2 | $ | 10,830,408 | ||||||||||||
RSUs vested and expected | |||||||||||||||||||
to vest as of: | 31-Dec-13 | 975,327 | $ | - | 1.2 | $ | 9,336,358 | ||||||||||||
RSUs exercisable (vested and | |||||||||||||||||||
deferred) as of: | 31-Dec-13 | 86,996 | $ | - | 0 | $ | 914,328 | ||||||||||||
Weighted average remaining | |||||||||||||||||||
recognition period in years | 2.1 | ||||||||||||||||||
Unamortized compensation | |||||||||||||||||||
expense, net of estimated | |||||||||||||||||||
forfeitures | $ | 4,919,275 | |||||||||||||||||
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding | ' | ||||||||||||||||||
Weighted | Intrinsic | ||||||||||||||||||
Weighted | Average | Value | |||||||||||||||||
Average | Remaining | As Of | |||||||||||||||||
Number Of | Exercise | Contractual | December 31, | ||||||||||||||||
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 | -171,625 | 1.43 | |||||||||||||||||
Options forfeited | -3,625 | 1.34 | |||||||||||||||||
Options expired | -14,750 | 8.7 | |||||||||||||||||
Options outstanding as of: | 31-Dec-13 | 557,550 | $ | 2.58 | 5 | $ | 4,692,120 | ||||||||||||
Options vested and expected to vest as of: | 31-Dec-13 | 557,040 | $ | 2.57 | 5 | $ | 4,691,207 | ||||||||||||
Options vested and exercisable as of: | 31-Dec-13 | 552,550 | $ | 2.52 | 5 | $ | 4,683,170 | ||||||||||||
Weighted average remaining | |||||||||||||||||||
recognition period in years | 3.6 | ||||||||||||||||||
Unamortized compensation expense, | |||||||||||||||||||
net of estimated forfeitures | $ | 25,091 |
NET_INCOME_PER_COMMON_SHARE_Ta
NET INCOME PER COMMON SHARE (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||||||||||||||||||||
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract] | ' | ' | ' | |||||||||||||||||||||||||
Schedule of Earnings Per Share Reconciliation [Table Text Block] | ' | ' | ' | |||||||||||||||||||||||||
Computation Of Net Income (Loss) Per Share | Computation Of Net Income (Loss) Per Share | Computation Of Net Income (Loss) Per Share | ||||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | Year Ended December 31, 2011 | ||||||||||||||||||||||||||
(amounts in thousands, except share and per share data) | (amounts in thousands, except share and per share data) | (amounts in thousands, except share and per share data) | ||||||||||||||||||||||||||
Net Income (Loss) | Net Income (Loss) | Net Income (Loss) | ||||||||||||||||||||||||||
Net Income (Loss) | Shares | Per Share | Net Income (Loss) | Shares | Per Share | Net Income (Loss) | Shares | Per Share | ||||||||||||||||||||
Basic net income (loss) per common share: | $ | 26,024 | 37,417,807 | $ | 0.7 | Basic net income (loss) per common share: | $ | 11,268 | 36,906,468 | $ | 0.31 | Basic net income (loss) per common share: | $ | 71,054 | 36,369,410 | $ | 1.95 | |||||||||||
Impact of dilutive equity awards | 883,688 | Impact of dilutive equity awards | 903,178 | Impact of dilutive equity awards | 1,394,555 | |||||||||||||||||||||||
Diluted net income (loss) per common share: | $ | 26,024 | 38,301,495 | $ | 0.68 | Diluted net income (loss) per common share: | $ | 11,268 | 37,809,646 | $ | 0.3 | Diluted net income (loss) per common share: | $ | 71,054 | 37,763,965 | $ | 1.88 | |||||||||||
Equity Award Impact Schedule | ' | ' | ' | |||||||||||||||||||||||||
Impact Of Equity Awards | ||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
(amounts in thousands, except per share data) | ||||||||||||||||||||||||||||
Dilutive or anti-dilutive for all potentially | ||||||||||||||||||||||||||||
dilutive equivalent shares | dilutive | dilutive | dilutive | |||||||||||||||||||||||||
Excluded shares as anti-dilutive under | ||||||||||||||||||||||||||||
the treasury stock method | ||||||||||||||||||||||||||||
Price range of options excluded: from | $ | 10.52 | $ | 6.43 | $ | 8.21 | ||||||||||||||||||||||
Price range of options excluded: to | $ | 48.21 | $ | 48.21 | $ | 48.21 | ||||||||||||||||||||||
Options excluded | 37 | 46 | 54 | |||||||||||||||||||||||||
RSUs with service conditions | 4 | 939 | 945 | |||||||||||||||||||||||||
RSUs with service and market conditions | - | 200 | 200 | |||||||||||||||||||||||||
Total RSUs excluded | 4 | 1,139 | 1,145 |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Income Tax Disclosure Abstract | ' | |||||||||||||||
Schedule Of Income Tax Expense Reconciliation | ' | |||||||||||||||
Years Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
(amounts in thousands) | ||||||||||||||||
Federal statutory income tax rate | 35% | 35% | 35% | |||||||||||||
Computed tax expense (benefit) at federal statutory | ||||||||||||||||
rates on income (loss) before income taxes (benefit) | $ | 16,975 | $ | 8,310 | $ | 18,223 | ||||||||||
State income tax expense (benefit), net of federal benefit | 3,399 | 2,274 | -1,421 | |||||||||||||
Non-recognition of expense due to full valuation allowance | 54 | 203 | - | |||||||||||||
Valuation allowance current year activity | - | - | -41,721 | |||||||||||||
Reversal of net tax on derivative liability | - | - | 2,547 | |||||||||||||
Tax benefit shortfall associated with share-based awards | 997 | 412 | 2,061 | |||||||||||||
Nondeductible expenses and other | 1,051 | 1,275 | 1,323 | |||||||||||||
Income taxes (benefit) | $ | 22,476 | $ | 12,474 | $ | -18,988 | ||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | |||||||||||||||
Years Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Current: | ||||||||||||||||
Federal | $ | 0 | $ | 0 | $ | 0 | ||||||||||
State | 54 | -822 | -1,643 | |||||||||||||
Total current | 54 | -822 | -1,643 | |||||||||||||
Deferred: | ||||||||||||||||
Federal | 19,051 | 10,481 | -18,531 | |||||||||||||
State | 3,371 | 2,815 | 1,186 | |||||||||||||
Total deferred | 22,422 | 13,296 | -17,345 | |||||||||||||
Total income taxes (benefit) | $ | 22,476 | $ | 12,474 | $ | -18,988 | ||||||||||
Schedule of Deferred Tax Assets and Liabilities | ' | |||||||||||||||
December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(amounts in thousands) | ||||||||||||||||
Deferred tax assets: | ||||||||||||||||
Employee benefits | $ | 857 | $ | 877 | ||||||||||||
Deferred compensation | 476 | 72 | ||||||||||||||
Provision for doubtful accounts | 947 | 1,060 | ||||||||||||||
Deferred gain on tower transaction | 236 | 4,955 | ||||||||||||||
Other | 567 | 480 | ||||||||||||||
Total current deferred tax assets before valuation allowance | 3,083 | 7,444 | ||||||||||||||
Valuation allowance | -195 | -209 | ||||||||||||||
Total current deferred tax assets - net | 2,888 | 7,235 | ||||||||||||||
Federal and state income tax loss carryforwards | 115,130 | 93,199 | ||||||||||||||
Share-based compensation | 2,136 | 2,969 | ||||||||||||||
Investments - impairments | 490 | 490 | ||||||||||||||
Lease rental obligations | 2,058 | 2,296 | ||||||||||||||
Deferred compensation | 4,112 | 3,291 | ||||||||||||||
Deferred gain on tower transaction | 3,525 | - | ||||||||||||||
Other non-current | 1,086 | 1,165 | ||||||||||||||
Total non-current deferred tax assets before valuation allowance | 128,537 | 103,410 | ||||||||||||||
Valuation allowance | -20,043 | -18,124 | ||||||||||||||
Total non-current deferred tax assets - net | 108,494 | 85,286 | ||||||||||||||
Total deferred tax assets | $ | 111,382 | $ | 92,521 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||||
Advertiser broadcasting obligations | $ | -38 | $ | -13 | ||||||||||||
Total current deferred tax liabilities | -38 | -13 | ||||||||||||||
Deferral of gain recognition on the extinguishment of debt | -7,657 | -7,642 | ||||||||||||||
Property, equipment and certain intangibles (other | ||||||||||||||||
than broadcasting licenses and goodwill) | 4,318 | 1,901 | ||||||||||||||
Broadcasting licenses and goodwill | -149,427 | -105,771 | ||||||||||||||
Total non-current deferred tax liabilities | -152,766 | -111,512 | ||||||||||||||
Total deferred tax liabilities | $ | -152,804 | $ | -111,525 | ||||||||||||
Total net deferred tax liabilities | $ | -41,422 | $ | -19,004 | ||||||||||||
Schedule of Deferred Tax Assets Valuation Allowance | ' | |||||||||||||||
Increase | ||||||||||||||||
(Decrease) | Increase | |||||||||||||||
Charged | (Decrease) | |||||||||||||||
(Credited) | Charged | |||||||||||||||
Balance At | To Income | (Credited) | Balance At | |||||||||||||
Beginning | Taxes | To | End Of | |||||||||||||
Year Ended | Of Year | (Benefit) | OCI | Year | ||||||||||||
(amounts in thousands) | ||||||||||||||||
31-Dec-13 | $ | 18,333 | $ | 1,905 | $ | 0 | $ | 20,238 | ||||||||
31-Dec-12 | 9,633 | 8,700 | 0 | 18,333 | ||||||||||||
31-Dec-11 | 56,142 | -43,737 | -2,772 | 9,633 | ||||||||||||
Schedule of Liabilities For Uncertain Tax Positions | ' | |||||||||||||||
December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(amounts in thousands) | ||||||||||||||||
Liabilities for uncertain tax positions | ||||||||||||||||
Tax | $ | 67 | $ | 67 | ||||||||||||
Interest and penalties | 132 | 121 | ||||||||||||||
Total | $ | 199 | $ | 188 | ||||||||||||
Schedule of Expense Income For Uncertain Tax Positions | ' | |||||||||||||||
Years Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
(amounts in thousands) | ||||||||||||||||
Tax expense (income) | $ | - | $ | -617 | $ | -990 | ||||||||||
Interest and penalties (income) | 11 | -309 | -717 | |||||||||||||
Total income taxes (benefit) | ||||||||||||||||
from uncertain tax positions | $ | 11 | $ | -926 | $ | -1,707 | ||||||||||
Schedule of Changes in Unrecognized Tax Benefits | ' | |||||||||||||||
Years Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
(amounts in thousands) | ||||||||||||||||
Beginning of year balance | $ | -7,690 | $ | -8,180 | $ | -7,738 | ||||||||||
Prior year positions | ||||||||||||||||
Gross Increases | - | -733 | - | |||||||||||||
Gross Decreases | - | 858 | 708 | |||||||||||||
Current year positions | ||||||||||||||||
Gross Increases | - | - | -1,431 | |||||||||||||
Gross Decreases | - | - | - | |||||||||||||
Settlements with tax authorities | - | - | - | |||||||||||||
Reductions due to statute lapse | - | 365 | 281 | |||||||||||||
End of year balance | $ | -7,690 | $ | -7,690 | $ | -8,180 | ||||||||||
Ending liability balance included above that was | ||||||||||||||||
reflected as an offset to deferred tax assets | $ | -7,623 | $ | -7,623 | $ | -7,495 | ||||||||||
Schedule of Income Tax Payments and Refunds | ' | |||||||||||||||
Years Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
(amounts in thousands) | ||||||||||||||||
State income tax payments | $ | 69 | $ | 99 | $ | 82 | ||||||||||
Federal and state income tax refunds (1) | $ | 5 | $ | 256 | $ | 492 | ||||||||||
Summary of Operating Loss Carryforwards [Table Text Block] | ' | |||||||||||||||
Net Operating Losses | ||||||||||||||||
31-Dec-13 | ||||||||||||||||
Suspended | ||||||||||||||||
NOLs | Windfall | NOL Expiration Period | ||||||||||||||
(amounts in thousands) | (in years) | |||||||||||||||
Federal NOL carryforwards | $ | 257,187 | $ | 8,824 | 2030 to 2034 | |||||||||||
State NOL carryforwards | $ | 549,737 | $ | 8,174 | 2014 to 2033 | |||||||||||
State income tax credit | $ | 1,248 | to 2018 |
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2011 | |||||||||||||
Statement Of Income And Comprehensive Income Abstract | ' | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||
Year Ended December 31, | |||||||||||||
Category | 2011 | ||||||||||||
(amounts in thousands) | |||||||||||||
Accumulated other comprehensive income (loss) beginning balance | $ | -7,277 | |||||||||||
Interest Rate Derivatives | |||||||||||||
Prior period correction | 5,998 | ||||||||||||
Net gain (loss) on derivatives | 5,643 | ||||||||||||
Income (taxes) benefit | -2,149 | ||||||||||||
Net gain (loss) on derivatives, net of taxes and | |||||||||||||
before valuation allowance | 9,492 | ||||||||||||
Valuation allowance - (decrease) increase | - | ||||||||||||
Net gain (loss), net of taxes | 9,492 | ||||||||||||
Reclassification to the income statement due to hedge ineffectiveness | -2,215 | ||||||||||||
Net activity | 7,277 | ||||||||||||
Accumulated other comprehensive income (loss) ending balance | $ | - |
SUPPLEMENTAL_CASH_FLOW_DISCLOS
SUPPLEMENTAL CASH FLOW DISCLOSURES ON NON-CASH INVESTING AND FINANCING ACTIVITIES (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||||
Schedule of Cash Flow, Supplemental Disclosures | ' | |||||||||
Years Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
(amounts in thousands) | ||||||||||
Barter revenues | $ | 3,821 | $ | 3,403 | $ | 3,847 | ||||
Barter expenses | $ | 3,766 | $ | 3,573 | $ | 3,955 | ||||
Retirement of finance method lease obligations and other | $ | 12,679 | $ | - | $ | - |
EMPLOYEE_SAVINGS_AND_BENEFIT_P1
EMPLOYEE SAVINGS AND BENEFIT PLANS (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Compensation And Retirement Disclosure Abstract | ' | |||||||||||
Schedule Of Deferred Compensation Plan | ' | |||||||||||
Years Ended December 31, | ||||||||||||
Benefit Plan Disclosures | 2013 | 2012 | 2011 | |||||||||
(amounts in thousands) | ||||||||||||
Deferred compensation | ||||||||||||
Beginning of period balance | $ | 8,377 | $ | 6,824 | $ | 6,622 | ||||||
Employee compensation deferrals | 369 | 805 | 790 | |||||||||
Employee compensation payments | -297 | -210 | -534 | |||||||||
Increase (decrease) in plan fair value | 2,010 | 958 | -54 | |||||||||
End of period balance | $ | 10,459 | $ | 8,377 | $ | 6,824 | ||||||
Schedule Of Employers Contribution To 401 K Plan | ' | |||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(amounts in thousands) | ||||||||||||
401(k) savings plan expense | $ | 851 | $ | 881 | $ | 477 |
FAIR_VALUE_OF_FINANCIAL_INSTRU1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||||||||||||||||||||
Fair Value Disclosures Abstract | ' | ' | |||||||||||||||||||||||||||
Schedule of recurring fair value measurements | ' | ' | |||||||||||||||||||||||||||
31-Dec-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) | |||||||||||||||||||||||||||||
Liabilities | Assets | ||||||||||||||||||||||||||||
Deferred compensation (1) | $ | 10,459 | $ | 10,459 | $ | - | $ | - | Cash equivalents (2) | $ | 6,695 | $ | 6,695 | $ | - | $ | - | ||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Deferred compensation (1) | $ | 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 Year | ||||||||||||||||||||||||||||
Markets For | Significant | Ended | |||||||||||||||||||||||||||
Identical | Other | Significant | December 31, | ||||||||||||||||||||||||||
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 | ' | ' | |||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||||||||||
Value | Value | Value | Value | ||||||||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||||||||||
Credit Facility (1) | $ | 299,500 | $ | 301,559 | $ | 352,500 | $ | 356,686 | |||||||||||||||||||||
Senior Notes (2) | $ | 217,624 | $ | 248,635 | $ | 217,349 | $ | 241,257 | |||||||||||||||||||||
Finance method lease obligations (3) | $ | - | $ | 12,610 | |||||||||||||||||||||||||
Letter of credit (4) | $ | 370 | $ | 570 |
CONTINGENCIES_GUARANTOR_ARRANG1
CONTINGENCIES, GUARANTOR ARRANGEMENTS AND COMMITMENTS (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Commitments And Contingencies Guarantor Disclosure [Abstract] | ' | |||||||||||||||||||||
Scehdule of Rent Expense | ' | |||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||
Rent Expense | $ | 13,226 | $ | 12,748 | $ | 12,719 | ||||||||||||||||
Schedule of Contracts and Commitments | ' | |||||||||||||||||||||
Programming | ||||||||||||||||||||||
Operating | And Related | |||||||||||||||||||||
Leases | Contracts | Total | ||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||
Years ending December 31, | ||||||||||||||||||||||
2014 | $ | 13,798 | $ | 72,235 | $ | 86,033 | ||||||||||||||||
2015 | 13,675 | 57,438 | 71,113 | |||||||||||||||||||
2016 | 13,358 | 49,240 | 62,598 | |||||||||||||||||||
2017 | 12,197 | 14,321 | 26,518 | |||||||||||||||||||
2018 | 10,049 | 956 | 11,005 | |||||||||||||||||||
Thereafter | 33,404 | 416 | 33,820 | |||||||||||||||||||
$ | 96,481 | $ | 194,606 | $ | 291,087 | |||||||||||||||||
Schedule of Condensed Parent Company Balance Sheet | ' | |||||||||||||||||||||
ENTERCOM COMMUNICATIONS CORP. | ||||||||||||||||||||||
CONDENSED PARENT COMPANY BALANCE SHEETS | ||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
ASSETS | ||||||||||||||||||||||
Current Assets | $ | 4,330 | $ | 1,968 | ||||||||||||||||||
Property And Equipment - Net | 727 | 895 | ||||||||||||||||||||
Deferred Charges And | ||||||||||||||||||||||
Other Assets - Net | 2,564 | 1,991 | ||||||||||||||||||||
Investment In Subsidiaries / Intercompany | 328,116 | 289,361 | ||||||||||||||||||||
TOTAL ASSETS | $ | 335,737 | $ | 294,215 | ||||||||||||||||||
LIABILITIES AND | ||||||||||||||||||||||
SHAREHOLDERS' EQUITY | ||||||||||||||||||||||
Current Liabilities | $ | 11,317 | $ | 9,697 | ||||||||||||||||||
Long Term Liabilities | 26,027 | 15,024 | ||||||||||||||||||||
Total Liabilities | 37,344 | 24,721 | ||||||||||||||||||||
Shareholders' Equity: | ||||||||||||||||||||||
Class A, B and C Common Stock | 385 | 384 | ||||||||||||||||||||
Additional Paid-In Capital | 604,721 | 601,847 | ||||||||||||||||||||
Accumulated Deficit | -306,713 | -332,737 | ||||||||||||||||||||
Total shareholders' equity | 298,393 | 269,494 | ||||||||||||||||||||
TOTAL LIABILITIES AND | ||||||||||||||||||||||
SHAREHOLDERS' EQUITY | $ | 335,737 | $ | 294,215 | ||||||||||||||||||
See notes to condensed Parent Company financial statements. | ||||||||||||||||||||||
Schedule of Condensed Parent Company Income Statement | ' | |||||||||||||||||||||
ENTERCOM COMMUNICATIONS CORP. | ||||||||||||||||||||||
CONDENSED PARENT COMPANY INCOME STATEMENTS | ||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||
YEARS ENDED DECEMBER 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
NET REVENUES | $ | 615 | $ | 659 | $ | 652 | ||||||||||||||||
OPERATING (INCOME) EXPENSE: | ||||||||||||||||||||||
Depreciation and amortization expense | 1,122 | 920 | 852 | |||||||||||||||||||
Corporate general and administrative expenses | 24,229 | 25,717 | 26,464 | |||||||||||||||||||
Merger and acquisition costs | - | - | 767 | |||||||||||||||||||
Net (gain) loss on sale or disposal of assets | -1,954 | - | -28 | |||||||||||||||||||
Total operating expense | 23,397 | 26,637 | 28,055 | |||||||||||||||||||
OPERATING INCOME (LOSS) | -22,782 | -25,978 | -27,403 | |||||||||||||||||||
Net interest expense, including amortization | ||||||||||||||||||||||
of deferred financing expense | 1 | -46 | 59 | |||||||||||||||||||
Other income | -165 | -118 | -32 | |||||||||||||||||||
Income from equity investment in subsidiaries | -71,118 | -49,556 | -79,496 | |||||||||||||||||||
TOTAL OTHER (INCOME) EXPENSE | -71,282 | -49,720 | -79,469 | |||||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES (BENEFIT) | 48,500 | 23,742 | 52,066 | |||||||||||||||||||
INCOME TAXES (BENEFIT) | 22,476 | 12,474 | -18,988 | |||||||||||||||||||
NET INCOME (LOSS) | $ | 26,024 | $ | 11,268 | $ | 71,054 | ||||||||||||||||
See notes to condensed Parent Company financial statements. | ||||||||||||||||||||||
Schedule of Condensed Parent Company Comprehensive Income | ' | |||||||||||||||||||||
ENTERCOM COMMUNICATIONS CORP. | ||||||||||||||||||||||
PARENT COMPANY STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||
YEARS ENDED DECEMBER 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
NET INCOME (LOSS) | $ | 26,024 | $ | 11,268 | $ | 71,054 | ||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), | ||||||||||||||||||||||
NET OF TAXES (BENEFIT): | ||||||||||||||||||||||
Net unrealized gain (loss) on derivatives, | ||||||||||||||||||||||
net of taxes (benefit) | 0 | 0 | 7,277 | |||||||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 26,024 | $ | 11,268 | $ | 78,331 | ||||||||||||||||
See notes to Parent Company financial statements. | ||||||||||||||||||||||
Schedule of Condensed Parent Company Shareholder's Equity | ' | |||||||||||||||||||||
ENTERCOM COMMUNICATIONS CORP. | ||||||||||||||||||||||
PARENT COMPANY STATEMENTS OF SHAREHOLDERS' EQUITY | ||||||||||||||||||||||
YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011 | ||||||||||||||||||||||
(amounts in thousands, except share data) | ||||||||||||||||||||||
Retained | Accumulated | |||||||||||||||||||||
Common Stock | Additional | Earnings | Other | |||||||||||||||||||
Class A | Class B | Paid-in | (Accumulated | Comprehensive | ||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit) | Income (Loss) | Total | |||||||||||||||
Balance, December 31, 2010 | 30,700,568 | $ | 307 | 7,367,532 | $ | 74 | $ | 592,643 | $ | -415,080 | $ | -7,277 | $ | 170,667 | ||||||||
Net income (loss) | - | - | - | - | - | 71,054 | - | 71,054 | ||||||||||||||
Conversion of Class B common stock | ||||||||||||||||||||||
to Class A common stock | 170,000 | 2 | -170,000 | -2 | - | - | - | - | ||||||||||||||
Compensation expense related to granting | ||||||||||||||||||||||
of stock options | - | - | - | - | 462 | - | - | 462 | ||||||||||||||
Compensation expense related to granting | ||||||||||||||||||||||
of restricted stock units | 416,906 | 4 | - | - | 7,205 | - | - | 7,209 | ||||||||||||||
Exercise of stock options | 53,625 | - | - | - | 71 | - | - | 71 | ||||||||||||||
Purchase of vested employee restricted | ||||||||||||||||||||||
stock units | -297,098 | -3 | - | - | -3,054 | - | - | -3,057 | ||||||||||||||
Forfeitures of dividend equivalents | - | - | - | - | - | 5 | - | 5 | ||||||||||||||
Net unrealized gain (loss) on derivatives | - | - | - | - | - | - | 7,277 | 7,277 | ||||||||||||||
Balance, December 31, 2011 | 31,044,001 | 310 | 7,197,532 | 72 | 597,327 | -344,021 | - | 253,688 | ||||||||||||||
Net income (loss) | - | - | - | - | - | 11,268 | - | 11,268 | ||||||||||||||
Compensation expense related to granting | ||||||||||||||||||||||
of stock options | - | - | - | - | 210 | - | - | 210 | ||||||||||||||
Compensation expense related to granting | ||||||||||||||||||||||
of restricted stock units | 280,072 | 3 | - | - | 5,541 | - | - | 5,544 | ||||||||||||||
Exercise of stock options | 101,350 | 1 | - | - | 134 | - | - | 135 | ||||||||||||||
Purchase of vested employee restricted | ||||||||||||||||||||||
stock units | -199,376 | -2 | - | - | -1,365 | - | - | -1,367 | ||||||||||||||
Forfeitures of dividend equivalents | - | - | - | - | - | 16 | - | 16 | ||||||||||||||
Balance, December 31, 2012 | 31,226,047 | 312 | 7,197,532 | 72 | 601,847 | -332,737 | - | 269,494 | ||||||||||||||
ENTERCOM COMMUNICATIONS CORP. | ||||||||||||||||||||||
PARENT COMPANY STATEMENTS OF SHAREHOLDERS' EQUITY | ||||||||||||||||||||||
YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011 | ||||||||||||||||||||||
(amounts in thousands, except share data) | ||||||||||||||||||||||
Retained | Accumulated | |||||||||||||||||||||
Common Stock | Additional | Earnings | Other | |||||||||||||||||||
Class A | Class B | Paid-in | (Accumulated | Comprehensive | ||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Deficit) | Income (Loss) | Total | |||||||||||||||
Net income (loss) | - | - | - | - | - | 26,024 | - | 26,024 | ||||||||||||||
Compensation expense related to granting | ||||||||||||||||||||||
of stock options | - | - | - | - | 41 | - | - | 41 | ||||||||||||||
Compensation expense related to granting | ||||||||||||||||||||||
of restricted stock units | 96,560 | 1 | - | - | 4,228 | - | - | 4,229 | ||||||||||||||
Exercise of stock options | 171,625 | 2 | - | - | 243 | - | - | 245 | ||||||||||||||
Purchase of vested employee restricted | ||||||||||||||||||||||
stock units | -186,038 | -2 | - | - | -1,638 | - | - | -1,640 | ||||||||||||||
Balance, December 31, 2013 | 31,308,194 | $ | 313 | 7,197,532 | $ | 72 | $ | 604,721 | $ | -306,713 | $ | - | $ | 298,393 | ||||||||
See notes to Parent Company financial statements. | ||||||||||||||||||||||
Schedule of Condensed Parent Company Cash flow | ' | |||||||||||||||||||||
ENTERCOM COMMUNICATIONS CORP. | ||||||||||||||||||||||
CONDENSED PARENT COMPANY STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||
YEARS ENDED DECEMBER 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | -18,167 | $ | -16,074 | $ | -16,974 | ||||||||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||||
Additions to property and equipment | 1,893 | -500 | -349 | |||||||||||||||||||
Deferred charges and other assets | 4,668 | -842 | -1,154 | |||||||||||||||||||
Proceeds (distributions) from investments in subsidiaries | 13,033 | 18,712 | 21,810 | |||||||||||||||||||
Net cash provided by (used in) investing activities | 19,594 | 17,370 | 20,307 | |||||||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||||
Proceeds from the exercise of stock options | 245 | 135 | 71 | |||||||||||||||||||
Purchase of vested employee restricted stock units | -1,640 | -1,367 | -3,057 | |||||||||||||||||||
Payment of dividend equivalents on vested restricted stock units | - | -43 | -512 | |||||||||||||||||||
Net cash provided by (used in) financing activities | -1,395 | -1,275 | -3,498 | |||||||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 32 | 21 | -165 | |||||||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 269 | 248 | 413 | |||||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 301 | $ | 269 | $ | 248 | ||||||||||||||||
See notes to condensed Parent Company financial statements. |
SUMMARIZED_QUARTERLY_FINANCIAL1
SUMMARIZED QUARTERLY FINANCIAL DATA (Unaudited) (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Quarterly Financial Information Disclosure Abstract | ' | |||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | |||||||||||
Quarters Ended | ||||||||||||
31-Dec | 30-Sep | 30-Jun | 31-Mar | |||||||||
(amounts in thousands, except per share data) | ||||||||||||
2013 | ||||||||||||
Net revenues | $ | 99,583 | $ | 98,436 | $ | 101,239 | $ | 78,360 | ||||
Operating income | $ | 29,241 | $ | 23,286 | $ | 28,268 | $ | 11,772 | ||||
Net income (loss) | $ | 9,507 | $ | 6,875 | $ | 9,893 | $ | -251 | ||||
Basic net income (loss) per common share (1) | $ | 0.25 | $ | 0.18 | $ | 0.26 | $ | -0.01 | ||||
Weighted average basic common shares outstanding | 37,471 | 37,386 | 37,344 | 37,138 | ||||||||
Diluted net income (loss) per common share (1) | $ | 0.25 | $ | 0.18 | $ | 0.26 | $ | -0.01 | ||||
Weighted average diluted common and common equivalent shares outstanding | 38,336 | 38,153 | 38,103 | 37,138 | ||||||||
Quarters Ended | ||||||||||||
31-Dec | 30-Sep | June 30 (2) | 31-Mar | |||||||||
(amounts in thousands, except per share data) | ||||||||||||
2012 | ||||||||||||
Net revenues | $ | 102,092 | $ | 102,295 | $ | 104,571 | $ | 79,966 | ||||
Operating income | $ | 30,951 | $ | 29,385 | $ | 5,368 | $ | 10,890 | ||||
Net income (loss) | $ | 7,347 | $ | 8,177 | $ | -3,207 | $ | -1,049 | ||||
Basic net income (loss) per common share (1) | $ | 0.2 | $ | 0.22 | $ | -0.09 | $ | -0.03 | ||||
Weighted average basic common shares outstanding | 36,935 | 36,735 | 36,686 | 36,483 | ||||||||
Diluted net income (loss) per common share (1) | $ | 0.19 | $ | 0.22 | $ | -0.09 | $ | -0.03 | ||||
Weighted average diluted common and common equivalent shares outstanding | 37,837 | 37,548 | 36,686 | 36,483 |
BASIS_OF_PRESENTATION_AND_ORGA2
BASIS OF PRESENTATION AND ORGANIZATION (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Income Statement Abstract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | $22,476 | $12,474 | ($18,988) | ' |
Net income (loss) | 9,507 | 6,875 | 9,893 | -251 | 7,347 | 8,177 | -3,207 | -1,049 | 26,024 | 11,268 | 71,054 | ' |
Earnings Per Share Abstract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic net income (loss) per common share | $0.25 | $0.18 | $0.26 | ($0.01) | $0.20 | $0.22 | ($0.09) | ($0.03) | ' | ' | ' | ' |
Diluted net income (loss) per common share | $0.25 | $0.18 | $0.26 | ($0.01) | $0.19 | $0.22 | ($0.09) | ($0.03) | ' | ' | ' | ' |
Statement Of Financial Position Abstract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax assets | 2,850 | ' | ' | ' | 7,222 | ' | ' | ' | 2,850 | 7,222 | ' | ' |
Total current assets | 91,266 | ' | ' | ' | 90,796 | ' | ' | ' | 91,266 | 90,796 | ' | ' |
Total assets | 912,688 | ' | ' | ' | 920,358 | ' | ' | ' | 912,688 | 920,358 | ' | ' |
Deferred tax liabilities | 44,272 | ' | ' | ' | 26,226 | ' | ' | ' | 44,272 | 26,226 | ' | ' |
Total long-term liabilities | 584,643 | ' | ' | ' | 601,588 | ' | ' | ' | 584,643 | 601,588 | ' | ' |
Total liabilities | 614,295 | ' | ' | ' | 650,864 | ' | ' | ' | 614,295 | 650,864 | ' | ' |
Accumulated deficit | -306,713 | ' | ' | ' | -332,737 | ' | ' | ' | -306,713 | -332,737 | ' | ' |
Total shareholders' equity | 298,393 | ' | ' | ' | 269,494 | ' | ' | ' | 298,393 | 269,494 | 253,688 | 170,667 |
Total liabilities and shareholders' equity | 912,688 | ' | ' | ' | 920,358 | ' | ' | ' | 912,688 | 920,358 | ' | ' |
Statement Of Cash Flows Abstract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 9,507 | 6,875 | 9,893 | -251 | 7,347 | 8,177 | -3,207 | -1,049 | 26,024 | 11,268 | 71,054 | ' |
Deferred Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 22,422 | 13,296 | -17,345 | ' |
As Previously Reported [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Statement Abstract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -14,211 | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,277 | ' |
Earnings Per Share Abstract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic net income (loss) per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.82 | ' |
Diluted net income (loss) per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.76 | ' |
Statement Of Financial Position Abstract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax assets | ' | ' | ' | ' | 2,445 | ' | ' | ' | ' | 2,445 | ' | ' |
Total current assets | ' | ' | ' | ' | 86,019 | ' | ' | ' | ' | 86,019 | ' | ' |
Total assets | ' | ' | ' | ' | 915,581 | ' | ' | ' | ' | 915,581 | ' | ' |
Deferred tax liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,550 | ' |
Total long-term liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 638,985 | ' |
Total liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 670,358 | ' |
Accumulated deficit | ' | ' | ' | ' | -337,514 | ' | ' | ' | ' | -337,514 | -348,798 | ' |
Total shareholders' equity | ' | ' | ' | ' | 264,717 | ' | ' | ' | ' | 264,717 | 248,911 | ' |
Total liabilities and shareholders' equity | ' | ' | ' | ' | 915,581 | ' | ' | ' | ' | 915,581 | ' | ' |
Statement Of Cash Flows Abstract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,277 | ' |
Deferred Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -12,568 | ' |
Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Statement Abstract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,777 | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,777 | ' |
Earnings Per Share Abstract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic net income (loss) per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.13 | ' |
Diluted net income (loss) per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.12 | ' |
Statement Of Financial Position Abstract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax assets | ' | ' | ' | ' | 4,777 | ' | ' | ' | ' | 4,777 | ' | ' |
Total current assets | ' | ' | ' | ' | 4,777 | ' | ' | ' | ' | 4,777 | ' | ' |
Total assets | ' | ' | ' | ' | 4,777 | ' | ' | ' | ' | 4,777 | ' | ' |
Deferred tax liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,777 | ' |
Total long-term liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,777 | ' |
Total liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,777 | ' |
Accumulated deficit | ' | ' | ' | ' | 4,777 | ' | ' | ' | ' | 4,777 | 4,777 | ' |
Total shareholders' equity | ' | ' | ' | ' | 4,777 | ' | ' | ' | ' | 4,777 | 4,777 | ' |
Total liabilities and shareholders' equity | ' | ' | ' | ' | 4,777 | ' | ' | ' | ' | 4,777 | ' | ' |
Statement Of Cash Flows Abstract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,777 | ' |
Deferred Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,777 | ' |
Scenario Revised Reported [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Statement Abstract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -18,988 | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 71,054 | ' |
Earnings Per Share Abstract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic net income (loss) per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.95 | ' |
Diluted net income (loss) per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.88 | ' |
Statement Of Financial Position Abstract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax assets | ' | ' | ' | ' | 7,222 | ' | ' | ' | ' | 7,222 | ' | ' |
Total current assets | ' | ' | ' | ' | 90,796 | ' | ' | ' | ' | 90,796 | ' | ' |
Total assets | ' | ' | ' | ' | 920,358 | ' | ' | ' | ' | 920,358 | ' | ' |
Deferred tax liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,773 | ' |
Total long-term liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 634,208 | ' |
Total liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 665,581 | ' |
Accumulated deficit | ' | ' | ' | ' | -332,737 | ' | ' | ' | ' | -332,737 | -344,021 | ' |
Total shareholders' equity | ' | ' | ' | ' | 269,494 | ' | ' | ' | ' | 269,494 | 253,688 | ' |
Total liabilities and shareholders' equity | ' | ' | ' | ' | 920,358 | ' | ' | ' | ' | 920,358 | ' | ' |
Statement Of Cash Flows Abstract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 71,054 | ' |
Deferred Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($17,345) | ' |
SIGNIFICANT_ACCOUNTING_POLICIE3
SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation expense | $7,543,000 | $9,903,000 | $10,325,000 |
Construction commitments | 1,700,000 | ' | ' |
Summary of the categories of property and equipment | ' | ' | ' |
Property, Plant and Equipment, Gross | 188,977,000 | 198,329,000 | ' |
Accumulated depreciation | -145,193,000 | -148,605,000 | ' |
Net property and equipment before construction in progress | 43,784,000 | 49,724,000 | ' |
Capital improvements in progress | 655,000 | 1,953,000 | ' |
Property, Plant and Equipment, net of accumulated depreciation | 44,439,000 | 51,677,000 | ' |
Deferred Revenue | ' | ' | ' |
Current - accrued compensation and other current liabilities | 317,000 | 291,000 | ' |
Long-term - other long term liabilities | 43,000 | 125,000 | ' |
Land Improvements [Member] | ' | ' | ' |
Summary of the categories of property and equipment | ' | ' | ' |
Property, Plant and Equipment, Gross | 12,750,000 | 16,640,000 | ' |
Land Improvements [Member] | Maximum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Tangible assets amortization period | '15 years | ' | ' |
Land Improvements [Member] | Minimum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Tangible assets amortization period | '0 years | ' | ' |
Building [Member] | ' | ' | ' |
Summary of the categories of property and equipment | ' | ' | ' |
Property, Plant and Equipment, Gross | 22,660,000 | 21,535,000 | ' |
Building [Member] | Maximum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Tangible assets amortization period | '40 years | ' | ' |
Building [Member] | Minimum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Tangible assets amortization period | '20 years | ' | ' |
Equipment [Member] | ' | ' | ' |
Summary of the categories of property and equipment | ' | ' | ' |
Property, Plant and Equipment, Gross | 118,180,000 | 123,979,000 | ' |
Equipment [Member] | Maximum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Tangible assets amortization period | '40 years | ' | ' |
Equipment [Member] | Minimum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Tangible assets amortization period | '3 years | ' | ' |
Furniture and Fixtures [Member] | ' | ' | ' |
Summary of the categories of property and equipment | ' | ' | ' |
Property, Plant and Equipment, Gross | 13,945,000 | 14,690,000 | ' |
Furniture and Fixtures [Member] | Maximum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Tangible assets amortization period | '10 years | ' | ' |
Furniture and Fixtures [Member] | Minimum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Tangible assets amortization period | '5 years | ' | ' |
Leaseholds and Leasehold Improvements [Member] | ' | ' | ' |
Summary of the categories of property and equipment | ' | ' | ' |
Property, Plant and Equipment, Gross | $21,442,000 | $21,485,000 | ' |
ACCOUNTS_RECEIVABLE_AND_RELATE2
ACCOUNTS RECEIVABLE AND RELATED ALLOWANCE FOR DOUBTFUL ACCOUNTS (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounts Receivable, Net [Abstract] | ' | ' | ' |
Accounts receivable | $74,231 | $73,658 | ' |
Allowance for doubtful accounts | -2,413 | -2,703 | -3,319 |
Accounts receivable, net of allowance for doubtful accounts | 71,818 | 70,955 | ' |
Allowance for doubtful accounts | ' | ' | ' |
Allowance for doubtful accounts | 2,703 | 3,319 | 3,127 |
Additions Charged to Costs and Expenses | 824 | 390 | 1,672 |
Deduction From Reserves | -1,114 | -1,006 | -1,480 |
Allowance for doubtful accounts | $2,413 | $2,703 | $3,319 |
INTANGIBLE_ASSETS_AND_GOODWILL2
INTANGIBLE ASSETS AND GOODWILL (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Changes in broadcasting licenses [Line Items] | ' | ' | ' | ' |
Impairment loss | 0 | ' | ' | ' |
Market approach for step one goodwill analysis [Abstract] | ' | ' | ' | ' |
Reporting units with goodwill balances | 19 | ' | ' | ' |
Reporting units with no goodwill balances | 4 | ' | ' | ' |
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 | ' | ' |
Dispositions | 253 | 0 | ' | ' |
Ending balance | 38,850 | 39,103 | ' | ' |
Broadcasting License Impairment Testing [Member] | ' | ' | ' | ' |
Estimates and assumptions used for impairment test [Line Items] | ' | ' | ' | ' |
Discount rates | 9.80% | 10.00% | 10.00% | 10.00% |
Broadcasting License Impairment Testing [Member] | Maximum | ' | ' | ' | ' |
Estimates and assumptions used for impairment test [Line Items] | ' | ' | ' | ' |
Operating profit margin ranges of the markets of the Company | 41.00% | 40.90% | 41.50% | 42.50% |
Long-term revenue growth rate ranges of the markets of the Company | 2.00% | 2.00% | 2.00% | 2.00% |
Broadcasting License Impairment Testing [Member] | Minimum | ' | ' | ' | ' |
Estimates and assumptions used for impairment test [Line Items] | ' | ' | ' | ' |
Operating profit margin ranges of the markets of the Company | 25.00% | 20.70% | 19.50% | 21.00% |
Long-term revenue growth rate ranges of the markets of the Company | 1.50% | 1.50% | 1.50% | 1.50% |
Goodwill Impairment Testing [Member] | ' | ' | ' | ' |
Estimates and assumptions used for impairment test [Line Items] | ' | ' | ' | ' |
Discount rates | 9.80% | 10.00% | 10.00% | 10.00% |
Goodwill Impairment Testing [Member] | Maximum | ' | ' | ' | ' |
Estimates and assumptions used for impairment test [Line Items] | ' | ' | ' | ' |
Long-term revenue growth rate ranges of the markets of the Company | 2.00% | 2.00% | 2.00% | 2.00% |
Market approach for step one goodwill analysis [Abstract] | ' | ' | ' | ' |
Estimates of market multiples | 8 | 8 | 8 | 8 |
Goodwill Impairment Testing [Member] | Minimum | ' | ' | ' | ' |
Estimates and assumptions used for impairment test [Line Items] | ' | ' | ' | ' |
Long-term revenue growth rate ranges of the markets of the Company | 1.50% | 1.50% | 1.50% | 1.50% |
Market approach for step one goodwill analysis [Abstract] | ' | ' | ' | ' |
Estimates of market multiples | 7.5 | 7.5 | 7.5 | 7.5 |
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 | ' | ' |
Dispositions | -114 | 0 | ' | ' |
Ending period balance | 718,542 | 718,656 | ' | ' |
DEFERRED_CHARGES_AND_OTHER_ASS2
DEFERRED CHARGES AND OTHER ASSETS (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Deferred Costs Other Assets [Line Items] | ' | ' | ' |
Total definitive-lived intagible, Asset | $3,467 | $4,353 | ' |
Total definite-lived intangibles, Reserve | 2,574 | 3,161 | ' |
Net | 893 | 1,192 | ' |
Deferred Costs | ' | ' | ' |
Debt Issuance costs | 23,154 | 22,115 | ' |
Debt Issuance costs - amortization | 9,734 | 5,864 | ' |
Debt Issuance costs - net | 13,420 | 16,251 | ' |
Prepaid assets - long term | 600 | 800 | ' |
Software costs and other | 4,889 | 11,116 | ' |
Software costs and other - Amortization | 2,301 | 9,233 | ' |
Software costs and other - net | 2,588 | 1,883 | ' |
Total deferred charges and other assets | 32,110 | 38,384 | ' |
Total Reserve | 14,609 | 18,258 | ' |
Total Net | 17,501 | 20,126 | ' |
Amortization Expense | ' | ' | ' |
Definite-lived assets | 203 | 240 | 284 |
Deferred financing expense | 3,870 | 4,405 | 3,567 |
Software costs | 800 | 696 | 667 |
Total amortization expense for deferred charges and other assets | 4,873 | 5,341 | 4,518 |
Deferred Contracts And Other Agreements | ' | ' | ' |
Deferred Costs Other Assets [Line Items] | ' | ' | ' |
Total definitive-lived intagible, Asset | 1,788 | 1,788 | ' |
Total definite-lived intangibles, Reserve | 1,277 | 1,177 | ' |
Net | 511 | 611 | ' |
Leasehold Premium | ' | ' | ' |
Deferred Costs Other Assets [Line Items] | ' | ' | ' |
Total definitive-lived intagible, Asset | 846 | 1,732 | ' |
Total definite-lived intangibles, Reserve | 474 | 1,215 | ' |
Net | 372 | 517 | ' |
Other definitive lived assets | ' | ' | ' |
Deferred Costs Other Assets [Line Items] | ' | ' | ' |
Total definitive-lived intagible, Asset | 833 | 833 | ' |
Total definite-lived intangibles, Reserve | 823 | 769 | ' |
Net | $10 | $64 | ' |
DEFERRED_CHARGES_AND_OTHER_ASS3
DEFERRED CHARGES AND OTHER ASSETS - Future Amortization Exp (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Amortization Expense For Deferred Charges Other Assets And Definite Lived Assets [Line Items] | ' |
2014 | $5,154 |
2015 | 4,188 |
2016 | 3,092 |
2017 | 1,411 |
2018 | 1,064 |
Thereafter | 1,386 |
Total amortization expense for deferred charges and other assets | 16,295 |
Other Deferred Assets [Member] | ' |
Amortization Expense For Deferred Charges Other Assets And Definite Lived Assets [Line Items] | ' |
2014 | 5,005 |
2015 | 4,080 |
2016 | 3,010 |
2017 | 1,341 |
2018 | 996 |
Thereafter | 970 |
Total amortization expense for deferred charges and other assets | 15,402 |
Finite Lived Assets [Member] | ' |
Amortization Expense For Deferred Charges Other Assets And Definite Lived Assets [Line Items] | ' |
2014 | 149 |
2015 | 108 |
2016 | 82 |
2017 | 70 |
2018 | 68 |
Thereafter | 416 |
Total amortization expense for deferred charges and other assets | $893 |
OTHER_CURRENT_AND_LONGTERM_LIA2
OTHER CURRENT AND LONG-TERM LIABILITIES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts Payable and Accrued Liabilities, Current [Abstract] | ' | ' |
Accrued compensation | $5,418 | $4,820 |
Accounts receivable credits | 1,547 | 1,894 |
Derivative valuation - short-term | 0 | 0 |
Advertiser obligations | 1,123 | 1,083 |
Accrued interest payable | 2,910 | 3,432 |
Other | 1,725 | 1,024 |
Accrued compensation and other current liabilities | 12,723 | 12,253 |
Deferred rent liabilities | ' | ' |
Deferred rent liabilities | $4,313 | $4,107 |
LONGTERM_DEBT_LIABILITIES_Deta
LONG-TERM DEBT LIABILITIES (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 | |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Senior unsecured notes | $220,000,000 | ' | ' | ' |
Financing method lease obligations | ' | 12,610,000 | ' | 12,600,000 |
Other | 0 | 92,000 | ' | ' |
Total | 519,500,000 | 585,202,000 | ' | ' |
Current amount of long-term debt | -3,000,000 | -9,808,000 | ' | ' |
Current amount of finance method lease obligations | 0 | -12,610,000 | ' | ' |
Unamortized original issue discount | -2,376,000 | -2,651,000 | ' | ' |
Total long-term debt | 514,124,000 | 560,133,000 | ' | ' |
Outstanding standby letter of credit | 370,000 | 570,000 | ' | ' |
Stated interest rate percentage, senior unsecured debt | 0.11% | ' | ' | ' |
Modification Accounting Of Bank Amendment New Deferred Financing Costs | 1,000,000 | 1,100,000 | 5,200,000 | ' |
Modification Accounting Of Bank Amendment Existing Deferred Financing Costs | 6,800,000 | 9,000,000 | ' | ' |
Modification Accounting Of Bank Amendment Third Party Costs | 100,000 | 100,000 | ' | ' |
Previous Credit Facility Financing Costs Written Off After Bank Amendment | ' | 700,000 | ' | ' |
Previous Credit Facility Financing Costs Deferred Over New Term After Bank Amendment | ' | ' | 3,100,000 | ' |
Revolver, due November 23, 2016 | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Credit Facility | 0 | 5,000,000 | ' | ' |
Term B Loan, due November 23, 2018 | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Credit Facility | 299,500,000 | 347,500,000 | ' | ' |
Revolver, due June 30, 2012 | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Credit Facility | ' | 650,000,000 | ' | ' |
Modification Accounting Of Bank Amendment New Deferred Financing Costs | ' | 1,200,000 | ' | ' |
Previous Credit Facility Financing Costs Written Off After Bank Amendment | ' | 800,000 | ' | ' |
Previous Credit Facility Financing Costs Deferred Over New Term After Bank Amendment | ' | 300,000 | ' | ' |
Term Loan, due June 30, 2012 | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Credit Facility | ' | 400,000,000 | ' | ' |
Modification Accounting Of Bank Amendment New Deferred Financing Costs | ' | 12,800,000 | ' | ' |
Previous Credit Facility Financing Costs Written Off After Bank Amendment | ' | 300,000 | ' | ' |
Unsecured notes due December 1, 2019 | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Senior unsecured notes | $220,000,000 | $220,000,000 | ' | ' |
LONGTERM_DEBT_LIABILITIES_Seni
LONG-TERM DEBT LIABILITIES - Senior Debt (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
number | |||
Debt Instrument [Line Items] | ' | ' | ' |
Credit Facility | $425,000,000 | ' | ' |
Consolidated Leverage Ratio | 4.8 | ' | ' |
Consolidated Interest Coverage Ratio | 2.7 | ' | ' |
Variable rate plus fees | 2.00% | ' | ' |
Commitment fee | 0.50% | ' | ' |
Amortization of deferred financing costs | 4,144,000 | 4,651,000 | 3,592,000 |
Gains (Losses) on Extinguishment of Debt | 0 | -747,000 | -1,144,000 |
Weighted average interest rate under the senior debt | 4.00% | 5.01% | ' |
Minimum | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Consolidated Interest Coverage Ratio | 1.6 | ' | ' |
Mandatory Prepayment Percentage | 0.00% | ' | ' |
Maximum | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Consolidated Leverage Ratio | 0.065 | ' | ' |
Mandatory Prepayment Percentage | 50.00% | ' | ' |
March 31 2016 or After | Maximum | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Consolidated Leverage Ratio | 0.045 | ' | ' |
September 30, 2015 | Minimum | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Consolidated Interest Coverage Ratio | 2 | ' | ' |
December 31, 2014 | Minimum | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Consolidated Interest Coverage Ratio | 1.75 | ' | ' |
December 31, 2014 | Maximum | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Consolidated Leverage Ratio | 0.055 | ' | ' |
Revolving Credit Facility | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Credit Facility | 50,000,000 | ' | ' |
Undrawn amount of the Revolver | 49,600,000 | ' | ' |
Line of Credit Facility, Amount Outstanding | 0 | ' | ' |
Term Loan B | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Credit Facility | 375,000,000 | ' | ' |
Mandatory prepayments amount | 0 | ' | ' |
Line of Credit Facility, Amount Outstanding | 299,500,000 | ' | ' |
Senior Debt Obligations | Revolving Credit Facility | Libor Rate Plus | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Variable rate | 1.00% | ' | ' |
Senior Debt Obligations | Revolving Credit Facility | Federal Rate Plus | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Variable rate | 0.50% | ' | ' |
Senior Debt Obligations | Revolving Credit Facility | Minimum | Libor Rate Plus | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Variable rate plus fees | 4.50% | ' | ' |
Senior Debt Obligations | Revolving Credit Facility | Minimum | Base Rate Plus | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Variable rate plus fees | 3.50% | ' | ' |
Senior Debt Obligations | Revolving Credit Facility | Maximum | Libor Rate Plus | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Variable rate plus fees | 5.00% | ' | ' |
Senior Debt Obligations | Revolving Credit Facility | Maximum | Base Rate Plus | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Variable rate plus fees | 4.00% | ' | ' |
Senior Debt Obligations | Term Loan B | Libor Rate Plus | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Variable rate plus fees | 3.00% | ' | ' |
Senior Debt Obligations | Term Loan B | Libor Rate Floor | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Variable rate plus fees | 1.00% | ' | ' |
Former Facility | Minimum | Libor Rate Plus | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Variable rate | 0.50% | ' | ' |
Former Facility | Minimum | Base Rate Plus | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Variable rate | 0.00% | ' | ' |
Former Facility | Maximum | Libor Rate Plus | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Variable rate | 2.50% | ' | ' |
Former Facility | Maximum | Base Rate Plus | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Variable rate | 1.50% | ' | ' |
Former Facility | Prior To Adjustment | Minimum | Libor Rate Plus | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Variable rate | 0.50% | ' | ' |
Former Facility | Prior To Adjustment | Minimum | Prime Rate Plus | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Variable rate | 0.00% | ' | ' |
Former Facility | Prior To Adjustment | Minimum | Federal Rate Plus | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Variable rate | 0.50% | ' | ' |
Former Facility | Prior To Adjustment | Maximum | Libor Rate Plus | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Variable rate | 1.10% | ' | ' |
Former Facility | Prior To Adjustment | Maximum | Prime Rate Plus | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Variable rate | 0.10% | ' | ' |
Former Facility | Prior To Adjustment | Maximum | Federal Rate Plus | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Variable rate | 0.60% | ' | ' |
Former Facility | Revolving Credit Facility | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Credit Facility paid off | ' | ' | 535,500,000 |
Former Facility | Term Loan B | Prior To Adjustment | Libor Rate Floor | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Variable rate plus fees | 1.25% | ' | ' |
Former Facility | Term Loan B | Prior To Adjustment | Minimum | Libor Rate Plus | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Variable rate plus fees | 3.50% | ' | ' |
Former Facility | Term Loan B | Prior To Adjustment | Minimum | Base Rate Plus | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Variable rate plus fees | 2.50% | ' | ' |
Former Facility | Term Loan B | Prior To Adjustment | Maximum | Libor Rate Plus | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Variable rate plus fees | 5.00% | ' | ' |
Former Facility | Term Loan B | Prior To Adjustment | Maximum | Base Rate Plus | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Variable rate plus fees | 4.00% | ' | ' |
Former Facility | Term Loan | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Credit Facility paid off | ' | ' | $60,000,000 |
LONGTERM_DEBT_LIABILITIES_Seni1
LONG-TERM DEBT LIABILITIES - Senior Unsecured Debt (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Debt Instrument [Line Items] | ' |
Senior Notes | $220,000,000 |
Net Proceeds | 212,700,000 |
Debt Instrument Original Issue Discount | 2,900,000 |
Stated interest rate percentage, senior unsecured debt | 0.11% |
Minimum denominations | 2,000 |
After December 1, 2017 | ' |
Debt Instrument [Line Items] | ' |
Redemption of the principal amount | 100.00% |
On Or After December 1, 2016 [Member] | ' |
Debt Instrument [Line Items] | ' |
Redemption of the principal amount | 102.63% |
Senior Unsecured Debt | ' |
Debt Instrument [Line Items] | ' |
Deferred Finance Costs | $6,100,000 |
Subordinated Debt | On or After December 1, 2015 | ' |
Debt Instrument [Line Items] | ' |
Redemption of the principal amount | 105.25% |
LONGTERM_DEBT_LIABILITIES_Debt
LONG-TERM DEBT LIABILITIES - Debt Extinguishment and Net Interest Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net Interest Expense | ' | ' | ' |
Interest expense | $40,091 | $47,412 | $14,790 |
Amortization of deferred financing costs | 3,870 | 4,405 | 3,567 |
Amortization of original issue discount of senior notes | 274 | 246 | 25 |
Interest expense on interest rate hedging agreements | 0 | 1,392 | 6,568 |
Interest income and other investment income | -3 | -9 | -31 |
Total net interest expense | 44,232 | 53,446 | 24,919 |
Extinguishment of Debt Disclosures [Abstract] | ' | ' | ' |
Write-off of unamortized deferred financing costs | 0 | 747 | 1,144 |
Amount of debt retired early | $69 | $0 | $595,500 |
LONGTERM_DEBT_LIABILITIES_Matu
LONG-TERM DEBT LIABILITIES - Maturities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Aggregate Principal Maturities [Line Items] | ' | ' |
2013 | $3,000 | ' |
2014 | 3,000 | ' |
2015 | 3,000 | ' |
2016 | 3,000 | ' |
2017 | 287,500 | ' |
Thereafter | 220,000 | ' |
Total | 519,500 | 585,202 |
Credit Facility | ' | ' |
Aggregate Principal Maturities [Line Items] | ' | ' |
2013 | 3,000 | ' |
2014 | 3,000 | ' |
2015 | 3,000 | ' |
2016 | 3,000 | ' |
2017 | 287,500 | ' |
Thereafter | 0 | ' |
Total | 299,500 | ' |
Senior Notes | ' | ' |
Aggregate Principal Maturities [Line Items] | ' | ' |
2013 | 0 | ' |
2014 | 0 | ' |
2015 | 0 | ' |
2016 | 0 | ' |
2017 | 0 | ' |
Thereafter | 220,000 | ' |
Total | $220,000 | ' |
TOWER_SALE_AND_LEASEBACK_Detai
TOWER SALE AND LEASEBACK (Details) (USD $) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2009 | Dec. 31, 2012 | |
number | number | |||
Financing Method Lease Obligations [Abstract] | ' | ' | ' | ' |
Proceeds from sale of tower facilities | ' | ' | $12,600,000 | ' |
Financing liability | ' | ' | 12,600,000 | 12,610,000 |
The partial lease term | ' | ' | 42 | ' |
Imputed interest | ' | 5.50% | ' | ' |
Future Lease Obligations [Line Items] | ' | ' | ' | ' |
Principal portion of total lease obligations | ' | ' | 12,600,000 | 12,610,000 |
Tower Sale And Leaseback [Abstract] | ' | ' | ' | ' |
Operating Lease Remaining Life Amortization Period | ' | 16.5 | ' | ' |
SaleLeasebackTransactionCurrentPeriodGainRecognized | 1,600,000 | ' | ' | ' |
SaleLeasebackTransactionDeferredGainGross | 9,900,000 | ' | ' | ' |
Sale Leaseback Transaction Deferred Gain Short Term | ' | 600,000 | ' | ' |
Sale Leaseback Transaction Deferred Gain Long Term | ' | 9,000,000 | ' | ' |
Sale Leaseback Transaction, Imputed Interest Rate | ' | 5.50% | ' | ' |
Sale Leaseback Transaction Amortization Of Deferred Gain | ' | $200,000 | ' | ' |
TOWER_SALE_AND_LEASEBACK_Prope
TOWER SALE AND LEASEBACK - Property and Equipment leases (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Capital Leased Assets [Line Items] | ' | ' | ' |
Net Property And Equipment Held Under Finance Lease Obligations | ' | $5,960 | ' |
Less accumulated depreciation | ' | -4,785 | ' |
Property and equipment held under financing method leases, net | ' | 1,175 | ' |
Interest expense for financing method lease obligations | 385 | 749 | 719 |
Depreciation expense attributable to assets held under financing method | 76 | 192 | 199 |
Land and Land Improvements | ' | ' | ' |
Capital Leased Assets [Line Items] | ' | ' | ' |
Net Property And Equipment Held Under Finance Lease Obligations | ' | 843 | ' |
Building | ' | ' | ' |
Capital Leased Assets [Line Items] | ' | ' | ' |
Net Property And Equipment Held Under Finance Lease Obligations | ' | 358 | ' |
Leasehold improvements | ' | ' | ' |
Capital Leased Assets [Line Items] | ' | ' | ' |
Net Property And Equipment Held Under Finance Lease Obligations | ' | 11 | ' |
Equipment | ' | ' | ' |
Capital Leased Assets [Line Items] | ' | ' | ' |
Net Property And Equipment Held Under Finance Lease Obligations | ' | 3,863 | ' |
Leasehold Premium | ' | ' | ' |
Capital Leased Assets [Line Items] | ' | ' | ' |
Net Property And Equipment Held Under Finance Lease Obligations | ' | $885 | ' |
DERIVATIVES_AND_HEDGING_ACTIVI2
DERIVATIVES AND HEDGING ACTIVITIES (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' |
Beginning balance | ' | $0 | ($7,277,000) |
Other Comprehensive Income, Derivatives Qualifying as Hedges, Net of Tax | 0 | 0 | 7,277,000 |
Ending balance | ' | ' | 0 |
Interest Rate Contract [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of gain (loss) recognized in other comprehensive income ("OCI") | ' | 0 | 5,643,000 |
Interest Expense [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of gain (loss) reclassified from OCI to statement of operations | ' | 0 | -1,634,000 |
Amount of gain (loss) in statement of operations due to ineffectiveness | ' | 1,346,000 | 288,000 |
Swap Expiring September 2011 [Member] | ' | ' | ' |
Derivative Instrument and Hedging Activities [Line Items] | ' | ' | ' |
Aggregate notional amounts expired | ' | 125,000,000 | ' |
Effective date | ' | 28-Mar-08 | ' |
Derivative Fixed Libor Rate | ' | 2.91% | ' |
Swap Expiring May 2012 [Member] | ' | ' | ' |
Derivative Instrument and Hedging Activities [Line Items] | ' | ' | ' |
Aggregate notional amounts expired | 100,000,000 | ' | ' |
Effective date | 28-May-08 | ' | ' |
Derivative Fixed Libor Rate | 3.62% | ' | ' |
Swap Expiring January 2011 [Member] | ' | ' | ' |
Derivative Instrument and Hedging Activities [Line Items] | ' | ' | ' |
Aggregate notional amounts expired | ' | 150,000,000 | ' |
Effective date | ' | 28-Jan-08 | ' |
Derivative Fixed Libor Rate | ' | 3.03% | ' |
Collar Expiring February 2011 [Member] | ' | ' | ' |
Derivative Instrument and Hedging Activities [Line Items] | ' | ' | ' |
Aggregate notional amounts expired | ' | $100,000,000 | ' |
Effective date | ' | 28-Feb-08 | ' |
Derivative, Cap Interest Rate | ' | 4.00% | ' |
Derivative, Floor Interest Rate | ' | 2.14% | ' |
SHAREHOLDERS_EQUITY_Details
SHAREHOLDER'S EQUITY (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Conversion Of Class B Common Stock [Abstract] | ' | ' | ' |
Shares contributed to charitable organizations | 170,000 | ' | ' |
Credit Facility | $425,000,000 | ' | ' |
Dividends And Shares Activitiy [Line Items] | ' | ' | ' |
Dvidend Equivalent liability - short term | 0 | 0 | ' |
Dvidend Equivalent liability - long term | 221,000 | 221,000 | ' |
Total Dividend Equivalent Liability | 221,000 | 221,000 | ' |
Dividend payments | 0 | 0 | 0 |
Tax benefit recognized to paid-in capital | 0 | 0 | 0 |
Shares of stock deemed repurchased | 186,000 | 199,000 | 297,000 |
Amount recorded as financing activity | -1,640,000 | -1,367,000 | -3,057,000 |
Dividend Equivalents Paid | 0 | 43,000 | 512,000 |
Credit Facility Available For Dividend Equity Or Debt Repurchase | $40,000 | ' | ' |
SHAREBASED_COMPENSATION_Equity
SHARE-BASED COMPENSATION - Equity Compensation Plan and RSU Acitivity (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restricted Stock Unit Activity [Abstract] | ' | ' | ' |
RSUs issued | 360,667 | 307,000 | 445,000 |
RSUs forfeited | -264,107 | ' | ' |
Net RSUs issued and increase (decrease) to paid-in capital | 97,000 | 281,000 | 417,000 |
RSUs vested and released | 547,342 | -659,000 | -886,000 |
RSUs issued, Amount | $2,906 | $2,133 | $4,721 |
Net RSUs issued and increase (decrease) to paid-in capital, Amount | $111 | $1,898 | $4,247 |
Equity Compensation Plan [Line Items] | ' | ' | ' |
Additional shares available for grant during the period | 1,500,000 | ' | ' |
Shares available for grant | 3,900,000 | ' | ' |
SHAREBASED_COMPENSATION_RSU_Ac
SHARE-BASED COMPENSATION - RSU Activity - Summary of Change (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Number of Restricted Stock Units [Roll Forward] | ' | ' | ' |
RSUs beginning | 1,481,268 | ' | ' |
RSUs awarded | 360,667 | 307,000 | 445,000 |
RSUs released | -547,342 | 659,000 | 886,000 |
RSUs forfeited | -264,107 | ' | ' |
RSUs ending | 1,030,486 | 1,481,268 | ' |
Weighted Average Purchase Price RSUs | $0 | ' | ' |
Weighted Average Remaining Contractual Term (Years) RSUs | '1 year 1 month 6 days | ' | ' |
Aggregate Intrinsic Value RSUs | $10,830,408 | ' | ' |
Number of RSUs vested and expected to vest | 975,327 | ' | ' |
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 | 9,336,358 | ' | ' |
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 | 914,328 | ' | ' |
Weighted average remaining recognition period in years | '2 years 2 months 12 days | ' | ' |
Unamortized compensation expense, net of estimated forfeitures | $4,919,275 | ' | ' |
SHAREBASED_COMPENSATION_RSUs_w
SHARE-BASED COMPENSATION - RSUs with Market Conditions (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Restricted Stock Units With Market Conditions [Line Items] | ' | ' | ' |
RSUs issued | 360,667 | 307,000 | 445,000 |
RSUs issued, Amount | $2,906 | $2,133 | $4,721 |
Reconciliation Of RSUs With Market Conditions [Abstract] | ' | ' | ' |
RSUs beginning | 1,481,268 | ' | ' |
Number of RSUs granted | 360,667 | 307,000 | 445,000 |
Number of RSUs forfeited | -264,107 | ' | ' |
Number of RSUs vested | -547,342 | 659,000 | 886,000 |
RSUs ending | 1,030,486 | 1,481,268 | ' |
Net RSUs increase (decrease) to APIC | 4,229 | 5,544 | 7,209 |
Maximum | ' | ' | ' |
Share-based Compensation Restricted Stock Units With Market Conditions [Line Items] | ' | ' | ' |
Amortization period of grant in years | ' | ' | '2 years |
Minimum | ' | ' | ' |
Share-based Compensation Restricted Stock Units With Market Conditions [Line Items] | ' | ' | ' |
Amortization period of grant in years | ' | ' | '1 year 7 months 6 days |
Restricted Stock Units With Market Conditions [Member] | ' | ' | ' |
Share-based Compensation Restricted Stock Units With Market Conditions [Line Items] | ' | ' | ' |
RSUs issued | 0 | 0 | 0 |
Reconciliation Of RSUs With Market Conditions [Abstract] | ' | ' | ' |
RSUs beginning | 200,000 | 300,000 | 300,000 |
Number of RSUs granted | 0 | 0 | 0 |
Number of RSUs forfeited | -200,000 | 0 | 0 |
Number of RSUs vested | 0 | -100,000 | 0 |
RSUs ending | 0 | 200,000 | 300,000 |
RSUs forfeited | -2,110 | ' | ' |
Restricted Stock Units With Service Conditions [Member] | ' | ' | ' |
Reconciliation Of RSUs With Market Conditions [Abstract] | ' | ' | ' |
Number of RSUs forfeited | -64,000 | -26,000 | -28,000 |
RSUs forfeited | ($685) | ($235) | ($474) |
SHAREBASED_COMPENSATION_Other_
SHARE-BASED COMPENSATION - Other Options Disclosures (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Options Disclosures [Line Items] | ' | ' | ' |
Fair value per option issued | $6.07 | $0 | $0 |
Intrinsic value of options exercised | $1,228 | $508 | $528 |
Tax benefit from options exercised, before impact of valuation allowance | 466 | 192 | 209 |
Cash received from exercise price of options exercised | $245 | $135 | $71 |
Number of options issued | 5 | 0 | 0 |
Maximum | ' | ' | ' |
Other Options Disclosures [Line Items] | ' | ' | ' |
Exercise price range of options issued | $8.72 | $0 | $0 |
Minimum | ' | ' | ' |
Other Options Disclosures [Line Items] | ' | ' | ' |
Exercise price range of options issued | $8.72 | $0 | $0 |
SHAREBASED_COMPENSATION_Option
SHARE-BASED COMPENSATION - Options Activity (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Options activity [Roll Forward] | ' |
Options beginning | 742,550 |
Options granted | 5,000 |
Options exercised | -171,625 |
Options forfeited | -3,625 |
Options expired | -14,750 |
Options ending | 557,550 |
Weighted average exercise price - beginning | $2.39 |
Weighted average exercise price - options granted | $8.72 |
Weighted average exercise price - options exercised | $1.43 |
Weighted average exercise price - options forfeited | $1.34 |
Weighted average exercise price - options expired | $8.70 |
Weighted average exercise price - ending | $2.58 |
Weighted Average Remaining Contractual Term (Years) Options | '5 years |
Intrinsic Value Options | $4,692,120 |
Options vested and expected to vest | 557,040 |
Options vested and exercisable | 552,550 |
Weighted average exercise price options vested and expected to vest | $2.57 |
Weighted average exercise price options vested and exerciable | $2.52 |
Weighted average remaining contractual period (Years) options vested and expected to vest | '5 years |
Weighted average remaining contractual period (years) options vested and exercisable | '5 years |
Intrinsic value options vested and expected to vest | 4,691,207 |
Intrinsic value options vested and exercisable | 4,683,170 |
Weighted average remaining recognition period in years | '3 years 7 months 6 days |
Unamortized compensation expense, net of estimated forfeitures | $25,091 |
SHAREBASED_COMPENSATION_Valuat
SHARE-BASED COMPENSATION - Valuation Method (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Valuation Methodology [Abstract] | ' |
Expected life (years) | '6 years 3 months 18 days |
Expected volatility factor (%) | 78.80% |
Risk-free interest rate (%) | 2.00% |
Expected dividend yield (%) | 0.00% |
SHAREBASED_COMPENSATION_Other_1
SHARE-BASED COMPENSATION - Other Award Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Significant ranges of outstanding and exercisable options [Line Items] | ' | ' | ' |
Number of options outstanding | 557,550 | 742,550 | ' |
Weighted average remaining contractual life options outstanding | '5 years | ' | ' |
Weighted average exercise price options outstanding | $2.58 | $2.39 | ' |
Number of options exercisable | 552,550 | ' | ' |
Weighted average exercise price options exercisable | $2.52 | ' | ' |
Recognized Non-Cash Compensation Expense [Line Items] | ' | ' | ' |
Total Non cash compensation expense recognized | $3,190 | $4,214 | $5,564 |
The amount of the Company's windfall tax benefit account | 2,136 | 2,969 | ' |
Station operating expenses [Member] | ' | ' | ' |
Recognized Non-Cash Compensation Expense [Line Items] | ' | ' | ' |
Total Non cash compensation expense recognized | 766 | 584 | 776 |
Corporate general and administrative expenses [Member] | ' | ' | ' |
Recognized Non-Cash Compensation Expense [Line Items] | ' | ' | ' |
Total Non cash compensation expense recognized | 3,504 | 5,170 | 6,895 |
Stock-based compensation expense included in operating expenses [Member] | ' | ' | ' |
Recognized Non-Cash Compensation Expense [Line Items] | ' | ' | ' |
Total Non cash compensation expense recognized | 4,270 | 5,754 | 7,671 |
Income tax benefit (net of a fully reserved valuation allowance for prior year) [Member] | ' | ' | ' |
Recognized Non-Cash Compensation Expense [Line Items] | ' | ' | ' |
Total Non cash compensation expense recognized | $1,080 | $1,540 | $2,107 |
Exercise prices from 1.34 to 1.34 | ' | ' | ' |
Significant ranges of outstanding and exercisable options [Line Items] | ' | ' | ' |
Number of options outstanding | 501,175 | ' | ' |
Weighted average remaining contractual life options outstanding | '5 years 1 month 6 days | ' | ' |
Weighted average exercise price options outstanding | $1.34 | ' | ' |
Number of options exercisable | 501,175 | ' | ' |
Weighted average exercise price options exercisable | $1.34 | ' | ' |
Exercise prices from 2.02 to 11.78 | ' | ' | ' |
Significant ranges of outstanding and exercisable options [Line Items] | ' | ' | ' |
Number of options outstanding | 47,375 | ' | ' |
Weighted average remaining contractual life options outstanding | '5 years 3 months 18 days | ' | ' |
Weighted average exercise price options outstanding | $9.02 | ' | ' |
Number of options exercisable | 42,375 | ' | ' |
Weighted average exercise price options exercisable | $9.06 | ' | ' |
Exercise prices from 33.90 to 48.21 | ' | ' | ' |
Significant ranges of outstanding and exercisable options [Line Items] | ' | ' | ' |
Number of options outstanding | 9,000 | ' | ' |
Weighted average remaining contractual life options outstanding | '0 years 9 months 18 days | ' | ' |
Weighted average exercise price options outstanding | $37.72 | ' | ' |
Number of options exercisable | 9,000 | ' | ' |
Weighted average exercise price options exercisable | $37.72 | ' | ' |
NET_INCOME_PER_COMMON_SHARE_De
NET INCOME PER COMMON SHARE (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Impact Of Equity Awards [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Price range of option: from | ' | ' | ' | ' | ' | ' | ' | ' | $10.52 | $6.43 | $8.21 |
Price range of option: to | ' | ' | ' | ' | ' | ' | ' | ' | $48.21 | $48.21 | $48.21 |
Earnings Per Share, Basic and Diluted [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable to Parent | $9,507 | $6,875 | $9,893 | ($251) | $7,347 | $8,177 | ($3,207) | ($1,049) | $26,024 | $11,268 | $71,054 |
Weighted Average Number Of Shares Outstanding Basic | 37,471,000 | 37,386,000 | 37,344,000 | 37,138,000 | 36,935,000 | 36,735,000 | 36,686,000 | 36,483,000 | 37,417,807 | 36,906,468 | 36,369,410 |
Earnings Per Share Basic | ' | ' | ' | ' | ' | ' | ' | ' | $0.70 | $0.31 | $1.95 |
Incremental Common Shares Attributable to Share-based Payment Arrangements | ' | ' | ' | ' | ' | ' | ' | ' | 883,688 | 903,178 | 1,394,555 |
Weighted Average Number Of Diluted Shares Outstanding | 38,336,000 | 38,153,000 | 38,103,000 | 37,138,000 | 37,837,000 | 37,548,000 | 36,686,000 | 36,483,000 | 38,301,495 | 37,809,646 | 37,763,965 |
Earnings Per Share Diluted | ' | ' | ' | ' | ' | ' | ' | ' | $0.68 | $0.30 | $1.88 |
Options Activity [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impact Of Equity Awards [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excluded shares as anti-dilutive under the treasury stock method | ' | ' | ' | ' | ' | ' | ' | ' | 37,000 | 46,000 | 54,000 |
Restricted Stock Units Activity [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impact Of Equity Awards [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excluded shares as anti-dilutive under the treasury stock method | ' | ' | ' | ' | ' | ' | ' | ' | 4,000 | 1,139,000 | 1,145,000 |
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 | ' | ' | ' | ' | ' | ' | ' | ' | 4,000 | 939,000 | 945,000 |
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 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 200,000 | 200,000 |
INCOME_TAXES_Expected_And_Repo
INCOME TAXES - Expected And Reported Income Taxes (Benefit) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | ' | ' | ' | ' | ' |
Federal statutory income tax rate | ' | ' | 35.00% | 35.00% | 35.00% |
Computed tax expense (benefit) at federal statutory rates on income (loss) before income taxes (benefit) | ' | ' | $16,975 | $8,310 | $18,223 |
State income tax expense (benefit), net of federal benefit | ' | ' | 3,399 | 2,274 | -1,421 |
Federal tax expense associated with non-amortizable assets | ' | ' | 0 | 0 | 0 |
Non recognition of expense due to full valuation allowance | ' | ' | 54 | 203 | 0 |
Valuation allowance current year activity | ' | ' | 0 | 0 | -41,721 |
Reversal of net tax on derivative liability | ' | ' | 0 | 0 | 2,547 |
Change in uncertain tax positions | ' | ' | 0 | 0 | 0 |
Tax benefit shortfall associated with share-based awards | ' | ' | 997 | 412 | 2,061 |
Nondeductible expenses and other | ' | ' | 1,051 | 1,275 | 1,323 |
Income taxes (benefit) | ' | ' | 22,476 | 12,474 | -18,988 |
Effective income tax rate | 0.00% | 0.00% | 46.30% | 52.50% | 36.50% |
Impairment loss | ' | ' | $850 | $22,307 | $0 |
INCOME_TAXES_Expense_Benefit_D
INCOME TAXES - Expense (Benefit) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | $0 | $0 | $0 |
State | 54 | -822 | -1,643 |
Total current | 54 | -822 | -1,643 |
Deferred: | ' | ' | ' |
Federal | 19,051 | 10,481 | -18,531 |
State | 3,371 | 2,815 | 1,186 |
Total deferred | 22,422 | 13,296 | -17,345 |
Income taxes (benefit) | $22,476 | $12,474 | ($18,988) |
INCOME_TAXES_Deferred_Tax_Asse
INCOME TAXES - Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Employee benefits | $857 | $877 |
Deferred compensation | 476 | 72 |
Provision for doubtful accounts | 947 | 1,060 |
Deferred gain on tower transaction | 236 | 4,955 |
Derivative financial instruments | 0 | 0 |
Other | 567 | 480 |
Total current deferred tax assets before valuation allowance | 3,083 | 7,444 |
Valuation allowance | -195 | -209 |
Total current deferred tax assets - net | 2,888 | 7,235 |
Federal and state income tax loss carryforwards | 115,130 | 93,199 |
Share-based compensation | 2,136 | 2,969 |
Investments - impairments | 490 | 490 |
Deferred gain on tower transaction, long term | 3,525 | 0 |
Lease rental obligations | 2,058 | 2,296 |
Deferred compensation | 4,112 | 3,291 |
Other | 1,086 | 1,165 |
Total non-current deferred tax assets before valuation allowance | 128,537 | 103,410 |
Valuation allowance | -20,043 | -18,124 |
Total non-current deferred tax assets - net | 108,494 | 85,286 |
Total deferred tax assets | 111,382 | 92,521 |
Deferred tax liabilities: | ' | ' |
Advertiser broadcasting obligations | -38 | -13 |
Total current deferred tax liabilities | -38 | -13 |
Deferral of gain recognition on the extinguishment of debt | -7,657 | -7,642 |
Property, equipment and certain intangibles (other than broadcasting licenses and goodwill) | 4,318 | 1,901 |
Broadcasting licenses and goodwill | -149,427 | -105,771 |
Total non-current deferred tax liabilities | -152,766 | -111,512 |
Total deferred tax liabilities | -152,804 | -111,525 |
Total net deferred tax liabilities | ($41,422) | ($19,004) |
INCOME_TAXES_Valuation_Allowan
INCOME TAXES - Valuation Allowance And Uncertain Tax Position (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Deferred Tax Asset Valuation Allowance [Roll Forward] | ' | ' | ' |
Balance at beginning year | $18,333 | $9,633 | $56,142 |
Increase (Decrease) Charged/ (Credited) To Income Tax | 1,905 | 8,700 | -43,737 |
Increase (Decrease) Charged/ (Credited) To OCI | 0 | 0 | -2,772 |
Balance at end of year | 20,238 | 18,333 | 9,633 |
Liabilities for uncertain tax positions | ' | ' | ' |
Tax | 67 | 67 | ' |
Interest and penalties | 132 | 121 | ' |
Total | 199 | 188 | ' |
Expense (income) from uncertain tax positions | ' | ' | ' |
Tax expense (income) | 0 | -617 | -990 |
Interest and penalties (income) | 11 | -309 | -717 |
Total income taxes (benefit) from uncertain tax positions | 11 | -926 | -1,707 |
The gross amount of changes in unrecognized tax benefits for the period: | ' | ' | ' |
Beginning of year balance | -7,690 | -8,180 | -7,738 |
Gross increases prior year positions | 0 | -733 | 0 |
Gross decreases prior year positions | 0 | 858 | 708 |
Gross increases current year positions | 0 | 0 | -1,431 |
Gross decreases current year positions | 0 | 0 | 0 |
Settlements with tax authorities | 0 | 0 | 0 |
Reductions due to statute lapse | 0 | 365 | 281 |
End of year balance | -7,690 | -7,690 | -8,180 |
Ending liability balance included above that was reflected as an offset to deferred tax assets | ($7,623) | ($7,623) | ($7,495) |
INCOME_TAXES_Income_Tax_Paymen
INCOME TAXES - Income Tax Payments Refunds Net Operating Loss Carryforwards (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Payments And Refunds | ' | ' | ' |
Income Taxes Paid Local And State Tax Authorities | $69 | $99 | $82 |
Federal and state income tax refunds | 5 | 256 | 492 |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
State income tax credits | 1,248 | ' | ' |
NOL Expiration Period in years | ' to 2018 | ' | ' |
Prior Period Correction | ' | ' | ' |
Deferred Income Tax Expense Benefit | 22,422 | 13,296 | -17,345 |
Deferred tax expense from prior period adjustment related to uncertain tax positions | 0 | 858 | 708 |
Domestic Country [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
NOL carryforwards | 257,187 | ' | ' |
NOL Expiration Period in years | '2030 to 2034 | ' | ' |
Operating Loss Carryforwards Suspended Windfall | 8,824 | ' | ' |
State and Local Jurisdiction [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
NOL carryforwards | 549,737 | ' | ' |
NOL Expiration Period in years | '2014 to 2033 | ' | ' |
Operating Loss Carryforwards Suspended Windfall | $8,174 | ' | ' |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Income And Comprehensive Income Abstract | ' | ' | ' |
Accumulated other comprehensive income (loss) beginning balance | ($7,277) | $0 | $0 |
Derivative Instrument and Hedging Activities [Line Items] | ' | ' | ' |
Prior period correction recorded in the current period | 5,998 | ' | ' |
Net (gain) loss on derivative instruments | 5,643 | ' | ' |
Income (taxes) benefit | -2,149 | ' | ' |
Net gain (loss) on derivatives, net of taxes and before valuation allowance | 9,492 | ' | ' |
Valuation allowance - (decrease) increase | 0 | ' | ' |
Net gain (loss), net of taxes | 9,492 | ' | ' |
Reclassification to the income statement due to hedge ineffectiveness | -2,215 | ' | ' |
Net activity | 7,277 | ' | ' |
Accumulated other comprehensive income (loss) ending balance | $0 | $0 | $0 |
SUPPLEMENTAL_CASH_FLOW_DISCLOS1
SUPPLEMENTAL CASH FLOW DISCLOSURES ON NON-CASH INVESTING AND FINANCING ACTIVITIES (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Cash Flow Information [Abstract] | ' | ' | ' |
Barter Revenues | $3,821 | $3,403 | $3,847 |
Barter expenses | 3,766 | 3,573 | 3,955 |
Noncash Tangible Assets | 0 | 0 | 0 |
Noncash or Part Noncash Divestiture, Amount of Consideration Received | $12,679 | ' | ' |
EMPLOYEE_SAVINGS_AND_BENEFIT_P2
EMPLOYEE SAVINGS AND BENEFIT PLANS (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Deferred Compensation Plans | ' | ' | ' |
Beginning of period balance | $8,377 | $6,824 | $6,622 |
Employee compensation deferrals | 369 | 805 | 790 |
Employee compensation payments | -297 | -210 | -534 |
Increase (decrease) in plan fair value | 2,010 | 958 | -54 |
End of period balance | 10,459 | 8,377 | 6,824 |
Company's contribution to the 401K Plan | ' | ' | ' |
401(K) savings plan expense | $851 | $881 | $477 |
FAIR_VALUE_OF_FINANCIAL_INSTRU2
FAIR VALUE OF FINANCIAL INSTRUMENTS - Recurring basis (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash equivalents | $0 | $6,695 |
Liabilities | ' | ' |
Deferred Compensation | 10,459 | 8,377 |
Current Liabilities [Member] | ' | ' |
Liabilities | ' | ' |
Lease abandonment liability | ' | 72 |
Other Long Term Liabilities [Member] | ' | ' |
Liabilities | ' | ' |
Lease abandonment liability | ' | 609 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets | ' | ' |
Cash equivalents | ' | 6,695 |
Liabilities | ' | ' |
Deferred Compensation | 10,459 | 8,377 |
Fair Value, Inputs, Level 1 [Member] | Current Liabilities [Member] | ' | ' |
Liabilities | ' | ' |
Lease abandonment liability | ' | 0 |
Fair Value, Inputs, Level 1 [Member] | Other Long Term Liabilities [Member] | ' | ' |
Liabilities | ' | ' |
Lease abandonment liability | ' | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets | ' | ' |
Cash equivalents | 0 | 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 |
Liabilities | ' | ' |
Deferred Compensation | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Current Liabilities [Member] | ' | ' |
Liabilities | ' | ' |
Lease abandonment liability | ' | 0 |
Fair Value, Inputs, Level 3 [Member] | Other Long Term Liabilities [Member] | ' | ' |
Liabilities | ' | ' |
Lease abandonment liability | ' | $0 |
FAIR_VALUE_OF_FINANCIAL_INSTRU3
FAIR VALUE OF FINANCIAL INSTRUMENTS - Non-Recurring basis (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Radio broadcasting licenses | ' | $100,512 |
Impairment loss on Radio broadcasting licences | ' | 22,307 |
Goodwill, Impairment Loss | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Radio broadcasting licenses | ' | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Radio broadcasting licenses | ' | 0 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Radio broadcasting licenses | ' | $100,512 |
FAIR_VALUE_OF_FINANCIAL_INSTRU4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Value (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Credit Facility | ' | ' |
Fair Value Of Instruments [Line Items] | ' | ' |
Carrying value of debt | $299,500 | $352,500 |
Fair value of debt | 301,559 | 356,686 |
Senior Notes | ' | ' |
Fair Value Of Instruments [Line Items] | ' | ' |
Carrying value of debt | 217,624 | 217,349 |
Fair value of debt | 248,635 | 241,257 |
Finance Method Lease Obligations | ' | ' |
Fair Value Of Instruments [Line Items] | ' | ' |
Carrying value of debt | 0 | 12,610 |
Letter of credit | ' | ' |
Fair Value Of Instruments [Line Items] | ' | ' |
Carrying value of debt | $370 | $570 |
ASSETS_HELD_FOR_SALE_Details
ASSETS HELD FOR SALE (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Assets Held-for-sale, at Carrying Value [Abstract] | ' |
Assets Held-for-sale, at Carrying Value | $2.10 |
ImpairmentOfRealEstate | $0.90 |
ACQUISITIONS_DIVESTITURES_AND_
ACQUISITIONS, DIVESTITURES AND PRO FORMA SUMMARY (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Mar. 31, 2011 | |
Acquisition [Line Items] | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Gross | $0 | $25,325,000 | $9,000,000 | ' | ' |
Purchase price allocation [Abstract] | ' | ' | ' | ' | ' |
Lease Abandonment Liability | ' | ' | ' | 700,000 | ' |
Lease Abandonment Expense | ' | ' | ' | ' | 800,000 |
Lease Abandonment Expense Recovery | ' | ' | ' | 600,000 | ' |
Equipment [Member] | Maximum | ' | ' | ' | ' | ' |
Purchase price allocation [Abstract] | ' | ' | ' | ' | ' |
Tangible assets amortization period | '40 years | ' | ' | ' | ' |
Equipment [Member] | Minimum | ' | ' | ' | ' | ' |
Purchase price allocation [Abstract] | ' | ' | ' | ' | ' |
Tangible assets amortization period | '3 years | ' | ' | ' | ' |
KUFXFM [Member] | ' | ' | ' | ' | ' |
Acquisition [Line Items] | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Gross | ' | ' | 9,000,000 | ' | ' |
Acquisition price paid from borrowing | ' | ' | 7,600,000 | ' | ' |
Acquisition price paid as deposit | ' | ' | 1,400,000 | ' | ' |
KUFXFM [Member] | Radio Broadcasting Licences [Member] | ' | ' | ' | ' | ' |
Purchase price allocation [Abstract] | ' | ' | ' | ' | ' |
Intangible assets non amortizable | ' | ' | 8,100,000 | ' | ' |
KUFXFM [Member] | Goodwill [Member] | ' | ' | ' | ' | ' |
Purchase price allocation [Abstract] | ' | ' | ' | ' | ' |
Intangible assets non amortizable | ' | ' | 700,000 | ' | ' |
KBLXFM [Member] | ' | ' | ' | ' | ' |
Acquisition [Line Items] | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Gross | ' | 25,000,000 | ' | ' | ' |
Acquisition price paid from borrowing | ' | 18,000,000 | ' | ' | ' |
Acquisition price paid using cash available from operating cash flow | ' | 7,000,000 | ' | ' | ' |
KBLXFM [Member] | Radio Broadcasting Licences [Member] | ' | ' | ' | ' | ' |
Purchase price allocation [Abstract] | ' | ' | ' | ' | ' |
Intangible assets non amortizable | ' | 24,800,000 | ' | ' | ' |
KBLXFM [Member] | Goodwill [Member] | ' | ' | ' | ' | ' |
Purchase price allocation [Abstract] | ' | ' | ' | ' | ' |
Intangible assets non amortizable | ' | $200,000 | ' | ' | ' |
CONTINGENCIES_GUARANTOR_ARRANG2
CONTINGENCIES, GUARANTOR ARRANGEMENTS AND COMMITMENTS (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Commitments And Contingencies Disclosure Abstract | ' | ' | ' |
Letter of credit requirement | $370,000 | $570,000 | ' |
FCC' s fine single Incident | 325,000 | ' | ' |
FCC's maximum fine | 3,000,000 | ' | ' |
Rental Expense for office and broadcasting facilities | 13,226,000 | 12,748,000 | 12,719,000 |
Unrecorded Unconditional Purchase Obligation [Line Items] | ' | ' | ' |
Total commitments 2013 | 86,033,000 | ' | ' |
Total commitments 2014 | 71,113,000 | ' | ' |
Total commitments 2015 | 62,598,000 | ' | ' |
Total commitments 2016 | 26,518,000 | ' | ' |
Total commitments 2017 | 11,005,000 | ' | ' |
Thereafter | 33,820,000 | ' | ' |
Total | 291,087,000 | ' | ' |
Operating Leases | ' | ' | ' |
Unrecorded Unconditional Purchase Obligation [Line Items] | ' | ' | ' |
Total commitments 2013 | 13,798,000 | ' | ' |
Total commitments 2014 | 13,675,000 | ' | ' |
Total commitments 2015 | 13,358,000 | ' | ' |
Total commitments 2016 | 12,197,000 | ' | ' |
Total commitments 2017 | 10,049,000 | ' | ' |
Thereafter | 33,404,000 | ' | ' |
Total | 96,481,000 | ' | ' |
Programming And Related Contracts | ' | ' | ' |
Unrecorded Unconditional Purchase Obligation [Line Items] | ' | ' | ' |
Total commitments 2013 | 72,235,000 | ' | ' |
Total commitments 2014 | 57,438,000 | ' | ' |
Total commitments 2015 | 49,240,000 | ' | ' |
Total commitments 2016 | 14,321,000 | ' | ' |
Total commitments 2017 | 956,000 | ' | ' |
Thereafter | 416,000 | ' | ' |
Total | $194,606,000 | ' | ' |
CONTINGENCIES_Condensed_Balanc
CONTINGENCIES - Condensed Balance Sheets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Assets Abstract | ' | ' | ' | ' |
Current Assets | $91,266 | $90,796 | ' | ' |
Property And Equipment - Net | 44,439 | 51,677 | ' | ' |
Deferred Charges And Other Assets - Net | 17,501 | 20,126 | ' | ' |
Assets | 912,688 | 920,358 | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' |
Liabilities Current | 29,652 | 49,276 | ' | ' |
Liabilities Noncurrent | 584,643 | 601,588 | ' | ' |
Liabilities, Total | 614,295 | 650,864 | ' | ' |
Stockholders Equity Abstract | ' | ' | ' | ' |
Common Stock Value | 385 | 384 | ' | ' |
Additional Paid In Capital Common Stock | 604,721 | 601,847 | ' | ' |
Retained Earnings Accumulated Deficit | -306,713 | -332,737 | ' | ' |
Accumulated Other Comprehensive Income Loss Net Of Tax | 0 | 0 | 0 | -7,277 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 298,393 | 269,494 | 253,688 | 170,667 |
Liabilities And Stockholders Equity | 912,688 | 920,358 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' |
Assets Abstract | ' | ' | ' | ' |
Current Assets | 4,330 | 1,968 | ' | ' |
Property And Equipment - Net | 727 | 895 | ' | ' |
Deferred Charges And Other Assets - Net | 2,564 | 1,991 | ' | ' |
Investments In Affiliates Subsidiaries Associates And Joint Ventures | 328,116 | 289,361 | ' | ' |
Assets | 335,737 | 294,215 | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' |
Liabilities Current | 11,317 | 9,697 | ' | ' |
Liabilities Noncurrent | 26,027 | 15,024 | ' | ' |
Liabilities, Total | 37,344 | 24,721 | ' | ' |
Stockholders Equity Abstract | ' | ' | ' | ' |
Common Stock Value | 385 | 384 | ' | ' |
Additional Paid In Capital Common Stock | 604,721 | 601,847 | ' | ' |
Retained Earnings Accumulated Deficit | -306,713 | -332,737 | ' | ' |
Accumulated Other Comprehensive Income Loss Net Of Tax | 0 | 0 | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 298,393 | 269,494 | 253,688 | 170,667 |
Liabilities And Stockholders Equity | $335,737 | $294,215 | ' | ' |
CONTINGENCIES_Condensed_Income
CONTINGENCIES - Condensed Income Statement (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NET REVENUES | $99,583 | $98,436 | $101,239 | $78,360 | $102,092 | $102,295 | $104,571 | $79,966 | $377,618 | $388,924 | $382,727 |
Operating Expenses Abstract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation Depletion And Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 8,545 | 10,839 | 11,276 |
General and Administrative Expense | ' | ' | ' | ' | ' | ' | ' | ' | 24,381 | 25,874 | 26,609 |
Acquisition Costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 767 |
Net (gain) loss on sale or disposal of assets | ' | ' | ' | ' | ' | ' | ' | ' | -1,321 | 138 | 163 |
Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 285,051 | 312,330 | 303,254 |
Operating Income Loss | 29,241 | 23,286 | 28,268 | 11,772 | 30,951 | 29,385 | 5,368 | 10,890 | 92,567 | 76,594 | 79,473 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | -165 | -118 | -32 |
TOTAL OTHER (INCOME) EXPENSE | ' | ' | ' | ' | ' | ' | ' | ' | 44,067 | 52,852 | 27,407 |
INCOME (LOSS) BEFORE INCOME TAXES (BENEFIT) | ' | ' | ' | ' | ' | ' | ' | ' | 48,500 | 23,742 | 52,066 |
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 22,476 | 12,474 | -18,988 |
Net Income (Loss) Attributable to Parent | 9,507 | 6,875 | 9,893 | -251 | 7,347 | 8,177 | -3,207 | -1,049 | 26,024 | 11,268 | 71,054 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NET REVENUES | ' | ' | ' | ' | ' | ' | ' | ' | 615 | 659 | 652 |
Operating Expenses Abstract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation Depletion And Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 1,122 | 920 | 852 |
General and Administrative Expense | ' | ' | ' | ' | ' | ' | ' | ' | 24,229 | 25,717 | 26,464 |
Acquisition Costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 767 |
Net (gain) loss on sale or disposal of assets | ' | ' | ' | ' | ' | ' | ' | ' | -1,954 | 0 | -28 |
Operating Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 23,397 | 26,637 | 28,055 |
Operating Income Loss | ' | ' | ' | ' | ' | ' | ' | ' | -22,782 | -25,978 | -27,403 |
Net interest expense, including amortization of deferred financing expense | ' | ' | ' | ' | ' | ' | ' | ' | 1 | -46 | 59 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | -165 | -118 | -32 |
Income from equity investment in subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -71,118 | -49,556 | -79,496 |
TOTAL OTHER (INCOME) EXPENSE | ' | ' | ' | ' | ' | ' | ' | ' | -71,282 | -49,720 | -79,469 |
INCOME (LOSS) BEFORE INCOME TAXES (BENEFIT) | ' | ' | ' | ' | ' | ' | ' | ' | 48,500 | 23,742 | 52,066 |
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 22,476 | 12,474 | -18,988 |
Net Income (Loss) Attributable to Parent | ' | ' | ' | ' | ' | ' | ' | ' | $26,024 | $11,268 | $71,054 |
CONTINGENCIES_Condensed_OCI_De
CONTINGENCIES - Condensed OCI (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NET INCOME (LOSS) | $9,507 | $6,875 | $9,893 | ($251) | $7,347 | $8,177 | ($3,207) | ($1,049) | $26,024 | $11,268 | $71,054 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES (BENEFIT): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net unrealized gain (loss) on derivatives, net of taxes (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 7,277 |
COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | 26,024 | 11,268 | 78,331 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NET INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | 26,024 | 11,268 | 71,054 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES (BENEFIT): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net unrealized gain (loss) on derivatives, net of taxes (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 7,277 |
COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | $26,024 | $11,268 | $78,331 |
CONTINGENCIES_Condensed_Shareh
CONTINGENCIES - Condensed Shareholder's Equity (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Opening Balance VALUE | ' | ' | ' | $269,494 | ' | ' | ' | $253,688 | $269,494 | $253,688 | $170,667 |
Net income (loss) | 9,507 | 6,875 | 9,893 | -251 | 7,347 | 8,177 | -3,207 | -1,049 | 26,024 | 11,268 | 71,054 |
Stock Granted During Period, Value, Share-based Compensation, Net of Forfeitures | ' | ' | ' | ' | ' | ' | ' | ' | 41 | 210 | 462 |
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures | ' | ' | ' | ' | ' | ' | ' | ' | 4,229 | 5,544 | 7,209 |
Purchase of vested employee restricted stock units | ' | ' | ' | ' | ' | ' | ' | ' | -1,640 | -1,367 | -3,057 |
Purchase of vested employee restricted stock units SHARES | ' | ' | ' | ' | ' | ' | ' | ' | -186,000 | -199,000 | -297,000 |
Forfeitures of dividend equivalents VALUE | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16 | 5 |
Net unrealized gain (loss) on derivatives VALUE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,277 |
Exercise of stock options SHARES | ' | ' | ' | ' | ' | ' | ' | ' | 171,625 | ' | ' |
Exercise of stock options VALUE | ' | ' | ' | ' | ' | ' | ' | ' | 245 | 135 | 71 |
Ending Balance VALUE | 298,393 | ' | ' | ' | 269,494 | ' | ' | ' | 298,393 | 269,494 | 253,688 |
Common Class A [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Opening Balance VALUE | ' | ' | ' | 312 | ' | ' | ' | 310 | 312 | 310 | 307 |
Opening Balance SHARES | ' | ' | ' | 31,226,047 | ' | ' | ' | 31,044,001 | 31,226,047 | 31,044,001 | 30,700,568 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Stock Granted During Period, Value, Share-based Compensation, Net of Forfeitures | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures | ' | ' | ' | ' | ' | ' | ' | ' | 96,560 | 280,072 | 416,906 |
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 3 | 4 |
Stock Issued During Period Shares Employee Stock Purchase Plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Common stock repurchase SHARES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Purchase of vested employee restricted stock units | ' | ' | ' | ' | ' | ' | ' | ' | -2 | -2 | -3 |
Purchase of vested employee restricted stock units SHARES | ' | ' | ' | ' | ' | ' | ' | ' | -186,038 | -199,376 | -297,098 |
Forfeitures of dividend equivalents VALUE | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Net unrealized gain (loss) on derivatives VALUE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Exercise of stock options SHARES | ' | ' | ' | ' | ' | ' | ' | ' | 171,625 | 101,350 | 53,625 |
Exercise of stock options VALUE | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 1 | 0 |
Ending Balance SHARES | 31,308,194 | ' | ' | ' | 31,226,047 | ' | ' | ' | 31,308,194 | 31,226,047 | 31,044,001 |
Ending Balance VALUE | 313 | ' | ' | ' | 312 | ' | ' | ' | 313 | 312 | 310 |
Common Class B [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Opening Balance VALUE | ' | ' | ' | 72 | ' | ' | ' | 72 | 72 | 72 | 74 |
Opening Balance SHARES | ' | ' | ' | 7,197,532 | ' | ' | ' | 7,197,532 | 7,197,532 | 7,197,532 | 7,367,532 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Stock Granted During Period, Value, Share-based Compensation, Net of Forfeitures | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Stock Issued During Period Shares Employee Stock Purchase Plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Common stock repurchase SHARES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Purchase of vested employee restricted stock units | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Purchase of vested employee restricted stock units SHARES | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Forfeitures of dividend equivalents VALUE | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Net unrealized gain (loss) on derivatives VALUE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Exercise of stock options SHARES | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Exercise of stock options VALUE | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Ending Balance SHARES | 7,197,532 | ' | ' | ' | 7,197,532 | ' | ' | ' | 7,197,532 | 7,197,532 | 7,197,532 |
Ending Balance VALUE | 72 | ' | ' | ' | 72 | ' | ' | ' | 72 | 72 | 72 |
Additional Paid In Capital [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Opening Balance VALUE | ' | ' | ' | 601,847 | ' | ' | ' | 597,327 | 601,847 | 597,327 | 592,643 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Stock Granted During Period, Value, Share-based Compensation, Net of Forfeitures | ' | ' | ' | ' | ' | ' | ' | ' | 41 | 210 | 462 |
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures | ' | ' | ' | ' | ' | ' | ' | ' | 4,228 | 5,541 | 7,205 |
Purchase of vested employee restricted stock units | ' | ' | ' | ' | ' | ' | ' | ' | -1,638 | -1,365 | -3,054 |
Forfeitures of dividend equivalents VALUE | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Net unrealized gain (loss) on derivatives VALUE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Exercise of stock options VALUE | ' | ' | ' | ' | ' | ' | ' | ' | 243 | 134 | 71 |
Ending Balance VALUE | 604,721 | ' | ' | ' | 601,847 | ' | ' | ' | 604,721 | 601,847 | 597,327 |
Retained Earnings [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Opening Balance VALUE | ' | ' | ' | -332,737 | ' | ' | ' | -344,021 | -332,737 | -344,021 | -415,080 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 26,024 | 11,268 | 71,054 |
Stock Granted During Period, Value, Share-based Compensation, Net of Forfeitures | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Purchase of vested employee restricted stock units | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Forfeitures of dividend equivalents VALUE | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16 | 5 |
Net unrealized gain (loss) on derivatives VALUE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Exercise of stock options VALUE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance VALUE | -306,713 | ' | ' | ' | -332,737 | ' | ' | ' | -306,713 | -332,737 | -344,021 |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Opening Balance VALUE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,277 |
Net unrealized gain (loss) on derivatives VALUE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,277 |
Ending Balance VALUE | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Opening Balance VALUE | ' | ' | ' | 269,494 | ' | ' | ' | 253,688 | 269,494 | 253,688 | 170,667 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 26,024 | 11,268 | 71,054 |
Conversion of Class B common stock to Class A common stock (Value) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Stock Granted During Period, Value, Share-based Compensation, Net of Forfeitures | ' | ' | ' | ' | ' | ' | ' | ' | 41 | 210 | 462 |
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures | ' | ' | ' | ' | ' | ' | ' | ' | 4,229 | 5,544 | 7,209 |
Purchase of vested employee restricted stock units | ' | ' | ' | ' | ' | ' | ' | ' | 1,640 | 1,367 | -3,057 |
Forfeitures of dividend equivalents VALUE | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16 | 5 |
Net unrealized gain (loss) on derivatives VALUE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,277 |
Exercise of stock options VALUE | ' | ' | ' | ' | ' | ' | ' | ' | 245 | 135 | 71 |
Ending Balance VALUE | 298,393 | ' | ' | ' | 269,494 | ' | ' | ' | 298,393 | 269,494 | 253,688 |
Parent Company [Member] | Common Class A [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Opening Balance VALUE | ' | ' | ' | 312 | ' | ' | ' | 310 | 312 | 310 | 307 |
Opening Balance SHARES | ' | ' | ' | 31,226,047 | ' | ' | ' | 31,044,001 | 31,226,047 | 31,044,001 | 30,700,568 |
Conversion of Class B common stock to Class A common stock (Share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 170,000 |
Conversion of Class B common stock to Class A common stock (Value) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 |
Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures | ' | ' | ' | ' | ' | ' | ' | ' | 96,560 | 280,072 | 416,906 |
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 3 | 4 |
Purchase of vested employee restricted stock units | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 2 | -3 |
Purchase of vested employee restricted stock units SHARES | ' | ' | ' | ' | ' | ' | ' | ' | 186,038 | 199,376 | -297,098 |
Exercise of stock options SHARES | ' | ' | ' | ' | ' | ' | ' | ' | 171,625 | 101,350 | 53,625 |
Exercise of stock options VALUE | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 1 | ' |
Ending Balance SHARES | 31,308,194 | ' | ' | ' | 31,226,047 | ' | ' | ' | 31,308,194 | 31,226,047 | 31,044,001 |
Ending Balance VALUE | 313 | ' | ' | ' | 312 | ' | ' | ' | 313 | 312 | 310 |
Parent Company [Member] | Common Class B [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Opening Balance VALUE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 74 |
Opening Balance SHARES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,367,532 |
Conversion of Class B common stock to Class A common stock (Share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -170,000 |
Conversion of Class B common stock to Class A common stock (Value) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2 |
Ending Balance SHARES | 7,197,532 | ' | ' | ' | 7,197,532 | ' | ' | ' | 7,197,532 | 7,197,532 | 7,197,532 |
Ending Balance VALUE | 72 | ' | ' | ' | 72 | ' | ' | ' | 72 | 72 | 72 |
Parent Company [Member] | Additional Paid In Capital [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Opening Balance VALUE | ' | ' | ' | 601,847 | ' | ' | ' | 597,327 | 601,847 | 597,327 | 592,643 |
Stock Granted During Period, Value, Share-based Compensation, Net of Forfeitures | ' | ' | ' | ' | ' | ' | ' | ' | 41 | 210 | 462 |
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures | ' | ' | ' | ' | ' | ' | ' | ' | 4,228 | 5,541 | 7,205 |
Purchase of vested employee restricted stock units | ' | ' | ' | ' | ' | ' | ' | ' | 1,638 | 1,365 | -3,054 |
Exercise of stock options VALUE | ' | ' | ' | ' | ' | ' | ' | ' | 243 | 134 | 71 |
Ending Balance VALUE | 604,721 | ' | ' | ' | 601,847 | ' | ' | ' | 604,721 | 601,847 | 597,327 |
Parent Company [Member] | Retained Earnings [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Opening Balance VALUE | ' | ' | ' | -332,737 | ' | ' | ' | -344,021 | -332,737 | -344,021 | -415,080 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 26,024 | 11,268 | 71,054 |
Forfeitures of dividend equivalents VALUE | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16 | 5 |
Ending Balance VALUE | -306,713 | ' | ' | ' | -332,737 | ' | ' | ' | -306,713 | -332,737 | -344,021 |
Parent Company [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Opening Balance VALUE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,277 |
Net unrealized gain (loss) on derivatives VALUE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,277 |
Ending Balance VALUE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 |
CONTINGENCIES_Condensed_Cash_F
CONTINGENCIES - Condensed Cash Flow (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
OPERATING ACTIVITIES: | ' | ' | ' |
Net Cash Provided By Used In Operating Activities | $63,349 | $69,702 | $85,525 |
INVESTING ACTIVITIES: | ' | ' | ' |
Additions to property and equipment | -4,325 | -3,688 | -5,712 |
Deferred charges and other assets | -475 | -857 | -1,185 |
Proceeds (distributions) from investments in subsidiaries | ' | ' | ' |
Net cash provided by (used in) investing activities | -4,583 | -29,359 | -14,284 |
FINANCING ACTIVITIES: | ' | ' | ' |
Payments of long-term debt | -86,023 | -68,529 | -852,527 |
Retirement of senior subordinated notes | 0 | 0 | 0 |
Purchase of the Company's common stock | 0 | 0 | 0 |
Proceeds from issuance of employee stock plan | 0 | 0 | 0 |
Proceeds from the exercise of stock options | 245 | 135 | 71 |
Payment of dividend equivalents on vested restricted stock units | 0 | -43 | -512 |
Realization of tax benefits for payment of dividend equivalents | 0 | 0 | 0 |
Net Cash Provided By Used In Financing Activities | -55,458 | -35,045 | -71,384 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 3,308 | 5,298 | -143 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 8,923 | 3,625 | 3,768 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 12,231 | 8,923 | 3,625 |
Parent Company [Member] | ' | ' | ' |
OPERATING ACTIVITIES: | ' | ' | ' |
Net Cash Provided By Used In Operating Activities | -18,167 | -16,074 | -16,974 |
INVESTING ACTIVITIES: | ' | ' | ' |
Additions to property and equipment | 1,893 | -500 | -349 |
Deferred charges and other assets | 4,668 | -842 | -1,154 |
Proceeds (distributions) from investments in subsidiaries | 13,033 | 18,712 | 21,810 |
Net cash provided by (used in) investing activities | 19,594 | 17,370 | 20,307 |
FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from the exercise of stock options | -245 | -135 | -71 |
Purchase of vested restricted stock units | -1,640 | -1,367 | -3,057 |
Payment of dividend equivalents on vested restricted stock units | 0 | -43 | -512 |
Net Cash Provided By Used In Financing Activities | -1,395 | -1,275 | -3,498 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 32 | 21 | -165 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 269 | 248 | 413 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $301 | $269 | $248 |
SUMMARIZED_QUARTERLY_FINANCIAL2
SUMMARIZED QUARTERLY FINANCIAL DATA - Unaudited (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement Abstract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | $22,476 | $12,474 | ($18,988) |
Net income (loss) | 9,507 | 6,875 | 9,893 | -251 | 7,347 | 8,177 | -3,207 | -1,049 | 26,024 | 11,268 | 71,054 |
Earnings Per Share Abstract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic net income (loss) per common share | $0.25 | $0.18 | $0.26 | ($0.01) | $0.20 | $0.22 | ($0.09) | ($0.03) | ' | ' | ' |
Diluted net income (loss) per common share | $0.25 | $0.18 | $0.26 | ($0.01) | $0.19 | $0.22 | ($0.09) | ($0.03) | ' | ' | ' |
Quarterly Financial Information Disclosure Abstract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales Revenue, Net | 99,583 | 98,436 | 101,239 | 78,360 | 102,092 | 102,295 | 104,571 | 79,966 | 377,618 | 388,924 | 382,727 |
Operating Income Loss | 29,241 | 23,286 | 28,268 | 11,772 | 30,951 | 29,385 | 5,368 | 10,890 | 92,567 | 76,594 | 79,473 |
Net Income (Loss) Attributable to Parent | 9,507 | 6,875 | 9,893 | -251 | 7,347 | 8,177 | -3,207 | -1,049 | 26,024 | 11,268 | 71,054 |
Earnings Per Share Abstract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic net income (loss) per common share | $0.25 | $0.18 | $0.26 | ($0.01) | $0.20 | $0.22 | ($0.09) | ($0.03) | ' | ' | ' |
Diluted net income (loss) per common share | $0.25 | $0.18 | $0.26 | ($0.01) | $0.19 | $0.22 | ($0.09) | ($0.03) | ' | ' | ' |
Basic net income (loss) per common share | $0.25 | $0.18 | $0.26 | ($0.01) | $0.20 | $0.22 | ($0.09) | ($0.03) | ' | ' | ' |
Weighted average basic common shares outstanding | 37,471,000 | 37,386,000 | 37,344,000 | 37,138,000 | 36,935,000 | 36,735,000 | 36,686,000 | 36,483,000 | 37,417,807 | 36,906,468 | 36,369,410 |
Diluted net income (loss) per common share | $0.25 | $0.18 | $0.26 | ($0.01) | $0.19 | $0.22 | ($0.09) | ($0.03) | ' | ' | ' |
Weighted Average Number Of Diluted Shares Outstanding | 38,336,000 | 38,153,000 | 38,103,000 | 37,138,000 | 37,837,000 | 37,548,000 | 36,686,000 | 36,483,000 | 38,301,495 | 37,809,646 | 37,763,965 |
Changes in broadcasting licenses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Radio Broadcasting Licences [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in broadcasting licenses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $22,307 | ' |