Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | ||
Sep. 30, 2014 | Oct. 28, 2014 | Oct. 28, 2014 | |
Common Class A [Member] | Common Class B [Member] | ||
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End Date | 30-Sep-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Entity Registrant Name | 'Entercom Communications Corp. | ' | ' |
Entity Central Index Key | '0001067837 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Well Known Seasoned Issuer | 'No | ' | ' |
Entity Common Stock Shares Outstanding | ' | 31,891,725 | 7,197,532 |
CONSOLIDATED_BALANCE_SHEETS_un
CONSOLIDATED BALANCE SHEETS (unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets Abstract | ' | ' |
Cash | $16,045 | $12,231 |
Accounts receivable, net of allowance for doubtful accounts | 74,363 | 71,818 |
Prepaid expenses, deposits and other | 5,155 | 4,326 |
Prepaid and refundable federal and state income taxes | 34 | 41 |
Deferred tax assets | 2,850 | 2,850 |
Total current assets | 98,447 | 91,266 |
Net property and equipment | 45,566 | 44,439 |
Radio broadcasting licenses | 718,992 | 718,542 |
Goodwill | 38,850 | 38,850 |
Assets held for sale | 2,958 | 2,090 |
Deferred charges and other assets, net of accumulated amortization | 14,075 | 17,501 |
TOTAL ASSETS | 918,888 | 912,688 |
Liabilities Abstract | ' | ' |
Accounts payable | 180 | 200 |
Accrued expenses | 17,299 | 13,729 |
Accrued compensation and other current liabilities | 20,369 | 12,723 |
Financing method lease obligations, current portion | 0 | 0 |
Long-term debt, current portion | 2,250 | 3,000 |
Total current liabilities | 40,098 | 29,652 |
Long-term debt, net of current portion | 479,600 | 514,124 |
Deferred tax liabilities | 55,831 | 44,272 |
Other long-term liabilities | 26,115 | 26,247 |
Total long-term liabilities | 561,546 | 584,643 |
Total liabilities | 601,644 | 614,295 |
CONTINGENCIES AND COMMITMENTS | ' | ' |
SHAREHOLDERS' EQUITY: | ' | ' |
Preferred stock | 0 | 0 |
Common stock | 391 | 385 |
Additional paid-in capital | 607,593 | 604,721 |
Accumulated deficit | -290,740 | -306,713 |
Accumulated other comprehensive income (loss) | 0 | 0 |
Total shareholders' equity | 317,244 | 298,393 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $918,888 | $912,688 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Class of Stock [Line Items] | ' | ' |
Common Stock, Value | $391 | $385 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement Abstract | ' | ' | ' | ' |
NET REVENUES | $99,840 | $98,436 | $278,276 | $278,035 |
OPERATING EXPENSE: | ' | ' | ' | ' |
Station operating expenses, including non-cash compensation expense | 69,490 | 67,104 | 195,672 | 191,040 |
Depreciation and amortization expense | 1,956 | 2,041 | 5,797 | 6,557 |
Corporate general and administrative expenses, including non-cash compensation expense | 7,319 | 6,039 | 20,094 | 17,887 |
Impairment loss | 0 | 0 | 0 | 850 |
Merger and acquisition costs | 0 | 0 | 0 | 0 |
Net time brokerage agreement (income) fees | 0 | 0 | 0 | 0 |
Net (gain) loss on sale or disposal of assets | -130 | -34 | -332 | -1,625 |
Total operating expense | 78,635 | 75,150 | 221,231 | 214,709 |
OPERATING INCOME (LOSS) | 21,205 | 23,286 | 57,045 | 63,326 |
OTHER (INCOME) EXPENSE: | ' | ' | ' | ' |
Net interest expense | 9,752 | 11,038 | 29,467 | 33,822 |
Net (gain) loss on extinguishment of debt | 0 | 0 | 0 | 0 |
Net (gain) loss on derivative instruments | 0 | 0 | 0 | 0 |
Net (gain) loss on investments | 0 | 0 | 0 | 0 |
Other income | 0 | 0 | 0 | -93 |
TOTAL OTHER EXPENSE | 9,752 | 11,038 | 29,467 | 33,729 |
INCOME (LOSS) BEFORE INCOME TAXES (BENEFIT) | 11,453 | 12,248 | 27,578 | 29,597 |
INCOME TAXES (BENEFIT) | 4,980 | 5,373 | 11,605 | 13,080 |
NET INCOME (LOSS) | $6,473 | $6,875 | $15,973 | $16,517 |
NET INCOME (LOSS) PER SHARE - BASIC | $0.17 | $0.18 | $0.42 | $0.44 |
NET INCOME (LOSS) PER SHARE - DILUTED | $0.17 | $0.18 | $0.41 | $0.43 |
WEIGHTED AVERAGE SHARES: | ' | ' | ' | ' |
Basic | 37,692,848 | 37,385,753 | 37,685,754 | 37,334,620 |
Diluted | 38,482,073 | 38,153,422 | 38,522,122 | 38,208,979 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Statement Of Income And Comprehensive Income Abstract | ' | ' | ' | ' | ' |
NET INCOME (LOSS) | $6,473 | $6,875 | $15,973 | $16,517 | $26,024 |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (unaudited) (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, 2012 | $269,494 | $312 | $72 | $601,847 | ($332,737) | $0 |
Opening 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 | ' | 0 | 0 | ' | ' | ' |
Compensation expense related to granting of restricted stock awards SHARES | ' | 96,560 | 0 | ' | ' | ' |
Exercise of stock options SHARES | ' | 171,625 | 0 | ' | ' | ' |
Purchase of vested employee restricted stock units SHARES | ' | -186,038 | 0 | ' | ' | ' |
Net income (loss) | 26,024 | 0 | 0 | 0 | 26,024 | ' |
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 | 0 | 0 | 0 | 0 | 0 | ' |
Compensation expense related to granting of restricted stock awards VALUE | 4,270 | 1 | 0 | 4,269 | 0 | ' |
Purchase of vested employee restricted stock units | -1,640 | -2 | 0 | -1,638 | 0 | ' |
Forfeitures of dividend equivalents VALUE | 0 | 0 | 0 | 0 | 0 | ' |
Exercise of stock options VALUE | 245 | 2 | 0 | 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 | ' | ' | ' |
Conversion of Class B common stock to Class A common stock SHARES | ' | 0 | 0 | ' | ' | ' |
Compensation expense related to granting of stock options SHARES | 0 | ' | ' | ' | ' | ' |
Compensation expense related to granting of restricted stock awards SHARES | ' | 633,788 | ' | ' | ' | ' |
Exercise of stock options SHARES | 27,500 | 27,500 | ' | ' | ' | ' |
Purchase of vested employee restricted stock units SHARES | ' | -93,257 | ' | ' | ' | ' |
Net income (loss) | 15,973 | ' | ' | ' | 15,973 | ' |
Conversion of Class B common stock to Class A common stock VALUE | 0 | 0 | 0 | ' | ' | ' |
Compensation expense related to granting of stock options VALUE | 0 | ' | ' | ' | ' | ' |
Compensation expense related to granting of restricted stock awards VALUE | 3,751 | 7 | ' | 3,744 | ' | ' |
Purchase of vested employee restricted stock units | -915 | -1 | ' | -914 | ' | ' |
Exercise of stock options VALUE | 42 | 0 | ' | 42 | ' | ' |
Ending Balance VALUE at Sep. 30, 2014 | $317,244 | $319 | $72 | $607,593 | ($290,740) | $0 |
Ending Balance SHARES at Sep. 30, 2014 | ' | 31,876,225 | 7,197,532 | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
OPERATING ACTIVITIES: | ' | ' |
Net income (loss) | $15,973 | $16,517 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 5,797 | 6,557 |
Amortization of deferred financing costs | 3,391 | 3,261 |
Net deferred taxes (benefit) and other | 11,605 | 13,080 |
Provision for bad debts | 899 | 657 |
Net (gain) loss on sale or disposal of assets | -329 | -1,625 |
Non-cash stock-based compensation expense | 3,751 | 2,980 |
Net (gain) loss on investments | 0 | 0 |
Net (gain) loss on derivatives | 0 | 0 |
Deferred rent | 663 | 126 |
Unearned revenue - long-term | -28 | -61 |
Net (gain) loss on extinguishment of debt | 0 | 0 |
Deferred compensation | 888 | 1,587 |
Tax benefit for vesting of restricted stock unit awards | 0 | 0 |
Impairment loss | 0 | 850 |
Net accretion expense for asset retirement obligations | -18 | 17 |
Other income | 0 | -93 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | -3,444 | -1,217 |
Prepaid expenses and deposits | -817 | -1,844 |
Prepaid and refundable income taxes | 0 | 0 |
Accounts payable and accrued liabilities | 5,863 | 2,230 |
Accrued interest expense | 5,602 | 4,311 |
Accrued liabilities - long-term | -1,235 | -1,055 |
Prepaid expenses - long-term | -406 | 200 |
Net cash provided by (used in) operating activities | 48,155 | 46,478 |
INVESTING ACTIVITIES: | ' | ' |
Additions to property and equipment | -7,390 | -3,502 |
Proceeds from sale of property, equipment, intangibles and other assets | 80 | 8 |
Purchases of radio station assets | 0 | 0 |
Deferred charges and other assets | -658 | -4 |
Purchases of investments | 0 | 0 |
Proceeds from investments and capital projects | 0 | 137 |
Proceeds from termination of radio station contract | 0 | 0 |
Proceeds from insurance recovery | 0 | 0 |
Net cash provided by (used in) investing activities | -7,968 | -3,361 |
FINANCING ACTIVITIES: | ' | ' |
Deferred financing expenses related to bank facility amendment | 0 | 0 |
Proceeds from issuance of long-term debt | 15,500 | 23,000 |
Proceeds from the financing method of lease obligations | 0 | 0 |
Payments of long-term debt | -51,000 | -67,523 |
Net proceeds from the senior unsecured notes | 0 | 0 |
Retirement of senior subordinated notes | 0 | 0 |
Purchase of the Company's common stock | 0 | 0 |
Proceeds from issuance of employee stock plan | 0 | 0 |
Proceeds from the exercise of stock options | 42 | 219 |
Purchase of vested employee restricted stock units | -915 | -1,167 |
Realization of tax benefits for payment of dividend equivalents | 0 | 0 |
Payment of dividend equivalents on vested restricted stock units | 0 | 0 |
Payment of dividends | 0 | 0 |
Net cash provided by (used in) financing activities | -36,373 | -45,471 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 3,814 | -2,354 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 12,231 | 8,923 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 16,045 | 6,569 |
Cash paid during the period for: | ' | ' |
Interest | 20,998 | 26,378 |
Income taxes | 79 | 69 |
Dividends | $0 | $0 |
BASIS_OF_PRESENTATION_AND_ORGA
BASIS OF PRESENTATION AND ORGANIZATION (Block) | 9 Months Ended |
Sep. 30, 2014 | |
Organization Consolidation And Presentation Of Financial Statements Abstract | ' |
Business Description And Basis Of Presentation Text Block | ' |
1. BASIS OF PRESENTATION AND SIGNIFICANT POLICIES | |
The condensed consolidated interim unaudited financial statements included herein have been prepared by Entercom Communications Corp. and its subsidiaries (collectively, the “Company”) in accordance with: (i) generally accepted accounting principles (“U.S. GAAP”) for interim financial information; and (ii) the instructions of the Securities and Exchange Commission (the “SEC”) for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. In the opinion of management, the financial statements reflect all adjustments considered necessary for a fair statement of the results of operations and financial position for the interim periods presented. All such adjustments are of a normal and recurring nature. The Company's results are subject to seasonal fluctuations and, therefore, the results shown on an interim basis are not necessarily indicative of results for a full year. | |
This Form 10-Q should be read in conjunction with the financial statements and related notes included in the Company's audited financial statements as of and for the year ended December 31, 2013 and filed with the SEC on March 3, 2014, as part of the Company's Annual Report on Form 10-K. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. | |
There have been no material changes from Note 2, Significant Accounting Policies, as described in the notes to the Company's financial statements contained in its Form 10-K for the year ended December 31, 2013 that was filed with the SEC on March 3, 2014. | |
Recent Accounting Pronouncements | |
Stock-Based Performance Awards | |
In June 2014, accounting guidance was updated for stock-based awards when the terms of an award provide that a performance target that affects vesting could be achieved after the requisite service period. The current accounting standard for stock-based compensation as it applies to awards with performance conditions should be applied. This guidance is effective for the Company as of January 1, 2016. The Company is currently evaluating this guidance, but does not anticipate it will have a material impact on its financial statements. | |
Revenue From Contracts With Customers | |
In May 2014, the accounting guidance was updated for revenue recognition from contracts with customers. Along with the update, most industry-specific revenue guidance was eliminated. The new guidance is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The guidance will be applied using one of two retrospective methods. The guidance is effective for the Company as of January 1, 2017. The Company has not determined the potential effects of this guidance on its financial statements. | |
Reporting Discontinued Operations | |
In April 2014, the criteria for reporting discontinued operations, including enhanced disclosures, was modified under new accounting guidance. Under the new guidance, only disposals that have a major effect through a strategic shift on an organization's operations and financial results should be presented as discontinued operations. In addition, the new guidance requires expanded disclosures that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The guidance is effective for the Company as of January 1, 2016. The Company expects that this new guidance will reduce the number of transactions that will qualify for reporting discontinued operations. | |
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 was effective for the Company beginning January 1, 2014. The adoption of this guidance did not have any effect on the presentation of the Company's consolidated financial statements as the Company's current and prior 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 was effective for the Company beginning January 1, 2014 and was applied retrospectively. The adoption of this guidance did not have a material effect on the Company's results of operations, cash flows or financial condition. | |
INTANGIBLE_ASSETS_AND_GOODWILL
INTANGIBLE ASSETS AND GOODWILL (Block) | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Goodwil And Intangible Assets Disclosure [Abstract] | ' | ||||||||||
Goodwill And Intangible Assets Disclosure Text Block | ' | ||||||||||
2. INTANGIBLE ASSETS AND GOODWILL | |||||||||||
Goodwill and certain intangible assets are not amortized. The Company accounts for its acquired broadcasting licenses as indefinite-lived intangible assets and, similar to goodwill, these assets are reviewed at least annually for impairment. At the time of each review, if the fair value is less than the carrying value of goodwill and certain intangibles (such as broadcasting licenses), then a charge is recorded to the results of operations. | |||||||||||
The following table presents the changes in broadcasting licenses: | |||||||||||
Broadcasting Licenses | |||||||||||
Carrying Amount | |||||||||||
September 30, | December 31, | ||||||||||
2014 | 2013 | ||||||||||
(amounts in thousands) | |||||||||||
Beginning of period balance as of January 1, | $ | 718,542 | $ | 718,656 | |||||||
Acquisitions | 450 | - | |||||||||
Dispositions | - | -114 | |||||||||
Ending period balance | $ | 718,992 | $ | 718,542 | |||||||
The following table presents the changes in goodwill | |||||||||||
Goodwill Carrying Amount | |||||||||||
September 30, | December 31, | ||||||||||
2014 | 2013 | ||||||||||
(amounts in thousands) | |||||||||||
Goodwill balance before cumulative loss | |||||||||||
on impairment as of January 1, | $ | 164,465 | $ | 164,718 | |||||||
Accumulated loss on impairment as of January 1, | -125,615 | -125,615 | |||||||||
Goodwill beginning balance after cumulative loss | |||||||||||
on impairment as of January 1, | 38,850 | 39,103 | |||||||||
Dispositions | 0 | -253 | |||||||||
Ending period balance | $ | 38,850 | $ | 38,850 | |||||||
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, 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 and sensitive in the determination of fair value. | |||||||||||
During the second quarter for each of the years 2014 and 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. | |||||||||||
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 Company's second quarter annual license impairment test that indicated an interim review of broadcasting licenses was required. | |||||||||||
Goodwill Impairment Test | |||||||||||
During the second quarter for each of the years 2014 and 2013, the Company completed its annual goodwill impairment test | |||||||||||
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. |
OTHER_CURRENT_AND_LONGTERM_LIA
OTHER CURRENT AND LONG-TERM LIABILITIES (Block) | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Other Liabilities Disclosure Abstract | ' | |||||
Other Liabilities Disclosure Text Block | ' | |||||
3. OTHER CURRENT LIABILITIES | ||||||
Other current liabilities consist of the following as of the periods indicated: | ||||||
Other Current Liabilities | ||||||
September 30, | December 31, | |||||
2014 | 2013 | |||||
(amounts in thousands) | ||||||
Accrued compensation | $ | 6,144 | $ | 5,418 | ||
Accounts receivable credits | 3,150 | 1,547 | ||||
Advertiser obligations | 1,033 | 1,123 | ||||
Accrued interest payable | 8,512 | 2,910 | ||||
Other | 1,530 | 1,725 | ||||
Total other current liabilities | $ | 20,369 | $ | 12,723 |
LONGTERM_DEBT_Block
LONG-TERM DEBT (Block) | 9 Months Ended | |||||||||
Sep. 30, 2014 | ||||||||||
Debt Disclosure [Abstract] | ' | |||||||||
Debt Disclosure Text Block | ' | |||||||||
4. LONG-TERM DEBT | ||||||||||
(A) Senior Debt | ||||||||||
The Credit Facility | ||||||||||
As of September 30, 2014, the amount outstanding under the term loan component (the “Term B Loan”) of the Company's senior secured credit facility (the “Credit Facility”) was $262.0 million and the amount outstanding under the revolving credit facility component (the “Revolver”) of the Credit Facility was $2.0 million. The maximum available amount under the Revolver, which includes the impact of outstanding letters of credit, was $47.4 million as of September 30, 2014. 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 initially comprised of: (a) a $50 million Revolver that matures on November 23, 2016; and (b) a $375 million Term B Loan that matures on November 23, 2018. | ||||||||||
The Term B Loan requires mandatory prepayments equal to 50% of Excess Cash Flow, as defined within the agreement, subject to incremental step-downs, depending on the Consolidated Leverage Ratio. The Excess Cash Flow payment is due in the first quarter of each year and the amount of the payment is based on the Excess Cash Flow and Leverage Ratio for the prior year. The Company estimates that the Excess Cash Flow payment for 2015 has been fully paid as of September 30, 2014. The Company funded the prepayment using cash from operating activities. | ||||||||||
As of September 30, 2014, the Company is in compliance with all financial covenants and all other terms of the Credit Facility in all material respects. The Company's ability to maintain compliance with its covenants is highly dependent on its results of operations. Management believes that over the next 12 months the Company can continue to maintain compliance. The Company's operating cash flow is positive, and management believes that it is adequate to fund the Company's operating needs. Management believes that cash on hand and cash from operating activities, together with available borrowings under the Revolver, will be sufficient to permit the Company to meet its liquidity requirements over the next 12 months, including its debt repayments. As a result, the Company has not been required to rely upon, and the Company does not anticipate being required to rely upon, the Revolver to fund its operations. | ||||||||||
Failure to comply with the Company's financial covenants or other terms of its Credit Facility and any subsequent failure to negotiate and obtain any required relief from its lenders could result in a default under the Company's Credit Facility. Any event of default could have a material adverse effect on the Company's business and financial condition. In addition, a default under either the Company's Credit Facility or the indenture governing the Company's 10.5% senior unsecured notes (the “Senior Notes”) could cause a cross default in the other and result in the acceleration of the maturity of all outstanding debt. The acceleration of the Company's debt could have a material adverse effect on its business. The Company may seek from time to time to amend its Credit Facility or obtain other funding or additional funding, which may result in higher interest rates on its debt. | ||||||||||
As of September 30, 2014, the Company's Consolidated Leverage Ratio was 4.66 times versus a covenant limit of 5.75 times and the Consolidated Interest Coverage Ratio was 2.83 times versus a covenant minimum of 1.75 times. These covenants become more restrictive over time. | ||||||||||
(B) Senior Unsecured Debt | ||||||||||
The Senior Notes | ||||||||||
Simultaneously with entering into the Credit Facility on November 23, 2011, the Company issued $220 million of 10.5% unsecured Senior Notes which mature on December 1, 2019. The Company received net proceeds of $212.7 million, which included a discount of $2.9 million, and incurred deferred financing costs of $6.1 million. These amounts are amortized over the term under the effective interest rate method. Interest on the Senior Notes is payable semi-annually in arrears on June 1 and December 1 of each year. | ||||||||||
(C) Net Interest Expense | ||||||||||
The components of net interest expense are as follows: | ||||||||||
Net Interest Expense | ||||||||||
Nine Months Ended | ||||||||||
September 30, | ||||||||||
2014 | 2013 | |||||||||
(amounts in thousands) | ||||||||||
Interest expense | $ | 26,076 | $ | 30,564 | ||||||
Amortization of deferred financing costs | 3,165 | 3,058 | ||||||||
Amortization of original issue discount of senior notes | 226 | 203 | ||||||||
Interest income and other investment income | 0 | -3 | ||||||||
Total net interest expense | $ | 29,467 | $ | 33,822 | ||||||
Net Interest Expense | ||||||||||
Three Months Ended | ||||||||||
September 30, | ||||||||||
2014 | 2013 | |||||||||
(amounts in thousands) | ||||||||||
Interest expense | $ | 8,644 | $ | 9,965 | ||||||
Amortization of deferred financing costs | 1,031 | 1,005 | ||||||||
Amortization of original issue discount of senior notes | 77 | 69 | ||||||||
Interest income and other investment income | - | -1 | ||||||||
Total net interest expense | $ | 9,752 | $ | 11,038 |
TOWER_SALE_AND_LEASEBACK_Block
TOWER SALE AND LEASEBACK (Block) | 9 Months Ended |
Sep. 30, 2014 | |
Tower Sale And Leaseback [Abstract] | ' |
Tower Sale And Leaseback [Text Block] | ' |
5. TOWER SALE AND LEASEBACK | |
During the second quarter of 2013, the Company applied the guidance under sale and leaseback accounting to the sale of certain towers and recorded a non-cash current and deferred gain of $1.6 million and $9.9 million, respectively. The current gain was included in the statement of operations under net (gain) loss on sale or disposal of assets. The deferred gain is amortized on a straight-line basis over the remaining life of the lease of 16.5 years as of June 2013 and during this period, the gain will be reflected as a net (gain) loss on sale or disposal of assets. As of September 30, 2014, the Company recorded on the balance sheet $0.6 million of deferred gain as a short-term liability under other current liabilities and $8.5 million of deferred gain as a long-term liability under other long-term liabilities. All of the leases were accounted for as operating leases. |
SHAREBASED_COMPENSATION_Block
SHARE-BASED COMPENSATION (Block) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments Abstract | ' | ||||||||||||||||
Disclosure Of Compensation Related Costs Share Based Payments Text Block | ' | ||||||||||||||||
6. SHARE-BASED COMPENSATION | |||||||||||||||||
Under the Entercom Equity Compensation Plan (the “Plan”), the Company is authorized to issue share-based compensation awards to key employees, directors and consultants. | |||||||||||||||||
Restricted Stock Units (“RSUs”) Activity | |||||||||||||||||
The following is a summary of the changes in RSUs under the Plan during the current period: | |||||||||||||||||
Number | Weighted | Aggregate | |||||||||||||||
Of | Weighted | Average | Intrinsic | ||||||||||||||
Restricted | Average | Remaining | Value As Of | ||||||||||||||
Stock | Purchase | Contractual | September 30, | ||||||||||||||
Period Ended | Units | Price | Term (Years) | 2014 | |||||||||||||
RSUs outstanding as of: | 31-Dec-13 | 1,030,486 | |||||||||||||||
RSUs awarded | 675,113 | ||||||||||||||||
RSUs released | -289,403 | ||||||||||||||||
RSUs forfeited | -41,325 | ||||||||||||||||
RSUs outstanding as of: | 30-Sep-14 | 1,374,871 | $ | - | 1.2 | $ | 11,040,214 | ||||||||||
RSUs vested and expected | |||||||||||||||||
to vest as of: | 30-Sep-14 | 1,297,223 | $ | - | 1.2 | $ | 9,737,342 | ||||||||||
RSUs exercisable (vested and | |||||||||||||||||
deferred) as of: | 30-Sep-14 | 84,603 | $ | - | 0 | $ | 679,362 | ||||||||||
Weighted average remaining | |||||||||||||||||
recognition period in years | 1.9 | ||||||||||||||||
Unamortized compensation | |||||||||||||||||
expense, net of estimated | |||||||||||||||||
forfeitures | $ | 6,295,793 | |||||||||||||||
RSUs With Service And Market Conditions | |||||||||||||||||
During the first quarter of 2014, the Company issued RSUs with service and market conditions. These shares vest if: (1) the Company's stock achieves certain shareholder performance targets over a defined measurement period; and (2) the employee fulfills a minimum service period. 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 met. These RSUs, which are included in the RSU activity table, are amortized over the longest of the explicit, implicit or derived service periods, which is one or two years, as all of the conditions need to be satisfied. | |||||||||||||||||
The following table presents the changes in outstanding RSUs with market conditions: | |||||||||||||||||
Nine Months | Year | ||||||||||||||||
Ended | Ended | ||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
(amounts in thousands, except per share data) | |||||||||||||||||
Reconciliation Of RSUs With Market Conditions | |||||||||||||||||
Beginning of period balance | - | 200 | |||||||||||||||
Number of RSUs granted | 290 | - | |||||||||||||||
Number of RSUs forfeited | - | -200 | |||||||||||||||
Number of RSUs vested | - | - | |||||||||||||||
End of period balance | 290 | - | |||||||||||||||
Average fair value of RSUs issued with market conditions | $ | 6.9 | $ | - | |||||||||||||
The fair value of RSUs with service conditions is estimated based on the market value stock price on the date of the grant. To determine the fair value of RSUs with service and market conditions, the Company used the Monte Carlo simulation lattice model. The Company's determination of the fair value was based on the number of shares granted, the Company's stock price on the date of grant and certain assumptions regarding a number of highly complex and subjective variables. If other reasonable assumptions were used, the results could differ. | |||||||||||||||||
The specific assumptions used for this valuation are as follows: | |||||||||||||||||
Nine Months Ended | |||||||||||||||||
September 30, | |||||||||||||||||
2014 | |||||||||||||||||
Expected Volatility Structure | 39% to 51% | ||||||||||||||||
Risk Free Interest Rate | 0.1% to 0.4% | ||||||||||||||||
Expected Dividend Yield | 0.00% | ||||||||||||||||
RSUs With Performance Conditions | |||||||||||||||||
In addition to the RSUs included in the table above summarizing the changes in RSUs under the Plan, the Company issued 11 thousand RSUs during 2014 with performance conditions at an average fair market value of $9.60 per share. The fair value was determined based upon the closing price of the Company's common stock on the date of grant. Vesting of the ultimate number of shares underlying such performance-based awards, if any, will be dependent upon the achievement of certain performance targets. If the performance standards are not achieved, all unvested shares will expire and any accrued expense will be reversed. | |||||||||||||||||
The Company applies a quarterly probability assessment in computing its non-cash compensation expense and any change in the estimate is reflected as a cumulative adjustment to expense in the quarter of the change. | |||||||||||||||||
Option Activity | |||||||||||||||||
The following table provides summary information related to the exercise of stock options: | |||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||
Option Exercise Data | 2014 | 2013 | |||||||||||||||
(amounts in thousands) | |||||||||||||||||
Intrinsic value of options exercised | $ | 232 | $ | 1,093 | |||||||||||||
Tax benefit from options exercised (1) | $ | 88 | $ | 415 | |||||||||||||
Cash received from exercise price of options exercised | $ | 42 | $ | 219 | |||||||||||||
Amount excludes impact from suspended income tax benefits and/or valuation allowances. | |||||||||||||||||
The following table presents the option activity during the current period under the Plan: | |||||||||||||||||
Weighted | Intrinsic | ||||||||||||||||
Weighted | Average | Value | |||||||||||||||
Average | Remaining | As Of | |||||||||||||||
Number Of | Exercise | Contractual | September 30, | ||||||||||||||
Period Ended | Options | Price | Term (Years) | 2014 | |||||||||||||
Options outstanding as of: | 31-Dec-13 | 557,550 | $ | 2.58 | |||||||||||||
Options granted | - | ||||||||||||||||
Options exercised | -27,500 | 1.52 | |||||||||||||||
Options forfeited | - | ||||||||||||||||
Options expired | -9,000 | 20.71 | |||||||||||||||
Options outstanding as of: | 30-Sep-14 | 521,050 | $ | 2.32 | 4.3 | $ | 3,194,910 | ||||||||||
Options vested and expected to vest as of: | 30-Sep-14 | 520,708 | $ | 2.32 | 4.3 | $ | 3,194,910 | ||||||||||
Options vested and exercisable as of: | 30-Sep-14 | 517,300 | $ | 2.28 | 4.3 | $ | 3,194,910 | ||||||||||
Weighted average remaining | |||||||||||||||||
recognition period in years | 2.9 | ||||||||||||||||
Unamortized compensation expense, | |||||||||||||||||
net of estimated forfeitures | $ | 18,750 | |||||||||||||||
The following table summarizes significant ranges of outstanding and exercisable options as of the current period: | |||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||
Number Of | Weighted | Number Of | |||||||||||||||
Options | Average | Weighted | Options | Weighted | |||||||||||||
Range Of | Outstanding | Remaining | Average | Exercisable | Average | ||||||||||||
Exercise Prices | September 30, | Contractual | Exercise | September 30, | Exercise | ||||||||||||
From | To | 2014 | Life | Price | 2014 | Price | |||||||||||
$ | 1.34 | $ | 1.34 | 471,050 | 4.4 | $ | 1.34 | 471,050 | $ | 1.34 | |||||||
$ | 2.02 | $ | 11.78 | 45,000 | 4.6 | $ | 9 | 41,250 | $ | 9.02 | |||||||
$ | 33.9 | $ | 35.05 | 5,000 | 0.2 | $ | 34.82 | 5,000 | $ | 34.82 | |||||||
$ | 1.34 | $ | 35.05 | 521,050 | 4.3 | $ | 2.32 | 517,300 | $ | 2.28 | |||||||
Recognized Non-Cash Stock-Based Compensation Expense | |||||||||||||||||
The following summarizes recognized non-cash stock-based compensation expense, which consists primarily of RSUs: | |||||||||||||||||
Nine Months Ended | |||||||||||||||||
September 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(amounts in thousands) | |||||||||||||||||
Station operating expenses | $ | 672 | $ | 522 | |||||||||||||
Corporate general and administrative expenses | 3,079 | 2,458 | |||||||||||||||
Stock-based compensation expense included in operating expenses | 3,751 | 2,980 | |||||||||||||||
Income tax benefit (1) | 1,121 | 791 | |||||||||||||||
Net stock-based compensation expense | $ | 2,630 | $ | 2,189 | |||||||||||||
Three Months Ended | |||||||||||||||||
September 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(amounts in thousands) | |||||||||||||||||
Station operating expenses | $ | 277 | $ | 187 | |||||||||||||
Corporate general and administrative expenses | 981 | 695 | |||||||||||||||
Stock-based compensation expense included in operating expenses | 1,258 | 882 | |||||||||||||||
Income tax benefit (1) | 378 | 230 | |||||||||||||||
Net stock-based compensation expense | $ | 880 | $ | 652 | |||||||||||||
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) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share Abstract | ' | |||||||||||||||
Earnings Per Share Text Block | ' | |||||||||||||||
7. NET INCOME (LOSS) PER COMMON SHARE | ||||||||||||||||
The following tables present the computations of basic and diluted net income (loss) per share: | ||||||||||||||||
Nine Months Ended | ||||||||||||||||
30-Sep-14 | 30-Sep-13 | |||||||||||||||
(amounts in thousands, except share and per share data) | ||||||||||||||||
Net Income | Net Income | |||||||||||||||
Net Income | (Loss) | Net Income | (Loss) | |||||||||||||
(Loss) | Shares | Per Share | (Loss) | Shares | Per Share | |||||||||||
Basic net income (loss) per | ||||||||||||||||
common share: | $ | 15,973 | 37,685,754 | $ | 0.42 | $ | 16,517 | 37,334,620 | $ | 0.44 | ||||||
Impact of dilutive equity awards | 836,368 | 874,359 | ||||||||||||||
Diluted net income (loss) per | ||||||||||||||||
common share: | $ | 15,973 | 38,522,122 | $ | 0.41 | $ | 16,517 | 38,208,979 | $ | 0.43 | ||||||
Three Months Ended | ||||||||||||||||
30-Sep-14 | 30-Sep-13 | |||||||||||||||
(amounts in thousands, except share and per share data) | ||||||||||||||||
Net Income | Net Income | |||||||||||||||
Net Income | (Loss) | Net Income | (Loss) | |||||||||||||
(Loss) | Shares | Per Share | (Loss) | Shares | Per Share | |||||||||||
Basic net income (loss) per | ||||||||||||||||
common share: | $ | 6,473 | 37,692,848 | $ | 0.17 | $ | 6,875 | 37,385,753 | $ | 0.18 | ||||||
Impact of dilutive equity awards | 789,225 | 767,669 | ||||||||||||||
Diluted net income (loss) per | ||||||||||||||||
common share: | $ | 6,473 | 38,482,073 | $ | 0.17 | $ | 6,875 | 38,153,422 | $ | 0.18 | ||||||
Incremental Shares Disclosed As Anti-Dilutive | ||||||||||||||||
The following table provides the incremental shares excluded as they were anti-dilutive under the treasury stock method: | ||||||||||||||||
Nine Months Ended | ||||||||||||||||
September 30, | ||||||||||||||||
Impact Of Equity Awards | 2014 | 2013 | ||||||||||||||
(amounts in thousands, | ||||||||||||||||
except per share data) | ||||||||||||||||
Dilutive or anti-dilutive for all potentially dilutive equivalent shares | dilutive | dilutive | ||||||||||||||
Excluded shares as anti-dilutive under the treasury stock method: | ||||||||||||||||
Options | 32 | 38 | ||||||||||||||
Price range of options: from | $ | 8.04 | $ | 8.79 | ||||||||||||
Price range of options: to | $ | 35.05 | $ | 48.21 | ||||||||||||
RSUs with service conditions | - | 242 | ||||||||||||||
Excluded RSUs with service and market conditions as market conditions not met | 290 | 200 | ||||||||||||||
Excluded RSUs with service and performance conditions as performance | ||||||||||||||||
conditions not met | 11 | - | ||||||||||||||
Three Months Ended | ||||||||||||||||
September 30, | ||||||||||||||||
Impact Of Equity Awards | 2014 | 2013 | ||||||||||||||
(amounts in thousands, | ||||||||||||||||
except per share data) | ||||||||||||||||
Dilutive or anti-dilutive for all potentially dilutive equivalent shares | dilutive | dilutive | ||||||||||||||
Excluded shares as anti-dilutive under the treasury stock method: | ||||||||||||||||
Options | 30 | 36 | ||||||||||||||
Price range of options: from | $ | 8.04 | $ | 8.79 | ||||||||||||
Price range of options: to | $ | 35.05 | $ | 48.21 | ||||||||||||
RSUs with service conditions | - | 6 | ||||||||||||||
Excluded RSUs with service and market conditions as market conditions not met | 290 | 200 | ||||||||||||||
Excluded RSUs with service and performance conditions as performance | ||||||||||||||||
conditions not met | 11 | - |
INCOME_TAXES_Block
INCOME TAXES (Block) | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure Abstract | ' |
Income Tax Disclosure Text Block | ' |
8. INCOME TAXES | |
Tax Rates For The Nine Months And Three Months Ended September 30, 2014 | |
The effective income tax rates were 42.1% and 43.5% for the nine months and three months ended September 30, 2014, respectively. These rates were impacted by an adjustment for expenses that are not deductible for tax purposes and an increase in net deferred tax liabilities associated with non-amortizable assets such as broadcasting licenses and goodwill. The rate was reduced by a tax benefit associated with a statutory change in income tax rates in certain states. | |
Tax Rates For The Nine Months And Three Months Ended September 30, 2013 | |
The effective income tax rates were 44.2% and 43.9% for the nine months and three months ended September 30, 2013, respectively. These rates were impacted by an adjustment for expenses that are not deductible for tax purposes, an increase in net deferred tax liabilities associated with non-amortizable assets such as broadcasting licenses and goodwill and a tax benefit shortfall associated with stock-based awards. | |
Net Deferred Tax Assets And Liabilities | |
As of September 30, 2014 and December 31, 2013, net deferred tax liabilities were $53.0 million and $41.4 million, respectively. The income tax accounting process to determine the deferred tax liabilities involves estimating all temporary differences between the tax and financial reporting bases of the Company's assets and liabilities, based on enacted tax laws and statutory tax rates applicable to the period in which the differences are expected to affect taxable income. The Company estimated the current exposure by assessing the temporary differences and computing the provision for income taxes by applying the estimated effective tax rate to income. |
FAIR_VALUE_OF_FINANCIAL_INSTRU
FAIR VALUE OF FINANCIAL INSTRUMENTS (Block) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Fair Value Disclosures Abstract | ' | ||||||||||||
Fair Value Disclosures Text Block | ' | ||||||||||||
9. FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||||||
Fair Value Of Financial Instruments Subject To Fair Value Measurements | |||||||||||||
Recurring Fair Value Measurements | |||||||||||||
The following table sets forth the Company's financial assets and/or liabilities that were accounted for at fair value on a recurring basis and 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 and its placement within the fair value hierarchy levels. | |||||||||||||
Value Measurements At Reporting Date | |||||||||||||
September 30, | December 31, | ||||||||||||
Description | 2014 | 2013 | |||||||||||
Liabilities | |||||||||||||
Deferred compensation - Level 1 (1) | $ | 10,614 | $ | 10,459 | |||||||||
(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. | |||||||||||||
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. | |||||||||||||
During the quarters ended June 30, 2014 and 2013, the Company reviewed the fair value of its broadcasting licenses, goodwill and net property and equipment and other intangibles (except as identified below), and concluded that these assets were not impaired as the fair value of these assets equaled or exceeded their carrying value. | |||||||||||||
During the second quarter of 2013, the Company determined that land it had reclassified as held for sale was in excess of the fair value less the cost to sell. The Company measured $2.1 million of land held for sale using significant unobservable inputs (Level 3) and recorded an impairment loss of $0.9 million for the nine months ended September 30, 2013. | |||||||||||||
Fair Value Of Financial Instruments Subject To Disclosures | |||||||||||||
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; (2) accounts receivable; and (3) accounts payable, including accrued liabilities. | |||||||||||||
The following table presents the carrying value of financial instruments and, where practicable, the fair value as of the periods indicated: | |||||||||||||
September 30, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||
Value | Value | Value | Value | ||||||||||
(amounts in thousands) | |||||||||||||
Credit Facility (1) | $ | 264,000 | $ | 263,340 | $ | 299,500 | $ | 301,559 | |||||
Senior Notes (2) | $ | 217,850 | $ | 240,180 | $ | 217,624 | $ | 248,635 | |||||
Letters of credit (3) | $ | 620 | $ | 370 | |||||||||
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 this instrument 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 outstanding standby letters of credit and does not expect any material loss since the performance of the letters of credit is not likely to be required. | |||||||||||||
ASSETS_HELD_FOR_SALE_Block
ASSETS HELD FOR SALE (Block) | 9 Months Ended |
Sep. 30, 2014 | |
Discontinued Operations And Disposal Groups Abstract | ' |
Disposal Groups Including Discontinued Operations Disclosure Text Block | ' |
10. 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. As of September 30, 2014, the Company classified $3.0 million as assets held for sale, which primarily reflects: (1) land that formerly served as a transmitter site in one of the Company's markets; and (2) land and a building that the Company formerly used as its main studio facility in one of its markets and a co-located tower/antenna structure for two of its AM radio stations that the Company plans to relocate to other suitable sites. | |
In October 2014, the Company completed the sale of the transmitter site, which comprises a substantial portion of the assets held for sale. | |
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. |
CONTINGENCIES_GUARANTOR_ARRANG
CONTINGENCIES, GUARANTOR ARRANGEMENTS AND COMMITMENTS (Block) | 9 Months Ended |
Sep. 30, 2014 | |
Commitments And Contingencies Disclosure Abstract | ' |
Commitments And Contingencies Disclosure Text Block | ' |
11. CONTINGENCIES, GUARANTOR ARRANGEMENTS AND COMMITMENTS | |
The Company is subject to various outstanding claims which arise in the ordinary course of business and to other legal proceedings. Management anticipates that any potential liability of the Company, which may arise out of or with respect to these matters, will not materially affect the Company's financial position, results of operations or cash flows. There were no material changes from the contingencies listed in the Company's Form 10-K, filed with the SEC on March 3, 2014. | |
Other Matters | |
During the third quarter of 2014, the Company settled a legal claim for $1.0 million. This amount was included in corporate general and administrative expenses for the nine and three months ended September 30, 2014. |
SUBSEQUENT_EVENTS_Block
SUBSEQUENT EVENTS (Block) | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events Abstract | ' |
Schedule Of Subsequent Events Text Block | ' |
12. SUBSEQUENT EVENTS | |
Events occurring after September 30, 2014, and through the date that these consolidated financial statements were issued, were evaluated to ensure that any subsequent events that met the criteria for recognition have been included. |
INTANGIBLE_ASSETS_AND_GOODWILL1
INTANGIBLE ASSETS AND GOODWILL (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||
Schedule of the changes in broadcasting license | ' | ||||||||||
Broadcasting Licenses | |||||||||||
Carrying Amount | |||||||||||
September 30, | December 31, | ||||||||||
2014 | 2013 | ||||||||||
(amounts in thousands) | |||||||||||
Beginning of period balance as of January 1, | $ | 718,542 | $ | 718,656 | |||||||
Acquisitions | 450 | - | |||||||||
Dispositions | - | -114 | |||||||||
Ending period balance | $ | 718,992 | $ | 718,542 | |||||||
Schedule of changes in goodwill | ' | ||||||||||
Goodwill Carrying Amount | |||||||||||
September 30, | December 31, | ||||||||||
2014 | 2013 | ||||||||||
(amounts in thousands) | |||||||||||
Goodwill balance before cumulative loss | |||||||||||
on impairment as of January 1, | $ | 164,465 | $ | 164,718 | |||||||
Accumulated loss on impairment as of January 1, | -125,615 | -125,615 | |||||||||
Goodwill beginning balance after cumulative loss | |||||||||||
on impairment as of January 1, | 38,850 | 39,103 | |||||||||
Dispositions | 0 | -253 | |||||||||
Ending period balance | $ | 38,850 | $ | 38,850 |
OTHER_CURRENT_AND_LONGTERM_LIA1
OTHER CURRENT AND LONG-TERM LIABILITIES (Tables) | 9 Months Ended | |||||
Sep. 30, 2014 | ||||||
Other Liabilities Disclosure Abstract | ' | |||||
Schedule of Accounts Payable and Accrued Liabilities | ' | |||||
Other Current Liabilities | ||||||
September 30, | December 31, | |||||
2014 | 2013 | |||||
(amounts in thousands) | ||||||
Accrued compensation | $ | 6,144 | $ | 5,418 | ||
Accounts receivable credits | 3,150 | 1,547 | ||||
Advertiser obligations | 1,033 | 1,123 | ||||
Accrued interest payable | 8,512 | 2,910 | ||||
Other | 1,530 | 1,725 | ||||
Total other current liabilities | $ | 20,369 | $ | 12,723 |
LONGTERM_DEBT_LIABILITIES_Tabl
LONG-TERM DEBT LIABILITIES (Tables) | 3 Months Ended | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | Sep. 30, 2014 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | ' | |||||||||||||||
Schedule Of Net Interest Expense | ' | ' | |||||||||||||||
Net Interest Expense | Net Interest Expense | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(amounts in thousands) | (amounts in thousands) | ||||||||||||||||
Interest expense | $ | 8,644 | $ | 9,965 | Interest expense | $ | 26,076 | $ | 30,564 | ||||||||
Amortization of deferred financing costs | 1,031 | 1,005 | Amortization of deferred financing costs | 3,165 | 3,058 | ||||||||||||
Amortization of original issue discount of senior notes | 77 | 69 | Amortization of original issue discount of senior notes | 226 | 203 | ||||||||||||
Interest income and other investment income | - | -1 | Interest income and other investment income | 0 | -3 | ||||||||||||
Total net interest expense | $ | 9,752 | $ | 11,038 | Total net interest expense | $ | 29,467 | $ | 33,822 |
SHAREBASED_COMPENSATION_Tables
SHARE-BASED COMPENSATION (Tables) | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2014 | |||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments Abstract | ' | ' | ||||||||||||||||||||||
Schedule Of Restricted Stock Units Market Based | ' | ' | ||||||||||||||||||||||
Nine Months | Year | |||||||||||||||||||||||
Ended | Ended | |||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
(amounts in thousands, except per share data) | ||||||||||||||||||||||||
Reconciliation Of RSUs With Market Conditions | ||||||||||||||||||||||||
Beginning of period balance | - | 200 | ||||||||||||||||||||||
Number of RSUs granted | 290 | - | ||||||||||||||||||||||
Number of RSUs forfeited | - | -200 | ||||||||||||||||||||||
Number of RSUs vested | - | - | ||||||||||||||||||||||
End of period balance | 290 | - | ||||||||||||||||||||||
Average fair value of RSUs issued with market conditions | $ | 6.9 | $ | - | ||||||||||||||||||||
Schedule Of Other Options Dislcosure | ' | ' | ||||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||
Option Exercise Data | 2014 | 2013 | ||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||
Intrinsic value of options exercised | $ | 232 | $ | 1,093 | ||||||||||||||||||||
Tax benefit from options exercised (1) | $ | 88 | $ | 415 | ||||||||||||||||||||
Cash received from exercise price of options exercised | $ | 42 | $ | 219 | ||||||||||||||||||||
Stock Option Valuation Assumptions | ' | ' | ||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||
September 30, | ||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Expected Volatility Structure | 39% to 51% | |||||||||||||||||||||||
Risk Free Interest Rate | 0.1% to 0.4% | |||||||||||||||||||||||
Expected Dividend Yield | 0.00% | |||||||||||||||||||||||
Schedule Of significant ranges of outstanding and exercisable options | ' | ' | ||||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||||||
Number Of | Weighted | Number Of | ||||||||||||||||||||||
Options | Average | Weighted | Options | Weighted | ||||||||||||||||||||
Range Of | Outstanding | Remaining | Average | Exercisable | Average | |||||||||||||||||||
Exercise Prices | September 30, | Contractual | Exercise | September 30, | Exercise | |||||||||||||||||||
From | To | 2014 | Life | Price | 2014 | Price | ||||||||||||||||||
$ | 1.34 | $ | 1.34 | 471,050 | 4.4 | $ | 1.34 | 471,050 | $ | 1.34 | ||||||||||||||
$ | 2.02 | $ | 11.78 | 45,000 | 4.6 | $ | 9 | 41,250 | $ | 9.02 | ||||||||||||||
$ | 33.9 | $ | 35.05 | 5,000 | 0.2 | $ | 34.82 | 5,000 | $ | 34.82 | ||||||||||||||
$ | 1.34 | $ | 35.05 | 521,050 | 4.3 | $ | 2.32 | 517,300 | $ | 2.28 | ||||||||||||||
Schedule of recognized stock-based compensation expense | ' | ' | ||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, | ||||||||||||||||||||||||
September 30, | 2014 | 2013 | ||||||||||||||||||||||
2014 | 2013 | (amounts in thousands) | ||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||
Station operating expenses | $ | 672 | $ | 522 | ||||||||||||||||||||
Station operating expenses | $ | 277 | $ | 187 | Corporate general and administrative expenses | 3,079 | 2,458 | |||||||||||||||||
Corporate general and administrative expenses | 981 | 695 | Stock-based compensation expense included in operating expenses | 3,751 | 2,980 | |||||||||||||||||||
Stock-based compensation expense included in operating expenses | 1,258 | 882 | Income tax benefit (1) | 1,121 | 791 | |||||||||||||||||||
Income tax benefit (1) | 378 | 230 | Net stock-based compensation expense | $ | 2,630 | $ | 2,189 | |||||||||||||||||
Net stock-based compensation expense | $ | 880 | $ | 652 | ||||||||||||||||||||
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 | September 30, | |||||||||||||||||||||
Period Ended | Units | Price | Term (Years) | 2014 | ||||||||||||||||||||
RSUs outstanding as of: | 31-Dec-13 | 1,030,486 | ||||||||||||||||||||||
RSUs awarded | 675,113 | |||||||||||||||||||||||
RSUs released | -289,403 | |||||||||||||||||||||||
RSUs forfeited | -41,325 | |||||||||||||||||||||||
RSUs outstanding as of: | 30-Sep-14 | 1,374,871 | $ | - | 1.2 | $ | 11,040,214 | |||||||||||||||||
RSUs vested and expected | ||||||||||||||||||||||||
to vest as of: | 30-Sep-14 | 1,297,223 | $ | - | 1.2 | $ | 9,737,342 | |||||||||||||||||
RSUs exercisable (vested and | ||||||||||||||||||||||||
deferred) as of: | 30-Sep-14 | 84,603 | $ | - | 0 | $ | 679,362 | |||||||||||||||||
Weighted average remaining | ||||||||||||||||||||||||
recognition period in years | 1.9 | |||||||||||||||||||||||
Unamortized compensation | ||||||||||||||||||||||||
expense, net of estimated | ||||||||||||||||||||||||
forfeitures | $ | 6,295,793 | ||||||||||||||||||||||
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 | September 30, | |||||||||||||||||||||
Period Ended | Options | Price | Term (Years) | 2014 | ||||||||||||||||||||
Options outstanding as of: | 31-Dec-13 | 557,550 | $ | 2.58 | ||||||||||||||||||||
Options granted | - | |||||||||||||||||||||||
Options exercised | -27,500 | 1.52 | ||||||||||||||||||||||
Options forfeited | - | |||||||||||||||||||||||
Options expired | -9,000 | 20.71 | ||||||||||||||||||||||
Options outstanding as of: | 30-Sep-14 | 521,050 | $ | 2.32 | 4.3 | $ | 3,194,910 | |||||||||||||||||
Options vested and expected to vest as of: | 30-Sep-14 | 520,708 | $ | 2.32 | 4.3 | $ | 3,194,910 | |||||||||||||||||
Options vested and exercisable as of: | 30-Sep-14 | 517,300 | $ | 2.28 | 4.3 | $ | 3,194,910 | |||||||||||||||||
Weighted average remaining | ||||||||||||||||||||||||
recognition period in years | 2.9 | |||||||||||||||||||||||
Unamortized compensation expense, | ||||||||||||||||||||||||
net of estimated forfeitures | $ | 18,750 |
NET_INCOME_PER_COMMON_SHARE_Ta
NET INCOME PER COMMON SHARE (Tables) | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2014 | |||||||||||||||||||||||||||||||
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract] | ' | ' | ||||||||||||||||||||||||||||||
Schedule of Earnings Per Share Reconciliation [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
30-Sep-14 | 30-Sep-13 | 30-Sep-14 | 30-Sep-13 | |||||||||||||||||||||||||||||
(amounts in thousands, except share and per share data) | (amounts in thousands, except share and per share data) | |||||||||||||||||||||||||||||||
Net Income | Net Income | Net Income | Net Income | |||||||||||||||||||||||||||||
Net Income | (Loss) | Net Income | (Loss) | Net Income | (Loss) | Net Income | (Loss) | |||||||||||||||||||||||||
(Loss) | Shares | Per Share | (Loss) | Shares | Per Share | (Loss) | Shares | Per Share | (Loss) | Shares | Per Share | |||||||||||||||||||||
Basic net income (loss) per | Basic net income (loss) per | |||||||||||||||||||||||||||||||
common share: | $ | 6,473 | 37,692,848 | $ | 0.17 | $ | 6,875 | 37,385,753 | $ | 0.18 | common share: | $ | 15,973 | 37,685,754 | $ | 0.42 | $ | 16,517 | 37,334,620 | $ | 0.44 | |||||||||||
Impact of dilutive equity awards | 789,225 | 767,669 | Impact of dilutive equity awards | 836,368 | 874,359 | |||||||||||||||||||||||||||
Diluted net income (loss) per | Diluted net income (loss) per | |||||||||||||||||||||||||||||||
common share: | $ | 6,473 | 38,482,073 | $ | 0.17 | $ | 6,875 | 38,153,422 | $ | 0.18 | common share: | $ | 15,973 | 38,522,122 | $ | 0.41 | $ | 16,517 | 38,208,979 | $ | 0.43 | |||||||||||
Equity Award Impact Schedule | ' | ' | ||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||||||
Impact Of Equity Awards | 2014 | 2013 | Impact Of Equity Awards | 2014 | 2013 | |||||||||||||||||||||||||||
(amounts in thousands, | (amounts in thousands, | |||||||||||||||||||||||||||||||
except per share data) | except per share data) | |||||||||||||||||||||||||||||||
Dilutive or anti-dilutive for all potentially dilutive equivalent shares | dilutive | dilutive | Dilutive or anti-dilutive for all potentially dilutive equivalent shares | dilutive | dilutive | |||||||||||||||||||||||||||
Excluded shares as anti-dilutive under the treasury stock method: | Excluded shares as anti-dilutive under the treasury stock method: | |||||||||||||||||||||||||||||||
Options | 30 | 36 | Options | 32 | 38 | |||||||||||||||||||||||||||
Price range of options: from | $ | 8.04 | $ | 8.79 | Price range of options: from | $ | 8.04 | $ | 8.79 | |||||||||||||||||||||||
Price range of options: to | $ | 35.05 | $ | 48.21 | Price range of options: to | $ | 35.05 | $ | 48.21 | |||||||||||||||||||||||
RSUs with service conditions | - | 6 | RSUs with service conditions | - | 242 | |||||||||||||||||||||||||||
Excluded RSUs with service and market conditions as market conditions not met | 290 | 200 | Excluded RSUs with service and market conditions as market conditions not met | 290 | 200 | |||||||||||||||||||||||||||
Excluded RSUs with service and performance conditions as performance | Excluded RSUs with service and performance conditions as performance | |||||||||||||||||||||||||||||||
conditions not met | 11 | - | conditions not met | 11 | - |
FAIR_VALUE_OF_FINANCIAL_INSTRU1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Fair Value Disclosures Abstract | ' | ||||||||||||
Schedule of recurring fair value measurements | ' | ||||||||||||
Value Measurements At Reporting Date | |||||||||||||
September 30, | December 31, | ||||||||||||
Description | 2014 | 2013 | |||||||||||
Liabilities | |||||||||||||
Deferred compensation - Level 1 (1) | $ | 10,614 | $ | 10,459 | |||||||||
Schedule Of Carrying Value Of Financial Instruments | ' | ||||||||||||
September 30, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||
Value | Value | Value | Value | ||||||||||
(amounts in thousands) | |||||||||||||
Credit Facility (1) | $ | 264,000 | $ | 263,340 | $ | 299,500 | $ | 301,559 | |||||
Senior Notes (2) | $ | 217,850 | $ | 240,180 | $ | 217,624 | $ | 248,635 | |||||
Letters of credit (3) | $ | 620 | $ | 370 | |||||||||
BASIS_OF_PRESENTATION_AND_ORGA1
BASIS OF PRESENTATION AND ORGANIZATION (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement Abstract | ' | ' | ' | ' | ' | ' |
Income Tax Expense (Benefit) | $4,980 | $5,373 | $11,605 | $13,080 | ' | ' |
Net income (loss) | 6,473 | 6,875 | 15,973 | 16,517 | 26,024 | ' |
Statement Of Financial Position Abstract | ' | ' | ' | ' | ' | ' |
Deferred tax assets | 2,850 | ' | 2,850 | ' | 2,850 | ' |
Total current assets | 98,447 | ' | 98,447 | ' | 91,266 | ' |
Total assets | 918,888 | ' | 918,888 | ' | 912,688 | ' |
Deferred tax liabilities | 55,831 | ' | 55,831 | ' | 44,272 | ' |
Total long-term liabilities | 561,546 | ' | 561,546 | ' | 584,643 | ' |
Total liabilities | 601,644 | ' | 601,644 | ' | 614,295 | ' |
Accumulated deficit | -290,740 | ' | -290,740 | ' | -306,713 | ' |
Total shareholders' equity | 317,244 | ' | 317,244 | ' | 298,393 | 269,494 |
Total liabilities and shareholders' equity | 918,888 | ' | 918,888 | ' | 912,688 | ' |
Statement Of Cash Flows Abstract | ' | ' | ' | ' | ' | ' |
Net income (loss) | 6,473 | 6,875 | 15,973 | 16,517 | 26,024 | ' |
Deferred Income Tax Expense (Benefit) | ' | ' | $11,605 | $13,080 | ' | ' |
SIGNIFICANT_ACCOUNTING_POLICIE
SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary of the categories of property and equipment | ' | ' |
Property, Plant and Equipment, net of accumulated depreciation | $45,566 | $44,439 |
ACCOUNTS_RECEIVABLE_AND_RELATE
ACCOUNTS RECEIVABLE AND RELATED ALLOWANCE FOR DOUBTFUL ACCOUNTS (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Receivable, Net [Abstract] | ' | ' |
Accounts receivable, net of allowance for doubtful accounts | $74,363 | $71,818 |
INTANGIBLE_ASSETS_AND_GOODWILL2
INTANGIBLE ASSETS AND GOODWILL (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Changes in goodwill [Roll Forward] | ' | ' |
Goodwill before cumulative loss on impairment | $164,465 | $164,718 |
Accumulated loss on impairment | -125,615 | -125,615 |
Beginning balance after cumulative loss on impairment | 38,850 | 39,103 |
Loss on impairment during the year | 0 | 0 |
Dispositions | 0 | -253 |
Ending balance | 38,850 | 38,850 |
Radio Broadcasting Licences [Member] | ' | ' |
Changes in broadcasting licenses [Line Items] | ' | ' |
Beginning of period balance | 718,542 | 718,656 |
Acquisition | 450 | 0 |
Dispositions | 0 | -114 |
Ending period balance | $718,992 | $718,542 |
DEFERRED_CHARGES_AND_OTHER_ASS
DEFERRED CHARGES AND OTHER ASSETS (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure Abstract | ' | ' | ' | ' | ' |
Total Net | $14,075 | ' | $14,075 | ' | $17,501 |
Amortization Expense | ' | ' | ' | ' | ' |
Deferred financing expense | $1,031 | $1,005 | $3,165 | $3,058 | ' |
OTHER_CURRENT_AND_LONGTERM_LIA2
OTHER CURRENT AND LONG-TERM LIABILITIES (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Payable and Accrued Liabilities, Current [Abstract] | ' | ' |
Accrued compensation | $6,144 | $5,418 |
Accounts receivable credits | 3,150 | 1,547 |
Derivative valuation - short-term | 0 | 0 |
Advertiser obligations | 1,033 | 1,123 |
Accrued interest payable | 8,512 | 2,910 |
Other | 1,530 | 1,725 |
Accrued compensation and other current liabilities | $20,369 | $12,723 |
LONGTERM_DEBT_LIABILITIES_Deta
LONG-TERM DEBT LIABILITIES (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Senior unsecured notes | $220,000,000 | ' |
Current amount of long-term debt | -2,250,000 | -3,000,000 |
Total long-term debt | $479,600,000 | $514,124,000 |
Stated interest rate percentage, senior unsecured debt | 10.50% | ' |
LONGTERM_DEBT_LIABILITIES_Seni
LONG-TERM DEBT LIABILITIES - Senior Debt (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
number | number | |||
Debt Instrument [Line Items] | ' | ' | ' | ' |
Credit Facility | $425,000,000 | ' | $425,000,000 | ' |
Consolidated Leverage Ratio | 4.66 | ' | 4.66 | ' |
Consolidated Interest Coverage Ratio | 2.83 | ' | 2.83 | ' |
Amortization of deferred financing costs | ' | ' | 3,391,000 | 3,261,000 |
Gains (Losses) on Extinguishment of Debt | 0 | 0 | 0 | 0 |
Minimum | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Consolidated Interest Coverage Ratio | 1.75 | ' | 1.75 | ' |
Maximum | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Consolidated Leverage Ratio | 5.75 | ' | 5.75 | ' |
Mandatory Prepayment Percentage | 50.00% | ' | 50.00% | ' |
Revolving Credit Facility | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Credit Facility | 50,000,000 | ' | 50,000,000 | ' |
Undrawn amount of the Revolver | 47,400,000 | ' | 47,400,000 | ' |
Line of Credit Facility, Amount Outstanding | 2,000,000 | ' | 2,000,000 | ' |
Term Loan B | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Credit Facility | 375,000,000 | ' | 375,000,000 | ' |
Line of Credit Facility, Amount Outstanding | $262,000,000 | ' | $262,000,000 | ' |
LONGTERM_DEBT_LIABILITIES_Seni1
LONG-TERM DEBT LIABILITIES - Senior Unsecured Debt (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Debt Instrument [Line Items] | ' |
Senior Notes | $220 |
Net Proceeds | 212.7 |
Debt Instrument Original Issue Discount | 2.9 |
Stated interest rate percentage, senior unsecured debt | 10.50% |
Senior Unsecured Debt | ' |
Debt Instrument [Line Items] | ' |
Deferred Finance Costs | $6.10 |
LONGTERM_DEBT_LIABILITIES_Debt
LONG-TERM DEBT LIABILITIES - Debt Extinguishment and Net Interest Expense (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net Interest Expense | ' | ' | ' | ' |
Interest expense | $8,644 | $9,965 | $26,076 | $30,564 |
Amortization of deferred financing costs | 1,031 | 1,005 | 3,165 | 3,058 |
Amortization of original issue discount of senior notes | 77 | 69 | 226 | 203 |
Interest expense on interest rate hedging agreements | 0 | 0 | ' | ' |
Interest income and other investment income | 0 | -1 | 0 | -3 |
Total net interest expense | $9,752 | $11,038 | $29,467 | $33,822 |
TOWER_SALE_AND_LEASEBACK_Detai
TOWER SALE AND LEASEBACK (Details) (USD $) | 6 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2013 | Sep. 30, 2014 |
number | ||
Tower Sale And Leaseback [Abstract] | ' | ' |
Operating Lease Remaining Life Amortization Period | ' | 16.5 |
SaleLeasebackTransactionCurrentPeriodGainRecognized | $1.60 | ' |
SaleLeasebackTransactionDeferredGainGross | 9.9 | ' |
Sale Leaseback Transaction Deferred Gain Short Term | ' | 0.6 |
Sale Leaseback Transaction Deferred Gain Long Term | ' | $8.50 |
SHAREHOLDERS_EQUITY_Details
SHAREHOLDER'S EQUITY (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Conversion Of Class B Common Stock [Abstract] | ' | ' | ' |
Credit Facility | $425,000,000 | ' | ' |
Dividends And Shares Activitiy [Line Items] | ' | ' | ' |
Dividend payments | 0 | 0 | ' |
Amount recorded as financing activity | ($915,000) | ($1,167,000) | ($1,640,000) |
SHAREBASED_COMPENSATION_Equity
SHARE-BASED COMPENSATION - Equity Compensation Plan and RSU Acitivity (Details) | 9 Months Ended |
Sep. 30, 2014 | |
Restricted Stock Unit Activity [Abstract] | ' |
RSUs issued | 675,113 |
RSUs forfeited | -41,325 |
RSUs vested and released | 289,403 |
SHAREBASED_COMPENSATION_RSU_Ac
SHARE-BASED COMPENSATION - RSU Activity - Summary of Change (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Number of Restricted Stock Units [Roll Forward] | ' |
RSUs beginning | 1,030,486 |
RSUs awarded | 675,113 |
RSUs released | -289,403 |
RSUs forfeited | -41,325 |
RSUs ending | 1,374,871 |
Weighted Average Purchase Price RSUs | $0 |
Weighted Average Remaining Contractual Term (Years) RSUs | '1 year 2 months 12 days |
Aggregate Intrinsic Value RSUs | $11,040,214 |
Number of RSUs vested and expected to vest | 1,297,223 |
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 2 months 12 days |
Aggregate Intrinsic Value RSUs vested and expected to vest | 9,737,342 |
Number of RSUs exercisable | 84,603 |
Weighted Average Purchase Price of RUSs exercisable | $0 |
Weighted Average Remaining Contractual Term (Years) of RUSs exercisable | '0 years |
Aggregate Intrinsic Value RSUs exercisable | 679,362 |
Weighted average remaining recognition period in years | '1 year 10 months 24 days |
Unamortized compensation expense, net of estimated forfeitures | $6,295,793 |
SHAREBASED_COMPENSATION_RSUs_w
SHARE-BASED COMPENSATION - RSUs with Market Conditions (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Share-based Compensation Restricted Stock Units With Market Conditions [Line Items] | ' | ' |
RSUs issued | 675,113 | ' |
Reconciliation Of RSUs With Market Conditions [Abstract] | ' | ' |
RSUs beginning | 1,030,486 | ' |
Number of RSUs granted | 675,113 | ' |
Number of RSUs forfeited | -41,325 | ' |
Number of RSUs vested | -289,403 | ' |
RSUs ending | 1,374,871 | 1,030,486 |
Net RSUs increase (decrease) to APIC | $3,751 | $4,270 |
Restricted Stock Units With Market Conditions [Member] | ' | ' |
Share-based Compensation Restricted Stock Units With Market Conditions [Line Items] | ' | ' |
RSUs issued | 290,000 | 0 |
Reconciliation Of RSUs With Market Conditions [Abstract] | ' | ' |
RSUs beginning | 0 | ' |
Number of RSUs granted | 290,000 | 0 |
Number of RSUs forfeited | 0 | -200,000 |
Number of RSUs vested | 0 | 0 |
RSUs ending | 290,000 | 0 |
Fair value of each RSU issued with market conditions | $6.90 | $0 |
Restricted Stock Units With Performance Conditions [Member] | ' | ' |
Reconciliation Of RSUs With Market Conditions [Abstract] | ' | ' |
Fair value of each RSU issued with market conditions | $9.60 | ' |
SHAREBASED_COMPENSATION_Other_
SHARE-BASED COMPENSATION - Other Options Disclosures (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Other Options Disclosures [Line Items] | ' | ' |
Intrinsic value of options exercised | $232 | $1,093 |
Tax benefit from options exercised, before impact of valuation allowance | 88 | 415 |
Cash received from exercise price of options exercised | $42 | $219 |
SHAREBASED_COMPENSATION_Option
SHARE-BASED COMPENSATION - Options Activity (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Options activity [Roll Forward] | ' |
Options beginning | 557,550 |
Options granted | 0 |
Options exercised | -27,500 |
Options forfeited | 0 |
Options expired | -9,000 |
Options ending | 521,050 |
Weighted average exercise price - beginning | $2.58 |
Weighted average exercise price - options granted | ' |
Weighted average exercise price - options exercised | $1.52 |
Weighted average exercise price - options forfeited | ' |
Weighted average exercise price - options expired | $20.71 |
Weighted average exercise price - ending | $2.32 |
Weighted Average Remaining Contractual Term (Years) Options | '4 years 3 months 18 days |
Intrinsic Value Options | $3,194,910 |
Options vested and expected to vest | 520,708 |
Options vested and exercisable | 517,300 |
Weighted average exercise price options vested and expected to vest | $2.32 |
Weighted average exercise price options vested and exerciable | $2.28 |
Weighted average remaining contractual period (Years) options vested and expected to vest | '4 years 3 months 18 days |
Weighted average remaining contractual period (years) options vested and exercisable | '4 years 3 months 18 days |
Intrinsic value options vested and expected to vest | 3,194,910 |
Intrinsic value options vested and exercisable | 3,194,910 |
Weighted average remaining recognition period in years | '2 years 10 months 24 days |
Unamortized compensation expense, net of estimated forfeitures | $18,750 |
SHAREBASED_COMPENSATION_Valuat
SHARE-BASED COMPENSATION - Valuation Method (Details) | 9 Months Ended |
Sep. 30, 2014 | |
Valuation Methodology [Abstract] | ' |
Expected volatility factor (%) - Minimum | 39.00% |
Expected volatility factor (%) - Maximum | 51.00% |
Risk-free interest rate (%) - Minimum | 0.10% |
Risk-free interest rate (%) - Maximum | 0.40% |
Expected dividend yield (%) | 0.00% |
SHAREBASED_COMPENSATION_Other_1
SHARE-BASED COMPENSATION - Other Award Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Significant ranges of outstanding and exercisable options [Line Items] | ' | ' | ' | ' | ' |
Number of options outstanding | 521,050 | ' | 521,050 | ' | 557,550 |
Weighted average remaining contractual life options outstanding | ' | ' | '4 years 3 months 18 days | ' | ' |
Weighted average exercise price options outstanding | $2.32 | ' | $2.32 | ' | $2.58 |
Number of options exercisable | 517,300 | ' | 517,300 | ' | ' |
Weighted average exercise price options exercisable | $2.28 | ' | $2.28 | ' | ' |
Recognized Non-Cash Compensation Expense [Line Items] | ' | ' | ' | ' | ' |
Total Non cash compensation expense recognized | $880 | $652 | $2,630 | $2,189 | ' |
Station operating expenses [Member] | ' | ' | ' | ' | ' |
Recognized Non-Cash Compensation Expense [Line Items] | ' | ' | ' | ' | ' |
Total Non cash compensation expense recognized | 277 | 187 | 672 | 522 | ' |
Corporate general and administrative expenses [Member] | ' | ' | ' | ' | ' |
Recognized Non-Cash Compensation Expense [Line Items] | ' | ' | ' | ' | ' |
Total Non cash compensation expense recognized | 981 | 695 | 3,079 | 2,458 | ' |
Stock-based compensation expense included in operating expenses [Member] | ' | ' | ' | ' | ' |
Recognized Non-Cash Compensation Expense [Line Items] | ' | ' | ' | ' | ' |
Total Non cash compensation expense recognized | 1,258 | 882 | 3,751 | 2,980 | ' |
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 | $378 | $230 | $1,121 | $791 | ' |
Exercise prices from 1.34 to 1.34 | ' | ' | ' | ' | ' |
Significant ranges of outstanding and exercisable options [Line Items] | ' | ' | ' | ' | ' |
Number of options outstanding | 471,050 | ' | 471,050 | ' | ' |
Weighted average remaining contractual life options outstanding | ' | ' | '4 years 4 months 24 days | ' | ' |
Weighted average exercise price options outstanding | $1.34 | ' | $1.34 | ' | ' |
Number of options exercisable | 471,050 | ' | 471,050 | ' | ' |
Weighted average exercise price options exercisable | $1.34 | ' | $1.34 | ' | ' |
Exercise prices from 2.02 to 11.78 | ' | ' | ' | ' | ' |
Significant ranges of outstanding and exercisable options [Line Items] | ' | ' | ' | ' | ' |
Number of options outstanding | 45,000 | ' | 45,000 | ' | ' |
Weighted average remaining contractual life options outstanding | ' | ' | '4 years 7 months 6 days | ' | ' |
Weighted average exercise price options outstanding | $9 | ' | $9 | ' | ' |
Number of options exercisable | 41,250 | ' | 41,250 | ' | ' |
Weighted average exercise price options exercisable | $9.02 | ' | $9.02 | ' | ' |
Exercise prices from 33.90 to 35.05 | ' | ' | ' | ' | ' |
Significant ranges of outstanding and exercisable options [Line Items] | ' | ' | ' | ' | ' |
Number of options outstanding | 5,000 | ' | 5,000 | ' | ' |
Weighted average remaining contractual life options outstanding | ' | ' | '0 years 2 months 12 days | ' | ' |
Weighted average exercise price options outstanding | $34.82 | ' | $34.82 | ' | ' |
Number of options exercisable | 5,000 | ' | 5,000 | ' | ' |
Weighted average exercise price options exercisable | $34.82 | ' | $34.82 | ' | ' |
NET_INCOME_PER_COMMON_SHARE_De
NET INCOME PER COMMON SHARE (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Impact Of Equity Awards [Line Items] | ' | ' | ' | ' | ' |
Excluded shares as anti-dilutive when reporting loss | ' | ' | 0 | 0 | ' |
Earnings Per Share, Basic and Diluted [Abstract] | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable to Parent | $6,473 | $6,875 | $15,973 | $16,517 | $26,024 |
Weighted Average Number Of Shares Outstanding Basic | 37,692,848 | 37,385,753 | 37,685,754 | 37,334,620 | ' |
Earnings Per Share Basic | $0.17 | $0.18 | $0.42 | $0.44 | ' |
Incremental Common Shares Attributable to Share-based Payment Arrangements | 789,225 | 767,669 | 836,368 | 874,359 | ' |
Weighted Average Number Of Diluted Shares Outstanding | 38,482,073 | 38,153,422 | 38,522,122 | 38,208,979 | ' |
Earnings Per Share Diluted | $0.17 | $0.18 | $0.41 | $0.43 | ' |
Restricted Stock Units Service And Performance Conditions But Performance Not Met [Member] | ' | ' | ' | ' | ' |
Impact Of Equity Awards [Line Items] | ' | ' | ' | ' | ' |
Excluded shares as anti-dilutive under the treasury stock method | 11,000 | 0 | 11,000 | 0 | ' |
Options Activity [Member] | ' | ' | ' | ' | ' |
Impact Of Equity Awards [Line Items] | ' | ' | ' | ' | ' |
Excluded shares as anti-dilutive under the treasury stock method | 30,000 | 36,000 | 32,000 | 38,000 | ' |
Price range of option: from | $8.04 | $8.79 | $8.04 | $8.79 | ' |
Price range of option: to | $35.05 | $48.21 | $35.05 | $48.21 | ' |
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 | 0 | 6,000 | 0 | 242,000 | ' |
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 | 290,000 | 200,000 | 290,000 | 200,000 | ' |
INCOME_TAXES_Expected_And_Repo
INCOME TAXES - Expected And Reported Income Taxes (Benefit) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | ' | ' | ' | ' |
Income taxes (benefit) | $4,980 | $5,373 | $11,605 | $13,080 |
Effective income tax rate | 43.50% | 43.90% | 42.10% | 44.20% |
Impairment loss | $0 | $0 | $0 | $850 |
INCOME_TAXES_Expense_Benefit_D
INCOME TAXES - Expense (Benefit) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Deferred: | ' | ' | ' | ' |
Total deferred | ' | ' | $11,605 | $13,080 |
Income taxes (benefit) | $4,980 | $5,373 | $11,605 | $13,080 |
INCOME_TAXES_Deferred_Tax_Asse
INCOME TAXES - Deferred Tax Assets and Liabilities (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Deferred tax liabilities: | ' | ' |
Total net deferred tax liabilities | $53 | $41.40 |
INCOME_TAXES_Income_Tax_Paymen
INCOME TAXES - Income Tax Payments Refunds Net Operating Loss Carryforwards (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Prior Period Correction | ' | ' |
Deferred Income Tax Expense Benefit | $11,605 | $13,080 |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Statement Of Income And Comprehensive Income Abstract | ' | ' |
Accumulated other comprehensive income (loss) beginning balance | $0 | $0 |
Accumulated other comprehensive income (loss) ending balance | $0 | $0 |
FAIR_VALUE_OF_FINANCIAL_INSTRU2
FAIR VALUE OF FINANCIAL INSTRUMENTS - Recurring basis (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets | ' | ' |
Cash equivalents | ' | ' |
Liabilities | ' | ' |
Deferred Compensation | 10,614 | 10,459 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets | ' | ' |
Cash equivalents | ' | ' |
FAIR_VALUE_OF_FINANCIAL_INSTRU3
FAIR VALUE OF FINANCIAL INSTRUMENTS - Non-Recurring basis (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Goodwill, Impairment Loss | $0 | $0 |
Fair Value of assets held for sale | ' | $2,100,000 |
FAIR_VALUE_OF_FINANCIAL_INSTRU4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Value (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Credit Facility | ' | ' |
Fair Value Of Instruments [Line Items] | ' | ' |
Carrying value of debt | $264,000 | $299,500 |
Fair value of debt | 263,340 | 301,559 |
Senior Notes | ' | ' |
Fair Value Of Instruments [Line Items] | ' | ' |
Carrying value of debt | 217,850 | 217,624 |
Fair value of debt | 240,180 | 248,635 |
Finance Method Lease Obligations | ' | ' |
Fair Value Of Instruments [Line Items] | ' | ' |
Carrying value of debt | 0 | 0 |
Letter of credit | ' | ' |
Fair Value Of Instruments [Line Items] | ' | ' |
Carrying value of debt | $620 | $370 |
ASSETS_HELD_FOR_SALE_Details
ASSETS HELD FOR SALE (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2013 | Sep. 30, 2014 |
Assets Held-for-sale, at Carrying Value [Abstract] | ' | ' |
Assets Held-for-sale, at Carrying Value | ' | $3 |
ImpairmentOfRealEstate | $0.90 | ' |
ACQUISITIONS_DIVESTITURES_AND_
ACQUISITIONS, DIVESTITURES AND PRO FORMA SUMMARY (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Acquisition [Line Items] | ' | ' |
Payments to Acquire Businesses, Gross | $0 | $0 |
Radio Broadcasting Licences [Member] | ' | ' |
Purchase price allocation [Abstract] | ' | ' |
Total intangible assets | $450 | $0 |
CONTINGENCIES_GUARANTOR_ARRANG1
CONTINGENCIES, GUARANTOR ARRANGEMENTS AND COMMITMENTS (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Commitments And Contingencies Disclosure Abstract | ' |
Payments for legal settlements | $1 |
CONTINGENCIES_Condensed_Balanc
CONTINGENCIES - Condensed Balance Sheets (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Assets Abstract | ' | ' | ' |
Current Assets | $98,447 | $91,266 | ' |
Property And Equipment - Net | 45,566 | 44,439 | ' |
Deferred Charges And Other Assets - Net | 14,075 | 17,501 | ' |
Assets | 918,888 | 912,688 | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' |
Liabilities Current | 40,098 | 29,652 | ' |
Liabilities Noncurrent | 561,546 | 584,643 | ' |
Liabilities, Total | 601,644 | 614,295 | ' |
Stockholders Equity Abstract | ' | ' | ' |
Common Stock Value | 391 | 385 | ' |
Additional Paid In Capital Common Stock | 607,593 | 604,721 | ' |
Retained Earnings Accumulated Deficit | -290,740 | -306,713 | ' |
Accumulated Other Comprehensive Income Loss Net Of Tax | 0 | 0 | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 317,244 | 298,393 | 269,494 |
Liabilities And Stockholders Equity | $918,888 | $912,688 | ' |
CONTINGENCIES_Condensed_Income
CONTINGENCIES - Condensed Income Statement (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
NET REVENUES | $99,840 | $98,436 | $278,276 | $278,035 | ' |
Operating Expenses Abstract | ' | ' | ' | ' | ' |
Depreciation Depletion And Amortization | 1,956 | 2,041 | 5,797 | 6,557 | ' |
General and Administrative Expense | 7,319 | 6,039 | 20,094 | 17,887 | ' |
Acquisition Costs | 0 | 0 | 0 | 0 | ' |
Net (gain) loss on sale or disposal of assets | -130 | -34 | -332 | -1,625 | ' |
Operating Expenses | 78,635 | 75,150 | 221,231 | 214,709 | ' |
Operating Income Loss | 21,205 | 23,286 | 57,045 | 63,326 | ' |
Other income | 0 | 0 | 0 | -93 | ' |
TOTAL OTHER (INCOME) EXPENSE | 9,752 | 11,038 | 29,467 | 33,729 | ' |
INCOME (LOSS) BEFORE INCOME TAXES (BENEFIT) | 11,453 | 12,248 | 27,578 | 29,597 | ' |
Income Tax Expense (Benefit) | 4,980 | 5,373 | 11,605 | 13,080 | ' |
Net Income (Loss) Attributable to Parent | $6,473 | $6,875 | $15,973 | $16,517 | $26,024 |
CONTINGENCIES_Condensed_OCI_De
CONTINGENCIES - Condensed OCI (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
NET INCOME (LOSS) | $6,473 | $6,875 | $15,973 | $16,517 | $26,024 |
CONTINGENCIES_Condensed_Shareh
CONTINGENCIES - Condensed Shareholder's Equity (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Common Class A [Member] | Common Class A [Member] | Common Class B [Member] | Common Class B [Member] | Additional Paid In Capital [Member] | Additional Paid In Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Opening Balance VALUE | ' | ' | $298,393 | $269,494 | $269,494 | $313 | $312 | $72 | $72 | $604,721 | $601,847 | ($306,713) | ($332,737) | $0 | $0 | $0 |
Opening Balance SHARES | ' | ' | ' | ' | ' | 31,308,194 | 31,226,047 | 7,197,532 | 7,197,532 | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 6,473 | 6,875 | 15,973 | 16,517 | 26,024 | ' | 0 | ' | 0 | ' | 0 | 15,973 | 26,024 | ' | ' | ' |
Stock Granted During Period, Value, Share-based Compensation, Net of Forfeitures | ' | ' | 0 | ' | 0 | ' | 0 | ' | 0 | ' | 0 | ' | 0 | ' | ' | ' |
Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures | ' | ' | ' | ' | ' | 633,788 | 96,560 | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures | ' | ' | 3,751 | ' | 4,270 | 7 | 1 | ' | 0 | 3,744 | 4,269 | ' | 0 | ' | ' | ' |
Purchase of vested employee restricted stock units | ' | ' | -915 | -1,167 | -1,640 | -1 | -2 | ' | 0 | -914 | -1,638 | ' | 0 | ' | ' | ' |
Purchase of vested employee restricted stock units SHARES | ' | ' | ' | ' | ' | -93,257 | -186,038 | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Forfeitures of dividend equivalents VALUE | ' | ' | ' | ' | 0 | ' | 0 | ' | 0 | ' | 0 | ' | 0 | ' | ' | ' |
Exercise of stock options SHARES | ' | ' | 27,500 | ' | ' | 27,500 | 171,625 | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options VALUE | ' | ' | 42 | ' | 245 | 0 | 2 | ' | 0 | 42 | 243 | ' | ' | ' | ' | ' |
Ending Balance SHARES | ' | ' | ' | ' | ' | 31,876,225 | 31,308,194 | 7,197,532 | 7,197,532 | ' | ' | ' | ' | ' | ' | ' |
Ending Balance VALUE | $317,244 | ' | $317,244 | ' | $298,393 | $319 | $313 | $72 | $72 | $607,593 | $604,721 | ($290,740) | ($306,713) | $0 | $0 | $0 |
CONTINGENCIES_Condensed_Cash_F
CONTINGENCIES - Condensed Cash Flow (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
OPERATING ACTIVITIES: | ' | ' |
Net Cash Provided By Used In Operating Activities | $48,155 | $46,478 |
INVESTING ACTIVITIES: | ' | ' |
Additions to property and equipment | -7,390 | -3,502 |
Deferred charges and other assets | -658 | -4 |
Net cash provided by (used in) investing activities | -7,968 | -3,361 |
FINANCING ACTIVITIES: | ' | ' |
Payments of long-term debt | -51,000 | -67,523 |
Retirement of senior subordinated notes | 0 | 0 |
Purchase of the Company's common stock | 0 | 0 |
Proceeds from issuance of employee stock plan | 0 | 0 |
Proceeds from the exercise of stock options | 42 | 219 |
Payment of dividend equivalents on vested restricted stock units | 0 | 0 |
Realization of tax benefits for payment of dividend equivalents | 0 | 0 |
Net Cash Provided By Used In Financing Activities | -36,373 | -45,471 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 3,814 | -2,354 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 12,231 | 8,923 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $16,045 | $6,569 |
SUMMARIZED_QUARTERLY_FINANCIAL
SUMMARIZED QUARTERLY FINANCIAL DATA - Unaudited (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Income Statement Abstract | ' | ' | ' | ' | ' |
Income Tax Expense (Benefit) | $4,980 | $5,373 | $11,605 | $13,080 | ' |
Net income (loss) | 6,473 | 6,875 | 15,973 | 16,517 | 26,024 |
Quarterly Financial Information Disclosure Abstract | ' | ' | ' | ' | ' |
Sales Revenue, Net | 99,840 | 98,436 | 278,276 | 278,035 | ' |
Operating Income Loss | 21,205 | 23,286 | 57,045 | 63,326 | ' |
Net Income (Loss) Attributable to Parent | $6,473 | $6,875 | $15,973 | $16,517 | $26,024 |
Weighted average basic common shares outstanding | 37,692,848 | 37,385,753 | 37,685,754 | 37,334,620 | ' |
Weighted Average Number Of Diluted Shares Outstanding | 38,482,073 | 38,153,422 | 38,522,122 | 38,208,979 | ' |