Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Feb. 20, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-K | |
Document Period End Date | Dec. 31, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | FY | |
Entity Registrant Name | Entercom Communications Corp. | |
Entity Central Index Key | 1,067,837 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Well Known Seasoned Issuer | No | |
Entity Public Float | $ 622,828,055 | |
Trading Symbol | ETM | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock Shares Outstanding | 33,495,197 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock Shares Outstanding | 7,197,532 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets Abstract | ||
Cash | $ 46,843 | $ 9,169 |
Accounts receivable, net of allowance for doubtful accounts | 92,172 | 87,157 |
Prepaid expenses, deposits and other | 7,670 | 6,220 |
Prepaid and refundable federal and state income taxes | 0 | 55 |
Deferred tax assets | 0 | 3,464 |
Total current assets | 146,685 | 106,065 |
Net property and equipment | 63,375 | 57,993 |
Radio broadcasting licenses | 823,195 | 807,381 |
Goodwill | 32,718 | 32,629 |
Assets held for sale | 0 | 6,106 |
Investment in deconsolidated subsidiaries | 0 | 0 |
Deferred charges and other assets, net of accumulated amortization | 10,260 | 5,471 |
TOTAL ASSETS | 1,076,233 | 1,015,645 |
Liabilities Abstract | ||
Accounts payable | 481 | 73 |
Accrued expenses | 18,857 | 16,772 |
Accrued compensation and other current liabilities | 19,603 | 19,924 |
Financing method lease obligations, current portion | 0 | 0 |
Non-controlling interest - variable interest entity | 23,959 | 0 |
Long-term debt, current portion | 4,817 | 31,832 |
Total current liabilities | 67,717 | 68,601 |
Long-term debt, net of current portion | 467,651 | 448,724 |
Deferred tax liabilities | 92,898 | 81,643 |
Other long-term liabilities | 26,861 | 27,608 |
Total long-term liabilities | 587,410 | 557,975 |
Total liabilities | 655,127 | 626,576 |
CONTINGENCIES AND COMMITMENTS | ||
Perpetual Cumulative Convertible Preferred Stock | 27,732 | 27,619 |
SHAREHOLDERS' EQUITY: | ||
Preferred stock | 0 | 0 |
Common stock | 407 | 397 |
Additional paid-in capital | 605,603 | 611,754 |
Accumulated deficit | (212,636) | (250,701) |
Accumulated other comprehensive income (loss) | 0 | 0 |
Total shareholders' equity | 393,374 | 361,450 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1,076,233 | 1,015,645 |
Common Class A [Member] | ||
SHAREHOLDERS' EQUITY: | ||
Common stock | 335 | 325 |
Common Class B [Member] | ||
SHAREHOLDERS' EQUITY: | ||
Common stock | 72 | 72 |
Common Class C Member | ||
SHAREHOLDERS' EQUITY: | ||
Common stock | $ 0 | $ 0 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Class of Stock [Line Items] | ||
Preferred Stock, Par Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 25,000,000 | 25,000,000 |
Preferred Stock, Shares Issued and Outstanding | 11 | 11 |
Common Stock, Value | $ 407 | $ 397 |
Common Class A [Member] | ||
Class of Stock [Line Items] | ||
Common Stock, Value | $ 335 | $ 325 |
Common Stock, Par Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares Issued and Outstanding | 33,510,184 | 32,480,551 |
Common Class B [Member] | ||
Class of Stock [Line Items] | ||
Common Stock, Value | $ 72 | $ 72 |
Common Stock, Par Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares Issued and Outstanding | 7,197,532 | 7,197,532 |
Common Class C Member | ||
Class of Stock [Line Items] | ||
Common Stock, Value | $ 0 | $ 0 |
Common Stock, Par Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock, Shares Issued and Outstanding | 0 | 0 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement Abstract | |||
NET REVENUES | $ 460,245 | $ 411,378 | $ 379,789 |
OPERATING EXPENSE: | |||
Station operating expenses, including non-cash compensation expense | 318,744 | 287,711 | 259,184 |
Depreciation and amortization expense | 9,793 | 8,419 | 7,794 |
Corporate general and administrative expenses, including non-cash compensation expense | 33,328 | 26,479 | 26,572 |
Impairment loss | 254 | 0 | 0 |
OtherCostAndExpenseOperating | 565 | 0 | 0 |
Merger and acquisition costs and restructuring charges | 708 | 6,836 | 1,042 |
Net time brokerage agreement (income) fees | 417 | (1,285) | 0 |
Net (gain) loss on sale or disposal of assets | (1,621) | (2,364) | (379) |
Total operating expense | 362,188 | 325,796 | 294,213 |
OPERATING INCOME (LOSS) | 98,057 | 85,582 | 85,576 |
OTHER (INCOME) EXPENSE: | |||
Net interest expense | 36,639 | 37,961 | 38,821 |
Net (gain) loss on extinguishment of debt | 10,858 | 0 | 0 |
Net (gain) loss on investments | 0 | 0 | 21 |
Other income | (2,299) | 0 | 0 |
TOTAL OTHER (INCOME) EXPENSE | 8,559 | 0 | 21 |
INCOME (LOSS) BEFORE INCOME TAXES (BENEFIT) | 52,859 | 47,621 | 46,734 |
INCOME TAXES (BENEFIT) | 14,794 | 18,437 | 19,911 |
NET INCOME (LOSS) | 38,065 | 29,184 | 26,823 |
Preferred stock dividend | (1,901) | (752) | 0 |
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | $ 36,164 | $ 28,432 | $ 26,823 |
NET INCOME (LOSS) PER SHARE - BASIC | |||
NET INCOME (LOSS) PER SHARE - BASIC | $ 0.94 | $ 0.75 | $ 0.71 |
NET INCOME (LOSS) PER SHARE - DILUTED | |||
NET INCOME (LOSS) PER SHARE - DILUTED | $ 0.91 | $ 0.73 | $ 0.69 |
WEIGHTED AVERAGE SHARES: | |||
Basic | 38,500,495 | 38,083,947 | 37,763,353 |
Diluted | 39,568,062 | 39,037,623 | 38,664,066 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) | Total | Common Class A [Member] | Common Class B [Member] | Additional Paid In Capital [Member] | Retained Earnings [Member] |
Opening 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 restricted stock awards SHARES | 638,102 | 0 | |||
Issuance of common stock related to an incentive plan SHARES | 0 | 0 | |||
Common stock repurchase SHARES | 0 | 0 | |||
Exercise of stock options SHARES | 57,500 | 0 | |||
Purchase of vested employee restricted stock units SHARES | (142,000) | (141,502) | 0 | ||
Ending Balance SHARES at Dec. 31, 2014 | 31,862,294 | 7,197,532 | |||
Opening Balance VALUE at Dec. 31, 2013 | $ 298,393,000 | $ 313,000 | $ 72,000 | $ 604,721,000 | $ (306,713,000) |
Net income (loss) | 26,823,000 | 26,823,000 | |||
Compensation expense related to granting of restricted stock awards VALUE | 5,232,000 | 7,000 | 0 | 5,225,000 | 0 |
Issuance of common stock related to an incentive plan VALUE | 0 | 0 | 0 | 0 | 0 |
Common stock repurchase VALUE | 0 | 0 | 0 | 0 | 0 |
Purchase of vested employee restricted stock units | (1,514,000) | (1,000) | 0 | (1,513,000) | 0 |
Forfeitures of dividend equivalents VALUE | 5,000 | 0 | 0 | 0 | 5,000 |
Realization of tax benefit for dividend equivalent payments VALUE | 0 | 0 | 0 | 0 | 0 |
Exercise of stock options VALUE | 82,000 | 0 | 0 | 82,000 | 0 |
Preferred stock dividend | 0 | ||||
Net unrealized gain (loss) on investments VALUE | 0 | ||||
Net unrealized gain (loss) on derivatives VALUE | 0 | 0 | 0 | 0 | |
Ending Balance VALUE at Dec. 31, 2014 | $ 329,021,000 | $ 319,000 | $ 72,000 | 608,515,000 | (279,885,000) |
Conversion of Class B common stock to Class A common stock SHARES | 0 | 0 | |||
Compensation expense related to granting of restricted stock awards SHARES | 738,195 | 0 | |||
Issuance of common stock related to an incentive plan SHARES | 0 | 0 | |||
Common stock repurchase SHARES | 0 | 0 | |||
Exercise of stock options SHARES | 11,750 | 0 | |||
Purchase of vested employee restricted stock units SHARES | (132,000) | (131,688) | 0 | ||
Ending Balance SHARES at Dec. 31, 2015 | 32,480,551 | 7,197,532 | |||
Net income (loss) | $ 29,184,000 | 29,184,000 | |||
Compensation expense related to granting of restricted stock awards VALUE | 5,524,000 | $ 7,000 | $ 0 | 5,517,000 | 0 |
Issuance of common stock related to an incentive plan VALUE | 0 | 0 | 0 | 0 | 0 |
Common stock repurchase VALUE | 0 | 0 | 0 | 0 | 0 |
Purchase of vested employee restricted stock units | (1,562,000) | (1,000) | 0 | (1,561,000) | 0 |
Forfeitures of dividend equivalents VALUE | 0 | 0 | 0 | 0 | 0 |
Realization of tax benefit for dividend equivalent payments VALUE | 0 | 0 | 0 | 0 | 0 |
Exercise of stock options VALUE | 35,000 | 0 | 0 | 35,000 | 0 |
Preferred stock dividend | (752,000) | (752,000) | |||
Net unrealized gain (loss) on derivatives VALUE | 0 | 0 | 0 | ||
Ending Balance VALUE at Dec. 31, 2015 | $ 361,450,000 | $ 325,000 | $ 72,000 | 611,754,000 | (250,701,000) |
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 | 1,095,759 | 0 | |||
Issuance of common stock related to an incentive plan SHARES | 31,933 | 0 | |||
Exercise of stock options SHARES | 134,238 | 134,238 | 0 | ||
Purchase of vested employee restricted stock units SHARES | (232,000) | (232,297) | 0 | ||
Ending Balance SHARES at Dec. 31, 2016 | 33,510,184 | 7,197,532 | |||
Net income (loss) | $ 38,065,000 | 38,065,000 | |||
Compensation expense related to granting of restricted stock awards VALUE | 6,539,000 | $ 11,000 | $ 0 | 6,528,000 | 0 |
Issuance of common stock related to an incentive plan VALUE | 379,000 | 0 | 0 | 379,000 | 0 |
Common stock repurchase VALUE | 0 | 0 | 0 | 0 | 0 |
Purchase of vested employee restricted stock units | (2,268,000) | (2,000) | 0 | (2,266,000) | 0 |
Payments of dividends VALUE | (8,666,000) | 0 | 0 | (8,666,000) | 0 |
Forfeitures of dividend equivalents VALUE | 0 | 0 | 0 | 0 | 0 |
Exercise of stock options VALUE | 265,000 | 1,000 | 0 | 264,000 | 0 |
Preferred stock dividend | (1,788,000) | 0 | 0 | (1,788,000) | 0 |
Net unrealized gain (loss) on investments VALUE | 0 | 0 | 0 | 0 | 0 |
Net unrealized gain (loss) on derivatives VALUE | 0 | 0 | 0 | 0 | 0 |
Ending Balance VALUE at Dec. 31, 2016 | 393,374,000 | 335,000 | 72,000 | 605,603,000 | (212,636,000) |
AdjustmentsToAdditionalPaidInCapitalOther | $ (602,000) | $ 0 | $ 0 | $ (602,000) | $ 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
OPERATING ACTIVITIES: | |||
Net income (loss) | $ 38,065,000 | $ 29,184,000 | $ 26,823,000 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 9,793,000 | 8,419,000 | 7,794,000 |
Amortization of deferred financing costs | 2,897,000 | 3,203,000 | 4,165,000 |
Net deferred taxes (benefit) and other | 14,688,000 | 18,322,000 | 19,811,000 |
Tax benefit on exercise of options | 0 | 0 | 0 |
Provision for bad debts | 1,330,000 | 1,553,000 | 1,004,000 |
Net (gain) loss on sale or disposal of assets | (1,621,000) | (2,364,000) | (379,000) |
Non-cash stock-based compensation expense | 6,539,000 | 5,524,000 | 5,232,000 |
Net (gain) loss on investments | 0 | 0 | 21,000 |
Net (gain) loss on derivatives | 0 | 0 | 0 |
Deferred rent | 138,000 | 1,017,000 | 807,000 |
Unearned revenue - long-term | 0 | (10,000) | (33,000) |
Net (gain) loss on extinguishment of debt | 10,858,000 | 0 | 0 |
Deferred compensation | 1,683,000 | 584,000 | 1,291,000 |
Tax benefit for vesting of restricted stock unit awards | 0 | 0 | 0 |
Impairment loss | 254,000 | 0 | 0 |
Net accretion expense for asset retirement obligations | 27,000 | 13,000 | (11,000) |
Changes in assets and liabilities: | |||
Accounts receivable | (4,202,000) | (4,027,000) | 565,000 |
Prepaid expenses and deposits | (1,368,000) | 642,000 | (1,586,000) |
Prepaid and refundable income taxes | 0 | 0 | 0 |
Accounts payable and accrued liabilities | (739,000) | 700,000 | 1,633,000 |
Accrued interest expense | 40,000 | 769,000 | (132,000) |
Accrued liabilities - long-term | (1,894,000) | 146,000 | (1,311,000) |
Prepaid expenses - long-term | (4,458,000) | 1,115,000 | (398,000) |
Net cash provided by (used in) operating activities | 72,030,000 | 64,790,000 | 65,296,000 |
INVESTING ACTIVITIES: | |||
Additions to property and equipment | (7,336,000) | (7,043,000) | (8,408,000) |
Proceeds from sale of property, equipment, intangibles and other assets | 7,974,000 | 427,000 | 2,153,000 |
Purchases of radio station assets | (92,000) | (83,553,000) | 0 |
Deferred charges and other assets | (353,000) | (1,575,000) | (800,000) |
Purchases of investments | 0 | (9,000) | 0 |
Proceeds from investments and capital projects | 0 | 9,000 | 0 |
Proceeds from insurance recovery | 0 | 0 | 0 |
Station acquisition deposits and costs | 0 | 0 | 0 |
CashAcquiredFromAcquisition | 302,000 | 0 | 0 |
Net cash provided by (used in) investing activities | 495,000 | (91,744,000) | (7,055,000) |
FINANCING ACTIVITIES: | |||
Proceeds from issuance of long-term debt | 480,000,000 | 0 | 0 |
Proceeds from the financing method of lease obligations | 102,000 | 0 | 0 |
Payments of long-term debt | (293,266,000) | (51,250,000) | (53,000,000) |
Retirement of senior subordinated notes | (220,000,000) | 0 | 0 |
Proceeds from issuance of employee stock plan | 379,000 | 0 | 0 |
Proceeds from the exercise of stock options | 265,000 | 35,000 | 82,000 |
Purchase of vested employee restricted stock units | (2,268,000) | (1,562,000) | (1,514,000) |
Payment of dividend equivalents on vested restricted stock units | (94,000) | (7,000) | 0 |
Payment of dividends on common stock | (8,666,000) | 0 | 0 |
Payment of fees associated with the issuance of preferred stock | 0 | (220,000) | 0 |
Payments of dividends on preferred stock | (1,788,000) | (413,000) | 0 |
ProceedsFromShortTermDebt | 24,500,000 | 58,000,000 | 15,500,000 |
PaymentsOfDebtIssuanceCosts | (8,038,000) | 0 | 0 |
PaymentsOfDebtExtinguishmentCosts | (5,977,000) | 0 | 0 |
Net cash provided by (used in) financing activities | (34,851,000) | 4,583,000 | (38,932,000) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 37,674,000 | (22,371,000) | 19,309,000 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 9,169,000 | 31,540,000 | 12,231,000 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 46,843,000 | 9,169,000 | 31,540,000 |
Cash paid during the period for: | |||
Interest | 34,568,000 | 34,822,000 | 35,593,000 |
Income taxes | 381,000 | 81,000 | 79,000 |
Dividends on common stock | 8,666,000 | 0 | 0 |
Dividends on preferred stock | $ 1,788,000 | $ 413,000 | $ 0 |
BASIS OF PRESENTATION AND ORGAN
BASIS OF PRESENTATION AND ORGANIZATION (Block) | 12 Months Ended |
Dec. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements Abstract | |
Business Description And Basis Of Presentation Text Block | 1. BASIS OF PRESENTATION AND SIGNIFICANT POLICIES Nature Of Business – Entercom Communications Corp. (the “Company”) is the fourth-largest radio broadcasting company in the United States with a portfolio of radio stations in 28 top markets across the country. On February 2, 2017, the Company and our newly formed wholly-owned subsidiary (“Merger Sub”), entered into an Agreement and Plan of Merger (the “CBS Radio Merger Agreement”) with CBS Corporation (“CBS”) and its wholly-owned subsidiary CBS Radio, Inc. (“CBS Radio”). Pursuant to the CBS Merger Agreement, Merger Sub will merge with and into CBS Radio with CBS Radio surviving as the Company’s wholly-owned subsidiary (the “Merger”). The Merger is expected to be tax free to CBS and its shareholders, and will be effected through a stock for stock Reverse Morris Trust transaction. The Merger will make the Company a leading local media and entertainment company with a nationwide footprint of stations including positions in all of the top 10 markets and 23 of the top 25 markets. The transactions contemplated by the CBS Radio Merger Agreement are subject to approval by the Company’s shareholders and customary regulatory approvals. Such approvals will require the divestiture of stations in certain markets due to FCC ownership limitati ons. This transaction is expected to close during the second half of 2017. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES (Block) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies Abstract | |
Significant Accounting Policies Text Block | 2. SIGNIFICANT ACCOUNTING POLICIES Principles Of Consolidation – The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are 100 % owned by the Company. All intercompany transactions and balances have been eliminated in consolidation. The Company also considers the applicability of any variable interest entities (“VIEs”) that are required to be consolidated by the primary beneficiary. From time to time, the Company may enter into a time brokerage agreement (“TBA”) in co nnection with a pending acquisition or disposition of radio stations and the requirement to consolidate or deconsolidate a VIE may apply, depending on the facts and circumstances related to each transaction. As of December 31, 2016 , there is one VIE requiring cons olidation in these financial statements. See Note 20 for further discussion on VIEs requiring consolidation. Reportable Segment - The Company operates under one reportable business segment, radio broadcasting, for which segment disclosure is consis tent with the management decision-making process that determines the allocation of resources and the measuring of performance. Radio stations serving the same geographic area, which may be comprised of a city or combination of cities, are referred to as ma rkets or as distinct operating segments. The Company has 28 operating segments. These operating segments are aggregated to create one reportable segment. Management’s Use Of Estimates – The preparation of consolidated financial state ments, in conformity with accounting principles generally accepted in the United States of America, requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets a nd liabilities, as of the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are used for, but not limited to: (1) asset impairments, including broadcasting licenses and goodwill; (2) income tax valuation allowances for deferred tax assets; (3) allowance for doubtful accounts; (4) self-insurance reserves; (5) fair value of equity awards; (6) estimated lives for tangible and intangible assets; (7) contingency and litigation reserves; (8) fair value measurements; (9) acquisition purchase price asset and liability allocations; and (10) uncertain tax positions. The Company’s accounting estimates require the use of judgment as future events and the eff ect of these events cannot be predicted with certainty. The accounting estimates may change as new events occur, as more experience is acquired and as more information is obtained. The Company evaluates and updates assumptions and estimates on an ongoing basis and may use outside experts to assist in the Company’s evaluation, as considered necessary. Actual results could differ from those estimates. Income Taxes – The Company applies the liability method to the accounting for deferred income taxes. Defe rred income taxes are recognized for all temporary differences between the tax and financial reporting bases of the Company’s assets and liabilities based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are ex pected to affect taxable income. A valuation allowance is recorded for a net deferred tax asset balance when it is more likely than not that the benefits of the tax asset will not be realized. The Company reviews on a continuing basis the need for a defer red tax asset valuation allowance in the jurisdictions in which it operates. Any adjustment to the deferred tax asset valuation allowance is recorded in the consolidated statements of operations in the period that such an adjustment is required. The Com pany applies the guidance for income taxes and intra - period allocation to the recognition of uncertain tax positions. This guidance clarifies the recognition, de-recognition and measurement in financial statements of income tax positions taken in previousl y filed tax returns or tax positions expected to be taken in tax returns, including a decision whether to file or not to file in a particular jurisdiction. The guidance requires that any liability created for unrecognized tax benefits is disclosed. The app lication of this guidance may also affect the tax bases of assets and liabilities and therefore may change or create deferred tax liabilities or assets. This guidance also clarifies the method to allocate income taxes (benefit) to the different components of income (loss), such as: (1) income (loss) from continuing operations; (2) income (loss) from discontinued operations; (3) other comprehensive income (loss); (4 ) the cumulative effec ts of accounting changes; and (5 ) other charges or credits recorded dir ectly to shareholders’ equity. See Note 14 for a further discussion of income taxes. Property And Equipment – Property and equipment are carried at cost. Major additions or improvements are capitalized, including interest expense when material, while repairs and maintenance are charged to expense when incurred. Upon sale or retirement, the related cost and accumulated depreciation are removed from the accounts, and any gain or loss is recognized in the statement of operations. D epreciation expens e on property and equipment is determined on a straight-line basis. D epreciation expense for property and equipment , which includes amounts from the VIE, is reflected in the following table : Property And Equipment Years Ended December 31, 2016 2015 2014 (amounts in thousands) Depreciation expense $ 8,689 $ 7,419 $ 6,748 A s of December 31, 2016 , the Company ha d capital expenditure commitments outstanding of $ 1.4 million. The following is a summary of the categories of property and equipment along with the range of estimated useful lives used for depreciation purposes: Depreciation Period Property And Equipment In Years December 31, From To 2016 2015 Land, land easements and land improvements - 15 $ 18,546 $ 16,764 Buildings 20 40 22,698 22,711 Equipment 3 40 112,362 108,399 Furniture and fixtures 5 10 11,129 10,868 Capital leases * * 44 - Leasehold improvements * * 23,017 23,119 187,796 181,861 Accumulated depreciation (128,322) (124,870) 59,474 56,991 Capital improvements in progress 3,901 1,002 Net property and equipment $ 63,375 $ 57,993 * Shorter of economic life or lease term Long-Lived Assets - The Company evaluates the recoverability of its long-lived assets, which include property and equipment, broadcasting licenses (subject to an eight-year renewal cycle), goodwill, deferred charges, and other assets. See Note 4 for further discussion. Certain of the Company’s equipment, such as broadcast towers, can provide economic benefit over a longer period of time resulting in the use of longer lives of up to 40 years. If events or changes in circu mstances were to indicate that an asset’s carrying value is not recoverable, a write-down of the asset would be recorded through a charge to operations. The determination and measurement of the fair value of long-lived assets requires the use of significan t judgments and estimates. Future events may impact these judgments and estimates. Revenue Recognition – The Company generates revenue from the sale to advertisers of various services and products, including but not limited to: (1) commercial broadcast time; (2) digital advertising ; (3) local events; (4) e-commerce where an advertiser’s goods and services are sold through our websites; and (5) digital product and marketing solutions. Revenue from services and products is recognized when delivered. Advertiser payments received in advance of when the prod ucts or services are delivered are recorded on the Company’s balance sheet as unearned revenue. Revenues presented in the consolidated financial statements are reflected on a net basis, after the deduction of advertising agency fees by the advertising ag encies. The Company also evaluates when it is appropriate to recognize revenue based on the gross amount invoiced to the customer or the net amount retained by the Company if a third party is involved. The following table presents the amounts of unearned revenues as of the periods indicated: Unearned Revenues December 31, Balance Sheet Location 2016 2015 (amounts in thousands) Current Other current liabilities $ 298 $ 306 Concentration Of Credit Risk – The Company’s revenues and accounts receivable relate primarily to the sale of advertising within its radio stations’ broadcast areas. Credit is extended based on an evaluation of the customers’ financial condition and, generally, collateral is not required. Credit losses are provided for in the financial statements and consistently have been within management’s expectations. Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable. The balance in the Company’s allowance for doubtful accounts is based on the Company’s historical collections, the age of the receivables, specific customer information, and current economic conditions. Delinquent accounts are written off if collections efforts have been unsuccessful and the likelihood of recovery is considered remote. Debt Issuance Costs And Ori ginal Issue Discount – The costs related to the issuance of debt are capitalized and amortized over the lives of the related debt and such amortization is accounted for as interest expense . S ee Note 8 for further discussion for the amount of deferr ed financing expense that was included in interest expense in the accompanying consolidated statements of operations . During the year ended December 31, 2016, the Company refinanced its outstanding Credit Facility that included retiring its $220.0 million 10.5% Senior Notes due December 1, 2019 (the “Senior Notes”) . In connection with this refinancing, the unamortized original issue discount associated with the Senior Notes was written off and included in the statement of operations under loss on extingui shment of debt. Extinguishment Of Debt –The Company may amend, append or replace, in part or in full, its outstanding debt. The Company reviews its unamortized financing costs associated with its outstanding debt to determine the amount subject to extin guishment under the accounting provisions for an exchange of debt instruments with substantially different terms or changes in a line-of-credit or revolving-debt arrangement. On November 1, 2016, the Company refinanced certain of its outstanding debt. A po rtion of the outstanding debt was accounted for as an extinguishment. See Note 8 for a discussion of the Company’s long-term debt . In addition, refer to the recent accounting pronouncements section of this note, Debt Issuance Costs, for a change i n the balance sheet presentation of debt issuance costs effective January 1, 2016. Corporate General And Administrative Expense – Corporate general and administrative expense consists of corporate overhead costs and non-cash compensation expense. Includ ed in corporate general and administrative expenses are those costs not specifically allocable to any of the Company’s individual business properties. Time Brokerage Agreement (Income) Fees – TBA fees or income consist of fees paid or received under agree ments which permit an acquirer to program and market stations prior to an acquisition. The Company sometimes enters into a TBA prior to the consummation of station acquisitions and dispositions. The Company may also enter into a Joint Sales Agreement to m arket, but not to program, a station for a defined period of time. TBA fees or income are recorded as a separate line item in our consolidated statement of operations. Barter Transactions – The Company provides advertising broadcast time in exchange for certain products, supplies and services. The terms of the exchanges generally permit the Company to preempt such broadcast time in favor of advertisers who purchase time on regular terms. The Company includes the value of such exchanges in both broadcasting net revenues and stati on operating expenses. Barter valuation is based upon management’s estimate of the fair value of the products, supplies and services received. S ee Note 15 , Supplemental Cash Flow Disclosures On Non-Cash Investing And Financing Activities, for a summary of the Company’s barter transactions. Business Combinations – Accounting guidance for business combinations provides the criteria to recognize intangible assets apart from goodwill. Other than goodwill, the Company uses a direct value method to determine the fair value of all intangible assets required to be recogn ized for business combinations. For a discussion of impairment testing of those assets acquired in a business combination, including goodwill, see Note 4 . Asset Retirement Obligations – The Com pany reasonably estimates the fair value of an asset retirement obligation. For an asset retirement obligation that is conditional (uncertainty about the timing and/or method of settlement), the Company factors into its fair value measurement a probabilit y factor as the obligation depends upon a future event that may or may not be within the control of the Company. The following table presents the changes in asset retirement obligations: Asset Retirement Obligations December 31, 2016 2015 (amounts in thousands) Beginning Balance $ 569 $ 541 Additions 453 15 Settlements (14) - Revision of estimate (2) - Accretions 38 13 Ending Balance $ 1,044 $ 569 Asset retirement obligations - short term $ 610 $ 105 Asset retirement obligations - long term 434 464 Total asset retirement obligations $ 1,044 $ 569 Accrued Compensation – Certain types of employee compensation, which amounts are included in the balance sheets under other current liabilities, are paid in subsequent periods. See Note 6 for amounts reflected in the balance sheets. Cash And Cash Equivalents – Cash consists primarily of amounts held on deposit with financial institutions. The Company’s cash deposits with banks are insured by the Federal Deposit Insurance Corporation up to $ 250,000 per account. At times, the cash balances held by the Company in financial institutions may exceed these insured limits. The risk of loss attributable to these uninsured balances is mitigated by depositing funds in high credit quality financial institutions. The Company has not experienced any losse s in such accounts. From time to time, the Company may invest in cash equivalents, which consists of investments in immediately available money market accounts and all highly liquid debt instruments with initial maturities of three months or less. The Co mpany considers all highly liquid investments with a maturity of three months or less to be cash equivalents. As of December 31, 2016 and 2015 , the Company had no cash equivalents on hand. Derivative Financial Instruments – The Company follows accounting guidance for its derivative financial instruments that it enters into from time to time, including certain derivative instruments embedded in other contracts, and hedging activities. Leases – The Company follows accounting guidance for its leases, which includes the recognition of escalated rents on a straight-line basis over the term of the lease agreement, as described further in Note 7 . The operating lease obligations rep resent scheduled future minimum operating lease payments under non-cancellable operating leases, including rent obligations under escalation clauses that are defined increases and not escalations that depend on variable indices. The minimum lease payments do not include common area maintenance, variable real estate taxes, insurance and other costs for which the Company may be obligated as most of these payments are primarily variable rather than fixed. See Note 20, Contingencies and Commitments, for a discussion of the Company’s leases . In addition, refer to the recent accounting pronouncements section o f this note, Leasing Transactions , for a change in the Company’s reporting requirements as of January 1, 2019. Share-Based Compensation – T he Compan y records compensation expense for all share-based payment awards made to employees and directors, at estimated fair value. The Company also uses the simplified method in developing an estimate of the expected term of certain stock options. For further dis cussion of share-based compensation, see Note 13 . Investments – For those investments in which the Company has the ability to exercise significant influence over the operating and financial policies of the investee, the investment is accounted for under the equity method. At December 31, 2016 and 2015 , the Company held no equity method investments. For those investments in which the Company does not have such significant influence, the Company applies the accounting guidance for certain inve stments in debt and equity securities. An investment is classified into one of three categories: held-to-maturity, available-for-sale, or trading securities, and, depending upon the classification, is carried at fair value based upon quoted market prices or historical cost when quoted market prices are unavailable. The Company also provides certain quantitative and qualitative disclosures for those investme nts that are impaired (other than temporarily) at the balance sheet date and for those investments for which an impairment has not been recognized. Advertising And Promotion Costs – Costs of media advertising and associated production costs are expensed when incurred. Insurance And Self-Insurance Liabilities – The Company uses a combination of insurance and self-insurance mechanisms to provide for the potential liabilities for workers’ compensation, general liability, property, director and officers’ li ability, vehicle liability and employee health care benefits. Liabilities associated with the risks that are retained by the Company are estimated, in part, by considering claims experience, demographic factors, severity factors, outside expertise and othe r actuarial assumptions. For any legal costs expected to be incurred in connection with a loss contingency, the Company recognizes the expense as incurred. Recognition Of Insurance Claims and Other Recoveries – The Company recognizes insurance recoverie s and other claims when all contingencies have been satisfied. During 2016 , the Company recovered $ 2.3 million related to a legal claim. This amount was recorded on a net basis after deducting certain related expenses. For further discussion, see Note 20 . Sports Programming Costs – Sports programming costs which are for a specified number of events are amortized on an event-by-event basis, and programming costs which are for a specified season are amortized over the season on a straight-line basis. Prepaid expenses which are not directly allocable to any one particular season are amortized on a straight-line basis over the life of the agreement. Accrued Litigation - The Company evaluates the likelihood of an unfavorable outco me in legal or regulatory proceedings to which it is a party and records a loss contingency when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These judgments are subjective, based on the status o f such legal or regulatory proceedings, the merits of the Company’s defenses and consultation with corporate and external legal counsel. Actual outcomes of these legal and regulatory proceedings may materially differ from the Company’s estimates. The Compa ny expenses legal costs as incurred in professional fees. See Note 20 , Contingencies And Commitments . Software Costs – The Company capitalizes direct internal and external costs incurred to develop internal-use software during the application development state. Internal-use software includes w ebsite development activities such as the planning and design of additional functionality and features f or existing sites and/or the planning and design of new sites . Costs related to the maintenance , content development and training of internal-use software are expensed as incurred. Capitalized costs are amortized over the estimated useful life of three y ears using the straight-line method . Recent Accounting Pronouncements A ll new accounting pronouncements that are in effect that may impact the Company’s financial statements have been implemented. The Company does not believe that there are any other new accounting pronouncements that have been issued, other than for a few of those as listed below, that might have a material impact on the Company’s financial position or results of operations. Definition of a Business In January 2017, the accounting guidance was amended to clarify th e definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The guidance is effective for the Company as of January 1, 2018 under a prospective applicatio n method. The Company is currently in the process of reviewing the new guidance, but based upon its preliminary assessment, which is subject to change, the impact of this guidance should not be material to the Company’s financial position, results of oper ations or cash flows. The guidance could have an impact in a future period if the Company acquires or disposes assets that meet the definition of a business under the amended guidance. Goodwill Impairment In January 2017, the accounting guidance was a mended to simplify the accounting for goodwill impairment by removing the second step of the goodwill impairment test. The guidance is effective for the Company as of January 1, 2020. The Company is currently in the process of reviewing the new guidance, but based upon its preliminary assessment, which is subject to change, the impact of this guidance should not be material to the Company’s financial position, results of operations or cash flows. Cash Flow Classification In August 2016, the accounting guidance for classifying elements of cash flow was simplified. The guidance is effective for the Company as of January 1, 2018 under a retrospective application method. The Company is currently in the process of reviewing the new guidance, but based upo n its preliminary assessment, which is subject to change, the impact of this guidance should not be material to the Company’s financial position, results of operations or cash flows. Stock-Based Compensation Simplification In March 2016, the accounting guidance for stock-based compensation was modified to reflect in the income statement the income tax effects of awards when stock-based awards vest. The guidance on employers’ accounting for an employee’s use of shares to satisfy the employer’s statutory income tax withholding obligation and for forfeitures is also changing. This guidance is effective for the Company as of January 1, 2017. The company believes that: (1) the Company may recognize future income tax benefits that were previously not allowed to be recognized; and (2) the Company may increase the shares withheld upon the vesting of restricted stock units (“RSUs”) in order to satisfy employees’ tax obligations. The impact of this guidance will not be material to the Company’s financial positio n, results of operations or cash flows. Leasing Transactions In February 2016, the accounting guidance was modified to require that all leases with a term of more than one year covering leased assets such as real estate, broadcasting towers and equipment , be reflected on the balance sheet as assets and liabilities for the rights and obligations created by these leases. This includes leases with short-term options to cancel by the lessee unless it is highly likely that the Company would exercise the optio n to cancel. While the Company is currently reviewing the effects of this guidance, the Company believes that this would result in: (1) an increase in the assets and liabilities reflected on the Company’s consolidated balance sheets; and (2) an increase in the Company’s interest expense and depreciation and amortization expense and a decrease to the Company’s station operating expense reflected on its consolidated statements of operations. New disclosures are also required to enable users of financial stat ements to assess the amount, timing, and uncertainty of cash flows arising from leases. This guidance is effective for the Company as of January 1, 2019. Revenue Recognition In May 2014, the accounting guidance for revenue recognition was modified and subsequently updated several times with amendments. Along with these modifications, most industry-specific revenue guidance was eliminated, including a current broadcasting exemption for reporting revenue from network barter programming. 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 disclosures, including significant judgments and changes in judgments. The Company expects to adopt the new guidance effective on January 1, 2018, by applying the modified retrospective method at the date of the initial application by recording the cumulative effect on retained earnings as of the date of adoption. The Company has made progress toward completing its evaluation of the impact of the guidance to all of the Company’s revenue streams and expects to complete the contract evaluations during 2017, including an evaluation of the impact on its business processes, controls and systems. While the Company continues to assess all potential impacts of the standard, it currently believes the most significant impact relates to its accounting for network barter programming. Balance Sheet Classification Of Deferred Taxes In No vember 2015, the accounting guidance for balance sheet classification of deferred taxes was modified to present deferred taxes for each jurisdiction as noncurrent on the balance sheet. Previously, deferred taxes were presented for each jurisdiction as a n et current asset or liability and net noncurrent asset or liability. This guidance is effective for the Company as of January 1, 2017, although early adoption is permitted. The Company elected to early adopt this standard on a prospective basis as of Octob er 1, 2016, as is permitted under the standard. Due to the prospective treatment, prior periods presented in these financial statements have not been retroactively adjusted. Business Combinations In September 2015, the accounting guidance for business c ombinations was modified to reflect measurement period adjustments to be recorded prospectively rather than retroactively to the assets and liabilities initially recorded under purchase price accounting. This guidance, which was effective as of January 1, 2016, did not have a material impact on the Company’s financial position and results of operations, but could have an impact in a future period when an adjustment is recorded for a previously reported business combination . There should be no material impa ct to the Company’s cash flows. Fees Paid In A Cloud Computing Arrangement In April 2015, the accounting guidance was revised to identify when a cloud computing service includes a software license that is to be capitalized and treated consistently with t he acquisition of other software licenses. The adoption of this accounting guidance , which was effective as of January 1, 2016, did not have any material effect on the Company’s results of operations, cash flows or financial condition. Debt Issuance Cos ts In April 2015, the accounting guidance was amended to modify the presentation of debt issuance costs on the balance sheet by requiring that all costs, including incremental third-party costs, be reflected as an offset to the associated debt liability rather than as a deferred charge. This guidance was subsequently modified in August 2015 to allow the existing presentation to continue for line-of-credit arrangements. The impact of this guidance , which was effective on January 1, 2016, was to reclassify debt issuance costs (other than those for line-of-credit arrangements) from other assets to the respective long-term debt liability for balance sheet presentation purposes only and had no impact on the Company’s results of operations, cash flows or financ ial position. In addition, certain reclassifications were recorded to the prior year’s balance sheet to conform to the presentation in the current year, which did not have a material impact on the Company’s previously reported financial statements . Consolidation In February 2015, the accounting guidance for consolidation was amended which revises the analysis of and reduces the need to consolidate certain entities. This accounting guidance, which was effective on January 1, 2016, did not have any material effect on the Company’s results of operations, cash flows or financial position . Extraordinary Items In January 2015, the accounting guidance was updated to eliminate the concept of an extraordinary item and the requirement to consider whether an underlying event or transaction is extraordinary. If an item is considered extraordinary, it is presented in the income statement net of tax, after income from continuing operations. Eliminating the concept of extraordinary removes the uncertainty for the preparer as to whether the item had been treated properly. The Company will apply this guidance prospectively to all applicable transactions. This guidance, which was effective on January 1, 2016, did not have any material effect on the Company’s resu lts of operations, cash flows, or financial position. Derivatives And Hedging In November 2014, the accounting guidance was updated for determining whether the host contract in a hybrid financial instrument issued in the form of a share is more akin t o debt or to equity. This update does not change the current criteria for determining when separation of certain embedded derivative features in a hybrid financial instrument is required, but clarifies how current accounting guidance should be interpreted in the evaluation of the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share, reducing existing diversity in practice. The adoption of this accounting guidance, which was effective o n January 1, 2016, did not have any material effect on the Company’s results of operations, cash flows or financial position. Stock-Based Performance Awards In June 2014, the accounting guidance was updated for stock-based awards when the terms of an awa rd 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. The adoptio n of this accounting guidance, which was effective on January 1, 2016, did not have any material effect on the Company’s results of operations, cash flows or financial position. |
ACCOUNTS RECEIVABLE AND RELATED
ACCOUNTS RECEIVABLE AND RELATED ALLOWANCE FOR DOUBTFALL ACCOUNTS (Block) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Loans Notes Trade And Other Receivables Disclosure Text Block | 3. ACCOUNTS RECEIVABLE AND RELATED ALLOWANCE FOR DOUBTFUL ACCOUNTS Accounts receivable are primarily attributable to advertising which has been provided and for which payment has not been received from the advertiser. Accounts receivable are net of agency commissions and an estimated allowance for doubtful accounts. Estimates of the allowance for doubtful accounts are recorded based on management’s judgment of the collectability of the accounts receivable based on historical information, relat ive improvements or deteriorations in the age of the accounts receivable and changes in current economic conditions. The accounts receivable balances and reserve for doubtful accounts, which includes amounts from the VIE, are presented in the following table: Net Accounts Receivable December 31, 2016 2015 (amounts in thousands) Accounts receivable $ 94,309 $ 89,291 Allowance for doubtful accounts (2,137) (2,134) Accounts receivable, net of allowance for doubtful accounts $ 92,172 $ 87,157 See the table in Note 6 for accounts receivable credits outstanding as of the periods indicated. The following table, which includes amounts from the VIE , presents the changes in the allowance for doubtful accounts Changes In Allowance For Doubtful Accounts Additions Balance At Charged To Deductions Balance At Beginning Costs And From End Of Year Ended Of Year Expenses Reserves Year (amounts in thousands) December 31, 2016 $ 2,134 $ 1,330 $ (1,327) $ 2,137 December 31, 2015 2,449 1,553 (1,868) 2,134 December 31, 2014 2,413 1,004 (968) 2,449 |
INTANGIBLE ASSETS AND GOODWILL
INTANGIBLE ASSETS AND GOODWILL (Block) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwil And Intangible Assets Disclosure [Abstract] | |
Goodwill And Intangible Assets Disclosure Text Block | 4. INTANGIBLE ASSETS AND GOODWILL (A) Indefinite-Lived Intangibles Goodwill and certain intangible assets are not amortized for book purposes. They may be, however, amortized for tax purposes. 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 val ue 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. T he Company may only write down the carrying value of i ts indefinite-lived intangibles. The Company is not permitted to increase the carrying value if the fair value of these assets subsequently increases. The following table presents the changes in broadcasting licenses primarily as a result of the acquisitions and disposition of radio stations: Broadcasting Licenses Carrying Amount December 31, December 31, 2016 2015 (amounts in thousands) Beginning of period balance as of January 1, $ 807,381 $ 718,992 Consolidation of a VIE 15,738 - Acquisition of radio stations - 79,209 Acquisition of a radio station through an exchange of assets - 53,057 Acquisitions - other 112 100 Assets held for sale - (1,397) Disposition of radio stations previously reflected as held for sale (36) (32,979) Disposition of a radio station previously reflected as deconsolidated subsidiary - (9,601) Ending period balance $ 823,195 $ 807,381 The following table presents the changes in goodwill primarily as a result of the acquisition and disposition of radio stations: Goodwill Carrying Amount December 31, December 31, 2016 2015 (amounts in thousands) Goodwill balance before cumulative loss on impairment as of January 1, $ 158,244 $ 164,465 Accumulated loss on impairment as of January 1, (125,615) (125,615) Goodwill beginning balance after cumulative loss on impairment as of January 1, 32,629 38,850 Loss on impairment during year - - Acquisition of radio stations - 5,866 Acquisition of radio stations through an exchange - 266 Adjustment to acquired goodwill associated with an assumed fair value liability 92 (1,364) Disposition of radio stations previously reflected as assets held for sale (3) (10,230) Disposition of a radio station previously reflected as a deconsolidated subsidiary - (759) Ending period balance $ 32,718 $ 32,629 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 . During the second quarter of the current year and each of the past several years, t he Company completed its annual impairment test for broadcasting licenses and determined that the fair value of its broadcasting licenses was greater than the amount reflected in the balance sheet for each of the Company’s markets and, accordingly, no impairment was recorded. The annual impairment test in 2016 included the four new markets added during the second half of 2015 . For the new market added during the fourth quarter of 2016, similar valuation techniques that are used in the testing process were applied to the valuation of the broadcasting licenses under purchase price accounting . E ach 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 as sumptions 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 ca pital 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 assumpti ons 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. The following table reflects the estimates and assumptions used in the second quarter of each year ( no interim tests were performed in these years) : Estimates And Assumptions Second Second Second Second Quarter Quarter Quarter Quarter 2016 2015 2014 2013 Discount rate 9.5% 9.7% 9.6% 9.8% Operating profit margin ranges expected for average stations in the markets where the Company operates 14% to 40% 25% to 40% 25% to 40% 25% to 41% Long-term revenue growth rate range of the Company's markets 1.0% to 2.0% 1.5% to 2.0% 1.5% to 2.0% 1.5% to 2.0% The Company has made reasonable estimates and assumptions to calculate the fair value of its broadcasting licenses. T hese estimates and assumptions could be materially different from actual results. If actual market conditions are less favorable than those projected by the industry or the Company, or if events occur or circumstances change that would reduce the fair value of the Company’s broadcasting licenses below the amount reflected in the balance sheet, the Company may be required to conduct an interim test and possibly recognize impairment charges, which may be material, in future periods. There were no events or circumstances since the Company ’s second quarter annual license impairment test that indicated an interim review of broadcasting licenses was required. Goodwill Impairment Test The Company performs its annual goodwill impairment test during the second quarter of each year by evaluating its goodwill for each reporting unit. During the second quarter in each of the years 2016 , 2015 , and 2014 , t he results of step one indicated that it was not necessary to perform the second step analysis in any of the reporting units that contained goodwill. For the one new market added during the fourth quarter of 2016, similar valuation techniques that are used in the testing process were applied to the valuation of goodwill under purchase price accounting. See Note 20 for further discussion. The C ompany also performed a reasonableness test on the fair value results for goodwill on a combined basis by comparing the carrying value of the Company’s assets to the C ompany’s enterprise value based upon its stock price. The Company determined that the re sults were reasonable. In step one of the Company’s goodwill analysis, the Company considered the results of the market approach and , when appropriate, the income approach in computing the fair value of the Company’s reporting units. In the market appro ach, the Company applied an estimated market multiple to each reporting unit’s operating profit to calculate the fair value. In the income approach, the Company utilized the discounted cash flow methodology to calculate the fair value of the reporting unit . Management believes that these approaches are commonly used and appropriate methodologies for valuing broadcast radio stations. Factors contributing to the determination of the reporting unit’s operating performance were historical performance and/or man agement’s estimates of future performance. The Company has determined that a radio market is a reporting unit and the Company assesses goodwill in each of the Company’s markets . If the fair value of any reporting unit is less than the amount reflected on the balance sheet, an indication exists that the amount of goodwill attributed to a reporting unit may be impaired, and the Company is required to perform a second step of the impairment test. The Company uses quantitative rather than qualitative factors to determine whether it is necessary to perform the two-step goodwill impairment test. In the second step, the Company compares the amount reflected on the balance sheet to the implied fair value of the reporting unit’s goodwill, determined by allocating the reporting unit’s fair value to all of its assets and liabilities in a manner similar to a purchase price allocation. To determine the fair value, the Company uses a market approach and, when appropriate, an income approach in computing the fair value of each reporting unit. The market approach calculates the fair value of each market ’s radio stations by analyzing recent sales and offering prices of similar properties expressed as a multiple of cash flow . The income approach utilizes a discounted cash flow method by projecting the subject property’s income over a specified time and capitalizing at an appropriate market rate to arrive at an indication of the most probable selling price. The following table reflects the estimates and assumptions used in the second quarter of each year ( no interim tests were performed in these years): Estimates And Assumptions Second Second Second Second Quarter Quarter Quarter Quarter 2016 2015 2014 2013 Discount rate 9.5% 9.7% 9.6% 9.8% Long-term revenue growth rate range of the Company's markets 1.0% to 2.0% 1.5% to 2.0% 1.5% to 2.0% 1.5% to 2.0% Market multiple used in the market valuation approach 7.5x to 8.0x 7.5x to 8.0x 7.5x to 8.0x 7.5x to 8.0x 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 C ompany 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 indicated an interim review of goodwill was required . (B) Definite-Lived Intangibles The Company has definite-lived intangible assets that consist of advertiser lists and customer relationships, and acquired advertising contracts. These assets are amortized over the period for which the assets are expected to contribute to the Company’s future cash flows and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For 2016 , 2015 and 2014 , the Company reviewed the carrying value and the useful lives of these assets and determined they were appropriate. See Note 5 for: (1) a listing of the assets comprising definite-lived assets, which are included in deferred charges an d other assets on the balance sheets; (2) the amount of amortization expense for definite-lived assets ; and (3) the Company’s estimate of amortization expense for definite-lived assets in future periods. |
DEFERRED CHARGES AND OTHER ASSE
DEFERRED CHARGES AND OTHER ASSETS (Block) | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure Abstract | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure Text Block | 5. DEFERRED CHARGES AND OTHER ASSETS Deferred charges and other assets, including definite-lived intangible assets and amounts from the VIE , consist of the following: Deferred Charges And Other Assets December 31, 2016 2015 Period Of Asset Reserve Net Asset Reserve Net Amortization (amounts in thousands) Deferred contracts and other agreements $ 1,788 $ 1,491 $ 297 $ 1,788 $ 1,442 $ 346 Term of contract Leasehold premium 448 169 279 735 426 309 Less than 1 year Other definitive-lived assets 861 844 17 861 836 25 3 years Total definite-lived intangibles 3,097 2,504 593 3,384 2,704 680 Debt issuance costs 1,810 741 1,069 16,691 16,457 234 Term of debt Prepaid assets - long-term 6,361 - 6,361 2,233 - 2,233 Software costs and other 7,288 5,051 2,237 6,367 4,043 2,324 $ 18,556 $ 8,296 $ 10,260 $ 28,675 $ 23,204 $ 5,471 The following table presents the various categories of amortization expense , including deferred financing expense which is reflected as interest expense: Amortization Expense Deferred Charges And Other Assets For The Years Ended December 31, 2016 2015 2014 (amounts in thousands) Definite-lived assets $ 81 $ 150 $ 147 Deferred financing expense 2,585 2,863 3,860 Software costs 1,023 850 899 Total $ 3,689 $ 3,863 $ 4,906 The following table presents the Company’s estimate of amortization expense, for each of the five succeeding years for : (1) deferred charges and other assets ; and (2) definite-lived assets : Future Amortization Expense Definite-Lived Total Other Assets Years ending December 31, (amounts in thousands) 2017 $ 834 $ 757 $ 77 2018 671 597 74 2019 322 251 71 2020 292 221 71 2021 253 184 69 Thereafter 232 1 231 Total $ 2,604 $ 2,011 $ 593 |
OTHER CURRENT LIABILITIES (Bloc
OTHER CURRENT LIABILITIES (Block) | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure Abstract | |
Accounts Payable Accrued Liabilities And Other Liabilities Disclosure Current Text Block | 6. OTHER CURRENT LIABILITIES O ther current liabilities consist of the following as of the periods indicated: Other Current Liabilities December 31, 2016 2015 (amounts in thousands) Accrued compensation $ 8,059 $ 8,865 Accounts receivable credits 3,571 3,575 Advertiser obligations 1,102 1,198 Accrued interest payable 3,587 3,547 Other 3,284 2,739 Total other current liabilities $ 19,603 $ 19,924 |
OTHER LONG-TERM LIABILITIES (Bl
OTHER LONG-TERM LIABILITIES (Block) | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Noncurrent Abstract | |
Accounts Payable Accrued Liabilities And Other Liabilities Disclosure Noncurrent Text Block | 7. OTHER LONG-TERM LIABILITIES Deferred Rent Liabilities Under the Company’s leases, t he Company recognizes: (1) escalated rents, including any rent-free periods, on a straight-line basis over the term of the lease for those lease agreements where the Company receives the right to control the use of the entire leased property at the beginning of the lease term; (2) amortization expense over the shorter of the economic lives of the leasehold assets or the lease term, excluding any lease renewals unless the lease renewals are reasonab ly assured; (3) landlord incentive payments to the Company as deferred rent that is amortized as reductions to lease rent expense over the lease term; and (4) rental costs associated with ground or building operating leases, that are incurred during a cons truction period, as rental expense. For those leasehold improvements acquired in a business combination or acquired subsequent to lease inception, the amortization period is based on the lesser of the useful life of the leasehold improvements or the pe riod of the lease including all renewal periods that are reasonably assured of exercise at the time of the acquisition. The following table reflects deferred rent liabilities included under other long-term liabilities: Deferred Rent Liabilities December 31, 2016 2015 (amounts in thousands) Deferred rent liabilities $ 6,275 $ 6,137 |
LONG-TERM DEBT (Block)
LONG-TERM DEBT (Block) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt Disclosure Text Block | 8. LONG-TERM DEBT (A) Senior Debt Refinancing On November 1, 2016 , the Company and its wholly owned subsidiary, Entercom Radio LLC, (“Radio”) entered into a $ 540 million credit agreement (the “Credit Facility”) with a syndicate of lenders and used the proceeds to: (1) refinance its senior secured credit facility (the “Former Credit Facility”) that was comprised of: (a) a term loan component (the “Former Term B Loa n”) with $ 223.0 million outstanding at the date of the refinancing; and (b) a revolving credit facility (the “Former Revolver”) with $ 3.0 million outstanding at the date of the refi nancing ; (2) fund the redemption effective December 1, 2016 of the Senior Notes and discharged the indenture (the “Indenture”) governing the Senior Notes; (3) fund $ 11.6 million of accrued interest and a call prem ium of $ 5.8 million on the Senior Notes; and (4) pay transaction costs associated with the refinancing. In the fourth quarter of 2016, the Company wrote off $ 3.5 million of unamortized d eferred financing costs and recorded a loss on the extinguishment of debt of $ 10.9 million. The loss included the write off deferred financing expense, the call premium on the Senior Notes and the write off of the orig inal issue discount on the Senior Notes. The Credit Facility is comprised of a revolving credit facility and a term B loan. The $ 60 million revolving credit facility (the “Revolver”) has a maturity date of Nov ember 1, 2021 and provides for interest based upon the prime rate or the European London Interbank Offered Rate (“LIBOR”) plus a margin. The margin may increase or decrease based upon the Company’s Consolidated Leverage Ratio as defined in the agreement. The initial margin is at LIBOR plus 3.5 % or the prime rate plus 2.5 % . In addition, the Revolver requires the payment of a commitment fee of 0.5 % per annum on the unused amount. The amount availa ble under the Revolver, which includes the impact of outstanding letters of credit, was $ 59.3 million as of December 31, 2016 . The $ 480 million term B loan (the “Term B Loan”) has a maturity date of November 1 , 2023 and provides for interest based upon the Base Rate or LIBOR, plus a margin. The initial rate is at LIBOR plus 3.5 % , with a LIBOR floor of 1.0 %, or the Base R ate plus 2.5 % . T he Base Rate is the highest of: (a) the administrative agent’s prime rate; (b) the Federal Funds Rate plus 0.5 %; or (c) the LIBOR Rate plus 1.0 %. The facility amortizes: (1) with equal quarterly installments of principa l in annual amounts equal to 1.0 % of the original principal amount of the Term B Loan; and (2) mandatory yearly prepayments based upon a percentage of Excess Cash Flow as defined in the loan agreement. The Term B Loan requires mandatory prepayments equa l to a percentage of Excess Cash Flow, as defined within the agreement, subject to incremental step-downs, depending on the Consolidated Leverage Ratio. Beginning in 2018, t he Excess Cash Flow payment will be due in the first quarter of each year , and is based on the Excess Cash Flow and Leverage Ratio for the prior year. The Excess Cash Flow payment due will be included under the current portion of long-term debt, net of any prepayments made. The Company expects to use the Revolver to: (1) provide fo r working capital; and (2) provide for general corporate purposes, including capital expenditures and any or all of the following (subject to certain restrictions): repurchases of Class A common stock, repurchases of preferred stock, dividends, investments and acquisitions. The Credit Facility is secured by a pledge of 100 % of the capital stock and other equity interest in all of the Company’s wholly owned subsidiaries. In addition, the Credit Facility is secured by a lien on substantially all of the Compan y’s assets with limited exclusions (including the Company’s real property). The Company’s parent, Entercom Communications Corp., and all of the Company’s subsidiaries, jointly and severally guaranteed the Credit Facility. The assets securing the Credit Fac ility are subject to customary release provisions which would enable the Company to sell such assets free and clear of encumbrance, subject to certain conditions and exceptions. The Credit Facility has usual and customary covenants including, but not lim ited to, consolidated leverage ratios, consolidated interest coverage ratios, limitations on acquisitions, stock repurchases, additional borrowings, and dividends. Specifically, the Credit Facility requires the Company to comply with certain financial cov enants which are defined terms within the agreement, including: a maximum Consolidated Leverage Ratio that cannot exceed 5.0 times through December 31, 2017, which decreases over time to 4.5 times as of September 30, 2018 and thereafter; and a minimum Consolidated Interest Coverage Ratio of 2.0 times. As of December 31, 2016 , the Company’s Consolidated Leverage Ratio was 3.7 times and the Consolidated Interest Coverage Ratio was 5.1 times. Failure to comply with the Company’s financial covenants or other terms of its Credit Facility and any subseque nt 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. The accele ration 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. Management b elieves that over the next 12 months the Company can continue to maintain compliance with its financial covenants. The Company’s operating cash flow is positive, and management believes that it is adequate to fund the Co mpany’s operating needs and mandatory debt repayments under the Company’s Credit Facility. As of December 31, 2016 , the Company is in compliance with all financial covenants and all other terms of the Credit Facility in all material respects. The Company’s abilit y to maintain compliance with its covenants is highly dependent on its results of operations. Management believes that cash on hand and cash from operating activities will be sufficient to permit the Company to meet its liquidity requirements over the ne xt 12 months, including its debt repayments. The Company cannot determine if and when a new revolving credit line would be entered into to replace the Revolver when it expires on November 1, 2021 as market conditions may impact the timing and the Company’s performance may impact the pricing. For accounting purposes, a portion of the Former Credit Facility was treated as a debt extinguishment and a portion was treated as a debt modification. As a result of the refinancin g, unamortized deferred financing costs were adjusted during the fourth quarter of 2016 as follows: (1) a portion of the Former Term B Loan’s unamortized deferred financing costs of $ 0.5 million were written off as a net loss on extinguishment of debt; (2) the Former Revolver’s unamortized deferred financing costs of $ 0.1 million were written off as a net loss on extinguishment of debt; and (3) a portion of the Former Term B Loan’s unamortized deferred financing costs of $ 1.0 million were deferred (to be am ortized under the effective interest rate method over the term of the Term B Loan). In addition, we recorded new deferred financing costs of: (i) $ 6.9 million for the Term B Loan that will be amortized under the effective interest rate method over the ter m; and (ii) $ 1.1 million for the Revolver that will be amortized under the straight-line method over the term. Lender fees and third party fees incurred as a result of the refinancing which were expensed during the fourth quarter of 2016 were as follows : (1) the amount of lender fees allocable to the extinguished portion of the Former Term B Loan of $ 0.2 million, which were written off as a net loss on extinguishment of debt; and (2) the amount of third party fees allocable to the modified portion of the Term B Loan of $ 0.6 million. Long-term debt was comprised of the following as of December 31, 2016 : Long-Term Debt December 31, 2016 2015 (amounts in thousands) Credit Facility Revolver, due November 1, 2021 $ - $ - Term B Loan, due November 1, 2023 480,000 - 480,000 - Former Credit Facility Revolver, due November 23, 2016 - 26,000 Term B Loan, due November 23, 2018 - 242,750 - 268,750 Senior Notes 10.5% senior unsecured notes, due December 1, 2019 - 220,000 Unamortized original issue discount - (1,731) - 218,269 Other Debt Capital lease and other 87 - Total debt before deferred financing costs 480,087 487,019 Current amount of long-term debt (4,817) (31,832) Deferred financing costs (excludes the revolving credit) (7,619) (6,463) Total long-term debt, net of current debt $ 467,651 $ 448,724 Outstanding standby letters of credit $ 670 $ 670 Financial statements of the subsidiaries are not included in accordance with Rule 3-10 of Regulation S-X as: (1) Entercom Communications Corp., after excluding all subsidiaries (the “Parent Company”), has no independent assets or operations; (2) Radio is a 100% owned finance subsidiary of the Parent Company; (3) the Parent Company has guaranteed the Credit Facility; (4) all of the Parent Company’s direct and indirect subsidiaries other than Radio have guara nteed the Credit Facility; (5) all of the guarantees are full and unconditional (subject to the customary automatic release provisions); and (6) all of the guarantees are joint and several. Radio, which is a wholly owned subsidiary of the Parent Company , holds the ownership interest in various subsidiary companies that own the operating assets, including broadcasting licenses, permits, authorizations and cash royalties. Radio is the borrower under the Credit Facility . The assets securing the Credit Fac ility a re subject to customary release provisions which would enable the Company to sell such assets free and clear of encumbrance, subject to certain conditions and exceptions. Under certain covenants, the Company’s subsidiary guarantors are restricted from paying dividends or distributions in excess of amounts defined under the Credit Facility , and the subsidiary guarantors are limited in their ability to incur additional indebtedness under certain restrictive covenants. See Note 21 for financial statements of the P arent Company . The Former Credit Facility On November 23, 2011, the Company entered into its prior credit agreement with a syndicate of lenders for a $ 425 million Credit Facility that was initially comprised of: (a) a $ 50 million Former Revolver (reduced to $ 40 million in December 2015) that was due to mature on November 23, 2016; and (b) a $ 375 million Former Term B Loan that was due to mature on November 23, 2018. This Former Credit Facility was paid in full on November 1, 2016 . The Former Credit Facility wa s secured by a pledge of 100 % of the capital stock and other equity interest in all of the Company’s wholly owned subsidiaries. In addition, the Former Credit Facility wa s secured by a lien on substantially all of the Company’s assets, with limited exclusions (including the Company’s real property ) . The Former Term B Loan required mandatory prepayments equal to a percentage of Excess Cash Flow, which w a s defined within the agreement and was subject to incremental step-downs de pending on the Consolidated Leverage Ratio . The payment was due in the first quarter of each year for the prior year and was included under the current portion of long-term debt, net of any prepayments made through December 31, 2016 . For purposes of presenting the prior year financial statements, the estimate of the Excess Cash Flow reflects the amounts due under the Former Credit Facility in the first quarter of 2016. ( B ) Senior Unsecured Debt The Senior Notes In connection with the refinancing described above, on November 1, 2016, the Company issued a call notice to redeem its Senior Notes with an effective date of December 1, 2016. The Company incurred interest in November 2016 on both the Senior Notes and the Credit Facility as the Company placed funds in escrow from November 1, 2016, until the redemption date. On November 1, 2016, the Company deposited the following funds in escrow to satisfy its obligations under the Senior Notes and dis charge the Indenture governing the Senior Notes: (1) $220 million to redeem the Senior Notes in full; (2) $11.6 million for accrued and unpaid interest through December 1, 2016; and (3) $5.8 million for a call premium for the early retirement of the Senior Notes. As a result of the refinancing , the Company recorded a $ 10.1 million loss on extinguishment of debt that included the call premium, unamortized deferred financing expense and the original issue discount. As background, o n November 23, 2011 , the Company issued $ 220.0 million of 10.5 % unsecured Senior Notes. The Company received net proceeds of $ 212.7 million, which include d a discount of $ 2.9 million , and incurred def erred financing costs of $ 6.1 million. These amounts are amortized over the term under the effective interest rate method. Interest on the Senior Notes is payable semi-annually in arrears on June 1 and December 1 of each year . The Senior Notes were unsecured and ranked: (1) senior in right of payment to the Company’s future subordinated debt; (2) equally in right of payment with all of the Company’s existing and future senior debt; (3) effectively subordinated to the Company’s existing and future secured debt (including the debt under the Company’s Credit Facility), to the extent of the value of the collateral securing such debt; and (4) structurally subordinated to all of the liabilities of the Company’s subsidiaries that did not guarantee the Senior Notes, to the extent of the assets of those subsidiaries. ( C ) Net Interest Expense The components of net interest expense are as follows: Net Interest Expense Years Ended December 31, 2016 2015 2014 (amounts in thousands) Interest expense $ 33,799 $ 34,764 $ 34,656 Amortization of deferred financing costs 2,585 2,863 3,860 Amortization of original issue discount of senior notes 312 340 305 Interest income and other investment income (57) (6) - Total net interest expense $ 36,639 $ 37,961 $ 38,821 The weighted average interest rate under the Credit Facility (before taking into account the fees on the unused portion of the Revolver) was: ( 1) 4.5 % as of December 31, 2016 ; a nd (2) 4.1 % as of December 31, 2015 . ( D ) Interest Rate Transactions As of December 31, 2016 and 2015 , there were no derivative interest rate transactions outstanding. The Company from time to time enters into interest rate transactions with different lenders to diversify its risk associated with interest rate fluctuations of its variable rate debt . Under these transactions, the Company agrees with other parties (participating members of the Company ’s Credit Facility ) to exchange, at specified intervals, the difference between fixed rate and floating rate interest amounts calculated by reference to an agreed notional principal amount against the variable debt. ( E ) Aggregate Principal Maturities The minimum a ggregate principal maturities on the Company’s outstanding debt (excluding any impact from required principal payments based upon the Company’s future operating performance) are as follow s: Principal Debt Maturities Term B Loan Revolver Other Total (amounts in thousands) Years ending December 31: 2017 $ 4,800 $ - $ 17 $ 4,817 2018 4,800 - 18 4,818 2019 4,800 - 21 4,821 2020 4,800 - 23 4,823 2021 4,800 - 8 4,808 Thereafter 456,000 - - 456,000 Total $ 480,000 $ - $ 87 $ 480,087 (F) Outstanding Letters Of Credit The Company is required to maintain standby letters of credit in connection with insurance cover age as described in Note 20 . (G ) Guarantor and Non-Guarantor Financial Information As of December 31, 2016 , Entercom Communications Corp. and each direct and indirect subsidiar y of Radio is a guarantor of Radio’s obligations under the Credit Facility . Separate condensed consolidating financial information is not included as Entercom Communications Corp. does not have independent assets or operations, Radio is a 100% owned finance subsidiary of Entercom Communications Corp. , and all guarantees by Entercom Communications Corp. and its guarantor subsidiaries are full, unconditional (subject to the customary automatic release provisions) , joint and several under its Credit Facility. Under the Credit Facility , Radio is permitt ed to make distributions to Entercom Communications Corp. in amounts as defined, which are required to pay Entercom Communications Corp.’s reasonable overhead costs, including income taxes and other costs associated with conducting the operations of Radio and its subsidiaries . |
TOWER SALE AND LEASEBACK (Block
TOWER SALE AND LEASEBACK (Block) | 12 Months Ended |
Dec. 31, 2016 | |
Tower Sale And Leaseback [Abstract] | |
Tower Sale And Leaseback [Text Block] | 12. DEFERRED GAINS In connection with the sale of certain of the Company’s broadcasting towers in 2013, the Company continues to rent antenna space on these towers from the buyer . The sale of the towers was recorded as a sale and leaseback transaction for book purposes with most of the gain amortized on a straight-line basis over the 16.5 year life of the lease s. All of the leases were accounted for as operating leases. The year ly gain of $ 0.6 million is included in the statement of operations under net (gain) loss on sale or disposal of assets. Minimum rental commitments at December 31, 2016 for these non-cancellable leases are included within the operating lease commitment table under Note 20 . |
SHAREHOLDERS' EQUITY (Block)
SHAREHOLDERS' EQUITY (Block) | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders Equity Note Abstract | |
Stockholders Equity Note Disclosure Text Block | 10 . SHAREHOLDERS’ EQUITY Class B Common Stock Shares of Class B common stock are transferable only to Joseph M. Field, David J. Field, certain of their family members, their estates and trusts for any of their benefit. Upon any other transfer, shares of Class B common stock automatically convert into shares of Class A common stock on a one-for-one basis. In connection with the Merger, upon consummation thereof, certain members of the Field family have agreed to convert, or cause to be converted, an aggregate of 3,152,333 shares of Class B common stock to Class A common s tock in accordance with the provisions for voluntary conversion of Class B c ommon s tock pursuant to Section 10(e )( i) of the Company’s Articles of Incorporation. Dividends During the second quarter of 2016, the Company’s Board of Directors commenced an annual $ 0.30 per share common stock dividend program, with payments that approximate $ 2.9 million per quarter. Any future dividends will be at the discretion of the Board of Directors based upon the relevant factors at the time of such consideration, including, without limitation, compliance with the restrictions set forth in the Company’s Credit Facility and the Preferred. The Company paid dividends of $ 0.4 million on its Preferred in each of the first three quarters of 2016. The Company paid dividends of $ 0.6 million on its Preferred in both October 2016 and in January 20 17. Under the Credit Facility, the Company has an initial amount of $ 60 million available for dividends, share repurchases, investments and debt repurchases, which can be used when its Consolidated Leverage Ratio is less than or equal to the maxi mum permitted at the time. The amount available can increase over time based upon the Company’s financial performance and used when its Consolidated Leverage Ratio is less than or equal to the maximum Leverage Ratio permitted at the time. There are certai n other limitations that apply to its use. The following table presents a summary of the Company’s dividend activity during the past two years ending December 31, 2016 : Aggregate Payment Dividends Payment Equity Type Date Per Share Amount Common stock June 15, 2016 $ 0.075 $ 2,885,838 September 15, 2016 $ 0.075 $ 2,886,179 December 15, 2016 $ 0.075 $ 2,891,608 Preferred October 16, 2015 $ 37,500.00 $ 412,500 January 16, 2016 $ 37,500.00 $ 412,500 April 16, 2016 $ 37,500.00 $ 412,500 July 16, 2016 $ 37,500.00 $ 412,500 October 16, 2016 $ 50,000.00 $ 550,000 Dividend Equivalents The Company’s grants of RSUs include the right, upon vesting, to receive a cash payment equal to the aggregate amount of dividends, if any, that holders would have received on the shares of common stock underlying their RSUs if such RSUs had been vested during the period. The fol lowing table presents the amounts accrued and unpaid on unvested RSUs: Dividend Equivalent Liabilities Balance Sheet December 31, Location 2016 2015 (amounts in thousands) Short-term Other current liabilities $ 260 $ - Long-term Other long-term liabilities 348 210 Total $ 608 $ 210 Deemed Stock Repurchase When RSUs Vest Upon vesting of RSUs, a tax obligation is created for both the employer and the employee. Unless employees elect to pay their tax withholding obligations in cash, the Company withholds shares of stock in an amount sufficient to cover their tax withholding obligations. The withholding of these shares by the Company is deemed to be a repurchase of its stock. The following table provides summary informat ion on the deemed repurchase of vested RSUs: Years Ended December 31, 2016 2015 2014 (amounts in thousands) Shares of stock deemed repurchased 232 132 142 Amount recorded as financing activity $ 2,268 $ 1,562 $ 1,514 Employee Stock Purchase Plan The Company adopted the Entercom 2016 Employee Stock Purchase Plan (the “ESPP”) during the second quarter of 2016 that commenced with the third quarter of 2016. The ESPP allows participants to purchase the Company’s stock equal to 85 % of the market value of such shares on the purchase date. The maximum number of shares authorized to be issued under the ESPP is 1.0 million. Pursuant to this plan, the Company does not reco rd compensation expense to the employee as income subject to tax on the difference between the market value and the purchase price, as this plan was designed to meet the requirements of Section 423(b) of the Internal Revenue Code. The Company recognizes th e 15 % discount in the Company’s consolidated statements of operations as non-cash compensation expense. Years Ended December 31, 2016 2015 2014 (amounts in thousands) Number of shares purchased 32 - - Non-cash compensation expense recognized $ 67 $ - $ - |
SHARE-BASED COMPENSATION (Block
SHARE-BASED COMPENSATION (Block) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments Abstract | |
Disclosure Of Compensation Related Costs Share Based Payments Text Block | 13. SHARE-BASED COMPENSATION Equity Compensation Plan Under the Entercom Equity Compensation Plan (the “Plan”), the Company is authorized to issue share-based compensation awards to key employees, directors and consultants. The RSUs and options that have been issued generally vest over periods of up to four years. The options expire ten years from the date of grant. The Company issues new shares of Class A common stock upon the exercise of stock options and the later of vesting or issuance of RSUs. On January 1 of each year, the number of shares of Class A common stock aut horized under the Plan is automatically increased by 1.5 million, or a lesser number as may be determined by the Company’s Board of Directors. The Board of Directors elected to again forego the January 1, 2016 and January 1, 2017 increase i n the shares available for grant. As of December 31, 2016 , the shares available for grant were 1.4 million shares. The Plan includes certain performance criteria for purposes of satisfying expense deduction requirements for income tax purposes. Accounting For Share-Based Compensation The measurement and recognition of compensation expense, for all share-based payment awards made to employees and directors, is based on estimated fair values. The fair value is determined at the time of grant: (1) using the Company’s stock price for RSUs; and (2) using the Black Scholes model for options. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Compan y’s consolidated statements of operations. Estimated forfeitures are revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. RSU Activity The following is a summary of the changes in RSUs under the Plan during the current period: Number Weighted Aggregate Of Weighted Average Intrinsic Restricted Average Remaining Value As Of Stock Purchase Contractual December 31, Period Ended Units Price Term (Years) 2016 RSUs outstanding as of: December 31, 2015 1,590,417 RSUs awarded 1,122,585 RSUs released (611,383) RSUs forfeited (26,825) RSUs outstanding as of: December 31, 2016 2,074,794 $ - 1.5 $ 31,744,348 RSUs vested and expected to vest as of: December 31, 2016 1,926,132 $ - 1.5 $ 28,721,961 RSUs exercisable (vested and deferred) as of: December 31, 2016 48,880 $ - - $ 747,864 Weighted average remaining recognition period in years 2.2 Unamortized compensation expense, net of estimated forfeitures $ 10,822,456 The following table presents additional information on RSU activity : Years Ended December 31, 2016 2015 2014 Shares Amount Shares Amount Shares Amount (amounts in thousands, except per share) RSUs issued 1,123 $ 10,381 796 $ 9,045 685 $ 5,754 RSUs forfeited - service based (27) (280) (58) (709) (47) (727) Net RSUs issued and increase (decrease) to paid-in capital 1,096 $ 10,101 738 $ 8,336 638 $ 5,027 Weighted average grant date fair value per share $ 9.24 $ 11.36 $ 8.40 Fair value of shares vested per share $ 9.30 $ 11.85 $ 10.58 RSUs vested and released 611 406 410 RSUs With Service And Market Conditions T he Company issued RSUs with service and market conditions that are included in the table above. These shares vest if: (1) the Company’s stock achieves certain shareholder performance targets ov er 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, as all of the conditions ne ed to be satisfied. These RSUs are amortized over the longest of the explicit, implicit or derived service periods, which range from approximately one to three years. The following table presents the changes in outstanding RSUs with market conditions: Years Ended December 31, 2016 2015 2014 (amounts in thousands, except per share data) Reconciliation Of RSUs With Market Conditions Beginning of period balance 390 290 - Number of RSUs granted 470 165 290 Number of RSUs forfeited - - - Number of RSUs vested (230) (65) - End of period balance 630 390 290 Weighted average fair value of RSUs granted with market conditions $ 7.34 $ 8.39 $ 6.90 The fair value of RSUs with service conditions is estimated using the Company’s closing 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 these valuations are as follows: Years Ended December 31, 2016 2015 Expected Volatility Structure (1) 35% to 45% 34% to 39% Risk Free Interest Rate (2) 0.4% to 1.1% 0.1% to 1.1% Dividend Yield (3) 7.5% 0.0% RSUs With Service And Performance Conditions In addition to the RSUs included in the table above summarizing the activity in RSUs under the Plan, the Company issued RSUs with both service and performance conditions. Vesting of performance-based awards, if any, is 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 determines the requisite service period on a cas e-by-case basis to determine the expense recognition period for non-vested performance based RSUs. The fair value is determined based upon the closing price of the Company’s common stock on the date of grant. The Company applies a quarterly probability as sessment 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. The following table reflects the activity of RSUs with service and performance condit ions: Years Ended December 31, 2016 2015 2014 (amounts in thousands, except per share data) Reconciliation Of RSUs With Service And Performance Conditions Beginning of period balance 29 8 - Number of RSUs granted - 21 11 Number of RSUs that did not meet criteria (29) - (3) Number of RSUs vested - - - End of period balance - 29 8 Average fair value of RSUs granted with performance conditions $ - $ 11.11 $ 9.60 As of December 31, 2016 , no non-cash compensation expense was recognized for RSUs with performance conditions . Option Activity The following table presents the option activity during the current year ended under the Plan: Weighted Intrinsic Weighted Average Value Average Remaining As Of Number Of Exercise Contractual December 31, Period Ended Options Price Term (Years) 2016 Options outstanding as of: December 31, 2015 466,925 $ 1.93 Options granted - - Options exercised (134,238) 1.98 Options forfeited - Options expired (3,125) Options outstanding as of: December 31, 2016 329,562 $ 1.91 2.1 $ 4,412,386 Options vested and expected to vest as of: December 31, 2016 329,562 $ 1.91 2.1 $ 4,412,386 Options vested and exercisable as of: December 31, 2016 329,562 $ 1.91 2.1 $ 4,412,386 Weighted average remaining recognition period in years - Unamortized compensation expense, net of estimated forfeitures $ 3,909 The following table summarizes significant ranges of outstanding and exercisable options as of the current period: Options Outstanding Options Exercisable Number Of Weighted Number Of Options Average Weighted Options Weighted Range Of Outstanding Remaining Average Exercisable Average Exercise Prices December 31, Contractual Exercise December 31, Exercise From To 2016 Life Price 2016 Price $ 1.34 $ 1.34 304,562 2.1 $ 1.34 304,562 $ 1.34 $ 2.02 $ 11.78 25,000 1.8 $ 8.87 25,000 $ 8.87 $ 1.34 $ 11.78 329,562 2.1 $ 1.91 329,562 $ 1.91 The following table provides summary information on the granting and vesting of options: Years Ended December 31, Option Issuance And Exercise Data 2016 2015 2014 (amounts in thousands except for per share and years) From To From To From To Exercise price range of options issued $ 1.34 $ 11.69 $ - $ - $ - $ - Upon vesting, period to exercise in years 1 10 - - - - Fair value per share upon grant $ - $ - $ - Intrinsic value per share upon exercise $ 12.21 $ 8.57 $ 8.99 Intrinsic value of options exercised $ 1,678 $ 101 $ 517 Tax benefit from options exercised (1) $ 636 $ 38 $ 196 Cash received from exercise price of options exercised $ 265 $ 35 $ 82 Number of options granted - - - (1) Amount excludes impact from suspended income tax benefits and/or valuation allowances. (1) Amount excludes impact from suspended income tax benefits and/or valuation allowances. Valuation Of Options The Company estimates the fair value of option awards on the date of grant using an option-pricing model. The Company used the straight-line single option method for recognizing compensation expense , which was reduced for estimated forfeitures based on awards ultimately expected to vest. The Company’s determination of the fair value of share-based payment awards on the date of grant using an option-pricing model is affected by the Company’s stock price, as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, the Company’s expected stock price volatility over the term of the awards, and actual and projected employee stock option exercise behaviors. Option-pricing models were developed for use in estimating the value of traded options that have no vesting or hedging restrictions and are fully transferable. The Company’s stock options have certain characteristics that are different from traded options, and changes in the subjective assumptions could affect the estimated value. For options granted, the Company used the Black-Scholes option-pricing model and determined: (1) the term by using the simplified plain-vanilla method as the Company’s employee exercise history may not be indicative for estimating future exercises ; (2) a historical volatility over a period commensurate with the expected term, with the observation of the volatility on a daily basis; (3) a risk-free interest rate that was consistent with the expected term of the stock options and based on the U.S. Treasury yield curve in effect at the time of the grant; and (4) an annual dividend yield based upon the Company’s most recent quarterly dividend at the time of grant. There have been no options issued in any of the years presented. Recognized Non-Cash Stock-Based Compensation Expense The following non-cash stock-based compensation expense, which is related primarily to RSUs, is included in each of the respective line items in our statement of operations: Years Ended December 31, 2016 2015 2014 (amounts in thousands) Station operating expenses $ 1,363 $ 1,259 $ 919 Corporate general and administrative expenses 5,176 4,265 4,313 Stock-based compensation expense included in operating expenses 6,539 5,524 5,232 Income tax benefit (1) 2,321 2,036 1,502 Net stock-based compensation expense $ 4,218 $ 3,488 $ 3,730 |
NET INCOME (LOSS) PER COMMON SH
NET INCOME (LOSS) PER COMMON SHARE (Block) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share Abstract | |
Earnings Per Share Text Block | 11. NET INCOME (LOSS) PER COMMON SHARE Net income per common share is calculated as basic net income per share and diluted net income per share. Basic net income per share excludes dilution and is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted net income per share is computed in the same manner as basic net income after assuming issuance of common stock for all potentially dilutive equivalent shares, which includes the potential dilution that could occur: (1) if the RSUs with service conditions were fully vested (using the treasury stock method); (2) if all of the Company’s outstanding stock options that are in-the-money were exercised (using the treasury stock method); (3) if the RSUs with ser vice and market conditions were considered contingently issuable; (4) if the RSUs with service and performance conditions were considered contingently issuable; and (5) if the perpetual cumulative convertible preferred stock was converted (using the as if converted method). The Company considered whether the options to purchase Class A common stock in connection with the ESPP were potentially dilutive and concluded there are no dilutive shares as all options are automatically exercised at the balance sheet date. The Company considered the allocation of undistributed net income for multiple classes of common stock and determined that it was appropriate to allocate undistributed net income between the Company’s Class A and Class B common stock on an equal b asis. For purposes of making this determination, the Company’s charter provides that the holders of Class A and Class B common stock have equal rights and privileges except with respect to voting on most other matters where Class B shares voted by Joseph Field or David Field have a 10 to 1 super vote . T he following tables present the computations of basic and diluted net income (loss) per share: Year Ended December 31, 2016 2015 2014 (amounts in thousands, except share and per share data) Basic Income (Loss) Per Share Numerator Net income (loss) available to the Company $ 38,065 $ 29,184 $ 26,823 Preferred stock dividends 1,901 752 - Net income (loss) available to common shareholders $ 36,164 $ 28,432 $ 26,823 Denominator Basic weighted average shares outstanding 38,500,495 38,083,947 37,763,353 Basic net income (loss) per share available to common shareholders $ 0.94 $ 0.75 $ 0.71 Diluted Income (Loss) Per Share Numerator Net income (loss) available to the Company $ 38,065 $ 29,184 $ 26,823 Preferred stock dividends 1,901 752 - Net income (loss) available to common shareholders $ 36,164 $ 28,432 $ 26,823 Denominator Basic weighted average shares outstanding 38,500,495 38,083,947 37,763,353 Effect of RSUs and options under the treasury stock method 1,067,567 953,976 900,713 Diluted weighted average shares outstanding 39,568,062 39,037,923 38,664,066 Diluted net income (loss) per share available to common shareholders $ 0.91 $ 0.73 $ 0.69 Disclosure Of Anti-Dilutive Shares The following table presents those shares excluded as they were anti-dilutive: Impact Of Equity Awards Years Ended December 31, 2016 2015 2014 (amounts in thousands, except per share data) Dilutive or anti-dilutive for all potentially dilutive equivalent shares dilutive dilutive dilutive Excluded shares as anti-dilutive under the treasury stock method: Options excluded - 14 30 Price range of options excluded: from $ - $ 11.24 $ 10.11 Price range of options excluded: to $ - $ 11.78 $ 33.90 RSUs with service conditions - 8 1 Excluded RSUs with service and market conditions as market conditions not met 267 165 193 Excluded RSUs with service and performance conditions until performance criteria is probable - 29 11 Excluded preferred stock as anti-dilutive under the as if method 1,943 882 - |
INCOME TAXES (Block)
INCOME TAXES (Block) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure Abstract | |
Income Tax Disclosure Text Block | 14. INCOME TAXES Effective Tax Rate - Overview The Company’s effective income tax rate may be impacted by: (1) changes in the level of income in any of the Company’s taxing jurisdictions; (2) changes in the statutes and rules applicable to taxable income in the jurisdictions in which the Company operates; (3) changes in the expected outcome of income tax audits; (4) changes in the estimate of expenses that are not deductible for tax purposes; (5) income taxes in certain states where the states’ current taxable in come is dependent on factors other than the Company’s consolidated net income; and (6) adding facilities in states that on average have different income tax rates from states in which the Company currently operates and the resulting effect on previously re ported temporary differences between the tax and financial reporting bases of the Company’s assets and liabilities . The Company’s annual effective tax rate may also be materially impacted by tax expense associated with non-amortizable assets such as broadc asting licenses and goodwill and changes in the deferred tax valuation allowance . An impairment loss for financial statement purposes will result in an income tax benefit during the period incurred as the amortization of broadcasting licenses and goodwil l is deductible for income tax purposes. Exp ected And Reported Income Taxes (Benefit) Income tax expense (benefit) computed using the United States federal statutory rates is reconciled to the reported income tax expense (benefit) as follows: Years Ended December 31, 2016 2015 2014 (amounts in thousands) Federal statutory income tax rate 35% 35% 35% Computed tax expense at federal statutory rates on income before income taxes $ 18,501 $ 16,667 $ 16,357 State income tax expense, net of federal benefit (5,202) 1,333 2,491 Non-recognition of expense due to full valuation allowance - (244) - Tax benefit shortfall associated with share-based awards 286 12 62 Nondeductible expenses and other 1,209 669 1,001 Income taxes $ 14,794 $ 18,437 $ 19,911 For 2016 The effective income tax rate was 28.0 %. This rate was lower than the federal statutory rate of 35 % primarily due to the combination of: (1) tax benefits associated with legislative changes in certain single member states; (2) a reduction in our valuation allowances against net operating losses in certain single member states as a result of internal restructuring; and (3) the reliance more on share-based awards issued to senior management that are full y deductible for tax purposes . For 2015 T he effective income tax rate was 38.7 %. This rate was higher t han the federal statutory rate of 35 % primarily due to the c ombination of: (1) an increase in net deferred t ax liabilities associated with non-amortizable assets such as broadcasting licenses and goodwill; (2) an adjustment for expenses that are not deductible for tax purposes; and (3) a tax benefit shortfall associated with share-based awards. The income tax rate has been trending down as expenses not deductible for tax purposes have decreased due to the issuance to senior management of a higher percentage of awards that were fully deductible for tax purposes . Effective during the second half of 2015, the estimated annual income tax rate increased due to the impact of acquisitions on the Company’s state income apportionments to states with higher income tax rates. This increase was offset by a discrete state income tax credit due to recent legislation that allowed for the release of a partial valuation allowance in a certain single member state. For 2014 T he effective income tax rate was 42.6 %. This rate was higher t han the federal statutory rate of 35 % primarily due to the combinati on of: (1) an increase in net deferred tax liabilities associated with non-amortizable assets such as broadcasting licenses and goodwill; (2) an adjustment for expenses that are not deductible for tax purposes; and (3) a tax benefit shortfall associated wi th share-based awards. In addition, the Company recorded a discrete tax benefit from legislatively reduced income tax rates in certain states. Income Tax Expense Income tax expense (benefit) for each year is summarized as follows: Years Ended December 31, 2016 2015 2014 Current: Federal $ (33) $ 25 $ - State 139 90 100 Total current 106 115 100 Deferred: Federal 19,980 17,042 17,373 State (5,292) 1,280 2,438 Total deferred 14,688 18,322 19,811 Total income taxes (benefit) $ 14,794 $ 18,437 $ 19,911 Deferred Tax Assets And Deferred Tax Liabilities The income tax accounting process to determine the Company’s deferred tax assets and liabilities involves estimating all temporary differences between the tax and financial reporting bases of the Company’s assets and liabilities based on tax laws and statutory tax rates applicable to the period in which the differences are expected to affect taxable income. These estimates include assessing the likely future tax consequences of events that have been recognized in the Company’s financial statements or tax returns . C hanges to these estimates could have a future impact on the Company’s financial positio n or results of operations. In November 2015, the accounting guidance for balance sheet classification of deferred taxes was modified to present deferred taxes for each jurisdiction as noncurrent on the balance sheet. Previously, deferred taxes were presented for each jurisdiction as a net current asset or liability and net noncurrent asset or liability. The Company elected to early adopt this standard on a prospective basis as of October 1, 2016, as is permitted under the standard. Due to the prospective treatment, prior periods presented in these financial statements have not been retroactively adjusted. The tax effects of significant temporary differences that comprise the net deferred tax assets and liabilities are as follows: December 31, 2016 2015 (amounts in thousands) Deferred tax assets: Employee benefits $ - $ 783 Deferred compensation - 988 Provision for doubtful accounts - 835 Deferred gain on tower transaction - 235 Other - 987 Total current deferred tax assets before valuation allowance - 3,828 Valuation allowance - (231) Total current deferred tax assets - net - 3,597 Federal and state income tax loss carryforwards 126,278 129,944 Share-based compensation 3,145 3,218 Investments - impairments 499 499 Lease rental obligations 3,504 3,440 Deferred compensation 5,307 3,968 Deferred gain on tower transaction 3,035 3,039 Property, equipment and certain intangibles (other than broadcasting licenses and goodwill) 4,036 4,804 Advertiser broadcasting obligations 47 - Employee benefits 944 - Provision for doubtful accounts 795 - Other non-current 1,532 1,014 Total non-current deferred tax assets before valuation allowance 149,122 149,926 Valuation allowance (12,861) (20,407) Total non-current deferred tax assets - net $ 136,261 $ 129,519 Deferred tax liabilities: Advertiser broadcasting obligations $ - $ (133) Total current deferred tax liabilities - (133) Deferral of gain recognition on the extinguishment of debt (3,031) (4,568) Broadcasting licenses and goodwill (226,128) (206,594) Total non-current deferred tax liabilities (229,159) (211,162) Total deferred tax liabilities (229,159) (211,295) Total net deferred tax liabilities $ (92,898) $ (78,179) Valuation Allowance For Deferred T a x Assets Judgment is required in estimating valuation allowances for deferred tax assets. Deferred tax assets are reduced by a valuation allowance if an assessment of their components indicates that it is more likely than not that all or some portion of these asset s will not be realized. The realization of a deferred tax asset ultimately depends on the existence of sufficient taxable income in the carryforward periods under tax law. The Company periodically assess es the need for valuation allowances for deferred tax assets based on more-likely-than-not realization threshold criteria. In the Company’s assessment, appropriate consideration is given to all positive and negative evidence related to the realization of the deferred tax assets. This assessment considers, am ong other matters, forecasts of future profitability , the duration of statutory carryforward periods and any ownership change limitations under Internal Revenue Code Section 382 o n the Company’s future income that can be used to offset historic losses. As changes occur in the Company’s assessments regarding its ability to recover its deferred tax assets, the Company’s tax provision is increased in any period in which the Company determines that the recovery is not probable. The following table presents the changes in the deferred tax asset valuation allowance for the periods indicated : Increase Increase (Decrease) (Decrease) Charged Charged (Credited) (Credited) Balance At To Income To Balance At Beginning Taxes Balance End Of Year Ended Of Year (Benefit) Sheet Year (amounts in thousands) December 31, 2016 $ 20,638 $ (7,777) $ - $ 12,861 December 31, 2015 20,766 (165) 37 20,638 December 31, 2014 20,238 528 - 20,766 Liabilities For Uncertain Tax Positions The Company recognizes liabilities for uncertain tax positions based on whether evidence indicates that it is more likely than not that the position will be sustained on audit. It is inherently difficult and subjective to estimate such amounts, as this requires the Company to estimate the probability of various possible outcomes. The Company reevaluates these uncertain tax positions on a quarterly basis. Changes in assumptions may result in the recognition of a tax benefit or an additional charge to the tax provision. The Company classifies interest and penalties that are related to income tax liabilities as a component of income tax expense . T he income tax liabilities and accrued interest and penalties are presented as non - current liabilities , as payments are not anticipated within one year of the balance sheet date. These non - current income tax liabilities are recorded in other long-term liabilities in the consolidated balance sheets . The Company’s liabilities for uncertai n tax positions are reflected in the following table: December 31, 2016 2015 (amounts in thousands) Liabilities for uncertain tax positions Tax $ - $ 67 Interest and penalties - 170 Total $ - $ 237 The amounts for interest and penalties expense reflected in the statements of operations were eliminated in the statements of cash flows under net deferred taxes (benefit) and other as no cash payments were made during these periods. The follo wing table presents the expense (income) for uncertain tax positions, which amounts were reflected in the consolidated statements of operations as an increase (decrease) to income tax expense: Years Ended December 31, 2016 2015 2014 (amounts in thousands) Tax expense (income) $ (67) $ - $ - Interest and penalties (income) (170) 20 18 Total income taxes (benefit) from uncertain tax positions $ (237) $ 20 $ 18 The decrease in liabilities for uncertain tax positions for 2016 primarily reflects the expiration of the statute of limitations for certain uncertain tax positions incurred in prior years. The following table presents the gross amount of changes in unrecognized tax benefits : Years Ended December 31, 2016 2015 2014 (amounts in thousands) Beginning of year balance $ (7,690) $ (7,690) $ (7,690) Prior year positions Gross Increases - - - Gross Decreases - - - Current year positions Gross Increases - - - Gross Decreases - - - Settlements with tax authorities - - - Reductions due to statute lapse 552 - - End of year balance $ (7,138) $ (7,690) $ (7,690) Ending liability balance included above that was reflected as an offset to deferred tax assets $ (7,138) $ (7,623) $ (7,623) The gross amount of the Company’s unrecognized tax benefits is reflected in the above table which , if recognized, would impact the Company’s effective income tax rate in the period of recognition. The total amount of unrecognized tax benefits could increas e or decrease within the next 12 months for a number of reasons including the expiration of statutes of limitations, audit settlements and tax examination activities . As of December 31, 2016 , there were no significant unrecognized net tax benefits (exclusive of interest and penalties) that over the next 12 months are subject to the expiration of various statutes of limitation. Interest and penalties accrued on uncertain tax positions are released upon the expiration of statutes of limitations. Federal And State Income Tax Audits The Company is subject to federal and state income tax audits from time to time that could result in proposed assessments. Management believes that the Company has made sufficient tax provisions for tax periods that are within the statutory period of limitations not previously audited and that are potentially open for examination by the taxing authorities. Potential liabilities associated with these years will be resolved when an event occurs to warrant closure, prima rily through the completion of audits by the taxing jurisdictions, or if the statute of limitations expires. To the extent audits or other events result in a material adjustment to the accrued estimates, the effect would be recognized during the period of the event. There can be no assurance, however, that the ultimate outcome of audits will not have a material adverse impact on the Company’s financial position, results of operations or cash flows. The Company cannot predict with certainty how these audits will be resolved and whether the Company will be required to make additional tax payments, which may include penalties and interest. During 2010, the Company concluded an audit by the IRS with no proposed adjustment for the tax years of 2004 through 2008. For most states where the Company conducts business, the Company is subject to examination for the preceding three to six years. In certain states, the period could be longer. Income Tax Payments, Refunds And Credits The Company paid a $ 0.2 million Alternative Minimum Tax (“AMT”) associated with expected income subject to tax for 2016 , before the offset of available net operating loss carryforwards (“NOLs”). The AMT is available to be carried forward indefinitely to be used as a credit to offset future income tax liabilities. The following table provides the amount of income tax payments and income tax refunds for the periods indicated: Years Ended December 31, 2016 2015 2014 (amounts in thousands) State income tax payments $ 381 $ 81 $ 79 Federal and state income tax refunds $ - $ - $ 10 Net Operating Loss Carryforwards The Company has recorded a valuation allowance for certain of its state NOLs as the Company does not expect to obtain a benefit in future periods. In addition, u tilization in future years of the NOL carryforwards may be subject to limitations due to the changes in ownership provisions under Section 382 of the Internal Revenue Code and similar state provisions. W indfall tax benefits will be recognized for book purposes and recorded to paid-in capital only when realized. The Company does not recognize a deferred tax asset for unrealized tax benefits associated with the tax deductions in excess of the compensation recorded (excess tax benefit). Effective January 1, 2017 under new accounting guidance, the Company will recognize past and future unrealized tax benefits associated with the excess tax benefit. The Company applies the “with and without” approach for utilization of tax attributes upon realization of NO Ls in the future. This method allocates stock-based compensation benefits last among other tax benefits recognized. In connection with the Merger, the Company believes it will be limited in its future annual ability to utilize its NOLs due to the ownership change. The NOLs reflected in the following table exclude these windfall stock compensation deductions . In addition, the NOLs reflect an estimate of the NOLs for the 2016 tax filing year as these returns will not be filed until later in 2017 : Net Operating Losses December 31, 2016 Suspended NOLs Windfall NOL Expiration Period (amounts in thousands) (in years) Federal NOL carryforwards $ 285,521 $ 13,338 2030 to 2036 State NOL carryforwards $ 618,399 $ 9,837 2017 to 2036 State income tax credit $ 1,248 to 2018 Corporate Structure Simplification To simplify its corporate structure and accounting processes, effective December 31, 2016, the Company merged into Radio one of its wholly-owned subsidiaries that provided financing and lending to other operating affiliates. The upstream merger of this entity with and into Radio was treated as a nontaxable Section 332 liquidation for federal income tax purposes. As a result, no gain or loss was recognized by the subsidiary on the distribution of property to the pa rent. The tax basis of the property received by Radio was a carryover basis and any tax attributes of the merged subsidiary were carried over to Radio by virtue of IRC Section 381. The upstream merger did not result in any additional federal or state inco me tax liabilities. As a result of this upstream merger described above, the Company determined it will be able to utilize a higher percentage of State NOLs prior to their expiration. Therefore, the Company released valuation allowances against its Sta te NOLs in the amount of $ 4.7 million, thereby reducing its income tax provision in 2016. |
EMPLOYEE SAVINGS AND BENEFIT PL
EMPLOYEE SAVINGS AND BENEFIT PLANS (Block) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation And Retirement Disclosure Abstract | |
Compensation And Employee Benefit Plans Text Block | 16. EMPLOYEE SAVINGS AND BENEFIT PLANS Deferred Compensation Plans The Company provides certain of its employees and the Board of Directors with an opportunity to defer a portion of their compensation on a tax-favored basis. The obligations by the Company to pay these benefits under the deferred compensation plans represent unsecured general obligations that rank equally with the Company’s other unsecured indebtedness. Amounts deferred under these plans were included in other long-term liabilities in the consolidated balance sheets. Any c hange in the deferred compensation liability for each period is recorded to corporate general and administrative expense s and to station operating expenses in the statement of operations. Years Ended December 31, Benefit Plan Disclosures 2016 2015 2014 (amounts in thousands) Deferred compensation Beginning of period balance $ 10,137 $ 11,017 $ 10,459 Employee compensation deferrals 963 534 420 Employee compensation payments (945) (1,464) (734) Increase (decrease) in plan fair value 720 50 872 End of period balance $ 10,875 $ 10,137 $ 11,017 401(k) S avings Plan T he Company has a savings plan which is intended to be qualified under Section 401(k) of the Internal Revenue Code. The plan is a defined contribution plan, availab le to a l l eligible employees, and allows participants to contribute up to the legal maximum of their eligible compensation, not to exceed the maximum tax-deferred amount allowed by the Internal Revenue Service. The Company’s discretionary matching contribution is subject to certain conditions. The Company’s contributions for 2016 , 2015 and 2014 were $ 1.0 million, $ 0.9 million and $ 0.8 million, respectively . |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS (Block) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures Abstract | |
Fair Value Disclosures Text Block | 17. FAIR VALUE OF FINANCIAL INSTRUMENTS Fair Value Of Financial Instruments Subject To Fair Value Measurements The Company has determined the types of financial assets and liabilities subject to fair value measurement are: (1) certain tangible and intangible assets subject to impairment testing as described in Note 4; (2) financial instruments as descr ibed in Note 8 ; ( 3 ) deemed deferred compensation plans as described in Note 16 ; ( 4 ) lease abandonment liabilities as described in Note 18 ; and (5 ) interest rate derivative transactions that are outstanding from time to time (none currently outstanding) . The fair value is the price that would be received upon the sale of an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent to the inputs of the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy assigns the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows: Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Level 2 – Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reported date. Level 3 – Pricing inputs include significant inputs that are generally less observable than objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. At each balance sheet date, the Company performs an analysis of all instruments and includes in Level 3 all of those whose fair value is based on significant unobservable inputs. Recurring Fair Value Measurements The following table set s 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. Fair Value Measurements At Reporting Date December 31, Description 2016 2015 (amounts in thousands) Liabilities Deferred compensation - Level 1 (1) $ 10,875 $ 10,137 (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 def erred compensation plan liability is valued at Level 1 as it is 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 valu e . The Company reviewed the fair value of its broadcasting licenses, goodwill and net property and equipment and other intangibles, and concluded that these assets were not impaired as the fair value of these assets equaled or exceeded their carrying values. Fair Value Of Financial Instruments Subject To Disclosures The estimated fair value of financial instruments is determined using the best available market information and appropriate valuation methodologies. Considerable judgment is necessary, however, in interpreting market data to develop the estimates of fair value. Accordingly, the estimates presented are not necessarily indicative of the amounts that the Company could realize in a current market exchange, or the value that ultimately will be realized upon maturity or disposition. The use of different m arket assumptions may have a material effect on the estimated fair value amounts. The carrying amount of the following assets and liabilities approximates fair value due to the short maturity of these instruments: (1) cash and cash equivalents; (2) accounts receivable; and (3) accounts payable, including accrued liabilities. The following table presents the carrying value of financial instruments and, where practicable, the fair value as of the periods indicated: December 31, December 31, 2016 2015 Carrying Fair Carrying Fair Value Value Value Value (amounts in thousands) Term B Loan (1) $ 480,000 $ 487,200 $ - $ - Revolver (2) $ - $ - $ - $ - Former Term B Loan $ - $ - $ 242,750 $ 242,447 Former Revolver $ - $ - $ 26,000 $ 26,000 Senior Notes $ - $ - $ 218,269 $ 227,000 Other debt (3) $ 87 $ - Letters of credit (4) $ 670 $ 670 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 Term B Loan and Former Term B Loan w a s based on quoted prices for this instrument and is considered a Level 2 measurement as the pricing inputs are other than quoted prices in active markets . (2) The fair value of the Revolver and Former Revolver was considered to approximate the carrying value as the interest payments are based on LIBOR rates that reset periodically. The Revolver is considered a Level 2 measurement as the pricing inputs are other than quoted prices in active markets . ( 3 ) The Company does not believe it is practicable to estimate the fair value of the other debt. ( 4 ) The Company does not believe it is practicable to estimate the fair value of the outstanding standby letter s of credit. |
ACQUISITIONS AND OTHER (Block)
ACQUISITIONS AND OTHER (Block) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Mergers Acquisitions And Dispositions Disclosures Text Block | 18. BUSINESS COMBINATIONS The Company records acquisitions under the purchase method of accounting, and allocates the purchase price to the assets and liabilities based upon their respective fair values as determined as of the acquisition date. Merger and acquisition costs are excluded from the purchase price as these costs are expensed for book purposes and amortized for tax purposes . 2015 Acquisitions Acquisition Of Lincoln Financial Media Company On July 16, 2015 , the Company acquired under a Stock Purchase Agreement (“SPA”) with The Lincoln National Life Insurance Company the stock of one of its subsidiaries, Lincoln Financial Media Company (“Lincoln”), which hold through subsidiaries the assets and liabilities of radio stations serving the Atlanta, Denver, Miami and San Diego markets (the “Lincoln Acquisition”) . The purchase price was $ 105.0 million of which: (1) $ 77.5 million was paid in cash using $ 42.0 million in borrowing under the Company’s Revolver together with cash on hand; and (2) $ 27.5 million was paid with the Company’s issuance of Preferred . The SPA , originally dated December 7, 2014 and subsequently amended on July 10 , 2015, provided for a working capital reimbursement to Lincoln of $ 11.0 million before a working capital credit to the Company of $ 2.7 million. The SPA provide d for a step-up in basis for tax purposes. T hree Denver radio stations acquired from Lincoln together with another Denver radio station were included in an exchange transaction as described below in Note 18. The Company recorded goodwill on its books, which is fully deductible for income ta x purposes. Management believes that this acquisition provides the Company with an opportunity to increase its national footprint to compete more effectively for national business and to benefit from certain operational synergies. In addition, this acquis ition allows for certain operational synergies in programming, sales and administration that were not available to Lincoln. The purchase price allocations are based upon a valuation of assets and liabilities, which include the valuation of acquired inta ngible assets and working capital . The following table reflects the final aggregate fair value purchase price allocation of these assets and liabilities. December 31, Useful Lives In Years Description 2016 From To (amounts in thousands) Cash $ 2,246 Net accounts receivable 11,933 less than 1 year Prepaid expenses, deposits and other 970 less than 1 year Total current assets 15,149 Land 7,368 non-depreciating Land improvements 87 15 15 Building 1,067 15 25 Leasehold improvements 973 2 11 Equipment and towers 8,651 3 40 Furniture and fixtures 29 5 5 Total tangible property 18,175 Assets held for sale 1,885 Other intangibles 487 1 5 Broadcasting licenses 79,209 non-amortizing Goodwill 4,594 non-amortizing Deferred tax assets 1,364 over remaining lease life Total intangible and other assets 87,539 Total assets $ 120,863 Accounts payable $ 723 less than 1 year Accrued expenses 3,466 less than 1 year Other current liabilities 12 less than 1 year Total current liabilities 4,201 Unfavorable contracts and other liabilities 3,272 over remaining lease life Total liabilities acquired $ 7,473 Net assets acquired $ 113,390 The aggregate fair value purchase price allocation of the assets and liabilities as reported on the Company’s Form 10-K filed with the SEC on February 26, 2016, were revised during the third quarter of 2016 due to the recording of a liability associated with an assumed lawsuit. The amount of the liability could not be estimated at the time of the acquisition. This revision resulted in an increase to goodwill of $ 0.1 million in one of the Lincoln markets. The allocations presented in the table are base d upon management’s estimate of the fair values using valuation techniques including income, cost and market approaches. In estimating the fair value of the acquired assets and assumed liabilities, the fair value estimates are based on, but not limited to, expected future revenue and cash flows that assume expected future growth rates of 1.0 % to 1.5 % ; and an estimated discount rate of 9.6 % . The gross profit margins are similar to the ranges used i n the Company’s second quarter 201 5 annual license impairment testing. The fair value for accounts receivable is net of an estimate for bad debts. The Company determines the fair value of the broadcasting licenses in each of these markets by relying on a d iscounted cash flow approach 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. Any excess of the purchase price over the net assets acquired was reported as goodwill. Exchange Transaction: Denver, Colorado, And Los Angeles, California On November 24, 2015, the Company completed an asset exchange agreement with Bonneville International Corporation (“Bonneville”) that was entered into on July 10, 2015. The Company divested four Denver, Colorado, radio stations as consideration by the Company in exchange for a radio station in Los Angeles, California (the “Bonneville Exchange”). The Company, which did not require cash to complete this transaction, now o wns : (1) one station in Los Angeles, a new market for the Company ; and (2) five radio stations in the Denver market , an existing market for the Company . The Company recorded both the disposition and the acquisition on its balance sheet as of December 31, 2 015. On July 17 , 2015 the Company entered into two TBAs . Pursuant to these TBAs, on July 17, 2015 , the Company commenced operation of the Los Angeles station and Bonneville commenced operation of the Denver stations. During the period of the TBA s (July 1 7, 2015 through November 24, 2015) , the Company : (i) include d net revenues and station operating expenses associated with the Company’s operati on of the Los Angeles station in the Company’s consolidated financial statements; and (ii) exclude d net revenues and station operating expenses associated with Bonneville’s operati on of the Denver stations in the Company’s consolidated financial statements. The Company incurred no TBA expense to Bonneville for operation of the Los Angeles station and received $ 0.3 million of monthly TBA income from Bonneville during the period of the TBA. The Company did not consider the net revenues and station operating expenses to be material to the Company’s financial position, results of operations or cash flo ws. Certain of the Denver radio stations that were exchanged with Bonneville qualified as assets held for sale as of September 30, 2015. In addition, during the period of the TBA, certain of the assets and liabilities that were held in a trust (KKFN FM) and operated by Bonneville were deconsolidated by the Company as of September 30, 2015 as Bonneville was the primary beneficiary absorbing the majority of the profits and losses. For all other assets during the period of the TBA, the Company was the prima ry beneficiary absorbing the majority of the profits and losses. Upon closing, there were no remaining assets held for sale or outstanding VIEs related to this transaction. The following table reflects the final aggregate fair value purchase price allocation of these assets and liabilities. December 31, Useful Lives In Years Description 2016 From To (amounts in thousands) Other receivables $ 4,864 Equipment 1,012 3 15 Furniture and fixtures 121 5 5 Total tangible property 1,133 Advertiser lists and customer relationships 1 3 3 Trademarks and trade names 2 5 5 Broadcasting licenses 53,057 non-amortizing Goodwill 266 non-amortizing Total intangible assets 53,326 Total assets 59,323 Unfavorable contract and lease liabilities (323) 1 4 Net assets acquired $ 59,000 Fair value of net assets provided as consideration $ 59,000 There was no change to the aggregate fair value purchase price allocation of the assets and liabilities as reported on the Company’s Form 10-K filed with the SEC on February 26, 2016. The allocations presented in the table are based upon management’s estimate of the fair values using valuation techniques including income, cost and market approaches. In estimating the fair value of the acquired assets and assumed liabilities, the fair va lue estimates are based on, but not limited to, expected future revenue and cash flows that assumes the expected future growth rate of 1.0 % and an estimated discount rate of 9.2 % . The gross profit margin ra nge was similar to the ranges used in the Company’s second quarter 2015 annual impairment testing for broadcasting licenses. The Company determines the fair value of the broadcasting licenses in each of these markets by relying on a discounted cash flow ap proach 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 judgment s about future performance using industry normalized information for an average station within a certain market. Any excess of the purchase price over the net assets acquired was reported as goodwill. In valuing the non-monetary assets that were part o f the consideration transferred, the Company utilized the fair value as of the acquisition date, with any excess of the purchase price over the net assets acquired reported as goodwill. The fair value was measured from the perspective of a market participa nt, applying the same methodology and types of assumptions as described above in estimating the fair value of the acquired assets and liabilities. Applying these methodologies requires significant judgment. The Company reported in the statements of opera tions for the year ended December 31, 2015 a non cash gain of $ 1.5 million under gain (loss) on sale or disposal of assets on the Denver assets provided as consideration, primarily from the non-Lincoln assets included in the excha nge. Under purchase price accounting for the Lincoln and Bonneville acquisitions, the Company recorded unfavorable lease and contract liabilities for studio and transmitter site property leases and vendor contracts as these contracts contained terms that were considered to be above market rates. The unfavorable liabilities are reflected in other long-term liabilities in the consolidated balance sheets and are amortized as a reduction to station operating expenses on a straight-line basis over the lives of the leases and contracts. The future amortization of unfavorable leases and contracts is as follows: As Of December 31, 2016 (amounts in thousands) Years ending December 31, 2017 $ 875 2018 295 2019 167 2020 147 2021 91 Thereafter 426 $ 2,001 Summary Of Lincoln And Bonneville Transactions By Radio Station Bonneville Exchange Markets Radio Stations Transactions Los Angeles, CA KSWD FM Company acquired from Bonneville Denver, CO KOSI FM Company disposed to Bonneville Denver, CO KYGO FM; KEPN AM Company disposed to Bonneville Denver, CO KKFN FM The trust disposed to Bonneville Lincoln Acquisition Markets Radio Stations Transactions Denver, CO KKFN FM The trust acquired from Lincoln Denver, CO KYGO FM; KEPN AM Company acquired from Lincoln Denver, CO KQKS FM; KRWZ AM Company acquired from Lincoln Atlanta, GA WSTR FM; WQXI AM Company acquired from Lincoln Miami, FL WAXY AM/FM; WLYF FM; WMXJ FM Company acquired from Lincoln San Diego, CA KBZT FM; KSON FM/KSOQ FM; KIFM FM Company acquired from Lincoln Merger And Acquisition Costs And Restructuring Charges Merger and acquisition costs and restructuring charges were expensed as a separate line item in the statement of operations. The Company records merger and acquisition costs whether or not an acquisition occurs. These costs consist primarily of legal, professional and advisory services as well as restructuring costs (as identified below) related to the Company’s acquisition of L incoln and the Company’s exchange agreement with Bonneville. During the third quarter of 2016, the company recorded merger and acquisition costs of $0.7 million. During the third and fourth quarter s of 2015, the Company initiated a restructuring plan p rimarily as a result of the integration of the Lincoln radio stations acquired in July 2015. The restructuring plan included : (1) costs associated with exiting contractual vendor obligations as these obligations were duplicative; (2) a workforce reduction and realignment charges that included one-time termination benefits and related costs ; and (3) lease abandonment costs as described below . The estimated amount of unpaid restructuring charges as of December 31, 2016 were included in accrued expenses as these expenses are expected to be paid in less than one year . In connection with the Lincoln acquisition, the Company assumed a studio lease in one of its markets that included excess space. During the fourth quarter of 2015, the Company ceased using a portion of the spa ce after analyzing its future needs as well as comparing its space utilization in other of the Company’s markets. As a result, the Company recorded a lease abandonment expense during the fourth quarter of 2015. Lease abandonment costs include future lease liabilities offset by estimated sublease income. Due to the location of the space in an area of the city that is not considered prime, including a very high vacancy rate in the existing and neighboring building in a soft rental market that is expected to continue throughout the remaining term of the lease, the Company did not include an estimate to sublease any of the space. The Company will continue to evaluate the opportunities to sublease this space and revise its sublease estimates accordingly. Any i ncrease in the estimate of sublease income will be reflected through the income statement and such amount will also reduce the lease abandonment liability. The lease expires in the year 2026. The lease liability is discounted using a credit risk adjusted basis utilizing the estimated rental cash flows over the remaining term of the agreement. Years Ended December 31, 2016 2015 2014 (amounts in thousands) Restructuring charges Costs to exit duplicative contracts $ - $ 646 $ - Workforce reduction - 1,538 - Lease abandonment costs - 687 - Changes in estimates - (13) - Total restructuring charges - 2,858 - Merger and acquisition costs 708 3,978 1,042 Total merger & acquisition costs and restructuring charges $ 708 $ 6,836 $ 1,042 Year Year Ended Ended December 31, December 31, 2016 2015 (amounts in thousands) Restructuring charges, beginning balance $ 1,686 $ - Additions to reserves through accruals - 2,858 Deductions from reserves through payments (1,036) (1,172) Restructuring charges unpaid and outstanding 650 1,686 Less lease abandonment costs over a long-term period (576) (687) Short-term restructuring charges unpaid and outstanding $ 74 $ 999 201 4 Acquisitions There were no acquisitions during this period. Disposition In March 2016, the Company sold certain assets of KRWZ AM in Denver, Colorado, for $ 3.8 million in cash. The Company believes that the sale of this station, with a marginal market share, will not alter the Company’s competitive position in the market. The Company reported a gain, net of expenses, of $ 0.3 million on the disposition of these assets. Unaudited Pro Forma Summary Of Financial Information The following pro forma information presents the consolidated results of operations as if the business combinations in 2015 had occurred as of January 1, 2014, after giving effect to certain adjustments, including: (1) depreciation and amortization of assets; (2) amortization of unfavorable contracts related to the fair value adjustments of the assets acquired; (3) change in the effective tax rate; (4) interest expense on any debt incurred; (5 ) merger and acquisition costs and restructuring charges; and (6) accrued dividends on perpetual cumulative convertible preferred stock. For purposes of this presentation , the pro forma data : (a) excludes certain Lincoln radio stations disposed to Bonnevil le as the Company never operated these stations and does not expect to operate these stations at a future time (KYGO FM; KKFN FM and KEPN AM); and (b) ex clude s a radio station disposed to Bonneville and operated by the Company prior to the TBA (KOSI FM) as these assets were a key component of the assets acquired . In addition, there was no adjustment to the pro forma information for the two AM stations that were separately disposed of in 2016. These unaudited pro forma results have been prepared for comparat ive purposes only and do not purport to be indicative of what would have occurred had the acquisitions been made as of that date or results which may occur in the future. Years Ended December 31, 2016 2015 2014 (amounts in thousands, except per share data) Actual Pro Forma Pro Forma Net revenues $ 460,245 $ 442,485 $ 437,597 Net income (loss) available to the Company $ 38,065 $ 33,050 $ 22,736 Net income (loss) available to common shareholders $ 36,164 $ 30,850 $ 21,086 Net income (loss) available to commons shareholders per common share - basic $ 0.94 $ 0.81 $ 0.56 Net income (loss) available to commons shareholders per common share - diluted $ 0.91 $ 0.79 $ 0.55 Weighted shares outstanding basic 38,500 38,084 37,763 Weighted shares outstanding diluted 39,568 39,038 38,664 Conversion of preferred stock for dilutive purposes under the as if method anti-dilutive anti-dilutive anti-dilutive |
PERPETUAL CUMULATIVE CONVERTIBL
PERPETUAL CUMULATIVE CONVERTIBLE PREFERRED STOCK (Block) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Text Block Supplement Abstract | |
PreferredStockTextBlock | 9. PERPETUAL CUMULATIVE CONVERTIBLE PREFERRED STOCK In connection with an acquisition on July 16, 2015 as described in Note 18, Business Combinations, the Company issued perpetual cumulative convertible preferred stock (“Preferred”) that in the event of a liquidation, ranks senior to common stock as to liquidation preference . The payment of the liquidation preference of the Preferred will take preference over any liquidation payments t o the Company’s common shareholders. The Preferred is convertible by the holder into a fixed number of 1.9 mil lion shares, as adjusted as of December 31, 2016 , at a price of $ 14.35 , subject to customary anti-dilution provisions after a three-year waiting period. At certain times (including during the first three years after issuance), the Company can re deem the Preferred in cash at a price of 100 %. The dividend rate on the Preferred at December 31, 2016 is 8 % and increases over time to 12 %. Due to the legal obligation to pay cumulative divid ends as a liquidation preference, the dividends are accrued as they are earned instead of when they are declared. The Company reflected the Preferred as mezzanine due to a change in control contingency provision that provides the holder with a redeemable feature. For accounting purposes, the Preferred is not considered mandatorily redeemable at the holder’s option until the contingency is met. The Company incurred issuance costs, which are recorded as a reduction of the Preferred. The following table reflects the Preferred shares authorized, issued and outstanding: December 31, 2016 2015 (amounts in thousands, except shares) Perpetual cumulative convertible preferred stock $0.01 par value Shares issued and outstanding 11 11 Aggregate liquidation preference $ 27,500 $ 27,500 Less stock issuance costs (220) (220) Plus accrued dividend as of the end of period 452 339 Net carrying value $ 27,732 $ 27,619 |
CONTINGENCIES AND COMMITMENTS (
CONTINGENCIES AND COMMITMENTS (Block) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies Disclosure Abstract | |
Commitments And Contingencies Disclosure Text Block | 20. CONTINGENCIES AND COMMITMENTS Contingencies The Company is subject to various outstanding claims which arise in the ordinary course of business and to other legal proceedings. Management anticipates that any potential liability of the Company, which may arise out of or with respect to these matters, will not materially affect the Company’s financial position, results of operations or cash flows. Pending Acquisitions On February 2, 2017, the Company and Merger Sub entered into the CBS Radio Merger Agreement with CBS and CBS Radio. This transaction is subject to approval by the Company’s stakeholders and customary regulatory approvals. This transaction is expected to close during the second half of 2017 . If the CBS Radio Merger Agreement is terminated in certain circumstances prior to the consummation of the transactions contemplated thereby , the Company w ill be required to pay CBS a termination fee of $ 30 million. Refer to Note 1 f or further discussion. On January 6, 2017, the Company completed a transaction to acquire four radio stations in Charlotte, North Carolina, from Beasley Broadcast Group, Inc. (“Beasley”) for a purchase price of $ 24 million in cash . Th e Company used cash on hand to fund the acquisition. On October 17, 2016, the Company simultaneously entered into an asset purchase agreement and a TBA to operate three of the four radio stations that were held in a trust (“Charlotte Trust”). On November 1, 2016, the Company commenced operations of the radio stations held in the Charlotte Trust and began operating the fourth station upon closing on the acquisition with Beasley in January 2017 . During the period of the TBA , the Company included net reve nues, station operating expenses and monthly TBA fees associated with operating these stations in the Company’s consolidated financial statements. The allocations presented in the table below are based upon management’s estimate of the fair values using valuation techniques including income, cost and market approaches. In estimating the fair value of the acquired assets and assumed liabilities, the fair value estimates are based on, but not limited to, expected future revenue and cash flows that assume ex pected future growth rates of 1.0 % to 1.5 %; and an estimated discount rate of 9.6 %. The gross profit margins are similar to the ranges used in the Company’s second quarter 2016 annual license impairment testing. The Company determines the fair value of the broadcasting licenses by relying on a discounted cash flow approach assuming a start-up scenario in which the only assets held by an investor are broadcasting licenses. The Company’s fair va lue 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. Any excess of th e purchase price over the net assets acquired was reported as goodwill. The following preliminary purchase price allocations are based upon the valuation of assets and liabilities and these estimates and assumptions are subject to change as the Company ob tains additional information during the measurement period, which may be up to one year from the acquisition date. These assets and liabilities pending finalization include the valuation of acquired intangible assets and liabilities. Differences between the preliminary and final valuation could be substantially different from the initial estimates. January 6, Useful Lives In Years Description 2017 From To (amounts in thousands) Assets Land $ 2,539 non-depreciating Buildings 217 15 25 Equipment 4,569 3 40 Total property plant and equipment 7,325 Deferred tax asset 287 life of underlying asset Radio broadcasting licenses and goodwill 17,384 non-amortizing Total assets 24,996 Liabilities Unfavorable lease liabilities 735 over remaining lease life Deferred tax liability 261 life of underlying liability Total liabilities 996 Net assets $ 24,000 Variable Interest Entity And Assets Held For Sale The Company believes that the Charlotte Trust is a VIE as the Company has the power to direct the activities which significantly impact the economic performance of the Charlotte Trust. Under the terms of the APA, the FCC licenses and related assets of the stations were assigned from Beasley to the Charlotte Trust. The Company also believes it is the primary beneficiary of the VIE as the Company may absorb the profits a nd losses from the operation of the VIE during the period of the TBA. As of December 31, 2016 , the Company consolidated the assets and liabilities of the VIE within its consolidated financial statements, using fair values for the assets and liabilities as if the C ompany had closed on this transaction as of December 31, 2016 . The equity investment by Beasley in the Charlotte Trust is reflected as a non-controlling interest. The assets of the Company’s consolidated VIE can only be used to settle the obligations of the VIE, and may not be sold, or otherwise disposed of, except for assets sold or replaced with others of like kind or value. There is a lack of recourse by the beneficial interest holders of the VIE against the Company’s general creditors. The following table re flects that assets and liabilities of the Charlotte Trust VIE at fair value at the effective date of the TBA, which were included in our consolidating balance sheets: Charlotte Trust Description December 31, 2016 (amounts in in thousands) Cash $ 302 Accounts receivable, net of allowance for doubtful accounts 2,143 Prepaid expenses, deposits and other 244 Total current assets 2,689 Net property and equipment 6,346 Radio broadcasting licenses 15,738 Deferred charges and other assets, net of accumulated amortization 366 Total assets $ 25,139 Accrued expenses $ (1,180) Non-controlling interest - variable interest entity (23,959) $ (25,139) Insurance The Company uses a combination of insurance and self-insurance mechanisms to mitigate the potential liabilities for workers’ compensation, general liability, property, directors’ and officers’ liability, vehicle liability and employee health care benefits. Liabilities associated with the risks that are retained by the Company are estimated, in part, by considering claims experience, demographic factors, severity factors, outside expertise and other actuarial assumptions. Under these policies, the Company is required to maintain letters of credit in the amount of $ 0.7 million. Broadcast Licenses The Company could face increased costs in the form of fines and a greater risk that the Company could lose any one or more of its bro adcasting licenses if the FCC concludes that programming broadcast by a Company station was obscene, indecent or profane and such conduct warrants license revocation. The FCC's authority to impose a fine for the broadcast of such material is $ 350,000 for a single incident, with a maximum fine of up to $ 3,300,000 for a continuing violation. In the past, the FCC has issued Notices of Apparent Liability and a Forfeiture Order with respect to several of the Company’s stations proposing fines f or certain programming which the FCC deemed to have been indecent. These cases are the subject of pending administrative appeals. The FCC has also investigated other complaints from the public that some of the Company’s stations broadcast indecent progra mming. These investigations remain pending. The Company has determined that, at this time, the amount of potential fines and penalties, if any, cannot be estimated. The Company has filed, on a timely basis, renewal applications for those radio stations with radio broadcasting licenses that are subject to renewal with the FCC. The Company’s costs to renew its licenses with the FCC are nominal and are expensed as incurred rather than capitalized. From time to time, the renewal of certain licenses may be delayed in their renewal. The Company continues to operate these radio stations under their existing licenses until the licenses are renewed. The FCC may delay the renewal pending the resolution of open inquiries. The affected stations are, however, autho rized to continue operations until the FCC acts upon the renewal applications. Currently, all of the Company’s licenses have been renewed. The FCC initiated an investigation in January 2007, related to a contest at one of the Company’s stations. In Octob er 2016, the FCC designated for a hearing whether the Company operated this station in the public interest and whether such station’s license should be renewe d. In February 2017, in order to facilitate the Merger, the Company permanently discontinued operation of this station in order to cancel the license, dismiss its ren ewal application and terminate the renewal hearing. As a result, the Company expects to record in the first quarter of 2017 a $ 13.5 million loss in the statement of operations in net gain/loss on sale or disposal of assets. Performance Fees The Company incur s fees from performing rights organizations (“PRO”) to license the Company’s public performance of the musical works contained in each PRO’s repertory. The Radio Music Licensing Committee, of which the Company is a represented participan t, (1) entered into an industry-wide settlement with American Society of Composers, Authors and Publishers that was effective January 1, 2017 for a five-year term; (2) is currently seeking reasonable industry-wide fees from Broadcast Music, Inc. effective January 1, 2017; (3) is currently subject to arbitration proceedings with the Society of European Stage Authors and Composers to determine fair and reasonable fees that would be retroactive to January 1, 2016; and (4) filed in November 2016 a motion in the U.S. District Court in Pennsylvania against Global Music Rights (“GMR”) arguing that GMR is a monopoly demanding monopoly prices and asking the Court to subject GMR to an antitrust consent decree. In January 2017, the Company obtained an interim license from GMR for fees effective January 1, 2017 to avoid any infringement claims by GMR for using GMR’s repertory without a license. Ot her Matters During the third quarter of 2016, the Company settled a legal claim with British Petroleum as a result of their Deepwater Horizon Oil Spill in the Gulf of Mexico and recovered $ 2.3 million on a net basis after deducting certain related expenses. The claim was a result of lost business due to the oil spill. During the third quarter of 2014, the Company settled a legal claim for $ 1.0 million. The amount was included in corporate general and admi nistrative expenses for the year ended December 31, 2014. Leases And Other Contracts Rental expense is incurred principally for office and broadcasting facilities. Certain of the leases contain clauses that provide for contingent rental expense based upon defined events such as cost of living adjustments and/or maintenance costs in excess of pre-defined amounts. The Company also has rent obligations under a sale and leaseback transaction whereby the Company sold certain of its radio broadcasting towers to a third party for cash in return for long-term leases on these towers. These sale and leaseback obligations are listed in the future minimum annual commitments table. The Company sold these towers as operating these towers to maximize tower rental income was not part of the Company’s core strategy. The following table provides the Company’s rent expense for the periods indicated: Years Ended December 31, 2016 2015 2014 (amounts in thousands) Rent Expense $ 17,892 $ 16,116 $ 14,556 The Company also has various commitments under the following types of contracts : Future Minimum Annual Commitments Sale Rent Under Leaseback Programming Operating Operating And Related Leases Leases Contracts Total (amounts in thousands) Years ending December 31, 2017 $ 17,594 $ 868 $ 70,119 $ 88,581 2018 14,767 894 40,718 56,379 2019 13,024 920 22,622 36,566 2020 10,095 948 17,339 28,382 2021 7,169 976 12,688 20,833 Thereafter 23,185 8,739 23,000 54,924 $ 85,834 $ 13,345 $ 186,486 $ 285,665 |
GUARANTOR ARRANGEMENTS (Block)
GUARANTOR ARRANGEMENTS (Block) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Text Block Supplement Abstract | |
Commitments Contingencies And Guarantees Text Block | 21. GUARANTOR ARRANGEMENTS Guarantor Arrangements T he Company recognizes, at the inception of a guarantee, a liability for the fair value of the obligation undertaken by issuing the guarantee. The following is a summary of agreements that the Company has determined are within the scope of guarantor arrangements : The Company enters into indemnification agreements in the ordinary course of business. Under these agreements, the Company typically indemnifies, holds harmless, and agrees to reimburse the indemnified party for losses suffered or incurred by the indemnified party. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited. The Company believes that the estimated fair value of these agreements is minimal. Accordingly, the Company has not recorded liabilities for these agreements as of December 31, 2016 . Under the Company’s Credit Facility, the Company is required to reimburse lenders for any increased costs that they may incur in the event o f a change in law, rule or regulation resulting in their reduced returns from any change in capital requirements. The Company cannot estimate the potential amount of any future payment under this provision, nor can the Company predict if such an event will ever occur. In connection with many of the Company’s acquisitions, the Company enters into a TBA or local marketing agreements for specified periods of time, usually six months or less, whereby the Company typically indemnifies the ow ner and operator of the radio station, their employees, agents and contractors from liability, claims and damages arising from the activities of operating the radio station under such agreements. The maximum potential amount of any future payments the Comp any could be required to make for any such previous indemnification obligations is indeterminable at this time. The Company has not, however, previously incurred any significant costs to defend lawsuits or settle claims relating to any such indemnification obligation. Financial Statements Of Parent The condensed financial data of the Parent Company has been prepared in accordance with Rule 12-04 of Regulation S-X. The P aren t C ompany ’s financial data includes the financial data of Entercom Communications Corp., excluding all subsidiaries . The most significant restrictions on the payment of dividends by Radio (as contemplated by Rule 4-08(e) of Regulation S-X) are set forth in the Credit Facility. Under the Credit Facility, Ra dio is permitted to make distributions to the Parent Company in amounts, as defined, as follow s: (a) amounts which are required to pay the Parent Company’s reasonable overhead costs, including income taxes and other costs associated with conduc ting the operations of Radio and its subsidiaries; and (b) certain amounts which qualify as “Restricted Payments.” With respect to the Credit Facility, the permitted Restricted Payment is generally $60 million plus Cumulative Retained Excess Cash Flow. Th e Company’s ability to make a Restricted Payment in these amounts under the Credit Facility is a function of its leverage ratio. Effectively all of Radio’s assets are subject to these distribution limitations to the Parent Company . The following tables set forth the condensed financial data (other than the statement s of shareholders’ equity as th is statement is not condensed) of the Parent Company: the balance sheets as of December 31, 2016 and 2015 ; the statements of operations for the year s ended December 31, 2016 , 2015 and 2014 ; the statements of shareholders’ equity for the year s ended December 31, 2016 , 2015 and 2014 ; and the statements of cash flows for the year s ended December 31, 2016 , 2015 and 2014 . ENTERCOM COMMUNICATIONS CORP. CONDENSED PARENT COMPANY BALANCE SHEETS (amounts in thousands) 2016 2015 ASSETS Current Assets $ 7,228 $ 7,289 Property And Equipment - Net 2,866 472 Deferred Charges And Other Assets - Net 1,813 3,807 Investment In Subsidiaries / Intercompany 456,161 424,493 TOTAL ASSETS $ 468,068 $ 436,061 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities $ 20,042 $ 19,631 Long Term Liabilities 26,920 27,361 Total Liabilities 46,962 46,992 Perpetual Cumulative Convertible Preferred Stock 27,732 27,619 Shareholders' Equity: Class A, B and C Common Stock 407 397 Additional Paid-In Capital 605,603 611,754 Accumulated Deficit (212,636) (250,701) Total shareholders' equity 393,374 361,450 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 468,068 $ 436,061 See notes to condensed Parent Company financial statements. ENTERCOM COMMUNICATIONS CORP. CONDENSED PARENT COMPANY INCOME STATEMENTS (amounts in thousands) YEARS ENDED DECEMBER 31, 2016 2015 2014 NET REVENUES $ 2,131 $ 1,536 $ 1,309 OPERATING (INCOME) EXPENSE: Depreciation and amortization expense 1,235 1,123 1,217 Corporate general and administrative expenses 33,218 26,395 26,463 Merger and acquisition costs and restructuring charges 708 6,836 1,042 Other expenses related to financing 565 - - Net (gain) loss on sale or disposal of assets (601) (601) (601) Total operating expense 35,125 33,753 28,121 OPERATING INCOME (LOSS) (32,994) (32,217) (26,812) Net interest expense, including amortization of deferred financing expense 24 - 15 Net recovery of a claim 100 - - Income from equity investment in subsidiaries (85,977) (79,838) (73,561) TOTAL OTHER (INCOME) EXPENSE (85,853) (79,838) (73,546) INCOME (LOSS) BEFORE INCOME TAXES (BENEFIT) 52,859 47,621 46,734 INCOME TAXES (BENEFIT) 14,794 18,437 19,911 NET INCOME (LOSS) AVAILABLE TO THE COMPANY 38,065 29,184 26,823 Preferred stock dividend (1,901) (752) - NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS $ 36,164 $ 28,432 $ 26,823 See notes to condensed Parent Company financial statements. ENTERCOM COMMUNICATIONS CORP. PARENT COMPANY STATEMENTS OF SHAREHOLDERS' EQUITY YEARS ENDED DECEMBER 31, 2016, 2015 AND 2014 (amounts in thousands, except share data) Retained Common Stock Additional Earnings Class A Class B Paid-in (Accumulated Shares Amount Shares Amount Capital Deficit) Total Balance, December 31, 2013 31,308,194 $ 313 7,197,532 $ 72 $ 604,721 $ (306,713) $ 298,393 Net income (loss) available to the Company - - - - - 26,823 26,823 Compensation expense related to granting of stock awards 638,102 7 - - 5,225 - 5,232 Exercise of stock options 57,500 - - - 82 - 82 Purchase of vested employee restricted stock units (141,502) (1) - - (1,513) - (1,514) Forfeitures of dividend equivalents - - - - - 5 5 Balance, December 31, 2014 31,862,294 319 7,197,532 72 608,515 (279,885) 329,021 Net income (loss) available to the Company - - - - - 29,184 29,184 Compensation expense related to granting of stock awards 738,195 7 - - 5,517 - 5,524 Exercise of stock options 11,750 - - - 35 - 35 Purchase of vested employee restricted stock units (131,688) (1) - - (1,561) - (1,562) Preferred stock dividend - - - - (752) - (752) Balance, December 31, 2015 32,480,551 325 7,197,532 72 611,754 (250,701) 361,450 Net income (loss) available to the Company - - - - - 38,065 38,065 Compensation expense related to granting of stock awards 1,095,759 11 - - 6,528 - 6,539 Issuance of common stock related to the Employee Share Purchase Plan ("ESPP") 31,933 - - - 379 - 379 Exercise of stock options 134,238 1 - - 264 - 265 Purchase of vested employee restricted stock units (232,297) (2) - - (2,266) - (2,268) Payment of dividends on common stock - - - - (8,666) - (8,666) Dividend equivalents, net of forfeitures - - - - (602) - (602) Payment of dividends on preferred stock - - - - (1,788) - (1,788) Balance, December 31, 2016 33,510,184 $ 335 7,197,532 $ 72 $ 605,603 $ (212,636) $ 393,374 See notes to Parent Company financial statements. ENTERCOM COMMUNICATIONS CORP. CONDENSED PARENT COMPANY STATEMENTS OF CASH FLOWS (amounts in thousands) YEARS ENDED DECEMBER 31, 2016 2015 2014 OPERATING ACTIVITIES: Net cash provided by (used in) operating activities $ (24,344) $ (25,355) $ (21,652) INVESTING ACTIVITIES: Additions to property and equipment (1,849) (304) (213) Additions to intangible assets (182) (1,142) (481) Proceeds (distributions) from investments in subsidiaries 44,527 29,030 23,610 Net cash provided by (used in) investing activities 42,496 27,584 22,916 FINANCING ACTIVITIES: Proceeds from issuance of employee stock plan 379 - - Payment of fees associated with the issuance of preferred stock - (220) - Payment of call premium and other fees (5,977) - - Proceeds from the exercise of stock options 265 35 82 Purchase of vested employee restricted stock units (2,268) (1,562) (1,514) Payment of dividends on common stock (8,666) - - Payment of dividend equivalents on vested restricted stock units (94) (7) - Net cash provided by (used in) financing activities (18,149) (2,167) (1,432) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 3 62 (168) CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 195 133 301 CASH AND CASH EQUIVALENTS, END OF YEAR $ 198 $ 195 $ 133 See notes to condensed Parent Company financial statements. Accounting Policies T he Parent Company follows the accounting policie s as described in Note 2 except that the Parent Company accounts for its investment in its subsidiaries using the equity method. Debt – For a discussion of debt obligations of the Company, refer to Note 8 . Other - For further information, reference should be made to the notes to the consolidated financial statements of the Company. |
ASSETS HELD FOR SALE (Block)
ASSETS HELD FOR SALE (Block) | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations And Disposal Groups Abstract | |
Disposal Groups Including Discontinued Operations Disclosure Text Block | 19. 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. The Company measures assets held for sale at the lower of their carrying amount or fair value less cost to sell. Additionally, the Company determined that these assets comprise operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the Company. During 2016 , the Company enter ed into an agreement to sell an AM radio station in one of its markets for $ 0.9 million and classified these assets and liabilities as assets held for sale. This transaction was completed in the fourth quarter of 2016, and resulte d in a gain of $ 0.2 million. The Company expects that the sale of this radio station will not alter the Company’s competitive position in the market. During 2016 , the Company disposed of the following assets that were previous ly reflected as held for sale as of December 31, 2015 : (1) an AM radio station in Denver, Colorado, that resulted in a gain on disposal of assets of $ 0.3 million; (2) land, building and a tower at a tower/antenna site to be sold to a government agency that did not result in a gain or loss; and (3) 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 Compan y plans to relocate to other suitable sites , that resulted in a gain on disposal of assets of $ 0.7 million. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying am ount of an asset may not be recoverable. The Company determined that the carrying value of these assets was less than the fair value by utilizing offers from third parties for a bundle of assets. This is considered a Level 3 measurement. The major categ ories of these assets are as follows: Assets Held For Sale December 31, 2016 2015 (amounts in thousands) Land and land improvements $ - $ 3,972 Building - 1,036 Equipment - 497 Total property and equipment - 5,505 Depreciation and amortization - 796 Net property and equipment - 4,709 Radio broadcasting licenses - 1,397 Total intangibles - 1,397 Assets held for sale - 6,106 Net assets held for sale $ - $ 6,106 |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION (Block) | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | 15. SUPPLEMENTAL CASH FLOW DISCLOSURES ON NON-CASH INV ESTING AND FINANCING ACTIVITIES The following table provides non-cash disclosures during the periods indicated: Years Ended December 31, 2016 2015 2014 (amounts in thousands) Operating Activities Barter revenues $ 4,700 $ 4,002 $ 3,826 Barter expenses $ 4,789 $ 4,258 $ 3,665 Financing Activities Increase in paid-in capital from the issuance of RSUs $ 10,381 $ 9,045 $ 5,754 Decrease in paid-in capital from the forfeiture of RSUs (280) (709) (727) Net paid-in capital of RSUs issued (forfeited) $ 10,101 $ 8,336 $ 5,027 Perpetual cumulative convertible preferred stock issued in connection with an acquisition $ - $ 27,500 $ - Dividend accrued on perpetual cumulative convertible preferred stock $ 452 $ 339 $ - Investing Activities Cash acquired through consolidation of a VIE $ 302 $ - $ - Net radio station assets given up in a market $ - $ 59,000 $ - Net radio station assets acquired in a market $ - $ 59,000 $ - Radio station assets acquired through the issuance of perpetual cumulative convertible preferred stock $ - $ 27,500 $ - |
SUBSEQUENT EVENTS (Block)
SUBSEQUENT EVENTS (Block) | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events Abstract | |
Schedule Of Subsequent Events Text Block | 22. SUBSEQUENT EVENTS Events occurring after December 31, 2016 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 and are as follows: On January 6, 2017, the Company acquired four radio stations from Beasley as further described in Note 20. On February 2, 2017, the Company entered into t he Merger as more fully described in Note 1. In connection wi th an FCC administrative hearing that is described under Note 20 , the Company returned a license to the FCC to facilitate certain regulatory approvals that are needed for t he Merger. |
SUMMARIZED QUARTERLY FINANCIAL
SUMMARIZED QUARTERLY FINANCIAL DATA (Unaudited) (Block) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure Abstract | |
Quarterly Financial Information Text Block | 23. SUMMARIZED QUARTERLY FINANCIAL DATA (Unaudited) The following table presents unaudited operating results for each quarter within the two most recent years. The Company believes that all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to present fairly the following quarterly results when read in conjunction with the financial statements included elsewhere in this report. Results of operations for any particular quart er are not necessarily indicative of results of operations for a full year. The Company’s financial results are also not comparable from quarter to quarter due to the Company’s acquisitions and dispositions of radio stat ions as described in Note 18 and due to the seasonality of revenues, with revenues usually the lowest in the first quarter of each year. Quarters Ended December 31 September 30 June 30 March 31 (amounts in thousands, except per share data) 2016 Net revenues $ 123,207 $ 120,457 $ 120,478 $ 96,103 Operating income $ 30,040 $ 25,688 $ 27,584 $ 14,745 Net income (loss) available to the Company $ 11,399 $ 11,420 $ 10,834 $ 4,412 Net income (loss) available to common shareholders $ 10,849 $ 10,894 $ 10,422 $ 3,999 Net income (loss) available to common shareholders per share - basic (1) $ 0.28 $ 0.28 $ 0.27 $ 0.10 Weighted average common shares outstanding - basic 38,561 38,485 38,469 38,448 Net income (loss) available to common shareholders per share - diluted (1) $ 0.27 $ 0.28 $ 0.26 $ 0.10 Weighted average common shares outstanding - diluted 39,800 41,433 41,130 39,260 Preferred stock dividends declared and paid $ 550 $ 413 $ 413 $ 412 Common stock dividends declared and paid $ 2,893 $ 2,887 $ 2,886 $ - Quarters Ended December 31 September 30 June 30 March 31 (amounts in thousands, except per share data) 2015 Net revenues $ 117,704 $ 114,662 $ 100,592 $ 78,420 Operating income $ 32,555 $ 23,159 $ 20,615 $ 9,253 Net income (loss) available to the Company $ 14,088 $ 8,442 $ 6,747 $ (93) Net income (loss) available to common shareholders $ 13,675 $ 8,103 $ 6,747 $ (93) Net income (loss) available to common shareholders per share - basic (1) $ 0.36 $ 0.21 $ 0.18 $ - Weighted average common shares outstanding - basic 38,088 38,076 38,074 38,026 Net income (loss) available to common shareholders per share - diluted (1) $ 0.34 $ 0.21 $ 0.17 $ - Weighted average common shares outstanding - diluted 40,974 38,913 38,929 38,026 Preferred stock dividends declared and paid $ 413 $ - $ - $ - Common stock dividends declared and paid $ - $ - $ - $ - Basic and diluted n et income per share is computed independently for each quarter and the full year based upon respective average shares outstanding. Therefore, the sum of the quarterly per share amounts may not equal the annual per share amounts reported. |
SIGNIFICANT ACCOUNTING POLICI30
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies Abstract | |
Principles Of Consolidation | Principles Of Consolidation – The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are 100 % owned by the Company. All intercompany transactions and balances have been eliminated in consolidation. The Company also considers the applicability of any variable interest entities (“VIEs”) that are required to be consolidated by the primary beneficiary. From time to time, the Company may enter into a time brokerage agreement (“TBA”) in co nnection with a pending acquisition or disposition of radio stations and the requirement to consolidate or deconsolidate a VIE may apply, depending on the facts and circumstances related to each transaction. As of December 31, 2016 , there is one VIE requiring cons olidation in these financial statements. See Note 20 for further discussion on VIEs requiring consolidation. |
Reportable Segment | Reportable Segment - The Company operates under one reportable business segment, radio broadcasting, for which segment disclosure is consis tent with the management decision-making process that determines the allocation of resources and the measuring of performance. Radio stations serving the same geographic area, which may be comprised of a city or combination of cities, are referred to as ma rkets or as distinct operating segments. The Company has 28 operating segments. These operating segments are aggregated to create one reportable segment. |
Management's Use Of Estimates | Management’s Use Of Estimates – The preparation of consolidated financial state ments, in conformity with accounting principles generally accepted in the United States of America, requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets a nd liabilities, as of the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions are used for, but not limited to: (1) asset impairments, including broadcasting licenses and goodwill; (2) income tax valuation allowances for deferred tax assets; (3) allowance for doubtful accounts; (4) self-insurance reserves; (5) fair value of equity awards; (6) estimated lives for tangible and intangible assets; (7) contingency and litigation reserves; (8) fair value measurements; (9) acquisition purchase price asset and liability allocations; and (10) uncertain tax positions. The Company’s accounting estimates require the use of judgment as future events and the eff ect of these events cannot be predicted with certainty. The accounting estimates may change as new events occur, as more experience is acquired and as more information is obtained. The Company evaluates and updates assumptions and estimates on an ongoing basis and may use outside experts to assist in the Company’s evaluation, as considered necessary. Actual results could differ from those estimates. |
Income Taxes | Income Taxes – The Company applies the liability method to the accounting for deferred income taxes. Defe rred income taxes are recognized for all temporary differences between the tax and financial reporting bases of the Company’s assets and liabilities based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are ex pected to affect taxable income. A valuation allowance is recorded for a net deferred tax asset balance when it is more likely than not that the benefits of the tax asset will not be realized. The Company reviews on a continuing basis the need for a defer red tax asset valuation allowance in the jurisdictions in which it operates. Any adjustment to the deferred tax asset valuation allowance is recorded in the consolidated statements of operations in the period that such an adjustment is required. The Com pany applies the guidance for income taxes and intra - period allocation to the recognition of uncertain tax positions. This guidance clarifies the recognition, de-recognition and measurement in financial statements of income tax positions taken in previousl y filed tax returns or tax positions expected to be taken in tax returns, including a decision whether to file or not to file in a particular jurisdiction. The guidance requires that any liability created for unrecognized tax benefits is disclosed. The app lication of this guidance may also affect the tax bases of assets and liabilities and therefore may change or create deferred tax liabilities or assets. This guidance also clarifies the method to allocate income taxes (benefit) to the different components of income (loss), such as: (1) income (loss) from continuing operations; (2) income (loss) from discontinued operations; (3) other comprehensive income (loss); (4 ) the cumulative effec ts of accounting changes; and (5 ) other charges or credits recorded dir ectly to shareholders’ equity. See Note 14 for a further discussion of income taxes. |
Property And Equipment | Property And Equipment – Property and equipment are carried at cost. Major additions or improvements are capitalized, including interest expense when material, while repairs and maintenance are charged to expense when incurred. Upon sale or retirement, the related cost and accumulated depreciation are removed from the accounts, and any gain or loss is recognized in the statement of operations. D epreciation expens e on property and equipment is determined on a straight-line basis. D epreciation expense for property and equipment , which includes amounts from the VIE, is reflected in the following table : Property And Equipment Years Ended December 31, 2016 2015 2014 (amounts in thousands) Depreciation expense $ 8,689 $ 7,419 $ 6,748 A s of December 31, 2016 , the Company ha d capital expenditure commitments outstanding of $ 1.4 million. The following is a summary of the categories of property and equipment along with the range of estimated useful lives used for depreciation purposes: Depreciation Period Property And Equipment In Years December 31, From To 2016 2015 Land, land easements and land improvements - 15 $ 18,546 $ 16,764 Buildings 20 40 22,698 22,711 Equipment 3 40 112,362 108,399 Furniture and fixtures 5 10 11,129 10,868 Capital leases * * 44 - Leasehold improvements * * 23,017 23,119 187,796 181,861 Accumulated depreciation (128,322) (124,870) 59,474 56,991 Capital improvements in progress 3,901 1,002 Net property and equipment $ 63,375 $ 57,993 * Shorter of economic life or lease term |
Revenue Recognition | Revenue Recognition – The Company generates revenue from the sale to advertisers of various services and products, including but not limited to: (1) commercial broadcast time; (2) digital advertising ; (3) local events; (4) e-commerce where an advertiser’s goods and services are sold through our websites; and (5) digital product and marketing solutions. Revenue from services and products is recognized when delivered. Advertiser payments received in advance of when the prod ucts or services are delivered are recorded on the Company’s balance sheet as unearned revenue. Revenues presented in the consolidated financial statements are reflected on a net basis, after the deduction of advertising agency fees by the advertising ag encies. The Company also evaluates when it is appropriate to recognize revenue based on the gross amount invoiced to the customer or the net amount retained by the Company if a third party is involved. The following table presents the amounts of unearned revenues as of the periods indicated: Unearned Revenues December 31, Balance Sheet Location 2016 2015 (amounts in thousands) Current Other current liabilities $ 298 $ 306 |
Concentration Of Credit Risk | Concentration Of Credit Risk – The Company’s revenues and accounts receivable relate primarily to the sale of advertising within its radio stations’ broadcast areas. Credit is extended based on an evaluation of the customers’ financial condition and, generally, collateral is not required. Credit losses are provided for in the financial statements and consistently have been within management’s expectations. Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable. The balance in the Company’s allowance for doubtful accounts is based on the Company’s historical collections, the age of the receivables, specific customer information, and current economic conditions. Delinquent accounts are written off if collections efforts have been unsuccessful and the likelihood of recovery is considered remote. |
Long-Lived Assets | Long-Lived Assets - The Company evaluates the recoverability of its long-lived assets, which include property and equipment, broadcasting licenses (subject to an eight-year renewal cycle), goodwill, deferred charges, and other assets. See Note 4 for further discussion. Certain of the Company’s equipment, such as broadcast towers, can provide economic benefit over a longer period of time resulting in the use of longer lives of up to 40 years. If events or changes in circu mstances were to indicate that an asset’s carrying value is not recoverable, a write-down of the asset would be recorded through a charge to operations. The determination and measurement of the fair value of long-lived assets requires the use of significan t judgments and estimates. Future events may impact these judgments and estimates. |
Debt Issuance Costs And Original Issue Discount | Debt Issuance Costs And Ori ginal Issue Discount – The costs related to the issuance of debt are capitalized and amortized over the lives of the related debt and such amortization is accounted for as interest expense . S ee Note 8 for further discussion for the amount of deferr ed financing expense that was included in interest expense in the accompanying consolidated statements of operations . During the year ended December 31, 2016, the Company refinanced its outstanding Credit Facility that included retiring its $220.0 million 10.5% Senior Notes due December 1, 2019 (the “Senior Notes”) . In connection with this refinancing, the unamortized original issue discount associated with the Senior Notes was written off and included in the statement of operations under loss on extingui shment of debt. |
Extinguishment Of Debt | Extinguishment Of Debt –The Company may amend, append or replace, in part or in full, its outstanding debt. The Company reviews its unamortized financing costs associated with its outstanding debt to determine the amount subject to extin guishment under the accounting provisions for an exchange of debt instruments with substantially different terms or changes in a line-of-credit or revolving-debt arrangement. On November 1, 2016, the Company refinanced certain of its outstanding debt. A po rtion of the outstanding debt was accounted for as an extinguishment. See Note 8 for a discussion of the Company’s long-term debt . In addition, refer to the recent accounting pronouncements section of this note, Debt Issuance Costs, for a change i n the balance sheet presentation of debt issuance costs effective January 1, 2016. |
Corporate General And Administrative Expense | Corporate General And Administrative Expense – Corporate general and administrative expense consists of corporate overhead costs and non-cash compensation expense. Includ ed in corporate general and administrative expenses are those costs not specifically allocable to any of the Company’s individual business properties. |
Time Brokerage Agreement (Income) Fees | Time Brokerage Agreement (Income) Fees – TBA fees or income consist of fees paid or received under agree ments which permit an acquirer to program and market stations prior to an acquisition. The Company sometimes enters into a TBA prior to the consummation of station acquisitions and dispositions. The Company may also enter into a Joint Sales Agreement to m arket, but not to program, a station for a defined period of time. TBA fees or income are recorded as a separate line item in our consolidated statement of operations. |
Barter Transactions | Barter Transactions – The Company provides advertising broadcast time in exchange for certain products, supplies and services. The terms of the exchanges generally permit the Company to preempt such broadcast time in favor of advertisers who purchase time on regular terms. The Company includes the value of such exchanges in both broadcasting net revenues and stati on operating expenses. Barter valuation is based upon management’s estimate of the fair value of the products, supplies and services received. S ee Note 15 , Supplemental Cash Flow Disclosures On Non-Cash Investing And Financing Activities, for a summary of the Company’s barter transactions. |
Business Combinations | Business Combinations – Accounting guidance for business combinations provides the criteria to recognize intangible assets apart from goodwill. Other than goodwill, the Company uses a direct value method to determine the fair value of all intangible assets required to be recogn ized for business combinations. For a discussion of impairment testing of those assets acquired in a business combination, including goodwill, see Note 4 . |
Asset Retirement Obligations | Asset Retirement Obligations – The Com pany reasonably estimates the fair value of an asset retirement obligation. For an asset retirement obligation that is conditional (uncertainty about the timing and/or method of settlement), the Company factors into its fair value measurement a probabilit y factor as the obligation depends upon a future event that may or may not be within the control of the Company. The following table presents the changes in asset retirement obligations: Asset Retirement Obligations December 31, 2016 2015 (amounts in thousands) Beginning Balance $ 569 $ 541 Additions 453 15 Settlements (14) - Revision of estimate (2) - Accretions 38 13 Ending Balance $ 1,044 $ 569 Asset retirement obligations - short term $ 610 $ 105 Asset retirement obligations - long term 434 464 Total asset retirement obligations $ 1,044 $ 569 |
Accrued Compensation | Accrued Compensation – Certain types of employee compensation, which amounts are included in the balance sheets under other current liabilities, are paid in subsequent periods. See Note 6 for amounts reflected in the balance sheets. |
Cash And Cash Equivalents | Cash And Cash Equivalents – Cash consists primarily of amounts held on deposit with financial institutions. The Company’s cash deposits with banks are insured by the Federal Deposit Insurance Corporation up to $ 250,000 per account. At times, the cash balances held by the Company in financial institutions may exceed these insured limits. The risk of loss attributable to these uninsured balances is mitigated by depositing funds in high credit quality financial institutions. The Company has not experienced any losse s in such accounts. From time to time, the Company may invest in cash equivalents, which consists of investments in immediately available money market accounts and all highly liquid debt instruments with initial maturities of three months or less. The Co mpany considers all highly liquid investments with a maturity of three months or less to be cash equivalents. As of December 31, 2016 and 2015 , the Company had no cash equivalents on hand. |
Derivative Financial Instruments | Derivative Financial Instruments – The Company follows accounting guidance for its derivative financial instruments that it enters into from time to time, including certain derivative instruments embedded in other contracts, and hedging activities. |
Leases | Leases – The Company follows accounting guidance for its leases, which includes the recognition of escalated rents on a straight-line basis over the term of the lease agreement, as described further in Note 7 . The operating lease obligations rep resent scheduled future minimum operating lease payments under non-cancellable operating leases, including rent obligations under escalation clauses that are defined increases and not escalations that depend on variable indices. The minimum lease payments do not include common area maintenance, variable real estate taxes, insurance and other costs for which the Company may be obligated as most of these payments are primarily variable rather than fixed. See Note 20, Contingencies and Commitments, for a discussion of the Company’s leases . In addition, refer to the recent accounting pronouncements section o f this note, Leasing Transactions , for a change in the Company’s reporting requirements as of January 1, 2019. |
Share-Based Compensation | Share-Based Compensation – T he Compan y records compensation expense for all share-based payment awards made to employees and directors, at estimated fair value. The Company also uses the simplified method in developing an estimate of the expected term of certain stock options. For further dis cussion of share-based compensation, see Note 13 . |
Investments | Investments – For those investments in which the Company has the ability to exercise significant influence over the operating and financial policies of the investee, the investment is accounted for under the equity method. At December 31, 2016 and 2015 , the Company held no equity method investments. For those investments in which the Company does not have such significant influence, the Company applies the accounting guidance for certain inve stments in debt and equity securities. An investment is classified into one of three categories: held-to-maturity, available-for-sale, or trading securities, and, depending upon the classification, is carried at fair value based upon quoted market prices or historical cost when quoted market prices are unavailable. The Company also provides certain quantitative and qualitative disclosures for those investme nts that are impaired (other than temporarily) at the balance sheet date and for those investments for which an impairment has not been recognized. |
Advertising And Promotion Costs | Advertising And Promotion Costs – Costs of media advertising and associated production costs are expensed when incurred. |
Insurance And Self-Insurance Liabilities | Insurance And Self-Insurance Liabilities – The Company uses a combination of insurance and self-insurance mechanisms to provide for the potential liabilities for workers’ compensation, general liability, property, director and officers’ li ability, vehicle liability and employee health care benefits. Liabilities associated with the risks that are retained by the Company are estimated, in part, by considering claims experience, demographic factors, severity factors, outside expertise and othe r actuarial assumptions. For any legal costs expected to be incurred in connection with a loss contingency, the Company recognizes the expense as incurred. |
Recognition Of Insurance Recoveries | Recognition Of Insurance Claims and Other Recoveries – The Company recognizes insurance recoverie s and other claims when all contingencies have been satisfied. During 2016 , the Company recovered $ 2.3 million related to a legal claim. This amount was recorded on a net basis after deducting certain related expenses. For further discussion, see Note 20 . |
Sports Programming Costs | Sports Programming Costs – Sports programming costs which are for a specified number of events are amortized on an event-by-event basis, and programming costs which are for a specified season are amortized over the season on a straight-line basis. Prepaid expenses which are not directly allocable to any one particular season are amortized on a straight-line basis over the life of the agreement. |
Accrued Litigation | Accrued Litigation - The Company evaluates the likelihood of an unfavorable outco me in legal or regulatory proceedings to which it is a party and records a loss contingency when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These judgments are subjective, based on the status o f such legal or regulatory proceedings, the merits of the Company’s defenses and consultation with corporate and external legal counsel. Actual outcomes of these legal and regulatory proceedings may materially differ from the Company’s estimates. The Compa ny expenses legal costs as incurred in professional fees. See Note 20 , Contingencies And Commitments . |
Software Costs | Software Costs – The Company capitalizes direct internal and external costs incurred to develop internal-use software during the application development state. Internal-use software includes w ebsite development activities such as the planning and design of additional functionality and features f or existing sites and/or the planning and design of new sites . Costs related to the maintenance , content development and training of internal-use software are expensed as incurred. Capitalized costs are amortized over the estimated useful life of three y ears using the straight-line method . |
New Accounting Pronouncements and Changes in Accounting Principles | Recent Accounting Pronouncements A ll new accounting pronouncements that are in effect that may impact the Company’s financial statements have been implemented. The Company does not believe that there are any other new accounting pronouncements that have been issued, other than for a few of those as listed below, that might have a material impact on the Company’s financial position or results of operations. Definition of a Business In January 2017, the accounting guidance was amended to clarify th e definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The guidance is effective for the Company as of January 1, 2018 under a prospective applicatio n method. The Company is currently in the process of reviewing the new guidance, but based upon its preliminary assessment, which is subject to change, the impact of this guidance should not be material to the Company’s financial position, results of oper ations or cash flows. The guidance could have an impact in a future period if the Company acquires or disposes assets that meet the definition of a business under the amended guidance. Goodwill Impairment In January 2017, the accounting guidance was a mended to simplify the accounting for goodwill impairment by removing the second step of the goodwill impairment test. The guidance is effective for the Company as of January 1, 2020. The Company is currently in the process of reviewing the new guidance, but based upon its preliminary assessment, which is subject to change, the impact of this guidance should not be material to the Company’s financial position, results of operations or cash flows. Cash Flow Classification In August 2016, the accounting guidance for classifying elements of cash flow was simplified. The guidance is effective for the Company as of January 1, 2018 under a retrospective application method. The Company is currently in the process of reviewing the new guidance, but based upo n its preliminary assessment, which is subject to change, the impact of this guidance should not be material to the Company’s financial position, results of operations or cash flows. Stock-Based Compensation Simplification In March 2016, the accounting guidance for stock-based compensation was modified to reflect in the income statement the income tax effects of awards when stock-based awards vest. The guidance on employers’ accounting for an employee’s use of shares to satisfy the employer’s statutory income tax withholding obligation and for forfeitures is also changing. This guidance is effective for the Company as of January 1, 2017. The company believes that: (1) the Company may recognize future income tax benefits that were previously not allowed to be recognized; and (2) the Company may increase the shares withheld upon the vesting of restricted stock units (“RSUs”) in order to satisfy employees’ tax obligations. The impact of this guidance will not be material to the Company’s financial positio n, results of operations or cash flows. Leasing Transactions In February 2016, the accounting guidance was modified to require that all leases with a term of more than one year covering leased assets such as real estate, broadcasting towers and equipment , be reflected on the balance sheet as assets and liabilities for the rights and obligations created by these leases. This includes leases with short-term options to cancel by the lessee unless it is highly likely that the Company would exercise the optio n to cancel. While the Company is currently reviewing the effects of this guidance, the Company believes that this would result in: (1) an increase in the assets and liabilities reflected on the Company’s consolidated balance sheets; and (2) an increase in the Company’s interest expense and depreciation and amortization expense and a decrease to the Company’s station operating expense reflected on its consolidated statements of operations. New disclosures are also required to enable users of financial stat ements to assess the amount, timing, and uncertainty of cash flows arising from leases. This guidance is effective for the Company as of January 1, 2019. Revenue Recognition In May 2014, the accounting guidance for revenue recognition was modified and subsequently updated several times with amendments. Along with these modifications, most industry-specific revenue guidance was eliminated, including a current broadcasting exemption for reporting revenue from network barter programming. 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 disclosures, including significant judgments and changes in judgments. The Company expects to adopt the new guidance effective on January 1, 2018, by applying the modified retrospective method at the date of the initial application by recording the cumulative effect on retained earnings as of the date of adoption. The Company has made progress toward completing its evaluation of the impact of the guidance to all of the Company’s revenue streams and expects to complete the contract evaluations during 2017, including an evaluation of the impact on its business processes, controls and systems. While the Company continues to assess all potential impacts of the standard, it currently believes the most significant impact relates to its accounting for network barter programming. Balance Sheet Classification Of Deferred Taxes In No vember 2015, the accounting guidance for balance sheet classification of deferred taxes was modified to present deferred taxes for each jurisdiction as noncurrent on the balance sheet. Previously, deferred taxes were presented for each jurisdiction as a n et current asset or liability and net noncurrent asset or liability. This guidance is effective for the Company as of January 1, 2017, although early adoption is permitted. The Company elected to early adopt this standard on a prospective basis as of Octob er 1, 2016, as is permitted under the standard. Due to the prospective treatment, prior periods presented in these financial statements have not been retroactively adjusted. Business Combinations In September 2015, the accounting guidance for business c ombinations was modified to reflect measurement period adjustments to be recorded prospectively rather than retroactively to the assets and liabilities initially recorded under purchase price accounting. This guidance, which was effective as of January 1, 2016, did not have a material impact on the Company’s financial position and results of operations, but could have an impact in a future period when an adjustment is recorded for a previously reported business combination . There should be no material impa ct to the Company’s cash flows. Fees Paid In A Cloud Computing Arrangement In April 2015, the accounting guidance was revised to identify when a cloud computing service includes a software license that is to be capitalized and treated consistently with t he acquisition of other software licenses. The adoption of this accounting guidance , which was effective as of January 1, 2016, did not have any material effect on the Company’s results of operations, cash flows or financial condition. Debt Issuance Cos ts In April 2015, the accounting guidance was amended to modify the presentation of debt issuance costs on the balance sheet by requiring that all costs, including incremental third-party costs, be reflected as an offset to the associated debt liability rather than as a deferred charge. This guidance was subsequently modified in August 2015 to allow the existing presentation to continue for line-of-credit arrangements. The impact of this guidance , which was effective on January 1, 2016, was to reclassify debt issuance costs (other than those for line-of-credit arrangements) from other assets to the respective long-term debt liability for balance sheet presentation purposes only and had no impact on the Company’s results of operations, cash flows or financ ial position. In addition, certain reclassifications were recorded to the prior year’s balance sheet to conform to the presentation in the current year, which did not have a material impact on the Company’s previously reported financial statements . Consolidation In February 2015, the accounting guidance for consolidation was amended which revises the analysis of and reduces the need to consolidate certain entities. This accounting guidance, which was effective on January 1, 2016, did not have any material effect on the Company’s results of operations, cash flows or financial position . Extraordinary Items In January 2015, the accounting guidance was updated to eliminate the concept of an extraordinary item and the requirement to consider whether an underlying event or transaction is extraordinary. If an item is considered extraordinary, it is presented in the income statement net of tax, after income from continuing operations. Eliminating the concept of extraordinary removes the uncertainty for the preparer as to whether the item had been treated properly. The Company will apply this guidance prospectively to all applicable transactions. This guidance, which was effective on January 1, 2016, did not have any material effect on the Company’s resu lts of operations, cash flows, or financial position. Derivatives And Hedging In November 2014, the accounting guidance was updated for determining whether the host contract in a hybrid financial instrument issued in the form of a share is more akin t o debt or to equity. This update does not change the current criteria for determining when separation of certain embedded derivative features in a hybrid financial instrument is required, but clarifies how current accounting guidance should be interpreted in the evaluation of the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share, reducing existing diversity in practice. The adoption of this accounting guidance, which was effective o n January 1, 2016, did not have any material effect on the Company’s results of operations, cash flows or financial position. Stock-Based Performance Awards In June 2014, the accounting guidance was updated for stock-based awards when the terms of an awa rd 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. The adoptio n of this accounting guidance, which was effective on January 1, 2016, did not have any material effect on the Company’s results of operations, cash flows or financial position. |
SIGNIFICANT ACCOUNTING POLICI31
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies Abstract | |
Schedule of depreciation expense on property pland and equipment | Property And Equipment Years Ended December 31, 2016 2015 2014 (amounts in thousands) Depreciation expense $ 8,689 $ 7,419 $ 6,748 |
Schedule of property plant and equipment by category | Depreciation Period Property And Equipment In Years December 31, From To 2016 2015 Land, land easements and land improvements - 15 $ 18,546 $ 16,764 Buildings 20 40 22,698 22,711 Equipment 3 40 112,362 108,399 Furniture and fixtures 5 10 11,129 10,868 Capital leases * * 44 - Leasehold improvements * * 23,017 23,119 187,796 181,861 Accumulated depreciation (128,322) (124,870) 59,474 56,991 Capital improvements in progress 3,901 1,002 Net property and equipment $ 63,375 $ 57,993 * Shorter of economic life or lease term |
Schedule of Deferred Revenue, by Arrangement | Unearned Revenues December 31, Balance Sheet Location 2016 2015 (amounts in thousands) Current Other current liabilities $ 298 $ 306 |
ScheduleOfChangeInAssetRetirementObligationTableTextBlock | Asset Retirement Obligations December 31, 2016 2015 (amounts in thousands) Beginning Balance $ 569 $ 541 Additions 453 15 Settlements (14) - Revision of estimate (2) - Accretions 38 13 Ending Balance $ 1,044 $ 569 Asset retirement obligations - short term $ 610 $ 105 Asset retirement obligations - long term 434 464 Total asset retirement obligations $ 1,044 $ 569 |
ACCOUNTS RECEIVABLE AND RELAT32
ACCOUNTS RECEIVABLE AND RELATED ALLOWANCE FOR DOUBTFUL ACCOUNTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Schedule of accounts receivable balances and reserve for doubtful amount | Net Accounts Receivable December 31, 2016 2015 (amounts in thousands) Accounts receivable $ 94,309 $ 89,291 Allowance for doubtful accounts (2,137) (2,134) Accounts receivable, net of allowance for doubtful accounts $ 92,172 $ 87,157 |
Schedule of changes in allowance for doubtful accounts | Changes In Allowance For Doubtful Accounts Additions Balance At Charged To Deductions Balance At Beginning Costs And From End Of Year Ended Of Year Expenses Reserves Year (amounts in thousands) December 31, 2016 $ 2,134 $ 1,330 $ (1,327) $ 2,137 December 31, 2015 2,449 1,553 (1,868) 2,134 December 31, 2014 2,413 1,004 (968) 2,449 |
INTANGIBLE ASSETS AND GOODWIL33
INTANGIBLE ASSETS AND GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of the changes in broadcasting license | Broadcasting Licenses Carrying Amount December 31, December 31, 2016 2015 (amounts in thousands) Beginning of period balance as of January 1, $ 807,381 $ 718,992 Consolidation of a VIE 15,738 - Acquisition of radio stations - 79,209 Acquisition of a radio station through an exchange of assets - 53,057 Acquisitions - other 112 100 Assets held for sale - (1,397) Disposition of radio stations previously reflected as held for sale (36) (32,979) Disposition of a radio station previously reflected as deconsolidated subsidiary - (9,601) Ending period balance $ 823,195 $ 807,381 |
Schedule of assumptions and estimates for broadcasting licences impairment testing | Estimates And Assumptions Second Second Second Second Quarter Quarter Quarter Quarter 2016 2015 2014 2013 Discount rate 9.5% 9.7% 9.6% 9.8% Operating profit margin ranges expected for average stations in the markets where the Company operates 14% to 40% 25% to 40% 25% to 40% 25% to 41% Long-term revenue growth rate range of the Company's markets 1.0% to 2.0% 1.5% to 2.0% 1.5% to 2.0% 1.5% to 2.0% |
Schedule of changes in goodwill | Goodwill Carrying Amount December 31, December 31, 2016 2015 (amounts in thousands) Goodwill balance before cumulative loss on impairment as of January 1, $ 158,244 $ 164,465 Accumulated loss on impairment as of January 1, (125,615) (125,615) Goodwill beginning balance after cumulative loss on impairment as of January 1, 32,629 38,850 Loss on impairment during year - - Acquisition of radio stations - 5,866 Acquisition of radio stations through an exchange - 266 Adjustment to acquired goodwill associated with an assumed fair value liability 92 (1,364) Disposition of radio stations previously reflected as assets held for sale (3) (10,230) Disposition of a radio station previously reflected as a deconsolidated subsidiary - (759) Ending period balance $ 32,718 $ 32,629 |
Schedule of assumptions and estimates for goodwill impairment testing | Estimates And Assumptions Second Second Second Second Quarter Quarter Quarter Quarter 2016 2015 2014 2013 Discount rate 9.5% 9.7% 9.6% 9.8% Long-term revenue growth rate range of the Company's markets 1.0% to 2.0% 1.5% to 2.0% 1.5% to 2.0% 1.5% to 2.0% Market multiple used in the market valuation approach 7.5x to 8.0x 7.5x to 8.0x 7.5x to 8.0x 7.5x to 8.0x |
DEFERRED CHARGES AND OTHER AS34
DEFERRED CHARGES AND OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure Abstract | |
Schedule of Deferred Charges and Other Assets | Deferred Charges And Other Assets December 31, 2016 2015 Period Of Asset Reserve Net Asset Reserve Net Amortization (amounts in thousands) Deferred contracts and other agreements $ 1,788 $ 1,491 $ 297 $ 1,788 $ 1,442 $ 346 Term of contract Leasehold premium 448 169 279 735 426 309 Less than 1 year Other definitive-lived assets 861 844 17 861 836 25 3 years Total definite-lived intangibles 3,097 2,504 593 3,384 2,704 680 Debt issuance costs 1,810 741 1,069 16,691 16,457 234 Term of debt Prepaid assets - long-term 6,361 - 6,361 2,233 - 2,233 Software costs and other 7,288 5,051 2,237 6,367 4,043 2,324 $ 18,556 $ 8,296 $ 10,260 $ 28,675 $ 23,204 $ 5,471 |
Schdule of Deferred Charges Amortization Expense | Amortization Expense Deferred Charges And Other Assets For The Years Ended December 31, 2016 2015 2014 (amounts in thousands) Definite-lived assets $ 81 $ 150 $ 147 Deferred financing expense 2,585 2,863 3,860 Software costs 1,023 850 899 Total $ 3,689 $ 3,863 $ 4,906 |
Schdule of Future Estimated Amortization Expense | Future Amortization Expense Definite-Lived Total Other Assets Years ending December 31, (amounts in thousands) 2017 $ 834 $ 757 $ 77 2018 671 597 74 2019 322 251 71 2020 292 221 71 2021 253 184 69 Thereafter 232 1 231 Total $ 2,604 $ 2,011 $ 593 |
OTHER CURRENT AND LONG-TERM LIA
OTHER CURRENT AND LONG-TERM LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure Abstract | |
Schedule of Accounts Payable and Accrued Liabilities | Other Current Liabilities December 31, 2016 2015 (amounts in thousands) Accrued compensation $ 8,059 $ 8,865 Accounts receivable credits 3,571 3,575 Advertiser obligations 1,102 1,198 Accrued interest payable 3,587 3,547 Other 3,284 2,739 Total other current liabilities $ 19,603 $ 19,924 |
Schedule of Deferred Rent Liabilities | Deferred Rent Liabilities December 31, 2016 2015 (amounts in thousands) Deferred rent liabilities $ 6,275 $ 6,137 |
LONG-TERM DEBT LIABILITIES (Tab
LONG-TERM DEBT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Long-Term Debt December 31, 2016 2015 (amounts in thousands) Credit Facility Revolver, due November 1, 2021 $ - $ - Term B Loan, due November 1, 2023 480,000 - 480,000 - Former Credit Facility Revolver, due November 23, 2016 - 26,000 Term B Loan, due November 23, 2018 - 242,750 - 268,750 Senior Notes 10.5% senior unsecured notes, due December 1, 2019 - 220,000 Unamortized original issue discount - (1,731) - 218,269 Other Debt Capital lease and other 87 - Total debt before deferred financing costs 480,087 487,019 Current amount of long-term debt (4,817) (31,832) Deferred financing costs (excludes the revolving credit) (7,619) (6,463) Total long-term debt, net of current debt $ 467,651 $ 448,724 Outstanding standby letters of credit $ 670 $ 670 |
Schedule Of Net Interest Expense | Net Interest Expense Years Ended December 31, 2016 2015 2014 (amounts in thousands) Interest expense $ 33,799 $ 34,764 $ 34,656 Amortization of deferred financing costs 2,585 2,863 3,860 Amortization of original issue discount of senior notes 312 340 305 Interest income and other investment income (57) (6) - Total net interest expense $ 36,639 $ 37,961 $ 38,821 |
Schedule of Maturities of Long-term Debt | Principal Debt Maturities Term B Loan Revolver Other Total (amounts in thousands) Years ending December 31: 2017 $ 4,800 $ - $ 17 $ 4,817 2018 4,800 - 18 4,818 2019 4,800 - 21 4,821 2020 4,800 - 23 4,823 2021 4,800 - 8 4,808 Thereafter 456,000 - - 456,000 Total $ 480,000 $ - $ 87 $ 480,087 |
SHAREHOLDER'S EQUITY (Tables)
SHAREHOLDER'S EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders Equity Note Abstract | |
Schedule of dividends payable on unvested restricted stock units | Dividend Equivalent Liabilities Balance Sheet December 31, Location 2016 2015 (amounts in thousands) Short-term Other current liabilities $ 260 $ - Long-term Other long-term liabilities 348 210 Total $ 608 $ 210 |
Schedule Of Vested Employee Restricted Stock Units And Value | Years Ended December 31, 2016 2015 2014 (amounts in thousands) Shares of stock deemed repurchased 232 132 142 Amount recorded as financing activity $ 2,268 $ 1,562 $ 1,514 |
Schedule of dividend activity | Aggregate Payment Dividends Payment Equity Type Date Per Share Amount Common stock June 15, 2016 $ 0.075 $ 2,885,838 September 15, 2016 $ 0.075 $ 2,886,179 December 15, 2016 $ 0.075 $ 2,891,608 Preferred October 16, 2015 $ 37,500.00 $ 412,500 January 16, 2016 $ 37,500.00 $ 412,500 April 16, 2016 $ 37,500.00 $ 412,500 July 16, 2016 $ 37,500.00 $ 412,500 October 16, 2016 $ 50,000.00 $ 550,000 |
ESPP Shares Purchased and Non-Cash Comp Expense | Years Ended December 31, 2016 2015 2014 (amounts in thousands) Number of shares purchased 32 - - Non-cash compensation expense recognized $ 67 $ - $ - |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments Abstract | |
Schedule Of Restricted Stock Units Market Based | Years Ended December 31, 2016 2015 2014 (amounts in thousands, except per share data) Reconciliation Of RSUs With Market Conditions Beginning of period balance 390 290 - Number of RSUs granted 470 165 290 Number of RSUs forfeited - - - Number of RSUs vested (230) (65) - End of period balance 630 390 290 Weighted average fair value of RSUs granted with market conditions $ 7.34 $ 8.39 $ 6.90 |
Schedule Of Other Options Dislcosure | Years Ended December 31, Option Issuance And Exercise Data 2016 2015 2014 (amounts in thousands except for per share and years) From To From To From To Exercise price range of options issued $ 1.34 $ 11.69 $ - $ - $ - $ - Upon vesting, period to exercise in years 1 10 - - - - Fair value per share upon grant $ - $ - $ - Intrinsic value per share upon exercise $ 12.21 $ 8.57 $ 8.99 Intrinsic value of options exercised $ 1,678 $ 101 $ 517 Tax benefit from options exercised (1) $ 636 $ 38 $ 196 Cash received from exercise price of options exercised $ 265 $ 35 $ 82 Number of options granted - - - |
Schedule Of significant ranges of outstanding and exercisable options | Options Outstanding Options Exercisable Number Of Weighted Number Of Options Average Weighted Options Weighted Range Of Outstanding Remaining Average Exercisable Average Exercise Prices December 31, Contractual Exercise December 31, Exercise From To 2016 Life Price 2016 Price $ 1.34 $ 1.34 304,562 2.1 $ 1.34 304,562 $ 1.34 $ 2.02 $ 11.78 25,000 1.8 $ 8.87 25,000 $ 8.87 $ 1.34 $ 11.78 329,562 2.1 $ 1.91 329,562 $ 1.91 |
Schedule of recognized stock-based compensation expense | Years Ended December 31, 2016 2015 2014 (amounts in thousands) Station operating expenses $ 1,363 $ 1,259 $ 919 Corporate general and administrative expenses 5,176 4,265 4,313 Stock-based compensation expense included in operating expenses 6,539 5,524 5,232 Income tax benefit (1) 2,321 2,036 1,502 Net stock-based compensation expense $ 4,218 $ 3,488 $ 3,730 |
Schedule Of Restricted Stock Units Vested And Released | Years Ended December 31, 2016 2015 2014 Shares Amount Shares Amount Shares Amount (amounts in thousands, except per share) RSUs issued 1,123 $ 10,381 796 $ 9,045 685 $ 5,754 RSUs forfeited - service based (27) (280) (58) (709) (47) (727) Net RSUs issued and increase (decrease) to paid-in capital 1,096 $ 10,101 738 $ 8,336 638 $ 5,027 Weighted average grant date fair value per share $ 9.24 $ 11.36 $ 8.40 Fair value of shares vested per share $ 9.30 $ 11.85 $ 10.58 RSUs vested and released 611 406 410 |
Resticted Stock Unit Valuation Assumptions | Years Ended December 31, 2016 2015 Expected Volatility Structure (1) 35% to 45% 34% to 39% Risk Free Interest Rate (2) 0.4% to 1.1% 0.1% to 1.1% Dividend Yield (3) 7.5% 0.0% |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest | Number Weighted Aggregate Of Weighted Average Intrinsic Restricted Average Remaining Value As Of Stock Purchase Contractual December 31, Period Ended Units Price Term (Years) 2016 RSUs outstanding as of: December 31, 2015 1,590,417 RSUs awarded 1,122,585 RSUs released (611,383) RSUs forfeited (26,825) RSUs outstanding as of: December 31, 2016 2,074,794 $ - 1.5 $ 31,744,348 RSUs vested and expected to vest as of: December 31, 2016 1,926,132 $ - 1.5 $ 28,721,961 RSUs exercisable (vested and deferred) as of: December 31, 2016 48,880 $ - - $ 747,864 Weighted average remaining recognition period in years 2.2 Unamortized compensation expense, net of estimated forfeitures $ 10,822,456 |
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding | Weighted Intrinsic Weighted Average Value Average Remaining As Of Number Of Exercise Contractual December 31, Period Ended Options Price Term (Years) 2016 Options outstanding as of: December 31, 2015 466,925 $ 1.93 Options granted - - Options exercised (134,238) 1.98 Options forfeited - Options expired (3,125) Options outstanding as of: December 31, 2016 329,562 $ 1.91 2.1 $ 4,412,386 Options vested and expected to vest as of: December 31, 2016 329,562 $ 1.91 2.1 $ 4,412,386 Options vested and exercisable as of: December 31, 2016 329,562 $ 1.91 2.1 $ 4,412,386 Weighted average remaining recognition period in years - Unamortized compensation expense, net of estimated forfeitures $ 3,909 |
Schedule Of Restricted Stock Units Performance Based [Text Block] | Years Ended December 31, 2016 2015 2014 (amounts in thousands, except per share data) Reconciliation Of RSUs With Service And Performance Conditions Beginning of period balance 29 8 - Number of RSUs granted - 21 11 Number of RSUs that did not meet criteria (29) - (3) Number of RSUs vested - - - End of period balance - 29 8 Average fair value of RSUs granted with performance conditions $ - $ 11.11 $ 9.60 |
NET INCOME PER COMMON SHARE (Ta
NET INCOME PER COMMON SHARE (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract] | |
Schedule of Earnings Per Share Reconciliation [Table Text Block] | Year Ended December 31, 2016 2015 2014 (amounts in thousands, except share and per share data) Basic Income (Loss) Per Share Numerator Net income (loss) available to the Company $ 38,065 $ 29,184 $ 26,823 Preferred stock dividends 1,901 752 - Net income (loss) available to common shareholders $ 36,164 $ 28,432 $ 26,823 Denominator Basic weighted average shares outstanding 38,500,495 38,083,947 37,763,353 Basic net income (loss) per share available to common shareholders $ 0.94 $ 0.75 $ 0.71 Diluted Income (Loss) Per Share Numerator Net income (loss) available to the Company $ 38,065 $ 29,184 $ 26,823 Preferred stock dividends 1,901 752 - Net income (loss) available to common shareholders $ 36,164 $ 28,432 $ 26,823 Denominator Basic weighted average shares outstanding 38,500,495 38,083,947 37,763,353 Effect of RSUs and options under the treasury stock method 1,067,567 953,976 900,713 Diluted weighted average shares outstanding 39,568,062 39,037,923 38,664,066 Diluted net income (loss) per share available to common shareholders $ 0.91 $ 0.73 $ 0.69 |
Equity Award Impact Schedule | Impact Of Equity Awards Years Ended December 31, 2016 2015 2014 (amounts in thousands, except per share data) Dilutive or anti-dilutive for all potentially dilutive equivalent shares dilutive dilutive dilutive Excluded shares as anti-dilutive under the treasury stock method: Options excluded - 14 30 Price range of options excluded: from $ - $ 11.24 $ 10.11 Price range of options excluded: to $ - $ 11.78 $ 33.90 RSUs with service conditions - 8 1 Excluded RSUs with service and market conditions as market conditions not met 267 165 193 Excluded RSUs with service and performance conditions until performance criteria is probable - 29 11 Excluded preferred stock as anti-dilutive under the as if method 1,943 882 - |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure Abstract | |
Schedule Of Income Tax Expense Reconciliation | Years Ended December 31, 2016 2015 2014 (amounts in thousands) Federal statutory income tax rate 35% 35% 35% Computed tax expense at federal statutory rates on income before income taxes $ 18,501 $ 16,667 $ 16,357 State income tax expense, net of federal benefit (5,202) 1,333 2,491 Non-recognition of expense due to full valuation allowance - (244) - Tax benefit shortfall associated with share-based awards 286 12 62 Nondeductible expenses and other 1,209 669 1,001 Income taxes $ 14,794 $ 18,437 $ 19,911 |
Schedule of Components of Income Tax Expense (Benefit) | Years Ended December 31, 2016 2015 2014 Current: Federal $ (33) $ 25 $ - State 139 90 100 Total current 106 115 100 Deferred: Federal 19,980 17,042 17,373 State (5,292) 1,280 2,438 Total deferred 14,688 18,322 19,811 Total income taxes (benefit) $ 14,794 $ 18,437 $ 19,911 |
Schedule of Deferred Tax Assets and Liabilities | December 31, 2016 2015 (amounts in thousands) Deferred tax assets: Employee benefits $ - $ 783 Deferred compensation - 988 Provision for doubtful accounts - 835 Deferred gain on tower transaction - 235 Other - 987 Total current deferred tax assets before valuation allowance - 3,828 Valuation allowance - (231) Total current deferred tax assets - net - 3,597 Federal and state income tax loss carryforwards 126,278 129,944 Share-based compensation 3,145 3,218 Investments - impairments 499 499 Lease rental obligations 3,504 3,440 Deferred compensation 5,307 3,968 Deferred gain on tower transaction 3,035 3,039 Property, equipment and certain intangibles (other than broadcasting licenses and goodwill) 4,036 4,804 Advertiser broadcasting obligations 47 - Employee benefits 944 - Provision for doubtful accounts 795 - Other non-current 1,532 1,014 Total non-current deferred tax assets before valuation allowance 149,122 149,926 Valuation allowance (12,861) (20,407) Total non-current deferred tax assets - net $ 136,261 $ 129,519 Deferred tax liabilities: Advertiser broadcasting obligations $ - $ (133) Total current deferred tax liabilities - (133) Deferral of gain recognition on the extinguishment of debt (3,031) (4,568) Broadcasting licenses and goodwill (226,128) (206,594) Total non-current deferred tax liabilities (229,159) (211,162) Total deferred tax liabilities (229,159) (211,295) Total net deferred tax liabilities $ (92,898) $ (78,179) |
Schedule of Deferred Tax Assets Valuation Allowance | Increase Increase (Decrease) (Decrease) Charged Charged (Credited) (Credited) Balance At To Income To Balance At Beginning Taxes Balance End Of Year Ended Of Year (Benefit) Sheet Year (amounts in thousands) December 31, 2016 $ 20,638 $ (7,777) $ - $ 12,861 December 31, 2015 20,766 (165) 37 20,638 December 31, 2014 20,238 528 - 20,766 |
Schedule of Liabilities For Uncertain Tax Positions | December 31, 2016 2015 (amounts in thousands) Liabilities for uncertain tax positions Tax $ - $ 67 Interest and penalties - 170 Total $ - $ 237 |
Schedule of Expense Income For Uncertain Tax Positions | Years Ended December 31, 2016 2015 2014 (amounts in thousands) Tax expense (income) $ (67) $ - $ - Interest and penalties (income) (170) 20 18 Total income taxes (benefit) from uncertain tax positions $ (237) $ 20 $ 18 |
Schedule of Changes in Unrecognized Tax Benefits | Years Ended December 31, 2016 2015 2014 (amounts in thousands) Beginning of year balance $ (7,690) $ (7,690) $ (7,690) Prior year positions Gross Increases - - - Gross Decreases - - - Current year positions Gross Increases - - - Gross Decreases - - - Settlements with tax authorities - - - Reductions due to statute lapse 552 - - End of year balance $ (7,138) $ (7,690) $ (7,690) Ending liability balance included above that was reflected as an offset to deferred tax assets $ (7,138) $ (7,623) $ (7,623) |
Schedule of Income Tax Payments and Refunds | Years Ended December 31, 2016 2015 2014 (amounts in thousands) State income tax payments $ 381 $ 81 $ 79 Federal and state income tax refunds $ - $ - $ 10 |
Summary of Operating Loss Carryforwards [Table Text Block] | Net Operating Losses December 31, 2016 Suspended NOLs Windfall NOL Expiration Period (amounts in thousands) (in years) Federal NOL carryforwards $ 285,521 $ 13,338 2030 to 2036 State NOL carryforwards $ 618,399 $ 9,837 2017 to 2036 State income tax credit $ 1,248 to 2018 |
EMPLOYEE SAVINGS AND BENEFIT 41
EMPLOYEE SAVINGS AND BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation And Retirement Disclosure Abstract | |
Schedule Of Deferred Compensation Plan | Years Ended December 31, Benefit Plan Disclosures 2016 2015 2014 (amounts in thousands) Deferred compensation Beginning of period balance $ 10,137 $ 11,017 $ 10,459 Employee compensation deferrals 963 534 420 Employee compensation payments (945) (1,464) (734) Increase (decrease) in plan fair value 720 50 872 End of period balance $ 10,875 $ 10,137 $ 11,017 |
FAIR VALUE OF FINANCIAL INSTR42
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures Abstract | |
Schedule of recurring fair value measurements | Fair Value Measurements At Reporting Date December 31, Description 2016 2015 (amounts in thousands) Liabilities Deferred compensation - Level 1 (1) $ 10,875 $ 10,137 |
Schedule Of Carrying Value Of Financial Instruments | December 31, December 31, 2016 2015 Carrying Fair Carrying Fair Value Value Value Value (amounts in thousands) Term B Loan (1) $ 480,000 $ 487,200 $ - $ - Revolver (2) $ - $ - $ - $ - Former Term B Loan $ - $ - $ 242,750 $ 242,447 Former Revolver $ - $ - $ 26,000 $ 26,000 Senior Notes $ - $ - $ 218,269 $ 227,000 Other debt (3) $ 87 $ - Letters of credit (4) $ 670 $ 670 |
ACQUISITIONS, DIVESTITURES AND
ACQUISITIONS, DIVESTITURES AND PRO FORMA SUMMARY (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of merger and acquisition costs | Years Ended December 31, 2016 2015 2014 (amounts in thousands) Restructuring charges Costs to exit duplicative contracts $ - $ 646 $ - Workforce reduction - 1,538 - Lease abandonment costs - 687 - Changes in estimates - (13) - Total restructuring charges - 2,858 - Merger and acquisition costs 708 3,978 1,042 Total merger & acquisition costs and restructuring charges $ 708 $ 6,836 $ 1,042 |
Schedule of unaudited pro forma summary of financial information | Years Ended December 31, 2016 2015 2014 (amounts in thousands, except per share data) Actual Pro Forma Pro Forma Net revenues $ 460,245 $ 442,485 $ 437,597 Net income (loss) available to the Company $ 38,065 $ 33,050 $ 22,736 Net income (loss) available to common shareholders $ 36,164 $ 30,850 $ 21,086 Net income (loss) available to commons shareholders per common share - basic $ 0.94 $ 0.81 $ 0.56 Net income (loss) available to commons shareholders per common share - diluted $ 0.91 $ 0.79 $ 0.55 Weighted shares outstanding basic 38,500 38,084 37,763 Weighted shares outstanding diluted 39,568 39,038 38,664 Conversion of preferred stock for dilutive purposes under the as if method anti-dilutive anti-dilutive anti-dilutive |
Schedule of the future amortization of unfavoarble leases from acquisition | As Of December 31, 2016 (amounts in thousands) Years ending December 31, 2017 $ 875 2018 295 2019 167 2020 147 2021 91 Thereafter 426 $ 2,001 |
ScheduleOfRestructuringReserveByTypeOfCostTextBlock | Year Year Ended Ended December 31, December 31, 2016 2015 (amounts in thousands) Restructuring charges, beginning balance $ 1,686 $ - Additions to reserves through accruals - 2,858 Deductions from reserves through payments (1,036) (1,172) Restructuring charges unpaid and outstanding 650 1,686 Less lease abandonment costs over a long-term period (576) (687) Short-term restructuring charges unpaid and outstanding $ 74 $ 999 |
ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock | Bonneville Exchange Markets Radio Stations Transactions Los Angeles, CA KSWD FM Company acquired from Bonneville Denver, CO KOSI FM Company disposed to Bonneville Denver, CO KYGO FM; KEPN AM Company disposed to Bonneville Denver, CO KKFN FM The trust disposed to Bonneville Lincoln Acquisition Markets Radio Stations Transactions Denver, CO KKFN FM The trust acquired from Lincoln Denver, CO KYGO FM; KEPN AM Company acquired from Lincoln Denver, CO KQKS FM; KRWZ AM Company acquired from Lincoln Atlanta, GA WSTR FM; WQXI AM Company acquired from Lincoln Miami, FL WAXY AM/FM; WLYF FM; WMXJ FM Company acquired from Lincoln San Diego, CA KBZT FM; KSON FM/KSOQ FM; KIFM FM Company acquired from Lincoln |
LFM [Member] | |
Acquisition [Line Items] | |
Schedule Of Acquisition Valuation [Table Text Block] | December 31, Useful Lives In Years Description 2016 From To (amounts in thousands) Cash $ 2,246 Net accounts receivable 11,933 less than 1 year Prepaid expenses, deposits and other 970 less than 1 year Total current assets 15,149 Land 7,368 non-depreciating Land improvements 87 15 15 Building 1,067 15 25 Leasehold improvements 973 2 11 Equipment and towers 8,651 3 40 Furniture and fixtures 29 5 5 Total tangible property 18,175 Assets held for sale 1,885 Other intangibles 487 1 5 Broadcasting licenses 79,209 non-amortizing Goodwill 4,594 non-amortizing Deferred tax assets 1,364 over remaining lease life Total intangible and other assets 87,539 Total assets $ 120,863 Accounts payable $ 723 less than 1 year Accrued expenses 3,466 less than 1 year Other current liabilities 12 less than 1 year Total current liabilities 4,201 Unfavorable contracts and other liabilities 3,272 over remaining lease life Total liabilities acquired $ 7,473 Net assets acquired $ 113,390 |
BonnevilleSwap [Member] | |
Acquisition [Line Items] | |
Schedule Of Acquisition Valuation [Table Text Block] | December 31, Useful Lives In Years Description 2016 From To (amounts in thousands) Other receivables $ 4,864 Equipment 1,012 3 15 Furniture and fixtures 121 5 5 Total tangible property 1,133 Advertiser lists and customer relationships 1 3 3 Trademarks and trade names 2 5 5 Broadcasting licenses 53,057 non-amortizing Goodwill 266 non-amortizing Total intangible assets 53,326 Total assets 59,323 Unfavorable contract and lease liabilities (323) 1 4 Net assets acquired $ 59,000 Fair value of net assets provided as consideration $ 59,000 |
PERPETUAL CUMULATIVE CONVERTIBA
PERPETUAL CUMULATIVE CONVERTIBALE PREFERRED STOCK (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
PreferredStockIncludingAdditionalPaidInCapitalAbstract | |
Schedule Of Preferred Stock [Table Text Block] | December 31, 2016 2015 (amounts in thousands, except shares) Perpetual cumulative convertible preferred stock $0.01 par value Shares issued and outstanding 11 11 Aggregate liquidation preference $ 27,500 $ 27,500 Less stock issuance costs (220) (220) Plus accrued dividend as of the end of period 452 339 Net carrying value $ 27,732 $ 27,619 |
CONTINGENCIES, GUARANTOR ARRANG
CONTINGENCIES, GUARANTOR ARRANGEMENTS AND COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies Guarantor Disclosure [Abstract] | |
Scehdule of Rent Expense | Years Ended December 31, 2016 2015 2014 (amounts in thousands) Rent Expense $ 17,892 $ 16,116 $ 14,556 |
Schedule of Contracts and Commitments | Future Minimum Annual Commitments Sale Rent Under Leaseback Programming Operating Operating And Related Leases Leases Contracts Total (amounts in thousands) Years ending December 31, 2017 $ 17,594 $ 868 $ 70,119 $ 88,581 2018 14,767 894 40,718 56,379 2019 13,024 920 22,622 36,566 2020 10,095 948 17,339 28,382 2021 7,169 976 12,688 20,833 Thereafter 23,185 8,739 23,000 54,924 $ 85,834 $ 13,345 $ 186,486 $ 285,665 |
Schedule of Condensed Parent Company Balance Sheet | ENTERCOM COMMUNICATIONS CORP. CONDENSED PARENT COMPANY BALANCE SHEETS (amounts in thousands) 2016 2015 ASSETS Current Assets $ 7,228 $ 7,289 Property And Equipment - Net 2,866 472 Deferred Charges And Other Assets - Net 1,813 3,807 Investment In Subsidiaries / Intercompany 456,161 424,493 TOTAL ASSETS $ 468,068 $ 436,061 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities $ 20,042 $ 19,631 Long Term Liabilities 26,920 27,361 Total Liabilities 46,962 46,992 Perpetual Cumulative Convertible Preferred Stock 27,732 27,619 Shareholders' Equity: Class A, B and C Common Stock 407 397 Additional Paid-In Capital 605,603 611,754 Accumulated Deficit (212,636) (250,701) Total shareholders' equity 393,374 361,450 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 468,068 $ 436,061 See notes to condensed Parent Company financial statements. |
Schedule of Condensed Parent Company Income Statement | ENTERCOM COMMUNICATIONS CORP. CONDENSED PARENT COMPANY INCOME STATEMENTS (amounts in thousands) YEARS ENDED DECEMBER 31, 2016 2015 2014 NET REVENUES $ 2,131 $ 1,536 $ 1,309 OPERATING (INCOME) EXPENSE: Depreciation and amortization expense 1,235 1,123 1,217 Corporate general and administrative expenses 33,218 26,395 26,463 Merger and acquisition costs and restructuring charges 708 6,836 1,042 Other expenses related to financing 565 - - Net (gain) loss on sale or disposal of assets (601) (601) (601) Total operating expense 35,125 33,753 28,121 OPERATING INCOME (LOSS) (32,994) (32,217) (26,812) Net interest expense, including amortization of deferred financing expense 24 - 15 Net recovery of a claim 100 - - Income from equity investment in subsidiaries (85,977) (79,838) (73,561) TOTAL OTHER (INCOME) EXPENSE (85,853) (79,838) (73,546) INCOME (LOSS) BEFORE INCOME TAXES (BENEFIT) 52,859 47,621 46,734 INCOME TAXES (BENEFIT) 14,794 18,437 19,911 NET INCOME (LOSS) AVAILABLE TO THE COMPANY 38,065 29,184 26,823 Preferred stock dividend (1,901) (752) - NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS $ 36,164 $ 28,432 $ 26,823 See notes to condensed Parent Company financial statements. |
Schedule of Condensed Parent Company Shareholder's Equity | ENTERCOM COMMUNICATIONS CORP. PARENT COMPANY STATEMENTS OF SHAREHOLDERS' EQUITY YEARS ENDED DECEMBER 31, 2016, 2015 AND 2014 (amounts in thousands, except share data) Retained Common Stock Additional Earnings Class A Class B Paid-in (Accumulated Shares Amount Shares Amount Capital Deficit) Total Balance, December 31, 2013 31,308,194 $ 313 7,197,532 $ 72 $ 604,721 $ (306,713) $ 298,393 Net income (loss) available to the Company - - - - - 26,823 26,823 Compensation expense related to granting of stock awards 638,102 7 - - 5,225 - 5,232 Exercise of stock options 57,500 - - - 82 - 82 Purchase of vested employee restricted stock units (141,502) (1) - - (1,513) - (1,514) Forfeitures of dividend equivalents - - - - - 5 5 Balance, December 31, 2014 31,862,294 319 7,197,532 72 608,515 (279,885) 329,021 Net income (loss) available to the Company - - - - - 29,184 29,184 Compensation expense related to granting of stock awards 738,195 7 - - 5,517 - 5,524 Exercise of stock options 11,750 - - - 35 - 35 Purchase of vested employee restricted stock units (131,688) (1) - - (1,561) - (1,562) Preferred stock dividend - - - - (752) - (752) Balance, December 31, 2015 32,480,551 325 7,197,532 72 611,754 (250,701) 361,450 Net income (loss) available to the Company - - - - - 38,065 38,065 Compensation expense related to granting of stock awards 1,095,759 11 - - 6,528 - 6,539 Issuance of common stock related to the Employee Share Purchase Plan ("ESPP") 31,933 - - - 379 - 379 Exercise of stock options 134,238 1 - - 264 - 265 Purchase of vested employee restricted stock units (232,297) (2) - - (2,266) - (2,268) Payment of dividends on common stock - - - - (8,666) - (8,666) Dividend equivalents, net of forfeitures - - - - (602) - (602) Payment of dividends on preferred stock - - - - (1,788) - (1,788) Balance, December 31, 2016 33,510,184 $ 335 7,197,532 $ 72 $ 605,603 $ (212,636) $ 393,374 See notes to Parent Company financial statements. |
Schedule of Condensed Parent Company Cash flow | ENTERCOM COMMUNICATIONS CORP. CONDENSED PARENT COMPANY STATEMENTS OF CASH FLOWS (amounts in thousands) YEARS ENDED DECEMBER 31, 2016 2015 2014 OPERATING ACTIVITIES: Net cash provided by (used in) operating activities $ (24,344) $ (25,355) $ (21,652) INVESTING ACTIVITIES: Additions to property and equipment (1,849) (304) (213) Additions to intangible assets (182) (1,142) (481) Proceeds (distributions) from investments in subsidiaries 44,527 29,030 23,610 Net cash provided by (used in) investing activities 42,496 27,584 22,916 FINANCING ACTIVITIES: Proceeds from issuance of employee stock plan 379 - - Payment of fees associated with the issuance of preferred stock - (220) - Payment of call premium and other fees (5,977) - - Proceeds from the exercise of stock options 265 35 82 Purchase of vested employee restricted stock units (2,268) (1,562) (1,514) Payment of dividends on common stock (8,666) - - Payment of dividend equivalents on vested restricted stock units (94) (7) - Net cash provided by (used in) financing activities (18,149) (2,167) (1,432) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 3 62 (168) CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 195 133 301 CASH AND CASH EQUIVALENTS, END OF YEAR $ 198 $ 195 $ 133 See notes to condensed Parent Company financial statements. |
Schedule Of Pending Purchase Price Allocation [Table Text Block] | January 6, Useful Lives In Years Description 2017 From To (amounts in thousands) Assets Land $ 2,539 non-depreciating Buildings 217 15 25 Equipment 4,569 3 40 Total property plant and equipment 7,325 Deferred tax asset 287 life of underlying asset Radio broadcasting licenses and goodwill 17,384 non-amortizing Total assets 24,996 Liabilities Unfavorable lease liabilities 735 over remaining lease life Deferred tax liability 261 life of underlying liability Total liabilities 996 Net assets $ 24,000 |
ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock | Charlotte Trust Description December 31, 2016 (amounts in in thousands) Cash $ 302 Accounts receivable, net of allowance for doubtful accounts 2,143 Prepaid expenses, deposits and other 244 Total current assets 2,689 Net property and equipment 6,346 Radio broadcasting licenses 15,738 Deferred charges and other assets, net of accumulated amortization 366 Total assets $ 25,139 Accrued expenses $ (1,180) Non-controlling interest - variable interest entity (23,959) $ (25,139) |
ASSETS HELD FOR SALE (Tables)
ASSETS HELD FOR SALE (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property Plant And Equipment Assets Held For Sale Disclosure [Abstract] | |
Disclosure Of Long Lived Assets Held For Sale [Text Block] | Assets Held For Sale December 31, 2016 2015 (amounts in thousands) Land and land improvements $ - $ 3,972 Building - 1,036 Equipment - 497 Total property and equipment - 5,505 Depreciation and amortization - 796 Net property and equipment - 4,709 Radio broadcasting licenses - 1,397 Total intangibles - 1,397 Assets held for sale - 6,106 Net assets held for sale $ - $ 6,106 |
SUPPLEMENTAL CASH FLOW DISCLOSU
SUPPLEMENTAL CASH FLOW DISCLOSURES ON NON-CASH INVESTING AND FINANCING ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Years Ended December 31, 2016 2015 2014 (amounts in thousands) Operating Activities Barter revenues $ 4,700 $ 4,002 $ 3,826 Barter expenses $ 4,789 $ 4,258 $ 3,665 Financing Activities Increase in paid-in capital from the issuance of RSUs $ 10,381 $ 9,045 $ 5,754 Decrease in paid-in capital from the forfeiture of RSUs (280) (709) (727) Net paid-in capital of RSUs issued (forfeited) $ 10,101 $ 8,336 $ 5,027 Perpetual cumulative convertible preferred stock issued in connection with an acquisition $ - $ 27,500 $ - Dividend accrued on perpetual cumulative convertible preferred stock $ 452 $ 339 $ - Investing Activities Cash acquired through consolidation of a VIE $ 302 $ - $ - Net radio station assets given up in a market $ - $ 59,000 $ - Net radio station assets acquired in a market $ - $ 59,000 $ - Radio station assets acquired through the issuance of perpetual cumulative convertible preferred stock $ - $ 27,500 $ - |
SUMMARIZED QUARTERLY FINANCIA48
SUMMARIZED QUARTERLY FINANCIAL DATA (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure Abstract | |
Schedule of Quarterly Financial Information [Table Text Block] | Quarters Ended December 31 September 30 June 30 March 31 (amounts in thousands, except per share data) 2016 Net revenues $ 123,207 $ 120,457 $ 120,478 $ 96,103 Operating income $ 30,040 $ 25,688 $ 27,584 $ 14,745 Net income (loss) available to the Company $ 11,399 $ 11,420 $ 10,834 $ 4,412 Net income (loss) available to common shareholders $ 10,849 $ 10,894 $ 10,422 $ 3,999 Net income (loss) available to common shareholders per share - basic (1) $ 0.28 $ 0.28 $ 0.27 $ 0.10 Weighted average common shares outstanding - basic 38,561 38,485 38,469 38,448 Net income (loss) available to common shareholders per share - diluted (1) $ 0.27 $ 0.28 $ 0.26 $ 0.10 Weighted average common shares outstanding - diluted 39,800 41,433 41,130 39,260 Preferred stock dividends declared and paid $ 550 $ 413 $ 413 $ 412 Common stock dividends declared and paid $ 2,893 $ 2,887 $ 2,886 $ - Quarters Ended December 31 September 30 June 30 March 31 (amounts in thousands, except per share data) 2015 Net revenues $ 117,704 $ 114,662 $ 100,592 $ 78,420 Operating income $ 32,555 $ 23,159 $ 20,615 $ 9,253 Net income (loss) available to the Company $ 14,088 $ 8,442 $ 6,747 $ (93) Net income (loss) available to common shareholders $ 13,675 $ 8,103 $ 6,747 $ (93) Net income (loss) available to common shareholders per share - basic (1) $ 0.36 $ 0.21 $ 0.18 $ - Weighted average common shares outstanding - basic 38,088 38,076 38,074 38,026 Net income (loss) available to common shareholders per share - diluted (1) $ 0.34 $ 0.21 $ 0.17 $ - Weighted average common shares outstanding - diluted 40,974 38,913 38,929 38,026 Preferred stock dividends declared and paid $ 413 $ - $ - $ - Common stock dividends declared and paid $ - $ - $ - $ - |
BASIS OF PRESENTATION AND ORG49
BASIS OF PRESENTATION AND ORGANIZATION (Details) | Dec. 31, 2016number |
Organization Consolidation And Presentation Of Financial Statements Abstract | |
NumberOfStatesInWhich | 28 |
SIGNIFICANT ACCOUNTING POLICI50
SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 8,689,000 | $ 7,419,000 | $ 6,748,000 |
Construction commitments | 1,400,000 | ||
Summary of the categories of property and equipment | |||
Property, Plant and Equipment, Gross | 187,796,000 | 181,861,000 | |
Accumulated depreciation | (128,322,000) | (124,870,000) | |
Net property and equipment before construction in progress | 59,474,000 | 56,991,000 | |
Capital improvements in progress | 3,901,000 | 1,002,000 | |
Property, Plant and Equipment, net of accumulated depreciation | 63,375,000 | 57,993,000 | |
Deferred Revenue | |||
Current - accrued compensation and other current liabilities | 298,000 | 306,000 | |
Long-term - other long term liabilities | $ 0 | 0 | |
Revenues and expenses incurred during the TBA | |||
SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnership | 100.00% | ||
AssetRetirementObligationAbstract | |||
ARO Beginning Balance | $ 569,000 | 541,000 | |
IncreaseDecreaseInAssetRetirementObligations | 453,000 | 15,000 | |
AssetRetirementObligationLiabilitiesSettled | (14,000) | 0 | |
AssetRetirementObligationRevisionOfEstimate | (2,000) | 0 | |
ResultsOfOperationsAccretionOfAssetRetirementObligations | 38,000 | 13,000 | |
ARO Ending Balance | 1,044,000 | 569,000 | $ 541,000 |
AssetRetirementObligationsNoncurrent | 434,000 | 464,000 | |
AssetRetirementObligationCurrent | 610,000 | 105,000 | |
CashFDICInsuredAmount | 250,000 | ||
Land Improvements [Member] | |||
Summary of the categories of property and equipment | |||
Property, Plant and Equipment, Gross | $ 18,546,000 | 16,764,000 | |
Land Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Tangible assets amortization period | 15 years | ||
Land Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Tangible assets amortization period | 0 years | ||
Building [Member] | |||
Summary of the categories of property and equipment | |||
Property, Plant and Equipment, Gross | $ 22,698,000 | 22,711,000 | |
Building [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Tangible assets amortization period | 40 years | ||
Building [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Tangible assets amortization period | 20 years | ||
Equipment [Member] | |||
Summary of the categories of property and equipment | |||
Property, Plant and Equipment, Gross | $ 112,362,000 | 108,399,000 | |
Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Tangible assets amortization period | 40 years | ||
Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Tangible assets amortization period | 3 years | ||
Furniture and Fixtures [Member] | |||
Summary of the categories of property and equipment | |||
Property, Plant and Equipment, Gross | $ 11,129,000 | 10,868,000 | |
Furniture and Fixtures [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Tangible assets amortization period | 10 years | ||
Furniture and Fixtures [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Tangible assets amortization period | 5 years | ||
Leaseholds and Leasehold Improvements [Member] | |||
Summary of the categories of property and equipment | |||
Property, Plant and Equipment, Gross | $ 23,017,000 | 23,119,000 | |
AssetsHeldUnderCapitalLeasesMember | |||
Summary of the categories of property and equipment | |||
Property, Plant and Equipment, Gross | $ 44,000 | $ 0 |
ACCOUNTS RECEIVABLE AND RELAT51
ACCOUNTS RECEIVABLE AND RELATED ALLOWANCE FOR DOUBTFUL ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts Receivable, Net [Abstract] | |||||
Accounts receivable | $ 94,309 | $ 89,291 | |||
Allowance for doubtful accounts | $ (2,134) | $ (2,134) | $ (2,413) | (2,137) | (2,134) |
Accounts receivable, net of allowance for doubtful accounts | $ 92,172 | $ 87,157 | |||
Allowance for doubtful accounts | |||||
Allowance for doubtful accounts | 2,134 | 2,449 | 2,413 | ||
Additions Charged to Costs and Expenses | (1,330) | (1,553) | (1,004) | ||
Deduction From Reserves | (1,327) | (1,868) | (968) | ||
Allowance for doubtful accounts | $ 2,137 | $ 2,134 | $ 2,449 |
INTANGIBLE ASSETS AND GOODWIL52
INTANGIBLE ASSETS AND GOODWILL (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Jun. 30, 2016number | Jun. 30, 2015number | Jun. 30, 2014number | Jun. 30, 2013number | Dec. 31, 2016USD ($)number | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Changes in broadcasting licenses [Line Items] | |||||||
Beginning of period balance | $ 807,381 | $ 718,992 | |||||
Consolidation of a VIE | 15,738 | 0 | |||||
Impairment loss | 0 | 0 | |||||
Acquisition of radio stations | 0 | 79,209 | |||||
Assets held for sale | 0 | (1,397) | |||||
Deconsolidation of a subsidiary | (36) | (32,979) | |||||
Acquisition - other | 112 | 100 | |||||
Dispositions | 0 | (9,601) | |||||
Indefinitelived Intangible Assets Acquired Through Exchange | 0 | 53,057 | |||||
Ending period balance | $ 823,195 | 807,381 | |||||
Market approach for step one goodwill analysis [Abstract] | |||||||
Income model years used for the discounted cash flow approach | number | 10 | ||||||
Changes in goodwill [Roll Forward] | |||||||
Goodwill before cumulative loss on impairment | 158,244 | $ 164,465 | |||||
Accumulated loss on impairment | (125,615) | $ (125,615) | |||||
Beginning balance after cumulative loss on impairment | $ 32,629 | 38,850 | |||||
Loss on impairment during the year | 0 | 0 | |||||
Acquisition | 0 | 5,866 | |||||
Dispositions | (3) | (10,230) | |||||
Deconsolidation of a subsidiary | 0 | (759) | |||||
Goodwill Acquired Through Exchange | 0 | 266 | |||||
Adjustments to acquired goodwill | 92 | (1,364) | |||||
Ending balance | $ 32,718 | $ 32,629 | |||||
Broadcasting License Impairment Testing [Member] | |||||||
Estimates and assumptions used for impairment test [Line Items] | |||||||
Discount rates | 9.50% | 9.70% | 9.60% | 9.80% | |||
Broadcasting License Impairment Testing [Member] | Maximum [Member] | |||||||
Estimates and assumptions used for impairment test [Line Items] | |||||||
Operating profit margin ranges of the markets of the Company | 40.00% | 40.00% | 40.00% | 41.00% | |||
Long-term revenue growth rate ranges of the markets of the Company | 2.00% | 2.00% | 2.00% | 2.00% | |||
Broadcasting License Impairment Testing [Member] | Minimum [Member] | |||||||
Estimates and assumptions used for impairment test [Line Items] | |||||||
Operating profit margin ranges of the markets of the Company | 14.00% | 25.00% | 25.00% | 25.00% | |||
Long-term revenue growth rate ranges of the markets of the Company | 1.00% | 1.50% | 1.50% | 1.50% | |||
Goodwill Impairment Testing [Member] | |||||||
Estimates and assumptions used for impairment test [Line Items] | |||||||
Discount rates | 9.50% | 9.70% | 9.60% | 9.80% | |||
Goodwill Impairment Testing [Member] | Maximum [Member] | |||||||
Estimates and assumptions used for impairment test [Line Items] | |||||||
Long-term revenue growth rate ranges of the markets of the Company | 2.00% | 2.00% | 2.00% | 2.00% | |||
Market approach for step one goodwill analysis [Abstract] | |||||||
Estimates of market multiples | number | 8 | 8 | 8 | 8 | |||
Goodwill Impairment Testing [Member] | Minimum [Member] | |||||||
Estimates and assumptions used for impairment test [Line Items] | |||||||
Long-term revenue growth rate ranges of the markets of the Company | 1.00% | 1.50% | 1.50% | 1.50% | |||
Market approach for step one goodwill analysis [Abstract] | |||||||
Estimates of market multiples | number | 7.5 | 7.5 | 7.5 | 7.5 |
DEFERRED CHARGES AND OTHER AS53
DEFERRED CHARGES AND OTHER ASSETS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Deferred Costs Other Assets [Line Items] | |||
Total definitive-lived intagible, Asset | $ 3,097 | $ 3,384 | |
Total definite-lived intangibles, Reserve | 2,504 | 2,704 | |
Net | 593 | 680 | |
Deferred Costs | |||
Debt Issuance costs | 1,810 | 16,691 | |
Debt Issuance costs - amortization | 741 | 16,457 | |
Debt Issuance costs - net | 1,069 | 234 | |
Prepaid assets - long term | 6,361 | 2,233 | |
Software costs and other | 7,288 | 6,367 | |
Software costs and other - Amortization | 5,051 | 4,043 | |
Software costs and other - net | 2,237 | 2,324 | |
Total deferred charges and other assets | 18,556 | 28,675 | |
Total Reserve | 8,296 | 23,204 | |
Total Net | 10,260 | 5,471 | |
Amortization Expense | |||
Definite-lived assets | 81 | 150 | $ 147 |
Deferred financing expense | 2,585 | 2,863 | 3,860 |
Software costs | 1,023 | 850 | 899 |
Total amortization expense for deferred charges and other assets | 3,689 | 3,863 | $ 4,906 |
Deferred Contracts And Other Agreements | |||
Deferred Costs Other Assets [Line Items] | |||
Total definitive-lived intagible, Asset | 1,788 | 1,788 | |
Total definite-lived intangibles, Reserve | 1,491 | 1,442 | |
Net | 297 | 346 | |
Leasehold Premium | |||
Deferred Costs Other Assets [Line Items] | |||
Total definitive-lived intagible, Asset | 448 | 735 | |
Total definite-lived intangibles, Reserve | 169 | 426 | |
Net | 279 | 309 | |
Other definitive lived assets | |||
Deferred Costs Other Assets [Line Items] | |||
Total definitive-lived intagible, Asset | 861 | 861 | |
Total definite-lived intangibles, Reserve | 844 | 836 | |
Net | $ 17 | $ 25 | |
Period of Amortization -advertiser lists and computer relationship | 3 years |
DEFERRED CHARGES AND OTHER AS54
DEFERRED CHARGES AND OTHER ASSETS - Future Amortization Exp (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Amortization Expense For Deferred Charges Other Assets And Definite Lived Assets [Line Items] | |
2,017 | $ 834 |
2,018 | 671 |
2,019 | 322 |
2,020 | 292 |
2,021 | 253 |
Thereafter | 232 |
Total amortization expense for deferred charges and other assets | 2,604 |
Other Deferred Assets [Member] | |
Amortization Expense For Deferred Charges Other Assets And Definite Lived Assets [Line Items] | |
2,017 | 757 |
2,018 | 597 |
2,019 | 251 |
2,020 | 221 |
2,021 | 184 |
Thereafter | 1 |
Total amortization expense for deferred charges and other assets | 2,011 |
Finite Lived Assets [Member] | |
Amortization Expense For Deferred Charges Other Assets And Definite Lived Assets [Line Items] | |
2,017 | 77 |
2,018 | 74 |
2,019 | 71 |
2,020 | 71 |
2,021 | 69 |
Thereafter | 231 |
Total amortization expense for deferred charges and other assets | $ 593 |
OTHER CURRENT AND LONG-TERM L55
OTHER CURRENT AND LONG-TERM LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Accrued compensation | $ 8,059 | $ 8,865 |
Accounts receivable credits | 3,571 | 3,575 |
Derivative valuation - short-term | 0 | 0 |
Advertiser obligations | 1,102 | 1,198 |
Accrued interest payable | 3,587 | 3,547 |
Other | 3,284 | 2,739 |
Accrued compensation and other current liabilities | 19,603 | 19,924 |
Deferred rent liabilities | ||
Deferred rent liabilities | $ 6,275 | $ 6,137 |
LONG-TERM DEBT LIABILITIES (Det
LONG-TERM DEBT LIABILITIES (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)number | Dec. 31, 2015USD ($)number | |
Debt Instrument [Line Items] | ||
Total | $ 480,087 | $ 487,019 |
Current amount of long-term debt | (4,817) | (31,832) |
Unamortized original issue discount | 0 | (1,731) |
Total long-term debt | 467,651 | 448,724 |
Outstanding standby letter of credit | $ 670 | $ 670 |
Percent of Common Stock Securing Facility | number | 100 | 100 |
Revolver, due November 23, 2016 | ||
Debt Instrument [Line Items] | ||
Former Credit Facility | $ 0 | $ 26,000 |
Term B Loan, due November 23, 2018 | ||
Debt Instrument [Line Items] | ||
Former Credit Facility | 0 | 242,750 |
Unsecured notes due December 1, 2019 | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 0 | 220,000 |
Capital Lease Obligations | ||
Debt Instrument [Line Items] | ||
Other | 87 | 0 |
Total Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
New Credit Facility | 480,000 | 0 |
Former Credit Facility | 0 | 268,750 |
Net Senior Notes Outstanding [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured notes | 0 | 218,269 |
Deferred Financing Costs [Member] | ||
Debt Instrument [Line Items] | ||
Total | (7,619) | (6,463) |
New Revolver due November 1, 2021 | ||
Debt Instrument [Line Items] | ||
New Credit Facility | 0 | 0 |
New Term B Loan due November 1, 2023 | ||
Debt Instrument [Line Items] | ||
New Credit Facility | $ 480,000 | $ 0 |
LONG-TERM DEBT LIABILITIES - Se
LONG-TERM DEBT LIABILITIES - Senior Debt (Details) - USD ($) $ in Millions | 1 Months Ended | |||
Nov. 01, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 23, 2011 | |
Debt Instrument [Line Items] | ||||
Credit Facility | $ 540 | $ 425 | ||
Undrawn amount of the Revolver | $ 59.3 | |||
Consolidated Leverage Ratio | 3.7 | |||
Consolidated Interest Coverage Ratio | 5.1 | |||
Weighted average interest rate under the senior debt | 4.50% | 4.10% | ||
Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Consolidated Interest Coverage Ratio | 2 | |||
Through December 31, 2017 [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Consolidated Leverage Ratio | 5 | |||
September 30, 2018 and Thereafter [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Consolidated Leverage Ratio | 4.5 | |||
Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Credit Facility | $ 40 | 50 | ||
Credit Facility paid off | 3 | |||
Term Loan B | ||||
Debt Instrument [Line Items] | ||||
Credit Facility | $ 375 | |||
Credit Facility paid off | $ 223 | |||
New Revolver [Member] | ||||
Debt Instrument [Line Items] | ||||
Commitment fee | 0.50% | |||
New Credit Facility, Amount Outstanding | $ 60 | |||
New Revolver [Member] | Libor Rate Plus | ||||
Debt Instrument [Line Items] | ||||
Variable rate | 3.50% | |||
New Revolver [Member] | Prime Rate Plus | ||||
Debt Instrument [Line Items] | ||||
Variable rate | 2.50% | |||
New Term B Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
New Credit Facility, Amount Outstanding | $ 480 | |||
DebtInstrumentAnnualPrincipalPayment | 1.00% | |||
New Term B Loan [Member] | Libor Rate Plus | ||||
Debt Instrument [Line Items] | ||||
Variable rate | 3.50% | |||
New Term B Loan [Member] | Federal Rate Plus | ||||
Debt Instrument [Line Items] | ||||
Variable rate | 0.50% | |||
New Term B Loan [Member] | Base Rate Plus | ||||
Debt Instrument [Line Items] | ||||
Variable rate | 2.50% | |||
New Term B Loan [Member] | Libor Rate Floor | ||||
Debt Instrument [Line Items] | ||||
Variable rate | 1.00% | |||
New Term B Loan [Member] | Base Rate Libor Plus | ||||
Debt Instrument [Line Items] | ||||
Variable rate | 1.00% |
LONG-TERM DEBT LIABILITIES - 58
LONG-TERM DEBT LIABILITIES - Senior Unsecured Debt (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Dec. 01, 2016 | Dec. 31, 2011 | |
Debt Instrument [Line Items] | ||
DebtInstrumentIncreaseAccruedInterest | $ 11.6 | |
Call Premium on Senior Debt | $ 5.8 | |
Senior Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Senior Notes | $ 220 | |
Net Proceeds | 212.7 | |
Debt Instrument Original Issue Discount | 2.9 | |
Deferred Finance Costs, Current, Net | $ 6.1 | |
Debt Instrument, Interest Rate, Stated Percentage | 10.50% |
LONG-TERM DEBT LIABILITIES - De
LONG-TERM DEBT LIABILITIES - Debt Extinguishment and Net Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net Interest Expense | ||||
Interest expense | $ 33,799 | $ 34,764 | $ 34,656 | |
Amortization of deferred financing costs | 2,585 | 2,863 | 3,860 | |
Amortization of original issue discount of senior notes | 312 | 340 | 305 | |
Interest income and other investment income | (57) | (6) | 0 | |
Total net interest expense | 36,639 | 37,961 | 38,821 | |
Extinguishment of Debt [Line Items] | ||||
Write-off of unamortized deferred financing costs | $ 3,500 | |||
Gains (Losses) on Extinguishment of Debt | (10,858) | $ 0 | $ 0 | |
Senior Notes due December, 1, 2019 [Member] | ||||
Extinguishment of Debt [Line Items] | ||||
Gains (Losses) on Extinguishment of Debt | 10,100 | |||
New Credit Facility [Member] | New Revolver [Member] | ||||
Extinguishment of Debt [Line Items] | ||||
Deferred Financing Costs - 2016 Refinancing | 1,100 | |||
New Credit Facility [Member] | New Term B Loan [Member] | ||||
Extinguishment of Debt [Line Items] | ||||
Deferred Financing Costs - 2016 Refinancing | 6,900 | |||
Former Facility [Member] | Revolving Credit Facility [Member] | ||||
Extinguishment of Debt [Line Items] | ||||
Write-off of unamortized deferred financing costs | 100 | |||
Former Facility [Member] | Modified Term B Loan [Member] | ||||
Extinguishment of Debt [Line Items] | ||||
Unamortized Costs Deferred | 1,000 | |||
Lender and Third Party Fees Expensed - 2016 Refinancing | 600 | |||
Former Facility [Member] | Extinguished Term B Loan [Member] | ||||
Extinguishment of Debt [Line Items] | ||||
Write-off of unamortized deferred financing costs | 500 | |||
Lender and Third Party Fees Expensed - 2016 Refinancing | $ 200 |
LONG-TERM DEBT LIABILITIES - Ma
LONG-TERM DEBT LIABILITIES - Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Aggregate Principal Maturities [Line Items] | ||
2,017 | $ 4,817 | |
2,018 | 4,818 | |
2,019 | 4,821 | |
2,020 | 4,823 | |
2,021 | 4,808 | |
Thereafter | 456,000 | |
Total | 480,087 | $ 487,019 |
Credit Facility | ||
Aggregate Principal Maturities [Line Items] | ||
2,017 | 0 | |
2,018 | 0 | |
2,019 | 0 | |
2,020 | 0 | |
2,021 | 0 | |
Thereafter | 0 | |
Total | 0 | |
LoansPayableMember | ||
Aggregate Principal Maturities [Line Items] | ||
2,017 | 4,800 | |
2,018 | 4,800 | |
2,019 | 4,800 | |
2,020 | 4,800 | |
2,021 | 4,800 | |
Thereafter | 456,000 | |
Total | 480,000 | |
Capital Lease Obligations | ||
Aggregate Principal Maturities [Line Items] | ||
2,017 | 17 | |
2,018 | 18 | |
2,019 | 21 | |
2,020 | 23 | |
2,021 | 8 | |
Thereafter | 0 | |
Total | $ 87 |
TOWER SALE AND LEASEBACK (Detai
TOWER SALE AND LEASEBACK (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($)number | |
Tower Sale And Leaseback [Abstract] | |
Operating Lease Remaining Life Amortization Period | number | 16.5 |
Sale Leaseback Transaction Amortization Of Deferred Gain | $ | $ 0.6 |
SHAREHOLDER'S EQUITY (Details)
SHAREHOLDER'S EQUITY (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Dec. 15, 2016 | Sep. 15, 2016 | Jun. 15, 2016 | Oct. 16, 2016 | Jul. 16, 2016 | Apr. 16, 2016 | Jan. 16, 2016 | Oct. 16, 2015 | Oct. 01, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Conversion Of Class B Common Stock [Abstract] | ||||||||||||
Conversion of Class B common stock to Class A common stock (Share) | 3,152,333 | |||||||||||
Dividends And Shares Activitiy [Line Items] | ||||||||||||
Dvidend Equivalent liability - short term | $ 260,000 | $ 0 | ||||||||||
Dvidend Equivalent liability - long term | 348,000 | 210,000 | ||||||||||
Total Dividend Equivalent Liability | $ 608,000 | 210,000 | ||||||||||
CommonStockDividendsPerShareDeclared | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.3 | ||||||||
Dividend payments | $ 2,891,608 | $ 2,886,179 | $ 2,885,838 | $ 8,666,000 | $ 0 | $ 0 | ||||||
Shares of stock deemed repurchased | 232,000 | 132,000 | 142,000 | |||||||||
Amount recorded as financing activity | $ (2,268,000) | $ (1,562,000) | $ (1,514,000) | |||||||||
The total cost to repurchase | 0 | 0 | 0 | |||||||||
Credit Facility Available For Dividend Equity Or Debt Repurchase | 60,000,000 | |||||||||||
Dividends paid on preferred stock | $ 550,000 | $ 412,500 | $ 412,500 | $ 412,500 | $ 412,500 | $ 1,788,000 | $ 752,000 | 0 | ||||
Dividends Payable Amount Per Share | $ 37,500 | |||||||||||
Employee stock purchase plan, authorized shares | 1,000,000 | |||||||||||
Stock Issued During Period Value Employee Stock Purchase Plan | $ 379,000 | $ 0 | 0 | |||||||||
Total Non cash compensation expense recognized | $ 4,218,000 | 3,488,000 | 3,730,000 | |||||||||
Espp Shares Market Value | 85.00% | |||||||||||
Espp Share Discount | 15.00% | |||||||||||
PreferredStockDividendsPerShareDeclared | $ 50,000 | $ 37,500 | $ 37,500 | $ 37,500 | $ 37,500 | |||||||
PaymentsOfDividendsAbstract | ||||||||||||
Payments of Dividends, Common Stock | $ 2,891,608 | $ 2,886,179 | $ 2,885,838 | $ 8,666,000 | 0 | 0 | ||||||
PaymentsOfDividendsPreferredStockAndPreferenceStock | $ 1,788,000 | $ 413,000 | $ 0 | |||||||||
ESPP [Member] | ||||||||||||
Dividends And Shares Activitiy [Line Items] | ||||||||||||
Stock Issued During Period Shares Employee Stock Purchase Plans | 32,000 | 0 | 0 | |||||||||
Total Non cash compensation expense recognized | $ 67,000 | $ 0 | $ 0 |
SHARE-BASED COMPENSATION - Equi
SHARE-BASED COMPENSATION - Equity Compensation Plan and RSU Acitivity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restricted Stock Unit Activity [Abstract] | |||
RSUs issued | 1,122,585 | 796,000 | 685,000 |
RSUs forfeited | (26,825) | (58,000) | (47,000) |
Net RSUs issued and increase (decrease) to paid-in capital | 1,096,000 | 738,000 | 638,000 |
RSUs vested and released | 611,383 | 406,000 | 410,000 |
RSUs issued, Amount | $ 10,381 | $ 9,045 | $ 5,754 |
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures To Paid In Capital | $ 10,101 | $ 8,336 | $ 5,027 |
Equity Compensation Plan [Abstract] | |||
Additional shares available for grant during the next period | 1,500,000 | ||
Shares available for grant | 1,400,000 |
SHARE-BASED COMPENSATION - RSU
SHARE-BASED COMPENSATION - RSU Activity - Summary of Change (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Number of Restricted Stock Units [Roll Forward] | |||
RSUs beginning | 1,590,417 | ||
RSUs awarded | 1,122,585 | 796,000 | 685,000 |
RSUs released | (611,383) | (406,000) | (410,000) |
RSUs forfeited | (26,825) | (58,000) | (47,000) |
RSUs ending | 2,074,794 | 1,590,417 | |
Weighted Average Purchase Price RSUs | $ 0 | ||
Weighted Average Remaining Contractual Term (Years) RSUs | 1 year 6 months | ||
Aggregate Intrinsic Value RSUs | $ 31,744,348 | ||
Number of RSUs vested and expected to vest | 1,926,132 | ||
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 6 months | ||
Aggregate Intrinsic Value RSUs vested and expected to vest | $ 28,721,961 | ||
Number of RSUs exercisable | 48,880 | ||
Weighted Average Purchase Price of RUSs exercisable | $ 0 | ||
Weighted Average Remaining Contractual Term (Years) of RUSs exercisable | 0 years | ||
Aggregate Intrinsic Value RSUs exercisable | $ 747,864 | ||
Weighted average remaining recognition period in years | 2 years 2 months 12 days | ||
Unamortized compensation expense, net of estimated forfeitures | $ 10,822,456 |
SHARE-BASED COMPENSATION - RSUs
SHARE-BASED COMPENSATION - RSUs with Market Conditions (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Restricted Stock Units With Market Conditions [Line Items] | |||
RSUs issued | 1,122,585 | 796,000 | 685,000 |
RSUs issued, Amount | $ 10,381 | $ 9,045 | $ 5,754 |
Reconciliation Of RSUs With Market Conditions [Abstract] | |||
RSUs beginning | 1,590,417 | ||
Number of RSUs granted | 1,122,585 | 796,000 | 685,000 |
Number of RSUs forfeited | (26,825) | (58,000) | (47,000) |
Number of RSUs vested | (611,383) | (406,000) | (410,000) |
RSUs ending | 2,074,794 | 1,590,417 | |
Net RSUs increase (decrease) to APIC | $ 6,539 | $ 5,524 | $ 5,232 |
Fair value of each RSU issued with market conditions | $ 9.24 | $ 11.36 | $ 8.4 |
Average fair value of performance condition RSUs issued | $ 9.3 | $ 11.85 | $ 10.58 |
Restricted Stock Units With Market Conditions [Member] | |||
Share-based Compensation Restricted Stock Units With Market Conditions [Line Items] | |||
RSUs issued | 470,000 | 165,000 | 290,000 |
Reconciliation Of RSUs With Market Conditions [Abstract] | |||
RSUs beginning | 390,000 | 290,000 | 0 |
Number of RSUs granted | 470,000 | 165,000 | 290,000 |
Number of RSUs forfeited | 0 | 0 | 0 |
Number of RSUs vested | (230,000) | (65,000) | 0 |
RSUs ending | 630,000 | 390,000 | 290,000 |
RSUs forfeited | $ 0 | $ 0 | $ 0 |
Fair value of each RSU issued with market conditions | $ 7.34 | $ 8.39 | $ 6.9 |
Restricted Stock Units With Market Conditions [Member] | Maximum [Member] | |||
Reconciliation Of RSUs With Market Conditions [Abstract] | |||
RSUs beginning | 29,000 | ||
RSUs ending | 29,000 | ||
Restricted Stock Units With Service Conditions [Member] | |||
Reconciliation Of RSUs With Market Conditions [Abstract] | |||
Number of RSUs forfeited | (27,000) | (58,000) | (47,000) |
RSUs forfeited | $ (280) | $ (709) | $ (727) |
Restricted Stock Units With Performance Conditions [Member] | |||
Share-based Compensation Restricted Stock Units With Market Conditions [Line Items] | |||
RSUs issued | 0 | 21,000 | 11,000 |
Reconciliation Of RSUs With Market Conditions [Abstract] | |||
RSUs beginning | 29,000 | 8,000 | 0 |
Number of RSUs granted | 0 | 21,000 | 11,000 |
Number of RSUs forfeited | (29,000) | 0 | (3,000) |
Number of RSUs vested | 0 | 0 | 0 |
RSUs ending | 0 | 29,000 | 8,000 |
Fair value of each RSU issued with market conditions | $ 0 | $ 11.11 | $ 9.6 |
SHARE-BASED COMPENSATION - Othe
SHARE-BASED COMPENSATION - Other Options Disclosures (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Options Disclosures [Line Items] | |||
Fair value per option issued | $ 0 | $ 0 | $ 0 |
Intrinsic value of options exercised | $ 1,678 | $ 101 | $ 517 |
Tax benefit from options exercised, before impact of valuation allowance | 636 | 38 | 196 |
Cash received from exercise price of options exercised | $ 265 | $ 35 | $ 82 |
Number of options issued | 0 | 0 | 0 |
Intrinsic Value Per Share Upon Exercise | $ 12.21 | $ 8.57 | $ 8.99 |
Maximum [Member] | |||
Other Options Disclosures [Line Items] | |||
Exercise price range of options issued | $ 11.69 | $ 0 | $ 0 |
General vesting period in years | 10 years | 0 years | 0 years |
Minimum [Member] | |||
Other Options Disclosures [Line Items] | |||
Exercise price range of options issued | $ 1.34 | $ 0 | $ 0 |
General vesting period in years | 1 year | 0 years | 0 years |
SHARE-BASED COMPENSATION - Opti
SHARE-BASED COMPENSATION - Options Activity (Details) | 12 Months Ended |
Dec. 31, 2016USD ($)$ / sharesshares | |
Options activity [Roll Forward] | |
Options beginning | 466,925 |
Options granted | 0 |
Options exercised | (134,238) |
Options forfeited | 0 |
Options expired | (3,125) |
Options ending | 329,562 |
Weighted average exercise price - beginning | $ / shares | $ 1.93 |
Weighted average exercise price - options exercised | $ / shares | 1.98 |
Weighted average exercise price - options forfeited | $ / shares | 0 |
Weighted average exercise price - options expired | $ / shares | 0 |
Weighted average exercise price - ending | $ / shares | $ 1.91 |
Weighted Average Remaining Contractual Term (Years) Options | 2 years 1 month 6 days |
Intrinsic Value Options | $ | $ 4,412,386 |
Options vested and expected to vest | 329,562 |
Options vested and exercisable | 329,562 |
Weighted average exercise price options vested and expected to vest | $ / shares | $ 1.91 |
Weighted average exercise price options vested and exerciable | $ / shares | $ 1.91 |
Weighted average remaining contractual period (Years) options vested and expected to vest | 2 years 1 month 6 days |
Weighted average remaining contractual period (years) options vested and exercisable | 2 years 1 month 6 days |
Intrinsic value options vested and expected to vest | $ | $ 4,412,386 |
Intrinsic value options vested and exercisable | $ | $ 4,412,386 |
Weighted average remaining recognition period in years | 0 years |
Unamortized compensation expense, net of estimated forfeitures | $ | $ 3,909 |
SHARE-BASED COMPENSATION - Valu
SHARE-BASED COMPENSATION - Valuation Method (Details) - Restricted Stock Units Activity [Member] | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Valuation Methodology [Abstract] | ||
Expected volatility factor (%) - Minimum | 35.00% | 34.00% |
Expected volatility factor (%) - Maximum | 45.00% | 39.00% |
Risk-free interest rate (%) - Minimum | 0.40% | 0.10% |
Risk-free interest rate (%) - Maximum | 1.10% | 1.10% |
Expected dividend yield (%) | 7.50% | 0.00% |
SHARE-BASED COMPENSATION - Ot69
SHARE-BASED COMPENSATION - Other Award Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Significant ranges of outstanding and exercisable options [Line Items] | |||
Number of options outstanding | 329,562 | 466,925 | |
Weighted average remaining contractual life options outstanding | 2 years 1 month 6 days | ||
Weighted average exercise price options outstanding | $ 1.91 | $ 1.93 | |
Number of options exercisable | 329,562 | ||
Weighted average exercise price options exercisable | $ 1.91 | ||
Recognized Non-Cash Compensation Expense [Line Items] | |||
Total Non cash compensation expense recognized | $ 4,218 | $ 3,488 | $ 3,730 |
The amount of the Company's windfall tax benefit account | $ 3,145 | 3,218 | |
Exercise prices from 1.34 to 1.34 | |||
Significant ranges of outstanding and exercisable options [Line Items] | |||
Number of options outstanding | 304,562 | ||
Weighted average remaining contractual life options outstanding | 2 years 1 month 6 days | ||
Weighted average exercise price options outstanding | $ 1.34 | ||
Number of options exercisable | 304,562 | ||
Weighted average exercise price options exercisable | $ 1.34 | ||
Exercise prices from 2.02 to 11.78 | |||
Significant ranges of outstanding and exercisable options [Line Items] | |||
Number of options outstanding | 25,000 | ||
Weighted average remaining contractual life options outstanding | 1 year 9 months 18 days | ||
Weighted average exercise price options outstanding | $ 8.87 | ||
Number of options exercisable | 25,000 | ||
Weighted average exercise price options exercisable | $ 8.87 | ||
Station operating expenses [Member] | |||
Recognized Non-Cash Compensation Expense [Line Items] | |||
Total Non cash compensation expense recognized | $ 1,363 | 1,259 | 919 |
Corporate general and administrative expenses [Member] | |||
Recognized Non-Cash Compensation Expense [Line Items] | |||
Total Non cash compensation expense recognized | 5,176 | 4,265 | 4,313 |
Stock-based compensation expense included in operating expenses [Member] | |||
Recognized Non-Cash Compensation Expense [Line Items] | |||
Total Non cash compensation expense recognized | 6,539 | 5,524 | 5,232 |
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 | $ 2,321 | $ 2,036 | $ 1,502 |
NET INCOME PER COMMON SHARE (De
NET INCOME PER COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Impact Of Equity Awards [Line Items] | ||||||||||||
Price range of option: from | $ 0 | $ 11.24 | $ 10.11 | |||||||||
Price range of option: to | $ 0 | $ 11.78 | $ 33.9 | |||||||||
Earnings Per Share, Basic and Diluted [Abstract] | ||||||||||||
Net Income (Loss) Attributable to Parent | $ 11,399 | $ 11,420 | $ 10,834 | $ 4,412 | $ 14,088 | $ 8,442 | $ 6,747 | $ (93) | $ 38,065 | $ 29,184 | $ 26,823 | $ 26,823 |
Preferred stock dividend | 550 | 413 | 413 | 412 | 413 | 0 | 0 | 0 | 1,901 | 752 | 0 | |
Net Income (Loss) Available to Common Stockholders, Basic | $ 10,849 | $ 10,894 | $ 10,422 | $ 3,999 | $ 13,675 | $ 8,103 | $ 6,747 | $ (93) | $ 36,164 | $ 28,432 | $ 26,823 | |
Weighted Average Number Of Shares Outstanding Basic | 38,561,000 | 38,485,000 | 38,469,000 | 38,448,000 | 38,088,000 | 38,076,000 | 38,074,000 | 38,026,000 | 38,500,495 | 38,083,947 | 37,763,353 | |
Earnings Per Share Basic | $ 0.94 | $ 0.75 | $ 0.71 | |||||||||
Incremental Common Shares Attributable to Share-based Payment Arrangements | 1,067,567 | 953,976 | 900,713 | |||||||||
Weighted Average Number Of Diluted Shares Outstanding | 39,800,000 | 41,433,000 | 41,130,000 | 39,260,000 | 40,974,000 | 38,913,000 | 38,929,000 | 38,026,000 | 39,568,062 | 39,037,623 | 38,664,066 | |
Earnings Per Share Diluted | $ 0.91 | $ 0.73 | $ 0.69 | |||||||||
Options Activity [Member] | ||||||||||||
Impact Of Equity Awards [Line Items] | ||||||||||||
Excluded shares as anti-dilutive under the treasury stock method | 0 | 14,000 | 30,000 | |||||||||
Price range of option: from | $ 0 | $ 11.24 | $ 10.11 | |||||||||
Price range of option: to | $ 0 | $ 11.78 | $ 33.9 | |||||||||
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 | 8,000 | 1,000 | |||||||||
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 | 267,000 | 165,000 | 193,000 | |||||||||
Restricted Stock Units Activity [Member] | 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 | 0 | 29,000 | 11,000 | |||||||||
Restricted Stock Units Activity [Member] | Perpetual Cumulative Convertible Preferred Stock [Member] | ||||||||||||
Impact Of Equity Awards [Line Items] | ||||||||||||
Excluded shares as anti-dilutive under the treasury stock method | 1,943,000 | 882,000 | 0 |
INCOME TAXES - Expected And Rep
INCOME TAXES - Expected And Reported Income Taxes (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||
Federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
Computed tax expense (benefit) at federal statutory rates on income (loss) before income taxes (benefit) | $ 18,501 | $ 16,667 | $ 16,357 |
State income tax expense (benefit), net of federal benefit | (5,202) | 1,333 | 2,491 |
Federal tax expense associated with non-amortizable assets | 0 | 0 | 0 |
Non recognition of expense due to full valuation allowance | 0 | (244) | 0 |
Valuation allowance current year activity | 0 | 0 | 0 |
Decrease in valuation allowance for change in federal net operating loss carryback rules | 0 | 0 | 0 |
Change in uncertain tax positions | 0 | 0 | 0 |
Tax benefit shortfall associated with share-based awards | 286 | 12 | 62 |
Nondeductible expenses and other | 1,209 | 669 | 1,001 |
Income taxes (benefit) | $ 14,794 | $ 18,437 | $ 19,911 |
Effective income tax rate | 28.00% | 38.70% | 42.60% |
Impairment loss | $ 254 | $ 0 | $ 0 |
INCOME TAXES - Expense (Benefit
INCOME TAXES - Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | |||
Federal | $ (33) | $ 25 | $ 0 |
State | 139 | 90 | 100 |
Total current | 106 | 115 | 100 |
Deferred: | |||
Federal | 19,980 | 17,042 | 17,373 |
State | (5,292) | 1,280 | 2,438 |
Total deferred | 14,688 | 18,322 | 19,811 |
Income taxes (benefit) | $ 14,794 | $ 18,437 | $ 19,911 |
INCOME TAXES - Deferred Tax Ass
INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Deferred tax assets: | ||
Employee benefits - current | $ 0 | $ 783 |
Provision for doubtful accounts - current | 0 | 835 |
Deferred compensation - current | 0 | 988 |
Deferred gain on tower transaction | 0 | 235 |
Other | 0 | 987 |
Total current deferred tax assets before valuation allowance | 0 | 3,828 |
Valuation allowance | 0 | (231) |
Total current deferred tax assets - net | 0 | 3,597 |
Provision for doubtful accounts | 795 | 0 |
Federal and state income tax loss carryforwards | 126,278 | 129,944 |
Deferred compensation | 5,307 | 3,968 |
Share-based compensation | 3,145 | 3,218 |
Investments - impairments | 499 | 499 |
Deferred gain on tower transaction, long term | 3,035 | 3,039 |
Employee benefits | 944 | 0 |
DeferredTaxAssetsPropertyPlantAndEquipment | 4,036 | 4,804 |
Advertiser broadcasting obligations - noncurrent | 47 | 0 |
Lease rental obligations | 3,504 | 3,440 |
Other | 1,532 | 1,014 |
Total non-current deferred tax assets before valuation allowance | 149,122 | 149,926 |
Valuation allowance | (12,861) | (20,407) |
Total non-current deferred tax assets - net | 136,261 | 129,519 |
Deferred tax liabilities: | ||
Advertiser broadcasting obligations - current | 0 | (133) |
Total current deferred tax liabilities | 0 | (133) |
Deferral of gain recognition on the extinguishment of debt | (3,031) | (4,568) |
Broadcasting licenses and goodwill | (226,128) | (206,594) |
Deferred Tax Liabilities Noncurrent Gross | (229,159) | (211,162) |
Total deferred tax liabilities | (229,159) | (211,295) |
Deferred Tax Assets (Liabilities), Net | $ 92,898 | $ 78,179 |
INCOME TAXES - Valuation Allowa
INCOME TAXES - Valuation Allowance And Uncertain Tax Position (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Deferred Tax Asset Valuation Allowance [Roll Forward] | |||
Balance at beginning year | $ 20,638 | $ 20,766 | $ 20,238 |
Increase (Decrease) Charged/ (Credited) To Income Tax | (7,777) | (165) | 528 |
Increase (Decrease) Charged/ (Credited) To OCI | 0 | 37 | 0 |
Balance at end of year | 12,861 | 20,638 | 20,766 |
Liabilities for uncertain tax positions | |||
Tax | 0 | 67 | |
Interest and penalties | 0 | 170 | |
Total | 0 | 237 | |
Expense (income) from uncertain tax positions | |||
Tax expense (income) | (67) | 0 | 0 |
Interest and penalties (income) | (170) | 20 | 18 |
Total income taxes (benefit) from uncertain tax positions | (237) | 20 | 18 |
The gross amount of changes in unrecognized tax benefits for the period: | |||
Beginning of year balance | (7,690) | (7,690) | (7,690) |
Gross increases prior year positions | 0 | 0 | 0 |
Gross decreases prior year positions | 0 | 0 | 0 |
Gross increases current year positions | 0 | 0 | 0 |
Gross decreases current year positions | 0 | 0 | 0 |
Settlements with tax authorities | 0 | 0 | 0 |
Reductions due to statute lapse | 552 | 0 | 0 |
End of year balance | (7,138) | (7,690) | (7,690) |
Ending liability balance included above that was reflected as an offset to deferred tax assets | $ (7,138) | $ (7,623) | $ (7,623) |
INCOME TAXES - Income Tax Payme
INCOME TAXES - Income Tax Payments Refunds Net Operating Loss Carryforwards (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Payments And Refunds | |||
Income Taxes Paid Local And State Tax Authorities | $ 381 | $ 81 | $ 79 |
Federal and state income tax refunds | 0 | $ 0 | $ 10 |
Operating Loss Carryforwards [Line Items] | |||
State income tax credits | 1,248 | ||
DeferredTaxAssetsTaxCreditCarryforwardsAlternativeMinimumTax | 200 | ||
Domestic Country [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
NOL carryforwards | 285,521 | ||
Operating Loss Carryforwards Suspended Windfall | 13,338 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
NOL carryforwards | 618,399 | ||
Capital loss carryover utilized | 4,700 | ||
Operating Loss Carryforwards Suspended Windfall | $ 9,837 |
SUPPLEMENTAL CASH FLOW DISCLO76
SUPPLEMENTAL CASH FLOW DISCLOSURES ON NON-CASH INVESTING AND FINANCING ACTIVITIES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flow Noncash [Line Items] | |||
Net Paid In Captital Of Rsus | $ 10,101 | $ 8,336 | $ 5,027 |
Perpetual Cumulative Convertible Preferred Stock Issued For Acquisition | 0 | 27,500 | 0 |
Dividend Accrued On Perpetual Cumulative Convertible Preferred Stock | 452 | 339 | 0 |
Finance Method Lease Obligations Retirement | 0 | 0 | 0 |
Net Radio Station Assets Given Up | 0 | 59,000 | 0 |
Net Radio Station Assets Acquired | 0 | 59,000 | 0 |
Radio Station Assets Acquired Using Preferred Stock | 0 | 27,500 | 0 |
Cash acquired through consolidation of a VIE | 302 | 0 | 0 |
Barter And Other Transactions [Abstract] | |||
Barter Revenues | 4,700 | 4,002 | 3,826 |
Barter expenses | 4,789 | 4,258 | 3,665 |
Issuance [Member] | |||
Cash Flow Noncash [Line Items] | |||
Net Paid In Captital Of Rsus | 10,381 | 9,045 | 5,754 |
Forfeited [Member] | |||
Cash Flow Noncash [Line Items] | |||
Net Paid In Captital Of Rsus | $ 280 | $ 709 | $ 727 |
EMPLOYEE SAVINGS AND BENEFIT 77
EMPLOYEE SAVINGS AND BENEFIT PLANS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Deferred Compensation Plans | |||
Beginning of period balance | $ 10,137 | $ 11,017 | $ 10,459 |
Employee compensation deferrals | 963 | 534 | 420 |
Employee compensation payments | (945) | (1,464) | (734) |
Increase (decrease) in plan fair value | 720 | 50 | 872 |
End of period balance | 10,875 | 10,137 | 11,017 |
Company's contribution to the 401K Plan | |||
401(K) savings plan expense | $ 1,000 | $ 900 | $ 800 |
FAIR VALUE OF FINANCIAL INSTR78
FAIR VALUE OF FINANCIAL INSTRUMENTS - Recurring basis (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets | ||
Cash equivalents | $ 0 | |
Liabilities | ||
Deferred Compensation | 10,875,000 | $ 10,137,000 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets | ||
Cash equivalents | $ 0 |
FAIR VALUE OF FINANCIAL INSTR79
FAIR VALUE OF FINANCIAL INSTRUMENTS - Non-Recurring basis (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Goodwill, Impairment Loss | $ 0 | $ 0 |
FAIR VALUE OF FINANCIAL INSTR80
FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Value (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Senior Notes | ||
Fair Value Of Instruments [Line Items] | ||
Carrying value of debt | $ 0 | $ 218,269 |
Fair value of debt | 0 | 227,000 |
Finance Method Lease Obligations | ||
Fair Value Of Instruments [Line Items] | ||
Carrying value of debt | 87 | 0 |
Letter of credit | ||
Fair Value Of Instruments [Line Items] | ||
Carrying value of debt | 670 | 670 |
Revolver, due November 23, 2016 [Member] | ||
Fair Value Of Instruments [Line Items] | ||
Carrying value of debt | 0 | 26,000 |
Fair value of debt | 0 | 26,000 |
Term Loan B [Member] | ||
Fair Value Of Instruments [Line Items] | ||
Carrying value of debt | 0 | 242,750 |
Fair value of debt | 0 | 242,447 |
New Term B Loan [Member] | ||
Fair Value Of Instruments [Line Items] | ||
Carrying value of debt | 480,000 | 0 |
Fair value of debt | 487,200 | 0 |
New Revolver [Member] | ||
Fair Value Of Instruments [Line Items] | ||
Carrying value of debt | 0 | 0 |
Fair value of debt | $ 0 | $ 0 |
ASSETS HELD FOR SALE (Details)
ASSETS HELD FOR SALE (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Summary of the categories of property and equipment | |||
Property, Plant and Equipment, Gross | $ 187,796 | $ 181,861 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 128,322 | 124,870 | |
Property Plant And Equipment Net | 63,375 | 57,993 | |
IntangibleAssetsGrossExcludingGoodwillAbstract | |||
Indefinite-lived Intangible Assets | 823,195 | 807,381 | $ 718,992 |
Land and Land Improvements [Member] | |||
Summary of the categories of property and equipment | |||
Property, Plant and Equipment, Gross | 0 | 3,972 | |
Building [Member] | |||
Summary of the categories of property and equipment | |||
Property, Plant and Equipment, Gross | 0 | 1,036 | |
Equipment [Member] | |||
Summary of the categories of property and equipment | |||
Property, Plant and Equipment, Gross | 0 | 497 | |
Radio Broadcasting Licences [Member] | |||
IntangibleAssetsGrossExcludingGoodwillAbstract | |||
Indefinite-lived Intangible Assets | 0 | 1,397 | |
IntangibleAssetsGrossExcludingGoodwill | 0 | 1,397 | |
Total Assets | |||
IntangibleAssetsGrossExcludingGoodwillAbstract | |||
Assets Held for Sale | 0 | 6,106 | |
Net Assets Held for Sale | 0 | 6,106 | |
PropertyPlantAndEquipmentMember | |||
Summary of the categories of property and equipment | |||
Property, Plant and Equipment, Gross | 0 | 5,505 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 0 | 796 | |
Property Plant And Equipment Net | $ 0 | $ 4,709 |
ACQUISITIONS, DIVESTITURES AN82
ACQUISITIONS, DIVESTITURES AND PRO FORMA SUMMARY (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Acquisition [Line Items] | |||
Payments to Acquire Businesses, Gross | $ 92 | $ 83,553 | $ 0 |
Purchase price allocation [Abstract] | |||
Total intangible assets | 0 | 79,209 | |
Property, Plant and Equipment, Gross | 187,796 | 181,861 | |
Property Plant And Equipment Net | 63,375 | 57,993 | |
Depreciation | 8,689 | 7,419 | 6,748 |
AssetRetirementObligation | 1,044 | 569 | 541 |
The expense recognized in the consolidated statement of income as merger and acquisition costs [Abstract] | |||
Merger and acquisition costs | 708 | 3,978 | 1,042 |
Merger and acquisition costs and restructuring charges | 708 | 6,836 | 1,042 |
Restructuring Charges | 0 | 2,858 | 0 |
Unaudited Pro Forma Summary Of Financial Information | |||
Net revenues | 460,245 | 442,485 | 437,597 |
Net income | $ 38,065 | $ 33,050 | $ 22,736 |
Net income per common share - basic | $ 0.94 | $ 0.81 | $ 0.56 |
Net income per common share - diluted | $ 0.91 | $ 0.79 | $ 0.55 |
Net income, available to common shareholders | $ 36,164 | $ 30,850 | $ 21,086 |
Acquisition Price Paid Using Convertible Preferred Stock | 27,500 | 27,500 | |
Adjustment [Member] | |||
The expense recognized in the consolidated statement of income as merger and acquisition costs [Abstract] | |||
Restructuring Charges | 0 | (13) | 0 |
Lease abandonment expense [Member] | |||
The expense recognized in the consolidated statement of income as merger and acquisition costs [Abstract] | |||
Restructuring Charges | 0 | ||
Lease abandonment expense [Member] | Adjustment [Member] | |||
The expense recognized in the consolidated statement of income as merger and acquisition costs [Abstract] | |||
Restructuring Charges | 0 | 687 | 0 |
Cost Of Terminating Contracts [Member] | |||
The expense recognized in the consolidated statement of income as merger and acquisition costs [Abstract] | |||
Restructuring Charges | 0 | ||
Cost Of Terminating Contracts [Member] | Adjustment [Member] | |||
The expense recognized in the consolidated statement of income as merger and acquisition costs [Abstract] | |||
Restructuring Charges | 0 | 646 | 0 |
One Time Termination Expenses [Member] | |||
The expense recognized in the consolidated statement of income as merger and acquisition costs [Abstract] | |||
Restructuring Charges | 0 | ||
One Time Termination Expenses [Member] | Adjustment [Member] | |||
The expense recognized in the consolidated statement of income as merger and acquisition costs [Abstract] | |||
Restructuring Charges | 0 | 1,538 | $ 0 |
Equipment [Member] | |||
Purchase price allocation [Abstract] | |||
Property, Plant and Equipment, Gross | $ 112,362 | 108,399 | |
Equipment [Member] | Maximum [Member] | |||
Purchase price allocation [Abstract] | |||
Tangible assets amortization period | 40 years | ||
Equipment [Member] | Minimum [Member] | |||
Purchase price allocation [Abstract] | |||
Tangible assets amortization period | 3 years | ||
Building [Member] | |||
Purchase price allocation [Abstract] | |||
Property, Plant and Equipment, Gross | $ 22,698 | 22,711 | |
Building [Member] | Maximum [Member] | |||
Purchase price allocation [Abstract] | |||
Tangible assets amortization period | 40 years | ||
Building [Member] | Minimum [Member] | |||
Purchase price allocation [Abstract] | |||
Tangible assets amortization period | 20 years | ||
LFM [Member] | |||
Acquisition [Line Items] | |||
Acquisition price paid from borrowing | 42,000 | ||
Purchases of radio station assets | (77,500) | ||
Purchase price allocation [Abstract] | |||
Total tangible assets | $ 18,175 | ||
Total intangible assets | 87,539 | ||
Total assets | 120,863 | ||
Net assets acquired | 113,390 | ||
Total current assets | 15,149 | ||
Total current liabilities | 4,201 | ||
Total liabilities acquired | 7,473 | ||
The expense recognized in the consolidated statement of income as merger and acquisition costs [Abstract] | |||
Merger and acquisition costs and restructuring charges | $ 708 | 3,978 | |
Unaudited Pro Forma Summary Of Financial Information | |||
Acquisition Price Paid Using Convertible Preferred Stock | 27,500 | ||
Aquisition Related Working Capital Reimbursement | 11,000 | ||
Aquisition Related Working Capital Credit | 2,700 | ||
Aquisition Purchase Price Total | 105,000 | ||
Discount Rates | 9.60% | ||
LFM [Member] | Cash [Member] | |||
Purchase price allocation [Abstract] | |||
Total current assets | $ 2,246 | ||
LFM [Member] | Accounts Receivable [Member] | |||
Purchase price allocation [Abstract] | |||
Total current assets | 11,933 | ||
LFM [Member] | Prepaid Expenses And Other Current Assets [Member] | |||
Purchase price allocation [Abstract] | |||
Total current assets | $ 970 | ||
LFM [Member] | Maximum [Member] | |||
Unaudited Pro Forma Summary Of Financial Information | |||
Fair Value Inputs Long Term Revenue Growth Rate | 1.50% | ||
LFM [Member] | Minimum [Member] | |||
Unaudited Pro Forma Summary Of Financial Information | |||
Fair Value Inputs Long Term Revenue Growth Rate | 1.00% | ||
LFM [Member] | Unfavorable lease liability [Member] | |||
Purchase price allocation [Abstract] | |||
Total current liabilities | $ 3,272 | ||
LFM [Member] | Accrued Liabilities [Member] | |||
Purchase price allocation [Abstract] | |||
Total current liabilities | 3,466 | ||
LFM [Member] | Accounts Payable [Member] | |||
Purchase price allocation [Abstract] | |||
Total current liabilities | 723 | ||
LFM [Member] | Liability [Member] | |||
Purchase price allocation [Abstract] | |||
Total current liabilities | 12 | ||
LFM [Member] | Leasehold improvements [Member] | |||
Purchase price allocation [Abstract] | |||
Total tangible assets | $ 973 | ||
LFM [Member] | Leasehold improvements [Member] | Maximum [Member] | |||
Purchase price allocation [Abstract] | |||
Tangible assets amortization period | 11 years | ||
LFM [Member] | Leasehold improvements [Member] | Minimum [Member] | |||
Purchase price allocation [Abstract] | |||
Tangible assets amortization period | 2 years | ||
LFM [Member] | Furniture and equipment [Member] | |||
Purchase price allocation [Abstract] | |||
Total tangible assets | $ 29 | ||
LFM [Member] | Furniture and equipment [Member] | Maximum [Member] | |||
Purchase price allocation [Abstract] | |||
Tangible assets amortization period | 5 years | ||
LFM [Member] | Furniture and equipment [Member] | Minimum [Member] | |||
Purchase price allocation [Abstract] | |||
Tangible assets amortization period | 5 years | ||
LFM [Member] | Equipment [Member] | |||
Purchase price allocation [Abstract] | |||
Total tangible assets | $ 8,651 | ||
LFM [Member] | Equipment [Member] | Maximum [Member] | |||
Purchase price allocation [Abstract] | |||
Tangible assets amortization period | 40 years | ||
LFM [Member] | Equipment [Member] | Minimum [Member] | |||
Purchase price allocation [Abstract] | |||
Tangible assets amortization period | 3 years | ||
LFM [Member] | Land and Land Improvements [Member] | |||
Purchase price allocation [Abstract] | |||
Total tangible assets | $ 87 | ||
LFM [Member] | Land and Land Improvements [Member] | Maximum [Member] | |||
Purchase price allocation [Abstract] | |||
Tangible assets amortization period | 15 years | ||
LFM [Member] | Land and Land Improvements [Member] | Minimum [Member] | |||
Purchase price allocation [Abstract] | |||
Tangible assets amortization period | 15 years | ||
LFM [Member] | Land [Member] | |||
Purchase price allocation [Abstract] | |||
Total tangible assets | $ 7,368 | ||
LFM [Member] | Building [Member] | |||
Purchase price allocation [Abstract] | |||
Total tangible assets | $ 1,067 | ||
LFM [Member] | Building [Member] | Maximum [Member] | |||
Purchase price allocation [Abstract] | |||
Tangible assets amortization period | 25 years | ||
LFM [Member] | Building [Member] | Minimum [Member] | |||
Purchase price allocation [Abstract] | |||
Tangible assets amortization period | 15 years | ||
LFM [Member] | Radio Broadcasting Licences [Member] | |||
Purchase price allocation [Abstract] | |||
Total intangible assets | $ 79,209 | ||
LFM [Member] | Goodwill [Member] | |||
Purchase price allocation [Abstract] | |||
Total intangible assets | 4,594 | ||
LFM [Member] | Assets Held For Sale [Member] | |||
Purchase price allocation [Abstract] | |||
Total intangible assets | 1,885 | ||
LFM [Member] | Lease Agreements [Member] | |||
Purchase price allocation [Abstract] | |||
Total intangible assets | $ 487 | ||
LFM [Member] | Lease Agreements [Member] | Maximum [Member] | |||
Purchase price allocation [Abstract] | |||
Tangible assets amortization period | 5 years | ||
LFM [Member] | Lease Agreements [Member] | Minimum [Member] | |||
Purchase price allocation [Abstract] | |||
Tangible assets amortization period | 1 year | ||
LFM [Member] | Other Noncurrent Assets [Member] | |||
Purchase price allocation [Abstract] | |||
Total intangible assets | $ 1,364 | ||
BonnevilleSwap [Member] | |||
Acquisition [Line Items] | |||
Net time brokerage agreement (income) fees | $ 300 | ||
Purchase price allocation [Abstract] | |||
Total tangible assets | 1,133 | ||
Total intangible assets | 53,326 | ||
Total assets | 59,323 | ||
Net assets acquired | $ 59,000 | ||
Unaudited Pro Forma Summary Of Financial Information | |||
Fair Value Inputs Long Term Revenue Growth Rate | 1.00% | ||
Discount Rates | 9.20% | ||
BonnevilleSwap [Member] | Accounts Receivable [Member] | |||
Purchase price allocation [Abstract] | |||
Total current assets | $ 4,864 | ||
BonnevilleSwap [Member] | Unfavorable lease liability [Member] | |||
Purchase price allocation [Abstract] | |||
Other long-term liabilities | $ 323 | ||
BonnevilleSwap [Member] | Unfavorable lease liability [Member] | Maximum [Member] | |||
Purchase price allocation [Abstract] | |||
Tangible assets amortization period | 4 years | ||
BonnevilleSwap [Member] | Unfavorable lease liability [Member] | Minimum [Member] | |||
Purchase price allocation [Abstract] | |||
Tangible assets amortization period | 1 year | ||
BonnevilleSwap [Member] | Furniture and equipment [Member] | |||
Purchase price allocation [Abstract] | |||
Total tangible assets | $ 121 | ||
BonnevilleSwap [Member] | Furniture and equipment [Member] | Maximum [Member] | |||
Purchase price allocation [Abstract] | |||
Tangible assets amortization period | 5 years | ||
BonnevilleSwap [Member] | Furniture and equipment [Member] | Minimum [Member] | |||
Purchase price allocation [Abstract] | |||
Tangible assets amortization period | 5 years | ||
BonnevilleSwap [Member] | Equipment [Member] | |||
Purchase price allocation [Abstract] | |||
Total tangible assets | $ 1,012 | ||
BonnevilleSwap [Member] | Equipment [Member] | Maximum [Member] | |||
Purchase price allocation [Abstract] | |||
Tangible assets amortization period | 15 years | ||
BonnevilleSwap [Member] | Equipment [Member] | Minimum [Member] | |||
Purchase price allocation [Abstract] | |||
Tangible assets amortization period | 3 years | ||
BonnevilleSwap [Member] | Radio Broadcasting Licences [Member] | |||
Purchase price allocation [Abstract] | |||
Total intangible assets | $ 53,057 | ||
BonnevilleSwap [Member] | Goodwill [Member] | |||
Purchase price allocation [Abstract] | |||
Total intangible assets | 266 | ||
BonnevilleSwap [Member] | Advertiser lists and customer relationships [Member] | |||
Purchase price allocation [Abstract] | |||
Total intangible assets | $ 1 | ||
BonnevilleSwap [Member] | Advertiser lists and customer relationships [Member] | Maximum [Member] | |||
Purchase price allocation [Abstract] | |||
Tangible assets amortization period | 3 years | ||
BonnevilleSwap [Member] | Advertiser lists and customer relationships [Member] | Minimum [Member] | |||
Purchase price allocation [Abstract] | |||
Tangible assets amortization period | 3 years | ||
BonnevilleSwap [Member] | Trademarks [Member] | |||
Purchase price allocation [Abstract] | |||
Total intangible assets | $ 2 | ||
BonnevilleSwap [Member] | Trademarks [Member] | Maximum [Member] | |||
Purchase price allocation [Abstract] | |||
Tangible assets amortization period | 5 years | ||
BonnevilleSwap [Member] | Trademarks [Member] | Minimum [Member] | |||
Purchase price allocation [Abstract] | |||
Tangible assets amortization period | 5 years | ||
KOSI [Member] | |||
Unaudited Pro Forma Summary Of Financial Information | |||
Expected gain on sale of station | $ 1,500 | ||
KRWZAM [Member] | |||
Unaudited Pro Forma Summary Of Financial Information | |||
Expected gain on sale of station | 300 | ||
ProceedsFromDivestitureOfBusinesses | 3,800 | ||
Belinder [Member] | |||
Unaudited Pro Forma Summary Of Financial Information | |||
Expected gain on sale of station | 700 | ||
Charlotte [Member] | |||
Acquisition [Line Items] | |||
Payments to Acquire Businesses, Gross | 24,000 | ||
Purchase price allocation [Abstract] | |||
Total assets | 24,996 | ||
Net assets acquired | 24,000 | ||
Total liabilities acquired | 996 | ||
Property, Plant and Equipment, Gross | $ 7,325 | ||
Unaudited Pro Forma Summary Of Financial Information | |||
Discount Rates | 9.60% | ||
Charlotte [Member] | Maximum [Member] | |||
Unaudited Pro Forma Summary Of Financial Information | |||
Fair Value Inputs Long Term Revenue Growth Rate | 1.50% | ||
Charlotte [Member] | Minimum [Member] | |||
Unaudited Pro Forma Summary Of Financial Information | |||
Fair Value Inputs Long Term Revenue Growth Rate | 1.00% | ||
Charlotte [Member] | Unfavorable lease liability [Member] | |||
Purchase price allocation [Abstract] | |||
Total current liabilities | $ 735 | ||
Charlotte [Member] | OtherNoncurrentLiabilitiesMember | |||
Purchase price allocation [Abstract] | |||
Other long-term liabilities | 261 | ||
Charlotte [Member] | Equipment [Member] | |||
Purchase price allocation [Abstract] | |||
Total tangible assets | $ 4,569 | ||
Charlotte [Member] | Equipment [Member] | Maximum [Member] | |||
Purchase price allocation [Abstract] | |||
Tangible assets amortization period | 40 years | ||
Charlotte [Member] | Equipment [Member] | Minimum [Member] | |||
Purchase price allocation [Abstract] | |||
Tangible assets amortization period | 3 years | ||
Charlotte [Member] | Land [Member] | |||
Purchase price allocation [Abstract] | |||
Total tangible assets | $ 2,539 | ||
Charlotte [Member] | Building [Member] | |||
Purchase price allocation [Abstract] | |||
Total tangible assets | $ 217 | ||
Charlotte [Member] | Building [Member] | Maximum [Member] | |||
Purchase price allocation [Abstract] | |||
Tangible assets amortization period | 25 years | ||
Charlotte [Member] | Building [Member] | Minimum [Member] | |||
Purchase price allocation [Abstract] | |||
Tangible assets amortization period | 15 years | ||
Charlotte [Member] | Radio Broadcasting Licences [Member] | |||
Purchase price allocation [Abstract] | |||
Total intangible assets | $ 17,384 | ||
Charlotte [Member] | Other Noncurrent Assets [Member] | |||
Purchase price allocation [Abstract] | |||
Intangible assets non amortizable | 287 | ||
WQXIAM [Member] | |||
Unaudited Pro Forma Summary Of Financial Information | |||
Expected gain on sale of station | 200 | ||
ProceedsFromDivestitureOfBusinesses | 900 | ||
Charlotte VIE [Member] | |||
Purchase price allocation [Abstract] | |||
Total assets | 25,139 | ||
Total current assets | 2,689 | ||
Property Plant And Equipment Net | 6,346 | ||
Charlotte VIE [Member] | Cash [Member] | |||
Purchase price allocation [Abstract] | |||
Total current assets | 302 | ||
Charlotte VIE [Member] | Accounts Receivable [Member] | |||
Purchase price allocation [Abstract] | |||
Total current assets | 2,143 | ||
Charlotte VIE [Member] | Prepaid Expenses And Other Current Assets [Member] | |||
Purchase price allocation [Abstract] | |||
Total current assets | 244 | ||
Charlotte VIE [Member] | Accrued Liabilities [Member] | |||
Purchase price allocation [Abstract] | |||
Total liabilities acquired | 1,180 | ||
Charlotte VIE [Member] | Non Controlling Interest Variable Interest Entity [Member] | |||
Purchase price allocation [Abstract] | |||
Total liabilities acquired | 23,959 | ||
Charlotte VIE [Member] | Radio Broadcasting Licences [Member] | |||
Purchase price allocation [Abstract] | |||
Total intangible assets | 15,738 | ||
Charlotte VIE [Member] | Other Noncurrent Assets [Member] | |||
Purchase price allocation [Abstract] | |||
Total assets | $ 366 |
BUSINESS COMBINATIONS - Accrued
BUSINESS COMBINATIONS - Accrued Restructuring (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring Reserve [Abstract] | ||
Restructuring charges, beginning balance | $ 1,686 | $ 0 |
IncreaseDecreaseInRestructuringReserve | 0 | 2,858 |
PaymentsForRestructuring | (1,036) | (1,172) |
Restructuring charges, ending balance | 650 | 1,686 |
RestructuringReserveNoncurrent | (576) | (687) |
Restructuring Reserve Current | 74 | $ 999 |
GoodwillPurchaseAccountingAdjustments | $ 100 |
PERPETUAL CUMULATIVE CONVERTI84
PERPETUAL CUMULATIVE CONVERTIBALE PREFERRED STOCK (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Preferred Units [Line Items] | |||
Convertible Preferred Stock Shares Issued Upon Conversion | 1,900,000 | ||
Preferred Stock to Cash Redemption Percentage | 100.00% | ||
Shares Issued Price Per Share | $ 14.35 | ||
Preferred Stock Carrying Value [Abstract] | |||
Preferred Stock, Shares Issued | 11 | 11 | |
Acquisition Price Paid Using Convertible Preferred Stock | $ 27,500 | $ 27,500 | |
Payment of fees associated with the issuance of preferred stock | 0 | (220) | $ 0 |
Accrued Preferred Stock Dividend | 452 | 339 | |
Perpetual Convertible Preferred Stock, Value, Issued | $ 27,732 | $ 27,619 | |
DividendsPayableAmountPerShare | $ 37,500 | ||
Maximum [Member] | |||
Preferred Units [Line Items] | |||
Preferred Stock Dividend Rate [Percentage] | 12.00% | ||
Minimum [Member] | |||
Preferred Units [Line Items] | |||
Preferred Stock Dividend Rate [Percentage] | 8.00% |
CONTINGENCIES AND COMMITMENTS85
CONTINGENCIES AND COMMITMENTS (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Commitments And Contingencies Disclosure Abstract | ||||
Letter of credit requirement | $ 670,000 | $ 670,000 | ||
FCC' s fine single Incident | 350,000 | |||
FCC's maximum fine | 3,300,000 | |||
Rental Expense for office and broadcasting facilities | 17,892,000 | $ 16,116,000 | $ 14,556,000 | |
Payments for legal settlements | $ 1,000,000 | |||
Proceeds from legal settlements | $ 2,300,000 | 2,300,000 | ||
Contract Termination Fee | 30,000,000 | |||
Estimated Impairment KDND | 13,500,000 | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||
Total commitments 2017 | 88,581,000 | |||
Total commitments 2018 | 56,379,000 | |||
Total commitments 2019 | 36,566,000 | |||
Total commitments 2020 | 28,382,000 | |||
Total commitments 2021 | 20,833,000 | |||
Thereafter | 54,924,000 | |||
Total | 285,665,000 | |||
Operating Leases | ||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||
Total commitments 2017 | 17,594,000 | |||
Total commitments 2018 | 14,767,000 | |||
Total commitments 2019 | 13,024,000 | |||
Total commitments 2020 | 10,095,000 | |||
Total commitments 2021 | 7,169,000 | |||
Thereafter | 23,185,000 | |||
Total | 85,834,000 | |||
Programming And Related Contracts | ||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||
Total commitments 2017 | 70,119,000 | |||
Total commitments 2018 | 40,718,000 | |||
Total commitments 2019 | 22,622,000 | |||
Total commitments 2020 | 17,339,000 | |||
Total commitments 2021 | 12,688,000 | |||
Thereafter | 23,000,000 | |||
Total | 186,486,000 | |||
Sale Leaseback Operating Lease [Member] | ||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||
Total commitments 2017 | 868,000 | |||
Total commitments 2018 | 894,000 | |||
Total commitments 2019 | 920,000 | |||
Total commitments 2020 | 948,000 | |||
Total commitments 2021 | 976,000 | |||
Thereafter | 8,739,000 | |||
Total | 13,345,000 | |||
Unfavorable Contract Liabilities [Member] | ||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||
Total commitments 2017 | 875,000 | |||
Total commitments 2018 | 295,000 | |||
Total commitments 2019 | 167,000 | |||
Total commitments 2020 | 147,000 | |||
Total commitments 2021 | 91,000 | |||
Thereafter | 426,000 | |||
Total | $ 2,001,000 |
GUARANTOR - Condensed Balance S
GUARANTOR - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets Abstract | ||||
Current Assets | $ 146,685 | $ 106,065 | ||
Property And Equipment - Net | 63,375 | 57,993 | ||
Deferred Charges And Other Assets - Net | 10,260 | 5,471 | ||
Investments In Affiliates Subsidiaries Associates And Joint Ventures | 0 | 0 | ||
Assets | 1,076,233 | 1,015,645 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Liabilities Current | 67,717 | 68,601 | ||
Liabilities Noncurrent | 587,410 | 557,975 | ||
Liabilities, Total | 655,127 | 626,576 | ||
Perpetual Convertible Preferred Stock, Value, Issued | 27,732 | 27,619 | ||
Stockholders Equity Abstract | ||||
Common Stock Value | 407 | 397 | ||
Additional Paid In Capital Common Stock | 605,603 | 611,754 | ||
Retained Earnings Accumulated Deficit | (212,636) | (250,701) | ||
Accumulated Other Comprehensive Income Loss Net Of Tax | 0 | 0 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 393,374 | 361,450 | $ 329,021 | $ 298,393 |
Liabilities And Stockholders Equity | 1,076,233 | 1,015,645 | ||
Parent Company [Member] | ||||
Assets Abstract | ||||
Current Assets | 7,228 | 7,289 | ||
Property And Equipment - Net | 2,866 | 472 | ||
Deferred Charges And Other Assets - Net | 1,813 | 3,807 | ||
Investments In Affiliates Subsidiaries Associates And Joint Ventures | 456,161 | 424,493 | ||
Assets | 468,068 | 436,061 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Liabilities Current | 20,042 | 19,631 | ||
Liabilities Noncurrent | 26,920 | 27,361 | ||
Liabilities, Total | 46,962 | 46,992 | ||
Perpetual Convertible Preferred Stock, Value, Issued | 27,732 | 27,619 | ||
Stockholders Equity Abstract | ||||
Common Stock Value | 407 | 397 | ||
Additional Paid In Capital Common Stock | 605,603 | 611,754 | ||
Retained Earnings Accumulated Deficit | (212,636) | (250,701) | ||
Accumulated Other Comprehensive Income Loss Net Of Tax | 0 | 0 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 393,374 | 361,450 | $ 329,021 | $ 298,393 |
Liabilities And Stockholders Equity | $ 468,068 | $ 436,061 |
GUARANTOR - Condensed Income St
GUARANTOR - Condensed Income Statement (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
NET REVENUES | $ 123,207,000 | $ 120,457,000 | $ 120,478,000 | $ 96,103,000 | $ 117,704,000 | $ 114,662,000 | $ 100,592,000 | $ 78,420,000 | $ 460,245,000 | $ 411,378,000 | $ 379,789,000 | |
Operating Expenses Abstract | ||||||||||||
Depreciation Depletion And Amortization | 9,793,000 | 8,419,000 | 7,794,000 | $ 7,794,000 | ||||||||
General and Administrative Expense | 33,328,000 | 26,479,000 | 26,572,000 | |||||||||
Acquisition Costs | 708,000 | 6,836,000 | 1,042,000 | |||||||||
OtherCostAndExpenseOperating | 565,000 | 0 | 0 | |||||||||
Net (gain) loss on sale or disposal of assets | (1,621,000) | (2,364,000) | (379,000) | |||||||||
Operating Expenses | 362,188,000 | 325,796,000 | 294,213,000 | |||||||||
Operating Income Loss | 30,040,000 | 25,688,000 | 27,584,000 | 14,745,000 | 32,555,000 | 23,159,000 | 20,615,000 | 9,253,000 | 98,057,000 | 85,582,000 | 85,576,000 | |
Other income | (2,299,000) | 0 | 0 | 0 | ||||||||
TOTAL OTHER (INCOME) EXPENSE | 8,559,000 | 0 | 21,000 | |||||||||
INCOME (LOSS) BEFORE INCOME TAXES (BENEFIT) | 52,859,000 | 47,621,000 | 46,734,000 | |||||||||
Income Tax Expense (Benefit) | 14,794,000 | 18,437,000 | 19,911,000 | |||||||||
Net Income (Loss) Attributable to Parent | 11,399,000 | 11,420,000 | 10,834,000 | 4,412,000 | 14,088,000 | 8,442,000 | 6,747,000 | (93,000) | 38,065,000 | 29,184,000 | 26,823,000 | $ 26,823,000 |
Preferred stock dividend | 550,000 | 413,000 | 413,000 | 412,000 | 413,000 | 0 | 0 | 0 | 1,901,000 | 752,000 | 0 | |
Net Income (Loss) Available to Common Stockholders, Basic | $ 10,849,000 | $ 10,894,000 | $ 10,422,000 | $ 3,999,000 | $ 13,675,000 | $ 8,103,000 | $ 6,747,000 | $ (93,000) | 36,164,000 | 28,432,000 | 26,823,000 | |
Parent Company [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
NET REVENUES | 2,131,000 | 1,536,000 | 1,309,000 | |||||||||
Operating Expenses Abstract | ||||||||||||
Depreciation Depletion And Amortization | 1,235,000 | 1,123,000 | 1,217,000 | |||||||||
General and Administrative Expense | 33,218,000 | 26,395,000 | 26,463,000 | |||||||||
Acquisition Costs | 708,000 | 6,836,000 | 1,042,000 | |||||||||
OtherCostAndExpenseOperating | 565,000 | 0 | 0 | |||||||||
Net (gain) loss on sale or disposal of assets | (601,000) | (601,000) | (601,000) | |||||||||
Operating Expenses | 35,125,000 | 33,753,000 | 28,121,000 | |||||||||
Operating Income Loss | (32,994,000) | (32,217,000) | (26,812,000) | |||||||||
Net interest expense, including amortization of deferred financing expense | 24,000 | 0 | 15,000 | |||||||||
Other income | 100,000 | 0 | 0 | |||||||||
Income from equity investment in subsidiaries | (85,977,000) | (79,838,000) | (73,561,000) | |||||||||
TOTAL OTHER (INCOME) EXPENSE | (85,853,000) | (79,838,000) | (73,546,000) | |||||||||
INCOME (LOSS) BEFORE INCOME TAXES (BENEFIT) | 52,859,000 | 47,621,000 | 46,734,000 | |||||||||
Income Tax Expense (Benefit) | 14,794,000 | 18,437,000 | 19,911,000 | |||||||||
Net Income (Loss) Attributable to Parent | 38,065,000 | 29,184,000 | 26,823,000 | |||||||||
Preferred stock dividend | (1,901,000) | (752,000) | 0 | |||||||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 36,164,000 | $ 28,432,000 | $ 26,823,000 |
GUARANTOR - Condensed Sharehold
GUARANTOR - Condensed Shareholder's Equity (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2016 | Oct. 16, 2016 | Sep. 30, 2016 | Jul. 16, 2016 | Jun. 30, 2016 | Apr. 16, 2016 | Mar. 31, 2016 | Jan. 16, 2016 | Dec. 31, 2015 | Oct. 16, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Oct. 01, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||
Opening Balance VALUE | $ 361,450,000 | $ 329,021,000 | $ 393,374,000 | $ 361,450,000 | $ 329,021,000 | $ 298,393,000 | ||||||||||||
Net income (loss) | $ 11,399,000 | $ 11,420,000 | $ 10,834,000 | 4,412,000 | $ 14,088,000 | $ 8,442,000 | $ 6,747,000 | (93,000) | 38,065,000 | 29,184,000 | 26,823,000 | $ 26,823,000 | ||||||
Conversion of Class B common stock to Class A common stock (Share) | 3,152,333 | |||||||||||||||||
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures | 6,539,000 | 5,524,000 | 5,232,000 | |||||||||||||||
Issuance of common stock related to an incentive plan VALUE | 379,000 | 0 | 0 | |||||||||||||||
Common stock repurchase VALUE | 0 | 0 | 0 | |||||||||||||||
Purchase of vested employee restricted stock units | $ (2,268,000) | $ (1,562,000) | $ (1,514,000) | |||||||||||||||
Purchase of vested employee restricted stock units SHARES | (232,000) | (132,000) | (142,000) | |||||||||||||||
Forfeitures of dividend equivalents VALUE | $ 0 | $ 0 | $ 5,000 | |||||||||||||||
Realization of tax benefit for dividend equivalent payments VALUE | 0 | 0 | ||||||||||||||||
Net unrealized gain (loss) on derivatives VALUE | $ 0 | 0 | ||||||||||||||||
Exercise of stock options SHARES | 134,238 | |||||||||||||||||
Exercise of stock options VALUE | $ 265,000 | 35,000 | 82,000 | |||||||||||||||
Ending Balance VALUE | 393,374,000 | 361,450,000 | 393,374,000 | 361,450,000 | 329,021,000 | $ 298,393,000 | ||||||||||||
PreferredStockDividendsIncomeStatementImpact | 550,000 | 413,000 | 413,000 | 412,000 | 413,000 | 0 | 0 | 0 | 1,901,000 | 752,000 | 0 | |||||||
DividendsPreferredStockCash | $ 550,000 | $ 412,500 | $ 412,500 | $ 412,500 | $ 412,500 | 1,788,000 | 752,000 | 0 | ||||||||||
Payments Of Dividends | $ 2,893,000 | $ 2,887,000 | $ 2,886,000 | 0 | $ 0 | $ 0 | $ 0 | 0 | (8,666,000) | |||||||||
Common Class A [Member] | ||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||
Opening Balance VALUE | $ 325,000 | $ 319,000 | $ 335,000 | $ 325,000 | $ 319,000 | $ 313,000 | ||||||||||||
Opening Balance SHARES | 32,480,551 | 31,862,294 | 33,510,184 | 32,480,551 | 31,862,294 | 31,308,194 | ||||||||||||
Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures | 1,095,759 | 738,195 | 638,102 | |||||||||||||||
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures | $ 11,000 | $ 7,000 | $ 7,000 | |||||||||||||||
Stock Issued During Period Shares Employee Stock Purchase Plans | 31,933 | 0 | 0 | |||||||||||||||
Issuance of common stock related to an incentive plan VALUE | $ 0 | $ 0 | $ 0 | |||||||||||||||
Common stock repurchase SHARES | 0 | 0 | ||||||||||||||||
Common stock repurchase VALUE | 0 | $ 0 | $ 0 | |||||||||||||||
Purchase of vested employee restricted stock units | $ (2,000) | $ (1,000) | $ (1,000) | |||||||||||||||
Purchase of vested employee restricted stock units SHARES | (232,297) | (131,688) | (141,502) | |||||||||||||||
Forfeitures of dividend equivalents VALUE | $ 0 | $ 0 | $ 0 | |||||||||||||||
Realization of tax benefit for dividend equivalent payments VALUE | 0 | $ 0 | ||||||||||||||||
Net unrealized gain (loss) on derivatives VALUE | $ 0 | $ 0 | ||||||||||||||||
Exercise of stock options SHARES | 134,238 | 11,750 | 57,500 | |||||||||||||||
Exercise of stock options VALUE | $ 1,000 | $ 0 | $ 0 | |||||||||||||||
Ending Balance SHARES | 33,510,184 | 32,480,551 | 33,510,184 | 32,480,551 | 31,862,294 | 31,308,194 | ||||||||||||
Ending Balance VALUE | $ 335,000 | $ 325,000 | $ 335,000 | $ 325,000 | $ 319,000 | $ 313,000 | ||||||||||||
DividendsPreferredStockCash | 0 | |||||||||||||||||
Payments Of Dividends | 0 | |||||||||||||||||
Common Class B [Member] | ||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||
Opening Balance VALUE | $ 72,000 | $ 72,000 | $ 72,000 | $ 72,000 | $ 72,000 | $ 72,000 | ||||||||||||
Opening Balance SHARES | 7,197,532 | 7,197,532 | 7,197,532 | 7,197,532 | 7,197,532 | 7,197,532 | ||||||||||||
Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures | 0 | 0 | 0 | |||||||||||||||
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures | $ 0 | $ 0 | $ 0 | |||||||||||||||
Stock Issued During Period Shares Employee Stock Purchase Plans | 0 | 0 | 0 | |||||||||||||||
Issuance of common stock related to an incentive plan VALUE | $ 0 | $ 0 | $ 0 | |||||||||||||||
Common stock repurchase SHARES | 0 | 0 | ||||||||||||||||
Common stock repurchase VALUE | 0 | $ 0 | $ 0 | |||||||||||||||
Purchase of vested employee restricted stock units | $ 0 | $ 0 | $ 0 | |||||||||||||||
Purchase of vested employee restricted stock units SHARES | 0 | 0 | 0 | |||||||||||||||
Forfeitures of dividend equivalents VALUE | $ 0 | $ 0 | $ 0 | |||||||||||||||
Realization of tax benefit for dividend equivalent payments VALUE | 0 | 0 | ||||||||||||||||
Net unrealized gain (loss) on derivatives VALUE | $ 0 | $ 0 | $ 0 | |||||||||||||||
Exercise of stock options SHARES | 0 | 0 | 0 | |||||||||||||||
Exercise of stock options VALUE | $ 0 | $ 0 | $ 0 | |||||||||||||||
Ending Balance SHARES | 7,197,532 | 7,197,532 | 7,197,532 | 7,197,532 | 7,197,532 | 7,197,532 | ||||||||||||
Ending Balance VALUE | $ 72,000 | $ 72,000 | $ 72,000 | $ 72,000 | $ 72,000 | $ 72,000 | ||||||||||||
DividendsPreferredStockCash | 0 | |||||||||||||||||
Payments Of Dividends | 0 | |||||||||||||||||
Additional Paid In Capital [Member] | ||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||
Opening Balance VALUE | $ 611,754,000 | $ 608,515,000 | $ 605,603,000 | 611,754,000 | 608,515,000 | 604,721,000 | ||||||||||||
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures | 6,528,000 | 5,517,000 | 5,225,000 | |||||||||||||||
Issuance of common stock related to an incentive plan VALUE | 379,000 | 0 | 0 | |||||||||||||||
Common stock repurchase VALUE | 0 | 0 | 0 | |||||||||||||||
Purchase of vested employee restricted stock units | (2,266,000) | (1,561,000) | (1,513,000) | |||||||||||||||
Forfeitures of dividend equivalents VALUE | 0 | 0 | 0 | |||||||||||||||
Realization of tax benefit for dividend equivalent payments VALUE | 0 | 0 | ||||||||||||||||
Net unrealized gain (loss) on derivatives VALUE | 0 | 0 | ||||||||||||||||
Exercise of stock options VALUE | 264,000 | 35,000 | 82,000 | |||||||||||||||
Ending Balance VALUE | 605,603,000 | 611,754,000 | 605,603,000 | 611,754,000 | 608,515,000 | 604,721,000 | ||||||||||||
DividendsPreferredStockCash | 1,788,000 | 752,000 | ||||||||||||||||
Payments Of Dividends | (8,666,000) | |||||||||||||||||
Retained Earnings [Member] | ||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||
Opening Balance VALUE | (250,701,000) | (279,885,000) | (212,636,000) | (250,701,000) | (279,885,000) | (306,713,000) | ||||||||||||
Net income (loss) | 38,065,000 | 29,184,000 | 26,823,000 | |||||||||||||||
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures | 0 | 0 | 0 | |||||||||||||||
Issuance of common stock related to an incentive plan VALUE | 0 | 0 | 0 | |||||||||||||||
Common stock repurchase VALUE | 0 | 0 | 0 | |||||||||||||||
Purchase of vested employee restricted stock units | 0 | 0 | 0 | |||||||||||||||
Forfeitures of dividend equivalents VALUE | 0 | 0 | 5,000 | |||||||||||||||
Realization of tax benefit for dividend equivalent payments VALUE | 0 | 0 | ||||||||||||||||
Net unrealized gain (loss) on derivatives VALUE | 0 | 0 | 0 | |||||||||||||||
Exercise of stock options VALUE | 0 | 0 | 0 | |||||||||||||||
Ending Balance VALUE | (212,636,000) | (250,701,000) | (212,636,000) | (250,701,000) | (279,885,000) | (306,713,000) | ||||||||||||
DividendsPreferredStockCash | 0 | |||||||||||||||||
Payments Of Dividends | 0 | |||||||||||||||||
Parent Company [Member] | ||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||
Opening Balance VALUE | 361,450,000 | 329,021,000 | 393,374,000 | 361,450,000 | 329,021,000 | 298,393,000 | ||||||||||||
Net income (loss) | 38,065,000 | 29,184,000 | 26,823,000 | |||||||||||||||
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures | 6,539,000 | 5,524,000 | 5,232,000 | |||||||||||||||
Issuance of common stock related to an incentive plan VALUE | 379,000 | |||||||||||||||||
Purchase of vested employee restricted stock units | (2,268,000) | (1,562,000) | (1,514,000) | |||||||||||||||
Forfeitures of dividend equivalents VALUE | (602,000) | 0 | 5,000 | |||||||||||||||
Realization of tax benefit for dividend equivalent payments VALUE | 0 | 0 | ||||||||||||||||
Net unrealized gain (loss) on derivatives VALUE | 0 | 0 | ||||||||||||||||
Exercise of stock options VALUE | 265,000 | 35,000 | 82,000 | |||||||||||||||
Ending Balance VALUE | $ 393,374,000 | $ 361,450,000 | 393,374,000 | 361,450,000 | 329,021,000 | $ 298,393,000 | ||||||||||||
PreferredStockDividendsIncomeStatementImpact | (1,901,000) | (752,000) | 0 | |||||||||||||||
DividendsPreferredStockCash | (1,788,000) | (752,000) | ||||||||||||||||
Payments Of Dividends | (8,666,000) | |||||||||||||||||
Parent Company [Member] | Common Class A [Member] | ||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||
Opening Balance VALUE | $ 325,000 | $ 319,000 | $ 335,000 | $ 325,000 | $ 319,000 | $ 313,000 | ||||||||||||
Opening Balance SHARES | 32,480,551 | 31,862,294 | 33,510,184 | 32,480,551 | 31,862,294 | 31,308,194 | ||||||||||||
Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures | 1,095,759 | 738,195 | 638,102 | |||||||||||||||
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures | $ 11,000 | $ 7,000 | $ 7,000 | |||||||||||||||
Stock Issued During Period Shares Employee Stock Purchase Plans | 31,933 | |||||||||||||||||
Issuance of common stock related to an incentive plan VALUE | $ 0 | |||||||||||||||||
Purchase of vested employee restricted stock units | $ (2,000) | $ (1,000) | $ (1,000) | |||||||||||||||
Purchase of vested employee restricted stock units SHARES | (232,297) | (131,688) | (141,502) | |||||||||||||||
Forfeitures of dividend equivalents VALUE | $ 0 | $ 0 | $ 0 | |||||||||||||||
Realization of tax benefit for dividend equivalent payments VALUE | 0 | 0 | ||||||||||||||||
Net unrealized gain (loss) on derivatives VALUE | $ 0 | $ 0 | $ 0 | |||||||||||||||
Exercise of stock options SHARES | 134,238,000 | 11,750 | 57,500 | |||||||||||||||
Exercise of stock options VALUE | $ 1,000 | $ 0 | $ 0 | |||||||||||||||
Ending Balance SHARES | 33,510,184 | 32,480,551 | 33,510,184 | 32,480,551 | 31,862,294 | 31,308,194 | ||||||||||||
Ending Balance VALUE | $ 335,000 | $ 325,000 | $ 335,000 | $ 325,000 | $ 319,000 | $ 313,000 | ||||||||||||
Parent Company [Member] | Common Class B [Member] | ||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||
Opening Balance VALUE | $ 72,000 | $ 72,000 | $ 72,000 | $ 72,000 | $ 72,000 | $ 72,000 | ||||||||||||
Opening Balance SHARES | 7,197,532 | 7,197,532 | 7,197,532 | 7,197,532 | 7,197,532 | 7,197,532 | ||||||||||||
Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures | 0 | 0 | 0 | |||||||||||||||
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures | $ 0 | $ 0 | $ 0 | |||||||||||||||
Stock Issued During Period Shares Employee Stock Purchase Plans | 0 | |||||||||||||||||
Issuance of common stock related to an incentive plan VALUE | $ 0 | |||||||||||||||||
Purchase of vested employee restricted stock units | $ 0 | $ 0 | $ 0 | |||||||||||||||
Purchase of vested employee restricted stock units SHARES | 0 | 0 | 0 | |||||||||||||||
Forfeitures of dividend equivalents VALUE | $ 0 | $ 0 | $ 0 | |||||||||||||||
Realization of tax benefit for dividend equivalent payments VALUE | 0 | 0 | ||||||||||||||||
Net unrealized gain (loss) on derivatives VALUE | 0 | $ 0 | $ 0 | |||||||||||||||
Exercise of stock options SHARES | 0 | 0 | ||||||||||||||||
Exercise of stock options VALUE | $ 0 | $ 0 | $ 0 | |||||||||||||||
Ending Balance SHARES | 7,197,532 | 7,197,532 | 7,197,532 | 7,197,532 | 7,197,532 | 7,197,532 | ||||||||||||
Ending Balance VALUE | $ 72,000 | $ 72,000 | $ 72,000 | $ 72,000 | $ 72,000 | $ 72,000 | ||||||||||||
Parent Company [Member] | Additional Paid In Capital [Member] | ||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||
Opening Balance VALUE | $ 611,754,000 | $ 608,515,000 | $ 605,603,000 | 611,754,000 | 608,515,000 | 604,721,000 | ||||||||||||
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures | 6,528,000 | 5,517,000 | 5,225,000 | |||||||||||||||
Issuance of common stock related to an incentive plan VALUE | 379,000 | |||||||||||||||||
Purchase of vested employee restricted stock units | (2,266,000) | (1,561,000) | (1,513,000) | |||||||||||||||
Forfeitures of dividend equivalents VALUE | (602,000) | 0 | 0 | |||||||||||||||
Realization of tax benefit for dividend equivalent payments VALUE | 0 | 0 | ||||||||||||||||
Net unrealized gain (loss) on derivatives VALUE | 0 | 0 | ||||||||||||||||
Exercise of stock options VALUE | 264,000 | 35,000 | 82,000 | |||||||||||||||
Ending Balance VALUE | 605,603,000 | 611,754,000 | 605,603,000 | 611,754,000 | 608,515,000 | 604,721,000 | ||||||||||||
DividendsPreferredStockCash | (1,788,000) | (752,000) | ||||||||||||||||
Payments Of Dividends | (8,666,000) | |||||||||||||||||
Parent Company [Member] | Retained Earnings [Member] | ||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||
Opening Balance VALUE | $ (250,701,000) | $ (279,885,000) | $ (212,636,000) | (250,701,000) | (279,885,000) | (306,713,000) | ||||||||||||
Net income (loss) | 38,065,000 | 29,184,000 | 26,823,000 | |||||||||||||||
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures | 0 | 0 | 0 | |||||||||||||||
Issuance of common stock related to an incentive plan VALUE | 0 | |||||||||||||||||
Purchase of vested employee restricted stock units | 0 | 0 | 0 | |||||||||||||||
Forfeitures of dividend equivalents VALUE | 0 | 0 | 5,000 | |||||||||||||||
Realization of tax benefit for dividend equivalent payments VALUE | 0 | 0 | ||||||||||||||||
Net unrealized gain (loss) on derivatives VALUE | 0 | 0 | 0 | |||||||||||||||
Exercise of stock options VALUE | 0 | 0 | 0 | |||||||||||||||
Ending Balance VALUE | $ (212,636,000) | $ (250,701,000) | $ (212,636,000) | $ (250,701,000) | $ (279,885,000) | $ (306,713,000) |
GUARANTOR - Condensed Cash Flow
GUARANTOR - Condensed Cash Flow (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Dec. 15, 2016 | Sep. 15, 2016 | Jun. 15, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
OPERATING ACTIVITIES: | ||||||
Net Cash Provided By Used In Operating Activities | $ 72,030,000 | $ 64,790,000 | $ 65,296,000 | |||
INVESTING ACTIVITIES: | ||||||
Additions to property and equipment | (7,336,000) | (7,043,000) | (8,408,000) | |||
Deferred charges and other assets | (353,000) | (1,575,000) | (800,000) | |||
Proceeds (distributions) from investments in subsidiaries | ||||||
Net cash provided by (used in) investing activities | 495,000 | (91,744,000) | (7,055,000) | |||
FINANCING ACTIVITIES: | ||||||
Payments of long-term debt | (293,266,000) | (51,250,000) | (53,000,000) | |||
Retirement of senior subordinated notes | (220,000,000) | 0 | 0 | |||
Proceeds from issuance of employee stock plan | 379,000 | 0 | 0 | |||
Payments Of Stock Issuance Cost | 0 | 220,000 | 0 | |||
PaymentsOfDebtExtinguishmentCosts | 5,977,000 | 0 | 0 | |||
Proceeds from the exercise of stock options | 265,000 | 35,000 | 82,000 | |||
Payment of dividend equivalents on vested restricted stock units | (94,000) | (7,000) | 0 | |||
Payments of Dividends, Common Stock | $ 2,891,608 | $ 2,886,179 | $ 2,885,838 | 8,666,000 | 0 | 0 |
NetCashProvidedByUsedInFinancingActivities | (34,851,000) | 4,583,000 | (38,932,000) | |||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 37,674,000 | (22,371,000) | 19,309,000 | |||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 9,169,000 | 31,540,000 | 12,231,000 | |||
CASH AND CASH EQUIVALENTS, END OF PERIOD | 46,843,000 | 9,169,000 | 31,540,000 | |||
Parent Company [Member] | ||||||
OPERATING ACTIVITIES: | ||||||
Net Cash Provided By Used In Operating Activities | (24,344,000) | (25,355,000) | (21,652,000) | |||
INVESTING ACTIVITIES: | ||||||
Additions to property and equipment | (1,849,000) | (304,000) | (213,000) | |||
Deferred charges and other assets | (182,000) | (1,142,000) | (481,000) | |||
Proceeds (distributions) from investments in subsidiaries | 44,527,000 | 29,030,000 | 23,610,000 | |||
Net cash provided by (used in) investing activities | 42,496,000 | 27,584,000 | 22,916,000 | |||
FINANCING ACTIVITIES: | ||||||
Proceeds from issuance of employee stock plan | 379,000 | 0 | 0 | |||
Payments Of Stock Issuance Cost | 0 | (220,000) | 0 | |||
PaymentsOfDebtExtinguishmentCosts | (5,977,000) | 0 | 0 | |||
Proceeds from the exercise of stock options | 265,000 | 35,000 | 82,000 | |||
Purchase of vested restricted stock units | (2,268,000) | (1,562,000) | (1,514,000) | |||
Payment of dividend equivalents on vested restricted stock units | (94,000) | (7,000) | 0 | |||
Payments of Dividends, Common Stock | (8,666,000) | 0 | 0 | |||
NetCashProvidedByUsedInFinancingActivities | (18,149,000) | (2,167,000) | (1,432,000) | |||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 3,000 | 62,000 | (168,000) | |||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 195,000 | 133,000 | 301,000 | |||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 198,000 | $ 195,000 | $ 133,000 |
SUMMARIZED QUARTERLY FINANCIA90
SUMMARIZED QUARTERLY FINANCIAL DATA - Unaudited (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement Abstract | ||||||||||||
Income Tax Expense (Benefit) | $ 14,794 | $ 18,437 | $ 19,911 | |||||||||
Net income (loss) | $ 11,399 | $ 11,420 | $ 10,834 | $ 4,412 | $ 14,088 | $ 8,442 | $ 6,747 | $ (93) | 38,065 | 29,184 | 26,823 | $ 26,823 |
Earnings Per Share Abstract | ||||||||||||
Basic net income (loss) per common share | $ 0.28 | $ 0.28 | $ 0.27 | $ 0.1 | $ 0.36 | $ 0.21 | $ 0.18 | $ 0 | ||||
Diluted net income (loss) per common share | $ 0.27 | $ 0.28 | $ 0.26 | $ 0.1 | $ 0.34 | $ 0.21 | $ 0.17 | $ 0 | ||||
Quarterly Financial Information Disclosure Abstract | ||||||||||||
Sales Revenue, Net | $ 123,207 | $ 120,457 | $ 120,478 | $ 96,103 | $ 117,704 | $ 114,662 | $ 100,592 | $ 78,420 | 460,245 | 411,378 | 379,789 | |
Operating Income Loss | 30,040 | 25,688 | 27,584 | 14,745 | 32,555 | 23,159 | 20,615 | 9,253 | 98,057 | 85,582 | 85,576 | |
Net Income (Loss) Attributable to Parent | $ 11,399 | $ 11,420 | $ 10,834 | $ 4,412 | $ 14,088 | $ 8,442 | $ 6,747 | $ (93) | $ 38,065 | $ 29,184 | $ 26,823 | $ 26,823 |
Basic net income (loss) per common share | $ 0.28 | $ 0.28 | $ 0.27 | $ 0.1 | $ 0.36 | $ 0.21 | $ 0.18 | $ 0 | ||||
Weighted average basic common shares outstanding | 38,561,000 | 38,485,000 | 38,469,000 | 38,448,000 | 38,088,000 | 38,076,000 | 38,074,000 | 38,026,000 | 38,500,495 | 38,083,947 | 37,763,353 | |
Diluted net income (loss) per common share | $ 0.27 | $ 0.28 | $ 0.26 | $ 0.1 | $ 0.34 | $ 0.21 | $ 0.17 | $ 0 | ||||
Weighted Average Number Of Diluted Shares Outstanding | 39,800,000 | 41,433,000 | 41,130,000 | 39,260,000 | 40,974,000 | 38,913,000 | 38,929,000 | 38,026,000 | 39,568,062 | 39,037,623 | 38,664,066 | |
Changes in broadcasting licenses [Line Items] | ||||||||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 0 | $ 0 | ||||||||||
Preferred stock dividend | $ 550 | $ 413 | $ 413 | $ 412 | $ 413 | $ 0 | $ 0 | $ 0 | 1,901 | 752 | $ 0 | |
Net Income (Loss) Available to Common Stockholders, Basic | 10,849 | 10,894 | 10,422 | 3,999 | 13,675 | 8,103 | 6,747 | (93) | 36,164 | $ 28,432 | $ 26,823 | |
Payments Of Dividends | $ 2,893 | $ 2,887 | $ 2,886 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (8,666) |