Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Feb. 04, 2014 | Jun. 28, 2013 | Feb. 04, 2014 | |
Class A Common Stock [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] | ||
Document Information [Line Items] | ' | ' | ' | ' |
Document Type | '10-K | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' |
Entity Registrant Name | 'BEASLEY BROADCAST GROUP INC | ' | ' | ' |
Entity Central Index Key | '0001099160 | ' | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 6,368,032 | ' | 16,662,743 |
Entity Public Float | ' | ' | $37,086,838 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets: | ' | ' |
Cash and cash equivalents | $14,299,013 | $11,660,648 |
Accounts receivable, less allowance for doubtful accounts of $637,860 in 2012 and $499,865 in 2013 | 17,195,453 | 18,175,425 |
Prepaid expenses | 1,459,757 | 963,677 |
Deferred tax assets | 374,660 | 418,900 |
Other current assets | 2,522,797 | 2,172,195 |
Total current assets | 35,851,680 | 33,390,845 |
Notes receivable from related parties | 2,305,502 | 2,656,067 |
Property and equipment, net | 20,136,777 | 19,066,881 |
FCC broadcasting licenses | 186,174,864 | 183,251,728 |
Goodwill | 13,629,364 | 13,629,364 |
Other assets | 6,110,702 | 7,377,779 |
Total assets | 264,208,889 | 259,372,664 |
Current liabilities: | ' | ' |
Current portion of long-term debt | 4,250,000 | 3,500,000 |
Accounts payable | 1,675,130 | 1,156,406 |
Other current liabilities | 8,391,168 | 7,979,975 |
Total current liabilities | 14,316,298 | 12,636,381 |
Long-term debt, net of current portion | 102,625,000 | 113,250,000 |
Deferred tax liabilities | 52,771,252 | 49,449,507 |
Other long-term liabilities | 870,245 | 987,519 |
Total liabilities | 170,582,795 | 176,323,407 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued | ' | ' |
Additional paid-in capital | 117,130,362 | 116,896,411 |
Treasury stock, Class A common stock; 2,752,245 in 2012; 2,788,608 shares in 2013 | -14,729,984 | -14,539,533 |
Accumulated deficit | -8,824,642 | -19,347,366 |
Accumulated other comprehensive income | 24,622 | 14,186 |
Stockholders' equity | 93,626,094 | 83,049,257 |
Total liabilities and stockholders' equity | 264,208,889 | 259,372,664 |
Class A Common Stock [Member] | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | 9,074 | 8,897 |
Class B Common Stock [Member] | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | $16,662 | $16,662 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts receivable, less allowance for doubtful accounts | $499,865 | $637,860 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Treasury stock, Class A common stock shares | 2,788,608 | 2,752,245 |
Class A Common Stock [Member] | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 9,073,940 | 8,897,440 |
Common stock, shares outstanding | 6,285,332 | 6,145,195 |
Class B Common Stock [Member] | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 16,662,743 | 16,662,743 |
Common stock, shares outstanding | 16,662,743 | 16,662,743 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Statement [Abstract] | ' | ' |
Net revenue | $104,905,720 | $100,240,597 |
Operating expenses: | ' | ' |
Station operating expenses (including stock-based compensation of $4,330 in 2012 and $21,371 in 2013 and excluding depreciation and amortization shown separately below) | 67,044,139 | 62,528,795 |
Corporate general and administrative expenses (including stock-based compensation of $429,739 in 2012 and $671,724 in 2013) | 8,624,395 | 8,105,250 |
Other operating expenses | 185,916 | ' |
Depreciation and amortization | 2,220,641 | 2,097,179 |
Total operating expenses | 78,075,091 | 72,731,224 |
Operating income | 26,830,629 | 27,509,373 |
Non-operating income (expense): | ' | ' |
Interest expense | -7,081,801 | -6,488,521 |
Loss on extinguishment of long-term debt | -1,260,784 | -2,563,979 |
Other income (expense), net | 89,758 | -178,716 |
Income before income taxes | 18,577,802 | 18,278,157 |
Income tax expense | 7,031,539 | 7,246,887 |
Net income | 11,546,263 | 11,031,270 |
Other comprehensive income: | ' | ' |
Unrealized gain (loss) on securities (net of income tax benefit of $1,940 in 2012 and income tax expense of $6,396 in 2013) | 10,436 | -3,083 |
Comprehensive income | $11,556,699 | $11,028,187 |
Net income per share: | ' | ' |
Basic | $0.51 | $0.49 |
Diluted | $0.51 | $0.48 |
Dividends declared per common share | $0.05 | $0.09 |
Weighted average shares outstanding: | ' | ' |
Basic | 22,735,774 | 22,667,102 |
Diluted | 22,838,209 | 22,748,962 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Stock-based compensation | $693,095 | $434,069 |
Unrealized gain (loss) on securities, income tax expense | 6,396 | 1,940 |
Station Operating Expenses [Member] | ' | ' |
Stock-based compensation | 21,371 | 4,330 |
Corporate General and Administrative Expenses [Member] | ' | ' |
Stock-based compensation | $671,724 | $429,739 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Class A Common Stock [Member] | Class B Common Stock [Member] | Additional Paid-In Capital [Member] | Treasury Stock [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income [Member] |
Beginning Balance at Dec. 31, 2011 | $73,647,222 | $8,819 | $16,662 | $116,483,223 | ($14,427,679) | ($28,451,072) | $17,269 |
Beginning Balance, shares at Dec. 31, 2011 | ' | 8,819,290 | 16,662,743 | ' | -2,719,658 | ' | ' |
Stock-based compensation | 434,069 | 78 | ' | 433,991 | ' | ' | ' |
Stock-based compensation, shares | ' | 78,150 | ' | ' | ' | ' | ' |
Adjustment from related party acquisition | 59,301 | ' | ' | 59,301 | ' | ' | ' |
Tax shortfall from vesting of restricted stock | -80,104 | ' | ' | -80,104 | ' | ' | ' |
Purchase of treasury stock | -111,854 | ' | ' | ' | -111,854 | ' | ' |
Purchase of treasury stock, shares | ' | ' | ' | ' | -32,587 | ' | ' |
Net income | 11,031,270 | ' | ' | ' | ' | 11,031,270 | ' |
Cash dividends, $0.085 and $0.045 per common share at December 31, 2012 and December 31, 2013 | -1,927,564 | ' | ' | ' | ' | -1,927,564 | ' |
Other comprehensive income | -3,083 | ' | ' | ' | ' | ' | -3,083 |
Ending Balance at Dec. 31, 2012 | 83,049,257 | 8,897 | 16,662 | 116,896,411 | -14,539,533 | -19,347,366 | 14,186 |
Ending Balance, shares at Dec. 31, 2012 | ' | 8,897,440 | 16,662,743 | ' | -2,752,245 | ' | ' |
Stock-based compensation | 693,095 | 177 | ' | 692,918 | ' | ' | ' |
Stock-based compensation, shares | ' | 176,500 | ' | ' | ' | ' | ' |
Adjustment from related party acquisition | -521,383 | ' | ' | -521,383 | ' | ' | ' |
Tax benefit from vesting of restricted stock | 62,416 | ' | ' | 62,416 | ' | ' | ' |
Purchase of treasury stock | -190,451 | ' | ' | ' | -190,451 | ' | ' |
Purchase of treasury stock, shares | -36,363 | ' | ' | ' | -36,363 | ' | ' |
Net income | 11,546,263 | ' | ' | ' | ' | 11,546,263 | ' |
Cash dividends, $0.085 and $0.045 per common share at December 31, 2012 and December 31, 2013 | -1,023,539 | ' | ' | ' | ' | -1,023,539 | ' |
Other comprehensive income | 10,436 | ' | ' | ' | ' | ' | 10,436 |
Ending Balance at Dec. 31, 2013 | $93,626,094 | $9,074 | $16,662 | $117,130,362 | ($14,729,984) | ($8,824,642) | $24,622 |
Ending Balance, shares at Dec. 31, 2013 | ' | 9,073,940 | 16,662,743 | ' | -2,788,608 | ' | ' |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Cash dividends, per common share | $0.05 | $0.09 |
Accumulated Deficit [Member] | ' | ' |
Cash dividends, per common share | $0.05 | $0.09 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Cash flows from operating activities: | ' | ' |
Net income | $11,546,263 | $11,031,270 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Stock-based compensation | 693,095 | 434,069 |
Provision for bad debts | 801,619 | 1,219,698 |
BMI music license fee settlement | ' | -770,654 |
Depreciation and amortization | 2,220,641 | 2,097,179 |
Amortization of loan fees | 463,711 | 362,160 |
Loss on extinguishment of long-term debt | 1,260,784 | 2,563,979 |
Deferred income taxes | 3,663,938 | 3,870,822 |
Change in operating assets and liabilities: | ' | ' |
Accounts receivable | 178,353 | -1,635,513 |
Prepaid expenses | -496,080 | 1,118,718 |
Other assets | 106,511 | 111,341 |
Accounts payable | 518,724 | 249,626 |
Other liabilities | -788,689 | 568,389 |
Other operating activities | -255,186 | -816,549 |
Net cash provided by operating activities | 19,913,684 | 20,404,535 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -2,785,477 | -1,709,291 |
Payment for acquisitions of radio stations | -4,000,000 | -2,000,000 |
Payments for translator licenses | -116,154 | -195,000 |
Payments for investments | -104,167 | -166,667 |
Repayment of notes receivable from related parties | 350,565 | 283,588 |
Net cash used in investing activities | -6,655,233 | -3,787,370 |
Cash flows from financing activities: | ' | ' |
Principal payments on indebtedness | -9,875,000 | -9,983,619 |
Repayment of note payable to related party | ' | -2,500,000 |
Payments of loan fees | -617,051 | -3,963,445 |
Tax benefit (shortfall) from vesting of restricted stock | 62,416 | -80,104 |
Dividends paid | ' | -1,927,564 |
Payments for treasury stock | -190,451 | -111,854 |
Net cash used in financing activities | -10,620,086 | -18,566,586 |
Net increase (decrease) in cash and cash equivalents | 2,638,365 | -1,949,421 |
Cash and cash equivalents at beginning of period | 11,660,648 | 13,610,069 |
Cash and cash equivalents at end of period | 14,299,013 | 11,660,648 |
Cash paid for interest | 6,618,090 | 6,200,092 |
Cash paid for income taxes | 3,827,545 | 3,319,500 |
Supplement disclosure of non-cash investing and financing activities: | ' | ' |
Property and equipment acquired through placement of advertising airtime | 160,110 | 137,507 |
Note payable to related party to partially finance an acquisition of a radio station | ' | 2,500,000 |
Dividends declared but unpaid | $1,023,539 | ' |
Nature_of_Business
Nature of Business | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Nature of Business | ' | |
-1 | Nature of Business | |
Beasley Broadcast Group, Inc. (the “Company”) is a radio broadcasting company operating one reportable business segment whose primary business is operating radio stations throughout the United States. The Company owns and operates 44 radio stations in the following markets: Atlanta, GA, Augusta, GA, Boston, MA, Fayetteville, NC, Fort Myers-Naples, FL, Greenville-New Bern-Jacksonville, NC, Las Vegas, NV, Miami-Fort Lauderdale, FL, Philadelphia, PA, West Palm Beach-Boca Raton, FL, and Wilmington, DE. The Company also operates one radio station in the expanded AM band in Augusta, GA. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Summary of Significant Accounting Policies | ' | |
-2 | Summary of Significant Accounting Policies | |
Principles of Consolidation | ||
The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America and include the accounts of the Company and its wholly-owned subsidiaries. All significant inter-company transactions and balances have been eliminated. | ||
Use of Estimates | ||
Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Such estimates include (i) fair values used for testing FCC broadcasting licenses and goodwill for impairment; (ii) future cash flows used for testing recoverability of property and equipment; (iii) the amount of allowance for doubtful accounts; and (iv) the realization of deferred tax assets. Actual results and outcomes may differ from management’s estimates and assumptions. | ||
Cash and Cash Equivalents | ||
All short-term investments with an original maturity of three months or less are considered to be cash equivalents. | ||
Accounts Receivable | ||
Accounts receivable consist primarily of uncollected amounts due from advertisers for the sale of advertising airtime. The amounts are net of advertising agency commissions and an allowance for doubtful accounts. The allowance for doubtful accounts reflects management’s estimate of probable losses in accounts receivable. Management determines the allowance based on historical information, relative improvements or deteriorations in the age of the accounts receivable and changes in current economic conditions. Interest is not accrued on accounts receivable. | ||
Property and Equipment | ||
Property and equipment is recorded at cost and depreciated using the straight-line method over the estimated useful life of the asset. If an event or change in circumstances were to indicate that the carrying amount of property and equipment is not recoverable, the carrying amount will be reduced to the estimated fair value. Repairs and maintenance are charged to expense as incurred. | ||
FCC Broadcasting Licenses | ||
FCC broadcasting licenses are generally granted for renewable terms of eight years. Renewal costs are generally minor and expensed as incurred. Licenses are tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the Company’s licenses might be impaired. The Company assesses qualitative factors to determine whether it is more likely than not that its licenses are impaired. If the Company determines it is more likely than not that its licenses are impaired then the Company is required to perform the quantitative impairment test. The quantitative impairment test compares the fair value of the Company’s licenses with their carrying amounts. If the carrying amounts of the licenses exceed their fair value, an impairment loss is recognized in an amount equal to that excess. For the purpose of testing its licenses for impairment, the Company combines its licenses into reporting units based on its market clusters. See Note 4 for changes in the carrying amount of FCC broadcasting licenses for the years ended December 31, 2012 and 2013. The weighted-average period before the next renewal of the Company’s FCC broadcasting licenses is 3.8 years. | ||
Goodwill | ||
Goodwill is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the Company’s goodwill might be impaired. The Company assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company determines it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then it is required to perform the first step of a two-step impairment test by calculating the fair value of the reporting unit and comparing the fair value with the carrying amount of the reporting unit. If the carrying amount of a reporting unit exceeds its fair value, then the Company is required to perform the second step of the two-step goodwill impairment test to measure the amount of the impairment loss. For the purpose of testing its goodwill for impairment, the Company has identified its market clusters as its reporting units. There were no changes in the carrying amount of goodwill for the years ended December 31, 2012 and 2013. | ||
Investment | ||
Other assets include a noncontrolling interest in Quu, Inc. which is accounted for under the cost method of accounting. Under the cost method of accounting, investments are carried at cost and only adjusted for distributions received in excess of earnings and other-than-temporary declines in fair value. The Company evaluates the investment on a quarterly basis and recognizes an impairment loss if a decline in value is determined to be other-than-temporary. Such impairment evaluations include the current business environment, the investee’s competition, and the investee’s ability to obtain additional financing to achieve its business plan. If the Company has not identified events or changes in circumstances that may have a significant adverse effect on the fair value of the investment, then the fair value of the investment is not estimated, as it is impracticable to do so. As of December 31, 2012 and 2013, the carrying value of the investment in Quu, Inc. is $0.9 million. | ||
Loan Fees | ||
Debt issuance costs are capitalized and amortized over the life of the related debt as interest expense on a straight-line basis which approximates the effective interest method. | ||
Derivative Financial Instruments | ||
Derivative financial instruments are recognized at fair value on the balance sheet. Changes in fair value for any derivative financial instruments not designated as hedging instruments are reported in interest expense. The effective portion of the change in fair value for any derivative financial instruments designated as cash flow hedges would be reported in accumulated other comprehensive income. | ||
Treasury Stock | ||
Treasury stock is accounted for using the cost method whereby the entire cost of the acquired stock is recorded as treasury stock. | ||
Revenue | ||
Revenue from the sale of advertising airtime is recognized when commercials are broadcast and collection is reasonably assured. Revenues are reported net of advertising agency commissions, generally 15% of gross revenue, in the financial statements. An estimated allowance is recorded for uncollectible accounts. Payments received before commercials are broadcast are recorded as deferred revenue. Barter sales are recorded at the estimated fair value of the goods or services received. Revenue from barter sales is recognized when commercials are broadcast. Goods or services are recorded when received. If commercials are broadcast before the goods or services are received then a barter sales receivable is recorded. If goods or services are received before the broadcast of commercials then a barter sales payable is recorded. Barter sales revenue was $3.7 million and $4.3 million for the years ended December 31, 2012 and 2013, respectively. Barter sales expenses were $3.3 million and $4.0 million for the years ended December 31, 2012 and 2013, respectively. | ||
Program Rights | ||
The total contract costs for sports programming rights are expensed on a straight-line basis in the periods in which the games are played and broadcast. Other payments are expensed when additional contract elements, such as post-season games, are played and broadcast. | ||
Stock-Based Compensation | ||
The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost is recognized in earnings over the period during which an employee is required to provide service. No compensation cost is recognized for equity instruments for which employees do not render the requisite services. | ||
Income Taxes | ||
The Company recorded income taxes under the liability method. Deferred tax assets and liabilities are recognized for all temporary differences between tax and financial reporting bases of the Company’s assets and liabilities using enacted tax rates applicable to the periods in which the differences are expected to affect taxable income. Tax benefits from an uncertain tax position are only recognized if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. Interest and penalties related to unrecognized tax benefits are recorded as incurred as a component of income tax expense. | ||
Comprehensive Income | ||
Comprehensive income consists of net income and other gains and losses affecting stockholders’ equity that, under accounting principles generally accepted in the United States of America are excluded from net income, including unrealized gain (loss) on available-for-sale securities. | ||
Earnings per Share | ||
Basic net income per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Common shares outstanding include shares of both Class A and Class B common stock, which have equal rights and privileges except with respect to voting. Diluted net income per share reflect the potential dilution that could occur if stock options, restricted stock or other contracts to issue common stock were exercised or converted into common stock and were not anti-dilutive. | ||
Concentrations of Risk | ||
Certain cash deposits with financial institutions may at times exceed FDIC insurance limits. | ||
The radio stations located in Miami-Ft. Lauderdale, FL and Philadelphia, PA contributed 47.1% and 47.9% of the Company’s net revenue in 2012 and 2013, respectively. | ||
Fair Value Measurements | ||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions based on the best information available in the circumstances. The fair value hierarchy prioritizes the inputs used to measure fair value into three broad levels. The three levels of the fair value hierarchy are defined as follows: | ||
Level 1 – Inputs are quoted prices in active markets for identical assets or liabilities as of the reporting date. | ||
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, as of the reporting date. | ||
Level 3 – Unobservable inputs for the asset or liability that reflect management’s own assumptions about the assumptions that market participants would use in pricing the asset or liability as of the reporting date. | ||
Recent Accounting Pronouncements | ||
In February 2013, the FASB issued guidance to improve the reporting of reclassifications out of accumulated other comprehensive income. The guidance requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. generally accepted accounting principles to be reclassified in its entirety to net income. For other amounts that are that are not required under U.S. generally accepted accounting principles to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under U.S. generally accepted accounting principles that provide additional detail about those amounts. The new guidance is effective prospectively for reporting periods beginning after December 15, 2012, with early adoption permitted. The Company adopted the new guidance in the first quarter of 2013 with no material impact on its financial statements. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||||
Property and Equipment | ' | ||||||||||||
-3 | Property and Equipment | ||||||||||||
Property and equipment is comprised of the following: | |||||||||||||
December 31, | Estimated | ||||||||||||
useful lives | |||||||||||||
2012 | 2013 | (years) | |||||||||||
Land, buildings and improvements | $ | 16,391,268 | $ | 17,418,088 | 15-30 | ||||||||
Broadcast equipment | 19,774,373 | 21,264,508 | 15-May | ||||||||||
Transportation equipment | 1,904,243 | 1,954,984 | 5 | ||||||||||
Office equipment | 2,764,327 | 2,673,573 | 10-May | ||||||||||
Construction in progress | 687,526 | 569,774 | — | ||||||||||
41,521,737 | 43,880,927 | ||||||||||||
Less accumulated depreciation and amortization | (22,454,856 | ) | (23,744,150 | ) | |||||||||
$ | 19,066,881 | $ | 20,136,777 | ||||||||||
The Company recorded depreciation and amortization expense of $2.1 million and $2.2 million for the years ended December 31, 2012 and 2013, respectively. |
FCC_Broadcasting_Licenses
FCC Broadcasting Licenses | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Text Block [Abstract] | ' | ||||
FCC Broadcasting Licenses | ' | ||||
-4 | FCC Broadcasting Licenses | ||||
The changes in the carrying amount of FCC broadcasting licenses for the years ended December 31, 2012 and 2013 are as follows: | |||||
Balance as of January 1, 2012 | $ | 178,913,816 | |||
Acquisition of translator licenses | 195,000 | ||||
Acquisition of KOAS-FM license (see Note 13) | 4,142,912 | ||||
Balance as of December 31, 2012 | 183,251,728 | ||||
Acquisition of translator licenses | 116,154 | ||||
Acquisition of KVGS-FM license (see Note 13) | 2,806,982 | ||||
Balance as of December 31, 2013 | $ | 186,174,864 | |||
On January 17, 2012, the Company acquired a translator license from Edgewater Broadcasting, Inc. for $45,000. The translator license allows the Company to rebroadcast the programming of one of its radio stations in Augusta, GA on the FM band over an expanded area of coverage. On October 1, 2012, the Company acquired three translator licenses from Reach Communications, Inc. for $150,000. The translator licenses allow the Company to rebroadcast the programming of one of its radio stations in Fort Myers-Naples, FL on the FM band over an expanded area of coverage. | |||||
On January 11, 2013, the Company acquired two translator licenses from Reach Communications, Inc. for $30,000. The translator licenses allow the Company to rebroadcast the programming of one of its radio stations in Fort Myers-Naples, FL on the FM band over an expanded area of coverage. On October 4, 2013, the Company acquired two FM translator licenses from Connor Media, Inc. for $86,154. The translator licenses allow the Company to rebroadcast the programming of two of its radio stations in Greenville-New Bern-Jacksonville, NC on the FM band over an expanded area of coverage. | |||||
Translator licenses are generally granted for renewable terms of eight years and are tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that they might be impaired. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | |
Dec. 31, 2013 | ||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | |
Derivative Financial Instruments | ' | |
-5 | Derivative Financial Instruments | |
The Company is a party to two interest rate cap agreements which limit its cost of variable rate debt on a portion of its term loans. The interest rate cap agreements have an aggregate notional amount of $57.5 million and cap LIBOR at 1% on an equivalent amount of the Company’s term loans. The interest rate cap agreements expire in the third quarter of 2014. The interest rate caps were not designated as hedging instruments. The fair value of the interest rate caps, reported in other assets, was approximately $19,000 and $1,000 as of December 31, 2012 and 2013, respectively. The fair values of the interest rate caps were determined using observable inputs (Level 2). The inputs were quotes from the counterparties to the interest rate cap agreements. The change in fair value, reported in interest expense, was approximately $69,000 and $18,000 for the years ended December 31, 2012 and 2013, respectively. |
Other_Current_Liabilities
Other Current Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Other Current Liabilities | ' | ||||||||
-6 | Other Current Liabilities | ||||||||
Other current liabilities are comprised of the following: | |||||||||
December 31, | |||||||||
2012 | 2013 | ||||||||
Accrued payroll expenses | $ | 2,345,175 | $ | 2,444,952 | |||||
Deferred rent | 1,274,726 | 1,277,909 | |||||||
Barter sales payable | 1,015,248 | 1,074,317 | |||||||
Dividends payable | — | 1,023,539 | |||||||
Deferred revenue | 912,733 | 823,533 | |||||||
Other accrued expenses | 2,432,093 | 1,746,918 | |||||||
$ | 7,979,975 | $ | 8,391,168 | ||||||
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Long-Term Debt | ' | ||||||||||||
-7 | Long-Term Debt | ||||||||||||
Long-term debt is comprised of the following: | |||||||||||||
December 31, | December 31, | ||||||||||||
2012 | 2013 | ||||||||||||
First lien facility: | |||||||||||||
Term loan | $ | 86,750,000 | $ | 99,875,000 | |||||||||
Revolving credit facility | 5,000,000 | 7,000,000 | |||||||||||
Second lien facility: | |||||||||||||
Term loan | 25,000,000 | — | |||||||||||
116,750,000 | 106,875,000 | ||||||||||||
Less current installments | (3,500,000 | ) | (4,250,000 | ) | |||||||||
$ | 113,250,000 | $ | 102,625,000 | ||||||||||
As of December 31, 2012, the first lien facility consisted of a term loan with a remaining balance of $86.7 million and a revolving credit facility with a maximum commitment of $20.0 million. The first lien facility carried interest, based on the adjusted LIBOR rate, at 5.18% as of December 31, 2012. As of December 31, 2012, the second lien facility consisted of a term loan of $25.0 million. The second lien facility carried interest at 11.25% as of December 31, 2012. | |||||||||||||
On April 3, 2013, the Company amended its first lien credit agreement. The amendment waived certain restrictions to permit the prepayment of the $25.0 million second lien facility in full with $20.0 million of additional term loan borrowings and $2.0 million of additional revolving credit facility borrowings from the first lien facility and $3.0 million of cash on hand. The amendment also modified the interest rate margins on the term loan. In connection with the prepayment of the second lien facility, the Company recorded a prepayment fee of $1.0 million in interest expense during the second quarter of 2013. In connection with the amended first lien credit agreement and the prepayment of the second lien facility, the Company also recorded a loss on extinguishment of long-term debt of $1.3 million during the second quarter of 2013. | |||||||||||||
As of December 31, 2013, the first lien facility consisted of a term loan with a remaining balance of $99.9 million and a revolving credit facility with a maximum commitment of $20.0 million. As of December 31, 2013, the Company had $13.0 million in remaining commitments available under its revolving credit facility. At the Company’s election, the first lien facility may bear interest at either (i) the adjusted LIBOR rate, as defined in the first lien credit agreement, plus a margin ranging from 3.5% to 5.0% that is determined by the Company’s consolidated total debt ratio, as defined in the first lien credit agreement or (ii) the base rate, as defined in the first lien credit agreement, plus a margin ranging from 2.5% to 4.0% that is determined by the Company’s consolidated total debt ratio. Interest on adjusted LIBOR rate loans is payable at the end of each applicable interest period and, for those interest periods with a duration in excess of three months, the three month anniversary of the beginning of such interest period. Interest on base rate loans is payable quarterly in arrears. The first lien facility carried interest, based on the adjusted LIBOR rate, at 4.17% as of December 31, 2013 and matures on August 9, 2017. | |||||||||||||
The first lien credit agreement requires mandatory prepayments equal to 50% of consolidated excess cash flow, as defined in the first lien credit agreement, when the Company’s consolidated total debt is equal to or greater than three times its consolidated operating cash flow, as defined in the first lien credit agreement. The mandatory prepayments decrease to 25% of excess cash flow when the Company’s consolidated total debt is less than three times its consolidated operating cash flow. Mandatory prepayments of consolidated excess cash flow are due 120 days after year end. The credit agreement also requires mandatory prepayments for defined amounts from net proceeds of asset sales, net insurance proceeds, and net proceeds of debt issuances. | |||||||||||||
The first lien facility requires the Company to comply with certain financial covenants which are defined in the first lien credit agreement. These financial covenants include: | |||||||||||||
• | Consolidated Total Debt Ratio. The Company’s consolidated total debt on the last day of each fiscal quarter through December 31, 2013 must not have exceeded 5.0 times its consolidated operating cash flow for the four quarters then ended. The maximum ratio is 4.5 times for 2014, 4.0 times for 2015, 3.5 times for 2016, and 3.0 times for 2017. | ||||||||||||
• | Interest Coverage Ratio. The Company’s consolidated operating cash flow for the four quarters ending on the last day of each fiscal quarter through maturity must not be less than 2.0 times its consolidated cash interest expense for the four quarters then ended. | ||||||||||||
The first lien facility is secured by a first-priority lien on substantially all of the Company’s assets and the assets of substantially all of its subsidiaries and is guaranteed jointly and severally by the Company and substantially all of its subsidiaries. The guarantees were issued to the Company’s lenders for repayment of the outstanding balance of the first lien facility. If the Company defaults under the terms of the first lien credit agreement, the Company and its applicable subsidiaries may be required to perform under their guarantees. As of December 31, 2013, the maximum amount of undiscounted payments the Company and its applicable subsidiaries would have had to make in the event of default was $106.9 million. The guarantees for the first lien facility expire on August 9, 2017. | |||||||||||||
The aggregate scheduled principal repayments of the credit facility for the next four years are as follows: | |||||||||||||
Term | Revolving | Total | |||||||||||
loan | credit | ||||||||||||
facility | |||||||||||||
2014 | $ | 4,250,000 | — | $ | 4,250,000 | ||||||||
2015 | 8,250,000 | — | 8,250,000 | ||||||||||
2016 | 9,625,000 | — | 9,625,000 | ||||||||||
2017 | 77,750,000 | 7,000,000 | 84,750,000 | ||||||||||
Total | $ | 99,875,000 | $ | 7,000,000 | $ | 106,875,000 | |||||||
Failure to comply with financial covenants, scheduled interest payments, scheduled principal repayments, or any other terms of its credit agreement could result in the acceleration of the maturity of its outstanding debt. The Company believes that it will have sufficient liquidity and capital resources to permit it to meet its financial obligations for at least the next twelve months. As of December 31, 2013, the Company was in compliance with all applicable financial covenants under its credit agreement. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |
Dec. 31, 2013 | ||
Equity [Abstract] | ' | |
Stockholders' Equity | ' | |
-8 | Stockholders’ Equity | |
The Company has two classes of common stock: Class A common stock and Class B common stock. In the election of directors, the holders of Class A common stock are entitled by class vote, exclusive of other stockholders, to elect two of the Company’s directors, with each Class A share being entitled to one vote. In the election of the other six directors and all other matters submitted to the stockholders for a vote, the holders of Class A shares and Class B shares shall vote as a single class, with each Class A share being entitled to one vote and each Class B share entitled to ten votes. | ||
The Company’s credit agreement permits it to repurchase sufficient shares of its common stock to fund withholding taxes in connection with the vesting of restricted stock, subject to compliance with financial covenants, up to an aggregate amount of $2.0 million per year. The Company paid $0.2 million to repurchase 36,363 shares in 2013. | ||
The Company’s credit agreement permits it to pay cash dividends and to repurchase additional shares of its common stock, subject to compliance with financial covenants, up to an aggregate amount of $4.0 million for 2013, $5.0 million for each of 2014 and 2015, and $6.0 million for each year thereafter. The Company paid $1.9 million for cash dividends in 2012 and paid no cash dividends in 2013. On December 6, 2013, the Company declared a cash dividend of $0.045 per share on its Class A and Class B common stock. The dividend of $1.0 million in the aggregate was paid on January 10, 2014, to stockholders of record on December 27, 2013. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||
Stock-Based Compensation | ' | ||||||||
-9 | Stock-Based Compensation | ||||||||
The Beasley Broadcast Group, Inc. 2007 Equity Incentive Award Plan (the “2007 Plan”) permits the Company to issue up to 4.0 million shares of Class A common stock. The 2007 Plan allows for eligible employees, directors and certain consultants of the Company to receive shares of restricted stock, stock options or other stock-based awards. The restricted stock awards that have been granted under the 2007 Plan generally vest over one to five years of service. | |||||||||
A summary of restricted stock activity under the 2007 Plan is presented below: | |||||||||
Shares | Weighted- | ||||||||
Average | |||||||||
Grant-Date | |||||||||
Fair Value | |||||||||
Unvested as of January 1, 2012 | 148,584 | $ | 4.26 | ||||||
Granted | 80,000 | 3.63 | |||||||
Vested | (103,016 | ) | 6.04 | ||||||
Forfeited | (1,850 | ) | 3.15 | ||||||
Unvested as of December 31, 2012 | 123,718 | 3.86 | |||||||
Granted | 178,500 | 6.98 | |||||||
Vested | (104,451 | ) | 3.99 | ||||||
Forfeited | (2,000 | ) | 5.19 | ||||||
Unvested as of December 31, 2013 | 195,767 | $ | 6.79 | ||||||
As of December 31, 2013, there was $0.8 million of total unrecognized compensation cost for restricted stock granted under the 2007 Plan. That cost is expected to be recognized over a weighted-average period of 1.8 years. | |||||||||
The 2000 Equity Plan of Beasley Broadcast Group. Inc. (the “2000 Plan”) was terminated upon adoption of the 2007 Plan, except with respect to outstanding awards. The remaining stock options expire ten years from the date of grant. No new awards will be granted under the 2000 Plan. | |||||||||
A summary of restricted stock activity under the 2000 Plan is presented below: | |||||||||
Shares | Weighted- | ||||||||
Average | |||||||||
Grant-Date | |||||||||
Fair Value | |||||||||
Unvested as of January 1, 2012 | 2,333 | $ | 5.99 | ||||||
Vested | (2,333 | ) | 5.99 | ||||||
Unvested as of December 31, 2012 | — | $ | — | ||||||
A summary of stock option activity under the 2000 Plan is as follows: | |||||||||
Options | Weighted- | ||||||||
Average | |||||||||
Exercise | |||||||||
Price | |||||||||
Outstanding as of January 1, 2012 | 178,084 | $ | 13.92 | ||||||
Forfeited | — | — | |||||||
Outstanding as of December 31, 2012 | 178,084 | 13.92 | |||||||
Forfeited | (115,834 | ) | 12.9 | ||||||
Outstanding and exercisable as of December 31, 2013 | 62,250 | $ | 15.82 | ||||||
As of December 31, 2013, the weighted-average remaining contractual term was 0.7 years and the aggregate intrinsic value was zero for stock options granted under the 2000 Plan. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Taxes | ' | ||||||||
-10 | Income Taxes | ||||||||
Income tax expense is as follows: | |||||||||
Year ended December 31, | |||||||||
2012 | 2013 | ||||||||
Federal: | |||||||||
Current | $ | 3,136,830 | $ | 2,852,342 | |||||
Deferred | 2,847,899 | 3,452,912 | |||||||
5,984,729 | 6,305,254 | ||||||||
State: | |||||||||
Current | 358,533 | 531,836 | |||||||
Deferred | 903,625 | 194,449 | |||||||
1,262,158 | 726,285 | ||||||||
$ | 7,246,887 | $ | 7,031,539 | ||||||
Income tax expense differs from the amounts that would result from applying the federal statutory rate of 34% to the Company’s income before taxes as follows: | |||||||||
Year ended December 31, | |||||||||
2012 | 2013 | ||||||||
Expected tax expense | $ | 6,214,573 | $ | 6,316,453 | |||||
State income taxes, net of federal benefit | 833,024 | 818,480 | |||||||
Change in effective state income tax rate | — | (336,143 | ) | ||||||
Change in valuation allowance | (10,367 | ) | (9,444 | ) | |||||
Non-deductible items | 209,657 | 242,193 | |||||||
$ | 7,246,887 | $ | 7,031,539 | ||||||
Temporary differences that give rise to the components of deferred tax assets and liabilities are as follows: | |||||||||
December 31, | |||||||||
2012 | 2013 | ||||||||
Deferred tax assets: | |||||||||
Allowance for doubtful accounts | $ | 406,387 | $ | 341,487 | |||||
Other assets | 817,880 | 916,864 | |||||||
Accrued expenses | 519,447 | 517,118 | |||||||
Other long-term liabilities | 381,380 | 333,791 | |||||||
Stock-based compensation | 347,493 | 361,579 | |||||||
Net operating losses | 382,852 | 350,239 | |||||||
Subtotal | 2,855,439 | 2,821,078 | |||||||
Valuation allowance | (643,552 | ) | (634,108 | ) | |||||
Total | 2,211,887 | 2,186,970 | |||||||
Deferred tax liabilities: | |||||||||
Prepaid expenses | (506,933 | ) | (483,944 | ) | |||||
Property and equipment | (1,427,035 | ) | (1,451,801 | ) | |||||
Intangibles | (49,308,526 | ) | (52,647,817 | ) | |||||
Total | (51,242,494 | ) | (54,583,562 | ) | |||||
Net deferred tax liabilities | $ | (49,030,607 | ) | $ | (52,396,592 | ) | |||
As of December 31, 2013, the Company has state net operating losses of $7.5 million, which expire in various years through 2030. The valuation allowance relates to net operating losses and unrealized losses on investments which management has determined, more likely than not, that such losses will not be utilized. | |||||||||
As of December 31, 2012 and 2013, the Company does not have any material unrecognized tax benefits and accordingly has not recorded any interest or penalties related to unrecognized tax benefits. The Company and its subsidiaries file a consolidated federal income tax return and various state returns. These returns remain subject to examination by taxing authorities for all years after 2009. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share | ' | ||||||||
-11 | Earnings Per Share | ||||||||
Net income per share calculation information is as follows: | |||||||||
Year ended December 31, | |||||||||
2012 | 2013 | ||||||||
Net income | $ | 11,031,270 | $ | 11,546,263 | |||||
Weighted-average shares outstanding: | |||||||||
Basic | 22,667,102 | 22,735,774 | |||||||
Effect of dilutive restricted stock | 81,860 | 102,435 | |||||||
Diluted | 22,748,962 | 22,838,209 | |||||||
Net income per basic share | $ | 0.49 | $ | 0.51 | |||||
Net income per diluted share | $ | 0.48 | $ | 0.51 | |||||
NonCash_Operating_and_Investin
Non-Cash Operating and Investing Activities | 12 Months Ended | |
Dec. 31, 2013 | ||
Text Block [Abstract] | ' | |
Non-Cash Operating and Investing Activities | ' | |
-12 | Non-Cash Operating and Investing Activities | |
In the first quarter of 2012, the Company finalized the terms of a long-term lease agreement for a radio tower in Boston, MA. The terms of the agreement resulted in a $1.3 million reclassification of leasehold improvements previously reported in property and equipment to long-term prepaid rent in other assets. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Related Party Transactions [Abstract] | ' | ||||
Related Party Transactions | ' | ||||
-13 | Related Party Transactions | ||||
Notes receivable from related parties totaling $2.3 million as of December 31, 2013 are due from Beasley Family Towers, LLC (“BFT”), which is controlled by George G. Beasley, Bruce G. Beasley, Caroline Beasley, Brian E. Beasley and other family members of George G. Beasley. On May 31, 2013, the interest rate on the notes receivable was discretionarily changed from 6.0% to 2.57%. The aggregate monthly payments of approximately $38,000 were unchanged, but due to the interest rate change the maturity date of the notes is now June 30, 2019. Interest income on the notes receivable from BFT was approximately $169,000 and $102,000 for the years ended December 31, 2012 and 2013, respectively. | |||||
The Company leases radio towers for 24 radio stations under separate lease agreements from BFT. The lease agreements expire on various dates through December 28, 2020. Rental expense was approximately $559,000 and $561,000 for the years ended December 31, 2012 and 2013, respectively. | |||||
The Company leases radio towers for two radio stations under separate lease agreements from BFT. The lease agreements expire on August 4, 2016. Lease payments are currently offset by the partial recognition of a deferred gain on sale from the sale of these towers to BFT in 2006, therefore no rental expense was reported for the years ended December 31, 2012 and 2013. | |||||
The Company leases a radio tower in Augusta, GA from Wintersrun Communications, LLC, which is controlled by George G. Beasley, Bruce G. Beasley and Brian E. Beasley. The lease agreement expires on April 30, 2014. Rental expense was approximately $30,000 for each of the years ended December 31, 2012 and 2013. | |||||
The Company leases property for its radio stations in Ft. Myers, FL from GGB Estero, LLC which is controlled by George G. Beasley. The lease agreement expires on August 31, 2014. Rental expense was approximately $163,000 for each of the years ended December 31, 2012 and 2013. | |||||
The Company leases land for its radio stations in Augusta, GA from GGB Augusta, LLC which is controlled by George G. Beasley. The lease agreement expires on November 1, 2023. Rental expense was approximately $40,000 and $41,000 for the years ended December 31, 2012 and 2013, respectively. | |||||
The Company leases its principal executive offices in Naples, FL from Beasley Broadcasting Management Corp., which is controlled by George G. Beasley. Rental expense was approximately $174,000 for the years ended December 31, 2012 and 2013. | |||||
On May 28, 2010, the Company entered into an agreement to manage two radio stations in Las Vegas, NV for GGB Las Vegas, LLC, which is owned by George G. Beasley. The management agreement included an option to purchase the two managed radio stations. Management fees, reported in net revenue in the accompanying statements of comprehensive income, were approximately $137,000 and $69,000 for the years ended December 31, 2012 and 2013, respectively. | |||||
On August 10, 2012, the Company completed the acquisition of KOAS-FM for $4.5 million. The Company acquired KOAS-FM to complement its current market cluster in Las Vegas, NV. The acquisition was financed with $2.0 million in cash and a $2.5 million note payable to GGB Las Vegas, LLC. The note carried interest at 3.5% and was repaid in full in the third quarter of 2012. The acquisition was accounted for as a combination between businesses under common control therefore the Company recorded the assets acquired at their carrying amounts as of the date of acquisition. The difference between the purchase price and the carrying amounts of the assets acquired was recorded as an adjustment to additional paid-in capital. The Company did not retrospectively adjust the financial statements to furnish comparative information for the periods under which the Company and GGB Las Vegas, LLC were under common control as the adjustments were considered immaterial to the financial statements and earnings per share for all periods presented. The operations of KOAS-FM have been included in the Company’s results of operations from its acquisition date. | |||||
A summary of the carrying amounts of assets acquired and the adjustment to additional paid-in capital is as follows: | |||||
Property and equipment | $ | 416,389 | |||
FCC broadcasting license | 4,142,912 | ||||
Carrying amount of assets acquired | 4,559,301 | ||||
Purchase price | 4,500,000 | ||||
Adjustment to additional paid-in capital | $ | 59,301 | |||
On September 1, 2013, the Company completed the acquisition of KVGS-FM in Las Vegas, NV from GGB Las Vegas, LLC, which is owned by George G. Beasley, for $4.0 million in cash. The Company acquired KVGS-FM to complement its current market cluster in Las Vegas, NV. The acquisition was accounted for as a combination between businesses under common control therefore the Company recorded the assets acquired at their carrying amounts as of the date of acquisition. The difference between the purchase price and the carrying amounts of the assets acquired was recorded as an adjustment, net of taxes, to additional paid-in capital. The Company did not retrospectively adjust the financial statements to furnish comparative information for the periods under which the Company and GGB Las Vegas, LLC were under common control as the adjustments were considered immaterial to all periods presented. The operations of KVGS-FM have been included in the Company’s results of operations from its acquisition date. | |||||
A summary of the carrying amounts of assets acquired and the adjustment to additional paid-in capital is as follows: | |||||
Property and equipment | $ | 384,118 | |||
FCC broadcasting license | 2,806,982 | ||||
Carrying amount of assets acquired | 3,191,100 | ||||
Purchase price | 4,000,000 | ||||
Adjustment to additional paid-in capital | $ | (808,900 | ) | ||
During the fourth quarter of 2013, an amount of $185,916 was paid to GGB Las Vegas, LLC for unreimbursed management fee losses incurred by KVGS-FM during the term of the management agreement and an amount of $99,483 was paid to GGB Las Vegas, LLC to purchase property and equipment acquired by GGB Las Vegas, LLC for KVGS-FM during the term of the management agreement. | |||||
On March 25, 2011, the Company contributed $250,000 to Digital PowerRadio, LLC in exchange for 25,000 units or approximately 20% of the outstanding units. The Company contributed an additional $62,500 on February 14, 2012, $104,167 on July 31, 2012, and $104,167 on April 10, 2013 which maintained its ownership interest at approximately 20% of the outstanding units. The Company may be called upon to make additional pro rata cash contributions to Digital PowerRadio, LLC in the future. Digital PowerRadio, LLC is managed by Fowler Radio Group, LLC which is partly-owned by Mark S. Fowler, an independent director of the Company. | |||||
As of December 31, 2013, future minimum lease payments to related parties for the next five years and thereafter are summarized as follows: | |||||
2014 | $ | 760,228 | |||
2015 | 634,918 | ||||
2016 | 582,987 | ||||
2017 | 507,196 | ||||
2018 | 507,196 | ||||
Thereafter | 1,126,898 | ||||
Total | $ | 4,119,423 | |||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
-14 | Commitments and Contingencies | ||||
The Company leases property and equipment from third parties under five- to thirty-year operating leases. Lease expense was $2.5 million and $2.8 million for the years ended December 31, 2012 and 2013, respectively. | |||||
The Company also has various commitments for rating services, on-air personalities not employed by us, consultants and sports programming rights. As of December 31, 2013, future minimum payments to third parties for the next five years and thereafter are summarized as follows: | |||||
2014 | $ | 7,414,058 | |||
2015 | 7,254,576 | ||||
2016 | 7,045,149 | ||||
2017 | 6,870,169 | ||||
2018 | 6,113,359 | ||||
Thereafter | 7,717,820 | ||||
Total | $ | 42,415,131 | |||
In the normal course of business, the Company is party to various legal matters. The ultimate disposition of these matters will not, in management’s judgment, have a material adverse effect on the Company’s financial position. |
Financial_Instruments
Financial Instruments | 12 Months Ended | |
Dec. 31, 2013 | ||
Investments All Other Investments [Abstract] | ' | |
Financial Instruments | ' | |
-15 | Financial Instruments | |
The carrying amount of notes receivable from related parties with a fixed rate of interest of 2.57% was $2.3 million as of December 31, 2013, compared with a fair value of $2.2 million based on current market interest rates. The carrying amount of notes receivable from related parties was $2.7 million as of December 31, 2012, compared with a fair value of $2.9 million based on market rates at that time. | ||
The carrying amount of long term debt, including the current installments, was $106.9 million as of December 31, 2013 and approximated fair value based on current market interest rates. The carrying amount of long-term debt was $116.7 million as of December 31, 2012 and approximated fair value based on market rates at that time. |
Defined_Contribution_Plan
Defined Contribution Plan | 12 Months Ended | |
Dec. 31, 2013 | ||
Compensation And Retirement Disclosure [Abstract] | ' | |
Defined Contribution Plan | ' | |
-16 | Defined Contribution Plan | |
The Company has a defined contribution plan that conforms with Section 401(k) of the Internal Revenue Code. Under this plan, employees may contribute a minimum of 1% of their compensation (no maximum) to the Plan. However, the Internal Revenue Code limited contributions to $17,000 (or $22,500 if aged 50 years or older) in 2012 and $17,500 (or $23,000 if aged 50 years or older) in 2013. There were no employer matching contributions in 2012 and 2013. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Valuation And Qualifying Accounts [Abstract] | ' | ||||||||||||||||
Valuation and Qualifying Accounts | ' | ||||||||||||||||
BEASLEY BROADCAST GROUP, INC. | |||||||||||||||||
FINANCIAL STATEMENT SCHEDULE | |||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||
Years ended December 31, 2012 and 2013 | |||||||||||||||||
Column A Description | Column B | Column C | Column D | Column E | |||||||||||||
Balance at | Charged to | Deductions | Balance at | ||||||||||||||
Beginning | Costs and | End of | |||||||||||||||
of Period | Expenses | Period | |||||||||||||||
Year ended December 31, 2012: | |||||||||||||||||
Allowance for doubtful accounts (deducted from accounts receivable) | 454,632 | 1,219,698 | 1,036,470 | 637,860 | |||||||||||||
Valuation allowance for deferred tax assets | 653,919 | 1,940 | 12,307 | 643,552 | |||||||||||||
Year ended December 31, 2013: | |||||||||||||||||
Allowance for doubtful accounts (deducted from accounts receivable) | 637,860 | 801,619 | 939,614 | 499,865 | |||||||||||||
Valuation allowance for deferred tax assets | 643,552 | — | 9,444 | 634,108 |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Principles of Consolidation | ' |
Principles of Consolidation | |
The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America and include the accounts of the Company and its wholly-owned subsidiaries. All significant inter-company transactions and balances have been eliminated. | |
Use of Estimates | ' |
Use of Estimates | |
Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Such estimates include (i) fair values used for testing FCC broadcasting licenses and goodwill for impairment; (ii) future cash flows used for testing recoverability of property and equipment; (iii) the amount of allowance for doubtful accounts; and (iv) the realization of deferred tax assets. Actual results and outcomes may differ from management’s estimates and assumptions. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
All short-term investments with an original maturity of three months or less are considered to be cash equivalents. | |
Accounts Receivable | ' |
Accounts Receivable | |
Accounts receivable consist primarily of uncollected amounts due from advertisers for the sale of advertising airtime. The amounts are net of advertising agency commissions and an allowance for doubtful accounts. The allowance for doubtful accounts reflects management’s estimate of probable losses in accounts receivable. Management determines the allowance based on historical information, relative improvements or deteriorations in the age of the accounts receivable and changes in current economic conditions. Interest is not accrued on accounts receivable. | |
Property and Equipment | ' |
Property and Equipment | |
Property and equipment is recorded at cost and depreciated using the straight-line method over the estimated useful life of the asset. If an event or change in circumstances were to indicate that the carrying amount of property and equipment is not recoverable, the carrying amount will be reduced to the estimated fair value. Repairs and maintenance are charged to expense as incurred. | |
FCC Broadcasting Licenses | ' |
FCC Broadcasting Licenses | |
FCC broadcasting licenses are generally granted for renewable terms of eight years. Renewal costs are generally minor and expensed as incurred. Licenses are tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the Company’s licenses might be impaired. The Company assesses qualitative factors to determine whether it is more likely than not that its licenses are impaired. If the Company determines it is more likely than not that its licenses are impaired then the Company is required to perform the quantitative impairment test. The quantitative impairment test compares the fair value of the Company’s licenses with their carrying amounts. If the carrying amounts of the licenses exceed their fair value, an impairment loss is recognized in an amount equal to that excess. For the purpose of testing its licenses for impairment, the Company combines its licenses into reporting units based on its market clusters. See Note 4 for changes in the carrying amount of FCC broadcasting licenses for the years ended December 31, 2012 and 2013. The weighted-average period before the next renewal of the Company’s FCC broadcasting licenses is 3.8 years. | |
Goodwill | ' |
Goodwill | |
Goodwill is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the Company’s goodwill might be impaired. The Company assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company determines it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then it is required to perform the first step of a two-step impairment test by calculating the fair value of the reporting unit and comparing the fair value with the carrying amount of the reporting unit. If the carrying amount of a reporting unit exceeds its fair value, then the Company is required to perform the second step of the two-step goodwill impairment test to measure the amount of the impairment loss. For the purpose of testing its goodwill for impairment, the Company has identified its market clusters as its reporting units. There were no changes in the carrying amount of goodwill for the years ended December 31, 2012 and 2013. | |
Investment | ' |
Investment | |
Other assets include a noncontrolling interest in Quu, Inc. which is accounted for under the cost method of accounting. Under the cost method of accounting, investments are carried at cost and only adjusted for distributions received in excess of earnings and other-than-temporary declines in fair value. The Company evaluates the investment on a quarterly basis and recognizes an impairment loss if a decline in value is determined to be other-than-temporary. Such impairment evaluations include the current business environment, the investee’s competition, and the investee’s ability to obtain additional financing to achieve its business plan. If the Company has not identified events or changes in circumstances that may have a significant adverse effect on the fair value of the investment, then the fair value of the investment is not estimated, as it is impracticable to do so. As of December 31, 2012 and 2013, the carrying value of the investment in Quu, Inc. is $0.9 million. | |
Loan Fees | ' |
Loan Fees | |
Debt issuance costs are capitalized and amortized over the life of the related debt as interest expense on a straight-line basis which approximates the effective interest method. | |
Derivative Financial Instruments | ' |
Derivative Financial Instruments | |
Derivative financial instruments are recognized at fair value on the balance sheet. Changes in fair value for any derivative financial instruments not designated as hedging instruments are reported in interest expense. The effective portion of the change in fair value for any derivative financial instruments designated as cash flow hedges would be reported in accumulated other comprehensive income. | |
Treasury Stock | ' |
Treasury Stock | |
Treasury stock is accounted for using the cost method whereby the entire cost of the acquired stock is recorded as treasury stock. | |
Revenue | ' |
Revenue | |
Revenue from the sale of advertising airtime is recognized when commercials are broadcast and collection is reasonably assured. Revenues are reported net of advertising agency commissions, generally 15% of gross revenue, in the financial statements. An estimated allowance is recorded for uncollectible accounts. Payments received before commercials are broadcast are recorded as deferred revenue. Barter sales are recorded at the estimated fair value of the goods or services received. Revenue from barter sales is recognized when commercials are broadcast. Goods or services are recorded when received. If commercials are broadcast before the goods or services are received then a barter sales receivable is recorded. If goods or services are received before the broadcast of commercials then a barter sales payable is recorded. Barter sales revenue was $3.7 million and $4.3 million for the years ended December 31, 2012 and 2013, respectively. Barter sales expenses were $3.3 million and $4.0 million for the years ended December 31, 2012 and 2013, respectively. | |
Program Rights | ' |
Program Rights | |
The total contract costs for sports programming rights are expensed on a straight-line basis in the periods in which the games are played and broadcast. Other payments are expensed when additional contract elements, such as post-season games, are played and broadcast. | |
Stock-Based Compensation | ' |
Stock-Based Compensation | |
The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The cost is recognized in earnings over the period during which an employee is required to provide service. No compensation cost is recognized for equity instruments for which employees do not render the requisite services. | |
Income Taxes | ' |
Income Taxes | |
The Company recorded income taxes under the liability method. Deferred tax assets and liabilities are recognized for all temporary differences between tax and financial reporting bases of the Company’s assets and liabilities using enacted tax rates applicable to the periods in which the differences are expected to affect taxable income. Tax benefits from an uncertain tax position are only recognized if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. Interest and penalties related to unrecognized tax benefits are recorded as incurred as a component of income tax expense. | |
Comprehensive Income (Loss) | ' |
Comprehensive Income | |
Comprehensive income consists of net income and other gains and losses affecting stockholders’ equity that, under accounting principles generally accepted in the United States of America are excluded from net income, including unrealized gain (loss) on available-for-sale securities. | |
Earnings per Share | ' |
Earnings per Share | |
Basic net income per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Common shares outstanding include shares of both Class A and Class B common stock, which have equal rights and privileges except with respect to voting. Diluted net income per share reflect the potential dilution that could occur if stock options, restricted stock or other contracts to issue common stock were exercised or converted into common stock and were not anti-dilutive. | |
Concentrations of Risk | ' |
Concentrations of Risk | |
Certain cash deposits with financial institutions may at times exceed FDIC insurance limits. | |
The radio stations located in Miami-Ft. Lauderdale, FL and Philadelphia, PA contributed 47.1% and 47.9% of the Company’s net revenue in 2012 and 2013, respectively. | |
Fair Value Measurements | ' |
Fair Value Measurements | |
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions based on the best information available in the circumstances. The fair value hierarchy prioritizes the inputs used to measure fair value into three broad levels. The three levels of the fair value hierarchy are defined as follows: | |
Level 1 – Inputs are quoted prices in active markets for identical assets or liabilities as of the reporting date. | |
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, as of the reporting date. | |
Level 3 – Unobservable inputs for the asset or liability that reflect management’s own assumptions about the assumptions that market participants would use in pricing the asset or liability as of the reporting date. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In February 2013, the FASB issued guidance to improve the reporting of reclassifications out of accumulated other comprehensive income. The guidance requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. generally accepted accounting principles to be reclassified in its entirety to net income. For other amounts that are that are not required under U.S. generally accepted accounting principles to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under U.S. generally accepted accounting principles that provide additional detail about those amounts. The new guidance is effective prospectively for reporting periods beginning after December 15, 2012, with early adoption permitted. The Company adopted the new guidance in the first quarter of 2013 with no material impact on its financial statements. |
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||||
Summary of Property and Equipment | ' | ||||||||||||
Property and equipment is comprised of the following: | |||||||||||||
December 31, | Estimated | ||||||||||||
useful lives | |||||||||||||
2012 | 2013 | (years) | |||||||||||
Land, buildings and improvements | $ | 16,391,268 | $ | 17,418,088 | 15-30 | ||||||||
Broadcast equipment | 19,774,373 | 21,264,508 | 15-May | ||||||||||
Transportation equipment | 1,904,243 | 1,954,984 | 5 | ||||||||||
Office equipment | 2,764,327 | 2,673,573 | 10-May | ||||||||||
Construction in progress | 687,526 | 569,774 | — | ||||||||||
41,521,737 | 43,880,927 | ||||||||||||
Less accumulated depreciation and amortization | (22,454,856 | ) | (23,744,150 | ) | |||||||||
$ | 19,066,881 | $ | 20,136,777 | ||||||||||
FCC_Broadcasting_Licenses_Tabl
FCC Broadcasting Licenses (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Text Block [Abstract] | ' | ||||
Carrying Amount of Broadcasting Licenses | ' | ||||
The changes in the carrying amount of FCC broadcasting licenses for the years ended December 31, 2012 and 2013 are as follows: | |||||
Balance as of January 1, 2012 | $ | 178,913,816 | |||
Acquisition of translator licenses | 195,000 | ||||
Acquisition of KOAS-FM license (see Note 13) | 4,142,912 | ||||
Balance as of December 31, 2012 | 183,251,728 | ||||
Acquisition of translator licenses | 116,154 | ||||
Acquisition of KVGS-FM license (see Note 13) | 2,806,982 | ||||
Balance as of December 31, 2013 | $ | 186,174,864 | |||
Other_Current_Liabilities_Tabl
Other Current Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Summary of Other Current Liabilities | ' | ||||||||
Other current liabilities are comprised of the following: | |||||||||
December 31, | |||||||||
2012 | 2013 | ||||||||
Accrued payroll expenses | $ | 2,345,175 | $ | 2,444,952 | |||||
Deferred rent | 1,274,726 | 1,277,909 | |||||||
Barter sales payable | 1,015,248 | 1,074,317 | |||||||
Dividends payable | — | 1,023,539 | |||||||
Deferred revenue | 912,733 | 823,533 | |||||||
Other accrued expenses | 2,432,093 | 1,746,918 | |||||||
$ | 7,979,975 | $ | 8,391,168 | ||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Summary of Long-Term Debt | ' | ||||||||||||
Long-term debt is comprised of the following: | |||||||||||||
December 31, | December 31, | ||||||||||||
2012 | 2013 | ||||||||||||
First lien facility: | |||||||||||||
Term loan | $ | 86,750,000 | $ | 99,875,000 | |||||||||
Revolving credit facility | 5,000,000 | 7,000,000 | |||||||||||
Second lien facility: | |||||||||||||
Term loan | 25,000,000 | — | |||||||||||
116,750,000 | 106,875,000 | ||||||||||||
Less current installments | (3,500,000 | ) | (4,250,000 | ) | |||||||||
$ | 113,250,000 | $ | 102,625,000 | ||||||||||
Scheduled Repayments of Credit Facility | ' | ||||||||||||
The aggregate scheduled principal repayments of the credit facility for the next four years are as follows: | |||||||||||||
Term | Revolving | Total | |||||||||||
loan | credit | ||||||||||||
facility | |||||||||||||
2014 | $ | 4,250,000 | — | $ | 4,250,000 | ||||||||
2015 | 8,250,000 | — | 8,250,000 | ||||||||||
2016 | 9,625,000 | — | 9,625,000 | ||||||||||
2017 | 77,750,000 | 7,000,000 | 84,750,000 | ||||||||||
Total | $ | 99,875,000 | $ | 7,000,000 | $ | 106,875,000 | |||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Stock Option Activity | ' | ||||||||
A summary of stock option activity under the 2000 Plan is as follows: | |||||||||
Options | Weighted- | ||||||||
Average | |||||||||
Exercise | |||||||||
Price | |||||||||
Outstanding as of January 1, 2012 | 178,084 | $ | 13.92 | ||||||
Forfeited | — | — | |||||||
Outstanding as of December 31, 2012 | 178,084 | 13.92 | |||||||
Forfeited | (115,834 | ) | 12.9 | ||||||
Outstanding and exercisable as of December 31, 2013 | 62,250 | $ | 15.82 | ||||||
2007 Plan [Member] | ' | ||||||||
Restricted Stock Activity | ' | ||||||||
A summary of restricted stock activity under the 2007 Plan is presented below: | |||||||||
Shares | Weighted- | ||||||||
Average | |||||||||
Grant-Date | |||||||||
Fair Value | |||||||||
Unvested as of January 1, 2012 | 148,584 | $ | 4.26 | ||||||
Granted | 80,000 | 3.63 | |||||||
Vested | (103,016 | ) | 6.04 | ||||||
Forfeited | (1,850 | ) | 3.15 | ||||||
Unvested as of December 31, 2012 | 123,718 | 3.86 | |||||||
Granted | 178,500 | 6.98 | |||||||
Vested | (104,451 | ) | 3.99 | ||||||
Forfeited | (2,000 | ) | 5.19 | ||||||
Unvested as of December 31, 2013 | 195,767 | $ | 6.79 | ||||||
2000 Plan [Member] | ' | ||||||||
Restricted Stock Activity | ' | ||||||||
A summary of restricted stock activity under the 2000 Plan is presented below: | |||||||||
Shares | Weighted- | ||||||||
Average | |||||||||
Grant-Date | |||||||||
Fair Value | |||||||||
Unvested as of January 1, 2012 | 2,333 | $ | 5.99 | ||||||
Vested | (2,333 | ) | 5.99 | ||||||
Unvested as of December 31, 2012 | — | $ | — | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Schedule of Income Tax Expense | ' | ||||||||
Income tax expense is as follows: | |||||||||
Year ended December 31, | |||||||||
2012 | 2013 | ||||||||
Federal: | |||||||||
Current | $ | 3,136,830 | $ | 2,852,342 | |||||
Deferred | 2,847,899 | 3,452,912 | |||||||
5,984,729 | 6,305,254 | ||||||||
State: | |||||||||
Current | 358,533 | 531,836 | |||||||
Deferred | 903,625 | 194,449 | |||||||
1,262,158 | 726,285 | ||||||||
$ | 7,246,887 | $ | 7,031,539 | ||||||
Schedule of Income Tax Expense , Federal Statutory Rate | ' | ||||||||
Income tax expense differs from the amounts that would result from applying the federal statutory rate of 34% to the Company’s income before taxes as follows: | |||||||||
Year ended December 31, | |||||||||
2012 | 2013 | ||||||||
Expected tax expense | $ | 6,214,573 | $ | 6,316,453 | |||||
State income taxes, net of federal benefit | 833,024 | 818,480 | |||||||
Change in effective state income tax rate | — | (336,143 | ) | ||||||
Change in valuation allowance | (10,367 | ) | (9,444 | ) | |||||
Non-deductible items | 209,657 | 242,193 | |||||||
$ | 7,246,887 | $ | 7,031,539 | ||||||
Schedule of Components of Deferred Tax Assets and Liabilities | ' | ||||||||
Temporary differences that give rise to the components of deferred tax assets and liabilities are as follows: | |||||||||
December 31, | |||||||||
2012 | 2013 | ||||||||
Deferred tax assets: | |||||||||
Allowance for doubtful accounts | $ | 406,387 | $ | 341,487 | |||||
Other assets | 817,880 | 916,864 | |||||||
Accrued expenses | 519,447 | 517,118 | |||||||
Other long-term liabilities | 381,380 | 333,791 | |||||||
Stock-based compensation | 347,493 | 361,579 | |||||||
Net operating losses | 382,852 | 350,239 | |||||||
Subtotal | 2,855,439 | 2,821,078 | |||||||
Valuation allowance | (643,552 | ) | (634,108 | ) | |||||
Total | 2,211,887 | 2,186,970 | |||||||
Deferred tax liabilities: | |||||||||
Prepaid expenses | (506,933 | ) | (483,944 | ) | |||||
Property and equipment | (1,427,035 | ) | (1,451,801 | ) | |||||
Intangibles | (49,308,526 | ) | (52,647,817 | ) | |||||
Total | (51,242,494 | ) | (54,583,562 | ) | |||||
Net deferred tax liabilities | $ | (49,030,607 | ) | $ | (52,396,592 | ) | |||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of Net Income Per Share | ' | ||||||||
Net income per share calculation information is as follows: | |||||||||
Year ended December 31, | |||||||||
2012 | 2013 | ||||||||
Net income | $ | 11,031,270 | $ | 11,546,263 | |||||
Weighted-average shares outstanding: | |||||||||
Basic | 22,667,102 | 22,735,774 | |||||||
Effect of dilutive restricted stock | 81,860 | 102,435 | |||||||
Diluted | 22,748,962 | 22,838,209 | |||||||
Net income per basic share | $ | 0.49 | $ | 0.51 | |||||
Net income per diluted share | $ | 0.48 | $ | 0.51 | |||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Future Minimum Payments to Third Parties for the Next Five Years and Thereafter | ' | ||||
As of December 31, 2013, future minimum payments to third parties for the next five years and thereafter are summarized as follows: | |||||
2014 | $ | 7,414,058 | |||
2015 | 7,254,576 | ||||
2016 | 7,045,149 | ||||
2017 | 6,870,169 | ||||
2018 | 6,113,359 | ||||
Thereafter | 7,717,820 | ||||
Total | $ | 42,415,131 | |||
KOAS-FM [Member] | ' | ||||
Summary of the Carrying Amounts of Assets Acquired and the Adjustment to Additional Paid-in Capital | ' | ||||
A summary of the carrying amounts of assets acquired and the adjustment to additional paid-in capital is as follows: | |||||
Property and equipment | $ | 416,389 | |||
FCC broadcasting license | 4,142,912 | ||||
Carrying amount of assets acquired | 4,559,301 | ||||
Purchase price | 4,500,000 | ||||
Adjustment to additional paid-in capital | $ | 59,301 | |||
KVGS-FM [Member] | ' | ||||
Summary of the Carrying Amounts of Assets Acquired and the Adjustment to Additional Paid-in Capital | ' | ||||
A summary of the carrying amounts of assets acquired and the adjustment to additional paid-in capital is as follows: | |||||
Property and equipment | $ | 384,118 | |||
FCC broadcasting license | 2,806,982 | ||||
Carrying amount of assets acquired | 3,191,100 | ||||
Purchase price | 4,000,000 | ||||
Adjustment to additional paid-in capital | $ | (808,900 | ) | ||
Related Party [Member] | ' | ||||
Future Minimum Payments to Third Parties for the Next Five Years and Thereafter | ' | ||||
As of December 31, 2013, future minimum lease payments to related parties for the next five years and thereafter are summarized as follows: | |||||
2014 | $ | 760,228 | |||
2015 | 634,918 | ||||
2016 | 582,987 | ||||
2017 | 507,196 | ||||
2018 | 507,196 | ||||
Thereafter | 1,126,898 | ||||
Total | $ | 4,119,423 | |||
Nature_of_Business_Additional_
Nature of Business - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Radio_Stations | |
Segment | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' |
Number of reportable segments | 1 |
Radio station owns and operated by entity | 44 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Business Acquisition [Line Items] | ' | ' |
Maturity of investments | '3 months | ' |
Renewable terms of FCC broadcasting licenses | '8 years | ' |
Weighted-average period before the next renewal of the Company's FCC broadcasting licenses | '3 years 9 months 18 days | ' |
Changes in the carrying amount of goodwill | $0 | $0 |
Advertising agency commissions of gross revenue | 15.00% | ' |
Barter sales revenue from Broadcasting Service | 4,300,000 | 3,700,000 |
Barter sales expenses from Broadcasting Service | 4,000,000 | 3,300,000 |
Quu, Inc. [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Carrying value of the investment in Quu, Inc. | $900,000 | $900,000 |
Geographic Concentration Risk [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Radio stations contributed to net revenue | 47.90% | 47.10% |
Property_and_Equipment_Summary
Property and Equipment - Summary of Property and Equipment (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $43,880,927 | $41,521,737 |
Less accumulated depreciation and amortization | -23,744,150 | -22,454,856 |
Property and equipment, net | 20,136,777 | 19,066,881 |
Land, Buildings and Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 17,418,088 | 16,391,268 |
Broadcast Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 21,264,508 | 19,774,373 |
Transportation Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 1,954,984 | 1,904,243 |
Estimated useful lives (years) | '5 years | ' |
Office Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 2,673,573 | 2,764,327 |
Construction in Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $569,774 | $687,526 |
Minimum [Member] | Land, Buildings and Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated useful lives (years) | '15 years | ' |
Minimum [Member] | Broadcast Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated useful lives (years) | '5 years | ' |
Minimum [Member] | Office Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated useful lives (years) | '5 years | ' |
Maximum [Member] | Land, Buildings and Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated useful lives (years) | '30 years | ' |
Maximum [Member] | Broadcast Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated useful lives (years) | '15 years | ' |
Maximum [Member] | Office Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Estimated useful lives (years) | '10 years | ' |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Property Plant And Equipment [Abstract] | ' | ' |
Depreciation and amortization expense | $2,220,641 | $2,097,179 |
FCC_Broadcasting_Licenses_Carr
FCC Broadcasting Licenses - Carrying Amount of Broadcasting Licenses (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
FCC Broadcasting Licenses [Line Items] | ' | ' |
Ending Balance | $186,174,864 | $183,251,728 |
FCC Broadcasting License [Member] | ' | ' |
FCC Broadcasting Licenses [Line Items] | ' | ' |
Beginning Balance | 183,251,728 | 178,913,816 |
Acquisition of translator licenses | 116,154 | 195,000 |
Ending Balance | 186,174,864 | 183,251,728 |
FCC Broadcasting License [Member] | KOAS-FM [Member] | ' | ' |
FCC Broadcasting Licenses [Line Items] | ' | ' |
Acquisition of KOAS-FM license | 4,142,912 | 4,142,912 |
FCC Broadcasting License [Member] | KVGS-FM [Member] | ' | ' |
FCC Broadcasting Licenses [Line Items] | ' | ' |
Acquisition of KOAS-FM license | $2,806,982 | ' |
FCC_Broadcasting_Licenses_Addi
FCC Broadcasting Licenses - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | ||||
Dec. 31, 2013 | Jan. 17, 2012 | Oct. 02, 2012 | Jan. 11, 2013 | Oct. 04, 2013 | Oct. 04, 2013 | |
Edgewater Broadcasting, Inc. [Member] | Reach Communications, Inc. [Member] | Reach Communications, Inc. [Member] | Connor Media Inc [Member] | Connor Media Inc [Member] | ||
License | License | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||
License | License | New Caledonia [Member] | ||||
Radio_Stations | ||||||
FCC Broadcasting Licenses [Line Items] | ' | ' | ' | ' | ' | ' |
Acquisition of translator licenses | ' | $45,000 | $150,000 | $30,000 | $86,154 | ' |
Number of translator licenses acquired | ' | 1 | 3 | 2 | 2 | ' |
Number of radio stations rebroadcast programming | ' | ' | ' | ' | ' | 2 |
Translator licenses renewable term | '8 years | ' | ' | ' | ' | ' |
Derivative_Financial_Instrumen1
Derivative Financial Instruments - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Number of interest rate cap agreements | 2 | ' |
Interest Rate Cap [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Aggregate notional amount of interest rate cap agreements | $57,500,000 | ' |
Interest rate cap LIBOR | 'and cap LIBOR at 1% | ' |
Derivative cap interest rate | 1.00% | ' |
Expiration date of both interest rate cap agreements | 30-Sep-14 | ' |
Fair value of the interest rate caps reported in other assets | 1,000 | 19,000 |
Interest Rate Cap [Member] | Interest Expense [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Change in fair value, reported in interest expense | $18,000 | $69,000 |
Other_Current_Liabilities_Summ
Other Current Liabilities - Summary of Other Current Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Other Liabilities Disclosure [Abstract] | ' | ' |
Accrued payroll expenses | $2,444,952 | $2,345,175 |
Deferred rent | 1,277,909 | 1,274,726 |
Barter sales payable | 1,074,317 | 1,015,248 |
Dividends Payable | 1,023,539 | ' |
Deferred revenue | 823,533 | 912,733 |
Other accrued expenses | 1,746,918 | 2,432,093 |
Other current liabilities | $8,391,168 | $7,979,975 |
LongTerm_Debt_Summary_of_LongT
Long-Term Debt - Summary of Long-Term Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Line of Credit Facility [Line Items] | ' | ' |
Long-term debt | $106,875,000 | $116,750,000 |
Less current installments | -4,250,000 | -3,500,000 |
Long-term debt non current portion | 102,625,000 | 113,250,000 |
First Lien Facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Long-term debt | 106,900,000 | ' |
Term Loan [Member] | First Lien Facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Long-term debt | 99,875,000 | 86,750,000 |
Term Loan [Member] | Second Lien Facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Long-term debt | ' | 25,000,000 |
Revolving Credit Loan [Member] | First Lien Facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Revolving credit facility | $7,000,000 | $5,000,000 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 03, 2013 | Dec. 31, 2013 | Apr. 03, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 03, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 03, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Term Loan [Member] | First Mortgage [Member] | Second Lien Facility [Member] | Second Lien Facility [Member] | Second Lien Facility [Member] | Second Lien Facility [Member] | Second Lien Facility [Member] | First Lien Facility [Member] | First Lien Facility [Member] | First Lien Facility [Member] | First Lien Facility [Member] | First Lien Facility [Member] | First Lien Facility [Member] | First Lien Facility [Member] | First Lien Facility [Member] | First Lien Facility [Member] | First Lien Facility [Member] | First Lien Facility [Member] | First Lien Facility [Member] | First Lien Facility [Member] | First Lien Facility [Member] | First Lien Facility [Member] | First Lien Facility [Member] | First Lien Facility [Member] | First Lien Facility [Member] | ||||
Must Not Be Less Than [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Revolving Credit Loan [Member] | Revolving Credit Loan [Member] | Revolving Credit Loan [Member] | Revolving Credit Loan [Member] | Revolving Credit Loan [Member] | Revolving Credit Loan [Member] | Revolving Credit Loan [Member] | Revolving Credit Loan and Term Loan [Member] | First Mortgage [Member] | First Mortgage [Member] | First Mortgage [Member] | First Mortgage [Member] | First Mortgage [Member] | |||||||||||
Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Must Not Exceed [Member] | ||||||||||||||||||||
LIBOR [Member] | Base rate [Member] | LIBOR [Member] | Base rate [Member] | Forecast [Member] | Forecast [Member] | Forecast [Member] | Forecast [Member] | Forecast [Member] | ||||||||||||||||||||
January 1, 2014 through December 31, 2014 [Member] | January 1, 2015 through December 31, 2015 [Member] | January 1, 2016 through December 31, 2016 [Member] | January 1, 2017 through maturity [Member] | December 31, 2013 [Member] | ||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | ' | $106,875,000 | $116,750,000 | ' | ' | ' | ' | ' | ' | $25,000,000 | ' | $106,900,000 | ' | $99,875,000 | $86,750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility maximum commitment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit loan and term loan carried interest | ' | ' | ' | ' | ' | ' | ' | 11.25% | ' | ' | ' | 4.17% | 5.18% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment of second lien facility | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional borrowings | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment of first lien credit through cash on hand | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment Fees | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on extinguishment of long-term debt | 1,300,000 | -1,260,784 | -2,563,979 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining commitments under the revolving credit loan facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility interest rate margins | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 4.00% | 3.50% | 2.50% | ' | ' | ' | ' | ' | ' |
Revolving credit facility, Interest Rate Description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'At the Companybs election, the first lien facility may bear interest at either (i) the adjusted LIBOR rate, as defined in the first lien credit agreement, plus a margin ranging from 3.5% to 5.0% that is determined by the Companybs consolidated total debt ratio, as defined in the first lien credit agreement or (ii) the base rate, as defined in the first lien credit agreement, plus a margin ranging from 2.5% to 4.0% that is determined by the Companybs consolidated total debt ratio. Interest on adjusted LIBOR rate loans is payable at the end of each applicable interest period and, for those interest periods with a duration in excess of three months, the three month anniversary of the beginning of such interest period. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility and term loan maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9-Aug-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9-Aug-17 | ' | ' | ' | ' | ' |
Mandatory prepayments of excess cash flow | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mandatory prepayments decrease of excess cash flow | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mandatory prepayments of consolidated excess cash flow due period | ' | '120 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
First lien agreement condition description | ' | 'The first lien credit agreement requires mandatory prepayments equal to 50% of consolidated excess cash flow, as defined in the first lien credit agreement, when the Companybs consolidated total debt is equal to or greater than three times its consolidated operating cash flow, as defined in the first lien credit agreement. The mandatory prepayments decrease to 25% of excess cash flow when the Companybs consolidated total debt is less than three times its consolidated operating cash flow. Mandatory prepayments of consolidated excess cash flow are due 120 days after year end. The credit agreement also requires mandatory prepayments for defined amounts from net proceeds of asset sales, net insurance proceeds, and net proceeds of debt issuances | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt Covenants Aggregate Leverage Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.5 | 4 | 3.5 | 3 | 5 |
Interest Coverage Ratio | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Scheduled_Repaym
Long-Term Debt - Scheduled Repayments of Credit Facility (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Subsequent Event [Line Items] | ' | ' |
2014 | $4,250,000 | ' |
2015 | 8,250,000 | ' |
2016 | 9,625,000 | ' |
2017 | 84,750,000 | ' |
Total | 106,875,000 | 116,750,000 |
Term Loan [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
2014 | 4,250,000 | ' |
2015 | 8,250,000 | ' |
2016 | 9,625,000 | ' |
2017 | 77,750,000 | ' |
Total | 99,875,000 | ' |
Revolving Credit Loan [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
2014 | ' | ' |
2015 | ' | ' |
2016 | ' | ' |
2017 | 7,000,000 | ' |
Total | $7,000,000 | ' |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2014 | |
Subsequent Event [Member] | |||
Changes In Equity And Comprehensive Income Line Items [Line Items] | ' | ' | ' |
Condition of electing directors by class a and class b common stock vote | 'In the election of directors, the holders of Class A common stock are entitled by class vote, exclusive of other stockholders, to elect two of the Companybs directors, with each Class A share being entitled to one vote. In the election of the other six directors and all other matters submitted to the stockholders for a vote, the holders of Class A shares and Class B shares shall vote as a single class, with each Class A share being entitled to one vote and each Class B share entitled to ten votes. | ' | ' |
Aggregate amount permitted for share repurchases | $2,000,000 | ' | ' |
Payments for treasury stock | 190,451 | 111,854 | ' |
Payments for treasury stock, shares | 36,363 | ' | ' |
Aggregate amount permitted for cash dividends and share repurchases in 2013 | 4,000,000 | ' | ' |
Aggregate amount permitted for cash dividends and share repurchases in 2014 and 2015 | 5,000,000 | ' | ' |
Aggregate amount permitted for cash dividends and share repurchases in 2016 and thereafter | 6,000,000 | ' | ' |
Cash dividends paid | ' | $1,927,564 | $1,000,000 |
Dividend declared per share | $0.05 | ' | ' |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
2007 Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Total unrecognized compensation cost related to restricted stock granted | $0.80 |
Cost is expected to be recognized over a weighted-average period | '1 year 9 months 18 days |
2007 Plan [Member] | Minimum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Restricted stock awards, vest, period | '1 year |
2007 Plan [Member] | Maximum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Restricted stock awards, vest, period | '5 years |
2000 Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Expiration date for stock options | '10 years |
Weighted-average remaining contractual term | '8 months 12 days |
Aggregate intrinsic value | $0 |
Class A Common Stock [Member] | 2007 Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares authorized | 4 |
StockBased_Compensation_Restri
Stock-Based Compensation - Restricted Stock Activity (Detail) (2007 Plan [Member], USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
2007 Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Unvested Shares, Beginning Balance | 123,718 | 148,584 |
Granted, Shares | 178,500 | 80,000 |
Vested, Shares | -104,451 | -103,016 |
Forfeited, Shares | -2,000 | -1,850 |
Unvested Shares, Ending Balance | 195,767 | 123,718 |
Unvested, Weighted-Average Grant-Date Fair Value, Beginning Balance | $3.86 | $4.26 |
Granted, Weighted-Average Grant-Date Fair Value | $6.98 | $3.63 |
Vested, Weighted-Average Grant-Date Fair Value | $3.99 | $6.04 |
Forfeited, Weighted-Average Grant-Date Fair Value | $5.19 | $3.15 |
Unvested, Weighted-Average Grant-Date Fair Value, Ending Balance | $6.79 | $3.86 |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Restricted Stock Activity (Detail) (2000 Plan [Member], USD $) | 12 Months Ended |
Dec. 31, 2012 | |
2000 Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unvested Shares, Beginning Balance | 2,333 |
Vested, Shares | -2,333 |
Unvested Shares, Ending Balance | ' |
Unvested, Weighted-Average Grant-Date Fair Value, Beginning Balance | $5.99 |
Vested, Weighted-Average Grant-Date Fair Value | $5.99 |
Unvested, Weighted-Average Grant-Date Fair Value, Ending Balance | ' |
StockBased_Compensation_Stock_
Stock-Based Compensation - Stock Option Activity (Detail) (2000 Plan [Member], USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
2000 Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Outstanding Options, Beginning Balance | 178,084 | 178,084 |
Forfeited, Options | -115,834 | ' |
Outstanding Options, Ending Balance | ' | 178,084 |
Outstanding and Exercisable, Ending Balance | 62,250 | ' |
Outstanding, Weighted-Average Exercise Price, Beginning Balance | $13.92 | $13.92 |
Forfeited, Weighted-Average Exercise Price | $12.90 | ' |
Outstanding, Weighted-Average Exercise Price, Ending Balance | ' | $13.92 |
Outstanding and exercisable, Weighted-Average Exercise Price, Ending Balance | $15.82 | ' |
Income_Taxes_Schedule_of_Incom
Income Taxes - Schedule of Income Tax Expense (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Federal: | ' | ' |
Current | $2,852,342 | $3,136,830 |
Deferred | 3,452,912 | 2,847,899 |
Federal Income Tax Expense (Benefit) | 6,305,254 | 5,984,729 |
State: | ' | ' |
Current | 531,836 | 358,533 |
Deferred | 194,449 | 903,625 |
State Income Tax Expense (Benefit) | 726,285 | 1,262,158 |
Income Tax Expense (Benefit) | $7,031,539 | $7,246,887 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule Of Income Tax [Line Items] | ' | ' |
Federal statutory rate | 34.00% | ' |
Net operating losses | $350,239 | $382,852 |
Net operating losses expiration date | '2030 | ' |
State and Local Jurisdiction [Member] | ' | ' |
Schedule Of Income Tax [Line Items] | ' | ' |
Net operating losses | $7,500,000 | ' |
Income_Taxes_Schedule_of_Incom1
Income Taxes - Schedule of IncomeTax Expense , Federal Statutory Rate (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' |
Expected tax expense | $6,316,453 | $6,214,573 |
State income taxes, net of federal benefit | 818,480 | 833,024 |
Change in effective state income tax rate | -336,143 | ' |
Change in valuation allowance | -9,444 | -10,367 |
Non-deductible items | 242,193 | 209,657 |
Income Tax Expense (Benefit) | $7,031,539 | $7,246,887 |
Income_Taxes_Schedule_of_Compo
Income Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred tax assets: | ' | ' |
Allowance for doubtful accounts | $341,487 | $406,387 |
Other assets | 916,864 | 817,880 |
Accrued expenses | 517,118 | 519,447 |
Other long-term liabilities | 333,791 | 381,380 |
Stock-based compensation | 361,579 | 347,493 |
Net operating losses | 350,239 | 382,852 |
Subtotal | 2,821,078 | 2,855,439 |
Valuation allowance | -634,108 | -643,552 |
Total | 2,186,970 | 2,211,887 |
Deferred tax liabilities: | ' | ' |
Prepaid expenses | -483,944 | -506,933 |
Property and equipment | -1,451,801 | -1,427,035 |
Intangibles | -52,647,817 | -49,308,526 |
Total | -54,583,562 | -51,242,494 |
Net deferred tax liabilities | ($52,396,592) | ($49,030,607) |
Earnings_Per_Share_Schedule_of
Earnings Per Share - Schedule of Net Income Per Share (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings Per Share [Abstract] | ' | ' |
Net income | $11,546,263 | $11,031,270 |
Weighted-average shares outstanding: | ' | ' |
Basic | 22,735,774 | 22,667,102 |
Effect of dilutive restricted stock | 102,435 | 81,860 |
Diluted | 22,838,209 | 22,748,962 |
Net income per basic share | $0.51 | $0.49 |
Net income per diluted share | $0.51 | $0.48 |
NonCash_Operating_and_Investin1
Non-Cash Operating and Investing Activities - Additional Information (Detail) (USD $) | Dec. 31, 2012 |
In Millions, unless otherwise specified | |
Nonmonetary Transactions [Abstract] | ' |
Leasehold improvements previously reported in property and equipment to long-term prepaid rent | $1.30 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||||||
Apr. 10, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 10, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Aug. 10, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-13 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | 28-May-10 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2012 | Feb. 14, 2012 | Mar. 25, 2011 | |
KOAS-FM [Member] | KOAS-FM [Member] | KVGS-FM [Member] | KVGS-FM [Member] | Notes Payable, Other Payables [Member] | Beasley Family Towers Inc [Member] | Beasley Family Towers Inc [Member] | Beasley Family Towers Inc [Member] | Beasley Family Towers Inc [Member] | Beasley Family Towers Inc [Member] | Beasley Family Towers Inc [Member] | Beasley Family Towers Inc [Member] | Naples Fl [Member] | Naples Fl [Member] | GGB Las Vegas [Member] | GGB Las Vegas [Member] | GGB Las Vegas [Member] | GGB Las Vegas [Member] | Augusta Ga [Member] | Augusta Ga [Member] | Augusta Ga [Member] | Augusta Ga [Member] | Ft Myers Fl [Member] | Ft Myers Fl [Member] | Digital PowerRadio LLC [Member] | Digital PowerRadio LLC [Member] | Digital PowerRadio LLC [Member] | ||||
Notes Receivable [Member] | Notes Receivable [Member] | Notes Receivable [Member] | December 28, 2020 [Member] | December 28, 2020 [Member] | August 4, 2016 [Member] | August 4, 2016 [Member] | Radio_Stations | Unreimbursed Management Fee Member [Member] | Property And Equipment Purchases [Member] | Notes Payable, Other Payables [Member] | Wintersrun Communications Inc [Member] | Wintersrun Communications Inc [Member] | ||||||||||||||||||
Radio_Stations | Radio_Stations | |||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes receivable from related parties | ' | ' | ' | ' | ' | ' | ' | ' | $2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes receivable related parties monthly payments | ' | ' | ' | ' | ' | ' | ' | ' | 38,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
The notes maturity date | ' | ' | ' | ' | ' | ' | ' | ' | 30-Jun-19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on notes receivable | ' | 2.57% | 6.00% | ' | ' | ' | ' | ' | ' | ' | 2.57% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income on the notes receivable | ' | ' | ' | ' | ' | ' | ' | ' | 102,000 | 169,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of radio towers leased for radio stations under separate lease agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24 | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease agreement expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28-Dec-20 | ' | 4-Aug-16 | ' | ' | ' | ' | ' | ' | ' | 1-Nov-23 | ' | 30-Apr-14 | ' | 31-Aug-14 | ' | ' | ' | ' |
Rental expense for lease agreements | ' | 2,800,000 | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | 561,000 | 559,000 | 0 | 0 | 174,000 | 174,000 | ' | ' | ' | ' | 41,000 | 40,000 | 30,000 | 30,000 | 163,000 | 163,000 | ' | ' | ' |
Agreement to manage radio station | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management fees | ' | 69,000 | 137,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount paid for acquisition | ' | ' | ' | 4,500,000 | 4,500,000 | 4,000,000 | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid for acquisition | ' | 4,000,000 | 2,000,000 | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of note payable issued for acquisition | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts paid to GGB Las Vegas, LLC during the term of the management agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 185,916 | 99,483 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional contribution to related party | $104,167 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $104,167 | $62,500 | $250,000 |
Related party stock purchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 |
Percentage of outstanding units ownership interest to Digital PowerRadio | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | 20.00% |
Related_Party_Transactions_Sum
Related Party Transactions - Summary of the Carrying Amounts of Assets Acquired and the Adjustment to Additional Paid-in Capital (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Aug. 10, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
KOAS-FM [Member] | KOAS-FM [Member] | KVGS-FM [Member] | KVGS-FM [Member] | FCC Broadcasting License [Member] | FCC Broadcasting License [Member] | FCC Broadcasting License [Member] | |||
KOAS-FM [Member] | KOAS-FM [Member] | KVGS-FM [Member] | |||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property and equipment | ' | ' | ' | $416,389 | ' | $384,118 | ' | ' | ' |
FCC broadcasting license | ' | ' | ' | ' | ' | ' | 4,142,912 | 4,142,912 | 2,806,982 |
Carrying amount of assets acquired | ' | ' | ' | 4,559,301 | ' | 3,191,100 | ' | ' | ' |
Purchase price | ' | ' | 4,500,000 | 4,500,000 | 4,000,000 | 4,000,000 | ' | ' | ' |
Adjustment to additional paid-in capital | ($521,383) | $59,301 | ' | $59,301 | ' | ($808,900) | ' | ' | ' |
Related_Party_Transactions_Sch
Related Party Transactions - Schedule of Future Minimum Lease Payments (Detail) (USD $) | Dec. 31, 2013 |
Future Minimum Leases Payments Under Leases (Line Items) | ' |
2014 | $7,414,058 |
2015 | 7,254,576 |
2016 | 7,045,149 |
2017 | 6,870,169 |
2018 | 6,113,359 |
Thereafter | 7,717,820 |
Total | 42,415,131 |
Related Party [Member] | ' |
Future Minimum Leases Payments Under Leases (Line Items) | ' |
2014 | 760,228 |
2015 | 634,918 |
2016 | 582,987 |
2017 | 507,196 |
2018 | 507,196 |
Thereafter | 1,126,898 |
Total | $4,119,423 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Commitments And Contingencies [Line Items] | ' | ' |
Lease expense | $2,800,000 | $2,500,000 |
Minimum [Member] | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' |
Operating leases of property and equipment from third parties | '5 years | ' |
Maximum [Member] | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' |
Operating leases of property and equipment from third parties | '30 years | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies - Future Minimum Payments to Third Parties for the Next Five Years and Thereafter (Detail) (USD $) | Dec. 31, 2013 |
Commitments And Contingencies Disclosure [Abstract] | ' |
2014 | $7,414,058 |
2015 | 7,254,576 |
2016 | 7,045,149 |
2017 | 6,870,169 |
2018 | 6,113,359 |
Thereafter | 7,717,820 |
Total | $42,415,131 |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value Disclosures [Abstract] | ' | ' |
Percentage of fixed rate of interest carrying amount of notes receivables | 2.57% | 6.00% |
Carrying amount of notes receivable from related parties | $2,305,502 | $2,656,067 |
Fair value of notes receivable | 2,200,000 | 2,900,000 |
Long-term debt | $106,875,000 | $116,750,000 |
Defined_Contribution_Plan_Addi
Defined Contribution Plan - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Age | Age | |
Schedule Of Sale Of Subsidiary [Abstract] | ' | ' |
Employee minimum contribution for compensation | 1.00% | ' |
Maximum limited contributions with catchup | $23,000 | $22,500 |
Maximum limited contributions | 17,500 | 17,000 |
Employer matching contributions | $0 | $0 |
Age requirement under plan | 50 | 50 |
Schedule_I_Valuation_and_Quali
Schedule I - Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Allowance for Doubtful Accounts (Deducted from Accounts Receivable) [Member] | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' |
Balance at Beginning of Period | $637,860 | $454,632 |
Expenses | 801,619 | 1,219,698 |
Deductions | 939,614 | 1,036,470 |
Balance at End of Period | 499,865 | 637,860 |
Valuation Allowance for Deferred Tax Assets [Member] | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' |
Balance at Beginning of Period | 643,552 | 653,919 |
Expenses | ' | 1,940 |
Deductions | 9,444 | 12,307 |
Balance at End of Period | $634,108 | $643,552 |