Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | ||
Mar. 31, 2014 | Apr. 28, 2014 | Apr. 28, 2014 | |
Class A Common Stock [Member] | Class B Common Stock [Member] | ||
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Mar-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q1 | ' | ' |
Entity Registrant Name | 'BEASLEY BROADCAST GROUP INC | ' | ' |
Entity Central Index Key | '0001099160 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 6,438,675 | 16,662,743 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Current assets: | ' | ' |
Cash and cash equivalents | $12,718,988 | $14,299,013 |
Accounts receivable, less allowance for doubtful accounts of $499,865 in 2013 and $517,545 in 2014 | 15,685,615 | 17,195,453 |
Prepaid expenses | 2,557,205 | 1,459,757 |
Deferred tax assets | 385,043 | 374,660 |
Other current assets | 2,365,394 | 2,522,797 |
Total current assets | 33,712,245 | 35,851,680 |
Notes receivable from related parties | 2,207,041 | 2,305,502 |
Property and equipment, net | 20,713,343 | 20,136,777 |
FCC broadcasting licenses | 186,239,864 | 186,174,864 |
Goodwill | 13,629,364 | 13,629,364 |
Other assets | 5,830,451 | 6,110,702 |
Total assets | 262,332,308 | 264,208,889 |
Current liabilities: | ' | ' |
Current portion of long-term debt | 2,937,500 | 4,250,000 |
Accounts payable | 1,487,028 | 1,675,130 |
Other current liabilities | 8,108,139 | 8,391,168 |
Total current liabilities | 12,532,667 | 14,316,298 |
Long-term debt, net of current portion | 100,562,500 | 102,625,000 |
Deferred tax liabilities | 55,012,711 | 52,771,252 |
Other long-term liabilities | 840,807 | 870,245 |
Total liabilities | 168,948,685 | 170,582,795 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued | ' | ' |
Additional paid-in capital | 117,604,786 | 117,130,362 |
Treasury stock, Class A common stock; 2,788,608 in 2013; 2,827,354 shares in 2014 | -15,081,703 | -14,729,984 |
Accumulated deficit | -9,168,407 | -8,824,642 |
Accumulated other comprehensive income | 3,018 | 24,622 |
Stockholders' equity | 93,383,623 | 93,626,094 |
Total liabilities and stockholders' equity | 262,332,308 | 264,208,889 |
Class A Common Stock [Member] | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | 9,267 | 9,074 |
Class B Common Stock [Member] | ' | ' |
Stockholders' equity: | ' | ' |
Common stock | $16,662 | $16,662 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Accounts receivable, less allowance for doubtful accounts | $517,545 | $499,865 |
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 | 2,827,354 | 2,788,608 |
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 | 9,267,704 | 9,073,940 |
Common stock, shares outstanding | 6,440,350 | 6,285,332 |
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 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income Statement [Abstract] | ' | ' |
Net revenue | $24,219,269 | $24,812,469 |
Operating expenses: | ' | ' |
Station operating expenses (including stock-based compensation of $7,238 in 2013 and $79,598 in 2014 and excluding depreciation and amortization shown separately below) | 17,102,140 | 16,703,004 |
Corporate general and administrative expenses (including stock-based compensation of $129,975 in 2013 and $276,904 in 2014) | 2,275,004 | 2,094,009 |
Depreciation and amortization | 606,562 | 564,695 |
Total operating expenses | 19,983,706 | 19,361,708 |
Operating income | 4,235,563 | 5,450,761 |
Non-operating income (expense): | ' | ' |
Interest expense | -1,223,715 | -2,047,874 |
Other income (expense), net | 24,262 | 46,029 |
Income before income taxes | 3,036,110 | 3,448,916 |
Income tax expense | 2,353,238 | 1,028,429 |
Net income | 682,872 | 2,420,487 |
Other comprehensive income: | ' | ' |
Unrealized loss on securities (net of income tax benefit of $8,747 in 2013 and $13,368 in 2014) | -21,604 | -13,902 |
Comprehensive income | $661,268 | $2,406,585 |
Net income per share: | ' | ' |
Basic and diluted | $0.03 | $0.11 |
Dividends declared per common share | $0.05 | ' |
Weighted average shares outstanding: | ' | ' |
Basic | 22,782,661 | 22,711,541 |
Diluted | 22,843,287 | 22,726,909 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Stock-based compensation | $356,502 | $137,213 |
Unrealized loss on securities, income tax expense | 13,368 | 8,747 |
Station Operating Expenses [Member] | ' | ' |
Stock-based compensation | 79,598 | 7,238 |
Corporate General and Administrative Expenses [Member] | ' | ' |
Stock-based compensation | $276,904 | $129,975 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Cash flows from operating activities: | ' | ' |
Net income | $682,872 | $2,420,487 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Stock-based compensation | 356,502 | 137,213 |
Provision for bad debts | 155,649 | 278,900 |
Depreciation and amortization | 606,562 | 564,695 |
Amortization of loan fees | 104,526 | 150,133 |
Deferred income taxes | 2,216,473 | 957,399 |
Change in operating assets and liabilities: | ' | ' |
Accounts receivable | 1,354,189 | 1,160,157 |
Prepaid expenses | -1,097,448 | -1,177,706 |
Other assets | 28,050 | 109,920 |
Accounts payable | -188,102 | -257,225 |
Other liabilities | -133,513 | -448,005 |
Other operating activities | 128,581 | 38,508 |
Net cash provided by operating activities | 4,214,341 | 3,934,476 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -1,188,683 | -286,876 |
Payments for translator licenses | -65,000 | -30,000 |
Repayment of notes receivable from related parties | 98,461 | 73,591 |
Net cash used in investing activities | -1,155,222 | -243,285 |
Cash flows from financing activities: | ' | ' |
Principal payments on indebtedness | -3,375,000 | -1,000,000 |
Tax benefit from vesting of restricted stock | 111,114 | 48,125 |
Dividends paid | -1,023,539 | ' |
Payments for treasury stock | -351,719 | -176,512 |
Net cash used in financing activities | -4,639,144 | -1,128,387 |
Net increase (decrease) in cash and cash equivalents | -1,580,025 | 2,562,804 |
Cash and cash equivalents at beginning of period | 14,299,013 | 11,660,648 |
Cash and cash equivalents at end of period | 12,718,988 | 14,223,452 |
Cash paid for interest | 1,119,189 | 1,816,398 |
Cash paid for income taxes | 130,095 | 205,495 |
Supplement disclosure of non-cash investing and financing activities: | ' | ' |
Property and equipment acquired through placement of advertising airtime | ' | 29,943 |
Dividends declared but unpaid | $1,026,637 | ' |
Interim_Financial_Statements
Interim Financial Statements | 3 Months Ended | |
Mar. 31, 2014 | ||
Accounting Policies [Abstract] | ' | |
Interim Financial Statements | ' | |
-1 | Interim Financial Statements | |
The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of Beasley Broadcast Group, Inc. and its subsidiaries (the “Company”) included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. These financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the financial statements reflect all adjustments necessary for a fair statement of the financial position and results of operations for the interim periods presented and all such adjustments are of a normal and recurring nature. The Company’s results are subject to seasonal fluctuations therefore the results shown on an interim basis are not necessarily indicative of results for the full year. |
FCC_Broadcasting_Licenses
FCC Broadcasting Licenses | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Text Block [Abstract] | ' | ||||
FCC Broadcasting Licenses | ' | ||||
-2 | FCC Broadcasting Licenses | ||||
The change in the carrying amount of FCC broadcasting licenses for the three months ended March 31, 2014 is as follows: | |||||
Balance as of December 31, 2013 | $ | 186,174,864 | |||
Acquisition of translator licenses | 65,000 | ||||
Balance as of March 31, 2014 | $ | 186,239,864 | |||
On March 1, 2014, the Company placed in service two FM translator licenses acquired from CTC Media Group for $65,000. The translator licenses allow the Company to rebroadcast the programming of one 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 | 3 Months Ended | |
Mar. 31, 2014 | ||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | |
Derivative Financial Instruments | ' | |
-3 | 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 zero as of March 31, 2014. 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 $1,000 for the three months ended March 31, 2014. |
LongTerm_Debt
Long-Term Debt | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Long-Term Debt | ' | ||||||||||||
-4 | Long-Term Debt | ||||||||||||
Long-term debt is comprised of the following: | |||||||||||||
December 31, | March 31, | ||||||||||||
2013 | 2014 | ||||||||||||
Term loan | $ | 99,875,000 | $ | 96,500,000 | |||||||||
Revolving credit facility | 7,000,000 | 7,000,000 | |||||||||||
106,875,000 | 103,500,000 | ||||||||||||
Less current installments | (4,250,000 | ) | (2,937,500 | ) | |||||||||
$ | 102,625,000 | $ | 100,562,500 | ||||||||||
As of March 31, 2014, the credit facility consisted of a term loan with a remaining balance of $96.5 million and a revolving credit facility with a maximum commitment of $20.0 million. As of March 31, 2014, the Company had $13.0 million in remaining commitments available under its revolving credit facility. At the Company’s election, the credit facility may bear interest at either (i) adjusted LIBOR, as defined in the 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 credit agreement or (ii) the base rate, as defined in the 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 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 credit facility carried interest, based on adjusted LIBOR, at 4.17% and 4.15% as of December 31, 2013 and March 31, 2014, respectively, and matures on August 9, 2017. | |||||||||||||
The credit agreement requires mandatory prepayments equal to 50% of consolidated excess cash flow, as defined in the 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 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 credit agreement requires the Company to comply with certain financial covenants which are defined in the 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, 2014 must not exceed 4.5 times its consolidated operating cash flow for the four quarters then ended. The maximum ratio is 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 credit 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 credit facility. If the Company defaults under the terms of the credit agreement, the Company and its applicable subsidiaries may be required to perform under their guarantees. As of March 31, 2014, the maximum amount of undiscounted payments the Company and its applicable subsidiaries would have had to make in the event of default was $103.5 million. The guarantees for the credit facility expire on August 9, 2017. | |||||||||||||
The aggregate scheduled principal repayments of the credit facility for the remainder of 2014 and the next three years are as follows: | |||||||||||||
Term | Revolving | Total | |||||||||||
loan | credit | ||||||||||||
facility | |||||||||||||
2014 | $ | 875,000 | $ | — | $ | 875,000 | |||||||
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 | $ | 96,500,000 | $ | 7,000,000 | $ | 103,500,000 | |||||||
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 March 31, 2014, the Company was in compliance with all applicable financial covenants under its credit agreement. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||
Stock-Based Compensation | ' | ||||||||
-5 | 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 as follows: | |||||||||
Shares | Weighted- | ||||||||
Average | |||||||||
Grant-Date | |||||||||
Fair Value | |||||||||
Unvested as of January 1, 2014 | 195,767 | $ | 6.79 | ||||||
Granted | 196,364 | 9.06 | |||||||
Vested | (100,584 | ) | 6.26 | ||||||
Forfeited | (2,600 | ) | 4.54 | ||||||
Unvested as of March 31, 2014 | 288,947 | $ | 8.68 | ||||||
As of March 31, 2014, there was $2.2 million of total unrecognized compensation cost related to restricted stock granted under the 2007 Plan. That cost is expected to be recognized over a weighted-average period of 2.2 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 stock option activity under the 2000 Plan is as follows: | |||||||||
Options | Weighted- | ||||||||
Average | |||||||||
Exercise | |||||||||
Price | |||||||||
Outstanding as of January 1, 2014 | 62,250 | $ | 15.82 | ||||||
Forfeited | — | — | |||||||
Outstanding and exercisable as of March 31, 2014 | 62,250 | $ | 15.82 | ||||||
As of March 31, 2014, the weighted-average remaining contractual term was 0.4 years and the aggregate intrinsic value was zero for stock options granted under the 2000 Plan. |
Income_Taxes
Income Taxes | 3 Months Ended | |
Mar. 31, 2014 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Taxes | ' | |
6) | Income Taxes | |
The Company’s effective tax rate was approximately 30% and 78% for the three months ended March 31, 2013 and 2014, respectively which differ from the federal statutory rate of 35% due to the effect of state income taxes and certain expenses that are not deductible for tax purposes. The effective tax rate for the three months ended March 31, 2014, also reflects a $1.3 million increase from a change to the Company’s federal tax rate based on a projected increase in taxable income for 2014 and a $0.2 million decrease from a change to the Company’s effective state tax rate. The Company evaluated its taxable income projections during the three months ended March 31, 2014 and determined, based on certain changes in facts and circumstances related to the projections, that the federal tax rate should increase from 34% to 35%. The change in the federal tax rate has been accounted for as a change in accounting estimate during the three months ended March 31, 2014. The effective tax rate for the three months ended March 31, 2013, also reflects a $0.3 million decrease from a change to the Company’s effective state tax rate. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended | |
Mar. 31, 2014 | ||
Related Party Transactions [Abstract] | ' | |
Related Party Transactions | ' | |
-7 | Related Party Transactions | |
On April 7, 2014, Beasley Family Towers, LLC (“BFT”), which is owned by George G. Beasley, Bruce G. Beasley, Caroline Beasley, Brian E. Beasley and other family members of George G. Beasley, entered into an agreement to demolish a radio tower that was leased to the Company for a radio station in Miami, FL. As a result of the tower demolition, the agreement requiring the Company to make monthly lease payments of approximately $3,000 per month to BFT was canceled and the Company forgave indebtedness of $332,000 associated with notes receivable from BFT. The related party debt forgiveness was approved by the Audit Committee. | ||
On September 1, 2013, the Company completed the acquisition of KVGS-FM in Las Vegas, NV from GGB Las Vegas, LLC, which is controlled 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 statement of comprehensive income for the three months ended March 31, 2013 to furnish comparative information for the period under which the Company and GGB Las Vegas, LLC were under common control as the adjustments were considered immaterial to the period presented. The operations of KVGS-FM have been included in the Company’s results of operations from its acquisition date. |
Financial_Instruments
Financial Instruments | 3 Months Ended | |
Mar. 31, 2014 | ||
Investments All Other Investments [Abstract] | ' | |
Financial Instruments | ' | |
-8 | Financial Instruments | |
The carrying amount of notes receivable from related parties with a fixed rate of interest of 2.57% was $2.2 million as of March 31, 2014, compared with a fair value of $2.1 million based on current market interest rates. The carrying amount of notes receivable from related parties was $2.3 million as of December 31, 2013, compared with a fair value of $2.2 million based on market rates at that time. | ||
The carrying amount of long term debt, including the current installments, was $103.5 million as of March 31, 2014 and approximated fair value based on current market interest rates. The carrying amount of long-term debt was $106.9 million as of December 31, 2013 and approximated fair value based on market rates at that time. |
FCC_Broadcasting_Licenses_Tabl
FCC Broadcasting Licenses (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Text Block [Abstract] | ' | ||||
Carrying Amount of Broadcasting Licenses | ' | ||||
The change in the carrying amount of FCC broadcasting licenses for the three months ended March 31, 2014 is as follows: | |||||
Balance as of December 31, 2013 | $ | 186,174,864 | |||
Acquisition of translator licenses | 65,000 | ||||
Balance as of March 31, 2014 | $ | 186,239,864 | |||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Summary of Long-Term Debt | ' | ||||||||||||
Long-term debt is comprised of the following: | |||||||||||||
December 31, | March 31, | ||||||||||||
2013 | 2014 | ||||||||||||
Term loan | $ | 99,875,000 | $ | 96,500,000 | |||||||||
Revolving credit facility | 7,000,000 | 7,000,000 | |||||||||||
106,875,000 | 103,500,000 | ||||||||||||
Less current installments | (4,250,000 | ) | (2,937,500 | ) | |||||||||
$ | 102,625,000 | $ | 100,562,500 | ||||||||||
Scheduled Repayments of Credit Facility | ' | ||||||||||||
The aggregate scheduled principal repayments of the credit facility for the remainder of 2014 and the next three years are as follows: | |||||||||||||
Term | Revolving | Total | |||||||||||
loan | credit | ||||||||||||
facility | |||||||||||||
2014 | $ | 875,000 | $ | — | $ | 875,000 | |||||||
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 | $ | 96,500,000 | $ | 7,000,000 | $ | 103,500,000 | |||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||
Restricted Stock Activity | ' | ||||||||
A summary of restricted stock activity under the 2007 Plan is as follows: | |||||||||
Shares | Weighted- | ||||||||
Average | |||||||||
Grant-Date | |||||||||
Fair Value | |||||||||
Unvested as of January 1, 2014 | 195,767 | $ | 6.79 | ||||||
Granted | 196,364 | 9.06 | |||||||
Vested | (100,584 | ) | 6.26 | ||||||
Forfeited | (2,600 | ) | 4.54 | ||||||
Unvested as of March 31, 2014 | 288,947 | $ | 8.68 | ||||||
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, 2014 | 62,250 | $ | 15.82 | ||||||
Forfeited | — | — | |||||||
Outstanding and exercisable as of March 31, 2014 | 62,250 | $ | 15.82 | ||||||
FCC_Broadcasting_Licenses_Carr
FCC Broadcasting Licenses - Carrying Amount of Broadcasting Licenses (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 |
FCC Broadcasting License [Member] | |||
FCC Broadcasting Licenses [Line Items] | ' | ' | ' |
Beginning Balance | $186,239,864 | $186,174,864 | $186,174,864 |
Acquisition of translator licenses | ' | ' | 65,000 |
Ending Balance | $186,239,864 | $186,174,864 | $186,239,864 |
FCC_Broadcasting_Licenses_Addi
FCC Broadcasting Licenses - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended |
Mar. 31, 2014 | Mar. 01, 2014 | |
CTC Media Group [Member] | ||
License | ||
FCC Broadcasting Licenses [Line Items] | ' | ' |
Acquisition of translator licenses | ' | $65,000 |
Number of translator licenses acquired | ' | 2 |
Translator licenses renewable term | '8 years | ' |
Derivative_Financial_Instrumen1
Derivative Financial Instruments - Additional Information (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
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 | 0 |
Interest Rate Cap [Member] | Interest Expense [Member] | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Change in fair value, reported in interest expense | $1,000 |
LongTerm_Debt_Summary_of_LongT
Long-Term Debt - Summary of Long-Term Debt (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Line of Credit Facility [Line Items] | ' | ' |
Long-term debt | $103,500,000 | $106,875,000 |
Less current installments | -2,937,500 | -4,250,000 |
Long-term debt non current portion | 100,562,500 | 102,625,000 |
Term Loan [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Long-term debt | 96,500,000 | 99,875,000 |
Revolving Credit Loan [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Revolving credit facility | $7,000,000 | $7,000,000 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Line of Credit Facility [Line Items] | ' | ' |
Long-term debt | $103,500,000 | $106,875,000 |
Mandatory prepayments of consolidated excess cash flow due period | '120 days | ' |
Mandatory prepayments of consolidated excess cash flow required by credit agreement | 'The credit agreement requires mandatory prepayments equal to 50% of consolidated excess cash flow, as defined in the 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 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. | ' |
Term Loan [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Long-term debt | 96,500,000 | 99,875,000 |
First Mortgage [Member] | Must Not Be Less Than [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Interest Coverage Ratio | 2 | ' |
Credit Facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Long-term debt | 103,500,000 | ' |
Revolving credit loan and term loan carried interest | 4.15% | 4.17% |
Revolving credit facility and term loan maturity date | 9-Aug-17 | ' |
Mandatory prepayments of excess cash flow | 50.00% | ' |
Mandatory prepayments decrease of excess cash flow | 25.00% | ' |
Credit Facility [Member] | Term Loan [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Long-term debt | 96,500,000 | ' |
Credit Facility [Member] | Revolving Credit Loan [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Revolving credit facility maximum commitment | 20,000,000 | ' |
Remaining commitments under the revolving credit loan facility | $13,000,000 | ' |
Revolving credit facility, Interest Rate Description | 'At the Companybs election, the credit facility may bear interest at either (i) adjusted LIBOR, as defined in the 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 credit agreement or (ii) the base rate, as defined in the 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 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. | ' |
Credit Facility [Member] | Revolving Credit Loan [Member] | Maximum [Member] | LIBOR [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Credit facility interest rate margins | 5.00% | ' |
Credit Facility [Member] | Revolving Credit Loan [Member] | Maximum [Member] | Base rate [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Credit facility interest rate margins | 4.00% | ' |
Credit Facility [Member] | Revolving Credit Loan [Member] | Minimum [Member] | LIBOR [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Credit facility interest rate margins | 3.50% | ' |
Credit Facility [Member] | Revolving Credit Loan [Member] | Minimum [Member] | Base rate [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Credit facility interest rate margins | 2.50% | ' |
Credit Facility [Member] | Revolving Credit Loan and Term Loan [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Revolving credit facility and term loan maturity date | 9-Aug-17 | ' |
Credit Facility [Member] | First Mortgage [Member] | Maximum [Member] | Forecast [Member] | January 1, 2015 through December 31, 2015 [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Long-term Debt Covenants Aggregate Leverage Ratio | 4 | ' |
Credit Facility [Member] | First Mortgage [Member] | Maximum [Member] | Forecast [Member] | January 1, 2016 through December 31, 2016 [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Long-term Debt Covenants Aggregate Leverage Ratio | 3.5 | ' |
Credit Facility [Member] | First Mortgage [Member] | Maximum [Member] | Forecast [Member] | January 1, 2017 through maturity [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Long-term Debt Covenants Aggregate Leverage Ratio | 3 | ' |
Credit Facility [Member] | First Mortgage [Member] | Must Not Exceed [Member] | Forecast [Member] | December 31,2014 [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Long-term Debt Covenants Aggregate Leverage Ratio | 4.5 | ' |
LongTerm_Debt_Scheduled_Repaym
Long-Term Debt - Scheduled Repayments of Credit Facility (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Subsequent Event [Line Items] | ' | ' |
2014 | $875,000 | ' |
2015 | 8,250,000 | ' |
2016 | 9,625,000 | ' |
2017 | 84,750,000 | ' |
Total | 103,500,000 | 106,875,000 |
Term Loan [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
2014 | 875,000 | ' |
2015 | 8,250,000 | ' |
2016 | 9,625,000 | ' |
2017 | 77,750,000 | ' |
Total | 96,500,000 | 99,875,000 |
Revolving Credit Loan [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
2014 | ' | ' |
2017 | 7,000,000 | ' |
Total | $7,000,000 | $7,000,000 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
2007 Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Total unrecognized compensation cost related to restricted stock granted | $2.20 |
Cost is expected to be recognized over a weighted-average period | '2 years 2 months 12 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 | '4 months 24 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 $) | 3 Months Ended |
Mar. 31, 2014 | |
2007 Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unvested Shares, Beginning Balance | 195,767 |
Granted, Shares | 196,364 |
Vested, Shares | -100,584 |
Forfeited, Shares | -2,600 |
Unvested Shares, Ending Balance | 288,947 |
Unvested, Weighted-Average Grant-Date Fair Value, Beginning Balance | $6.79 |
Granted, Weighted-Average Grant-Date Fair Value | $9.06 |
Vested, Weighted-Average Grant-Date Fair Value | $6.26 |
Forfeited, Weighted-Average Grant-Date Fair Value | $4.54 |
Unvested, Weighted-Average Grant-Date Fair Value, Ending Balance | $8.68 |
StockBased_Compensation_Stock_
Stock-Based Compensation - Stock Option Activity (Detail) (2000 Plan [Member], USD $) | 3 Months Ended |
Mar. 31, 2014 | |
2000 Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding Options, Beginning Balance | 62,250 |
Forfeited, Options | ' |
Outstanding Options, Ending Balance | 62,250 |
Outstanding, Weighted-Average Exercise Price, Beginning Balance | $15.82 |
Forfeited, Weighted-Average Exercise Price | ' |
Outstanding, Weighted-Average Exercise Price, Ending Balance | $15.82 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Schedule Of Income Tax [Line Items] | ' | ' |
Effective tax rate | 78.00% | 30.00% |
Federal statutory rate | 35.00% | ' |
Increase (decrease) in income tax due to increase (decrease) in federal and state tax effective rate | $0.20 | $0.30 |
Minimum [Member] | ' | ' |
Schedule Of Income Tax [Line Items] | ' | ' |
Federal statutory rate | 34.00% | ' |
Maximum [Member] | ' | ' |
Schedule Of Income Tax [Line Items] | ' | ' |
Federal statutory rate | 35.00% | ' |
Federal Tax Rate [Member] | ' | ' |
Schedule Of Income Tax [Line Items] | ' | ' |
Increase (decrease) in income tax due to increase (decrease) in federal and state tax effective rate | $1.30 | ' |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended |
Mar. 31, 2014 | Sep. 01, 2013 | |
Beasley Family Towers Inc [Member] | KVGS-FM [Member] | |
Related Party Transaction [Line Items] | ' | ' |
Monthly lease payment amount | $3,000 | ' |
Indebtedness amount | 332,000 | ' |
Cash paid for acquisition | ' | $4,000,000 |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Debt Instrument Fair Value Carrying Value [Abstract] | ' | ' |
Percentage of fixed rate of interest carrying amount of notes receivables | 2.57% | ' |
Carrying amount of notes receivable from related parties | $2,207,041 | $2,305,502 |
Fair value of notes receivable | 2,100,000 | 2,200,000 |
Long-term debt | $103,500,000 | $106,875,000 |