Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 30, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | BBGI | |
Entity Registrant Name | BEASLEY BROADCAST GROUP INC | |
Entity Central Index Key | 1,099,160 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Class A Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 6,578,893 | |
Class B Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 16,662,743 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 11,095,942 | $ 14,259,441 |
Accounts receivable, less allowance for doubtful accounts of $544,932 in 2014 and $582,584 in 2015 | 18,541,884 | 17,637,686 |
Prepaid expenses | 2,802,457 | 636,552 |
Deferred tax assets | 79,022 | 220,316 |
Other current assets | 1,562,398 | 2,784,210 |
Total current assets | 34,081,703 | 35,538,205 |
Notes receivable from related parties | 1,468,608 | 1,748,092 |
Property and equipment, net | 27,987,531 | 28,254,202 |
FCC broadcasting licenses | 234,719,505 | 234,328,330 |
Goodwill | 5,336,583 | 8,857,516 |
Other intangibles, net | 679,479 | 1,358,026 |
Other assets | 5,860,859 | 5,882,818 |
Total assets | 310,134,268 | 315,967,189 |
Current liabilities: | ||
Current portion of long-term debt | 85,938 | 3,112,500 |
Accounts payable | 2,403,133 | 1,120,434 |
Other current liabilities | 8,335,147 | 9,794,234 |
Total current liabilities | 10,824,218 | 14,027,168 |
Long-term debt, net of current portion | 90,107,812 | 94,581,250 |
Deferred tax liabilities | 77,036,439 | 75,996,813 |
Other long-term liabilities | 1,055,367 | 819,670 |
Total liabilities | $ 179,023,836 | $ 185,424,901 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued | ||
Additional paid-in capital | $ 119,298,057 | $ 118,535,400 |
Treasury stock, Class A common stock; 2,830,904 in 2014; 2,881,929 shares in 2015 | (15,361,061) | (15,107,464) |
Retained earnings | 27,064,792 | 27,066,481 |
Accumulated other comprehensive income | 82,521 | 21,933 |
Total stockholders' equity | 131,110,432 | 130,542,288 |
Total liabilities and stockholders' equity | 310,134,268 | 315,967,189 |
Class A Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock | 9,461 | 9,276 |
Class B Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock | $ 16,662 | $ 16,662 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Allowance for doubtful accounts | $ 582,584 | $ 544,932 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Treasury stock, Class A common stock shares | 2,881,929 | 2,830,904 |
Class A Common Stock [Member] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 9,460,822 | 9,275,746 |
Common stock, shares outstanding | 6,578,893 | 6,444,842 |
Class B Common Stock [Member] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
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 Statemen
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement [Abstract] | ||||
Net revenue | $ 26,264,321 | $ 13,047,411 | $ 77,539,498 | $ 40,143,834 |
Operating expenses: | ||||
Station operating expenses (including stock-based compensation of $175,558 in 2014 and $125,373 in 2015 and excluding depreciation and amortization shown separately below) | 19,651,996 | 9,421,385 | 56,207,610 | 28,089,890 |
Corporate general and administrative expenses (including stock-based compensation of $325,528 in 2014 and $230,207 in 2015) | 2,307,208 | 2,194,584 | 7,049,243 | 6,812,207 |
Radio station exchange transaction costs | 349,917 | |||
Depreciation and amortization | 863,867 | 492,568 | 2,822,594 | 1,436,537 |
Impairment loss | 3,520,933 | 3,520,933 | ||
Total operating expenses | 26,344,004 | 12,108,537 | 69,950,297 | 36,338,634 |
Operating income (loss) | (79,683) | 938,874 | 7,589,201 | 3,805,200 |
Non-operating income (expense): | ||||
Interest expense | (1,064,069) | (1,080,812) | (2,953,078) | (3,404,616) |
Loss on extinguishment of long-term debt | (6,970) | (30,569) | ||
Other income (expense), net | 1,880 | 261,058 | 492,379 | 302,081 |
Income (loss) from continuing operations before income taxes | (1,141,872) | 112,150 | 5,128,502 | 672,096 |
Income tax expense (benefit) | (403,933) | 119,868 | 2,036,015 | 834,353 |
Income (loss) from continuing operations | (737,939) | (7,718) | 3,092,487 | (162,257) |
Income from discontinued operations (net of income taxes) | 2,466,528 | 6,325,228 | ||
Net income (loss) | (737,939) | 2,458,810 | 3,092,487 | 6,162,971 |
Other comprehensive income (loss): | ||||
Unrealized gain (loss) on securities (net of income tax expense of $14,646 in 2014 and income tax benefit of $3,779 in 2015) | (6,116) | 22,756 | 60,588 | 5,530 |
Comprehensive income (loss) | $ (744,055) | $ 2,481,566 | $ 3,153,075 | $ 6,168,501 |
Basic net income (loss) per share: | ||||
Continuing operations | $ 0.14 | $ (0.01) | ||
Discontinued operations | 0.28 | |||
Net income per share | 0.14 | 0.27 | ||
Basic and diluted net income (loss) per share: | ||||
Continuing operations | $ (0.03) | |||
Discontinued operations | $ 0.11 | |||
Net income (loss) per share | (0.03) | 0.11 | ||
Diluted net income (loss) per share: | ||||
Continuing operations | 0.13 | (0.01) | ||
Discontinued operations | 0.28 | |||
Net income (loss) per share | 0.13 | 0.27 | ||
Dividends declared per common share | $ 0.045 | $ 0.045 | $ 0.135 | $ 0.135 |
Weighted average shares outstanding: | ||||
Basic | 22,921,200 | 22,820,761 | 22,907,054 | 22,807,413 |
Diluted | 22,999,488 | 22,908,376 | 22,995,350 | 22,908,208 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Stock-based compensation | $ 913,878 | $ 1,101,970 | ||
Unrealized gain (loss) on securities, income tax expense (benefit) | $ (3,779) | $ 14,646 | 37,434 | 4,086 |
Station Operating Expenses [Member] | ||||
Stock-based compensation | 41,791 | 46,804 | 125,373 | 175,558 |
Corporate General and Administrative Expenses [Member] | ||||
Stock-based compensation | $ 230,207 | $ 325,528 | $ 788,505 | $ 919,047 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 3,092,487 | $ 6,162,971 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Stock-based compensation | 913,878 | 1,101,970 |
Provision for bad debts | 462,392 | 362,942 |
Depreciation and amortization | 2,822,594 | 1,857,548 |
Impairment loss | 3,520,933 | |
Amortization of loan fees | 253,098 | 287,193 |
Loss on notes receivable from related party | 332,034 | |
Loss on extinguishment of long-term debt | 30,569 | |
Deferred income taxes | 1,241,508 | 4,202,800 |
Change in operating assets and liabilities: | ||
Accounts receivable | (1,366,590) | 469,397 |
Prepaid expenses | (2,165,905) | (1,140,901) |
Other assets | 1,122,560 | 86,637 |
Accounts payable | 1,282,699 | (556,925) |
Other liabilities | (1,333,025) | (86,939) |
Other operating activities | 70,730 | 53,587 |
Net cash provided by operating activities | 9,917,359 | 13,162,883 |
Cash flows from investing activities: | ||
Capital expenditures | (1,807,699) | (2,612,640) |
Payments for translator licenses | (391,175) | (155,000) |
Payments for investments | (166,667) | (104,167) |
Repayment of notes receivable from related parties | 279,484 | 283,404 |
Net cash used in investing activities | (2,086,057) | (2,588,403) |
Cash flows from financing activities: | ||
Principal payments on indebtedness | (7,500,000) | (7,903,125) |
Payments of loan fees | (401,736) | |
Tax benefit (shortfall) from vesting of restricted stock | (151,036) | 107,088 |
Dividends paid | (3,090,168) | (3,077,039) |
Payments for treasury stock | (253,597) | (377,480) |
Net cash used in financing activities | (10,994,801) | (11,652,292) |
Net decrease in cash and cash equivalents | (3,163,499) | (1,077,812) |
Cash and cash equivalents at beginning of period | 14,259,441 | 14,299,013 |
Cash and cash equivalents at end of period | 11,095,942 | 13,221,201 |
Cash paid for interest | 2,699,980 | 3,117,423 |
Cash paid for income taxes | 5,166,327 | 2,550,245 |
Supplement disclosure of non-cash investing and financing activities: | ||
Property and equipment acquired through placement of advertising airtime | 112,330 | 63,500 |
Property and equipment acquired through a logo agreement | 179,980 | |
Dividends declared but unpaid | $ 1,031,636 | $ 1,027,116 |
Interim Financial Statements
Interim Financial Statements | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [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, 2014. 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. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | (2) Recent Accounting Pronouncements In April 2015, the FASB issued guidance to simplify presentation of debt issuance costs. The guidance requires debt issuance related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. In August 2015, the FASB issued guidance to simplify the presentation of debt issuance costs related to line of credit agreements. The guidance allows debt issuance costs related to line of credit agreements to be presented as an asset and amortized over the term of the line of credit agreement. The new guidance is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. Upon adoption of the guidance, the Company will present all debt issuance costs as a deduction from long-term debt in the balance sheet. Debt issuance costs totaled $1.3 million as of September 30, 2015. In May 2014, the FASB issued guidance to clarify the principles for recognizing revenue. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides a comprehensive framework for revenue recognition that supersedes current general revenue guidance and most industry-specific guidance. In addition, the guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. An entity should apply the guidance either retrospectively to each prior reporting period presented or retrospectively with the cumulative adjustment at the date of the initial application. In August 2015, the FASB delayed the effective date of the new guidance to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is now permitted after the original effective date of December 15, 2016. The Company has not determined the impact of adoption on its financial statements. In April 2014, the FASB issued guidance that changes the requirements for reporting discontinued operations. A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when any of the following occurs: 1. The component of an entity or group of components of an entity meets the criteria to be classified as held for sale. 2. The component of an entity or group of components of an entity is disposed of by sale. 3. The component of an entity or group of components of an entity is disposed of other than by sale. The guidance also requires additional disclosures about discontinued operations. The new guidance is effective for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company early adopted the new guidance in the third quarter of 2014. See Note 3 for discontinued operations reported under the new guidance. |
Asset Exchange
Asset Exchange | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Asset Exchange | (3) Asset Exchange On December 1, 2014, the Company completed an asset exchange with CBS Radio Stations, Inc. (“CBS Radio”) under which the Company agreed to exchange all of the assets used or useful in the operations of WRDW-FM and WXTU-FM in Philadelphia, PA and WKIS-FM, WPOW-FM and WQAM-AM in Miami, FL previously owned and operated by the Company for all of the assets used or useful in the operations of WIP-AM in Philadelphia, PA, WHFS-AM, WHFS-FM, WLLD-FM, WQYK-FM, WRBQ-FM and WYUU-FM in Tampa, FL and WBAV-FM, WBCN-AM, WFNZ-AM, WKQC-FM, WNKS-FM, WPEG-FM and WSOC-FM in Charlotte, NC previously owned and operated by CBS Radio. The asset exchange substantially broadened and diversified the Company’s local radio broadcasting platform and revenue base with fourteen new stations that are geographically complementary to the Company’s ongoing operations, while also presenting financial and operating synergies with the Company’s ongoing station portfolio and digital operations. The following pro forma information for the three and nine months ended September 30, 2014 assumes that the asset exchange had occurred on January 1, 2014. This pro forma information has been prepared based on estimates and assumptions, which management believes are reasonable, and is not necessarily indicative of what would have occurred had the asset exchange actually been completed on January 1, 2014 or of results that may occur in the future. Three months Nine months ended Net revenue $ 27,492,007 $ 83,280,536 Operating income 4,703,066 15,037,743 Net income 2,282,416 6,671,622 Basic and diluted net income per share 0.10 0.29 Discontinued Operations After completion of the asset exchange, the Company has significantly decreased operations in the Philadelphia, PA radio market and no longer has any operations in the Miami-Fort Lauderdale, FL radio market. Therefore, the results of operations of WRDW-FM, WXTU-FM, WKIS-FM, WPOW-FM and WQAM-AM have been reported as discontinued operations for the three and nine months ended September 30, 2014. A summary of discontinued operations is as follows: Three months Nine months ended Net revenue $ 11,502,333 $ 34,500,964 Station operating expenses 7,344,422 22,168,457 Depreciation and amortization 141,668 421,011 Other (income) expense, net — 330,416 Income from discontinued operations before income taxes 4,016,243 11,581,080 Income tax expense 1,549,715 5,255,852 Income from discontinued operations $ 2,466,528 $ 6,325,228 A summary of operating and investing cash flows of discontinued operations for the nine months ended September 30, 2014 is as follows: Cash flows from operating activities: Income from discontinued operations $ 6,325,228 Adjustments to reconcile income from discontinued operations to net cash used in operating activities: Provision for bad debts 108,994 Depreciation and amortization 421,011 Loss on notes receivable from related party 332,034 Change in operating assets and liabilities Accounts receivable (263,602 ) Prepaid expenses 33,579 Other assets (100,084 ) Accounts payable (287,269 ) Other liabilities 4,723,219 Other operating activities (12,456,661 ) Net cash used in operating activities $ (1,163,551 ) Cash flows from investing activities: Capital expenditures $ (300,892 ) Repayment of notes receivable from related parties 11,003 Net cash used in investing activities $ (289,889 ) |
FCC Broadcasting Licenses
FCC Broadcasting Licenses | 9 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
FCC Broadcasting Licenses | (4) FCC Broadcasting Licenses The change in the carrying amount of FCC broadcasting licenses for the nine months ended September 30, 2015 is as follows: Balance as of December 31, 2014 $ 234,328,330 Translator licenses 391,175 Balance as of September 30, 2015 $ 234,719,505 On June 25, 2015, the Company completed the acquisition of two FM translator licenses from the University of Northwestern for $0.2 million. These translator licenses allow the Company to rebroadcast the programming of one of its radio stations in Tampa, FL and one of its radio stations in Fort Myers, FL on the FM band over an expanded area of coverage. On February 27, 2015, the Company completed the acquisition of one FM translator license from Reach Communications, Inc. for $0.2 million. This translator license allows the Company to rebroadcast the programming of one of its radio stations in Boca Raton, FL 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. |
Goodwill
Goodwill | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | (5) Goodwill The change in the carrying amount of goodwill for the nine months ended September 30, 2015 is as follows: Balance as of December 31, 2014 $ 8,857,516 Impairment loss (3,520,933 ) Balance as of September 30, 2015 $ 5,336,583 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. For the purpose of testing its goodwill for impairment, the Company has identified its market clusters as its reporting units. As a result of its qualitative assessment during the third quarter of 2015, the Company determined it was more likely than not that the fair value of the Wilmington market cluster was less than its carrying amount. The Company determined that the Wilmington market cluster would not meet its cash flow projections for 2015 primarily due to a continuing decrease in cash flows and a decline in ratings during the third quarter of 2015. Therefore the Company performed the first step of the 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. The first step test indicated that the carrying amount of the goodwill in the Wilmington market cluster exceeded its fair value, therefore the Company was required to perform the second step of the two-step goodwill impairment test to measure the amount of the impairment loss. As a result of the second step test, the Company recorded an impairment loss of $3.5 million, which reflects 100% of the goodwill in its Wilmington market cluster, during the third quarter of 2015. The fair value of the Wilmington market cluster was estimated using an income approach. The income approach is based upon discounted cash flow analyses incorporating variables such as projected revenues, projected growth rate for revenues, projected station operating income margins, and a discount rate. The key assumptions in the discounted cash flow analyses are as follows: Long-term revenue growth rate 2.5% Station operating income margins 23.5% - 50% Discount rate 9.5% |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | (6) Long-Term Debt Long-term debt is comprised of the following: December 31, September 30, Term loan $ 97,693,750 $ 90,193,750 Revolving credit facility — — 97,693,750 90,193,750 Less current installments (3,112,500 ) (85,938 ) $ 94,581,250 $ 90,107,812 As of September 30, 2015, the credit facility consisted of a term loan with a remaining balance of $90.2 million and a revolving credit facility with a maximum commitment of $20.0 million. As of September 30, 2015, the Company had $4.5 million in available commitments 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 2.75% to 4.75% 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 1.75% to 3.75% 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 3.9% as of September 30, 2015 and matures on August 9, 2019. As of December 31, 2014, the credit facility consisted of a term loan with a remaining balance of $97.7 million and a revolving credit facility with a maximum commitment of $20.0 million. The credit facility carried interest, based on adjusted LIBOR, at 3.4% as of December 31, 2014. 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. Prepayments of excess cash flow are not required 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. • Interest Coverage Ratio. 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 September 30, 2015, the maximum amount of undiscounted payments the Company and its applicable subsidiaries would have been required to make in the event of default was $90.2 million. The guarantees for the credit facility expire on August 9, 2019. The aggregate scheduled principal repayments of the credit facility for the remainder of 2015 and the next four years are as follows: 2015 $ — 2016 2,003,126 2017 7,668,752 2018 8,946,876 2019 71,574,996 Total $ 90,193,750 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 September 30, 2015, the Company was in compliance with all applicable financial covenants under its credit agreement. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | (7) 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 for the three months ended September 30, 2015 is as follows: Shares Weighted- Grant-Date Unvested as of July 1, 2015 323,901 $ 5.96 Granted — — Vested (7,500 ) 8.49 Forfeited — — Unvested as of September 30, 2015 316,401 $ 5.90 As of September 30, 2015, there was $1.1 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 1.8 years. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (8) Income Taxes The Company’s effective tax rate was approximately 35% and 40% for the three and nine months ended September 30, 2015, respectively. These rates 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 Company’s effective tax rate for continuing and discontinued operations combined was approximately 40% and 50% for the three and nine months ended September 30, 2014, respectively. These rates 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 nine months ended September 30, 2014 also reflects a $1.4 million increase from a change to the Company’s federal tax rate based on a projected increase in taxable income for 2014 and a $0.3 million decrease from a change to the Company’s effective state tax rate. The Company evaluated its taxable income projections during the first quarter of 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 nine months ended September 30, 2014. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | (9) Related Party Transactions On April 3, 2015, the Company contributed an additional $166,667 to Digital PowerRadio, LLC 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 partially-owned by Mark S. Fowler, an independent director of the Company. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | (10) Financial Instruments The carrying amount of notes receivable from related parties with a fixed rate of interest of 2.57% was $1.5 million as of September 30, 2015, compared with a fair value of $1.4 million based on current market interest rates. The carrying amount of notes receivable from related parties was $1.7 million as of December 31, 2014, compared with a fair value of $1.7 million based on market rates at that time. The carrying amount of long term debt, including the current installments, was $90.2 million as of September 30, 2015 and approximated fair value based on current market interest rates. The carrying amount of long-term debt was $97.7 million as of December 31, 2014 and approximated fair value based on market rates at that time. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (11) Fair Value Measurements The Company has certain assets that are measured at fair value on a non-recurring basis and are adjusted to fair value only when the carrying values exceed the fair values. The categorization of the framework used to price the assets is considered Level 3, due to the subjective nature of the unobservable inputs used to determine the fair value. During the third quarter of 2015, the Company estimated the fair value of goodwill in its Wilmington market cluster using significant unobservable inputs (Level 3) and recorded an impairment loss of $3.5 million. |
Recent Accounting Pronounceme18
Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | In April 2015, the FASB issued guidance to simplify presentation of debt issuance costs. The guidance requires debt issuance related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. In August 2015, the FASB issued guidance to simplify the presentation of debt issuance costs related to line of credit agreements. The guidance allows debt issuance costs related to line of credit agreements to be presented as an asset and amortized over the term of the line of credit agreement. The new guidance is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. Upon adoption of the guidance, the Company will present all debt issuance costs as a deduction from long-term debt in the balance sheet. Debt issuance costs totaled $1.3 million as of September 30, 2015. In May 2014, the FASB issued guidance to clarify the principles for recognizing revenue. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides a comprehensive framework for revenue recognition that supersedes current general revenue guidance and most industry-specific guidance. In addition, the guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. An entity should apply the guidance either retrospectively to each prior reporting period presented or retrospectively with the cumulative adjustment at the date of the initial application. In August 2015, the FASB delayed the effective date of the new guidance to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is now permitted after the original effective date of December 15, 2016. The Company has not determined the impact of adoption on its financial statements. In April 2014, the FASB issued guidance that changes the requirements for reporting discontinued operations. A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when any of the following occurs: 1. The component of an entity or group of components of an entity meets the criteria to be classified as held for sale. 2. The component of an entity or group of components of an entity is disposed of by sale. 3. The component of an entity or group of components of an entity is disposed of other than by sale. The guidance also requires additional disclosures about discontinued operations. The new guidance is effective for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company early adopted the new guidance in the third quarter of 2014. See Note 3 for discontinued operations reported under the new guidance. |
Asset Exchange (Tables)
Asset Exchange (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Summary of Pro forma Information | The following pro forma information for the three and nine months ended September 30, 2014 assumes that the asset exchange had occurred on January 1, 2014. This pro forma information has been prepared based on estimates and assumptions, which management believes are reasonable, and is not necessarily indicative of what would have occurred had the asset exchange actually been completed on January 1, 2014 or of results that may occur in the future. Three months Nine months ended Net revenue $ 27,492,007 $ 83,280,536 Operating income 4,703,066 15,037,743 Net income 2,282,416 6,671,622 Basic and diluted net income per share 0.10 0.29 |
Summary of Discontinued Operations | A summary of discontinued operations is as follows: Three months Nine months ended Net revenue $ 11,502,333 $ 34,500,964 Station operating expenses 7,344,422 22,168,457 Depreciation and amortization 141,668 421,011 Other (income) expense, net — 330,416 Income from discontinued operations before income taxes 4,016,243 11,581,080 Income tax expense 1,549,715 5,255,852 Income from discontinued operations $ 2,466,528 $ 6,325,228 |
Summary of Operating and Investing Cash Flows of Discontinued Operations | A summary of operating and investing cash flows of discontinued operations for the nine months ended September 30, 2014 is as follows: Cash flows from operating activities: Income from discontinued operations $ 6,325,228 Adjustments to reconcile income from discontinued operations to net cash used in operating activities: Provision for bad debts 108,994 Depreciation and amortization 421,011 Loss on notes receivable from related party 332,034 Change in operating assets and liabilities Accounts receivable (263,602 ) Prepaid expenses 33,579 Other assets (100,084 ) Accounts payable (287,269 ) Other liabilities 4,723,219 Other operating activities (12,456,661 ) Net cash used in operating activities $ (1,163,551 ) Cash flows from investing activities: Capital expenditures $ (300,892 ) Repayment of notes receivable from related parties 11,003 Net cash used in investing activities $ (289,889 ) |
FCC Broadcasting Licenses (Tabl
FCC Broadcasting Licenses (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Carrying Amount of Broadcasting Licenses | The change in the carrying amount of FCC broadcasting licenses for the nine months ended September 30, 2015 is as follows: Balance as of December 31, 2014 $ 234,328,330 Translator licenses 391,175 Balance as of September 30, 2015 $ 234,719,505 |
Goodwill (Tables)
Goodwill (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Carrying Amount of Goodwill | The change in the carrying amount of goodwill for the nine months ended September 30, 2015 is as follows: Balance as of December 31, 2014 $ 8,857,516 Impairment loss (3,520,933 ) Balance as of September 30, 2015 $ 5,336,583 |
Schedule of Key Assumptions in Discounted Cash Flow Analysis | The fair value of the Wilmington market cluster was estimated using an income approach. The income approach is based upon discounted cash flow analyses incorporating variables such as projected revenues, projected growth rate for revenues, projected station operating income margins, and a discount rate. The key assumptions in the discounted cash flow analyses are as follows: Long-term revenue growth rate 2.5% Station operating income margins 23.5% - 50% Discount rate 9.5% |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Long-term debt is comprised of the following: December 31, September 30, Term loan $ 97,693,750 $ 90,193,750 Revolving credit facility — — 97,693,750 90,193,750 Less current installments (3,112,500 ) (85,938 ) $ 94,581,250 $ 90,107,812 |
Scheduled Repayments of Credit Facility | The aggregate scheduled principal repayments of the credit facility for the remainder of 2015 and the next four years are as follows: 2015 $ — 2016 2,003,126 2017 7,668,752 2018 8,946,876 2019 71,574,996 Total $ 90,193,750 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Restricted Stock Activity | A summary of restricted stock activity under the 2007 Plan for the three months ended September 30, 2015 is as follows: Shares Weighted- Grant-Date Unvested as of July 1, 2015 323,901 $ 5.96 Granted — — Vested (7,500 ) 8.49 Forfeited — — Unvested as of September 30, 2015 316,401 $ 5.90 |
Recent Accounting Pronounceme24
Recent Accounting Pronouncements - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Debt issuance costs | $ 1.3 |
Asset Exchange - Additional Inf
Asset Exchange - Additional Information (Detail) | Dec. 01, 2014Radio_Stations |
Business Combination Increase Decrease To Reflect Liabilities Acquired At Fair Value [Abstract] | |
Number of radio stations acquired through asset exchange | 14 |
Asset Exchange - Summary of Pro
Asset Exchange - Summary of Pro forma Information (Detail) - CBS Radio [Member] - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2014 | Sep. 30, 2014 | |
Business Acquisition [Line Items] | ||
Net revenue | $ 27,492,007 | $ 83,280,536 |
Operating income | 4,703,066 | 15,037,743 |
Net income | $ 2,282,416 | $ 6,671,622 |
Basic and diluted net income per share | $ 0.10 | $ 0.29 |
Asset Exchange - Summary of Dis
Asset Exchange - Summary of Discontinued Operations (Detail) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2014 | Sep. 30, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Net revenue | $ 11,502,333 | $ 34,500,964 |
Station operating expenses | 7,344,422 | 22,168,457 |
Depreciation and amortization | 141,668 | 421,011 |
Other (income) expense, net | 330,416 | |
Income from discontinued operations before income taxes | 4,016,243 | 11,581,080 |
Income tax expense | 1,549,715 | 5,255,852 |
Income from discontinued operations | $ 2,466,528 | $ 6,325,228 |
Asset Exchange - Summary of Ope
Asset Exchange - Summary of Operating and Investing Cash Flows of Discontinued Operations (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities: | ||||
Income from discontinued operations | $ 2,466,528 | $ 6,325,228 | ||
Adjustments to reconcile income from discontinued operations to net cash used in operating activities: | ||||
Provision for bad debts | $ 462,392 | 362,942 | ||
Depreciation and amortization | $ 863,867 | $ 492,568 | 2,822,594 | 1,436,537 |
Loss on notes receivable from related party | 332,034 | |||
Change in operating assets and liabilities | ||||
Accounts receivable | (1,366,590) | 469,397 | ||
Prepaid expenses | (2,165,905) | (1,140,901) | ||
Other assets | 1,122,560 | 86,637 | ||
Accounts payable | 1,282,699 | (556,925) | ||
Other liabilities | (1,333,025) | (86,939) | ||
Other operating activities | 70,730 | 53,587 | ||
Cash flows from investing activities: | ||||
Capital expenditures | (1,807,699) | (2,612,640) | ||
Repayment of notes receivable from related parties | $ 279,484 | 283,404 | ||
Discontinued Operations [Member] | ||||
Cash flows from operating activities: | ||||
Income from discontinued operations | 6,325,228 | |||
Adjustments to reconcile income from discontinued operations to net cash used in operating activities: | ||||
Provision for bad debts | 108,994 | |||
Depreciation and amortization | 421,011 | |||
Loss on notes receivable from related party | 332,034 | |||
Change in operating assets and liabilities | ||||
Accounts receivable | (263,602) | |||
Prepaid expenses | 33,579 | |||
Other assets | (100,084) | |||
Accounts payable | (287,269) | |||
Other liabilities | 4,723,219 | |||
Other operating activities | (12,456,661) | |||
Net cash used in operating activities | (1,163,551) | |||
Cash flows from investing activities: | ||||
Capital expenditures | (300,892) | |||
Repayment of notes receivable from related parties | 11,003 | |||
Net cash used in investing activities | $ (289,889) |
FCC Broadcasting Licenses - Car
FCC Broadcasting Licenses - Carrying Amount of Broadcasting Licenses (Detail) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
FCC Broadcasting Licenses [Line Items] | |
Beginning Balance | $ 234,328,330 |
Ending Balance | 234,719,505 |
FCC Broadcasting License [Member] | |
FCC Broadcasting Licenses [Line Items] | |
Beginning Balance | 234,328,330 |
Translator licenses | 391,175 |
Ending Balance | $ 234,719,505 |
FCC Broadcasting Licenses - Add
FCC Broadcasting Licenses - Additional Information (Detail) $ in Millions | Jun. 25, 2015USD ($)License | Feb. 27, 2015USD ($)License | Sep. 30, 2015 |
FCC Broadcasting Licenses [Line Items] | |||
Translator licenses renewable term | 8 years | ||
Reach Communications, Inc. [Member] | |||
FCC Broadcasting Licenses [Line Items] | |||
Number of translator licenses acquired | License | 1 | ||
Acquisition of translator licenses | $ 0.2 | ||
University of Northwestern [Member] | |||
FCC Broadcasting Licenses [Line Items] | |||
Number of translator licenses acquired | License | 2 | ||
Acquisition of translator licenses | $ 0.2 |
Goodwill - Summary of Carrying
Goodwill - Summary of Carrying Amount of Goodwill (Detail) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Beginning Balance | $ 8,857,516 | |
Impairment loss | $ (3,520,933) | (3,520,933) |
Ending Balance | $ 5,336,583 | $ 5,336,583 |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Impairment loss | $ 3,520,933 | $ 3,520,933 |
Percentage of impairment loss of goodwill | 100.00% |
Goodwill - Schedule of Key Assu
Goodwill - Schedule of Key Assumptions in Discounted Cash Flow Analysis (Detail) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Long-term revenue growth rate | 2.50% |
Discount rate | 9.50% |
Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Station operating income margins | 23.50% |
Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Station operating income margins | 50.00% |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Line of Credit Facility [Line Items] | ||
Long-term debt | $ 90,193,750 | $ 97,693,750 |
Less current installments | (85,938) | (3,112,500) |
Long-term debt, net of current portion | 90,107,812 | 94,581,250 |
Long-term debt | 90,193,750 | 97,693,750 |
Term Loan [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term debt | 90,193,750 | 97,693,750 |
Long-term debt | 90,193,750 | 97,693,750 |
Revolving Credit Loan [Member] | ||
Line of Credit Facility [Line Items] | ||
Revolving credit facility | $ 0 | $ 0 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Line of Credit Facility [Line Items] | ||
Long-term debt | $ 90,193,750 | $ 97,693,750 |
Revolving credit loan and term loan carried interest | 3.40% | |
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 Company's consolidated total debt is equal to or greater than three times its consolidated operating cash flow, as defined in the credit agreement. Prepayments of excess cash flow are not required 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. | |
First Mortgage [Member] | Must Not Be Less Than [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest Coverage Ratio | 2 | |
Term Loan [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term debt | $ 90,193,750 | $ 97,693,750 |
Revolving Credit Loan [Member] | ||
Line of Credit Facility [Line Items] | ||
Revolving credit facility maximum commitment | 20,000,000 | $ 20,000,000 |
Remaining commitments under the revolving credit loan facility | $ 4,500,000 | |
Fiscal Quarter Through December 31, 2015 [Member] | First Mortgage [Member] | Must Not Exceed [Member] | Forecast [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term Debt Covenants Aggregate Leverage Ratio | 4 | |
January 1, 2016 Through December 31, 2016 [Member] | First Mortgage [Member] | Maximum [Member] | Forecast [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term Debt Covenants Aggregate Leverage Ratio | 3.75 | |
January 1, 2017 Through December 31, 2017 [Member] | First Mortgage [Member] | Maximum [Member] | Forecast [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term Debt Covenants Aggregate Leverage Ratio | 3.25 | |
January 1, 2018 Through Thereafter [Member] | First Mortgage [Member] | Maximum [Member] | Forecast [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term Debt Covenants Aggregate Leverage Ratio | 3 | |
Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term debt | $ 90,200,000 | |
Revolving credit loan and term loan carried interest | 3.90% | |
Revolving credit facility and term loan maturity date | Aug. 9, 2019 | |
Mandatory prepayments of excess cash flow | 50.00% | |
Credit Facility [Member] | Revolving Credit Loan [Member] | ||
Line of Credit Facility [Line Items] | ||
Revolving credit facility, Interest Rate Description | 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 2.75% to 4.75% that is determined by the Company's consolidated total debt ratio, as defined | |
Credit Facility [Member] | Revolving Credit Loan [Member] | Maximum [Member] | LIBOR [Member] | ||
Line of Credit Facility [Line Items] | ||
Credit facility interest rate margins | 4.75% | |
Credit Facility [Member] | Revolving Credit Loan [Member] | Maximum [Member] | Base Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Credit facility interest rate margins | 3.75% | |
Credit Facility [Member] | Revolving Credit Loan [Member] | Minimum [Member] | LIBOR [Member] | ||
Line of Credit Facility [Line Items] | ||
Credit facility interest rate margins | 2.75% | |
Credit Facility [Member] | Revolving Credit Loan [Member] | Minimum [Member] | Base Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Credit facility interest rate margins | 1.75% | |
Credit Facility [Member] | Revolving Credit Loan and Term Loan [Member] | ||
Line of Credit Facility [Line Items] | ||
Revolving credit facility and term loan maturity date | Aug. 9, 2019 |
Long-Term Debt - Scheduled Repa
Long-Term Debt - Scheduled Repayments of Credit Facility (Detail) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
2,015 | $ 0 | |
2,016 | 2,003,126 | |
2,017 | 7,668,752 | |
2,018 | 8,946,876 | |
2,019 | 71,574,996 | |
Total | $ 90,193,750 | $ 97,693,750 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - 2007 Plan [Member] $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total unrecognized compensation cost related to restricted stock granted | $ 1.1 |
Cost expected to be recognized over a weighted-average period | 1 year 9 months 18 days |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock awards, vest, period | 1 year |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock awards, vest, period | 5 years |
Class A Common Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares authorized | shares | 4,000,000 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Activity (Detail) - 2007 Plan [Member] | 3 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested Shares, Beginning Balance | shares | 323,901 |
Granted, Shares | shares | 0 |
Vested, Shares | shares | (7,500) |
Forfeited, Shares | shares | 0 |
Unvested Shares, Ending Balance | shares | 316,401 |
Unvested, Weighted-Average Grant-Date Fair Value, Beginning Balance | $ 5.96 |
Granted, Weighted-Average Grant-Date Fair Value | 0 |
Vested, Weighted-Average Grant-Date Fair Value | 8.49 |
Forfeited, Weighted-Average Grant-Date Fair Value | 0 |
Unvested, Weighted-Average Grant-Date Fair Value, Ending Balance | $ 5.90 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||||
Effective tax rate | 35.00% | 40.00% | 40.00% | 50.00% | |
Federal statutory rate | 35.00% | 35.00% | 35.00% | 35.00% | 34.00% |
Increase from a change to the Company's federal tax rate based on a projected increase in taxable income | $ 1.4 | ||||
Decrease from a change to the Company's effective state tax rate | $ (0.3) |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - Digital PowerRadio LLC [Member] | Apr. 03, 2015USD ($) |
Related Party Transaction [Line Items] | |
Additional contribution to related party | $ 166,667 |
Percentage of outstanding units ownership interest to Digital PowerRadio | 20.00% |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument Fair Value Carrying Value [Abstract] | ||
Percentage of fixed rate of interest carrying amount of notes receivables | 2.57% | |
Notes receivable from related parties | $ 1,468,608 | $ 1,748,092 |
Fair value of notes receivable | 1,400,000 | 1,700,000 |
Long-term debt | $ 90,193,750 | $ 97,693,750 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | ||
Impairment loss | $ 3,520,933 | $ 3,520,933 |