Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 04, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
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 | 6,654,024 | |
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 ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 15,556,906 | $ 14,318,494 |
Accounts receivable, less allowance for doubtful accounts of $596,380 in 2015 and $758,518 in 2016 | 18,316,493 | 19,847,536 |
Prepaid expenses | 3,030,433 | 1,896,491 |
Other current assets | 921,888 | 1,017,059 |
Total current assets | 37,825,720 | 37,079,580 |
Restricted cash | 743,195 | 743,195 |
Property and equipment, net | 27,394,152 | 27,523,353 |
FCC broadcasting licenses | 234,719,505 | 234,719,505 |
Goodwill | 5,336,583 | 5,336,583 |
Other intangibles, net | 475,030 | 544,238 |
Other assets | 5,344,806 | 5,455,441 |
Total assets | 311,838,991 | 311,401,895 |
Current liabilities: | ||
Current installments of long-term debt | 58,968 | 1,484,048 |
Accounts payable | 2,171,394 | 1,827,003 |
Other current liabilities | 8,856,609 | 7,588,106 |
Total current liabilities | 11,086,971 | 10,899,157 |
Due to related parties | 928,287 | 952,465 |
Long-term debt, net of current installments and unamortized debt issuance costs | 84,964,040 | 86,461,778 |
Deferred tax liabilities | 78,713,939 | 77,739,201 |
Other long-term liabilities | 1,769,854 | 1,812,219 |
Total liabilities | $ 177,463,091 | $ 177,864,820 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued | ||
Additional paid-in capital | $ 119,730,791 | $ 119,495,619 |
Treasury stock, Class A common stock; 2,882,179 in 2015; 2,928,587 shares in 2016 | (15,507,834) | (15,361,869) |
Retained earnings | 30,086,945 | 29,302,054 |
Accumulated other comprehensive income | 39,752 | 75,159 |
Total stockholders' equity | 134,375,900 | 133,537,075 |
Total liabilities and stockholders' equity | 311,838,991 | 311,401,895 |
Class A Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock | 9,584 | 9,450 |
Class B Common Stock [Member] | ||
Stockholders' equity: | ||
Common stock | $ 16,662 | $ 16,662 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Allowance for doubtful accounts | $ 758,518 | $ 596,380 |
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 | 2,928,587 | 2,882,179 |
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 | 9,584,286 | 9,449,956 |
Common stock, shares outstanding | 6,655,699 | 6,567,777 |
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 (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||
Net revenue | $ 27,454,947 | $ 24,250,839 |
Operating expenses: | ||
Station operating expenses (including stock-based compensation of $41,791 in 2015 and $36,412 in 2016 and excluding depreciation and amortization shown separately below) | 19,986,291 | 17,813,948 |
Corporate general and administrative expenses (including stock-based compensation of $328,091 in 2015 and $198,894 in 2016) | 2,500,957 | 2,439,147 |
Radio station exchange transaction costs | 303,762 | |
Depreciation and amortization | 839,406 | 1,118,853 |
Total operating expenses | 23,326,654 | 21,675,710 |
Operating income | 4,128,293 | 2,575,129 |
Non-operating income (expense): | ||
Interest expense | (988,524) | (948,006) |
Other income (expense), net | (39,641) | 471,805 |
Income before income taxes | 3,100,128 | 2,098,928 |
Income tax expense | 1,279,375 | 800,544 |
Net income | 1,820,753 | 1,298,384 |
Other comprehensive income: | ||
Unrealized gain (loss) on securities (net of income tax expense of $18,441 in 2015 and income tax benefit of $21,692 in 2016) | (35,407) | 29,847 |
Comprehensive income | $ 1,785,346 | $ 1,328,231 |
Net income per share: | ||
Basic and diluted | $ 0.08 | $ 0.06 |
Dividends declared per common share | $ 0.045 | $ 0.045 |
Weighted average shares outstanding: | ||
Basic | 22,983,471 | 22,880,681 |
Diluted | 23,020,926 | 22,906,828 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Stock-based compensation | $ 235,306 | $ 369,882 |
Unrealized gain (loss) on securities, income tax expense (benefit) | (21,692) | 18,441 |
Station Operating Expenses [Member] | ||
Stock-based compensation | 36,412 | 41,791 |
Corporate General and Administrative Expenses [Member] | ||
Stock-based compensation | $ 198,894 | $ 328,091 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 1,820,753 | $ 1,298,384 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Stock-based compensation | 235,306 | 369,882 |
Provision for bad debts | 282,745 | 62,131 |
Depreciation and amortization | 839,406 | 1,118,853 |
Amortization of loan fees | 91,749 | 84,366 |
Deferred income taxes | 939,331 | 994,901 |
Change in operating assets and liabilities: | ||
Accounts receivable | 1,248,298 | (45,061) |
Prepaid expenses | (1,133,942) | (1,494,657) |
Other assets | 161,496 | 820,121 |
Accounts payable | 344,391 | (266,907) |
Other liabilities | 1,215,793 | (1,398,719) |
Other operating activities | 42,264 | 21,022 |
Net cash provided by operating activities | 6,087,590 | 1,564,316 |
Cash flows from investing activities: | ||
Capital expenditures | (656,073) | (462,557) |
Payments for translator licenses | (190,600) | |
Repayment of notes receivable from related parties | 92,565 | |
Net cash used in investing activities | (656,073) | (560,592) |
Cash flows from financing activities: | ||
Principal payments on indebtedness | (3,014,567) | (1,500,000) |
Tax shortfall from vesting of restricted stock | (151,036) | |
Dividends paid | (1,032,573) | (1,027,628) |
Payments for treasury stock | (145,965) | (237,580) |
Net cash used in financing activities | (4,193,105) | (2,916,244) |
Net increase (decrease) in cash and cash equivalents | 1,238,412 | (1,912,520) |
Cash and cash equivalents at beginning of period | 14,318,494 | 14,259,441 |
Cash and cash equivalents at end of period | 15,556,906 | 12,346,921 |
Cash paid for interest | 913,437 | 863,640 |
Cash paid for income taxes | 23,850 | 2,229,471 |
Supplement disclosure of non-cash investing and financing activities: | ||
Property and equipment acquired through placement of advertising airtime | 31,566 | 8,021 |
Dividends declared but unpaid | $ 1,035,862 | $ 1,031,157 |
Interim Financial Statements
Interim Financial Statements | 3 Months Ended |
Mar. 31, 2016 | |
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, 2015. 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 | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | (2) Recent Accounting Pronouncements In March 2016, the FASB issued guidance to improve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The new guidance is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. The Company has not determined the impact of adoption on its financial statements. In February 2016, the FASB issued guidance to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. There continues to be a differentiation between finance leases and operating leases, however lease assets and lease liabilities arising from operating leases should now be recognized in the statement of financial position. New disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The new guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company has not determined the impact of adoption on its financial statements. In January 2016, the FASB issued guidance that changes how entities measure equity investments and present changes in the fair value of financial liabilities. The new guidance requires entities to measure equity investments that do not result in consolidation and are not accounted under the equity method at fair value and recognize any changes in fair value in net income unless the investments qualify for the new practicality exception. A practicality exception will apply to those equity investments that do not have a readily determinable fair value and do not qualify for the practical expedient to estimate fair value, and as such, these investments may be measured at cost. The new guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company has not determined the impact of adoption on its financial statements. 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. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | (3) Long-Term Debt Long-term debt is comprised of the following: December 31, March 31, Term loan $ 89,000,000 $ 86,000,000 Revolving credit facility — — Capital lease obligations 750,216 735,649 89,750,216 86,735,649 Less unamortized debt issuance costs (1,804,390 ) (1,712,641 ) 87,945,826 85,023,008 Less current installments (1,484,048 ) (58,968 ) $ 86,461,778 $ 84,964,040 As of March 31, 2016, the credit facility consisted of a term loan with a remaining balance of $86.0 million and a revolving credit facility with a maximum commitment of $20.0 million. As of March 31, 2016, the Company had $20.0 million in available commitments under its revolving credit facility. At the Company’s option, the credit facility may bear interest at either (i) the LIBOR rate, as defined in the credit agreement, plus a margin ranging from 2.5% to 4.5% 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 1.5% to 3.5% 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 LIBOR, at 3.9% as of March 31, 2016 and matures on November 30, 2020. As of December 31, 2015, the credit facility consisted of a term loan with a remaining balance of $89.0 million and a revolving credit facility with a maximum commitment of $20.0 million. The credit facility carried interest, based on adjusted LIBOR, at 3.9% as of December 31, 2015. 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. 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, 2016, the maximum amount of undiscounted payments the Company and its applicable subsidiaries would have been required to make in the event of default was $86.0 million. The guarantees for the credit facility expire on November 30, 2020. Failure to comply with financial covenants, scheduled interest payments, scheduled principal repayments, or any other terms of the Company’s credit agreement could result in the acceleration of the maturity of its outstanding debt, which could have a material adverse effect on its business or results of operations. As of March 31, 2016, the Company was in compliance with all applicable financial covenants under its credit agreement. The Company has two capital leases related to radio towers. The obligations recorded as of December 31, 2015 and March 31, 2016 represent the fair value of one tower and the present value of future lease payments under the lease agreement for the other tower. On February 23, 2016, a waiver was granted by the lenders party to the Company’s credit agreement which allowed the Company to enter certain lease agreements with related parties. The aggregate scheduled principal repayments of the credit facility and capital lease obligations for the remainder of 2016 and the next four years and thereafter are as follows: 2016 $ 43,698 2017 3,592,327 2018 6,889,020 2019 7,460,851 2020 68,320,326 Thereafter 429,427 Total $ 86,735,649 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | (4) 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 March 31, 2016 is as follows: Shares Weighted- Grant-Date Unvested as of January 1, 2016 284,459 $ 5.98 Granted 134,330 3.52 Vested (119,496 ) 5.56 Forfeited — — Unvested as of March 31, 2016 299,293 $ 4.76 As of March 31, 2016, there was $1.0 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 1.7 years. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (5) Income Taxes The Company’s effective tax rate was approximately 38% and 41% for the three months ended March 31, 2015 and 2016, 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. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | (6) Related Party Transactions On May 3, 2016, 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 | 3 Months Ended |
Mar. 31, 2016 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | (7) Financial Instruments The carrying amount of the Company’s financial instruments including cash and cash equivalents, accounts receivable, restricted cash and accounts payable approximate fair value due to the short term nature of these financial instruments. The carrying amount of long term debt, including capital lease obligations and current installments, was $86.7 million as of March 31, 2016 and approximated fair value based on current market interest rates. The carrying amount of long-term debt, including capital lease obligations and current installments, was $89.8 million as of December 31, 2015 and approximated fair value based on market rates at that time. |
Recent Accounting Pronounceme14
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | In March 2016, the FASB issued guidance to improve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The new guidance is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. The Company has not determined the impact of adoption on its financial statements. In February 2016, the FASB issued guidance to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. There continues to be a differentiation between finance leases and operating leases, however lease assets and lease liabilities arising from operating leases should now be recognized in the statement of financial position. New disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The new guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company has not determined the impact of adoption on its financial statements. In January 2016, the FASB issued guidance that changes how entities measure equity investments and present changes in the fair value of financial liabilities. The new guidance requires entities to measure equity investments that do not result in consolidation and are not accounted under the equity method at fair value and recognize any changes in fair value in net income unless the investments qualify for the new practicality exception. A practicality exception will apply to those equity investments that do not have a readily determinable fair value and do not qualify for the practical expedient to estimate fair value, and as such, these investments may be measured at cost. The new guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company has not determined the impact of adoption on its financial statements. 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. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Long-term debt is comprised of the following: December 31, March 31, Term loan $ 89,000,000 $ 86,000,000 Revolving credit facility — — Capital lease obligations 750,216 735,649 89,750,216 86,735,649 Less unamortized debt issuance costs (1,804,390 ) (1,712,641 ) 87,945,826 85,023,008 Less current installments (1,484,048 ) (58,968 ) $ 86,461,778 $ 84,964,040 |
Scheduled Repayments of Credit Facility and Capital Lease Obligations | The aggregate scheduled principal repayments of the credit facility and capital lease obligations for the remainder of 2016 and the next four years and thereafter are as follows: 2016 $ 43,698 2017 3,592,327 2018 6,889,020 2019 7,460,851 2020 68,320,326 Thereafter 429,427 Total $ 86,735,649 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 is as follows: Shares Weighted- Grant-Date Unvested as of January 1, 2016 284,459 $ 5.98 Granted 134,330 3.52 Vested (119,496 ) 5.56 Forfeited — — Unvested as of March 31, 2016 299,293 $ 4.76 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Line of Credit Facility [Line Items] | ||
Capital lease obligations | $ 735,649 | $ 750,216 |
Long-term debt, including capital lease obligations | 86,735,649 | 89,750,216 |
Less unamortized debt issuance costs | (1,712,641) | (1,804,390) |
Long-term debt | 85,023,008 | 87,945,826 |
Long-term debt | 85,023,008 | 87,945,826 |
Less current installments | (58,968) | (1,484,048) |
Long-term debt, net of current portion | 84,964,040 | 86,461,778 |
Term Loan [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term debt | 86,000,000 | 89,000,000 |
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) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016USD ($)Radio_Stations | Dec. 31, 2015USD ($)Radio_Stations | |
Line of Credit Facility [Line Items] | ||
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 flows 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] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest Coverage Ratio | 200.00% | |
Broadcast Equipment [Member] | ||
Line of Credit Facility [Line Items] | ||
Number of radio towers leased for radio stations under separate lease agreement | Radio_Stations | 2 | 2 |
Term Loan [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term debt | $ 86,000,000 | $ 89,000,000 |
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 | $ 20,000,000 | |
Revolving credit facility, Interest Rate Description | The credit facility may bear interest at either (i) the LIBOR rate, as defined in the credit agreement, plus a margin ranging from 2.5% to 4.5% that is determined by the Company's consolidated total debt ratio, as defined | |
Fiscal Quarter Through September 30, 2016 [Member] | First Mortgage [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term Debt Covenants Aggregate Leverage Ratio | 4.5 | |
October 1, 2016 Through March 31, 2017 [Member] | First Mortgage [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term Debt Covenants Aggregate Leverage Ratio | 4.25 | |
April 1, 2017 Through December 31, 2017 [Member] | First Mortgage [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term Debt Covenants Aggregate Leverage Ratio | 4 | |
January 1, 2018 Through December 31, 2018 [Member] | First Mortgage [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term Debt Covenants Aggregate Leverage Ratio | 3.75 | |
January 1, 2019 Through December 31, 2019 [Member] | First Mortgage [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term Debt Covenants Aggregate Leverage Ratio | 3.5 | |
January 1, 2020 Through December 31, 2020 [Member] | First Mortgage [Member] | Maximum [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 | $ 86,000,000 | |
Revolving credit loan and term loan carried interest | 3.90% | 3.90% |
Revolving credit facility and term loan maturity date | Nov. 30, 2020 | |
Mandatory prepayments of excess cash flow | 50.00% | |
Credit Facility [Member] | Revolving Credit Loan [Member] | Minimum [Member] | LIBOR [Member] | ||
Line of Credit Facility [Line Items] | ||
Credit facility interest rate margins | 2.50% | |
Credit Facility [Member] | Revolving Credit Loan [Member] | Minimum [Member] | Base Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Credit facility interest rate margins | 1.50% | |
Credit Facility [Member] | Revolving Credit Loan [Member] | Maximum [Member] | LIBOR [Member] | ||
Line of Credit Facility [Line Items] | ||
Credit facility interest rate margins | 4.50% | |
Credit Facility [Member] | Revolving Credit Loan [Member] | Maximum [Member] | Base Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Credit facility interest rate margins | 3.50% | |
Credit Facility [Member] | Revolving Credit Loan and Term Loan [Member] | ||
Line of Credit Facility [Line Items] | ||
Revolving credit facility and term loan maturity date | Nov. 30, 2020 |
Long-Term Debt - Scheduled Repa
Long-Term Debt - Scheduled Repayments of Credit Facility and Capital Lease Obligations (Detail) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Debt Disclosure [Abstract] | ||
2,016 | $ 43,698 | |
2,017 | 3,592,327 | |
2,018 | 6,889,020 | |
2,019 | 7,460,851 | |
2,020 | 68,320,326 | |
Thereafter | 429,427 | |
Total | $ 86,735,649 | $ 89,750,216 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - 2007 Plan [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total unrecognized compensation cost related to restricted stock granted | $ | $ 1 |
Cost expected to be recognized over a weighted-average period | 1 year 8 months 12 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 |
Mar. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested Shares, Beginning Balance | shares | 284,459 |
Granted, Shares | shares | 134,330 |
Vested, Shares | shares | (119,496) |
Forfeited, Shares | shares | 0 |
Unvested Shares, Ending Balance | shares | 299,293 |
Unvested, Weighted-Average Grant-Date Fair Value, Beginning Balance | $ / shares | $ 5.98 |
Granted, Weighted-Average Grant-Date Fair Value | $ / shares | 3.52 |
Vested, Weighted-Average Grant-Date Fair Value | $ / shares | 5.56 |
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares | 0 |
Unvested, Weighted-Average Grant-Date Fair Value, Ending Balance | $ / shares | $ 4.76 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate | 41.00% | 38.00% |
Federal statutory rate | 35.00% | 35.00% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - Digital PowerRadio LLC [Member] - Subsequent Event [Member] | May. 03, 2016USD ($) |
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 ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Debt Instrument Fair Value Carrying Value [Abstract] | ||
Long term debt, including capital lease obligations and current installments | $ 86,735,649 | $ 89,750,216 |