Cable One (CABO) 10-Q 4 Aug 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 01, 2016
Document Information [Line Items]
Entity Registrant Name	CABLE ONE, INC.
Entity Central Index Key	1,632,127
Trading Symbol	cabo
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		5,720,141
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current Assets:
Cash and cash equivalents	$ 102,741	$ 119,199
Accounts receivable, net	31,093	34,705
Prepaid assets	12,212	10,824
Total current assets	146,046	164,728
Property, plant and equipment, net	635,236	640,567
Intangibles, net	496,719	496,770
Goodwill	85,488	85,488
Other assets	10,398	11,252
Total assets	1,373,887	1,398,805
Current Liabilities:
Accounts payable and accrued liabilities	77,913	95,288
Deferred revenue	22,203	22,363
Income taxes payable	5,408	5,431
Long-term debt - current portion	5,000	3,750
Total current liabilities	110,524	126,832
Long-term debt	533,812	535,511
Accrued compensation and related benefits	24,306	24,399
Other liabilities	218	90
Deferred income taxes	273,297	276,627
Total liabilities	942,157	963,459
Stockholders' Equity
Common stock ($0.01 par value; 40,000,000 shares authorized; 5,886,889 and 5,879,925 shares issued, and 5,731,977 and 5,833,442 shares outstanding as of June 30, 2016 and December 31, 2015, respectively)	59	59
Additional paid-in capital	11,015	4,929
Retained earnings	483,656	447,282
Accumulated other comprehensive loss	(502)	(557)
Treasury stock, at cost (154,912 and 46,483 shares held as of June 30, 2016 and December 31, 2015, respectively)	(62,498)	(16,367)
Total stockholders' equity	431,730	435,346
Total liabilities and stockholders' equity	$ 1,373,887	$ 1,398,805

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	5,886,889	5,879,925
Common stock, shares outstanding (in shares)	5,731,977	5,833,442
Treasury stock, shares (in shares)	154,912	46,483

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues		$ 204,557	$ 202,698	$ 407,362	$ 405,607
Costs and expenses
Operating (excluding depreciation and amortization)		75,829	79,115	152,665	160,384
Selling, general and administrative		43,482	52,359	87,375	101,688
Depreciation and amortization		34,689	35,435	69,382	71,815
Total operating costs and expenses		154,000	166,909	309,422	333,887
Income from operations		50,557	35,789	97,940	71,720
Interest expense		(7,549)	(997)	(15,104)	(997)
Other income		183	34	693	16
Income before income taxes		43,191	34,826	83,529	70,739
Provision for income taxes		16,558	13,391	29,852	27,196
Net income		26,633	21,435	53,677	43,543
Other comprehensive loss, net of tax		(28)		(55)
Comprehensive income		$ 26,605	$ 21,435	$ 53,622	$ 43,543
Net income per common share:
Basic (in dollars per share)	[1]	$ 4.64	$ 3.67	$ 9.30	$ 7.45
Diluted (in dollars per share)	[1]	$ 4.62	$ 3.67	$ 9.27	$ 7.45
Basic (in shares)	[1]	5,743,465	5,843,313	5,769,859	5,843,313
Diluted (in shares)	[1]	5,766,312	5,843,313	5,788,385	5,843,313
[1]	On July 1, 2015, Graham Holdings Company distributed 5,843,313 shares of Cable One, Inc. common stock to existing holders of Graham Holdings Company common stock. Basic and diluted net income per common share for the three and six months ended June 30, 2015 are calculated using the number of shares distributed on July 1, 2015.

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 6 months ended Jun. 30, 2016 - USD ($) $ in Thousands	Dividends Paid to Shareholders [Member]Retained Earnings [Member]	Dividends Paid to Shareholders [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2015			5,833,442
Balance at Dec. 31, 2015			$ 59	$ 4,929	$ 447,282	$ (16,367)	$ (557)	$ 435,346
Net income					53,677			53,677
Changes in pension (net of tax)							55	55
Equity-based compensation (in shares)			6,964
Equity-based compensation				6,466				6,466
Issuance of common stock under restricted stock unit awards (in shares)			947
Issuance of common stock under restricted stock unit awards				(380)		380
Forfeiture of restricted stock (in shares)			(1,609)
Repurchase of common stock (in shares)			(107,767)
Repurchase of common stock						(46,511)		(46,511)
Dividends	$ (17,303)	$ (17,303)
Balance (in shares) at Jun. 30, 2016			5,731,977
Balance at Jun. 30, 2016			$ 59	$ 11,015	$ 483,656	$ (62,498)	$ (502)	$ 431,730

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net income	$ 53,677	$ 43,543
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	69,382	71,815
Amortization of deferred financing costs	809
Equity-based compensation	6,466	4,284
Deferred income taxes	(3,330)	(11,455)
Net loss on sales of property, plant and equipment	565	917
Changes in operating assets and liabilities:
Accounts receivable, net	3,612	(51)
Prepaid assets	(1,388)	(501)
Accounts payable and accrued liabilities	(4,974)	8,314
Deferred revenue	(160)	879
Income taxes payable	(23)	(432)
Other assets and other liabilities, net	944	(76)
Net cash provided by operating activities	125,580	117,237
Cash flows from investing activities:
Capital expenditures	(65,023)	(69,265)
Change in accrued expenses related to capital expenditures	(10,958)	(5,165)
Proceeds from sales of property, plant and equipment	459	14
Net cash used in investing activities	(75,522)	(74,416)
Cash flows from financing activities:
Net transfers to GHC		(37,079)
Proceeds from issuance of long-term debt, net of issuance costs		541,114
Payments of debt issuance costs		(1,768)
Payments on long-term debt	(1,258)
Repurchase of common stock	(46,511)
Dividends paid to stockholders	(17,303)
Dividends paid to GHC		(450,000)
Cash overdraft	(1,444)	3,967
Net cash (used in) provided by financing activities	(66,516)	56,234
Change in cash and cash equivalents	(16,458)	99,055
Cash and cash equivalents, beginning of period	119,199	6,410
Cash and cash equivalents, end of period	102,741	105,465
Supplemental cash flow disclosures:
Cash paid for interest expense	14,248
Cash paid for income taxes	32,615	2,810
Non-cash investing and financing activity:
Equipment financed with capital lease		$ 301

Note 1 - Separation from Graham

Note 1 - Separation from Graham Holdings Company and Description of Business	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	1. SEPARATION FROM GRAHAM HOLDINGS COMPANY AND DESCRIPTION OF BUSINESS On July 1, 2015, Cable One, Inc. (“Cable One”) became an independent company traded under the ticker symbol “CABO” on the New York Stock Exchange after completion of its spin-off from Graham Holdings Company (“GHC”). The spin-off was effected through the distribution by GHC of 100% of the outstanding shares of common stock of Cable One to GHC stockholders as of the record date for the distribution (the “spin-off”) in a pro rata dividend. In connection with the spin-off, approximately 5.84 million shares of Cable One’s common stock were issued and outstanding on July 1, 2015 at 12:01 a.m., based on approximately 0.96 million shares of GHC Class A Common Stock and 4.88 million shares of GHC Class B Common Stock outstanding as of June 30, 2015 . The financial statements included herein have been retroactively restated, including share and per share amounts, to reflect the effects of the spin-off. Cable One owns and operates cable systems that provide data, video and voice services to residential and commercial subscribers in 19 Western, Midwestern and Southern states of the United States of America. As of June 30, 2016, Cable One provided service to 508,317 data customers, 338,974 video customers and 120,940 voice customers. Unless otherwise stated or the context otherwise indicates, all references in this Quarterly Report on Form 10-Q to “Cable One,” “us,” “our,” “we” or the “Company” means Cable One, Inc. and its wholly owned subsidiary, Cable One VoIP LLC (the “Subsidiary”). References in this Quarterly Report on Form 10-Q to “GHC” refer to Graham Holdings Company.

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation. Prior to the spin-off, the Company’s financial statements were derived from the consolidated financial statements and accounting records of GHC. The Company’s Condensed Consolidated Financial Statements as of and for the three and six month periods ended June 30, 2015 were prepared solely to present the Company’s historical results of operations, financial position and cash flows for the periods prior to the spin-off as it was historically managed. The impact of transactions between the Company and GHC was included in these Condensed Consolidated Financial Statements and was considered to be effectively settled for cash in the Condensed Consolidated Financial Statements at the time the transaction was recorded. The total net effect of the settlement of these intercompany transactions was reflected in the Condensed Consolidated Statements of Cash Flows as a financing activity. The Company functioned as part of the larger group of subsidiary companies controlled by GHC prior to the spin-off, and accordingly, GHC provided certain support and overhead functions to the Company. These functions included finance, human resources, legal, information technology, general insurance, risk management and other corporate functions. The costs of such services were allocated to the Company based on the most relevant allocation methods to the service provided. Management believed such allocations were reasonable and were consistently applied; however, they may not have been indicative of the actual expense that would have been incurred had the Company been operating on a stand-alone basis. See Notes 10 and 13 for details on these allocations. Additionally, prior to the spin-off, the Company participated in a centralized approach to cash management and in financing its operations managed by GHC. Cash was transferred to GHC and GHC funded the Company’s operating and investing activities as needed. Accordingly, cash and cash equivalents at GHC were not allocated to the Company in the Condensed Consolidated Financial Statements. GHC’s third-party debt, and the related interest expense, were not allocated to the Company for any of the periods presented as the Company was not the legal obligor on the debt and GHC borrowings were not directly attributable to the Company’s business. During the pre-spin periods presented, the Company’s income taxes have been prepared on a separate return basis as if the Company was a stand-alone entity. Prior to the spin-off, the Company’s operations were historically included in GHC’s consolidated U.S. Federal and certain state tax returns. The Company did not maintain taxes payable to/from GHC and was deemed to settle the annual current tax balances immediately with the legal tax-paying entities in the respective jurisdictions. The Company’s results of operations for the three and six months ended June 30, 2016 and 2015 may not be indicative of the Company’s future results. In addition, as the Company did not operate as a stand-alone entity prior to July 1, 2015, the Condensed Consolidated Financial Statements included herein may not necessarily be indicative of the Company’s future performance and may not necessarily reflect what its financial position, results of operations or cash flows would have been had it operated as a stand-alone entity during all of the periods presented. Certain reclassifications have been made to prior period amounts to conform to the current year presentation. See the “Recently Adopted and Issued Accounting Pronouncements” section below for information regarding a balance sheet reclassification of deferred financing costs that resulted from the adoption of new accounting guidance. The Company also reclassified amounts in its Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2015 from Capital expenditures to Change in accrued expenses related to capital expenditures to conform to the current year presentation. This reclassification had no impact on the previously reported cash flows from investing activities. Principles of Consolidation. Use of Estimates in the Preparation of the Condensed Consolidated Financial Statements. Recently Adopted and Issued Accounting Pronouncements. In August 2014, the FASB issued new guidance that requires management to assess the Company’s ability to continue as a going concern and to provide related disclosures in certain circumstances. This guidance is effective for interim and fiscal years ending after December 15, 2016, with early adoption permitted. The Company does not expect this guidance to have an impact on its financial statements. In April 2015, the FASB issued new guidance to simplify the presentation of debt issuance costs. This guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by this guidance. The new guidance should be applied on a full retrospective basis to all periods presented. This guidance is effective for interim and fiscal years beginning after December 15, 2015. In accordance with the provisions of the new guidance, the Company has recorded unamortized debt issuance costs net of the long-term debt liability in the accompanying Condensed Consolidated Balance Sheets as of June 30, 2016 and December 31, 2015. This resulted in a reclassification of deferred financing costs, which caused a reduction of $9.8 million to Long-term debt, $1.6 million to Current Assets and $8.2 million to Other assets in the accompanying Condensed Consolidated Balance Sheet as of December 31, 2015. In September 2015, the FASB issued new guidance that requires that an acquirer retrospectively adjust provisional amounts reflected in its financial statements arising from a business combination during the measurement period. To simplify the accounting for adjustments made to provisional amounts, the guidance requires that the acquirer reflect adjustments to provisional amounts that are identified during the measurement period in the financial statements for the reporting period in which the adjustment amount is determined. The acquirer is required to also record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the adjustment had been completed at the acquisition date. In addition, an entity is required to present separately on the face of the income statement or disclose in the notes to the financial statements the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. This guidance is effective for fiscal years beginning after December 15, 2016 and interim periods within fiscal years beginning after December 15, 2017. The amendments in this guidance should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this guidance, with early adoption permitted. The Company does not expect this guidance to have a significant impact on its financial statements unless an acquisition is made. In February 2016, the FASB issued new guidance that requires a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. This guidance is effective for interim and fiscal years beginning after December 15, 2018. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is in the process of evaluating the impact of its pending adoption of this new guidance In March 2016, the FASB issued new guidance affecting 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. This guidance is effective for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years, with early adoption permitted. If an entity early adopts this guidance in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the guidance in the same period. The Company is in the process of evaluating the impact of its pending adoption of this new guidance

Note 3 - Revenues

Note 3 - Revenues	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Revenue Disclosure [Text Block]	3. REVENUES The Company’s revenues by product line were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Residential Data (1) $ 86,031 $ 72,477 $ 169,470 $ 143,536 Video (1) 74,016 86,227 148,869 173,555 Voice (1) 10,944 12,368 22,258 25,519 Business services 24,491 21,870 48,318 43,030 Advertising sales 6,616 7,320 13,619 14,893 Other 2,459 2,436 4,828 5,074 Total revenues $ 204,557 $ 202,698 $ 407,362 $ 405,607 __________ (1) The amount of franchise fees recorded on a gross basis and included in residential video revenues above was $3.6 million and $4.0 million for the three months ended June 30, 2016 and 2015, respectively, and $7.2 million and $8.2 million for the six months ended June 30, 2016 and 2015, respectively.

Note 4 - Property, Plant and Eq

Note 4 - Property, Plant and Equipment	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	4. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following (in thousands): June 3 0 , 2016 December 31, 2015 Cable distribution systems $ 1,055,449 $ 1,017,250 Customer premise equipment 255,467 259,678 Other equipment and fixtures 346,223 317,696 Buildings and leasehold improvements 86,251 84,503 Capitalized software 79,206 75,027 Construction in progress 72,052 89,742 Land 9,482 9,482 1,904,130 1,853,378 Less accumulated depreciation (1,268,894 ) (1,212,811 ) Property, plant and equipment, net $ 635,236 $ 640,567 Depreciation and amortization expense was $34.7 million and $35.4 million for the three months ended June 30, 2016 and 2015, respectively, and $69.4 million and $71.8 million for the six months ended June 30, 2016 and 2015, respectively.

Note 5 - Goodwill and Intangibl

Note 5 - Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	5. GOODWILL AND INTANGIBLE ASSETS The carrying amount of goodwill at June 30, 2016 and December 31, 2015 was $85.5 million. Historically, the Company has not recorded any impairment of goodwill. Intangible assets consisted of the following (dollars in thousands): June 3 0 , 2016 Useful Gross Net Life Carrying Accumulated Carrying Range (years) Amount Amortization Amount Amortized Intangible Assets Cable franchise renewals and access rights 1 - 25 $ 4,132 $ 3,734 $ 398 Indefinite-Lived Intangible Assets Franchise agreements $ 496,321 December 31, 2015 Useful Gross Net Life Carrying Accumulated Carrying Range (years) Amount Amortization Amount Amortized Intangible Assets Cable franchise renewals and access rights 1 - 25 $ 4,127 $ 3,678 $ 449 Indefinite-Lived Intangible Assets Franchise agreements $ 496,321

Note 6 - Long-term Debt

Note 6 - Long-term Debt	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Long-term Debt [Text Block]	6. LONG-TERM DEBT Long-term debt as of June 30, 2016 and December 31, 2015 consisted of the following (in thousands): June 30, 2016 December 31, 2015 Senior Unsecured Notes $ 450,000 $ 450,000 Senior Credit Facilities 97,500 98,750 Capital lease obligation 292 301 Total debt 547,792 549,051 Less unamortized debt issuance costs (8,980 ) (9,790 ) Less current portion long-term debt (5,000 ) (3,750 ) Total long-term debt $ 533,812 $ 535,511 5.750% Senior Unsecured Notes Due 2022. The Notes have not been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state or other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and any other applicable securities laws. The Notes were offered in the United States only to persons reasonably believed to be qualified institutional buyers in reliance on the exemption from registration set forth in Rule 144A under the Securities Act and outside the United States to non-U.S. persons in reliance on the exemption from registration set forth in Regulation S under the Securities Act. The Notes were issued pursuant to an indenture (the “Indenture”) dated as of June 17, 2015. The Indenture provides for early redemption of the Notes, at the option of the Company, at the prices and subject to the terms specified in the Indenture. The Indenture includes certain covenants relating to debt incurrence, liens, restricted payments, assets sales and transactions with affiliates, changes in control and mergers or sales of all or substantially all of the Company’s assets. The Indenture also provides for customary events of default (subject, in certain cases, to customary grace periods). Senior Credit Facilities Due 2020. Borrowings under the Senior Credit Facilities bear interest, at the Company’s option, at a rate per annum determined by reference to either the London Interbank Offered Rate (“LIBOR”) or an adjusted base rate, in each case plus an applicable interest rate margin determined on a quarterly basis by reference to a pricing grid based upon the Company’s total net leverage ratio. As of June 30, 2016, borrowings under the Senior Credit Facilities bore interest at 2.14% per annum. In addition, the Company is required to pay commitment fees on any unused portion of the Revolving Credit Facility at a rate between 0.25% per annum and 0.40% per annum, determined by reference to the pricing grid. As of June 30, 2016, the commitment fee accrues at a rate of 0.25% per annum. The Senior Credit Facilities may be prepaid at any time without premium, and periodic principal repayments are due in certain quarterly installments as set forth in the Credit Agreement, with the outstanding balance of the Term Loan Facility to be paid on the fifth anniversary of funding. The Company may, subject to the terms and conditions of the Credit Agreement, obtain additional credit facilities of up to $300 million under the Credit Agreement pursuant to an uncommitted incremental facility. The Credit Agreement contains customary representations, warranties and affirmative and negative covenants, including limitations on indebtedness, liens, restricted payments, prepayments of certain indebtedness, investments, dispositions of assets, restrictions on subsidiary distributions and negative pledge clauses, fundamental changes, transactions with affiliates and amendments to organizational documents. The Credit Agreement also contains customary events of default. The Credit Agreement also requires the Company to maintain specified ratios of total net leverage and first lien net leverage to consolidated operating cash flow. The Company was in compliance with all debt covenants as of June 30, 2016. As of June 30, 2016, the future maturities of long-term debt were as follows (in thousands): Years Ending December 31 Amount 2016 $ 2,500 2017 6,250 2018 8,750 2019 12,500 2020 67,500 Thereafter 450,292 Total $ 547,792

Note 7 - Fair Value Measurement

Note 7 - Fair Value Measurements	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Fair Value Disclosures [Text Block]	7. FAIR VALUE MEASUREMENTS The Company’s deferred compensation liabilities were $17.8 million and $18.3 million at June 30, 2016 and December 31, 2015, respectively. These liabilities are included in Accrued compensation and related benefits in the Condensed Consolidated Balance Sheets. These liabilities represent the market value of a participant’s balance in a notional investment account that is comprised primarily of mutual funds, which is based on observable market prices. However, since the deferred compensation obligations are not exchanged in an active market, they are classified as Level 2 in the fair value hierarchy. Realized and unrealized gains (losses) on deferred compensation are included in operating income. The carrying amounts and fair values of the Company’s money market investments, commercial paper and long-term debt, including current portion, as of June 30, 2016, were as follows (in thousands): June 3 0 , 2016 Carrying Fair Amount Value Assets: Money market investments $ 23,990 $ 23,990 Commercial paper $ 69,957 $ 69,950 Long-term debt, including current portion Notes $ 450,000 $ 461,250 Term Loan $ 97,500 $ 97,500 Money market investments are included in Cash and cash equivalents in the Condensed Consolidated Balance Sheets. Commercial paper investments with original maturities of 90 days or less are also included in Cash and cash equivalents. These investments are primarily held in U.S. Treasury securities and registered money market funds. These investments were valued using a market approach based on the quoted market prices of the commercial paper (Level 1) or inputs that include quoted market prices for investments similar to the money market investments (Level 2). The fair value of the Notes was estimated based on quoted market prices in less active markets (Level 2). The fair value of the Term Loan was estimated based on discounting the remaining principal and interest payments using current market rates for similar debt (Level 2).

Note 8 - Treasury Stock

Note 8 - Treasury Stock	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Treasury Stock [Text Block]	8. TREASURY STOCK On July 1, 2015, the Company’s board of directors (the “Board”) authorized up to $250 million of share repurchases (subject to a total cap of 600,000 shares of Company common stock). Purchases under the stock repurchase program may be made from time to time on the open market and in privately negotiated transactions. The size and timing of these purchases will be based on a number of factors, including price and business and market conditions. As of June 30, 2016, the Company has repurchased 145,903 shares at an aggregate cost of $62.9 million.

Note 9 - Equity-based Compensat

Note 9 - Equity-based Compensation	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	9. EQUITY-BASED COMPENSATION Through June 30, 2015, certain of the Company’s employees participated in an equity-based incentive compensation plan maintained by GHC for the benefit of certain officers, directors and employees. Equity-based awards issued to employees included non-qualified stock options and restricted stock awards. These compensation costs are recognized within Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income. Certain Compensation and Benefit Plans. The 2015 Plan provides that, subject to certain adjustments for certain corporate events, the maximum number of shares of Company common stock that may be issued under the 2015 Plan is equal to 600,000, and no more than 400,000 shares may be issued pursuant to incentive stock options. Restricted Stock Awards. The compensation arrangements for the Company’s non-employee directors under the 2015 Plan provide that each non-employee director is entitled to an annual retainer of $150,000, plus an additional annual retainer of $15,000 for each non-employee director who serves as a committee chair or as lead independent director. Each such retainer will be provided in the form of restricted stock units (“RSUs”). Such RSUs will generally be granted on the date of the Company’s annual stockholders’ meeting and will vest on the first anniversary of the grant date, subject to the director’s continued service through such vesting date. Settlement of such RSUs will be in the form of one share of the Company’s common stock and will follow vesting, unless the director has previously elected to defer such settlement until his or her separation from service from the Board. As of June 30, 2016, 2,192 RSUs were vested and deferred. During the three months ended June 30, 2016, the Company granted 726 Restricted Shares, with a total value at the grant date of $0.3 million, and 2,379 RSUs, with a total value at the grant date of $1.1 million. The Restricted Shares and RSUs are collectively referred to as “restricted stock.” During the six months ended June 30, 2016, the Company granted 9,350 shares of restricted stock, with a total value at the grant date of $4.1 million, to employees and non-employee directors, and a summary of the restricted stock is as follows: Weighted Average Grant Date Restricted Fair Value Stock Per Share Unvested as of January 1, 2016 39,744 $ 383.18 Granted 9,350 $ 440.62 Unvested as of June 30, 2016 49,094 Compensation expense associated with unvested restricted stock is recognized on a straight-line basis over the vesting period. The expense recognized each period is dependent upon the Company’s estimate of the number of shares that will ultimately vest. Equity-based compensation expense for restricted stock was $2.7 million and $5.0 million for the three and six months ended June 30, 2016, respectively. At June 30, 2016, there was $12.8 million of unrecognized compensation expense related to restricted stock, which is expected to be recognized over a weighted average period of 1.3 years. Stock Appreciation Rights. A summary of SAR activity is as follows: Stock Appreciation Rights Weighted Average Exercise Price Weighted Average Fair Value Aggregate Intrinsic Value (in millions) Weighted Average Remaining Contractual Term (in years) Outstanding as of December 31, 2015 135,600 $ 422.31 $ 87.22 $ 1.5 9.7 Granted 2,500 441.51 91.48 - 9.8 Outstanding as of June 30, 2016 138,100 $ 422.66 $ 87.30 $ 12.3 9.2 Vested and exercisable as of June 30, 2016 - $ - $ - $ - - The fair value of the SARs was measured based on the Black-Scholes model. The inputs used in the fair value measurement for 2016 were as follows: 2016 Expected volatility 22.67 % Risk-free interest rate 1.45 % Expected term (in years) 6.25 Expected dividend yield 1.35 % Compensation expense associated with unvested SARs is recognized on a straight-line basis over the vesting period. The expense recognized each period is dependent upon our estimate of the number of shares that will ultimately vest. Equity-based compensation expense for these SARs was $0.8 million and $1.5 million for the three and six months ended June 30, 2016, respectively. At June 30, 2016, there was $9.6 million of unrecognized compensation expense related to the SARs, which is expected to be recognized over a weighted average period of 1.7 years. Compensation Expense Also, in connection with the spin-off, GHC modified the terms of 10,830 restricted stock awards in the second quarter of 2015 affecting 21 Cable One employees. The modification resulted in the acceleration of the vesting period of 6,324 restricted stock awards and the forfeiture of 4,506 restricted stock awards. The Company recorded incremental stock compensation expense, net of forfeitures, of $3.7 million related to such awards during the three and six months ended June 30, 2015, which is included in Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income.

Note 10 - Postemployment Benefi

Note 10 - Postemployment Benefit Plans, Pre-spin	6 Months Ended
	Jun. 30, 2016
Postemployment Benefit Plans, Pre-Spin [Member]
Notes to Financial Statements
Postemployment Benefits Disclosure [Text Block]	10. POSTEMPLOYMENT BENEFIT PLANS, PRE-SPIN Multiemployer Benefit Plans. As of June 30, 2015, the GHC Retirement Plan was fully funded and is not in critical or endangered status as currently defined by the Pension Protection Act of 2006. The GHC Supplemental Executive Retirement Plan is unfunded. Multiemployer Savings Plans.

Note 11 - Postemployment Benefi

Note 11 - Postemployment Benefit Plans, Post-spin	6 Months Ended
	Jun. 30, 2016
Postemployment Benefit Plans, Post-Spin [Member]
Notes to Financial Statements
Postemployment Benefits Disclosure [Text Block]	11. POSTEMPLOYMENT BENEFIT PLANS, POST-SPIN As a condition of the spin-off, the Company assumed full financial and reporting responsibility for the postemployment benefit plans offered to eligible employees, other than the GHC Retirement Plan. The accumulated benefits of Company employees participating in GHC sponsored multiemployer benefit and/or savings plans other than the GHC Retirement Plan were transferred into corresponding Cable One sponsored plans. After the spin-off, GHC will continue to administer the GHC Retirement Plan, including making payments under the plan, with respect to current and former Company employees with vested rights thereunder. On June 5, 2015, the Board adopted the Cable One, Inc. Supplemental Executive Retirement Plan (the “SERP”), which became effective as of July 1, 2015. The SERP includes a defined benefit portion, or the “DB SERP,” and a defined contribution portion, or the “DC SERP.” Upon the spin-off, under the SERP, a $5.4 million long-term liability was transferred from GHC to Cable One representing the accumulated DB SERP and DC SERP liabilities of $4.1 million and $1.3 million, respectively. As the DB SERP is unfunded, the Company makes contributions to the DB SERP based on actual benefit payments, which were not material for each of the three and six months ended June 30, 2016 and 2015. Participant contributions into the DC SERP continued through December 31, 2015. No Company contributions were earned by DC SERP participants on or after July 1, 2015. The Company uses a measurement date of December 31 for the DB SERP. An unamortized actuarial loss related to the DB SERP was recorded as of December 31, 2015, which is amortized through other comprehensive income over the estimated remaining service periods of the participants and is recognized in Other comprehensive loss, net of tax in the Condensed Consolidated Statements of Operations and Comprehensive Income. On June 5, 2015, the Board also adopted the Cable One Inc. 401(k) Savings Plan (the “401(k) Plan”). The 401(k) Plan allows for eligible employees to contribute a portion of their salary to the 401(k) Plan, and in some cases, a matching contribution to the 401(k) Plan is made by the Company. The Company recorded matching contributions to the 401(k) Plan of $1.3 million for the six months ended June 30, 2016. In addition to the advent of the post-spin postemployment plans described above, the Company has (prior to the spin-off) and may continue to enter into arrangements with certain current and former executives and officers of the Company who desire to defer all or a portion of their annual cash-based incentives under the Cable One, Inc. Deferred Compensation Plan. Upon execution of the agreements the Company transfers the deferred incentive to a long-term liability. Market-based gains and losses are applied to the respective outstanding balances at each reporting period such that market-based period gains represent additional compensation expense to the Company and market-based losses represent a reduction of compensation expense. The Company recorded a gain of $0.1 million and a gain of $0.6 million for the six months ended June 30, 2016 and 2015, respectively. The total deferred compensation balance as of June 30, 2016 and December 31, 2015 was $17.8 million and $18.3 million, respectively. In 1999, the Company’s CEO was granted a special deferred compensation award in recognition of his efforts in growing Cable One. Annual payouts under this arrangement will commence when he separates service with Cable One. The base amounts began accruing interest on May 1, 2016 at an annual rate corresponding to the applicable rate for 12-month U.S. treasury bills (set at each anniversary and carried forward), credited and compounded on an annual basis. The award may be payable in installments upon mutual agreement of Cable One and the CEO, not to extend beyond a ten-year period, however, in the event of his death, all amounts due will be payable in a lump sum within 60 days. No amounts have been paid to the CEO in 2016 in respect of this arrangement. As of June 30, 2016, the Company had an accrued liability of $2.0 million for this special deferred compensation, which is included within the Accrued compensation and related benefits line item on the Condensed Consolidated Balance Sheets.

Note 12 - Net Income Per Share

Note 12 - Net Income Per Share	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Earnings Per Share [Text Block]	1 2 . NET INCOME PER SHARE Basic net income per common share is computed by dividing the net income allocable to the common stockholders by the weighted average number of common shares outstanding during the period. Diluted income per share further includes any common shares available to be issued upon exercise of outstanding equity awards if such inclusion would be dilutive. The following table sets forth the computation of basic and diluted net income per common share (dollars in thousands, except share and per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Historical net income per share - Basic Numerator: Net income $ 26,633 $ 21,435 $ 53,677 $ 43,543 Denominator: Weighted average common shares outstanding 5,743,465 5,843,313 5,769,859 5,843,313 Basic net income per common share $ 4.64 $ 3.67 $ 9.30 $ 7.45 Historical net income per share - Diluted Numerator: Net income $ 26,633 $ 21,435 $ 53,677 $ 43,543 Denominator: Weighted average common shares outstanding 5,743,465 5,843,313 5,769,859 5,843,313 Effect of dilutive equity awards 1 22,847 - 18,526 - Weighted average common shares outstanding - Diluted 5,766,312 5,843,313 5,788,385 5,843,313 Diluted net income per common share $ 4.62 $ 3.67 $ 9.27 $ 7.45 __________ (1)

Note 13 - Related Party Transac

Note 13 - Related Party Transactions	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Related Party Transactions Disclosure and Parent Company Equity [Text Block]	1 3 . RELATED PARTY TRANSACTIONS Allocation of expenses. These expense allocations were determined on the basis that both the Company and GHC considered to be a reasonable reflection of the utilization of services provided or the benefit received by the Company. The allocations may not, however, have reflected the expense the Company would have incurred as an independent company for the periods prior to the spin-off. Actual costs that may have been incurred if the Company had been a stand-alone company would depend on a number of factors, including the chosen organizational structure and certain strategic decisions.

Note 14 - Commitments and Conti

Note 14 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	1 4 . COMMITMENTS AND CONTINGENCIES Litigation and Legal Matters. Regulation in the Cable Industry. GHC Agreements.

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation. Prior to the spin-off, the Company’s financial statements were derived from the consolidated financial statements and accounting records of GHC. The Company’s Condensed Consolidated Financial Statements as of and for the three and six month periods ended June 30, 2015 were prepared solely to present the Company’s historical results of operations, financial position and cash flows for the periods prior to the spin-off as it was historically managed. The impact of transactions between the Company and GHC was included in these Condensed Consolidated Financial Statements and was considered to be effectively settled for cash in the Condensed Consolidated Financial Statements at the time the transaction was recorded. The total net effect of the settlement of these intercompany transactions was reflected in the Condensed Consolidated Statements of Cash Flows as a financing activity. The Company functioned as part of the larger group of subsidiary companies controlled by GHC prior to the spin-off, and accordingly, GHC provided certain support and overhead functions to the Company. These functions included finance, human resources, legal, information technology, general insurance, risk management and other corporate functions. The costs of such services were allocated to the Company based on the most relevant allocation methods to the service provided. Management believed such allocations were reasonable and were consistently applied; however, they may not have been indicative of the actual expense that would have been incurred had the Company been operating on a stand-alone basis. See Notes 10 and 13 for details on these allocations. Additionally, prior to the spin-off, the Company participated in a centralized approach to cash management and in financing its operations managed by GHC. Cash was transferred to GHC and GHC funded the Company’s operating and investing activities as needed. Accordingly, cash and cash equivalents at GHC were not allocated to the Company in the Condensed Consolidated Financial Statements. GHC’s third-party debt, and the related interest expense, were not allocated to the Company for any of the periods presented as the Company was not the legal obligor on the debt and GHC borrowings were not directly attributable to the Company’s business. During the pre-spin periods presented, the Company’s income taxes have been prepared on a separate return basis as if the Company was a stand-alone entity. Prior to the spin-off, the Company’s operations were historically included in GHC’s consolidated U.S. Federal and certain state tax returns. The Company did not maintain taxes payable to/from GHC and was deemed to settle the annual current tax balances immediately with the legal tax-paying entities in the respective jurisdictions. The Company’s results of operations for the three and six months ended June 30, 2016 and 2015 may not be indicative of the Company’s future results. In addition, as the Company did not operate as a stand-alone entity prior to July 1, 2015, the Condensed Consolidated Financial Statements included herein may not necessarily be indicative of the Company’s future performance and may not necessarily reflect what its financial position, results of operations or cash flows would have been had it operated as a stand-alone entity during all of the periods presented. Certain reclassifications have been made to prior period amounts to conform to the current year presentation. See the “Recently Adopted and Issued Accounting Pronouncements” section below for information regarding a balance sheet reclassification of deferred financing costs that resulted from the adoption of new accounting guidance. The Company also reclassified amounts in its Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2015 from Capital expenditures to Change in accrued expenses related to capital expenditures to conform to the current year presentation. This reclassification had no impact on the previously reported cash flows from investing activities.
Consolidation, Policy [Policy Text Block]	Principles of Consolidation.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates in the Preparation of the Condensed Consolidated Financial Statements.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted and Issued Accounting Pronouncements. In August 2014, the FASB issued new guidance that requires management to assess the Company’s ability to continue as a going concern and to provide related disclosures in certain circumstances. This guidance is effective for interim and fiscal years ending after December 15, 2016, with early adoption permitted. The Company does not expect this guidance to have an impact on its financial statements. In April 2015, the FASB issued new guidance to simplify the presentation of debt issuance costs. This guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by this guidance. The new guidance should be applied on a full retrospective basis to all periods presented. This guidance is effective for interim and fiscal years beginning after December 15, 2015. In accordance with the provisions of the new guidance, the Company has recorded unamortized debt issuance costs net of the long-term debt liability in the accompanying Condensed Consolidated Balance Sheets as of June 30, 2016 and December 31, 2015. This resulted in a reclassification of deferred financing costs, which caused a reduction of $9.8 million to Long-term debt, $1.6 million to Current Assets and $8.2 million to Other assets in the accompanying Condensed Consolidated Balance Sheet as of December 31, 2015. In September 2015, the FASB issued new guidance that requires that an acquirer retrospectively adjust provisional amounts reflected in its financial statements arising from a business combination during the measurement period. To simplify the accounting for adjustments made to provisional amounts, the guidance requires that the acquirer reflect adjustments to provisional amounts that are identified during the measurement period in the financial statements for the reporting period in which the adjustment amount is determined. The acquirer is required to also record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the adjustment had been completed at the acquisition date. In addition, an entity is required to present separately on the face of the income statement or disclose in the notes to the financial statements the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. This guidance is effective for fiscal years beginning after December 15, 2016 and interim periods within fiscal years beginning after December 15, 2017. The amendments in this guidance should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this guidance, with early adoption permitted. The Company does not expect this guidance to have a significant impact on its financial statements unless an acquisition is made. In February 2016, the FASB issued new guidance that requires a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. This guidance is effective for interim and fiscal years beginning after December 15, 2018. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is in the process of evaluating the impact of its pending adoption of this new guidance In March 2016, the FASB issued new guidance affecting 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. This guidance is effective for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years, with early adoption permitted. If an entity early adopts this guidance in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the guidance in the same period. The Company is in the process of evaluating the impact of its pending adoption of this new guidance

Note 3 - Revenues (Tables)

Note 3 - Revenues (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Revenue from External Customers by Products and Services [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Residential Data (1) $ 86,031 $ 72,477 $ 169,470 $ 143,536 Video (1) 74,016 86,227 148,869 173,555 Voice (1) 10,944 12,368 22,258 25,519 Business services 24,491 21,870 48,318 43,030 Advertising sales 6,616 7,320 13,619 14,893 Other 2,459 2,436 4,828 5,074 Total revenues $ 204,557 $ 202,698 $ 407,362 $ 405,607

Note 4 - Property, Plant and 23

Note 4 - Property, Plant and Equipment (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Property, Plant and Equipment [Table Text Block]	June 3 0 , 2016 December 31, 2015 Cable distribution systems $ 1,055,449 $ 1,017,250 Customer premise equipment 255,467 259,678 Other equipment and fixtures 346,223 317,696 Buildings and leasehold improvements 86,251 84,503 Capitalized software 79,206 75,027 Construction in progress 72,052 89,742 Land 9,482 9,482 1,904,130 1,853,378 Less accumulated depreciation (1,268,894 ) (1,212,811 ) Property, plant and equipment, net $ 635,236 $ 640,567

Note 5 - Goodwill and Intangi24

Note 5 - Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Intangible Assets and Goodwill [Table Text Block]	June 3 0 , 2016 Useful Gross Net Life Carrying Accumulated Carrying Range (years) Amount Amortization Amount Amortized Intangible Assets Cable franchise renewals and access rights 1 - 25 $ 4,132 $ 3,734 $ 398 Indefinite-Lived Intangible Assets Franchise agreements $ 496,321 December 31, 2015 Useful Gross Net Life Carrying Accumulated Carrying Range (years) Amount Amortization Amount Amortized Intangible Assets Cable franchise renewals and access rights 1 - 25 $ 4,127 $ 3,678 $ 449 Indefinite-Lived Intangible Assets Franchise agreements $ 496,321

Note 6 - Long-term Debt (Tables

Note 6 - Long-term Debt (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	June 30, 2016 December 31, 2015 Senior Unsecured Notes $ 450,000 $ 450,000 Senior Credit Facilities 97,500 98,750 Capital lease obligation 292 301 Total debt 547,792 549,051 Less unamortized debt issuance costs (8,980 ) (9,790 ) Less current portion long-term debt (5,000 ) (3,750 ) Total long-term debt $ 533,812 $ 535,511
Schedule of Maturities of Long-term Debt [Table Text Block]	Years Ending December 31 Amount 2016 $ 2,500 2017 6,250 2018 8,750 2019 12,500 2020 67,500 Thereafter 450,292 Total $ 547,792

Note 7 - Fair Value Measureme26

Note 7 - Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Fair Value Inputs, Assets, Quantitative Information [Table Text Block]	June 3 0 , 2016 Carrying Fair Amount Value Assets: Money market investments $ 23,990 $ 23,990 Commercial paper $ 69,957 $ 69,950 Long-term debt, including current portion Notes $ 450,000 $ 461,250 Term Loan $ 97,500 $ 97,500

Note 9 - Equity-based Compens27

Note 9 - Equity-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2016
Stock Appreciation Rights (SARs) [Member]
Notes Tables
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block]	2016 Expected volatility 22.67 % Risk-free interest rate 1.45 % Expected term (in years) 6.25 Expected dividend yield 1.35 %
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]	Weighted Average Grant Date Restricted Fair Value Stock Per Share Unvested as of January 1, 2016 39,744 $ 383.18 Granted 9,350 $ 440.62 Unvested as of June 30, 2016 49,094
Schedule of Share-based Compensation, Stock Appreciation Rights Award Activity [Table Text Block]	Stock Appreciation Rights Weighted Average Exercise Price Weighted Average Fair Value Aggregate Intrinsic Value (in millions) Weighted Average Remaining Contractual Term (in years) Outstanding as of December 31, 2015 135,600 $ 422.31 $ 87.22 $ 1.5 9.7 Granted 2,500 441.51 91.48 - 9.8 Outstanding as of June 30, 2016 138,100 $ 422.66 $ 87.30 $ 12.3 9.2 Vested and exercisable as of June 30, 2016 - $ - $ - $ - -

Note 12 - Net Income Per Share

Note 12 - Net Income Per Share (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Historical net income per share - Basic Numerator: Net income $ 26,633 $ 21,435 $ 53,677 $ 43,543 Denominator: Weighted average common shares outstanding 5,743,465 5,843,313 5,769,859 5,843,313 Basic net income per common share $ 4.64 $ 3.67 $ 9.30 $ 7.45 Historical net income per share - Diluted Numerator: Net income $ 26,633 $ 21,435 $ 53,677 $ 43,543 Denominator: Weighted average common shares outstanding 5,743,465 5,843,313 5,769,859 5,843,313 Effect of dilutive equity awards 1 22,847 - 18,526 - Weighted average common shares outstanding - Diluted 5,766,312 5,843,313 5,788,385 5,843,313 Diluted net income per common share $ 4.62 $ 3.67 $ 9.27 $ 7.45

Note 1 - Separation from Grah29

Note 1 - Separation from Graham Holdings Company and Description of Business (Details Textual)	Jun. 30, 2016shares	Dec. 31, 2015shares	Jul. 02, 2015	Jun. 30, 2015shares
Spinoff [Member] | Common Class A [Member]
Conversion of Holding Company Stock to new Reporting Entity, Outstanding Number				960,000
Spinoff [Member] | Common Class B [Member]
Conversion of Holding Company Stock to new Reporting Entity, Outstanding Number				4,880,000
Spinoff [Member]
Preferred Stock, Shares Issued				0
Preferred Stock, Shares Outstanding				0
Common Stock, Shares, Outstanding				5,840,000
Equity Method Investment, Ownership Percentage			100.00%
Common Stock, Shares, Issued				5,840,000
Data [Member]
Number of Customers	508,317
Video [Member]
Number of Customers	338,974
Voice [Member]
Number of Customers	120,940
Number of States in which Entity Operates	19
Common Stock, Shares, Outstanding	5,731,977	5,833,442
Common Stock, Shares, Issued	5,886,889	5,879,925

Note 2 - Summary of Significa30

Note 2 - Summary of Significant Accounting Policies (Details Textual) - Reclassification of Deferred Financing Costs [Member] - December 31, 2015 [Member] $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)
Long-term Debt [Member]
Prior Period Reclassification Adjustment	$ 9.8
Current Assets [Member]
Prior Period Reclassification Adjustment	1.6
Other Assets [Member]
Prior Period Reclassification Adjustment	$ 8.2

Note 3 - Revenues (Details Text

Note 3 - Revenues (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Cable System Franchise Pass Through Revenue	$ 3.6	$ 4	$ 7.2	$ 8.2

Note 3 - Revenues by Product Li

Note 3 - Revenues by Product Line (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Data [Member]
Revenues	[1]	$ 86,031	$ 72,477	$ 169,470	$ 143,536
Video [Member]
Revenues	[1]	74,016	86,227	148,869	173,555
Voice [Member]
Revenues	[1]	10,944	12,368	22,258	25,519
Commercial [Member]
Revenues		24,491	21,870	48,318	43,030
Advertising sales		6,616	7,320	13,619	14,893
Other		2,459	2,436	4,828	5,074
Total revenues		$ 204,557	$ 202,698	$ 407,362	$ 405,607
[1]	Certain residential data, video and voice service revenues for the three months ended June 30, 2015 have been reclassified to conform with 2016 presentation.

Note 4 - Property, Plant and 33

Note 4 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Depreciation	$ 34.7	$ 35.4	$ 69.4	$ 71.8

Note 4 - Property, Plant and 34

Note 4 - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Other Capitalized Property Plant and Equipment [Member]
Property, plant and equipment gross	$ 1,055,449	$ 1,017,250
Equipment [Member]
Property, plant and equipment gross	255,467	259,678
Furniture and Fixtures [Member]
Property, plant and equipment gross	346,223	317,696
Building and Leasehold Improvements[Member]
Property, plant and equipment gross	86,251	84,503
Software and Software Development Costs [Member]
Property, plant and equipment gross	79,206	75,027
Construction in Progress [Member]
Property, plant and equipment gross	72,052	89,742
Land [Member]
Property, plant and equipment gross	9,482	9,482
Property, plant and equipment gross	1,904,130	1,853,378
Less accumulated depreciation	(1,268,894)	(1,212,811)
Property, plant and equipment, net	$ 635,236	$ 640,567

Note 5 - Goodwill and Intangi35

Note 5 - Goodwill and Intangible Assets (Details Textual) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Goodwill	$ 85,488,000	$ 85,488,000
Goodwill, Impairment Loss	$ 0	$ 0

Note 5 - Intangible Assets (Det

Note 5 - Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Minimum [Member] | Use Rights [Member]
Useful Life	1 year	1 year
Maximum [Member] | Use Rights [Member]
Useful Life	25 years	25 years
Use Rights [Member]
Gross Carrying Amount	$ 4,132	$ 4,127
Accumulated Amortization	3,734	3,678
Net Carrying Amount	398	449
Franchise Rights [Member]
Gross Carrying Amount	$ 496,321	$ 496,321

Note 6 - Long-term Debt (Detail

Note 6 - Long-term Debt (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2016	Dec. 31, 2015	Jun. 17, 2015
Senior Unsecured Notes Due 2022 [Member]
Debt Instrument, Face Amount				$ 450,000
Debt Instrument, Interest Rate, Stated Percentage				5.75%
Senior Credit Facilities Due 2020 [Member] | Revolving Credit Facility [Member] | JPMorgan Chase Bank [Member]
Debt Instrument, Term	5 years
Senior Credit Facilities Due 2020 [Member] | Secured Debt [Member] | JPMorgan Chase Bank [Member]
Debt Instrument, Term	5 years
Long-term Debt	$ 100,000
Senior Credit Facilities Due 2020 [Member] | JPMorgan Chase Bank [Member] | Minimum [Member]
Line of Credit Facility, Commitment Fee Percentage		0.25%
Senior Credit Facilities Due 2020 [Member] | JPMorgan Chase Bank [Member] | Maximum [Member]
Line of Credit Facility, Commitment Fee Percentage		0.40%
Senior Credit Facilities Due 2020 [Member] | JPMorgan Chase Bank [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 200,000
Debt Instrument, Interest Rate, Effective Percentage		2.14%
Line of Credit Facility, Commitment Fee Percentage		0.25%
Credit Facility, Maximum Additional Amount Allowable		$ 300,000
Long-term Debt		$ 533,812	$ 535,511

Note 6 - Long-term Debt (Deta38

Note 6 - Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Senior Unsecured Notes Due 2022 [Member]
Senior Unsecured Notes	$ 450,000	$ 450,000
Senior Credit Facilities Due 2020 [Member]
Senior Credit Facilities	97,500	98,750
Capital lease obligation	292	301
Total debt	547,792	549,051
Less unamortized debt issuance costs	(8,980)	(9,790)
Less current portion long-term debt	(5,000)	(3,750)
Long-term Debt	$ 533,812	$ 535,511

Note 6 - Long-term Debt, Maturi

Note 6 - Long-term Debt, Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
2,016	$ 2,500
2,017	6,250
2,018	8,750
2,019	12,500
2,020	67,500
Thereafter	450,292
Total debt	$ 547,792	$ 549,051

Note 7 - Fair Value Measureme40

Note 7 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Deferred Compensation Liability, Current and Noncurrent	$ 17.8	$ 18.3

Note 7 - Carrying Amounts and F

Note 7 - Carrying Amounts and Fair Values (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Money Market Funds [Member]
Money market investments	$ 23,990
Money market investments	23,990
Commercial Paper [Member]
Money market investments	69,957
Money market investments	69,950
Notes [Member]
Long-term Debt	450,000
Long-term debt, including current portion	461,250
Term Loan [Member]
Long-term Debt	97,500
Long-term debt, including current portion	97,500
Money market investments	102,741	$ 119,199
Long-term Debt	$ 533,812	$ 535,511

Note 8 - Treasury Stock (Detail

Note 8 - Treasury Stock (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015	Jul. 02, 2015
Stock Repurchase Program, Authorized Amount			$ 250,000
Stock Repurchase Program, Number of Shares Authorized to be Repurchased			600,000
Treasury Stock, Shares, Acquired	145,903
Treasury Stock, Value	$ 62,498	$ 16,367

Note 9 - Equity-based Compens43

Note 9 - Equity-based Compensation (Details Textual) - USD ($)	Aug. 04, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2106	Dec. 31, 2015	Jun. 05, 2015
Maximum [Member] | The 2015 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized								600,000
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Authorized for Incentive Stock Options								400,000
The 2015 Plan [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				3 years
Restricted Stock Units (RSUs) [Member] | Non-employee Directors [Member
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Vested and Deferred, Number		2,192		2,192
Restricted Stock Units (RSUs) [Member]
Annual Retainer		$ 150,000		$ 150,000
Additional Annual Retainer		$ 15,000		$ 15,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		2,379
Stock Granted, Value, Share-based Compensation, Gross		$ 1,100,000
Restricted Stock [Member] | Graham Holding Company [Member] | Spinoff [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number			10,830		10,830
Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number			6,324
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures			4,506
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		726
Stock Granted, Value, Share-based Compensation, Gross		$ 300,000
Restricted Stock and Restricted Stock Units [Member] | Employees and Non-employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				9,350
Stock Granted, Value, Share-based Compensation, Gross				$ 4,100,000
Restricted Stock and Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				9,350
Allocated Share-based Compensation Expense		2,700,000		$ 5,000,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options		12,800,000		$ 12,800,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition				1 year 109 days
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				2,500
Allocated Share-based Compensation Expense		800,000		$ 1,500,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options		$ 9,600,000		$ 9,600,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition				1 year 255 days
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number		138,100		138,100			135,600
Specific Employees [Member] | Graham Holding Company [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number		0	750	0	750
Selling, General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost			$ 3,700,000		$ 3,700,000
Allocated Share-based Compensation Expense		$ 3,400,000	$ 4,000,000	$ 6,500,000	$ 4,300,000
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense				$ 1,300,000
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost						$ 4,200,000

Note 9 - Summary of Restricted

Note 9 - Summary of Restricted Stock (Details) - Restricted Stock and Restricted Stock Units [Member]	6 Months Ended
	Jun. 30, 2016$ / sharesshares
Unvested (in shares) | shares	39,744
Unvested (in dollars per share) | $ / shares	$ 383.18
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares	9,350
Granted (in dollars per share) | $ / shares	$ 440.62
Unvested (in shares) | shares	49,094
Unvested (in dollars per share) | $ / shares

Note 9 - Summary of Stock Appre

Note 9 - Summary of Stock Appreciation Rights (Details) - Stock Appreciation Rights (SARs) [Member] - USD ($) $ / shares in Units, $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Outstanding, Beginning Balance (in shares)	135,600
Outstanding, Beginning Balance (in dollars per share)	$ 422.31
Outstanding, Beginning Balance (in dollars per share)	$ 87.22
Outstanding, Beginning Balance	$ 1.5
Weighted Average Remaining Contractual Term, Outstanding	9 years 73 days	9 years 255 days
Granted (in shares)	2,500
Granted (in dollars per share)	$ 441.51
Granted (in dollars per share)	$ 91.48
Granted	9 years 292 days
Outstanding, Ending Balance (in shares)	138,100	135,600
Outstanding, Ending Balance (in dollars per share)	$ 422.66	$ 422.31
Outstanding, Ending Balance (in dollars per share)	$ 87.30	$ 87.22
Outstanding, Ending Balance	$ 12.3	$ 1.5

Note 9 - Stock Appreciation Rig

Note 9 - Stock Appreciation Rights, Fair Value Assumptions (Details) - Stock Appreciation Rights (SARs) [Member]	6 Months Ended
	Jun. 30, 2016
Expected volatility	22.67%
Risk-free interest rate	1.45%
Expected term (in years)	6 years 91 days
Expected dividend yield	1.35%

Note 10 - Postemployment Bene47

Note 10 - Postemployment Benefit Plans, Pre-spin (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Multiemployer Plans, Postretirement Benefit [Member]
Pension Expense	$ 0	$ 1,100,000	$ 0	$ 2,100,000
Multiemployer Plans, Savings [Member]
Defined Contribution Plan, Cost Recognized	$ 0	$ 200,000	$ 0	$ 300,000

Note 11 - Postemployment Bene48

Note 11 - Postemployment Benefit Plans, Post-spin (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Jun. 05, 2015
Chief Executive Officer [Member] | Accrued Compensation and Related Benefits [Member]
Deferred Compensation Arrangement with Individual, Maximum Contractual Term	10 years
Deferred Compensation Arrangement with Individual, Distributions Paid	$ 0
Deferred Compensation Arrangement with Individual, Recorded Liability	2,000,000
Defined Benefit Supplemental Executive Retirement Plan [Member]
Defined Benefit Plan, Accumulated Benefit Obligation				$ 4,100,000
Defined Contribution Supplemental Executive Retirement Plan [Member]
Defined Contribution Plan, Benefit Obligation				1,300,000
401 (k) Plan [Member]
Defined Contribution Plan, Employer Discretionary Contribution Amount	1,300,000
Defined Benefit Plan, Accumulated Benefit Obligation				$ 5,400,000
Gain (Loss) on Deferred Compensation	100,000	$ 600,000
Deferred Compensation Liability, Current and Noncurrent	$ 17,800,000		$ 18,300,000

Note 12 - Net Income Per Shar49

Note 12 - Net Income Per Share (Details Textual) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016
Stock Appreciation Rights (SARs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	12,098	6,830

Note 12 - Computation of Basic

Note 12 - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Net income		$ 26,633	$ 21,435	$ 53,677	$ 43,543
Basic (in shares)	[1]	5,743,465	5,843,313	5,769,859	5,843,313
Basic (in dollars per share)	[1]	$ 4.64	$ 3.67	$ 9.30	$ 7.45
Effect of dilutive equity awards1 (in shares)	[2]	22,847		18,526
Diluted (in shares)	[1]	5,766,312	5,843,313	5,788,385	5,843,313
Diluted (in dollars per share)	[1]	$ 4.62	$ 3.67	$ 9.27	$ 7.45
[1]	On July 1, 2015, Graham Holdings Company distributed 5,843,313 shares of Cable One, Inc. common stock to existing holders of Graham Holdings Company common stock. Basic and diluted net income per common share for the three and six months ended June 30, 2015 are calculated using the number of shares distributed on July 1, 2015.
[2]	Anti-dilutive shares included 12,098 and 6,830 SARs for the three and six months ended June 30, 2016, respectively.

Note 13 - Related Party Trans51

Note 13 - Related Party Transactions (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Selling, General and Administrative Expenses [Member]
Allocation of Overhead and Other Expenses from Parent	$ 0	$ 1,900,000	$ 0	$ 5,800,000