Gray Television (GTN) 10-Q 3 Nov 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 31, 2015
Common Class A [Member]
Entity Common Stock, Shares Outstanding (in shares)		6,244,010
Common Stock [Member]
Entity Common Stock, Shares Outstanding (in shares)		66,106,427
Entity Registrant Name	GRAY TELEVISION INC
Entity Central Index Key	43,196
Trading Symbol	gtn
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Network Programming Obligations, Current [Member]
Liabilities and stockholders’ equity:
Accrued network programming fees	$ 9,833,000	$ 7,129,000
Syndicated Program Film Rights, Current [Member]
Assets:
Current portion of program broadcast rights, net	12,850,000	9,765,000
Syndicated Program Film Obliagtions, Current [Member]
Liabilities and stockholders’ equity:
Accrued network programming fees	13,144,000	9,899,000
Common Class A [Member]
Stockholders’ equity:
Common stock	18,744,000	17,096,000
Treasury stock at cost	(22,685,000)	(22,398,000)
Cash	81,169,000	30,769,000
Accounts receivable, less allowance for doubtful accounts of $1,752 and $1,667, respectively	110,812,000	106,692,000
Deferred tax asset	18,855,000	18,855,000
Prepaid and other current assets	4,431,000	2,223,000
Total current assets	228,117,000	168,304,000
Property and equipment, net	229,384,000	221,811,000
Deferred loan costs, net	16,252,000	18,651,000
Broadcast licenses	1,058,250,000	1,023,580,000
Goodwill	398,235,000	374,390,000
Other intangible assets, net	51,084,000	47,802,000
Investment in broadcasting company	13,599,000	13,599,000
Other	97,157,000	3,443,000
Total assets	2,092,078,000	1,871,580,000
Accounts payable	4,380,000	4,613,000
Employee compensation and benefits	23,147,000	25,160,000
Accrued interest	25,373,000	17,623,000
Other accrued expenses	13,011,000	6,218,000
Federal and state income taxes	519,000	1,894,000
Deferred revenue	2,248,000	7,486,000
Total current liabilities	91,655,000	80,022,000
Long-term debt, less current portion	1,235,753,000	1,236,401,000
Program broadcast obligations, less current portion	1,871,000	2,000,000
Deferred income taxes	313,511,000	292,679,000
Accrued pension costs	31,322,000	43,334,000
Other	728,000	952,000
Total liabilities	$ 1,674,840,000	$ 1,655,388,000
Commitments and contingencies (Note 8)
Common stock	$ 655,012,000	$ 486,317,000
Accumulated deficit	(178,625,000)	(202,939,000)
Accumulated other comprehensive loss, net of income tax benefit	(13,318,000)	(20,812,000)
Stockholders' equity before treasury stock	481,813,000	279,662,000
Treasury stock at cost	(41,890,000)	(41,072,000)
Total stockholders’ equity	417,238,000	216,192,000
Total liabilities and stockholders’ equity	$ 2,092,078,000	$ 1,871,580,000

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Common Class A [Member]
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	15,000,000	15,000,000
Common stock, shares issued (in shares)	7,855,381	7,567,868
Treasury stock, shares (in shares)	1,611,371	1,578,554
Allowance for doubtful accounts	$ 1,752	$ 1,667
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	70,988,987	57,326,180
Treasury stock, shares (in shares)	4,882,705	4,814,716

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenue (less agency commissions)	$ 151,102,000	$ 131,702,000	$ 427,869,000	$ 330,248,000
Operating expenses before depreciation, amortization and loss on disposal of assets, net:
Broadcast	98,921,000	73,218,000	272,213,000	199,604,000
Corporate and administrative	10,022,000	5,271,000	23,313,000	21,618,000
Depreciation	9,354,000	8,228,000	26,906,000	21,598,000
Amortization of intangible assets	3,213,000	3,823,000	8,715,000	5,291,000
Loss on disposal of assets, net	248,000	6,000	562,000	385,000
Operating expenses	121,758,000	90,546,000	331,709,000	248,496,000
Operating income	29,344,000	41,156,000	96,160,000	81,752,000
Other income (expense):
Miscellaneous income, net	28,000	11,000	102,000	14,000
Interest expense	(18,645,000)	(18,619,000)	(55,762,000)	(49,718,000)
Loss from early extinguishment of debt	0	0	0	(4,897,000)
Income before income taxes	10,727,000	22,548,000	40,500,000	27,151,000
Income tax expense	4,118,000	8,608,000	16,186,000	10,343,000
Net income	$ 6,609,000	$ 13,940,000	$ 24,314,000	$ 16,808,000
Basic per share information:
Net income (in dollars per share)	$ 0.09	$ 0.24	$ 0.36	$ 0.29
Weighted-average shares outstanding (in shares)	71,638	57,863	67,215	57,857
Diluted per share information:
Net income (in dollars per share)	$ 0.09	$ 0.24	$ 0.36	$ 0.29
Weighted-average shares outstanding (in shares)	72,341	58,394	67,824	58,330
Dividends declared per common share (in dollars per share)	$ 0	$ 0	$ 0	$ 0

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net income	$ 6,609,000	$ 13,940,000	$ 24,314,000	$ 16,808,000
Other comprehensive income:
Adjustment to pension liability	0	0	12,287,000	0
Income tax expense	0	0	4,793,000	0
Other comprehensive income	0	0	7,494,000	0
Comprehensive income	$ 6,609,000	$ 13,940,000	$ 31,808,000	$ 16,808,000

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 9 months ended Sep. 30, 2015 - USD ($)	401(k) Plan [Member]Common Stock [Member]Common Class A [Member]	401(k) Plan [Member]Common Stock [Member]	401(k) Plan [Member]Retained Earnings [Member]	401(k) Plan [Member]Treasury Stock [Member]Common Class A [Member]	401(k) Plan [Member]Treasury Stock [Member]	401(k) Plan [Member]AOCI Attributable to Parent [Member]	401(k) Plan [Member]	2007 Incentive Plan [Member]Common Stock [Member]Common Class A [Member]	2007 Incentive Plan [Member]Common Stock [Member]	2007 Incentive Plan [Member]Retained Earnings [Member]	2007 Incentive Plan [Member]Treasury Stock [Member]Common Class A [Member]	2007 Incentive Plan [Member]Treasury Stock [Member]	2007 Incentive Plan [Member]AOCI Attributable to Parent [Member]	2007 Incentive Plan [Member]	Common Stock [Member]Common Class A [Member]	Common Stock [Member]	Retained Earnings [Member]	Treasury Stock [Member]Common Class A [Member]	Treasury Stock [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2014															7,567,868	57,326,180		(1,578,554)	(4,814,716)
Balance at Dec. 31, 2014															$ 17,096,000	$ 486,317,000	$ (202,939,000)	$ (22,398,000)	$ (41,072,000)	$ (20,812,000)	$ 216,192,000
Net income																	$ 24,314,000				24,314,000
Adjustment to pension liability, net of income tax																				$ 7,494,000	7,494,000
Underwritten public offering (in shares)																13,511,040
Underwritten public offering																$ 167,313,000					167,313,000
Issuance of common stock, Employee Benefit Plan (in shares)		1,459						287,513	150,308		(32,817)	(67,989)
Issuance of common stock, Employee Benefit Plan		$ 19,000					$ 19,000				$ (287,000)	$ (818,000)		$ (1,105,000)
Share-based compensation															$ 1,648,000	$ 1,363,000					3,011,000
Balance (in shares) at Sep. 30, 2015															7,855,381	70,988,987		(1,611,371)	(4,882,705)
Balance at Sep. 30, 2015															$ 18,744,000	$ 655,012,000	$ (178,625,000)	$ (22,685,000)	$ (41,890,000)	$ (13,318,000)	$ 417,238,000

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating activities
Net income	$ 24,314,000	$ 16,808,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	26,906,000	21,598,000
Amortization of Intangible Assets	8,715,000	5,291,000
Amortization of deferred loan costs	2,396,000	2,158,000
Amortization of original issue discount and premium related to long-term debt, net	(647,000)	(647,000)
Amortization of restricted stock and stock option awards	3,011,000	4,032,000
Amortization of program broadcast rights	10,837,000	9,227,000
Payments on program broadcast obligations	(10,558,000)	(11,194,000)
Common stock contributed to 401(k) plan	19,000	19,000
Deferred income taxes	16,040,000	10,333,000
Loss on disposals of assets, net	562,000	385,000
Loss from early extinguishment of debt	0	4,897,000
Other	48,000	(233,000)
Changes in operating assets and liabilities:
Receivables	(4,120,000)	(7,300,000)
Other current assets	(1,841,000)	(772,000)
Accounts payable	(233,000)	2,881,000
Other current liabilities	(481,000)	13,166,000
Accrued interest	7,750,000	17,755,000
Net cash provided by operating activities	82,718,000	88,404,000
Investing activities
Purchases of property and equipment	(15,250,000)	(20,452,000)
Acquisitions of television businesses and broadcast licenses	(184,346,000)	(457,754,000)
Proceeds from asset sales	111,000	1,162,000
Other	(150,000)	(22,000)
Net cash used in investing activities	(199,635,000)	(477,066,000)
Financing activities
Proceeds from borrowings on long-term debt	0	644,000,000
Repayments of borrowings on long-term debt	0	(179,758,000)
Proceeds from issuance of common stock	167,313,000	0
Deferred and other loan costs	4,000	(9,251,000)
Net cash provided by financing activities	167,317,000	454,991,000
Net increase in cash	50,400,000	66,329,000
Cash at beginning of period	30,769,000	13,478,000
Cash at end of period	$ 81,169,000	$ 79,807,000

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. Basis of Presentation The accompanying condensed consolidated balance sheet of Gray Television, Inc. (and its consolidated subsidiaries, except as the context otherwise provides,“Gray,” the “Company,” “we,” “us,” and “our”) as of December 31, 2014, which was derived from the Company’s audited financial statements as of December 31, 2014, and our accompanying unaudited condensed consolidated financial statements as of September 30, 2015 and for the periods ended September 30, 2015 and 2014 have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to make the information not misleading. In our opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement have been included. Our operations consist of one reportable segment. For further information, refer to the consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014 (the “ 2014 Form 10-K”). Our financial condition as of, and operating results, for the nine-month period ended September 30, 2015 are not necessarily indicative of the financial condition or results that may be expected for any future interim period or for the year ending December 31, 2015. Seasonality and Cyclicality Broadcast advertising revenues are generally highest in the second and fourth quarters each year. This seasonality results partly from increases in consumer advertising in the spring and retail advertising in the period leading up to and including the holiday season. Broadcast advertising revenues are also typically higher in even-numbered years due to increased spending by political candidates, political parties and special interest groups in advance of elections. This political spending typically is heaviest during the fourth quarter. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and the notes to the unaudited condensed consolidated financial statements. Our actual results could differ materially from these estimates. The most significant estimates we make relate to our allowance for doubtful accounts in receivables, valuation of goodwill and intangible assets, amortization of program broadcast rights and intangible assets, stock-based compensation, pension costs, income taxes, employee medical insurance claims, useful lives of property and equipment and contingencies. Earnings Per Share We compute basic earnings per share by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding during the relevant period. The weighted-average number of common shares outstanding does not include restricted shares. These shares, although classified as issued and outstanding, are considered contingently returnable until the restrictions lapse and, in accordance with U.S. GAAP, are not included in the basic earnings per share calculation until the shares vest. Diluted earnings per share is computed by including all potentially dilutive common shares, including restricted shares and shares underlying stock options, in the denominator of the diluted weighted-average shares outstanding calculation, unless their inclusion would be antidilutive. The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding for the three-month and nine-month periods ended September 30, 2015 and 2014 (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Weighted-average shares outstanding-basic 71,638 57,863 67,215 57,857 Common stock equivalents for stock options and restricted stock 703 531 609 473 Weighted-average shares outstanding-diluted 72,341 58,394 67,824 58,330 Accumulated Other Comprehensive Loss Our accumulated other comprehensive loss balances as of September 30, 2015 and December 31, 2014 consisted of adjustments to our pension liability and income tax benefit as follows (in thousands): September 30, December 31, 2015 2014 Accumulated balances of items included in accumulated other comprehensive loss: Adjustment to pension liability $ (21,830 ) $ (34,117 ) Income tax benefit (8,512 ) (13,305 ) Accumulated other comprehensive loss $ (13,318 ) $ (20,812 ) Property and Equipment Property and equipment are carried at cost. Depreciation is computed principally by the straight-line method. Maintenance, repairs and minor replacements are charged to operations as incurred; major replacements and betterments are capitalized. The cost of any assets sold or retired and the related accumulated depreciation are removed from the accounts at the time of disposition, and any resulting profit or loss is reflected in income or expense for the period. The following table lists components of property and equipment by major category (in thousands): Estimated September 30, December 31, Useful Lives 2015 2014 (in years) Property and equipment: Land $ 34,749 $ 32,085 Buildings and improvements 82,406 77,477 7 to 40 Equipment 416,024 394,569 3 to 20 533,179 504,131 Accumulated depreciation (303,795 ) (282,320 ) Total property and equipment, net $ 229,384 $ 221,811 Allowance for Doubtful Accounts Our allowance for doubtful accounts is equal to at least 85% of our receivable balances that are 120 days old or older. We may provide allowances for certain receivable balances that are less than 120 days old when warranted by specific facts and circumstances. We generally write-off accounts receivable balances when the customer files for bankruptcy or when all commonly used methods of collection have been exhausted. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 - R evenue from Contracts with Customers In August 2015, the FASB issued ASU 2015-14 - Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date deferred the effective date of ASU 2014-09, by one year to December 15, 2017 for interim and annual reporting periods beginning after that date and permitted early adoption of the standard, but not before the original effective date of December 15, 2016. The standard permits the use of either the retrospective or cumulative effect transition method. We are currently evaluating the impact of the requirements of this ASU on our financial statements. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40) - Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 amends previous guidance to require 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 the amendments in this ASU. In August 2015 the FASB issued ASU No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30) - Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements- Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting. ASU 2015-15 amended previous guidance to codify the June 18, 2015 Staff Announcement that the SEC staff would not object to the deferral and presentation as an asset, and subsequent amortization of such asset, of deferred debt issuance costs related to line of credit arrangements. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods thereafter. Early adoption is permitted for financial statements that have not been previously issued. We expect that the affected amounts on our balance sheets will be reclassified within our balance sheets to conform to this standard. We do not expect that the adoption of this ASU will have a material impact on our financial statements. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805) - Simplifying the Accounting for Measurement-Period Adjustments In October 2015, the FASB voted to ratify a proposed ASU on income taxes (Topic 740) to require “noncurrent” presentation of all deferred income taxes. Entities with publicly traded securities are required to apply the new guidance in the annual reporting period beginning after December 15, 2016, and interim periods thereafter. We expect that the affected amounts on our balance sheets will be reclassified within our balance sheets to conform to this standard. We do not expect that the adoption of this ASU will have a material impact on our financial statements. Reclassifications Certain reclassifications have been made in the presentation of operating activities in our condensed consolidated statement of cash flows for the nine-months ended September 30, 2014 in order to conform to the presentation for the nine-months ended September 30, 2015. The reclassifications did not change our total net cash provided by operating activities for the nine-months ended September 30, 2014.

Note 2 - Acquisitions and Dispo

Note 2 - Acquisitions and Dispositions	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Mergers, Acquisitions and Dispositions Disclosures [Text Block]	2. Acquisitions and Dispositions During the nine-months ended September 30, 2015, we entered into the transactions described below (collectively, the “2015 Transactions”). The 2015 Transactions are expected to, among other things, increase our revenues and cash flows from operating activities, and allow us to operate more efficiently and effectively, by increasing our scale and providing us with the ability to negotiate more favorable terms in our agreements with third parties. Cedar Rapids Acquisition On September 1, 2015, we entered into an asset purchase agreement to acquire KCRG-TV, which is affiliated with the ABC Network and serves the Cedar Rapids, Iowa television market (the “Cedar Rapids Acquisition”). On September 1, 2015, we acquired certain non-license operating assets of the station and entered into a local programming and marketing agreement (the “LMA”) with the licensee. Under the terms of the LMA, we operate the station subject to the control of the seller and its obligations under the station’s FCC license. As a result of the terms of the LMA, we have included the operating results of the station in our financial statements beginning on September 1, 2015. The total consideration for the transaction was $100.0 million. On September 1, 2015, we paid $80.0 million to the seller and $20.0 million into an escrow account, pending regulatory approval of the transaction. On October 23, 2015, the FCC consented to the assignment of the station's FCC license and related assets and, on November 1, 2015, we completed the acquisition. The amounts paid were funded with cash on hand. As of September 30, 2015, we recorded $5.8 million of non-license operating assets and a non-current deposit of $94.2 million. Please refer to Note 11. “Subsequent Events” for a discussion of the completion and preliminary valuation of the Cedar Rapids Acquisition. Odessa Acquisition On July 1, 2015, we acquired the assets of KOSA-TV, whose digital channels are affiliated with the CBS and MY Networks and which station serves the Odessa-Midland, Texas television market (the “Odessa Acquisition”). The total consideration paid was $33.6 million. The acquisition was funded with cash on hand. Twin Falls Acquisition On July 1, 2015, we acquired KMVT-TV, whose digital channels are affiliated with the CBS and CW Networks, as well as KSVT-LD, whose digital channel is affiliated jointly with the FOX and MY Networks. These stations serve the Twin Falls, Idaho television market (the “Twin Falls Acquisition”). The total consideration paid was $17.5 million. The acquisition was funded with cash on hand. Waus au Acquisition On July 1, 2015, we acquired certain non-license assets of WFXS-TV, which had served as the FOX affiliate for the Wausau-Rhinelander, Wisconsin television market (the “Wausau Acquisition”). On that date WFXS-TV ceased operating, and we began broadcasting its former program streams on our digital low power television station in Wausau, WZAW-LD. The total consideration paid was $14.0 million. The acquisition was funded with cash on hand. Presque Isle Acquisition On July 1, 2015, we acquired WAGM-TV, whose digital channels are affiliated with the CBS and FOX Networks and which station serves the Presque Isle, Maine television market (the Presque Isle Acquisition”). The total consideration paid was $10.3 million. The acquisition was funded with cash on hand. Laredo Acquisitio n On July 1, 2015, we acquired certain non-license assets of KVTV-TV, which had served as the CBS affiliate for the Laredo, Texas television market (the “Laredo Acquisition”). On that date KVTV-TV ceased operating, and we began broadcasting its former program streams on our digital low power television station in Laredo, KYLX-LD. The total consideration paid was $9.0 million. The acquisition was funded with cash on hand. Preliminary Fair Value Estimates: The preliminary fair value estimates of the acquired assets, assumed liabilities and resulting goodwill from each of the acquisitions are summarized as follows (in thousands): Acquisition Odessa Twin Falls Wausau Presque Isle Laredo Other current assets $ 67 $ 94 $ 83 $ 45 $ 22 Property and equipment 4,629 5,172 1,985 2,822 1,411 Goodwill 3,739 2,587 11,610 245 5,154 Broadcast licenses 22,253 6,333 - 6,150 - Other intangible assets 3,067 3,485 397 1,039 2,435 Other non-current assets 13 32 87 - 13 Current liabilities (155 ) (140 ) (75 ) (51 ) (22 ) Other long-term liabilities (13 ) (63 ) (87 ) - (13 ) Total $ 33,600 $ 17,500 $ 14,000 $ 10,250 $ 9,000 Amounts in the table above are based upon management’s estimate of the fair values using valuation techniques including income, cost and market approaches. In estimating the fair value of the acquired assets and assumed liabilities, the fair value estimates are based on, but not limited to, expected future revenue and cash flows, expected future growth rates, and estimated discount rates. Property and equipment will be depreciated over their estimated useful lives ranging from 3 years to 40 years. Amounts related to other intangible assets represent the estimated fair values of retransmission agreements of $5.6 million; advertising relationships of $1.0 million; and favorable leases of $3.6 million. These intangible assets are being amortized over their estimated useful lives of approximately 5.8 years for retransmission agreements; approximately 9.6 years for advertising relationships; and approximately 18.1 years for leases. Goodwill is calculated as the excess of the consideration transferred over the fair value of the identifiable net assets acquired and liabilities assumed, and represents the future economic benefits expected to arise from other intangible assets acquired that do not qualify for separate recognition, including assembled workforce, as well as future synergies that we expect to generate from each acquisition. We have preliminarily recorded $23.3 million of goodwill related to the acquisitions completed in the nine months ended September 30, 2015. The goodwill recognized related to these acquisitions is deductible for income tax purposes. The preliminary fair value estimates of assets acquired, liabilities assumed and resulting goodwill are based upon management’s estimate of the fair values using valuation techniques including income, cost and market approaches. The amounts presented are preliminary and subject to change. In estimating the fair value of the acquired assets and assumed liabilities, the fair value estimates are based on, but not limited to, expected future revenue and cash flows, expected future growth rates, and estimated discount rates. The Company’s consolidated results of operations for the nine months ended September 30, 2015 include the results of each of the acquisitions described above from the date of each acquisition listed above. Net revenues and operating income from these acquisitions included in our condensed consolidated statements of operations for the nine months ended September 30, 2015 were $8.3 million and $3.0 million, respectively. In connection with these acquisitions, we incurred a total of $4.5 million of transaction related costs, primarily related to legal, consulting and other professional services. Disposition On September 1, 2015, we donated the FCC license and certain other assets of KMTF-TV in Helena, Montana, which formerly simulcast the CW channel broadcast by our KTVH-D2, to Montana State University (“MSU”). This donation allowed MSU to operate a full power PBS affiliated television station in the state’s capital for the first time, augmenting the statewide PBS network that MSU operates. We recorded a loss on disposal of approximately $0.1 million related to this donation in the three and nine-month periods ended September 30, 2015. Pending Transactions Please refer to Note 8. “Commitments and Contingencies” for a description of our pending transactions.

Note 3 - Long-term Debt

Note 3 - Long-term Debt	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Debt Disclosure [Text Block]	3. Long-term Debt As of September 30, 2015 and December 31, 2014, l ong-term debt consisted of obligations under our 2014 Senior Credit Facility (the “Senior Credit Facility”) and our 7 ½ % Senior Notes due 2020 (the “2020 Notes”), as follows (in thousands): September 30, December 31, 2015 2014 Long-term debt including current portion: Senior Credit Facility 556,438 556,438 2020 Notes 675,000 675,000 Total outstanding principal 1,231,438 1,231,438 Unamortized net premium - 2020 Notes 4,315 4,963 Net carrying value $ 1,235,753 $ 1,236,401 Borrowing availability under the Revolving Credit Facility $ 50,000 $ 50,000 Our Senior Credit Facility consists of a revolving loan (the “Revolving Credit Facility”) and a term loan. Excluding accrued interest, the amount outstanding under our Senior Credit Facility as of September 30, 2015 and December 31, 2014 consisted solely of a term loan balance of $556.4 million. Our maximum borrowing availability under our Revolving Credit Facility is limited by our required compliance with certain restrictive covenants, including a first lien net leverage ratio covenant. As of September 30, 2015 and December 31, 2014, we had $675.0 million of our 2020 Notes outstanding, at their face value. As of September 30, 2015 and December 31, 2014, the interest rate on the balance outstanding under the Senior Credit Facility was 3.8% , and the coupon interest rate was 7.5% and the yield was 7.3% on the 2020 Notes. As of September 30, 2015 and December 31, 2014, we had a deferred loan cost balance, net of accumulated amortization, of $6.4 million and $7.4 million, respectively, related to the Senior Credit Facility; and we had a deferred loan cost balance, net of accumulated amortization, of $9.8 million and $11.3 million, respectively, related to our 2020 Notes. Collateral, Covenants and Restrictions Our obligations under the Senior Credit Facility are secured by substantially all of our consolidated subsidiaries' assets, including certain real estate. In addition, all of our subsidiaries are joint and several guarantors of, and our ownership interests in those subsidiaries are pledged to collateralize, our obligations under the Senior Credit Facility. Gray Television, Inc. is a holding company with no material independent assets or operations. For all periods presented, the 2020 Notes have been fully and unconditionally guaranteed, on a joint and several, senior unsecured basis, by all of Gray Television, Inc.'s subsidiaries. As of September 30, 2015, there were no significant restrictions on the ability of Gray Television, Inc.'s subsidiaries to distribute cash to Gray or to the guarantor subsidiaries. The Senior Credit Facility contains affirmative and restrictive covenants with which we must comply, including (a) limitations on additional indebtedness, (b) limitations on liens, (c) limitations on the sale of assets, (d) limitations on guarantees, (e) limitations on investments and acquisitions, (f) limitations on the payment of dividends and share repurchases, (g) limitations on mergers, and (h) maintenance of a total leverage ratio not to exceed certain maximum limits while any amount is outstanding under the Revolving Credit Facility, as well as other customary covenants for credit facilities of this type. The 2020 Notes include covenants with which we must comply which are typical for borrowing transactions of their nature. As of September 30, 2015 and December 31, 2014, we were in compliance with all required covenants under all our debt obligations.

Note 4 - Stockholders' Equity

Note 4 - Stockholders' Equity	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	4. Stockholders’ Equity On March 31, 2015, we completed an underwritten offering of 13.5 million shares of our common stock at a price to the public of $13.00 per share pursuant to an effective shelf registration statement. The net proceeds from the offering were $167.3 million, after deducting underwriting discounts of $7.5 million and expenses of $0.9 million. We used the net proceeds from the offering to pay a significant portion of the consideration to complete the acquisitions in 2015. We are authorized to issue 135 million shares of all classes of stock, of which 15 million shares are designated Class A common stock, 100 million shares are designated common stock, and 20 million shares are designated “blank check” preferred stock for which our Board of Directors has the authority to determine the rights, powers, limitations and restrictions. The rights of our common stock and Class A common stock are identical, except that our Class A common stock has 10 votes per share and our common stock has one vote per share. Our common stock and Class A common stock are entitled to receive cash dividends if declared, on an equal per-share basis. Our Board of Directors has authorized Gray to repurchase an aggregate of up to 5 million shares of its common stock and Class A common stock at times as management deems appropriate, subject to any contractual or other restrictions. As of September 30, 2015, 279,200 shares of our common stock and Class A common stock remain available for repurchase under these authorizations. There is no expiration date for these authorizations. Shares repurchased are held as treasury shares and may be used for general corporate purposes including, but not limited to, satisfying obligations under our employee benefit plans and long-term incentive plans. Treasury stock is recorded at cost. During the nine-month periods ended September 30, 2015 and 2014, we did not make any repurchases under these authorizations. For the period ended September 30, 2015 and for the year ended December 31, 2014, we did not declare or pay any common stock or Class A common stock dividends. Under our various employee benefit plans, we may, at our discretion, issue authorized and unissued shares, or previously issued shares held in treasury, of our common stock or our Class A common stock. As of September 30, 2015, we had reserved 6,964,404 shares and 476,193 shares of our common stock and Class A common stock, respectively, for future issuance under various employee benefit plans. As of December 31, 2014, we had reserved 7,116,171 shares and 763,706 shares of our common stock and Class A common stock, respectively, for future issuance under various employee benefit plans.

Note 5 - Fair Value Measurement

Note 5 - Fair Value Measurement	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Fair Value Disclosures [Text Block]	5 . Fair Value Measurement To determine fair value, we utilize market data or assumptions that market participants would use in pricing an asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable. We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized into a hierarchy that gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (“Level 1”) and the lowest priority to unobservable inputs that require assumptions to measure fair value (“Level 3”). Level 2 inputs are those that are other than quoted prices on national exchanges included within Level 1 that are observable for the asset or liability either directly or indirectly (“Level 2”). Fair Value of Other Financial Instruments The estimated fair value of other financial instruments is determined using market information and appropriate valuation methodologies. Interpreting market data to develop fair value estimates involves considerable judgment. The use of different market assumptions may have a material effect on the estimated fair value amounts. Accordingly, the estimates presented are not necessarily indicative of the amounts that we could realize in a current market exchange, or the value that ultimately will be realized upon maturity or disposition. The carrying amounts of the following instruments approximate fair value due to their short term to maturity: (i) accounts receivable, (ii) prepaid and other current assets, (iii) accounts payable, (iv) accrued employee compensation and benefits, (v) accrued interest, (vi) other accrued expenses, (vii) acquisition-related liabilities and (viii) deferred revenue. The carrying amount of our long-term debt was $1.2 billion and $1.2 billion, respectively, and the fair value was $1.3 billion and $1.2 billion, respectively, as of September 30, 2015 and December 31, 2014. We classify our long-term debt within Level 2 of the fair value hierarchy. Fair value of our long-term debt is based on observable estimates provided by third-party financial professionals as of September 30, 2015 and December 31, 2014.

Note 6 - Retirement Plans

Note 6 - Retirement Plans	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	6 . Retirement Plans We sponsor and in some cases contribute to defined benefit and defined contribution retirement plans covering substantially all of our full-time employees. Our defined benefit pension plans are the Gray Television, Inc. Retirement Plan (the “Gray Pension Plan”) as well as two plans assumed when we acquired the related businesses in prior years. Effective July 1, 2015, monthly plan benefits under the Gray Pension Plan were frozen and no longer increase after June 30, 2015, therefore all three of our defined benefit pension plans are frozen plans. The Gray Television, Inc. Capital Accumulation Plan (“the Capital Accumulation Plan”) is a defined contribution plan intended to meet the requirements of section 401(k) of the Internal Revenue Code. Effective beginning on July 1, 2015, employer contributions under the Capital Accumulation Plan include matching cash contributions at a rate of 100% of the first 3% of each employee’s salary deferral, and 50% of the next 2% of each employee’s salary deferral. In addition, the Company, at its discretion, may make an additional profit sharing contribution, based on annual Company performance, to those employees who meet certain criteria. The following table provides the components of net periodic benefit cost for our pension plans for the three-month and nine-month periods ended September 30, 2015 and 2014, respectively (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Service cost $ - $ 1,279 $ 3,116 $ 3,886 Interest cost - 1,099 4,448 3,336 Expected return on plan assets - (1,123 ) (5,114 ) (3,410 ) Loss amortization - 263 1,740 799 Net periodic benefit cost $ - $ 1,518 $ 4,190 $ 4,611 During the nine-month period ended September 30, 2015, we contributed $3.9 million to our pension plans. During the remainder of the year ending December 31, 2015, we expect to contribute an additional $1.3 million to our pension plans. For the three and nine-month periods ended September 30, 2015 and 2014, our contributions to our Capital Accumulation Plan were $1.0 million and $0, respectively. We estimate that our contributions to the Capital Accumulation Plan for the remainder of the year ending December 31, 2015 will be approximately $0.9 million.

Note 7 - Stock-based Compensati

Note 7 - Stock-based Compensation	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	7. Stock-based Compensation We recognize compensation expense for stock-based payment awards made to our employees and directors, including stock options and restricted shares under our 2007 Long-Term Incentive Plan, as amended (the “2007 Incentive Plan”) and our Directors’ Restricted Stock Plan. The following table provides our stock-based compensation expense and related income tax benefit for the three-month and nine-month periods ended September 30, 2015 and 2014, respectively (in thousands). Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Stock-based compensation expense, gross $ 1,009 $ 981 $ 3,011 $ 4,032 Income tax benefit at our statutory rate associated with stock-based compensation (394 ) (383 ) (1,174 ) (1,572 ) Stock-based compensation expense, net $ 615 $ 598 $ 1,837 $ 2,460 2007 Long-Term Incentive Plan The 2007 Long-Term Incentive Plan provides for the grant of incentive stock options, nonqualified stock options, restricted stock awards, stock appreciation rights, and performance awards to acquire shares of our Class A common stock or common stock, or the receipt of other awards based on our performance, to our employees and non-employee directors. During the nine-month period ended September 30, 2015 , we granted 150,308 shares of restricted common stock to our employees, of which 50,102 shares will vest on January 31, 2016; 50,100 shares will vest on January 31, 2017; and 50,106 shares will vest on January 31, 2018. Also during the nine-month period ended September 30, 2015 , we granted 229,322 shares of restricted Class A common stock to our employees, of which 76,442 shares will vest on each of January 31, 2016 and January 31, 2017; and 76,438 shares will vest on January 31, 2018. Also during the nine-month period ended September 30, 2015 , we granted 58,191 shares of restricted Class A common stock to our non-employee directors, all of which will vest on January 31, 2016. During the nine-month period ended September 30, 2014, we granted 312,961 shares of restricted common stock to our employees, of which 68,991 shares vested on the date of grant; 127,316 shares vested on January 17, 2015; and 58,327 shares will vest on each of January 17, 2016 and 2017. Also during the nine-month period ended September 30, 2014, we granted 194,413 shares of restricted Class A common stock to an employee, of which 31,821 shares vested on the date of grant; 75,412 shares vested on January 17, 2015 and 43,590 shares will vest on each of January 17, 2016 and 2017. Also during the nine-month period ended September 30, 2014, we granted 41,881 shares of restricted Class A common stock to our non-employee directors, all of which vested on January 1, 2015. Directors’ Restricted Stock Plan The Directors’ Restricted Stock Plan authorizes the grant of restricted stock awards to our non-employee directors. During the nine-month periods ended September 30, 2015 and 2014, w e did not grant any restricted stock awards under the Directors’ Restricted Stock Plan. However, we granted restricted stock awards to our non-employee directors, pursuant to our 2007 Long-Term Incentive Plan during the nine-months ended September 30, 2015 and 2014, as described above. A summary of restricted common stock activity for the nine-month periods ended September 30, 2015 and 2014 is as follows: Nine Months Ended September 30, 2015 September 30, 2014 Weighted- Weighted- average average Grant Date Grant Date Number of Fair Value Number of Fair Value Shares Per Share Shares Per Share Restricted stock - common: Outstanding - beginning of period 385,056 $ 9.09 274,838 $ 4.43 Granted 150,308 $ 10.27 312,961 $ 11.78 Vested (197,858 ) $ 9.16 (202,743 ) $ 6.93 Outstanding - end of period 337,506 $ 9.57 385,056 $ 9.09 A summary of restricted Class A common stock activity for the nine-month periods ended September 30, 2015 and 2014 is as follows: Nine Months Ended September 30, 2015 September 30, 2014 Weighted-average Weighted-average Grant Date Grant Date Number of Fair Value Number of Fair Value Shares Per Share Shares Per Share Restricted stock - class A common: Outstanding - beginning of period 204,473 $ 9.81 - $ - Granted 287,513 $ 9.37 236,294 $ 9.80 Vested (117,293 ) $ 9.85 (31,821 ) $ 9.75 Outstanding - end of period 374,693 $ 9.46 204,473 $ 9.81 Stock Options During the nine-month periods ended September 30, 2015 and 2014, options to purchase 274,746 shares of our common stock, with an exercise price of $1.99, were outstanding. As of September 30, 2015 and 2014, 206,064 and 137,376, respectively, of those shares were exercisable. For the nine-month period ended September 30, 2015, we did not have any outstanding stock options for our Class A common stock. The aggregate intrinsic value of our outstanding stock options was $3.0 million based on the closing market price of our common stock on September 30, 2015.

Note 8 - Commitments and Contin

Note 8 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	8 . Commitments and Contingencies Legal Proceedings and Claims From time to time, we are or may become subject to legal proceedings and claims that arise in the normal course of our business. In our opinion, the amount of ultimate liability, if any, with respect to known actions, will not materially affect our financial position. However, the outcome of any one or more matters cannot be predicted with certainty, and the unfavorable resolution of any matter could have a material adverse effect on us. Acquisition Commitments We have previously announced entering into a series of television station acquisition and disposition transactions that we anticipate completing in either the fourth quarter of 2015 or the first quarter of 2016. On September 14, 2015, we entered into an asset purchase agreement with Schurz Communications, Inc. (“Schurz”) and certain subsidiaries of Schurz to acquire all of the television and radio stations owned by Schurz for approximately $442.5 million inclusive of working capital (the “Schurz Acquisition”). Specifically, we expect to acquire the Schurz television stations in the Wichita, Kansas, Roanoke-Lynchburg, Virginia, Springfield, Missouri, South Bend, Indiana, Augusta, Georgia, Anchorage, Alaska and Rapid City, South Dakota markets, along with its radio station operations in South Bend and Lafayette, Indiana and Rapid City, South Dakota. To facilitate regulatory approvals for the Schurz Acquisition, and pursuant to that agreement, on October 1, 2015, we announced the sale of certain television stations, and we simultaneously announced the acquisition of two new stations as part of those divestiture transactions. We also entered into agreements to sell our currently owned station in the Wichita, Kansas market and purchase another station in the Knoxville, Tennessee market; and to sell Schurz’s South Bend, Indiana television station; and sell Schurz’s radio station operations in South Bend and Lafayette, Indiana and Rapid City, South Dakota; and purchase another station in the Marquette, Michigan market. We have also agreed to sell the FCC license and certain assets of Schurz’s station in the Rapid City, South Dakota market. In addition, we also announced on October 1, 2015, that we have agreed to acquire a second station in the Anchorage, Alaska market from a third party unrelated to Schurz. We intend to finance the purchase price to complete the Schurz Acquisition with cash on hand and additional borrowings. In the event we do not consummate the Schurz Acquisition as a result of certain breaches by us of the terms of the agreement, we may be required to pay Schurz a termination fee of $10.0 million.

Note 9 - Goodwill and Intangibl

Note 9 - Goodwill and Intangible Assets	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	9 . Goodwill and Intangible Assets During the nine-month period ended September 30, 2015, we acquired and disposed of various television broadcast stations and broadcast licenses. As a net result of these transactions, our goodwill and intangible balances changed during the nine-month period ended September 30, 2015. See Note 2 “Acquisitions and Dispositions” for more information regarding these transactions. A summary of changes in our goodwill and other intangible assets, on a net basis, for the nine-month period ended September 30, 2015 is as follows (in thousands): Net Balance at Acquisitions Net Balance at December 31, And September 30, 2014 Adjustments Impairments Amortization 2015 Goodwill $ 374,390 $ 23,845 $ - $ - $ 398,235 Broadcast licenses 1,023,580 34,670 - - 1,058,250 Definite lived intangible assets 47,802 11,997 - (8,715 ) 51,084 Total intangible assets net of accumulated amortization $ 1,445,772 $ 70,512 $ - $ (8,715 ) $ 1,507,569 As of September 30, 2015 and December 31, 2014, our intangible assets and related accumulated amortization consisted of the following (in thousands): As of September 30, 2015 As of December 31, 2014 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 1,111,948 $ (53,698 ) $ 1,058,250 $ 1,077,279 $ (53,699 ) $ 1,023,580 Goodwill 398,235 - 398,235 374,390 - 374,390 $ 1,510,183 $ (53,698 ) $ 1,456,485 $ 1,451,669 $ (53,699 ) $ 1,397,970 Intangible assets subject to amortization: Network affiliation agreements $ 1,264 $ (1,264 ) $ - 1,264 $ (1,264 ) $ - Other definite lived intangible assets 81,277 (30,193 ) 51,084 69,281 (21,479 ) 47,802 $ 82,541 $ (31,457 ) $ 51,084 $ 70,545 $ (22,743 ) $ 47,802 Total intangibles $ 1,592,724 $ (85,155 ) $ 1,507,569 $ 1,522,214 $ (76,442 ) $ 1,445,772 Upon renewal of intangible assets such as network affiliations and broadcast licenses, we expense all related fees as incurred. Amortization expense for the nine-month periods ended September 30, 2015 and 2014 was $8.7 million and $5.3 million, respectively. Based on the current amount of intangible assets subject to amortization, we expect that amortization expense for the succeeding five years will be as follows: 2016, $11.9 million; 2017, $11.3 million; 2018, $6.7 million; 2019, $4.5 million; and 2020, $3.0 million. If and when acquisitions and dispositions occur in the future, actual amounts may vary from these estimates.

Note 10 - Income Taxes

Note 10 - Income Taxes	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Income Tax Disclosure [Text Block]	10 . Income Taxes For the three-month and nine-month periods ended September 30, 2015 and 2014, our income tax expense and effective income tax rates were as follows (dollars in thousands) : Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Income tax expense $ 4,118 $ 8,608 $ 16,186 $ 10,343 Effective income tax rate 38.4 % 38.2 % 40.0 % 38.1 % We estimate our differences between taxable income or loss and recorded income or loss on an annual basis. Our tax provision for each quarter is based upon these full year projections, which are revised each reporting period. These projections incorporate estimates of permanent differences between U.S. GAAP income or loss and taxable income or loss, state income taxes and adjustments to our liability for unrecognized tax benefits to adjust our statutory Federal income tax rate of 35.0% to our effective income tax rate. For the nine-month period ended September 30, 2015, these estimates increased or decreased our statutory Federal income tax rate of 35.0% to our effective income tax rate of 40.0% as follows: state income taxes added 4.5%, while permanent differences between our U.S. GAAP income and taxable income added 1.6%, discrete items resulted in a reduction of 0.2% and adjustments to our reserve for uncertain tax positions resulted in a reduction of 0.9%. For the nine-month period ended September 30, 2014, these estimates increased or decreased our statutory Federal income tax rate of 35.0% to our effective income tax rate of 38.1% as follows; state income taxes added 3.8%, permanent differences between our U.S. GAAP income and taxable income resulted in a reduction of 0.5% , and adjustments to our reserve for uncertain tax positions resulted in a reduction of 0.2% .

Note 11 - Subsequent Events

Note 11 - Subsequent Events	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Subsequent Events [Text Block]	1 1 . Subsequent Event s Acquisition In the fourth quarter of 2015, we completed the Cedar Rapids Acquisition. Specifically, on October 1, 2015, we acquired the real estate assets of television station KCRG-TV, and, on November 1, 2015, after receipt of FCC approval, we acquired the station’s FCC license and the remaining license-related assets. The preliminary allocation of all assets acquired and liabilities assumed in the transaction are as follows (in thousands): Property and equipment $ 13,754 Goodwill 24,721 Broadcast licenses 55,676 Other intangible assets 5,849 Total $ 100,000 Amounts in the table above are based upon management’s estimate of the fair values using valuation techniques including income, cost and market approaches. The amounts presented are preliminary and subject to change. In estimating the fair value of the acquired assets and assumed liabilities, the fair value estimates are based on, but not limited to, expected future revenue and cash flows, expected future growth rates, and estimated discount rates. Disposition On November 1 , 2015, we sold to Cordillera Communications, LLC television station KBGF-TV, the NBC affiliate for the Great Falls, Montana television market, and television station KTVH-TV, the NBC and CW affiliate for the Helena, Montana television market. Total consideration received was $3.0 million, and we expect to record a gain on disposal of approximately $0.9 million related to this disposition in the fourth quarter of 2015.

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Revenue Recognition, Policy [Policy Text Block]	Seasonality and Cyclicality Broadcast advertising revenues are generally highest in the second and fourth quarters each year. This seasonality results partly from increases in consumer advertising in the spring and retail advertising in the period leading up to and including the holiday season. Broadcast advertising revenues are also typically higher in even-numbered years due to increased spending by political candidates, political parties and special interest groups in advance of elections. This political spending typically is heaviest during the fourth quarter.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and the notes to the unaudited condensed consolidated financial statements. Our actual results could differ materially from these estimates. The most significant estimates we make relate to our allowance for doubtful accounts in receivables, valuation of goodwill and intangible assets, amortization of program broadcast rights and intangible assets, stock-based compensation, pension costs, income taxes, employee medical insurance claims, useful lives of property and equipment and contingencies.
Earnings Per Share, Policy [Policy Text Block]	Earnings Per Share We compute basic earnings per share by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding during the relevant period. The weighted-average number of common shares outstanding does not include restricted shares. These shares, although classified as issued and outstanding, are considered contingently returnable until the restrictions lapse and, in accordance with U.S. GAAP, are not included in the basic earnings per share calculation until the shares vest. Diluted earnings per share is computed by including all potentially dilutive common shares, including restricted shares and shares underlying stock options, in the denominator of the diluted weighted-average shares outstanding calculation, unless their inclusion would be antidilutive. The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding for the three-month and nine-month periods ended September 30, 2015 and 2014 (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Weighted-average shares outstanding-basic 71,638 57,863 67,215 57,857 Common stock equivalents for stock options and restricted stock 703 531 609 473 Weighted-average shares outstanding-diluted 72,341 58,394 67,824 58,330
Comprehensive Income, Policy [Policy Text Block]	Accumulated Other Comprehensive Loss Our accumulated other comprehensive loss balances as of September 30, 2015 and December 31, 2014 consisted of adjustments to our pension liability and income tax benefit as follows (in thousands): September 30, December 31, 2015 2014 Accumulated balances of items included in accumulated other comprehensive loss: Adjustment to pension liability $ (21,830 ) $ (34,117 ) Income tax benefit (8,512 ) (13,305 ) Accumulated other comprehensive loss $ (13,318 ) $ (20,812 )
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment Property and equipment are carried at cost. Depreciation is computed principally by the straight-line method. Maintenance, repairs and minor replacements are charged to operations as incurred; major replacements and betterments are capitalized. The cost of any assets sold or retired and the related accumulated depreciation are removed from the accounts at the time of disposition, and any resulting profit or loss is reflected in income or expense for the period. The following table lists components of property and equipment by major category (in thousands): Estimated September 30, December 31, Useful Lives 2015 2014 (in years) Property and equipment: Land $ 34,749 $ 32,085 Buildings and improvements 82,406 77,477 7 to 40 Equipment 416,024 394,569 3 to 20 533,179 504,131 Accumulated depreciation (303,795 ) (282,320 ) Total property and equipment, net $ 229,384 $ 221,811
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block]	Allowance for Doubtful Accounts Our allowance for doubtful accounts is equal to at least 85% of our receivable balances that are 120 days old or older. We may provide allowances for certain receivable balances that are less than 120 days old when warranted by specific facts and circumstances. We generally write-off accounts receivable balances when the customer files for bankruptcy or when all commonly used methods of collection have been exhausted.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 - R evenue from Contracts with Customers In August 2015, the FASB issued ASU 2015-14 - Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date deferred the effective date of ASU 2014-09, by one year to December 15, 2017 for interim and annual reporting periods beginning after that date and permitted early adoption of the standard, but not before the original effective date of December 15, 2016. The standard permits the use of either the retrospective or cumulative effect transition method. We are currently evaluating the impact of the requirements of this ASU on our financial statements. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40) - Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 amends previous guidance to require 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 the amendments in this ASU. In August 2015 the FASB issued ASU No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30) - Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements- Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting. ASU 2015-15 amended previous guidance to codify the June 18, 2015 Staff Announcement that the SEC staff would not object to the deferral and presentation as an asset, and subsequent amortization of such asset, of deferred debt issuance costs related to line of credit arrangements. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods thereafter. Early adoption is permitted for financial statements that have not been previously issued. We expect that the affected amounts on our balance sheets will be reclassified within our balance sheets to conform to this standard. We do not expect that the adoption of this ASU will have a material impact on our financial statements. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805) - Simplifying the Accounting for Measurement-Period Adjustments In October 2015, the FASB voted to ratify a proposed ASU on income taxes (Topic 740) to require “noncurrent” presentation of all deferred income taxes. Entities with publicly traded securities are required to apply the new guidance in the annual reporting period beginning after December 15, 2016, and interim periods thereafter. We expect that the affected amounts on our balance sheets will be reclassified within our balance sheets to conform to this standard. We do not expect that the adoption of this ASU will have a material impact on our financial statements.
Reclassification, Policy [Policy Text Block]	Reclassifications Certain reclassifications have been made in the presentation of operating activities in our condensed consolidated statement of cash flows for the nine-months ended September 30, 2014 in order to conform to the presentation for the nine-months ended September 30, 2015. The reclassifications did not change our total net cash provided by operating activities for the nine-months ended September 30, 2014.

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Schedule of Weighted Average Number of Shares [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Weighted-average shares outstanding-basic 71,638 57,863 67,215 57,857 Common stock equivalents for stock options and restricted stock 703 531 609 473 Weighted-average shares outstanding-diluted 72,341 58,394 67,824 58,330
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	September 30, December 31, 2015 2014 Accumulated balances of items included in accumulated other comprehensive loss: Adjustment to pension liability $ (21,830 ) $ (34,117 ) Income tax benefit (8,512 ) (13,305 ) Accumulated other comprehensive loss $ (13,318 ) $ (20,812 )
Property, Plant and Equipment [Table Text Block]	Estimated September 30, December 31, Useful Lives 2015 2014 (in years) Property and equipment: Land $ 34,749 $ 32,085 Buildings and improvements 82,406 77,477 7 to 40 Equipment 416,024 394,569 3 to 20 533,179 504,131 Accumulated depreciation (303,795 ) (282,320 ) Total property and equipment, net $ 229,384 $ 221,811

Note 2 - Acquisitions and Dis21

Note 2 - Acquisitions and Dispositions (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Acquisition Odessa Twin Falls Wausau Presque Isle Laredo Other current assets $ 67 $ 94 $ 83 $ 45 $ 22 Property and equipment 4,629 5,172 1,985 2,822 1,411 Goodwill 3,739 2,587 11,610 245 5,154 Broadcast licenses 22,253 6,333 - 6,150 - Other intangible assets 3,067 3,485 397 1,039 2,435 Other non-current assets 13 32 87 - 13 Current liabilities (155 ) (140 ) (75 ) (51 ) (22 ) Other long-term liabilities (13 ) (63 ) (87 ) - (13 ) Total $ 33,600 $ 17,500 $ 14,000 $ 10,250 $ 9,000

Note 3 - Long-term Debt (Tables

Note 3 - Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	September 30, December 31, 2015 2014 Long-term debt including current portion: Senior Credit Facility 556,438 556,438 2020 Notes 675,000 675,000 Total outstanding principal 1,231,438 1,231,438 Unamortized net premium - 2020 Notes 4,315 4,963 Net carrying value $ 1,235,753 $ 1,236,401 Borrowing availability under the Revolving Credit Facility $ 50,000 $ 50,000

Note 6 - Retirement Plans (Tabl

Note 6 - Retirement Plans (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Schedule of Net Benefit Costs [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Service cost $ - $ 1,279 $ 3,116 $ 3,886 Interest cost - 1,099 4,448 3,336 Expected return on plan assets - (1,123 ) (5,114 ) (3,410 ) Loss amortization - 263 1,740 799 Net periodic benefit cost $ - $ 1,518 $ 4,190 $ 4,611

Note 7 - Stock-based Compensa24

Note 7 - Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Stock-based compensation expense, gross $ 1,009 $ 981 $ 3,011 $ 4,032 Income tax benefit at our statutory rate associated with stock-based compensation (394 ) (383 ) (1,174 ) (1,572 ) Stock-based compensation expense, net $ 615 $ 598 $ 1,837 $ 2,460
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Nine Months Ended September 30, 2015 September 30, 2014 Weighted- Weighted- average average Grant Date Grant Date Number of Fair Value Number of Fair Value Shares Per Share Shares Per Share Restricted stock - common: Outstanding - beginning of period 385,056 $ 9.09 274,838 $ 4.43 Granted 150,308 $ 10.27 312,961 $ 11.78 Vested (197,858 ) $ 9.16 (202,743 ) $ 6.93 Outstanding - end of period 337,506 $ 9.57 385,056 $ 9.09 Nine Months Ended September 30, 2015 September 30, 2014 Weighted-average Weighted-average Grant Date Grant Date Number of Fair Value Number of Fair Value Shares Per Share Shares Per Share Restricted stock - class A common: Outstanding - beginning of period 204,473 $ 9.81 - $ - Granted 287,513 $ 9.37 236,294 $ 9.80 Vested (117,293 ) $ 9.85 (31,821 ) $ 9.75 Outstanding - end of period 374,693 $ 9.46 204,473 $ 9.81

Note 9 - Goodwill and Intangi25

Note 9 - Goodwill and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Schedule of Changes in Goodwill and Other Intangible Assets [Table Text Block]	Net Balance at Acquisitions Net Balance at December 31, And September 30, 2014 Adjustments Impairments Amortization 2015 Goodwill $ 374,390 $ 23,845 $ - $ - $ 398,235 Broadcast licenses 1,023,580 34,670 - - 1,058,250 Definite lived intangible assets 47,802 11,997 - (8,715 ) 51,084 Total intangible assets net of accumulated amortization $ 1,445,772 $ 70,512 $ - $ (8,715 ) $ 1,507,569
Schedule of Intangible Assets and Goodwill [Table Text Block]	As of September 30, 2015 As of December 31, 2014 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 1,111,948 $ (53,698 ) $ 1,058,250 $ 1,077,279 $ (53,699 ) $ 1,023,580 Goodwill 398,235 - 398,235 374,390 - 374,390 $ 1,510,183 $ (53,698 ) $ 1,456,485 $ 1,451,669 $ (53,699 ) $ 1,397,970 Intangible assets subject to amortization: Network affiliation agreements $ 1,264 $ (1,264 ) $ - 1,264 $ (1,264 ) $ - Other definite lived intangible assets 81,277 (30,193 ) 51,084 69,281 (21,479 ) 47,802 $ 82,541 $ (31,457 ) $ 51,084 $ 70,545 $ (22,743 ) $ 47,802 Total intangibles $ 1,592,724 $ (85,155 ) $ 1,507,569 $ 1,522,214 $ (76,442 ) $ 1,445,772

Note 10 - Income Taxes (Tables)

Note 10 - Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2015
Notes Tables
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Income tax expense $ 4,118 $ 8,608 $ 16,186 $ 10,343 Effective income tax rate 38.4 % 38.2 % 40.0 % 38.1 %

Note 11 - Subsequent Events (Ta

Note 11 - Subsequent Events (Tables)	9 Months Ended
	Sep. 30, 2015
Cedar Rapids [Member]
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Property and equipment $ 13,754 Goodwill 24,721 Broadcast licenses 55,676 Other intangible assets 5,849 Total $ 100,000
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Acquisition Odessa Twin Falls Wausau Presque Isle Laredo Other current assets $ 67 $ 94 $ 83 $ 45 $ 22 Property and equipment 4,629 5,172 1,985 2,822 1,411 Goodwill 3,739 2,587 11,610 245 5,154 Broadcast licenses 22,253 6,333 - 6,150 - Other intangible assets 3,067 3,485 397 1,039 2,435 Other non-current assets 13 32 87 - 13 Current liabilities (155 ) (140 ) (75 ) (51 ) (22 ) Other long-term liabilities (13 ) (63 ) (87 ) - (13 ) Total $ 33,600 $ 17,500 $ 14,000 $ 10,250 $ 9,000

Note 1 - Basis of Presentatio28

Note 1 - Basis of Presentation (Details Textual)	9 Months Ended
	Sep. 30, 2015
Minimum Percentage of Receivable Balances for creating Allowance for Doubtful Accounts	85.00%
Period for Creating Allowance for Doubtful Accounts	120 days

Note 1 - Basis of Presentatio29

Note 1 - Basis of Presentation - Reconciliation of Basic Weighted-average Shares Outstanding to Diluted Weighted-average Shares Outstanding (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Weighted-average shares outstanding (in shares)	71,638	57,863	67,215	57,857
Common stock equivalents for stock options and restricted stock (in shares)	703	531	609	473
Weighted-average shares outstanding-diluted (in shares)	72,341	58,394	67,824	58,330

Note 1 - Basis of Presentatio30

Note 1 - Basis of Presentation - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Accumulated balances of items included in accumulated other comprehensive loss:
Adjustment to pension liability	$ (21,830)	$ (34,117)
Income tax benefit	(8,512)	(13,305)
Accumulated other comprehensive loss	$ (13,318)	$ (20,812)

Note 1 - Basis of Presentatio31

Note 1 - Basis of Presentation - Property and Equipment (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Land [Member]
Property and equipment:
Property and equipment	$ 34,749	$ 32,085
Building and Building Improvements [Member] | Minimum [Member]
Property and equipment:
Property, Plant and Equipment, Useful Life	7 years
Building and Building Improvements [Member] | Maximum [Member]
Property and equipment:
Property, Plant and Equipment, Useful Life	40 years
Building and Building Improvements [Member]
Property and equipment:
Property and equipment	$ 82,406	77,477
Equipment [Member] | Minimum [Member]
Property and equipment:
Property, Plant and Equipment, Useful Life	3 years
Equipment [Member] | Maximum [Member]
Property and equipment:
Property, Plant and Equipment, Useful Life	20 years
Equipment [Member]
Property and equipment:
Property and equipment	$ 416,024	394,569
Property and equipment	$ 533,179	504,131
Property, Plant and Equipment, Useful Life
Accumulated depreciation	$ (303,795)	(282,320)
Total property and equipment, net	$ 229,384	$ 221,811

Note 2 - Acquisitions and Dis32

Note 2 - Acquisitions and Dispositions (Details Textual) - USD ($) $ in Thousands	Jul. 01, 2015	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2015
Helena Montana Disposition [Member]
Gain (Loss) on Disposition of Assets			$ (100)	$ (100)
Cedar Rapids [Member]
Business Combination, Consideration Transferred		$ 100,000
Payments to Acquire Businesses, Gross		80,000
Escrow Deposit Disbursements Related to Business Acquisition		20,000
Non-license Operating Assets		5,800	5,800	5,800
Deposits Assets, Noncurrent		$ 94,200	$ 94,200	$ 94,200
Odessa [Member]
Business Combination, Consideration Transferred	$ 33,600
Twin Falls [Member]
Business Combination, Consideration Transferred	17,500
Wausau [Member]
Business Combination, Consideration Transferred	14,000
Presque Isle Acquisition [Member]
Business Combination, Consideration Transferred	10,300
Laredo [Member]
Business Combination, Consideration Transferred	$ 9,000
The 2015 Acquisitions [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life				3 years
The 2015 Acquisitions [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life				40 years
The 2015 Acquisitions [Member] | Retransmission Agreements [Member]
Finite-lived Intangible Assets Acquired				$ 5,600
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				5 years 292 days
The 2015 Acquisitions [Member] | Advertising Relationships [Member]
Finite-lived Intangible Assets Acquired				$ 1,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				9 years 219 days
The 2015 Acquisitions [Member] | Off-Market Favorable Lease [Member]
Finite-lived Intangible Assets Acquired				$ 3,600
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				18 years 36 days
The 2015 Acquisitions [Member] | Legal, Consulting and Other Professional Services [Member]
Business Combination, Acquisition Related Costs				$ 4,500
The 2015 Acquisitions [Member]
Goodwill, Acquired During Period				23,300
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual				8,300
Business Acquisition, Operating Incom (Loss) from Continuing Operations Before Changes in Accounting and Extraordinary Items, Net of Tax				$ 3,000
Property, Plant and Equipment, Useful Life
Goodwill, Acquired During Period				$ 23,845

Note 2 - Preliminary Fair Value

Note 2 - Preliminary Fair Value Estimates of Acquired Assets, Assumed Liabilities and Resulting Goodwill (Details)	Sep. 30, 2015USD ($)
Odessa [Member]
Other current assets	$ 67,000
Property and equipment	4,629,000
Goodwill	3,739,000
Broadcast licenses	22,253,000
Other intangible assets	3,067,000
Other non-current assets	13,000
Current liabilities	(155,000)
Other long-term liabilities	(13,000)
Total	33,600,000
Twin Falls [Member]
Other current assets	94,000
Property and equipment	5,172,000
Goodwill	2,587,000
Broadcast licenses	6,333,000
Other intangible assets	3,485,000
Other non-current assets	32,000
Current liabilities	(140,000)
Other long-term liabilities	(63,000)
Total	17,500,000
Wausau [Member]
Other current assets	83,000
Property and equipment	1,985,000
Goodwill	11,610,000
Broadcast licenses	0
Other intangible assets	397,000
Other non-current assets	87,000
Current liabilities	(75,000)
Other long-term liabilities	(87,000)
Total	14,000,000
Presque Isle Acquisition [Member]
Other current assets	45,000
Property and equipment	2,822,000
Goodwill	245,000
Broadcast licenses	6,150,000
Other intangible assets	1,039,000
Other non-current assets	0
Current liabilities	(51,000)
Other long-term liabilities	0
Total	10,250,000
Laredo [Member]
Other current assets	22,000
Property and equipment	1,411,000
Goodwill	5,154,000
Broadcast licenses	0
Other intangible assets	2,435,000
Other non-current assets	13,000
Current liabilities	(22,000)
Other long-term liabilities	(13,000)
Total	9,000,000
Goodwill	$ 398,235,000

Note 3 - Long-term Debt (Detail

Note 3 - Long-term Debt (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
2014 Term Loan [Member]
Long-term Debt, Gross	$ 556,400
2020 Notes [Member]
Unsecured Debt	$ 675,000	$ 675,000
Debt Instrument, Interest Rate, Stated Percentage	7.50%
Debt Instrument, Interest Rate, Effective Percentage	7.30%
Deferred Finance Costs, Net	$ 9,800	11,300
2014 Senior Credit Facility [Member]
Long-term Debt, Gross	$ 556,438	556,438
Debt Instrument, Interest Rate, Stated Percentage	3.80%
Deferred Finance Costs, Net	$ 6,400	$ 7,400

Note 3 - Long-term Debt - Long-

Note 3 - Long-term Debt - Long-term Debt Summary (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
2014 Senior Credit Facility [Member]
Long-term debt including current portion:
Long-term Debt, Gross	$ 556,438	$ 556,438
2020 Notes [Member]
Long-term debt including current portion:
Unsecured Debt	675,000	675,000
Unamortized net premium - 2020 Notes	4,315	4,963
2014 Revolving Credit Facility [Member]
Long-term debt including current portion:
Borrowing availability under the Revolving Credit Facility	50,000	50,000
Total outstanding principal	1,231,438	1,231,438
Net carrying value	$ 1,235,753	$ 1,236,401

Note 4 - Stockholders' Equity (

Note 4 - Stockholders' Equity (Details Textual)	1 Months Ended	9 Months Ended
	Mar. 31, 2015USD ($)$ / sharesshares	Sep. 30, 2015USD ($)shares	Sep. 30, 2014USD ($)	Dec. 31, 2014shares
Underwritten Offering [Member]
Stock Issued During Period, Shares, New Issues	13,500,000
Share Price | $ / shares	$ 13
Proceeds from Issuance of Common Stock | $	$ 167,300,000
Issuance of Stock, Underwriting Discount | $	7,500,000
Issuance of Stock, Underwriting Expenses | $	$ 900,000
Common Class A [Member]
Common Stock, Shares Authorized		15,000,000		15,000,000
Common Stock, Voting Rights, Votes Per Share		10
Common Stock, Capital Shares Reserved for Future Issuance		476,193		763,706
Blank Check Preferred Stock [Member]
Preferred Stock, Shares Authorized		20,000,000
Proceeds from Issuance of Common Stock | $		$ 167,313,000	$ 0
Capital Units, Authorized		135,000,000
Common Stock, Shares Authorized		100,000,000		100,000,000
Common Stock, Voting Rights, Votes Per Share		1
Stock Repurchase Program, Number of Shares Authorized to be Repurchased		5,000,000
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased		279,200
Common Stock, Capital Shares Reserved for Future Issuance		6,964,404		7,116,171

Note 5 - Fair Value Measureme37

Note 5 - Fair Value Measurement (Details Textual) - USD ($) $ in Billions	Sep. 30, 2015	Dec. 31, 2014
Long-term Debt	$ 1.2	$ 1.2
Long-term Debt, Fair Value	$ 1.3	$ 1.2

Note 6 - Retirement Plans (Deta

Note 6 - Retirement Plans (Details Textual) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2014
First 3% of Each Employee's Salary Deferral [Member] | Capital Accumulation Plan [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	100.00%
Matched by the Company at the Rate of 100% [Member] | Capital Accumulation Plan [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	3.00%
Next 2% of Each Employee's Salary Deferral [Member] | Capital Accumulation Plan [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	50.00%
Next 2% of Each Employee's Salary Deferral [Member] | Matched by the Company at the Rate of 50% [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	2.00%
Capital Accumulation Plan [Member]
Defined Contribution Plan, Employer Discretionary Contribution Amount		$ 1,000,000	$ 0
Defined Contribution Plan, Expected Contributions In Current Fiscal Year		900,000
Defined Benefit Plan, Contributions by Employer		3,900,000
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year		$ 1,300,000

Note 6 - Retirement Plans - Com

Note 6 - Retirement Plans - Components of Net Periodic Benefit Cost for Pension Plans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Service cost		$ 1,279	$ 3,116	$ 3,886
Interest cost		1,099	4,448	3,336
Expected return on plan assets		(1,123)	(5,114)	(3,410)
Loss amortization		263	1,740	799
Net periodic benefit cost		$ 1,518	$ 4,190	$ 4,611

Note 7 - Stock-based Compensa40

Note 7 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Restricted Stock [Member] | January 31, 2017 [Member] | Employee [Member] | Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	76,442
Restricted Stock [Member] | January 31, 2017 [Member] | Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	50,100
Restricted Stock [Member] | January 31, 2016 [Member] | Employee [Member] | Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	76,442
Restricted Stock [Member] | January 31, 2016 [Member] | Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	50,102
Restricted Stock [Member] | January 31, 2016 [Member] | Common Class A [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	58,191
Restricted Stock [Member] | January 17, 2017 [Member] | Employee [Member] | Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number		43,590
Restricted Stock [Member] | January 17, 2017 [Member] | Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number		58,327
Restricted Stock [Member] | January 1, 2015 [Member] | Common Class A [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number		41,881
Restricted Stock [Member] | January 31, 2018 [Member] | Employee [Member] | Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	76,438
Restricted Stock [Member] | January 31, 2018 [Member] | Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	50,106
Restricted Stock [Member] | January 17, 2015 [Member] | Employee [Member] | Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number		75,412
Restricted Stock [Member] | January 17, 2015 [Member] | Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number		127,316
Restricted Stock [Member] | January 17, 2016 [Member] | Employee [Member] | Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number		43,590
Restricted Stock [Member] | January 17, 2016 [Member] | Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number		58,327
Restricted Stock [Member] | Employee [Member] | Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number		31,821
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	229,322	194,413
Restricted Stock [Member] | Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	150,308	312,961
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period		68,991
Restricted Stock [Member] | Common Class A [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	58,191	41,881
Restricted Stock [Member] | Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	287,513	236,294
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	117,293	31,821
Restricted Stock [Member] | Directors Restricted Stock Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	0	0
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	150,308	312,961
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	197,858	202,743
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	274,746	274,746
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 1.99	$ 1.99
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	206,064	137,376
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	$ 3

Note 7 - Stock-based Compensa41

Note 7 - Stock-based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Stock-based compensation expense, gross	$ 1,009	$ 981	$ 3,011	$ 4,032
Income tax benefit at our statutory rate associated with stock-based compensation	(394)	(383)	(1,174)	(1,572)
Stock-based compensation expense, net	$ 615	$ 598	$ 1,837	$ 2,460

Note 7 - Summary of Restricted

Note 7 - Summary of Restricted Common Stock Activity (Details) - Restricted Stock [Member] - $ / shares	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Common Class A [Member]
Outstanding - beginning of period (in shares)	204,473
Outstanding - beginning of period (in dollars per share)	$ 9.81
Granted (in shares)	287,513	236,294
Granted (in dollars per share)	$ 9.37	$ 9.80
Vested (in shares)	(117,293)	(31,821)
Vested (in dollars per share)	$ 9.85	$ 9.75
Outstanding - end of period (in shares)	374,693	204,473
Outstanding - end of period (in dollars per share)	$ 9.46	$ 9.81
Outstanding - beginning of period (in shares)	385,056	274,838
Outstanding - beginning of period (in dollars per share)	$ 9.09	$ 4.43
Granted (in shares)	150,308	312,961
Granted (in dollars per share)	$ 10.27	$ 11.78
Vested (in shares)	(197,858)	(202,743)
Vested (in dollars per share)	$ 9.16	$ 6.93
Outstanding - end of period (in shares)	337,506	385,056
Outstanding - end of period (in dollars per share)	$ 9.57	$ 9.09

Note 8 - Commitments and Cont43

Note 8 - Commitments and Contingencies (Details Textual) - Schurz [Member] - USD ($) $ in Millions	6 Months Ended
	Mar. 31, 2016	Sep. 14, 2015
Scenario, Forecast [Member]
Business Combination, Consideration Transferred	$ 442.5
Termination Fee		$ 10

Note 9 - Goodwill and Intangi44

Note 9 - Goodwill and Intangible Assets (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Amortization of Intangible Assets	$ 3,213,000	$ 3,823,000	$ 8,715,000	$ 5,291,000
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	11,900,000		11,900,000
Finite-Lived Intangible Assets, Amortization Expense, Year Two	11,300,000		11,300,000
Finite-Lived Intangible Assets, Amortization Expense, Year Three	6,700,000		6,700,000
Finite-Lived Intangible Assets, Amortization Expense, Year Four	4,500,000		4,500,000
Finite-Lived Intangible Assets, Amortization Expense, Year Five	$ 3,000,000		$ 3,000,000

Note 9 - Changes in Goodwill an

Note 9 - Changes in Goodwill and Other Intangible Assets (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Broadcast Licenses [Member]
Net Balance, Beginning		$ 1,023,580,000
Acquisitions And Adjustments		34,670,000
Net Balance, Ending	$ 1,058,250,000	1,058,250,000
Other Intangible Assets [Member]
Acquisitions And Adjustments		11,997,000
Net Balance, Beginning		47,802,000
Amortization		(8,715,000)
Net Balance, Ending	51,084,000	51,084,000
Net Balance, Beginning		47,802,000
Net Balance, Ending	51,084,000	51,084,000
Net Balance, Beginning		374,390,000
Acquisitions And Adjustments		23,845,000
Net Balance, Ending	398,235,000	398,235,000
Net Balance, Beginning		1,023,580,000
Acquisitions And Adjustments		70,512,000
Net Balance, Ending	1,058,250,000	1,058,250,000
Net Balance, Beginning		47,802,000
Amortization	(3,213,000)	(8,715,000)
Net Balance, Ending	51,084,000	51,084,000
Net Balance, Beginning		1,445,772,000
Net Balance, Ending	$ 1,507,569,000	$ 1,507,569,000

Note 9 - Intangible Assets and

Note 9 - Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Broadcast Licenses [Member]
Gross	$ 1,111,948	$ 1,077,279
Accumulated Amortization	(53,698)	(53,699)
Net	1,058,250	1,023,580
Goodwill Not Amortizable [Member]
Gross	398,235	374,390
Goodwill	398,235	374,390
Intangible Assets Not Subject to Amortization [Member]
Accumulated Amortization	(53,698)	(53,699)
Gross	1,510,183	1,451,669
Net	1,456,485	1,397,970
Licensing Agreements [Member]
Accumulated Amortization	(1,264)	(1,264)
Gross	1,264	1,264
Other Intangible Assets [Member]
Accumulated Amortization	(30,193)	(21,479)
Gross	81,277	69,281
Net	51,084	47,802
Intangible Assets Subject to Amortization [Member]
Accumulated Amortization	(31,457)	(22,743)
Gross	82,541	70,545
Net	51,084	47,802
Accumulated Amortization	(85,155)	(76,442)
Net	1,058,250	1,023,580
Goodwill	398,235	374,390
Gross	1,592,724	1,522,214
Net	$ 1,507,569	$ 1,445,772

Note 10 - Income Taxes (Details

Note 10 - Income Taxes (Details Textual)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			35.00%	35.00%
Effective Income Tax Rate Reconciliation, Percent	38.40%	38.20%	40.00%	38.10%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent			4.50%	3.80%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent			1.60%	0.50%
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent			(0.20%)
Effective Income Tax Rate Reconciliation, Tax Contingency, State and Local, Percent			(0.90%)	0.20%

Note 10 - Income Taxes - Reconc

Note 10 - Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income tax expense	$ 4,118	$ 8,608	$ 16,186	$ 10,343
Effective Income Tax Rate Reconciliation, Percent	38.40%	38.20%	40.00%	38.10%

Note 11 - Subsequent Events (De

Note 11 - Subsequent Events (Details Textual) - NBC Affiliate and Television Station KTVH-TV [Member] - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2015	Oct. 31, 2015
Subsequent Event [Member]
Disposal Group, Including Discontinued Operation, Consideration		$ 3
Scenario, Forecast [Member]
Gain (Loss) on Disposition of Assets	$ 0.9

Note 11 - Assets Acquired and L

Note 11 - Assets Acquired and Liabilities Assumed in Cedar Rapids Acquisition (Details) $ in Thousands	Nov. 01, 2015USD ($)
Subsequent Event [Member] | Cedar Rapids [Member]
Property and equipment	$ 13,754
Goodwill	24,721
Broadcast licenses	55,676
Other intangible assets	5,849
Total	$ 100,000