Gray Television (GTN) 10-K 26 Feb 16 2015 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Feb. 19, 2016	Jun. 30, 2015
Common Stock [Member]
Entity Common Stock, Shares Outstanding (in shares)		66,304,805
Common Class A [Member]
Entity Common Stock, Shares Outstanding (in shares)		6,396,033
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	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Public Float			$ 1,006,138,318
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Syndicated Program Film Rights, Current [Member]
Assets:
Current portion of program broadcast rights, net	$ 10,511,000	$ 9,765,000
Network Programming Obligations, Current [Member]
Liabilities and stockholders’ equity:
Accrued network programming fees	11,945,000	7,129,000
Syndicated Program Film Obliagtions, Current [Member]
Liabilities and stockholders’ equity:
Accrued network programming fees	10,785,000	9,899,000
Common Class A [Member]
Stockholders’ equity:
Common stock	19,325,000	17,096,000
Treasury stock at cost	(22,685,000)	(22,398,000)
Cash	97,318,000	30,769,000
Accounts receivable, less allowance for doubtful accounts of $1,794 and $1,667, respectively	121,473,000	106,692,000
Deferred tax asset	49,690,000	18,855,000
Prepaid and other current assets	6,462,000	2,223,000
Total current assets	285,454,000	168,304,000
Property and equipment, net	234,475,000	221,811,000
Deferred loan costs, net	15,453,000	18,651,000
Broadcast licenses	1,114,626,000	1,023,580,000
Goodwill	423,236,000	374,390,000
Other intangible assets, net	53,280,000	47,802,000
Investment in broadcasting company	13,599,000	13,599,000
Other	3,038,000	3,443,000
Total assets	2,143,161,000	1,871,580,000
Accounts payable	4,532,000	4,613,000
Employee compensation and benefits	28,983,000	25,160,000
Accrued interest	12,717,000	17,623,000
Other accrued expenses	14,348,000	6,218,000
Federal and state income taxes	771,000	1,894,000
Deferred revenue	3,514,000	7,486,000
Total current liabilities	87,595,000	80,022,000
Long-term debt, less current portion	1,235,537,000	1,236,401,000
Program broadcast obligations, less current portion	2,171,000	2,000,000
Deferred income taxes	351,546,000	292,679,000
Accrued pension costs	36,337,000	43,334,000
Other	701,000	952,000
Total liabilities	1,713,887,000	1,655,388,000
Commitments and contingencies (Note 9)	0	0
Common stock	655,446,000	486,317,000
Accumulated deficit	(163,638,000)	(202,939,000)
Accumulated other comprehensive loss, net of income tax benefit	(17,284,000)	(20,812,000)
Stockholders' equity before treasury stock	493,849,000	279,662,000
Treasury stock at cost	(41,890,000)	(41,072,000)
Total stockholders’ equity	429,274,000	216,192,000
Total liabilities and stockholders’ equity	$ 2,143,161,000	$ 1,871,580,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 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	$ 1,794	$ 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)	70,989,246	57,326,180
Treasury stock, shares (in shares)	4,882,705	4,814,716

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenue (less agency commissions)	$ 597,356,000	$ 508,134,000	$ 346,298,000
Operating expenses before depreciation, amortization, and loss on disposals of assets, net:
Broadcast	374,182,000	285,990,000	217,411,000
Corporate and administrative	34,343,000	29,203,000	19,810,000
Depreciation	36,712,000	30,248,000	24,096,000
Amortization of intangible assets	11,982,000	8,297,000	336,000
Loss on disposals of assets, net	80,000	623,000	765,000
Operating expenses	457,299,000	354,361,000	262,418,000
Operating income	140,057,000	153,773,000	83,880,000
Other income (expense):
Miscellaneous income, net	103,000	23,000	0
Interest expense	(74,411,000)	(68,913,000)	(52,445,000)
Loss from early extinguishment of debt	0	(5,086,000)	0
Income before income taxes	65,749,000	79,797,000	31,435,000
Income tax expense	26,448,000	31,736,000	13,147,000
Net trade income (loss)	$ 39,301,000	$ 48,061,000	$ 18,288,000
Basic per share information:
Net income (in dollars per share)	$ 0.58	$ 0.83	$ 0.32
Weighted-average shares outstanding – basic (in shares)	68,330	57,862	57,630
Diluted per share information:
Net income (in dollars per share)	$ 0.57	$ 0.82	$ 0.32
Weighted average shares outstanding (in shares)	68,987	58,364	57,972
Dividends declared per common share (in dollars per share)	$ 0	$ 0	$ 0

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net income	$ 39,301,000	$ 48,061,000	$ 18,288,000
Other comprehensive income (loss):
Adjustment to pension liability	5,783,000	(17,053,000)	16,001,000
Income tax expense (benefit)	2,255,000	(6,650,000)	6,240,000
Other comprehensive income (loss)	3,528,000	(10,403,000)	9,761,000
Comprehensive income	$ 42,829,000	$ 37,658,000	$ 28,049,000

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity - 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]	Restricted Stock [Member]Common Stock [Member]Common Class A [Member]	Restricted Stock [Member]Common Stock [Member]	Restricted Stock [Member]Retained Earnings [Member]	Restricted Stock [Member]Treasury Stock [Member]Common Class A [Member]	Restricted Stock [Member]Treasury Stock [Member]	Restricted Stock [Member]AOCI Attributable to Parent [Member]	Restricted Stock [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, 2012															7,331,574	56,503,759		(1,578,554)	(4,739,462)
Balance at Dec. 31, 2012															$ 15,321,000	$ 480,773,000	$ (269,288,000)	$ (22,398,000)	$ (40,303,000)	$ (20,170,000)	$ 143,935,000
Net income															0	0	18,288,000	0	0	0	18,288,000
Adjustment to pension liability, net of income tax															$ 0	$ 0	0	$ 0	$ 0	9,761,000	$ 9,761,000
401(k) plan (in shares)	0	5,235		0	0																5,235
401(k) plan	$ 0	$ 28,000	$ 0	$ 0	$ 0	$ 0	$ 28,000														$ 28,000
Restricted stock awards (in shares)								0	382,062		0	(29,463)
Restricted stock awards								$ 0	$ 0	$ 0	$ 0	$ (256,000)	$ 0	$ (256,000)
Option exercises (in shares)															0	119,822		0	0		119,822
Option exercises															$ 0	$ 280,000	0	$ 0	$ 0	0	$ 280,000
Amortization of restricted stock and stock option awards															$ 0	$ 1,974,000	0	$ 0	$ 0	0	1,974,000
Balance (in shares) at Dec. 31, 2013															7,331,574	57,010,878		(1,578,554)	(4,768,925)
Balance at Dec. 31, 2013															$ 15,321,000	$ 483,055,000	(251,000,000)	$ (22,398,000)	$ (40,559,000)	(10,409,000)	174,010,000
Adjustment to pension liability, net of income tax															0	0	0	0	0	9,761,000	9,761,000
Net income															0	0	18,288,000	0	0	0	18,288,000
Restricted stock awards								$ 0	$ 0	0	$ 0	$ (256,000)	0	(256,000)
Net income															0	0	48,061,000	0	0	0	48,061,000
Adjustment to pension liability, net of income tax															0	0	0	0	0	(10,403,000)	$ (10,403,000)
401(k) plan (in shares)	0	2,341		0	0																2,341
401(k) plan	$ 0	$ 25,000	0	$ 0	$ 0	0	25,000														$ 25,000
Restricted stock awards (in shares)								236,294	312,961		0	(45,791)
Restricted stock awards								$ 0	$ 0	0	$ 0	$ (513,000)	0	(513,000)
Amortization of restricted stock and stock option awards															$ 1,775,000	$ 3,237,000	0	$ 0	$ 0	0	5,012,000
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
Adjustment to pension liability, net of income tax															0	0	0	0	0	(10,403,000)	(10,403,000)
Net income															0	0	48,061,000	0	0	0	48,061,000
Restricted stock awards								$ 0	$ 0	$ 0	$ 0	$ (513,000)	$ 0	$ (513,000)
Net income															0	0	39,301,000	0	0	0	39,301,000
Adjustment to pension liability, net of income tax															$ 0	$ 0	0	$ 0	$ 0	3,528,000	$ 3,528,000
401(k) plan (in shares)	0	1,898		0	0																1,898
401(k) plan	$ 0	$ 26,000	$ 0	$ 0	$ 0	$ 0	$ 26,000														$ 26,000
Restricted stock awards (in shares)															287,513	150,308		(32,817)	(67,989)
Restricted stock awards															$ 0	$ 0	0	$ (287,000)	$ (818,000)	0	(1,105,000)
Amortization of restricted stock and stock option awards															$ 2,229,000	$ 1,790,000	0	$ 0	$ 0	0	4,019,000
Balance (in shares) at Dec. 31, 2015															7,855,381	70,989,426		(1,611,371)	(4,882,705)
Balance at Dec. 31, 2015															$ 19,325,000	$ 655,446,000	(163,638,000)	$ (22,685,000)	$ (41,890,000)	(17,284,000)	429,274,000
Adjustment to pension liability, net of income tax															0	0	0	0	0	3,528,000	3,528,000
Net income															$ 0	$ 0	39,301,000	$ 0	$ 0	0	39,301,000
Stock Issued During Period, Shares, New Issues															0	13,511,040		0	0
Underwritten public offering															$ 0	$ 167,313,000	0	$ 0	$ 0	0	167,313,000
Restricted stock awards															$ 0	$ 0	$ 0	$ (287,000)	$ (818,000)	$ 0	$ (1,105,000)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating activities
Net income	$ 39,301,000	$ 48,061,000	$ 18,288,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	36,712,000	30,248,000	24,096,000
Amortization of Intangible Assets	11,982,000	8,297,000	336,000
Amortization of deferred loan costs	3,194,000	2,970,000	1,903,000
Net amortization of original issue discount and premium related long-term debt	(863,000)	(863,000)	(9,000)
Amortization of restricted stock and stock option awards	4,019,000	5,012,000	1,974,000
Loss from early extinguishment of debt	0	5,086,000	0
Amortization of program broadcast rights	14,960,000	12,871,000	11,367,000
Payments on program broadcast obligations	(14,576,000)	(15,087,000)	(11,433,000)
Common stock contributed to 401(k) plan	26,000	25,000	28,000
Deferred revenue, network compensation	0	0	(615,000)
Deferred income taxes	25,770,000	30,938,000	13,165,000
Loss on disposals of assets, net	80,000	623,000	765,000
Other	(2,568,000)	(778,000)	3,460,000
Changes in operating assets and liabilities:
Accounts receivable	(14,787,000)	(17,442,000)	(7,391,000)
Other current assets	(3,705,000)	4,898,000	(1,951,000)
Accounts payable	(141,000)	2,197,000	133,000
Employee compensation, benefits and pension costs	3,528,000	6,964,000	6,915,000
Accrued network fees and other expenses	12,684,000	1,685,000	(2,385,000)
Accrued interest	(4,907,000)	4,920,000	2,489,000
Income taxes payable	(1,123,000)	345,000	(362,000)
Deferred revenue, current portion	(3,972,000)	3,249,000	(534,000)
Net cash provided by operating activities	105,614,000	134,219,000	60,239,000
Investing activities
Acquisitions of television businesses and licenses	(185,126,000)	(461,185,000)	(36,623,000)
Purchases of property and equipment	(24,222,000)	(32,215,000)	(24,053,000)
Proceeds from asset sales	3,115,000	1,508,000	236,000
Payments of acquisition related liabilities	(91,000)	(10,000,000)	(93,000)
Other	(58,000)	0	6,000
Net cash used in investing activities	(206,382,000)	(501,892,000)	(60,527,000)
Financing activities
Proceeds from borrowings on long-term debt	0	644,000,000	390,926,000
Repayments of borrowings on long-term debt	0	(249,623,000)	(381,003,000)
Proceeds from issuance of common stock	167,313,000	0	280,000
Deferred and other loan costs	4,000	(9,413,000)	(7,504,000)
Net cash provided by financing activities	167,317,000	384,964,000	2,699,000
Net increase in cash	66,549,000	17,291,000	2,411,000
Cash at beginning of period	30,769,000	13,478,000	11,067,000
Cash at end of period	$ 97,318,000	$ 30,769,000	$ 13,478,000

Note 1 - Description of Busines

Note 1 - Description of Business and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Significant Accounting Policies [Text Block]	1. Description of Business and Summary of Significant Accounting Policies Description of Business Gray Television, Inc. (and its consoldiated subsidiaries, except as the context othewise provides, “Gray,” the “Company,” “we,” “us” or “our”) is a television broadcast company headquartered in Atlanta, Georgia, that owns and/or operates television stations in the United States. As of February 19, 2016, we owned and/or operated television stations in 50 television markets broadcasting a total of approximately 180 programming streams, including 35 affiliates of the CBS Network (“CBS”), 26 affiliates of the NBC Network (“NBC”), 19 affiliates of the ABC Network (“ABC”) and 13 affiliates of the FOX Network (“FOX”). In addition to our primary broadcast channels, we can also broadcast secondary digital channels within a market. Our secondary digital channels are generally affiliated with networks different from those affiliated with our primary broadcast channels, and they are operated by us to make better use of our broadcast spectrum by providing supplemental and/or alternative programming in addition to our primary channels. Certain of our secondary digital channels are affiliated with more than one network simultaneously. In addition to affiliations with ABC, CBS and FOX, our secondary channels are affiliated with numerous smaller networks and program services including, among others, the CW Network or the CW Plus Network, MY Network, the MeTV Network, This TV Network, Antenna TV, Telemundo, Heroes and Icons and MOVIES! Network. We also broadcast local news/weather channels in certain of our existing markets. Our combined TV station group reaches approximately 9.4% of total United States television households. Principles of Consolidation Gray’s consolidated financial statements include our accounts and those of our wholly-owned and majority-owned subsidiaries. During a portion of the year ended December 31, 2014, and as of, and for the year ended December 31, 2013, our financial statements included the accounts of a variable interest entity (“VIE”) for which we were the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation. Investment in Broadcasting Company Revenue Recognition Broadcast advertising revenue is generated primarily from the sale of television advertising time to local, national and political advertisers. Internet advertising revenue is generated from the sale of advertisements associated with our stations’ websites. Our aggregate internet revenue is derived from two sources. The first is advertising or sponsorship opportunities directly on our websites, referred to as “direct internet revenue.” The other source is television advertising time purchased by our clients to directly promote their involvement in our websites, referred to as “internet-related commercial time sales.” Advertising revenue is billed to the customer and recognized when the advertisement is broadcast or appears on our stations’ websites. Retransmission consent revenue consists of payments to us from cable, satellite and other multiple video program distribution systems for their retransmission of our broadcast signals. Retransmission consent revenue is recognized as earned over the life of the retransmission consent contract. Other revenue consists primarily of revenue earned from the production of programming and payments from tower space rent. Revenue from the production of programming is recognized as the programming is produced. Tower rent is recognized over the life of the rental agreements. Cash received that has not yet been recognized as revenue is presented as deferred revenue. Revenue that has been earned but not yet received is recognized as revenue and presented as a receivable. Trade and Barter Transactions We account for trade transactions involving the exchange of tangible goods or services with our customers as revenue. The revenue is recorded at the time the advertisement is broadcast and the expense is recorded at the time the goods or services are used. The revenue and expense associated with these transactions are based on the fair value of the assets or services involved in the transaction. Trade revenue and expense recognized for each of the years ended December 31, 2015, 2014 and 2013 were as follows (amounts in thousands): Year Ended December 31, 2015 2014 2013 Trade revenue $ 2,299 $ 2,174 $ 1,390 Trade expense (2,188 ) (2,287 ) (1,262 ) Net trade income (loss) $ 111 $ (113 ) $ 128 We do not account for barter revenue and related barter expense generated from network or syndicated programming as such amounts are not material. Furthermore, any such barter revenue recognized would then require the recognition of an equal amount of barter expense. The recognition of these amounts would not have a material effect upon net income. Advertising Expense Our advertising expense was $1.0 million, $1.1 million and $0.9 million for the years ended December 31, 2015, 2014 and 2013, respectively. We record as expense all advertising expenditures as they are incurred. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Our actual results could differ materially from these estimated amounts. Our most significant estimates are used for our allowance for doubtful accounts in receivables, valuation of goodwill and intangible assets, amortization of program rights and intangible assets, pension costs, income taxes, employee medical insurance claims, useful lives of property and equipment and contingencies. 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 recorded expenses for this allowance of $0.6 million, $1.3 million and $0.4 million for the years ended December 31, 2015, 2014 and 2013, respectively. We generally write off accounts receivable balances when the customer files for bankruptcy or when all commonly used methods of collection have been exhausted. Program Broadcast Rights We have two types of syndicated television program contracts: first run programs and off network reruns. The first run programs are programs such as Wheel of Fortune Seinfeld The total license fee payable under a program license agreement allowing us to broadcast programs is recorded at the beginning of the license period and is charged to operating expense over the period that the programs are broadcast. The portion of the unamortized balance expected to be charged to operating expense in the succeeding year is classified as a current asset, with the remainder classified as a non-current asset. The liability for license fees payable under program license agreements is classified as current or long-term, in accordance with the payment terms of the various license agreements. 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; the purchase of new assets, major replacements and betterments are capitalized. The cost of any assets sold or retired and 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 (dollars in thousands): December 31, Estimated Useful Lives 2015 2014 (in years) Property and equipment: Land $ 36,529 $ 32,085 Buildings and improvements 85,626 77,477 7 to 40 Equipment 420,380 394,569 3 to 20 542,535 504,131 Accumulated depreciation (308,060 ) (282,320 ) Total property and equipment, net $ 234,475 $ 221,811 For the year ended December 31, 2015, our total property and equipment balance, before accumulated depreciation, increased approximately $29.8 million primarily as a result of acquisitions. The remaining change in the balances between December 31, 2014 and December 31, 2015 was due to routine purchases of equipment, less retirements. Deferred Loan Costs Loan acquisition costs are amortized over the life of the applicable indebtedness using a straight-line method that approximates the effective interest method. Asset Retirement Obligations We own office equipment, broadcasting equipment, leasehold improvements and transmission towers, some of which are located on, or are housed in, leased property or facilities. At the conclusion of several of these leases we are obligated to dismantle, remove and otherwise properly dispose of and remediate the facility or property. We estimate our asset retirement obligations based upon the cash flows of the costs expected to be incurred and the net present value of those estimated amounts. Asset retirement obligations are recognized as a non-current liability and as a component of the cost of the related asset. Changes to our asset retirement obligations resulting from revisions to the timing or the amount of the original undiscounted cash flow estimates are recognized as an increase or decrease in the carrying amount of the asset retirement obligation and the related asset retirement cost capitalized as part of the related property, plant or equipment. Changes in asset retirement obligations resulting from accretion of the net present value of the estimated cash flows are recognized as operating expenses. We recognize depreciation expense of the capitalized cost over the estimated life of the lease. Our estimated obligations are due at varying times during the years 2016 through 2062. The liability recognized for our asset retirement obligations was approximately $701,000 and $600,000 as of December 31, 2015 and 2014, respectively. During the years ended December 31, 2015, 2014 and 2013, we recorded expenses of $34,000, $6,000 and $17,000, respectively, related to our asset retirement obligations. Concentration of Credit Risk Excluding political advertising revenue, which is cyclical based on election cycles, for the year ended December 31, 2015, approximately 24%, 11% and 9% of our broadcast advertising revenue was obtained from advertising sales to advertising customers in the automotive, medical and restaurant industries, respectively. We experienced similar industry-based concentrations of revenue in the years ended December 31, 2014 and 2013. Although our revenues can be affected by changes within these industries, we believe this risk is in part mitigated due to the fact that no one customer accounted for in excess of 5% of our broadcast advertising revenue in any of these periods. Furthermore, we believe that our large geographic operating area partially mitigates the potential effect of regional economic impacts. Earnings Per Share We compute basic earnings per share by dividing net income available 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 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 stock and shares underlying stock options, in 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 years ended December 31, 2015, 2014 and 2013 (in thousands): Year Ended December 31, 2015 2014 2013 Weighted-average shares outstanding – basic 68,330 57,862 57,630 Weighted-average shares underlying stock options and restricted shares 657 502 342 Weighted-average shares outstanding - diluted 68,987 58,364 57,972 Valuation of Broadcast Licenses, Goodwill and Other Intangible Assets We have acquired a significant portion of our assets in acquisition transactions. Among the assets acquired in these transactions were broadcast licenses issued by the FCC, goodwill and other intangible assets. For broadcast licenses acquired prior to January 1, 2002, we recorded their respective values using a residual method (analogous to “goodwill”) where the excess of the purchase price paid in the acquisition over the fair value of all identified tangible and intangible assets acquired was attributed to the broadcast license. This residual basis approach generally produces higher valuations of broadcast licenses when compared to applying an income method as discussed below. For broadcast licenses acquired after December 31, 2001, we record their respective values using an income approach. Under this approach, a broadcast license is valued based on analyzing the estimated after-tax discounted future cash flows of the acquired station, assuming an initial hypothetical start-up operation maturing into an average performing station in a specific television market and giving consideration to other relevant factors such as the technical qualities of the broadcast license and the number of competing broadcast licenses within that market. The income approach generally produces lower valuations of broadcast licenses when compared to applying the residual method. For television stations acquired after December 31, 2001, we allocate the residual value of the station to goodwill. When renewing broadcast licenses, we incur regulatory filing fees and legal fees. We expense these fees as they are incurred. Other intangible assets that we have acquired include network affiliation agreements, retransmission agreements, advertising contracts, client lists, talent contracts and leases. Although each of our stations is affiliated with at least one broadcast network, we believe that the value of a television station is derived primarily from the attributes of its broadcast license rather than its network affiliation agreement. As a result, we allocate only minimal values to our network affiliation agreements. We classify our other intangible assets as definite-lived intangible assets. The amortization period of our other intangible assets is equal to the shorter of their estimated useful life or contract period, including expected extensions thereof. When renewing other intangible asset contracts, we incur legal fees that are expensed as incurred. Impairment Testing of Indefinite-Lived Intangible Assets We test for impairment of our indefinite-lived intangible assets on an annual basis on the last day of each fiscal year. However, if certain triggering events occur, we test for impairment during the relevant reporting period. For goodwill, we have elected to bypass the qualitative assessment provisions and to perform the prescribed testing steps for goodwill on an annual basis. For purposes of testing goodwill for impairment, each of our individual television stations is considered a separate reporting unit. We review each television station for possible goodwill impairment by comparing the estimated fair value of each respective reporting unit to the recorded value of that reporting unit’s net assets. If the estimated fair value exceeds the recorded net asset value, no goodwill impairment is deemed to exist. If the estimated fair value of the reporting unit does not exceed the recorded value of that reporting unit’s net assets, we then perform, on a notional basis, a purchase price allocation by allocating the reporting unit’s fair value to the fair value of all tangible and identifiable intangible assets with residual fair value representing the implied fair value of goodwill of that reporting unit. The recorded value of goodwill for the reporting unit is written down to this implied value. To estimate the fair value of our reporting units, we utilize a discounted cash flow model supported by a market multiple approach. We believe that a discounted cash flow analysis is the most appropriate methodology to test the recorded value of long-term assets with a demonstrated long-lived/enduring franchise value. We believe the results of the discounted cash flow and market multiple approaches provide reasonable estimates of the fair value of our reporting units because these approaches are based on our actual results and reasonable estimates of future performance, and also take into consideration a number of other factors deemed relevant by us, including but not limited to, expected future market revenue growth, market revenue shares and operating profit margins. We have historically used these approaches in determining the value of our reporting units. We also consider a market multiple approach utilizing market multiples to corroborate our discounted cash flow analysis. We believe that this methodology is consistent with the approach that a strategic market participant would utilize if they were to value one of our television stations. For testing of our broadcast licenses for potential impairment of their recorded asset values, we compare their estimated fair value to the respective asset’s recorded value. If the fair value is greater than the asset’s recorded value, no impairment expense is recorded. If the fair value does not exceed the asset’s recorded value, we record an impairment expense equal to the amount that the asset’s recorded value exceeded the asset’s fair value. We use the income method to estimate the fair value of all broadcast licenses irrespective of whether they were initially recorded using the residual or income methods. For further discussion of our goodwill, broadcast licenses and other intangible assets, see Note 10 “Goodwill and Intangible Assets.” Market Capitalization When we test our broadcast licenses and goodwill for impairment, we also consider our market capitalization. As of December 31, 2015, our market capitalization was greater than the book value of our net assets. Accumulated Other Comprehensive Loss Our accumulated other comprehensive loss balances as of December 31, 2015 and 2014 consist of adjustments to our pension liabilities net of related income tax benefits as follows (in thousands): December 31, 2015 2014 Accumulated balances of items included in accumulated other comprehensive loss: Increase in pension liability $ (28,334 ) $ (34,117 ) Income tax benefit (11,050 ) (13,305 ) Accumulated other comprehensive loss $ (17,284 ) $ (20,812 ) Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 - Revenue from Contracts with Customers (Topic 606). ASU 2014-09 provides new guidance on revenue recognition for revenue from contracts with customers and will replace most existing revenue recognition guidance when it becomes effective. This guidance requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The standard is intended to improve comparability of revenue recognition practices across entities and provide more useful information through improved financial statement disclosures. In August 2015, the FASB issued ASU 2015-14 - Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. ASU 2015-14 deferred the effective date of ASU 2014-09 by one year to interim and annual reporting periods beginning after December 15, 2017, 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 expected 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. 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 material affected amounts on our balance sheets will be reclassified within our balance sheets to conform to this standard. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805) - Simplifying the Accounting for Measurement-Period Adjustments In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740) – Balance Sheet Classification of Deferred Taxes In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 amends the guidance in GAAP regarding the classification and measurement of financial instruments. The new standard significantly revises an entity’s accounting related to the classification and measurement of investments in equity securities and the presentation of certain fair value changes for financial liabilities measured at fair value. The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We do not expect that the adoption of this ASU will have a material impact on our financial statements.

Note 2 - Acquisitions and Dispo

Note 2 - Acquisitions and Dispositions	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Mergers, Acquisitions and Dispositions Disclosures [Text Block]	2. Acquisitions and Dispositions During 2015, 2014 and 2013, we entered into a number of acquisition and disposition transactions. The acquisition transactions were and 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. During 2015, we completed six acquisitions which added seven television stations to our operations (the “2015 Acquisitions”) and two dispositions which divested three television stations from our operations. In addition, at December 31, 2015 we had several pending transactions. 2015 Acquisitions: Cedar Rapids Acquisition On September 1, 2015, we entered into an asset purchase agreement with The Cedar Rapids Television Company and The Gazette Company to acquire the assets of KCRG-TV, which is affiliated with the ABC Network and serves the Cedar Rapids, Iowa television market (the “Cedar Rapids Acquisition”). Also on September 1, 2015, we acquired certain non-license operating assets of this station and entered into a local programming and marketing agreement (the “LMA”) with the licensee. Under the terms of the LMA, we operated 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 included the operating results of the station in our financial statements beginning on September 1, 2015. On October 1, 2015 we acquired the non-license related real estate assets of KCRG-TV. The acquisition was completed on November 1, 2015 with the acquisition of the FCC license and license related assets. The total purchase price for the station assets was $100.0 million, and was funded with cash on hand. Odessa Acquisition On July 1, 2015, we acquired from ICA Broadcasting I, LTD, 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 purchase price paid was $33.6, million and was funded with cash on hand. Twin Falls Acquisition On July 1, 2015, we acquired from Neuhoff Media Twin Falls, LLC the assets of 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 purchase price paid was $17.5 million, and was funded with cash on hand. Wausau Acquisition On July 1, 2015, we acquired from Davis Television Wausau, LLC 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 purchase price paid was $14.0 million, and was funded with cash on hand. Presque Isle Acquisition On July 1, 2015, we acquired from NEPSK, Inc. the assets of 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 purchase price paid was $10.3 million, and was funded with cash on hand. Laredo Acquisition On July 1, 2015, we acquired from Eagle Creek Broadcasting of Laredo, LLC 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 purchase price paid was $9.0 million, and was funded with cash on hand. The estimated fair values of the acquired assets, assumed liabilities and the resulting goodwill from the 2015 Acquisitions are summarized as follows (in thousands): Acquisition Cedar Rapids Odessa Twin Falls Wausau Presque Isle Laredo Other current assets $ 503 $ 87 $ 93 $ 87 $ 45 $ 22 Property and equipment 13,754 4,629 5,172 1,985 2,822 1,411 Goodwill 25,006 3,719 2,587 11,616 245 5,154 Broadcast licenses 55,676 22,253 6,333 - 6,150 - Other intangible assets 5,849 3,067 3,485 397 1,039 2,435 Other non-current assets 13 13 32 87 - 13 Current liabilities (792 ) (155 ) (170 ) (85 ) (51 ) (22 ) Other long-term liabilities (13 ) (13 ) (32 ) (87 ) - (13 ) Total $ 99,996 $ 33,600 $ 17,500 $ 14,000 $ 10,250 $ 9,000 These amounts 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, among other factors, expected future revenue and cash flows, expected future growth rates, and estimated discount rates. Property and equipment are recorded at their fair value and are being depreciated over their estimated useful lives ranging from three years to 40 years. The amount related to other intangible assets primarily represents the estimated fair values of retransmission agreements of $9.7 million; advertising client relationships of $1.0 million; and income leases of $5.4 million. These intangible assets are being amortized over the estimated remaining useful lives of 5.3 years for retransmission agreements; 9.6 years for advertising client relationships; and 16.9 years for income 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 expected future synergies. We expect that goodwill of $48.3 million will be deductible for tax purposes. We believe that the value of a television station is derived primarily from the attributes of its broadcast license rather than its network affiliation. Consistent with that determination, no fair value was separately allocated to the acquired network affiliation agreements in our 2015 Acquisitions. The primary areas of the preliminary purchase price allocation included in the table above, which are not yet finalized, relate to the fair values of property and equipment and residual goodwill. Management expects to continue to obtain information to assist in finalizing these preliminary valuations during the measurement period (up to one year from the acquisition date). In connection with completing the 2015 Acquisitions, we incurred transaction costs totaling $6.5 million that are included in our corporate and administrative expenses. Montana Dispositions 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. 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 recorded a gain on disposal of approximately $0.9 million related to this disposition in 2015. Pending Acquisitions See Note 11 “Subsequent Events” for discussion of the Schurz Acquisition and Related Transactions, completed in February 2016. 2014 Acquisitions: Hoak Acquisition On June 13, 2014, we completed the acquisition of 100% of the capital stock of certain wholly owned subsidiaries of Hoak Media, LLC (“Hoak”) for total purchase price of approximately $299.9 million (the “Hoak Acquisition”). The following stations were acquired in the Hoak Acquisition: Station Network Affiliation Market KSFY-TV ABC Sioux Falls, SD KABY-TV* ABC Sioux Falls, SD KPRY-TV* ABC Sioux Falls, SD KVLY-TV NBC Fargo-Valley City, ND KNOE-TV CBS Monroe- El Dorado, LA KFYR-TV NBC Minot-Bismarck-Dickinson, ND KMOT-TV* NBC Minot-Bismarck-Dickinson, ND KUMV-TV* NBC Minot-Bismarck-Dickinson, ND KQCD-TV* NBC Minot-Bismarck-Dickinson, ND KALB-TV NBC/CBS Alexandria, LA KNOP-TV NBC North Platte, NE KIIT-LP FOX North Platte, NE * satellite station The Hoak Acquisition also included our assumption of Hoak’s interest in certain operating agreements, and the acquisition of certain non-license assets, of KHAS-TV, which served the Lincoln-Hastings, Nebraska market. On June 13, 2014, we transferred the programing of KHAS-TV to KSNB-TV, a station owned by Gray that also serves the Lincoln-Hastings, Nebraska, market. We used borrowings under the Senior Credit Facility, defined below, to fund the purchase price to complete the Hoak Acquisition. As a component of the Hoak Acquisition, Gray assumed Hoak’s rights under certain agreements with Parker Broadcasting, Inc. (“Parker”) to provide back-office services, sales support and limited programming to KXJB-TV and KAQY-TV (each, a “Parker Agreement”). The Parker Agreements terminated upon the completion of the Parker Acquisition (defined below). The Hoak Acquisition also included two subsidiaries with television stations located in the Panama City, Florida (KREX) and Grand Junction, Colorado (WMBB) markets. On June 13, 2014, in conection with the Hoak Acquisition, we divested those subsidiaries in exchange for $33.5 million. This amount is not included in our total purchase price for Hoak. SJL Acquisition On September 15, 2014, we acquired from SJL Holdings, LLC and SJL Holdings II, LLC, 100% of the capital stock of the entities that own and operate WJRT-TV and WTVG-TV, respectively, which are the ABC-affiliated television stations serving the Flint-Saginaw-Bay City, Michigan, and Toledo, Ohio, television markets, respectively, for total purchase price of $131.5 million (the “SJL Acquisition”). We funded the SJL Acquisition with a combination of cash from operations and borrowings under our Senior Credit Facility. KEVN Acquisition On May 1, 2014, we acquired from Mission TV, LLC 100% of the capital stock of the entity that operates KEVN-TV and its satellite station, KIVV-TV (collectively, the “KEVN Stations”) The KEVN Stations are affiliated with FOX and serve the Rapid City, South Dakota market. The total purchase price to complete the KEVN Acquisition was approximately $8.8 million (the “KEVN Acquisition”). The purchase price to complete the KEVN Acquisition was funded with a combination of cash from operations and borrowings under our prior senior credit facility. KNDX Acquisition On May 1, 2014, we acquired from Prime Cities Broadcasting, Inc. (“Prime Cities”) certain assets of KNDX-TV and its satellite station KXND-TV, as well as certain non-license assets of low power stations KNDX-LP and KXND-LP. These four stations served as FOX affiliates for the Minot-Bismarck, North Dakota television market. On June 13, 2014, we transferred the programing of KNDX-TV and KXND-TV to the television stations that we acquired from Hoak in the Minot-Bismarck, North Dakota television market. On June 27, 2014, we acquired the low power FCC licenses of KNDX-LP and KXND-LP from Prime Cities. We refer to the acquisition of these assets from Prime Cities as the “KNDX Acquisition.” The total purchase price was $7.5 million, which was funded with a combination of cash from operations and borrowings under our prior senior credit facility. Parker Acquisition Also in 2014, we acquired 100% of the capital stock of two of Parker’s subsidiaries, Parker Broadcasting of Dakota, LLC and Parker Broadcasting of Louisiana, LLC (collectively, the “Parker Acquisition”). Parker Broadcasting of Dakota, LLC owned certain non-license assets of KXJB-TV, which was affiliated with the CBS network and served the Fargo, North Dakota television market. Parker Broadcasting of Louisiana LLC owned certain non-license assets of KAQY-TV, which was affiliated with the ABC network and served the Monroe, Louisiana television market. On September 25, 2014, we completed the acquisition of the outstanding capital stock of Parker Broadcasting of Louisiana LLC and transferred the programing of KAQY-TV to KNOE-TV, a station owned by Gray that also serves the Monroe, Louisiana, television market. On December 1, 2014, we completed the acquisition of Parker Broadcasting of Dakota, LLC and transferred the programming of KXJB-TV to KVLY-TV, a station owned by us that also serves the Fargo, North Dakota television market. Upon the completion of the Parker Acquisition, the Parker Agreements were terminated. The purchase price to complete the Parker Acquisition was $6.7 million, of which approximately $1.7 million was allocated to the Parker Broadcasting of Louisiana transaction, and $5.0 million was allocated to the Parker Broadcasting of Dakota transaction. The purchase price to complete the Parker Acquisition was funded with a combination of cash from operations and borrowings under our Senior Credit Facility. WQCW Acquisition On April 1, 2014, we acquired the assets of WQCW-TV, Portsmouth, Ohio from Lockwood Broadcast Group (the "WQCW Acquisition"). WQCW-TV serves as the CW affiliate for the Charleston/ Huntington, West Virginia television market, where we own and operate WSAZ-TV, the market's NBC affiliate. The purchase price to complete the WQCW Acquisition was approximately $5.5 million, which was funded with cash from operations. Helena Acquisition On November 1, 2014, we acquired from Beartooth Communications Company the assets of KTVH-TV and KBGF-LD, which are NBC affiliates in the Helena, Montana and Great Falls, Montana markets, respectively; and on December 1, 2014, we acquired from Rocky Mountain Broadcasting Company the assets of KMTF-TV the CW affiliate for the Helena, Montana market (together, the “Helena Acquisition”). Total purchase price for both acquisitions was approximately $1.9 million, which was funded with cash from operations . The estimated fair values of the acquired assets, assumed liabilities and the resulting goodwill from the 2014 Acquisitions are summarized as follows (in thousands): Acquisition Hoak SJL KEVN KNDX Parker WQCW Helena Cash $ - $ - $ 615 $ - $ - $ - $ - Accounts receivable 10,722 7,132 569 - 765 - 14 Other current assets 509 1,946 96 39 964 45 49 Property and equipment 45,382 23,508 3,888 2,576 722 991 1,230 Goodwill 131,632 50,941 2,717 1,839 1,932 802 70 Broadcast licenses 91,958 86,685 1,675 500 - 3,691 146 Other intangible assets 35,386 10,091 1,786 2,584 3,163 15 431 Other non-current assets - 253 29 15 16 - - Current liabilities (3,544 ) (4,936 ) (211 ) (36 ) (826 ) (45 ) (90 ) Other long-term liabilities - (379 ) (38 ) (17 ) (5 ) - - Deferred income tax liabilities (12,188 ) (43,712 ) (2,341 ) - - - - Total $ 299,857 $ 131,529 $ 8,785 $ 7,500 $ 6,731 $ 5,499 $ 1,850 These amounts 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, among other factors, expected future revenue and cash flows, expected future growth rates, and estimated discount rates. Accounts receivable are recorded at their fair value that represents the amount we expect to collect. Gross contractual amounts receivable are approximately $0.3 million more than their recorded fair value. Property and equipment are recorded at their fair value and are being depreciated over their estimated useful lives ranging from three years to 40 years. The amount related to other intangible assets primarily represents the estimated fair values of retransmission agreements of $34.2 million; advertising client relationships of $13.1 million; and income leases of $4.1 million. These intangible assets are being amortized over the estimated remaining useful lives of 4.4 years for retransmission agreements; 5.5 years for advertising client relationships; and 8.3 years for income leases. We expect that goodwill of $88.6 million related to asset acquisitions and stock acquisitions that are treated as asset acquisitions based on the tax elections made relating to the 2014 Acquisitions will be deductible for tax purposes. As described above, no fair value was separately allocated to the acquired network affiliation agreements in our 2014 Acquisitions. In connection with completing the 2014 Acquisitions, we incurred transaction costs totaling $6.2 million that are included in our corporate and administrative expenses in the year ended December 31, 2014. 2013 Acquisitions: Acquisition of Yellowstone Television, LLC Effective October 31, 2013, we entered into an agreement to acquire Yellowstone Television, LLC (“Yellowstone”). On November 1, 2013, Yellowstone acquired the following television stations: ● KGNS-TV in the Laredo, Texas television market. Its channels are affiliated with NBC, CW, and Telemundo; ● KGWN-TV in the Cheyenne, Wyoming-Scottsbluff, Nebraska television market. Its channels are affiliated with CBS and CW. KGWN-TV extends throughout the market on KSTF (TV) in Scottsbluff, Nebraska, and K19FX in Laramie, Wyoming; KCHY-LP, which is the NBC affiliate for the Cheyenne-Scottsbluff television market; and ● KCWY-TV in the Casper, Wyoming television market. Its primary channel is affiliated with NBC. We paid $23.0 million for 99% of the outstanding equity interests in Yellowstone and incurred fees of approximately $0.2 million in connection with this acquisition, which fees were expensed upon incurrence. The acquisition was financed with cash from operations. In connection therewith, we entered into a put and call option agreement with the owner of Yellowstone, which we exercised and completed on October 2, 2014, acquiring the remaining 1% of the equity of Yellowstone for $10.0 million. The total purchase price for this acquisition was approximately $32.7 million. Transactions with Excalibur In the fourth quarter of 2013, we entered into a series of transactions with the News-Press Gazette Company and Excalibur Broadcasting, LLC (together with its subsidiaries, “Excalibur”), pursuant to which we began providing services to one new full-power station and associated low-power stations, and we acquired the programming streams of all of those stations (collectively, the “Excalibur Acquisition”). On October 31, 2013, Gray and Excalibur consummated the acquisition of KJCT-TV, which broadcasts ABC, CW, Telemundo and local programming in the Grand Junction, Colorado, market. At that time, Excalibur acquired the license assets of KJCT-TV for approximately $3.0 million, and we acquired various non-license assets related to KJCT-TV for approximately $9.0 million. Gray financed this acquisition with cash from operations. In connection therewith, we entered into a shared services agreement pursuant to which we provided certain services, including back office, engineering and sales support, and a lease agreement pursuant to which we provided studio and office space to Excalibur. Also in connection with these arrangements, we paid $0.5 million to enter into a put and call option agreement with Excalibur, which we exercised on December 15, 2014, acquiring the assets of Excalibur for a purchase price equal to their outstanding indebtedness of $2.9 million, which was then retired, resulting in a loss on extinguishment of debt of $0.2 million and the termination of our guarantee of Excalibur’s debt. Upon the acquisition of those assets, the primary license of KJCT-TV, the related transmitter and tower were sold to a third party for $75,000, resulting in a loss on disposal of assets of $269,000 in the year ended December 31, 2014. In addition to the tangible assets acquired, we also acquired the various program streams and network affiliations formerly broadcast by Excalibur, which we have transferred to our existing operations the Grand Junction, Colorado market. The total purchase price paid to acquire KJCT-TV was $12.0 million, which was funded with cash on hand. The estimated fair values of the acquired assets, assumed liabilities and the resulting goodwill from the 2013 Acquisitions are summarized as follows (in thousands): Acquisition Yellowstone Excalibur Cash $ 95 $ - Other current assets 280 91 Property and equipment 7,249 2,740 Goodwill 9,421 4,466 Broadcast licenses 14,305 4,161 Other intangible assets 1,709 633 Other non-current assets 70 - Current liabilities (304 ) (91 ) Long-term debt, less current portion (86 ) - Total $ 32,739 $ 12,000 These amounts were 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, among other factors, expected future revenue and cash flows, expected future growth rates, and estimated discount rates. The amount related to other intangible assets represents primarily the estimated fair values of retransmission agreements of $1.4 million and advertising client relationships of $0.6 million. These intangible assets are being amortized over the estimated remaining useful lives of 1.8 years for retransmission agreements and 7.1 years for advertising client relationships. Acquired property and equipment is being depreciated on a straight-line basis over the respective estimated remaining useful lives. Goodwill will be deductible for tax purposes. Unaudited Pro Forma Financial Information Pro Forma Data - 2015 Acquisitions The following table sets forth certain unaudited pro forma information for the years ended December 31, 2015 and 2014 assuming that the 2015 Acquisitions occurred on January 1, 2014 (in thousands, except per share data): Year Ended December 31, 2015 Year Ended December 31, 2014 Revenue (less agency commissions) $ 621,530 $ 559,538 Net income $ 46,181 $ 59,342 Basic net income per share $ 0.68 $ 1.03 Diluted net income per share $ 0.67 $ 1.02 This pro forma financial information is based on each of Gray’s and the 2015 Acquisitions’ historical results of operations, adjusted for the effect of fair value estimates and other acquisition accounting adjustments, and is not necessarily indicative of what our results would have been had we completed each of the 2015 Acquisitions on January 1, 2014 or on any other historical date, nor is it reflective of our expected results of operations for any future period. The pro forma adjustments for the years ended December 31, 2015 and 2014 reflect depreciation expense and amortization of finite-lived intangible assets related to the fair value of the assets acquired, and the related tax effects of the adjustments. This pro forma financial information has been prepared based on estimates and assumptions that we believe are reasonable as of the date hereof, and are subject to change based on, among other things, changes in the fair value estimates or underlying assumptions. In connection with completing the 2015 Acquisitions, we incurred a total of $6.5 million of transaction related costs in 2015, primarily related to legal, consulting and other professional services. Net revenues and operating income of the businesses acquired in the 2015 Acquisitions included in our audited consolidated statements of operations for the year ended December 31, 2015 were $23.2 million and $8.6 million, respectively. Pro Forma Data - Ho ak Acquisition and SJL Acquisition The following table sets forth certain unaudited pro forma results of operations of the Company for the years ended December 31, 2014 and 2013 assuming that the Hoak Acquisition and the SJL Acquisition, along with transactions necessary to finance the Hoak Acquisition and the SJL Acquisition, occurred on January 1, 2013 (in thousands, except per share data): Year Ended December 31, 2014 Year Ended December 31, 2013 Revenue (less agency commissions) $ 565,251 $ 445,443 Net income $ 50,771 $ 20,665 Basic net income per share $ 0.88 $ 0.36 Diluted net income per share $ 0.87 $ 0.36 This pro forma financial information is based on each of Gray’s, Hoak’s and SJL’s historical results of operations, adjusted for the effect of fair value estimates and other acquisition accounting adjustments, and is not necessarily indicative of what our results would have been had we completed each of the Hoak Acquisition, the SJL Acquisition and the related financing transactions on January 1, 2013 or on any other historical date, nor is it reflective of our expected results of operations for any future period. The pro forma adjustments for the years ended December 31, 2014 and 2013 reflect (i) depreciation expense and amortization of finite-lived intangible assets related to the fair value of the assets acquired, (ii) additional interest expense related to the financing of each of the Hoak Acquisition and the SJL Acquisition, (iii) the loss from early extinguishment of debt as if the amendment and restatement of our prior senior credit facility had ocurred on January 1, 2013, and (iv) the related tax effects of the adjustments. This pro forma financial information has been prepared based on estimates and assumptions that we believe are reasonable as of the date hereof, and are subject to change based on, among other things, changes in the fair value estimates or underlying assumptions. In connection with completing the Hoak Acquisition and SJL Acquisition, in 2014 we incurred a total of $5.1 million of transaction related costs, primarily related to legal, consulting and other professional services. These costs were not included in the 2014 pro forma amounts presented above, but 2013 pro forma net income was adjusted to include these costs as if they were incurred in 2013 as they were directly attributable to the Hoak Acquisition and the SJL Acquisition. Net revenues and operating income of the businesses acquired in the Hoak Acquisition and the SJL Acquisition included in our audited consolidated statements of operations for the year ended December 31, 2014 were $64.7 million and $25.8 million, respectively. Pro forma financial information for each of the KEVN Acquisition, the KNDX Acquisition, the Parker Acquisition, the WQCW Acquisition, the Helena Acquisition, the Yellowstone Acquisition and the Excalibur Acquisition are not included, as such information is not material to our financial statements.

Note 3 - Long-term Debt

Note 3 - Long-term Debt	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Debt Disclosure [Text Block]	3. Long-term Debt As of December 31, 2015 and 2014, long-term debt balances consisted of the following (in thousands): 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 4,099 4,963 Net carrying value $ 1,235,537 $ 1,236,401 Borrowing availability under the Revolving Credit Facility $ 50,000 $ 50,000 Senior Credit Facility On June 13, 2014 (the “Closing Date”), Gray amended and restated its then-existing senior credit facility in the form of a new agreement (the “Senior Credit Facility”). As amended, the Senior Credit Facility provided total commitments of $625.0 million, consisting of a $575.0 million term loan facility (the “2014 Term Loan”) and a $50.0 million revolving credit facility (the “ 2014 Revolving Credit Facility”). On the Closing Date, we borrowed $525.0 million under the 2014 Term Loan. Proceeds from borrowings under the 2014 Term Loan were used to repay all amounts outstanding under the Company’s then-existing senior credit facility, to fund the cash purchase price to complete the Hoak Acquisition and to pay related fees and expenses, as well as for general corporate purposes. On September 15, 2014, we borrowed an additional $100.0 million under the 2014 Term Loan. Proceeds from this borrowing were used to fund a portion of the cash purchase price to complete the SJL Acquisition. At December 31, 2015, 2014 Term Loan borrowings bore interest, at our option, at either the Base Rate (as defined below) plus 1.75% to 2.0% or the London Interbank Offered Rate (“LIBOR”) plus 2.75% to 3.0%, subject to a LIBOR floor of 0.75%, in each case based on a first lien leverage ratio test as set forth in the Senior Credit Facility (the “First Lien Ratio Test”). In connection with the completion of the Schurz Acquisition and Related Transactions, we entered into an amendment to the Senior Credit Facility (the “Amendment and Incremental Facility”), pursuant to which, among other things, the interest rate applicable to the 2014 Term Loan was modified to be, at our option, either the Base Rate plus 2.1875% or LIBOR plus 3.1875%, subject to a LIBOR floor of 0.75%. Borrowings under the 2014 Revolving Credit Facility bear interest, at our option, based on the Base Rate plus 1.0% to 1.5% or LIBOR plus 2.0% to 2.5%, in each case based on the First Lien Ratio Test. Base Rate is defined as the greatest of (i) the administrative agent’s prime rate, (ii) the overnight federal funds rate plus 0.50% and (iii) one-month LIBOR plus 1.0%. We are required to pay a commitment fee on the average daily unused portion of the 2014 Revolving Credit Facility, which rate ranges from 0.375% to 0.50% on an annual basis, based on a first lien ratio test. The 2014 Revolving Credit Facility matures on June 13, 2019, and the 2014 Term Loan matures on June 13, 2021. Excluding accrued interest, the amount outstanding under our Senior Credit Facility as of December 31, 2015 consisted solely of a 2014 Term Loan balance of $556.4 million. As of December 31, 2015, the interest rate on the balance outstanding under the Senior Credit Facility was 3.8%. Our maximum borrowing availability under the Senior Credit Facility as a whole is limited by our required compliance with certain restrictive covenants, including a first lien net leverage ratio covenant. Our borrowing availability under the 2014 Revolving Credit Facility was $50.0 million as of December 31, 2015. In connection with the entry into the Senior Credit Facility we incurred total loan issuance costs of approximately $9.21 million, including bank fees and other professional fees in 2014. As of December 31, 2015 and 2014, we had a deferred loan cost balance, net of accumulated amortization, of $6.1 million and $7.4 million, related to the Senior Credit Facility. The 2014 amendment and restatement of the Senior Credit Facility was determined to be a significant modification and, as a result, we recorded a related loss from early extinguishment of debt of $4.9 million in the year ended December 31, 2014. In connection with the completion of the Schurz Acquisition and Related Transactions, we entered into the Amendment and Incremental Facility, pursuant to which, among other things, on February 16, 2016, we incurred an additional $425.0 million of debt under an incremental term loan (the “2016 Term Loan”) under the Senior Credit Facility and the revolving loan commitment under the Senior Credit Facility was increased by $10.0 million to $60.0 million. See Note 11 “Subsequent Events” for a discussion of this amendment and the additional debt incurred. 2020 Notes As of December 31, 2015 and 2014, we had $675.0 million of our 7½% Senior Notes due 2020 (the “2020 Notes”) outstanding. As of December 31, 2015 and 2014, the coupon interest rate and the yield on the 2020 Notes were 7.5% and 7.3% , respectively. As of December 31, 2015 and 2014, we had a deferred loan cost balance, net of accumulated amortization, of $9.3 million and $11.3 million, related to our 2020 Notes. We may redeem some or all of the 2020 Notes at specified redemption prices. If we sell certain of our assets or experience specific kinds of changes of control, we must offer to repurchase the 2020 Notes. The 2020 Notes mature on October 1, 2020. Interest on the 2020 Notes is payable semiannually, on April 1 and October 1 of each year. As of December 31, 2015 and 2014, we were in compliance with all covenants required under the 2020 Notes. 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 December 31, 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. In connection with the issuance of $375.0 million of our 2020 Notes in 2013, we incurred issuance costs of approximately $7.3 million, including bank fees and other professional fees. Maturities Aggregate minimum principal maturities on long-term debt as of December 31, 2015 were as follows (in thousands): Minimum Principal Maturities Year Senior Credit Facility 2020 Notes Total 2016 $ - $ - $ - 2017 - - - 2018 - - - 2019 - - - 2020 - 675,000 675,000 Thereafter 556,438 - 556,438 Total $ 556,438 $ 675,000 $ 1,231,438 Interest Payments For all of our interest bearing obligations, we made interest payments of approximately $76.9 million, $61.9 million and $49.4 million during 2015, 2014 and 2013, respectively. We did not capitalize any interest payments during the years ended December 31, 2015, 2014 or 2013.

Note 4 - Fair Value Measurement

Note 4 - Fair Value Measurement	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Fair Value Disclosures [Text Block]	4. Fair Value Measurement For purposes of determining a fair value measurement, 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 Financial Instruments The estimated fair value of 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 or methodologies could 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. Both the carrying amount and fair value of our long-term debt was $1.2 billion as of each of December 31, 2015 and 2014. We classify our long-term debt within Level 2 of the fair value hierarchy.

Note 5 - Stockholders' Equity

Note 5 - Stockholders' Equity	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	5. 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 2015 Acquisitions. 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 decided, on an equal per-share basis. Our Board of Directors has authorized Gray to repurchase an aggregate of up to 5,000,000 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 December 31, 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 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 years ended December 31, 2015, 2014 and 2013, we did not make any repurchases under these authorizations. For the years ended December 31, 2015, 2014 and 2013, 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 Class A common stock or common stock. As of December 31, 2015, we had reserved 5,689,219 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 5,841,425 shares and 763,706 shares of our common stock and Class A common stock, respectively, for future issuance under various employee benefit plans.

Note 6 - Stock-based Compensati

Note 6 - Stock-based Compensation	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	6. 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 presents our stock-based compensation expense and related income tax benefits for the years ended December 31, 2015, 2014 and 2013 (in thousands): Year Ended December 31, 2015 2014 2013 Stock-based compensation expense, gross $ 4,019 $ 5,012 $ 1,974 Income tax benefit at our statutory rate associated with stock-based compensation (1,567 ) (1,955 ) (770 ) Stock-based compensation expense, net $ 2,452 $ 3,057 $ 1,204 2007 Long Term Incentive Plan The 2007 Long Term Incentive Plan, as amended (the “2007 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. We recognize the fair value of stock options granted on the date of grant as compensation expense, and such expense is amortized over the vesting period of the stock option. The 2007 Incentive Plan allows us to grant share-based awards for up to 6.0 million shares of stock, with not more than 1.0 million out of that 6.0 million being Class A common stock and the remaining shares being common stock. As of December 31, 2015, 4.6 million shares of our common stock and 0.5 million shares of our Class A common stock were available for issuance under the 2007 Incentive Plan. Shares of common stock and Class A common stock underlying outstanding options and performance awards are counted as issued under the 2007 Incentive Plan. Under the 2007 Incentive Plan, the options granted typically vest after a two to four-year period and expire three to eight years after vesting. However, options will vest immediately upon a “change in control” as such term is defined in the 2007 Incentive Plan. All options have been granted with purchase prices that equal the market value of the underlying stock at the close of business on the date of the grant. During the year ended December 31, 2015, we granted 150,308 shares of restricted common stock to our employees, of which 50,102 shares vested 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 year ended December 31, 2015, we granted 229,322 shares of restricted Class A common stock to our employees, of which 76,442 shares vested on January 31, 2016; 76,442 shares will vest on January 31, 2017; and 76,438 shares will vest on January 31, 2018. Also during the year ended December 31, 2015, we granted 58,191 shares of restricted Class A common stock to our non-employee directors, all of which vested on January 31, 2016. During the year ended December 31, 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; 58,327 shares vested on of January 17, 2016; and 58,327 shares will vest on January 17, 2017. Also during the year ended December 31, 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; 43,590 shares vested on January 17, 2016; and 43,590 shares will vest on January 17, 2017. Also during the year ended December 31, 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. During the year ended December 31, 2013, we granted 318,852 shares of restricted common stock to our employees, of which 107,224 shares vested in the year ended December 31, 2013, 70,542 shares vested on each of March 19, 2014 and March 19, 2015 and an additional 70,542 shares will vest on March 19, 2016. During the year ended December 31, 2013, we granted 63,210 shares of restricted common stock to our non-employee directors. These shares vested on January 1, 2014. A summary of restricted stock activity related to our common stock for the years ended December 31, 2015, 2014 and 2013 under our 2007 Incentive Plan is as follows: Year Ended December 31, 2015 2014 2013 Number of Shares Weighted- Average Grant Date Fair Value Per Share Number of Shares Weighted- Average Grant Date Fair Value Per Share Number of Shares Weighted- Average Grant Date Fair Value Per Share Restricted stock - common: Outstanding - beginning of period 385,056 $ 9.09 274,838 $ 4.43 - $ - Granted 150,308 10.27 312,961 11.78 382,062 5.20 Vested (197,858 ) 9.16 (202,743 ) 6.93 (107,224 ) 7.16 Outstanding - end of period 337,506 $ 9.57 385,056 $ 9.09 274,838 $ 4.43 A summary of restricted stock activity related to our Class A common stock for the years ended December 31, 2015, 2014 and 2013 under our 2007 Incentive Plan is as follows: Year Ended December 31, 2015 2014 2013 Number of Shares Weighted- Average Grant Date Fair Value Per Share Number of Shares Weighted- Average Grant Date Fair Value Per Share Number of Shares Weighted- Average Grant Date Fair Value 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 - $ - A summary of stock option activity related to our common stock for the years ended December 31, 2015, 2014 and 2013 under our 2007 Incentive Plan is as follows: Year Ended December 31, 2015 2014 2013 Number of Shares Underlying Options Weighted Average Exercise Price Number of Shares Underlying Options Weighted Average Exercise Price Number of Shares Underlying Options Weighted Average Exercise Price Common stock: Options outstanding - beginning of period 274,746 $ 1.99 274,746 $ 1.99 1,316,068 $ 5.98 Options granted - - - - - - Options exercised - - - - (119,822 ) 2.34 Options forfeited - - - - - - Options expired - - - - (921,500 ) 7.64 Options outstanding - end of period 274,746 $ 1.99 274,746 $ 1.99 274,746 $ 1.99 Options exercisable at end of period 206,064 $ 1.99 137,376 $ 1.99 68,688 $ 1.99 The aggregate intrinsic value of outstanding stock options was $3.9 million based on the closing market price of our common stock on December 31, 2015. Directors’ Restricted Stock Plan On May 14, 2003, our stockholders approved a restricted stock equity incentive plan for our Board of Directors (the “Directors’ Restricted Stock Plan”). We have reserved 1.0 million shares of our common stock for issuance under this plan and, as of December 31, 2015, there were 770,000 shares available for future award. Under the Directors’ Restricted Stock Plan, each director can be awarded up to 10,000 shares of restricted stock each calendar year. During the years ended December 31, 2015, 2014 and 2013, we did not grant any restricted stock awards under the Directors’ Restricted Stock Plan. As of December 31, 2015, we had $1.9 million of total unrecognized compensation expense related to all non-vested share based compensation arrangements. The expense is expected to be recognized over a period of 2.0 years.

Note 7 - Income Taxes

Note 7 - Income Taxes	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Income Tax Disclosure [Text Block]	7. Income Taxes We recognize deferred tax assets and liabilities for future tax consequences attributable to differences between our financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse. We recognize the effect on deferred tax assets and liabilities resulting from a change in tax rates in income in the period that includes the date of the change. Under certain circumstances, we recognize liabilities in our financial statements for positions taken on uncertain tax issues. Federal and state and local income tax expense (benefit) is summarized as follows (in thousands): Year Ended December 31, 2015 2014 2013 Current: Federal $ - $ - $ - State and local 1,259 996 118 State and local - reserve for uncertain tax positions (581 ) (198 ) (136 ) Current income tax expense (benefit) 678 798 (18 ) Deferred: Federal 24,067 28,231 12,218 State and local 1,703 2,707 947 Deferred income tax expense 25,770 30,938 13,165 Total income tax expense $ 26,448 $ 31,736 $ 13,147 Significant components of our deferred tax liabilities and assets are as follows (in thousands): December 31, 2015 2014 Deferred tax liabilities: Net book value of property and equipment $ 20,986 $ 20,195 Broadcast licenses, goodwill and other intangibles 350,647 341,654 Total deferred tax liabilities 371,633 361,849 Deferred tax assets: Liability for accrued vacation 2,172 1,900 Liability for accrued bonus 4,786 3,440 Loan acquisition costs 391 447 Allowance for doubtful accounts 700 572 Liability under health and welfare plan 1,108 1,111 Liability for pension plan 14,172 16,900 Federal operating loss carryforwards 38,466 55,425 State and local operating loss carryforwards 5,867 7,102 Alternative minimum tax carryforwards 386 386 Unearned income 73 214 Stock options 163 119 Acquisition costs 1,129 776 Restricted stock 1,875 1,479 Other 172 206 Total deferred tax assets 71,460 90,077 Valuation allowance for deferred tax assets (1,683 ) (2,052 ) Net deferred tax assets 69,777 88,025 Deferred tax liabilities, net of deferred tax assets $ 301,856 $ 273,824 We have approximately $112.0 million in federal operating loss carryforwards, which expire during the years 2027 through 2031. Additionally, we have an aggregate of approximately $153.5 million of various state operating loss carryforwards. We project to have taxable income in the carryforward periods. Therefore, we believe that it is more likely than not that the federal net operating loss carryforwards will be fully utilized. A valuation allowance has been provided for a portion of the state net operating loss carryforwards. We believe that we will not meet the more likely than not threshold in certain states due to the uncertainty of generating sufficient income. Therefore, the state valuation allowance at December 31, 2015 and 2014 was $1.7 million and $2.1 million, respectively. Our total valuation allowance provided for deferred income tax assets decreased $0.4 million for the year ended December 31, 2015 due to changes in estimated utilization of state operating loss carryforwards. Our total valuation allowance provided for deferred income tax assets decreased $0.7 million for the year ended December 31, 2014 due to changes in estimated utilization of state operating loss carryforwards. A reconciliation of income tax expense at the statutory federal income tax rate and income taxes as reflected in the consolidated financial statements for the years ended December 31, 2015, 2014 and 2013 is as follows (in thousands): Year Ended December 31, 2015 2014 2013 Statutory federal rate applied to income before income tax expense $ 23,012 $ 27,929 $ 11,002 Current year permanent items 1,192 849 669 State and local taxes, net of federal tax benefit 2,831 4,050 1,432 Change in valuation allowance (369 ) (696 ) (409 ) Reserve for uncertain tax positions (581 ) (198 ) (136 ) Other items, net 363 (198 ) 589 Income tax expense as recorded $ 26,448 $ 31,736 $ 13,147 Effective income tax rate 40.2 % 39.8 % 41.8 % As of each year end, we are required to adjust our pension liability to an amount equal to the funded status of our pension plans with a corresponding adjustment to other comprehensive income on a net of tax basis. During 2015, we decreased our recorded non-current pension liability by $5.8 million and recognized other comprehensive income of $3.5 million, net of a $2.3 million tax expense. During 2014, we increased our recorded non-current pension liability by $17.1 million and recognized other comprehensive loss of $10.4 million, net of a $6.7 million tax benefit. During 2013, we decreased our recorded non-current pension liability by $16.0 million and recognized other comprehensive gain of $9.8 million, net of a $6.2 million tax expense. In 2015, 2014 and 2013, we made income tax payments (net of refunds) of $1.8 million, $0.4 million and $0.5 million, respectively. At December 31, 2015 and 2014, we had current income taxes payable of approximately $0.8 million and $1.9 million, respectively. We prescribe a recognition threshold and measurement attribution for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. As of December 31, 2015 and 2014, we had approximately $0.7 million and $1.3 million, respectively, of unrecognized tax benefits. All of these unrecognized tax benefits would impact our effective tax rate if recognized. The liability for unrecognized tax benefits is recorded net of any federal tax benefit that would result from payment. We have accrued estimates of interest and penalties related to unrecognized tax benefits in income tax expense. As of December 31, 2015 and 2014, we had recorded a liability for potential penalties and interest of approximately $0.3 million and $0.6 million, respectively, related to uncertain tax positions. The following table summarizes the activity related to our unrecognized tax benefits, net of federal benefit, excluding interest and penalties for the years ended December 31, 2015, 2014 and 2013 (in thousands): Year Ended December 31, 2015 2014 2013 Balance at beginning of period $ 657 $ 782 $ 880 Reduction in benefit from lapse in statute of limitations (303 ) (125 ) (98 ) Balance at end of period $ 354 $ 657 $ 782 While it is difficult to calculate with any certainty, we estimate a decrease of $0.3 million, exclusive of interest and penalties, will be recorded for uncertain tax positions over the next twelve months resulting from expiring statutes of limitations for state tax issues. We file income tax returns in the U.S. federal and multiple state jurisdictions. With few exceptions, we are no longer subject to U.S. federal, or state and local tax examinations by tax authorities for years prior to 2001. This extended open adjustment period is due to material amounts of net operating loss carryforwards, which exist at the federal level and in multiple-state jurisdictions arising from the 2002 and 2003 tax years.

Note 8 - Retirement Plans

Note 8 - Retirement Plans	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	8. 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, and no new participants can be added to the Gray Pension Plan, therefore all of our defined benefit pension plans are frozen plans. Gray Pension Plan The Gray Pension Plan’s funding policy is consistent with the funding requirements of existing federal laws and regulations under the Employee Retirement Income Security Act of 1974. The measurement dates used to determine the benefit information for the Gray Pension Plan were December 31, 2015 and 2014, respectively. The following summarizes the Gray Pension Plan’s funded status and amounts recognized on our consolidated balance sheets at December 31, 2015 and 2014, respectively (dollars in thousands): December 31, 2015 2014 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 108,006 $ 83,533 Service cost 3,130 5,162 Interest cost 4,159 4,106 Actuarial losses 420 16,712 Benefits paid (1,683 ) (1,507 ) Effect of pension curtailment (10,833 ) - Projected benefit obligation at end of year $ 103,199 $ 108,006 Change in plan assets: Fair value of pension plan assets at beginning of year $ 66,813 $ 58,063 Actual return on plan assets (1,034 ) 3,940 Company contributions 5,150 6,317 Benefits paid (1,683 ) (1,507 ) Fair value of pension plan assets at end of year 69,246 66,813 Funded status of pension plan $ (33,953 ) $ (41,193 ) Amounts recognized in our balance sheets consist of: Accrued benefit cost $ (8,994 ) $ (10,057 ) Accumulated other comprehensive loss (24,959 ) (31,136 ) Net liability recognized $ (33,953 ) $ (41,193 ) The accumulated benefit obligation amounts of the Gray Pension plan are frozen and were $103.2 million and $92.8 million at December 31, 2015 and 2014, respectively. The long-term rate of return on assets assumption was chosen from a best estimate range based upon the anticipated long-term returns for asset categories in which the Gray Pension Plan is invested. The estimated rate of increase in compensation levels used to calculate the net periodic benefit cost for the year ended December 31, 2015 applied only to the period prior to the Gray Pension Plan becoming frozen. This factor was not applicable after that time in the determination of the benefit obligation as of December 31, 2015. Year Ended December 31, 2015 2014 Weighted-average assumptions used to determine net periodic benefit cost for the Gray pension plan: Discount rate 4.00 % 4.97 % Expected long-term rate of return on pension plan assets 7.00 % 7.00 % Estimated rate of increase in compensation levels 5.63 % 5.63 % As of December 31, 2015 2014 Weighted-average assumptions used to determine benefit obligations: Discount rate 4.31 % 4.00 % Estimated rate of increase in compensation levels N/A 5.63 % Pension expense is computed using the projected unit credit actuarial cost method. The net periodic pension cost for the Gray Pension Plan includes the following components (in thousands): Year Ended December 31, 2015 2014 2013 Components of net periodic pension cost: Service cost $ 3,130 $ 5,162 $ 5,165 Interest cost 4,159 4,106 3,553 Expected return on plan assets (4,782 ) (4,200 ) (3,400 ) Recognized net actuarial loss 1,580 969 3,131 Net periodic pension cost $ 4,087 $ 6,037 $ 8,449 For the Gray Pension Plan, the estimated future benefit payments are as follows (in thousands): Years Amount 2016 $ 2,312 2017 2,464 2018 2,646 2019 2,931 2020 3,372 2021 - 2025 20,521 The Gray Pension Plan’s weighted-average asset allocations by asset category were as follows: As of December 31, 2015 2014 Asset category: Insurance general account 26% 28% Cash management accounts 2% 3% Equity accounts 54% 64% Fixed income accounts 14% 5% Real estate accounts 4% 0% Total 100% 100% The investment objective is to achieve a consistent total rate of return (income, appreciation, and reinvested funds) that will equal or exceed the actuarial assumption with aversion to significant volatility. The following is the target asset allocation: Target Range Strategic Allocation Lower Limit Upper Limit Asset class: Equities: Large cap value 5% 0% 50% Large cap blend 5% 0% 50% Large cap growth 5% 0% 50% Mid-cap blend 15% 0% 40% Small cap core 5% 0% 25% Foreign large blend 10% 0% 40% Emerging markets 10% 0% 25% Real estate 5% 0% 20% Fixed Income: U.S. Treasury inflation protected 5% 0% 25% Intermediate term bond 10% 0% 50% Long term government bond 5% 0% 40% Hight yield bond 10% 0% 25% Emerging markets bond 10% 0% 20% Money market taxable 0% 0% 100% Our equity portfolio contains securities of companies necessary to build a diversified portfolio, and that we believe are financially sound. Our fixed income portfolio contains obligations generally rated A or better with no maturity restrictions and an actively managed duration. The cash equivalents strategy uses securities of the highest credit quality. Fair Value of Gray Pension Plan Assets We calculate the fair value of the Gray Pension Plan’s assets based upon the observable and unobservable net asset value of its underlying investments. We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized by the fair value hierarchy proscribed by Accounting Standards Codification Topic 820, described in Note 4 “Fair Value Measurement.” The following table presents the fair value of the Gray Pension Plan’s assets and classifies them by level within the fair value hierarchy as of December 31, 2015 and 2014, respectively (in thousands): Gray Pension Plan Fair Value Measurements As of December 31, 2015 Level 1 Level 2 Level 3 Total Assets: Insurance general account $ - $ 17,918 $ - $ 17,918 Cash management accounts 1,273 - - 1,273 Equity accounts 37,621 - - 37,621 Fixed income accounts 9,924 - - 9,924 Real estate accounts 2,510 - - 2,510 Total $ 51,328 $ 17,918 $ - $ 69,246 As of December 31, 2014 Level 1 Level 2 Level 3 Total Assets: Insurance general account $ - $ 18,598 $ - $ 18,598 Cash management accounts - 2,319 - 2,319 Equity accounts - 42,608 - 42,608 Fixed income account - 3,288 - 3,288 Total $ - $ 66,813 $ - $ 66,813 Acquired Pension Plans In 2002 and 1998, we acquired companies with two underfunded pension plans (the “Acquired Pension Plans”). The Acquired Pension Plans were frozen by their prior plan sponsors and no new participants can be added to the Acquired Pension Plans. As of December 31, 2015, the Acquired Pension Plans had combined plan assets of $5.7 million and combined projected benefit obligations of $8.1 million. As of December 31, 2014, the Acquired Pension Plans had combined plan assets of $5.9 million and combined projected benefit obligations of $8.0 million. The net liability for the two Acquired Pension Plans is recorded as a liability in our financial statements as of December 31, 2015 and 2014. Expected Pension Contributions We expect to contribute a combined total of approximately $2.3 million to our three frozen defined benefit pension plans during the year ending December 31, 2016. Capital Accumulation Plan 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. For the year ended December 31, 2015, our matching cash contributions to our Capital Accumulation Plan were $1.8 million. As of February 19, 2016, including the employees added in the Schurz Acquisition and Related Transactions, we estimate that our matching cash contributions to the Capital Accumulation Plan for year ending December 31, 2016 will be approximately $5.9 million. 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. In the year ended December 31, 2015, the Company has accrued a discretionary contribution of $1.6 million as a profit sharing contribution. Also during the years ended December 31, 2015, 2014 and 2013, we made other matching contributions of our Common Stock to the Capital Accumulation Plan as follows (dollars in thousands): Year Ended December 31, 2015 2014 2013 Shares Amount Shares Amount Shares Amount Matching contributions to the Capital Accumulation Plan 1,898 $ 26 2,341 $ 25 5,235 $ 28

Note 9 - Commitments and Contin

Note 9 - Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	9. Commitments and Contingencies We have various contractual and other commitments requiring future payments. These commitments include amounts required to be paid for the acquisition of television stations; for the purchase of equipment; for operating lease commitments for equipment, land and office space; for commitments for various syndicated television programs; and for commitments under affiliation agreements with networks. Future minimum payments for these commitments as of December 31, 2015 Year 2016 Acquisitions Equipment Operating Leases Syndicated Television Programming Network Affiliation Agreements Total 2016 $ 415,300 $ 17 $ 2,286 $ 3,923 $ 88,737 $ 510,263 2017 - - 2,021 11,151 105,038 118,210 2018 - - 1,860 7,039 117,455 126,354 2019 - - 1,673 719 71,418 73,810 2020 - - 1,508 688 30,666 32,862 Thereafter - - 4,079 1,051 5,300 10,430 Total $ 415,300 $ 17 $ 13,427 $ 24,571 $ 418,614 $ 871,929 The amounts in the table above are estimates of commitments that are in addition to the liabilities accrued for on our consolidated balance sheet as of December 31, 2015. The amount presented for “2016 Acquisitions” represents our net obligations under the Schurz Acquisition and Related Transactions as of December 31, 2015. These transactions were completed on February 16, 2016. For additional information on these transactions see Note 11 “Subsequent Events”. Leases We have no material capital leases. Where leases include rent holidays, rent escalations, rent concessions and leasehold improvement incentives, the value of these incentives are amortized over the lease term including anticipated renewal periods. Leasehold improvements are depreciated over the associated lease term including anticipated renewal periods. Rent expense resulting from operating leases for the years ended December 31, 2015, 2014 and 2013 were $2.8 million, $2.2 million and $1.6 million, respectively. Legal Proceedings and Claims We are and expect to continue to be subject to legal actions, proceedings and claims that arise in the normal course of our business. In the opinion of management, the amount of ultimate liability, if any, with respect to these known actions, proceedings and claims will not materially affect our financial position, results of operations or cash flows, although legal proceedings are subject to inherent uncertainties, and unfavorable rulings or events could occur that could negatively affect us, possibly materially.

Note 10 - Goodwill and Intangib

Note 10 - Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	1 0 . Goodwill and Intangible Assets During the years ended December 31, 2015 and 2014, we acquired various television broadcast stations and broadcast licenses. As a result of these acquisitions, our goodwill and intangible balances increased during each of these years. 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 years ended December 31, 2015 and 2014 is as follows (in thousands): Net Balance at December 31, 2014 Additions Dispositions Impairment Amortization Net Balance at December 31, 2015 Goodwill $ 374,390 $ 48,916 $ (70 ) $ - $ - $ 423,236 Broadcast licenses 1,023,580 91,192 (146 ) - - 1,114,626 Definite-lived intangible assets 47,802 17,845 (385 ) - (11,982 ) 53,280 Total intangible assets net of accumulated amortization $ 1,445,772 $ 157,953 $ (601 ) $ - $ (11,982 ) $ 1,591,142 Net Balance at December 31, 2013 Additions Dispositions Impairment Amortization Net Balance at December 31, 2014 Goodwill $ 184,409 $ 189,981 $ - $ - $ - $ 374,390 Broadcast licenses 838,982 184,598 - - - 1,023,580 Definite-lived intangible assets 2,644 53,455 - - (8,297 ) 47,802 Total intangible assets net of accumulated amortization $ 1,026,035 $ 428,034 $ - $ - $ (8,297 ) $ 1,445,772 A summary of changes in our goodwill, on a gross basis, for the years ended December 31, 2015 and 2014 is as follows (in thousands): As of December 31, 2014 Additions Dispositions Impairment As of December 31, 2015 Goodwill, gross $ 472,986 $ 48,916 $ (70 ) $ - $ 521,832 Accumulated goodwill impairment (98,596 ) - - - (98,596 ) Goodwill, net $ 374,390 $ 48,916 $ (70 ) $ - $ 423,236 As of December 31, 2013 Additions Dispositions Impairment As of December 31, 2014 Goodwill, gross $ 283,005 $ 189,981 $ - $ - $ 472,986 Accumulated goodwill impairment (98,596 ) - - - (98,596 ) Goodwill, net $ 184,409 $ 189,981 $ - $ - $ 374,390 As of December 31, 2015 and 2014, our intangible assets and related accumulated amortization consisted of the following (in thousands): As of December 31, 2015 As of December 31, 2014 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 1,168,325 $ (53,699 ) $ 1,114,626 $ 1,077,279 $ (53,699 ) $ 1,023,580 Goodwill 423,236 - 423,236 374,390 - 374,390 $ 1,591,561 $ (53,699 ) $ 1,537,862 $ 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 86,696 (33,416 ) 53,280 69,281 (21,479 ) 47,802 $ 87,960 $ (34,680 ) $ 53,280 $ 70,545 $ (22,743 ) $ 47,802 Total intangibles $ 1,679,521 $ (88,379 ) $ 1,591,142 $ 1,522,214 $ (76,442 ) $ 1,445,772 Amortization expense for the years ended December 31, 2015, 2014 and 2013 was $12.0 million, $8.3 million and $0.3 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, $12.9 million; 2017, $12.3 million; 2018, $7.7 million; 2019, $5.8 million; and 2020, $3.4 million. If and when acquisitions and dispositions occur in the future, actual amounts may vary from these estimates. Impairment of goodwill and broadcast license As of December 31, 2015 and 2014, we tested our goodwill, broadcast licenses and other intangible asset recorded values for potential impairment and concluded that the balances were reasonably stated. As a result, we did not record an impairment expense for our goodwill, broadcast licenses or other intangible assets during 2015, 2014 or 2013. See Note 1 “Description of Business and Summary of Significant Accounting Policies” for further discussion of our accounting policies regarding goodwill, broadcast licenses and other intangible assets.

Note 11 - Subsequent Events

Note 11 - Subsequent Events	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Subsequent Events [Text Block]	11. Subsequent Events On February 1, 2016, we sold the assets of KAKE-TV (ABC) our station in the Wichita, Kansas television market to Lockwood Broadcasting, Inc., in exchange for the assets of television station WBXX-TV (CW) in the Knoxville, Tennessee television market and $11.2 million of cash. In connection with the disposal of the assets of KAKE-TV, we expect to record a gain of approximately [$2.0] million in the first quarter of 2016. On February 16, 2016, we acquired the television and radio broadcast assets of Schurz for $442.5 million plus transaction related expenses. These television broadcast assets consisted of KWCH-TV (CBS) in the Wichita, Kansas television market; WDBJ-TV (CBS) in the Roanoke-Lynchburg, Virginia television market; KYTV-TV (NBC), KSPR-TV (ABC) and KCZ (CW) in the Springfield, Missouri television market; WAGT-TV (NBC) in the Augusta, Georgia television market; KTUU-TV (NBC) in the Anchorage, Alaska television market; and the ABC programming stream of KOTA-TV in the Rapid City, South Dakota television market. Simultaneously, we divested WSBT-TV (CBS) in the South Bend, Indiana television market to Sinclair Broadcast Group, Inc. in exchange for the assets of its television station WLUC-TV (NBC/FOX) in the Marquette, Michigan televison market. We also arranged for the divestiture of all the assets of Schurz’ radio stations for $16.0 million to independent third-party broadcasters. These radio broadcast assets were located in the South Bend and Lafayette, Indiana radio markets and Rapid City, South Dakota radio market. We do not anticipate recording a gain or loss related to the divestments of the assets of WSBT-TV or the radio stations formerly owned by Schurz. The net acquisition cost of the Schurz Acquisition and Related Transactions was $415.3 million plus transaction related expenses. We used borrowings under the 2016 Term Loan to fund the purchase price of the Schurz Acquisition and Related Transactions and to pay a portion of the related fees and expenses, the remainder of which were paid from cash on hand. In connection with the consummation of the Schurz Acquisition and Related Transactions, we entered into the Second Amendment and Incremental Facility Agreement to our Senior Credit Facility. Pursuant to the Amendment and Incremental Facility, simultaneous with the consummation of the Schurz Acquisition, we were provided the 2016 Term Loan in an aggregate principal amount of $425.0 million and a $10.0 million increase in the revolving loan commitment under our Senior Credit Facility. The 2016 Term Loan constitutes an additional term loan, and has the same terms as our existing term loan under the Senior Credit Facility, as amended by the Amendment and Incremental Facility, including a June 13, 2021 maturity date, except that the interest rate applicable to the 2016 Term Loan will be, at our option, either the Base Rate (as defined in the Senior Credit Facility) plus 2.50% or LIBOR plus 3.50%, subject to a LIBOR floor of 0.75%. We are also required to make quarterly principal repayments equal to 0.25% of the outstanding principal amount of the 2016 Term Loan. Proceeds from borrowings under the 2016 Term Loan were used to fund the cash purchase price to complete the Schurz Acquisition and Related Transactions and to pay a portion of the related fees and expenses. As a component of the Amendment and Incremental Facility, the maturity date of any revolving loans under the Senior Credit Facility was extended to July 1, 2020 and the interest rate applicable to the existing term loan was modified to be, at our option, either the Base Rate plus 2.1875% or LIBOR plus 3.1875%, subject to a LIBOR floor of 0.75%. Also pursuant to the Amendment and Incremental Facility, the asset sale covenant in the Senior Credit Facility was amended to allow us to (i) dispose of assets so long as the Operating Cash Flow (as defined in the Senior Credit Facility) attributable to any such assets sold in any 12 month period does not exceed 7.5% of our Operating Cash Flow and (ii) dispose of spectrum in connection with the pending incentive auction, without regard to the Operating Cash Flow test set forth above. Due to the proximity of the closing dates of the Schurz Acquisition and Related Transactions to the the filing date of this annual report, we are unable to present a preliminary purchase price allocation for the acquired businesses. Fair value estimates of assets acquired, liabilities assumed and resulting goodwill will be 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 liabilities assumed, the fair value estimates will be based on, among other factors, expected future revenue and cash flows, expected future growth rates, and estimated discount rates.

Note 12 - Selected Quarterly Fi

Note 12 - Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Quarterly Financial Information [Text Block]	1 2 . Selected Quarterly Financial Data (Unaudited) Fiscal Quarter First Second Third Fourth (In thousands, except for per share data) Year Ended December 31, 2015: Revenue (less agency commissions) $ 133,303 $ 143,464 $ 151,102 $ 169,487 Operating income 28,058 38,758 29,344 43,897 Net income 5,595 12,110 6,609 14,987 Basic net income per share $ 0.10 $ 0.17 $ 0.09 $ 0.21 Diluted net income per share $ 0.10 $ 0.17 $ 0.09 $ 0.21 Year Ended December 31, 2014: Revenue (less agency commissions) $ 91,297 $ 107,249 $ 131,702 $ 177,886 Operating income 17,410 23,186 41,156 72,021 Net income 1,277 1,591 13,940 31,253 Basic net income per share $ 0.02 $ 0.03 $ 0.24 $ 0.54 Diluted net income per share $ 0.02 $ 0.03 $ 0.24 $ 0.53 Because of the method used in calculating per share data, the sum of the quarterly per share data will not necessarily equal the per share data as computed for the year.

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]	GRAY TELEVISION, INC. SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS (in thousands) Col. A Col. B Col. C Col. D Col. E Additions Description Balance at Beginning of Period (1) Charged to Costs and Expenses (2) Charged to Other Accounts (a) Deductions (b) Balance at End of Period Year Ended December 31, 2015: Allowance for doubtful accounts $ 1,667 $ 606 $ - $ (479 ) $ 1,794 Valuation allowance for deferred tax assets $ 2,052 $ - $ - $ (369 ) $ 1,683 Year Ended December 31, 2014: Allowance for doubtful accounts $ 730 $ 1,356 $ 290 $ (709 ) $ 1,667 Valuation allowance for deferred tax assets $ 2,748 $ 3 $ - $ (699 ) $ 2,052 Year Ended December 31, 2013: Allowance for doubtful accounts $ 2,064 $ 432 $ - $ (1,766 ) $ 730 Valuation allowance for deferred tax assets $ 3,157 $ 92 $ - $ (501 ) $ 2,748 (a) In 2014, the change in the allowance for doubtful accounts represents the fair value of balances assumed in acquisition transactions. See Note 2 “Acquisitions and Dispositions” for further information. (b) Deductions from allowance for doubtful accounts represent write-offs of receivable balances not considered collectible. The deduction from the valuation allowance for deferred tax assets represents changes in estimates of our future taxable income and our estimated future usage of certain net operating loss carryforwards, as well as expiration of certain net operating loss carryforwards.

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Principles of Consolidation Gray’s consolidated financial statements include our accounts and those of our wholly-owned and majority-owned subsidiaries. During a portion of the year ended December 31, 2014, and as of, and for the year ended December 31, 2013, our financial statements included the accounts of a variable interest entity (“VIE”) for which we were the primary beneficiary. All intercompany accounts and transactions have been eliminated in consolidation.
Investment, Policy [Policy Text Block]	Investment in Broadcasting Company
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition Broadcast advertising revenue is generated primarily from the sale of television advertising time to local, national and political advertisers. Internet advertising revenue is generated from the sale of advertisements associated with our stations’ websites. Our aggregate internet revenue is derived from two sources. The first is advertising or sponsorship opportunities directly on our websites, referred to as “direct internet revenue.” The other source is television advertising time purchased by our clients to directly promote their involvement in our websites, referred to as “internet-related commercial time sales.” Advertising revenue is billed to the customer and recognized when the advertisement is broadcast or appears on our stations’ websites. Retransmission consent revenue consists of payments to us from cable, satellite and other multiple video program distribution systems for their retransmission of our broadcast signals. Retransmission consent revenue is recognized as earned over the life of the retransmission consent contract. Other revenue consists primarily of revenue earned from the production of programming and payments from tower space rent. Revenue from the production of programming is recognized as the programming is produced. Tower rent is recognized over the life of the rental agreements. Cash received that has not yet been recognized as revenue is presented as deferred revenue. Revenue that has been earned but not yet received is recognized as revenue and presented as a receivable.
Advertising Barter Transactions, Policy [Policy Text Block]	Trade and Barter Transactions We account for trade transactions involving the exchange of tangible goods or services with our customers as revenue. The revenue is recorded at the time the advertisement is broadcast and the expense is recorded at the time the goods or services are used. The revenue and expense associated with these transactions are based on the fair value of the assets or services involved in the transaction. Trade revenue and expense recognized for each of the years ended December 31, 2015, 2014 and 2013 were as follows (amounts in thousands): Year Ended December 31, 2015 2014 2013 Trade revenue $ 2,299 $ 2,174 $ 1,390 Trade expense (2,188 ) (2,287 ) (1,262 ) Net trade income (loss) $ 111 $ (113 ) $ 128 We do not account for barter revenue and related barter expense generated from network or syndicated programming as such amounts are not material. Furthermore, any such barter revenue recognized would then require the recognition of an equal amount of barter expense. The recognition of these amounts would not have a material effect upon net income.
Advertising Costs, Policy [Policy Text Block]	Advertising Expense Our advertising expense was $1.0 million, $1.1 million and $0.9 million for the years ended December 31, 2015, 2014 and 2013, respectively. We record as expense all advertising expenditures as they are incurred.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Our actual results could differ materially from these estimated amounts. Our most significant estimates are used for our allowance for doubtful accounts in receivables, valuation of goodwill and intangible assets, amortization of program rights and intangible assets, pension costs, income taxes, employee medical insurance claims, useful lives of property and equipment and contingencies.
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, 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 recorded expenses for this allowance of $0.6 million, $1.3 million and $0.4 million for the years ended December 31, 2015, 2014 and 2013, respectively. We generally write off accounts receivable balances when the customer files for bankruptcy or when all commonly used methods of collection have been exhausted.
Program Broadcast Rights [Policy Text Block]	Program Broadcast Rights We have two types of syndicated television program contracts: first run programs and off network reruns. The first run programs are programs such as Wheel of Fortune Seinfeld The total license fee payable under a program license agreement allowing us to broadcast programs is recorded at the beginning of the license period and is charged to operating expense over the period that the programs are broadcast. The portion of the unamortized balance expected to be charged to operating expense in the succeeding year is classified as a current asset, with the remainder classified as a non-current asset. The liability for license fees payable under program license agreements is classified as current or long-term, in accordance with the payment terms of the various license agreements.
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; the purchase of new assets, major replacements and betterments are capitalized. The cost of any assets sold or retired and 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 (dollars in thousands): December 31, Estimated Useful Lives 2015 2014 (in years) Property and equipment: Land $ 36,529 $ 32,085 Buildings and improvements 85,626 77,477 7 to 40 Equipment 420,380 394,569 3 to 20 542,535 504,131 Accumulated depreciation (308,060 ) (282,320 ) Total property and equipment, net $ 234,475 $ 221,811 For the year ended December 31, 2015, our total property and equipment balance, before accumulated depreciation, increased approximately $29.8 million primarily as a result of acquisitions. The remaining change in the balances between December 31, 2014 and December 31, 2015 was due to routine purchases of equipment, less retirements.
Deferred Charges, Policy [Policy Text Block]	Deferred Loan Costs Loan acquisition costs are amortized over the life of the applicable indebtedness using a straight-line method that approximates the effective interest method.
Asset Retirement Obligations, Policy [Policy Text Block]	Asset Retirement Obligations We own office equipment, broadcasting equipment, leasehold improvements and transmission towers, some of which are located on, or are housed in, leased property or facilities. At the conclusion of several of these leases we are obligated to dismantle, remove and otherwise properly dispose of and remediate the facility or property. We estimate our asset retirement obligations based upon the cash flows of the costs expected to be incurred and the net present value of those estimated amounts. Asset retirement obligations are recognized as a non-current liability and as a component of the cost of the related asset. Changes to our asset retirement obligations resulting from revisions to the timing or the amount of the original undiscounted cash flow estimates are recognized as an increase or decrease in the carrying amount of the asset retirement obligation and the related asset retirement cost capitalized as part of the related property, plant or equipment. Changes in asset retirement obligations resulting from accretion of the net present value of the estimated cash flows are recognized as operating expenses. We recognize depreciation expense of the capitalized cost over the estimated life of the lease. Our estimated obligations are due at varying times during the years 2016 through 2062. The liability recognized for our asset retirement obligations was approximately $701,000 and $600,000 as of December 31, 2015 and 2014, respectively. During the years ended December 31, 2015, 2014 and 2013, we recorded expenses of $34,000, $6,000 and $17,000, respectively, related to our asset retirement obligations.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Credit Risk Excluding political advertising revenue, which is cyclical based on election cycles, for the year ended December 31, 2015, approximately 24%, 11% and 9% of our broadcast advertising revenue was obtained from advertising sales to advertising customers in the automotive, medical and restaurant industries, respectively. We experienced similar industry-based concentrations of revenue in the years ended December 31, 2014 and 2013. Although our revenues can be affected by changes within these industries, we believe this risk is in part mitigated due to the fact that no one customer accounted for in excess of 5% of our broadcast advertising revenue in any of these periods. Furthermore, we believe that our large geographic operating area partially mitigates the potential effect of regional economic impacts.
Earnings Per Share, Policy [Policy Text Block]	Earnings Per Share We compute basic earnings per share by dividing net income available 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 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 stock and shares underlying stock options, in 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 years ended December 31, 2015, 2014 and 2013 (in thousands): Year Ended December 31, 2015 2014 2013 Weighted-average shares outstanding – basic 68,330 57,862 57,630 Weighted-average shares underlying stock options and restricted shares 657 502 342 Weighted-average shares outstanding - diluted 68,987 58,364 57,972
Goodwill and Intangible Assets, Policy [Policy Text Block]	Valuation of Broadcast Licenses, Goodwill and Other Intangible Assets We have acquired a significant portion of our assets in acquisition transactions. Among the assets acquired in these transactions were broadcast licenses issued by the FCC, goodwill and other intangible assets. For broadcast licenses acquired prior to January 1, 2002, we recorded their respective values using a residual method (analogous to “goodwill”) where the excess of the purchase price paid in the acquisition over the fair value of all identified tangible and intangible assets acquired was attributed to the broadcast license. This residual basis approach generally produces higher valuations of broadcast licenses when compared to applying an income method as discussed below. For broadcast licenses acquired after December 31, 2001, we record their respective values using an income approach. Under this approach, a broadcast license is valued based on analyzing the estimated after-tax discounted future cash flows of the acquired station, assuming an initial hypothetical start-up operation maturing into an average performing station in a specific television market and giving consideration to other relevant factors such as the technical qualities of the broadcast license and the number of competing broadcast licenses within that market. The income approach generally produces lower valuations of broadcast licenses when compared to applying the residual method. For television stations acquired after December 31, 2001, we allocate the residual value of the station to goodwill. When renewing broadcast licenses, we incur regulatory filing fees and legal fees. We expense these fees as they are incurred. Other intangible assets that we have acquired include network affiliation agreements, retransmission agreements, advertising contracts, client lists, talent contracts and leases. Although each of our stations is affiliated with at least one broadcast network, we believe that the value of a television station is derived primarily from the attributes of its broadcast license rather than its network affiliation agreement. As a result, we allocate only minimal values to our network affiliation agreements. We classify our other intangible assets as definite-lived intangible assets. The amortization period of our other intangible assets is equal to the shorter of their estimated useful life or contract period, including expected extensions thereof. When renewing other intangible asset contracts, we incur legal fees that are expensed as incurred.
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block]	Impairment Testing of Indefinite-Lived Intangible Assets We test for impairment of our indefinite-lived intangible assets on an annual basis on the last day of each fiscal year. However, if certain triggering events occur, we test for impairment during the relevant reporting period. For goodwill, we have elected to bypass the qualitative assessment provisions and to perform the prescribed testing steps for goodwill on an annual basis. For purposes of testing goodwill for impairment, each of our individual television stations is considered a separate reporting unit. We review each television station for possible goodwill impairment by comparing the estimated fair value of each respective reporting unit to the recorded value of that reporting unit’s net assets. If the estimated fair value exceeds the recorded net asset value, no goodwill impairment is deemed to exist. If the estimated fair value of the reporting unit does not exceed the recorded value of that reporting unit’s net assets, we then perform, on a notional basis, a purchase price allocation by allocating the reporting unit’s fair value to the fair value of all tangible and identifiable intangible assets with residual fair value representing the implied fair value of goodwill of that reporting unit. The recorded value of goodwill for the reporting unit is written down to this implied value. To estimate the fair value of our reporting units, we utilize a discounted cash flow model supported by a market multiple approach. We believe that a discounted cash flow analysis is the most appropriate methodology to test the recorded value of long-term assets with a demonstrated long-lived/enduring franchise value. We believe the results of the discounted cash flow and market multiple approaches provide reasonable estimates of the fair value of our reporting units because these approaches are based on our actual results and reasonable estimates of future performance, and also take into consideration a number of other factors deemed relevant by us, including but not limited to, expected future market revenue growth, market revenue shares and operating profit margins. We have historically used these approaches in determining the value of our reporting units. We also consider a market multiple approach utilizing market multiples to corroborate our discounted cash flow analysis. We believe that this methodology is consistent with the approach that a strategic market participant would utilize if they were to value one of our television stations. For testing of our broadcast licenses for potential impairment of their recorded asset values, we compare their estimated fair value to the respective asset’s recorded value. If the fair value is greater than the asset’s recorded value, no impairment expense is recorded. If the fair value does not exceed the asset’s recorded value, we record an impairment expense equal to the amount that the asset’s recorded value exceeded the asset’s fair value. We use the income method to estimate the fair value of all broadcast licenses irrespective of whether they were initially recorded using the residual or income methods. For further discussion of our goodwill, broadcast licenses and other intangible assets, see Note 10 “Goodwill and Intangible Assets.”
Market Capitalization Policy [Policy Text Block]	Market Capitalization When we test our broadcast licenses and goodwill for impairment, we also consider our market capitalization. As of December 31, 2015, our market capitalization was greater than the book value of our net assets.
Comprehensive Income, Policy [Policy Text Block]	Accumulated Other Comprehensive Loss Our accumulated other comprehensive loss balances as of December 31, 2015 and 2014 consist of adjustments to our pension liabilities net of related income tax benefits as follows (in thousands): December 31, 2015 2014 Accumulated balances of items included in accumulated other comprehensive loss: Increase in pension liability $ (28,334 ) $ (34,117 ) Income tax benefit (11,050 ) (13,305 ) Accumulated other comprehensive loss $ (17,284 ) $ (20,812 )
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 - Revenue from Contracts with Customers (Topic 606). ASU 2014-09 provides new guidance on revenue recognition for revenue from contracts with customers and will replace most existing revenue recognition guidance when it becomes effective. This guidance requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The standard is intended to improve comparability of revenue recognition practices across entities and provide more useful information through improved financial statement disclosures. In August 2015, the FASB issued ASU 2015-14 - Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. ASU 2015-14 deferred the effective date of ASU 2014-09 by one year to interim and annual reporting periods beginning after December 15, 2017, 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 expected 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. 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 material affected amounts on our balance sheets will be reclassified within our balance sheets to conform to this standard. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805) - Simplifying the Accounting for Measurement-Period Adjustments In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740) – Balance Sheet Classification of Deferred Taxes In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 amends the guidance in GAAP regarding the classification and measurement of financial instruments. The new standard significantly revises an entity’s accounting related to the classification and measurement of investments in equity securities and the presentation of certain fair value changes for financial liabilities measured at fair value. The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We do not expect that the adoption of this ASU will have a material impact on our financial statements.

Note 1 - Description of Busin22

Note 1 - Description of Business and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Principal Transactions Revenue [Table Text Block]	Year Ended December 31, 2015 2014 2013 Trade revenue $ 2,299 $ 2,174 $ 1,390 Trade expense (2,188 ) (2,287 ) (1,262 ) Net trade income (loss) $ 111 $ (113 ) $ 128
Property, Plant and Equipment [Table Text Block]	December 31, Estimated Useful Lives 2015 2014 (in years) Property and equipment: Land $ 36,529 $ 32,085 Buildings and improvements 85,626 77,477 7 to 40 Equipment 420,380 394,569 3 to 20 542,535 504,131 Accumulated depreciation (308,060 ) (282,320 ) Total property and equipment, net $ 234,475 $ 221,811
Schedule of Weighted Average Number of Shares [Table Text Block]	Year Ended December 31, 2015 2014 2013 Weighted-average shares outstanding – basic 68,330 57,862 57,630 Weighted-average shares underlying stock options and restricted shares 657 502 342 Weighted-average shares outstanding - diluted 68,987 58,364 57,972
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	December 31, 2015 2014 Accumulated balances of items included in accumulated other comprehensive loss: Increase in pension liability $ (28,334 ) $ (34,117 ) Income tax benefit (11,050 ) (13,305 ) Accumulated other comprehensive loss $ (17,284 ) $ (20,812 )

Note 2 - Acquisitions and Dis23

Note 2 - Acquisitions and Dispositions (Tables)	12 Months Ended
	Dec. 31, 2015
2013 Acquisition [Member]
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Acquisition Yellowstone Excalibur Cash $ 95 $ - Other current assets 280 91 Property and equipment 7,249 2,740 Goodwill 9,421 4,466 Broadcast licenses 14,305 4,161 Other intangible assets 1,709 633 Other non-current assets 70 - Current liabilities (304 ) (91 ) Long-term debt, less current portion (86 ) - Total $ 32,739 $ 12,000
2014 Acquisition [Member]
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Acquisition Hoak SJL KEVN KNDX Parker WQCW Helena Cash $ - $ - $ 615 $ - $ - $ - $ - Accounts receivable 10,722 7,132 569 - 765 - 14 Other current assets 509 1,946 96 39 964 45 49 Property and equipment 45,382 23,508 3,888 2,576 722 991 1,230 Goodwill 131,632 50,941 2,717 1,839 1,932 802 70 Broadcast licenses 91,958 86,685 1,675 500 - 3,691 146 Other intangible assets 35,386 10,091 1,786 2,584 3,163 15 431 Other non-current assets - 253 29 15 16 - - Current liabilities (3,544 ) (4,936 ) (211 ) (36 ) (826 ) (45 ) (90 ) Other long-term liabilities - (379 ) (38 ) (17 ) (5 ) - - Deferred income tax liabilities (12,188 ) (43,712 ) (2,341 ) - - - - Total $ 299,857 $ 131,529 $ 8,785 $ 7,500 $ 6,731 $ 5,499 $ 1,850
The 2015 Acquisitions [Member]
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Acquisition Cedar Rapids Odessa Twin Falls Wausau Presque Isle Laredo Other current assets $ 503 $ 87 $ 93 $ 87 $ 45 $ 22 Property and equipment 13,754 4,629 5,172 1,985 2,822 1,411 Goodwill 25,006 3,719 2,587 11,616 245 5,154 Broadcast licenses 55,676 22,253 6,333 - 6,150 - Other intangible assets 5,849 3,067 3,485 397 1,039 2,435 Other non-current assets 13 13 32 87 - 13 Current liabilities (792 ) (155 ) (170 ) (85 ) (51 ) (22 ) Other long-term liabilities (13 ) (13 ) (32 ) (87 ) - (13 ) Total $ 99,996 $ 33,600 $ 17,500 $ 14,000 $ 10,250 $ 9,000
Business Acquisition, Pro Forma Information [Table Text Block]	Year Ended December 31, 2015 Year Ended December 31, 2014 Revenue (less agency commissions) $ 621,530 $ 559,538 Net income $ 46,181 $ 59,342 Basic net income per share $ 0.68 $ 1.03 Diluted net income per share $ 0.67 $ 1.02 Year Ended December 31, 2014 Year Ended December 31, 2013 Revenue (less agency commissions) $ 565,251 $ 445,443 Net income $ 50,771 $ 20,665 Basic net income per share $ 0.88 $ 0.36 Diluted net income per share $ 0.87 $ 0.36

Note 3 - Long-term Debt (Tables

Note 3 - Long-term Debt (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	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 4,099 4,963 Net carrying value $ 1,235,537 $ 1,236,401 Borrowing availability under the Revolving Credit Facility $ 50,000 $ 50,000
Schedule of Maturities of Long-term Debt [Table Text Block]	Minimum Principal Maturities Year Senior Credit Facility 2020 Notes Total 2016 $ - $ - $ - 2017 - - - 2018 - - - 2019 - - - 2020 - 675,000 675,000 Thereafter 556,438 - 556,438 Total $ 556,438 $ 675,000 $ 1,231,438

Note 6 - Stock-based Compensa25

Note 6 - Stock-based Compensation (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	Year Ended December 31, 2015 2014 2013 Stock-based compensation expense, gross $ 4,019 $ 5,012 $ 1,974 Income tax benefit at our statutory rate associated with stock-based compensation (1,567 ) (1,955 ) (770 ) Stock-based compensation expense, net $ 2,452 $ 3,057 $ 1,204
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Year Ended December 31, 2015 2014 2013 Number of Shares Weighted- Average Grant Date Fair Value Per Share Number of Shares Weighted- Average Grant Date Fair Value Per Share Number of Shares Weighted- Average Grant Date Fair Value Per Share Restricted stock - common: Outstanding - beginning of period 385,056 $ 9.09 274,838 $ 4.43 - $ - Granted 150,308 10.27 312,961 11.78 382,062 5.20 Vested (197,858 ) 9.16 (202,743 ) 6.93 (107,224 ) 7.16 Outstanding - end of period 337,506 $ 9.57 385,056 $ 9.09 274,838 $ 4.43 Year Ended December 31, 2015 2014 2013 Number of Shares Weighted- Average Grant Date Fair Value Per Share Number of Shares Weighted- Average Grant Date Fair Value Per Share Number of Shares Weighted- Average Grant Date Fair Value 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 - $ -
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	Year Ended December 31, 2015 2014 2013 Number of Shares Underlying Options Weighted Average Exercise Price Number of Shares Underlying Options Weighted Average Exercise Price Number of Shares Underlying Options Weighted Average Exercise Price Common stock: Options outstanding - beginning of period 274,746 $ 1.99 274,746 $ 1.99 1,316,068 $ 5.98 Options granted - - - - - - Options exercised - - - - (119,822 ) 2.34 Options forfeited - - - - - - Options expired - - - - (921,500 ) 7.64 Options outstanding - end of period 274,746 $ 1.99 274,746 $ 1.99 274,746 $ 1.99 Options exercisable at end of period 206,064 $ 1.99 137,376 $ 1.99 68,688 $ 1.99

Note 7 - Income Taxes (Tables)

Note 7 - Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Year Ended December 31, 2015 2014 2013 Current: Federal $ - $ - $ - State and local 1,259 996 118 State and local - reserve for uncertain tax positions (581 ) (198 ) (136 ) Current income tax expense (benefit) 678 798 (18 ) Deferred: Federal 24,067 28,231 12,218 State and local 1,703 2,707 947 Deferred income tax expense 25,770 30,938 13,165 Total income tax expense $ 26,448 $ 31,736 $ 13,147
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	December 31, 2015 2014 Deferred tax liabilities: Net book value of property and equipment $ 20,986 $ 20,195 Broadcast licenses, goodwill and other intangibles 350,647 341,654 Total deferred tax liabilities 371,633 361,849 Deferred tax assets: Liability for accrued vacation 2,172 1,900 Liability for accrued bonus 4,786 3,440 Loan acquisition costs 391 447 Allowance for doubtful accounts 700 572 Liability under health and welfare plan 1,108 1,111 Liability for pension plan 14,172 16,900 Federal operating loss carryforwards 38,466 55,425 State and local operating loss carryforwards 5,867 7,102 Alternative minimum tax carryforwards 386 386 Unearned income 73 214 Stock options 163 119 Acquisition costs 1,129 776 Restricted stock 1,875 1,479 Other 172 206 Total deferred tax assets 71,460 90,077 Valuation allowance for deferred tax assets (1,683 ) (2,052 ) Net deferred tax assets 69,777 88,025 Deferred tax liabilities, net of deferred tax assets $ 301,856 $ 273,824
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Year Ended December 31, 2015 2014 2013 Statutory federal rate applied to income before income tax expense $ 23,012 $ 27,929 $ 11,002 Current year permanent items 1,192 849 669 State and local taxes, net of federal tax benefit 2,831 4,050 1,432 Change in valuation allowance (369 ) (696 ) (409 ) Reserve for uncertain tax positions (581 ) (198 ) (136 ) Other items, net 363 (198 ) 589 Income tax expense as recorded $ 26,448 $ 31,736 $ 13,147 Effective income tax rate 40.2 % 39.8 % 41.8 %
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]	Year Ended December 31, 2015 2014 2013 Balance at beginning of period $ 657 $ 782 $ 880 Reduction in benefit from lapse in statute of limitations (303 ) (125 ) (98 ) Balance at end of period $ 354 $ 657 $ 782

Note 8 - Retirement Plans (Tabl

Note 8 - Retirement Plans (Tables)	12 Months Ended
	Dec. 31, 2015
Capital Accumulation Plan [Member]
Notes Tables
Defined Contribution Plan Disclosures [Table Text Block]	Year Ended December 31, 2015 2014 2013 Shares Amount Shares Amount Shares Amount Matching contributions to the Capital Accumulation Plan 1,898 $ 26 2,341 $ 25 5,235 $ 28
Asset Classets [Member]
Notes Tables
Schedule of Allocation of Plan Assets [Table Text Block]	Target Range Strategic Allocation Lower Limit Upper Limit Asset class: Equities: Large cap value 5% 0% 50% Large cap blend 5% 0% 50% Large cap growth 5% 0% 50% Mid-cap blend 15% 0% 40% Small cap core 5% 0% 25% Foreign large blend 10% 0% 40% Emerging markets 10% 0% 25% Real estate 5% 0% 20% Fixed Income: U.S. Treasury inflation protected 5% 0% 25% Intermediate term bond 10% 0% 50% Long term government bond 5% 0% 40% Hight yield bond 10% 0% 25% Emerging markets bond 10% 0% 20% Money market taxable 0% 0% 100%
Asset Categories [Member]
Notes Tables
Schedule of Allocation of Plan Assets [Table Text Block]	As of December 31, 2015 2014 Asset category: Insurance general account 26% 28% Cash management accounts 2% 3% Equity accounts 54% 64% Fixed income accounts 14% 5% Real estate accounts 4% 0% Total 100% 100%
Schedule of Net Funded Status [Table Text Block]	December 31, 2015 2014 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 108,006 $ 83,533 Service cost 3,130 5,162 Interest cost 4,159 4,106 Actuarial losses 420 16,712 Benefits paid (1,683 ) (1,507 ) Effect of pension curtailment (10,833 ) - Projected benefit obligation at end of year $ 103,199 $ 108,006 Change in plan assets: Fair value of pension plan assets at beginning of year $ 66,813 $ 58,063 Actual return on plan assets (1,034 ) 3,940 Company contributions 5,150 6,317 Benefits paid (1,683 ) (1,507 ) Fair value of pension plan assets at end of year 69,246 66,813 Funded status of pension plan $ (33,953 ) $ (41,193 ) Amounts recognized in our balance sheets consist of: Accrued benefit cost $ (8,994 ) $ (10,057 ) Accumulated other comprehensive loss (24,959 ) (31,136 ) Net liability recognized $ (33,953 ) $ (41,193 )
Schedule of Assumptions Used [Table Text Block]	Year Ended December 31, 2015 2014 Weighted-average assumptions used to determine net periodic benefit cost for the Gray pension plan: Discount rate 4.00 % 4.97 % Expected long-term rate of return on pension plan assets 7.00 % 7.00 % Estimated rate of increase in compensation levels 5.63 % 5.63 % As of December 31, 2015 2014 Weighted-average assumptions used to determine benefit obligations: Discount rate 4.31 % 4.00 % Estimated rate of increase in compensation levels N/A 5.63 %
Schedule of Net Benefit Costs [Table Text Block]	Year Ended December 31, 2015 2014 2013 Components of net periodic pension cost: Service cost $ 3,130 $ 5,162 $ 5,165 Interest cost 4,159 4,106 3,553 Expected return on plan assets (4,782 ) (4,200 ) (3,400 ) Recognized net actuarial loss 1,580 969 3,131 Net periodic pension cost $ 4,087 $ 6,037 $ 8,449
Schedule of Expected Benefit Payments [Table Text Block]	Years Amount 2016 $ 2,312 2017 2,464 2018 2,646 2019 2,931 2020 3,372 2021 - 2025 20,521
Defined Benefit Plan, Fair Value of Plan Assets [Table Text Block]	As of December 31, 2015 Level 1 Level 2 Level 3 Total Assets: Insurance general account $ - $ 17,918 $ - $ 17,918 Cash management accounts 1,273 - - 1,273 Equity accounts 37,621 - - 37,621 Fixed income accounts 9,924 - - 9,924 Real estate accounts 2,510 - - 2,510 Total $ 51,328 $ 17,918 $ - $ 69,246 As of December 31, 2014 Level 1 Level 2 Level 3 Total Assets: Insurance general account $ - $ 18,598 $ - $ 18,598 Cash management accounts - 2,319 - 2,319 Equity accounts - 42,608 - 42,608 Fixed income account - 3,288 - 3,288 Total $ - $ 66,813 $ - $ 66,813

Note 9 - Commitments and Cont28

Note 9 - Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]	Year 2016 Acquisitions Equipment Operating Leases Syndicated Television Programming Network Affiliation Agreements Total 2016 $ 415,300 $ 17 $ 2,286 $ 3,923 $ 88,737 $ 510,263 2017 - - 2,021 11,151 105,038 118,210 2018 - - 1,860 7,039 117,455 126,354 2019 - - 1,673 719 71,418 73,810 2020 - - 1,508 688 30,666 32,862 Thereafter - - 4,079 1,051 5,300 10,430 Total $ 415,300 $ 17 $ 13,427 $ 24,571 $ 418,614 $ 871,929

Note 10 - Goodwill and Intang29

Note 10 - Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Changes in Goodwill and Other Intangible Assets [Table Text Block]	Net Balance at December 31, 2014 Additions Dispositions Impairment Amortization Net Balance at December 31, 2015 Goodwill $ 374,390 $ 48,916 $ (70 ) $ - $ - $ 423,236 Broadcast licenses 1,023,580 91,192 (146 ) - - 1,114,626 Definite-lived intangible assets 47,802 17,845 (385 ) - (11,982 ) 53,280 Total intangible assets net of accumulated amortization $ 1,445,772 $ 157,953 $ (601 ) $ - $ (11,982 ) $ 1,591,142 Net Balance at December 31, 2013 Additions Dispositions Impairment Amortization Net Balance at December 31, 2014 Goodwill $ 184,409 $ 189,981 $ - $ - $ - $ 374,390 Broadcast licenses 838,982 184,598 - - - 1,023,580 Definite-lived intangible assets 2,644 53,455 - - (8,297 ) 47,802 Total intangible assets net of accumulated amortization $ 1,026,035 $ 428,034 $ - $ - $ (8,297 ) $ 1,445,772
Schedule of Goodwill [Table Text Block]	As of December 31, 2014 Additions Dispositions Impairment As of December 31, 2015 Goodwill, gross $ 472,986 $ 48,916 $ (70 ) $ - $ 521,832 Accumulated goodwill impairment (98,596 ) - - - (98,596 ) Goodwill, net $ 374,390 $ 48,916 $ (70 ) $ - $ 423,236 As of December 31, 2013 Additions Dispositions Impairment As of December 31, 2014 Goodwill, gross $ 283,005 $ 189,981 $ - $ - $ 472,986 Accumulated goodwill impairment (98,596 ) - - - (98,596 ) Goodwill, net $ 184,409 $ 189,981 $ - $ - $ 374,390
Schedule of Intangible Assets and Goodwill [Table Text Block]	As of December 31, 2015 As of December 31, 2014 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 1,168,325 $ (53,699 ) $ 1,114,626 $ 1,077,279 $ (53,699 ) $ 1,023,580 Goodwill 423,236 - 423,236 374,390 - 374,390 $ 1,591,561 $ (53,699 ) $ 1,537,862 $ 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 86,696 (33,416 ) 53,280 69,281 (21,479 ) 47,802 $ 87,960 $ (34,680 ) $ 53,280 $ 70,545 $ (22,743 ) $ 47,802 Total intangibles $ 1,679,521 $ (88,379 ) $ 1,591,142 $ 1,522,214 $ (76,442 ) $ 1,445,772

Note 12 - Selected Quarterly 30

Note 12 - Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Quarterly Financial Information [Table Text Block]	Fiscal Quarter First Second Third Fourth (In thousands, except for per share data) Year Ended December 31, 2015: Revenue (less agency commissions) $ 133,303 $ 143,464 $ 151,102 $ 169,487 Operating income 28,058 38,758 29,344 43,897 Net income 5,595 12,110 6,609 14,987 Basic net income per share $ 0.10 $ 0.17 $ 0.09 $ 0.21 Diluted net income per share $ 0.10 $ 0.17 $ 0.09 $ 0.21 Year Ended December 31, 2014: Revenue (less agency commissions) $ 91,297 $ 107,249 $ 131,702 $ 177,886 Operating income 17,410 23,186 41,156 72,021 Net income 1,277 1,591 13,940 31,253 Basic net income per share $ 0.02 $ 0.03 $ 0.24 $ 0.54 Diluted net income per share $ 0.02 $ 0.03 $ 0.24 $ 0.53

Schedule II - Valuation and Q31

Schedule II - Valuation and Qualifying Accounts (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Summary of Valuation Allowance [Table Text Block]	Col. A Col. B Col. C Col. D Col. E Additions Description Balance at Beginning of Period (1) Charged to Costs and Expenses (2) Charged to Other Accounts (a) Deductions (b) Balance at End of Period Year Ended December 31, 2015: Allowance for doubtful accounts $ 1,667 $ 606 $ - $ (479 ) $ 1,794 Valuation allowance for deferred tax assets $ 2,052 $ - $ - $ (369 ) $ 1,683 Year Ended December 31, 2014: Allowance for doubtful accounts $ 730 $ 1,356 $ 290 $ (709 ) $ 1,667 Valuation allowance for deferred tax assets $ 2,748 $ 3 $ - $ (699 ) $ 2,052 Year Ended December 31, 2013: Allowance for doubtful accounts $ 2,064 $ 432 $ - $ (1,766 ) $ 730 Valuation allowance for deferred tax assets $ 3,157 $ 92 $ - $ (501 ) $ 2,748

Note 1 - Description of Busin32

Note 1 - Description of Business and Summary of Significant Accounting Policies (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2015
Common Stock [Member] | Tarzian Inc [Member]
Cost Method Ownership Percentage				32.40%
Dividends Liquidation Dissolution [Member] | Tarzian Inc [Member]
Cost Method Ownership Percentage				67.90%
Customer Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | Automotive [Member]
Concentration Risk, Percentage	24.00%
Customer Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | Medical [Member]
Concentration Risk, Percentage	11.00%
Customer Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | Restaurant [Member]
Concentration Risk, Percentage	9.00%
Advertising Expense	$ 1,000,000	$ 1,100,000	$ 900,000
Minimum Percentage of Receivable Balances for creating Allowance for Doubtful Accounts	85.00%
Period for Creating Allowance for Doubtful Accounts	120 days
Provision for Doubtful Accounts	$ 600,000	1,300,000	400,000
Property, Plant and Equipment, Additions	29,800,000
Asset Retirement Obligation	701,000	600,000
Asset Retirement Obligation, Accretion Expense	$ 34,000	$ 6,000	$ 17,000

Note 1 - Trader Barter Revenue

Note 1 - Trader Barter Revenue and Expense Recognized (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Advertising Barter Transactions [Member]
Trade revenue	$ 2,299,000	$ 2,174,000	$ 1,390,000
Trade expense	(2,188,000)	(2,287,000)	(1,262,000)
Net trade income (loss)	111,000	(113,000)	128,000
Net trade income (loss)	$ 39,301,000	$ 48,061,000	$ 18,288,000

Note 1 - Property and Equipment

Note 1 - Property and Equipment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Land [Member]
Property, Plant, and Equipment, Gross	$ 36,529,000	$ 32,085,000
Building and Building Improvements [Member] | Minimum [Member]
Property, Plant, and Equipment, Useful Life	7 years
Building and Building Improvements [Member] | Maximum [Member]
Property, Plant, and Equipment, Useful Life	40 years
Building and Building Improvements [Member]
Property, Plant, and Equipment, Gross	$ 85,626,000	77,477,000
Equipment [Member] | Minimum [Member]
Property, Plant, and Equipment, Useful Life	3 years
Equipment [Member] | Maximum [Member]
Property, Plant, and Equipment, Useful Life	20 years
Equipment [Member]
Property, Plant, and Equipment, Gross	$ 420,380,000	394,569,000
Property, Plant, and Equipment, Gross	542,535,000	504,131,000
Accumulated depreciation	(308,060,000)	(282,320,000)
Property and equipment, net	$ 234,475,000	$ 221,811,000

Note 1 - Reconciliation of Basi

Note 1 - Reconciliation of Basic Weighted-average Shares Outstanding to Diluted Weighted-average Shares Outstanding (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Weighted-average shares outstanding – basic (in shares)	68,330	57,862	57,630
Weighted-average shares underlying stock options and restricted shares (in shares)	657	502	342
Weighted-average shares outstanding - diluted (in shares)	68,987	58,364	57,972

Note 1 - Accumulated Other Comp

Note 1 - Accumulated Other Comprehensive Loss (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Accumulated balances of items included in accumulated other comprehensive loss:
Increase in pension liability	$ (28,334,000)	$ (34,117,000)
Income tax benefit	(11,050,000)	(13,305,000)
Accumulated other comprehensive loss	$ (17,284,000)	$ (20,812,000)

Note 2 - Acquisitions and Dis37

Note 2 - Acquisitions and Dispositions (Details Textual) - USD ($)

Jul. 01, 2015

Dec. 15, 2014

Oct. 02, 2014

Jun. 13, 2014

Sep. 30, 2015

Nov. 30, 2014

Sep. 15, 2014

May. 31, 2014

Apr. 30, 2014

Oct. 31, 2013

Dec. 31, 2015

Dec. 31, 2014

Oct. 02, 2014

Dec. 31, 2013

Cedar Rapids [Member]

Business Combination, Consideration Transferred

$ 100,000,000

Odessa [Member]

Business Combination, Consideration Transferred

$ 33,600,000

Twin Falls [Member]

Business Combination, Consideration Transferred

17,500,000

Wausau [Member]

Business Combination, Consideration Transferred

14,000,000

Presque Isle Acquisition [Member]

Business Combination, Consideration Transferred

10,300,000

Laredo [Member]

Business Combination, Consideration Transferred

$ 9,000,000

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

$ 9,700,000

Acquired Finite-lived Intangible Assets, Weighted Average Useful Life

5 years 109 days

The 2015 Acquisitions [Member] | Advertising Relationships [Member]

Finite-lived Intangible Assets Acquired

$ 1,000,000

Acquired Finite-lived Intangible Assets, Weighted Average Useful Life

9 years 219 days

The 2015 Acquisitions [Member] | Income Leases [Member]

Finite-lived Intangible Assets Acquired

$ 5,400,000

Acquired Finite-lived Intangible Assets, Weighted Average Useful Life

16 years 328 days

The 2015 Acquisitions [Member] | General and Administrative Expense [Member]

Business Combination, Acquisition Related Costs

$ 6,500,000

The 2015 Acquisitions [Member]

Business Acquisition, Goodwill, Expected Tax Deductible Amount

$ 48,300,000

Acquired Intangible Assets Measurement Period for Finalization of Preliminary Valuations

1 year

Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual

$ 23,200,000

Business Acquisition, Pro Forma Income (Loss) from Continuing Operations before Changes in Accounting and Extraordinary Items, Net of Tax

8,600,000

Hoak Acquisition [Member]

Business Combination, Consideration Transferred

$ 299,900,000

Business Acquisition, Percentage of Voting Interests Acquired

100.00%

Proceeds from Divestiture of Businesses and Interests in Affiliates

$ 33,500,000

SJL Acquisition [Member]

Business Combination, Consideration Transferred

$ 131,500,000

Business Acquisition, Percentage of Voting Interests Acquired

100.00%

KEVN Acquisition [Member]

Business Combination, Consideration Transferred

$ 8,800,000

Business Acquisition, Percentage of Voting Interests Acquired

100.00%

KNDX Acquisition [Member]

Business Combination, Consideration Transferred

$ 7,500,000

Parker Acquisition [Member] | Allocated to the Parker Broadcasting of Louisiana [Member]

Business Combination, Consideration Transferred

$ 1,700,000

Parker Acquisition [Member] | Allocated to the Parker Broadcasting of Dakota [Member]

Business Combination, Consideration Transferred

5,000,000

Parker Acquisition [Member]

Business Combination, Consideration Transferred

$ 6,700,000

Business Acquisition, Percentage of Voting Interests Acquired

100.00%

WQCW Acquisition [Member]

Business Combination, Consideration Transferred

$ 5,500,000

Helena Acquisition [Member]

Business Combination, Consideration Transferred

$ 1,900,000

2014 Acquisition [Member] | Minimum [Member]

Property, Plant and Equipment, Useful Life

3 years

2014 Acquisition [Member] | Maximum [Member]

Property, Plant and Equipment, Useful Life

40 years

2014 Acquisition [Member] | Retransmission Agreements [Member]

Finite-lived Intangible Assets Acquired

$ 34,200,000

Acquired Finite-lived Intangible Assets, Weighted Average Useful Life

4 years 146 days

2014 Acquisition [Member] | Advertising Relationships [Member]

Finite-lived Intangible Assets Acquired

$ 13,100,000

Acquired Finite-lived Intangible Assets, Weighted Average Useful Life

5 years 182 days

2014 Acquisition [Member] | Income Leases [Member]

Finite-lived Intangible Assets Acquired

$ 4,100,000

Acquired Finite-lived Intangible Assets, Weighted Average Useful Life

8 years 109 days

2014 Acquisition [Member]

Business Acquisition, Goodwill, Expected Tax Deductible Amount

$ 88,600,000

Business Combination, Acquisition Related Costs

6,200,000

Accounts Receivable Contractual Amounts in Excess of Fair Value

300,000

Yellowstone [Member]

Business Combination, Consideration Transferred

$ 10,000,000

$ 23,000,000

$ 32,700,000

Business Combination, Acquisition Related Costs

$ 200,000

Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions

99.00%

Subsidiary or Equity Method Investee Additional Percentage Ownership from Transaction

1.00%

KJCT [Member] | Excalibur [Member] | Non-license Assets [Member]

Finite-lived Intangible Assets Acquired

$ 3,000,000

KJCT [Member] | Excalibur [Member]

Payments for (Proceeds from) Derivative Instrument, Investing Activities

500,000

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets

$ 2,900,000

Gains (Losses) on Extinguishment of Debt

(200,000)

KJCT [Member] | Non-license Assets [Member]

Finite-lived Intangible Assets Acquired

9,000,000

KJCT [Member]

Business Combination, Consideration Transferred

$ 12,000,000

Proceeds from Sale of Machinery and Equipment

$ 75,000

Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property

(269,000)

2013 Acquisition [Member] | Retransmission Agreements [Member]

Acquired Finite-lived Intangible Assets, Weighted Average Useful Life

1 year 292 days

Finite-lived Intangible Assets, Fair Value Disclosure

$ 1,400,000

2013 Acquisition [Member] | Advertising Relationships [Member]

Acquired Finite-lived Intangible Assets, Weighted Average Useful Life

7 years 36 days

Finite-lived Intangible Assets, Fair Value Disclosure

$ 600,000

Hoak and SJL [Member]

Business Combination, Acquisition Related Costs

5,100,000

Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual

64,700,000

Business Acquisition, Pro Forma Income (Loss) from Continuing Operations before Changes in Accounting and Extraordinary Items, Net of Tax

25,800,000

Helena Montana Disposition [Member]

Gain (Loss) on Disposition of Assets

$ (100,000)

NBC Affiliate and Television Station KTVH-TV [Member]

Gain (Loss) on Disposition of Assets

900,000

Disposal Group, Including Discontinued Operation, Consideration

3,000,000

Finite-lived Intangible Assets Acquired

17,845,000

53,455,000

Gains (Losses) on Extinguishment of Debt

0

(5,086,000)

0

Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property

$ (80,000)

$ (623,000)

$ (765,000)

Note 2 - 2015 Acquisition Summa

Note 2 - 2015 Acquisition Summary (Details)	Dec. 31, 2015USD ($)
Cedar Rapids [Member]
Other current assets	$ 503,000
Property and equipment	13,754,000
Goodwill	25,006,000
Broadcast licenses	55,676,000
Other intangible assets	5,849,000
Other non-current assets	13,000
Current liabilities	(792,000)
Other long-term liabilities	(13,000)
Total	99,996,000
Odessa [Member]
Other current assets	87,000
Property and equipment	4,629,000
Goodwill	3,719,000
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	93,000
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	(170,000)
Other long-term liabilities	(32,000)
Total	17,500,000
Wausau [Member]
Other current assets	87,000
Property and equipment	1,985,000
Goodwill	11,616,000
Broadcast licenses	0
Other intangible assets	397,000
Other non-current assets	87,000
Current liabilities	(85,000)
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	$ 423,236,000

Note 2 - 2014 Acquisition Summa

Note 2 - 2014 Acquisition Summary (Details)	Dec. 31, 2014USD ($)
Hoak Acquisition [Member]
Cash	$ 0
Accounts receivable	10,722,000
Other current assets	509,000
Property and equipment	45,382,000
Goodwill	131,632,000
Broadcast licenses	91,958,000
Other intangible assets	35,386,000
Other non-current assets	0
Current liabilities	(3,544,000)
Other long-term liabilities	0
Deferred income tax liabilities	(12,188,000)
Total	299,857,000
SJL Acquisition [Member]
Cash	0
Accounts receivable	7,132,000
Other current assets	1,946,000
Property and equipment	23,508,000
Goodwill	50,941,000
Broadcast licenses	86,685,000
Other intangible assets	10,091,000
Other non-current assets	253,000
Current liabilities	(4,936,000)
Other long-term liabilities	(379,000)
Deferred income tax liabilities	(43,712,000)
Total	131,529,000
KEVN Acquisition [Member]
Cash	615,000
Accounts receivable	569,000
Other current assets	96,000
Property and equipment	3,888,000
Goodwill	2,717,000
Broadcast licenses	1,675,000
Other intangible assets	1,786,000
Other non-current assets	29,000
Current liabilities	(211,000)
Other long-term liabilities	(38,000)
Deferred income tax liabilities	(2,341,000)
Total	8,785,000
KNDX Acquisition [Member]
Cash	0
Accounts receivable	0
Other current assets	39,000
Property and equipment	2,576,000
Goodwill	1,839,000
Broadcast licenses	500,000
Other intangible assets	2,584,000
Other non-current assets	15,000
Current liabilities	(36,000)
Other long-term liabilities	(17,000)
Deferred income tax liabilities	0
Total	7,500,000
Parker Acquisition [Member]
Cash	0
Accounts receivable	765,000
Other current assets	964,000
Property and equipment	722,000
Goodwill	1,932,000
Broadcast licenses	0
Other intangible assets	3,163,000
Other non-current assets	16,000
Current liabilities	(826,000)
Other long-term liabilities	(5,000)
Deferred income tax liabilities	0
Total	6,731,000
WQCW Acquisition [Member]
Cash	0
Accounts receivable	0
Other current assets	45,000
Property and equipment	991,000
Goodwill	802,000
Broadcast licenses	3,691,000
Other intangible assets	15,000
Other non-current assets	0
Current liabilities	(45,000)
Other long-term liabilities	0
Deferred income tax liabilities	0
Total	5,499,000
Helena Acquisition [Member]
Cash	0
Accounts receivable	14,000
Other current assets	49,000
Property and equipment	1,230,000
Goodwill	70,000
Broadcast licenses	146,000
Other intangible assets	431,000
Other non-current assets	0
Current liabilities	(90,000)
Other long-term liabilities	0
Deferred income tax liabilities	0
Total	1,850,000
Goodwill	$ 374,390,000

Note 2 - 2013 Acquisition Summa

Note 2 - 2013 Acquisition Summary (Details)	Dec. 31, 2013USD ($)
Yellowstone [Member]
Cash	$ 95,000
Other current assets	280,000
Property and equipment	7,249,000
Goodwill	9,421,000
Broadcast licenses	14,305,000
Other intangible assets	1,709,000
Other non-current assets	70,000
Current liabilities	(304,000)
Long-term debt, less current portion	(86,000)
Total	32,739,000
Excalibur Acquisition [Member]
Cash	0
Other current assets	91,000
Property and equipment	2,740,000
Goodwill	4,466,000
Broadcast licenses	4,161,000
Other intangible assets	633,000
Other non-current assets	0
Current liabilities	(91,000)
Long-term debt, less current portion	0
Total	12,000,000
Goodwill	$ 184,409,000

Note 2 - Unaudited Pro Forma Re

Note 2 - Unaudited Pro Forma Results (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Hoak and SJL [Member]
Revenue (less agency commissions)		$ 565,251	$ 445,443
Net income		$ 50,771	$ 20,665
Basic net income per share (in dollars per share)		$ 0.88	$ 0.36
Diluted net income per share (in dollars per share)		$ 0.87	$ 0.36
Revenue (less agency commissions)	$ 621,530	$ 559,538
Net income	$ 46,181	$ 59,342
Basic net income per share (in dollars per share)	$ 0.68	$ 1.03
Diluted net income per share (in dollars per share)	$ 0.67	$ 1.02

Note 3 - Long-term Debt (Detail

Note 3 - Long-term Debt (Details Textual) - USD ($)	Feb. 16, 2016	Jun. 13, 2014	Dec. 31, 2014	Sep. 15, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
2020 Notes [Member]
Unsecured Debt			$ 675,000,000		$ 675,000,000	$ 675,000,000
Debt Instrument, Interest Rate, Stated Percentage			7.50%		7.50%	7.50%
Debt Instrument, Interest Rate, Effective Percentage			7.30%		7.30%	7.30%
Long-term Debt, Gross					$ 675,000,000
Debt Issuance Cost							$ 7,300,000
Deferred Finance Costs, Net			$ 11,300,000		9,300,000	$ 11,300,000
Debt Instrument, Face Amount							375,000,000
2014 Senior Credit Facility [Member] | Base Rate [Member] | Subsequent Event [Member]
Debt Instrument, Basis Spread on Variable Rate	2.1875%
2014 Senior Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Subsequent Event [Member]
Debt Instrument, Basis Spread on Variable Rate	3.1875%
Debt Instrument, Basis Spread on Minimum Variable Rate	0.75%
2014 Senior Credit Facility [Member] | Subsequent Event [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 60,000,000
Line of Credit Facility, Increase	$ 10,000,000
2014 Senior Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 625,000,000
Long-term Debt, Gross			556,438,000		556,438,000	556,438,000
Debt Issuance Cost						9,210,000
Deferred Finance Costs, Net			7,400,000		$ 6,100,000	7,400,000
Gains (Losses) on Extinguishment of Debt						(4,900,000)
2014 Term Loan [Member] | Base Rate [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate					1.75%
2014 Term Loan [Member] | Base Rate [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate					2.00%
2014 Term Loan [Member] | Base Rate [Member] | Amendment and Incremental Facility [Member]
Debt Instrument, Basis Spread on Variable Rate					2.1875%
2014 Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate					2.75%
2014 Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate					3.00%
2014 Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Amendment and Incremental Facility [Member]
Debt Instrument, Basis Spread on Variable Rate					3.1875%
Debt Instrument, Basis Spread on Minimum Variable Rate					0.75%
2014 Term Loan [Member] | Minimum LIBOR Floor [Member]
Debt Instrument, Basis Spread on Variable Rate					0.75%
2014 Term Loan [Member]
Long-term Debt		575,000,000
Proceeds from Issuance of Long-term Debt		525,000,000		$ 100,000,000
Debt Instrument Periodic Principal Payment, Principal					0.25%
Repayments of Long-term Debt			67,000,000
2014 Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate					1.00%
2014 Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate					1.50%
2014 Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate					2.00%
2014 Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate					2.50%
2014 Revolving Credit Facility [Member] | Plus Overnight Federal Funds Rate [Member]
Debt Instrument, Basis Spread on Variable Rate					0.50%
2014 Revolving Credit Facility [Member] | Plus One-Month LIBOR [Member]
Debt Instrument, Basis Spread on Variable Rate					1.00%
2014 Revolving Credit Facility [Member] | Minimum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage					0.375%
2014 Revolving Credit Facility [Member] | Maximum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage					0.50%
2014 Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 50,000,000
Long-term Debt, Gross					$ 556,400,000
Line of Credit Facility, Interest Rate at Period End					3.80%
Line of Credit Facility, Remaining Borrowing Capacity			50,000,000		$ 50,000,000	50,000,000
2016 Term Loan [Member] | Base Rate [Member] | Subsequent Event [Member]
Debt Instrument, Basis Spread on Variable Rate	2.50%
2016 Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Subsequent Event [Member]
Debt Instrument, Basis Spread on Variable Rate	3.50%
Debt Instrument, Basis Spread on Minimum Variable Rate	0.75%
2016 Term Loan [Member] | Subsequent Event [Member]
Long-term Debt	$ 425,000,000
Debt Instrument Periodic Principal Payment, Principal	0.25%
Debt Instrument, Face Amount	$ 425,000,000
Interest Costs Capitalized					0	0	0
Long-term Debt			$ 1,200,000,000		1,200,000,000	1,200,000,000
Proceeds from Issuance of Long-term Debt					0	644,000,000	390,926,000
Repayments of Long-term Debt					0	249,623,000	381,003,000
Long-term Debt, Gross					1,231,438,000
Gains (Losses) on Extinguishment of Debt					0	(5,086,000)	0
Interest Paid					$ 76,900,000	$ 61,900,000	$ 49,400,000

Note 3 - Long-term Debt Summary

Note 3 - Long-term Debt Summary (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
2014 Senior Credit Facility [Member]
Long-term debt including current portion:
Long-term Debt, Gross	$ 556,438,000	$ 556,438,000
2020 Notes [Member]
Long-term debt including current portion:
Long-term Debt, Gross	675,000,000
Unsecured Debt	675,000,000	675,000,000
Unamortized net premium - 2020 Notes	4,099,000	4,963,000
2014 Revolving Credit Facility [Member]
Long-term debt including current portion:
Long-term Debt, Gross	556,400,000
Line of Credit Facility, Remaining Borrowing Capacity	50,000,000	50,000,000
Long-term Debt, Gross	1,231,438,000
Total outstanding principal	1,231,438,000	1,231,438,000
Net carrying value	$ 1,235,537,000	$ 1,236,401,000

Note 3 - Aggregate Minimum Prin

Note 3 - Aggregate Minimum Principal Maturities on Long-term Debt (Details)	Dec. 31, 2015USD ($)
2014 Senior Credit Facility [Member]
2,020	$ 0
Thereafter	556,438,000
Total	556,438,000
2020 Notes [Member]
2,020	675,000,000
Thereafter	0
Total	675,000,000
2,020	675,000,000
Thereafter	556,438,000
Total	$ 1,231,438,000

Note 4 - Fair Value Measureme45

Note 4 - Fair Value Measurement (Details Textual) - USD ($) $ in Billions	Dec. 31, 2015	Dec. 31, 2014
Long-term Debt	$ 1.2	$ 1.2
Long-term Debt, Fair Value	$ 1.2	$ 1.2

Note 5 - Stockholders' Equity (

Note 5 - Stockholders' Equity (Details Textual)	1 Months Ended	12 Months Ended
	Mar. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2015USD ($)shares	Dec. 31, 2014USD ($)shares	Dec. 31, 2013USD ($)
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	$ 280,000
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		5,689,219	5,841,425

Note 6 - Stock-based Compensa47

Note 6 - Stock-based Compensation (Details Textual) - USD ($) $ in Millions	Jan. 01, 2015	Jan. 01, 2014	Jan. 31, 2016	Jan. 17, 2016	Mar. 19, 2015	Jan. 17, 2015	Mar. 19, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Restricted Stock [Member] | Employee [Member] | Common Class A [Member] | Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period			76,442	43,590
Restricted Stock [Member] | Employee [Member] | Common Class A [Member] | January 31, 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number								76,442	43,590
Restricted Stock [Member] | Employee [Member] | Common Class A [Member] | January 31, 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number								76,438
Restricted Stock [Member] | Employee [Member] | Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period						75,412			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] | Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period			50,102	58,327
Restricted Stock [Member] | Employee [Member] | January 31, 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number								50,100	58,327
Restricted Stock [Member] | Employee [Member] | January 31, 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number								50,106
Restricted Stock [Member] | Employee [Member] | March 19, 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number										70,542
Restricted Stock [Member] | Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period					70,542	127,316	70,542		68,991	107,224
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period								150,308	312,961	318,852
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	0
Restricted Stock [Member] | Director [Member] | Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	41,881
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period								58,191	41,881
Restricted Stock [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period		63,210
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period										63,210
Restricted Stock [Member] | Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period								117,293	31,821
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period								287,513	236,294
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period								197,858	202,743	107,224
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period								150,308	312,961	382,062
Directors Restricted Stock Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized								1,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant								770,000
Share-based Compensation Arrangement by Share-based Payment Award Maximum Number of Restricted Shares Authorized Yearly Per Director								10,000
2007 Incentive Plan [Member] | Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized								1,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant								500,000
2007 Incentive Plan [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period								2 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term								3 years
2007 Incentive Plan [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period								4 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term								8 years
2007 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized								6,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant								4,600,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value								$ 3.9
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized								$ 1.9
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition								2 years

Note 6 - Stock-based Compensa48

Note 6 - Stock-based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Stock-based compensation expense, gross	$ 4,019	$ 5,012	$ 1,974
Income tax benefit at our statutory rate associated with stock-based compensation	(1,567)	(1,955)	(770)
Stock-based compensation expense, net	$ 2,452	$ 3,057	$ 1,204

Note 6 - Summary of Restricted

Note 6 - Summary of Restricted Common Stock Activity (Details) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Common Class A [Member]
Outstanding - beginning of period (in shares)	204,473
Outstanding - beginning of period (in dollars per share)	$ 9.81
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	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
Vested (in shares)	(117,293)	(31,821)
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
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	150,308	312,961	382,062
Granted (in dollars per share)	$ 10.27	$ 11.78	$ 5.20
Vested (in shares)	(197,858)	(202,743)	(107,224)
Vested (in dollars per share)	$ 9.16	$ 6.93	$ 7.16
Vested (in shares)	(197,858)	(202,743)	(107,224)
Outstanding - end of period (in shares)	337,506	385,056	274,838
Outstanding - end of period (in dollars per share)	$ 9.57	$ 9.09	$ 4.43

Note 6 - Summary of Stock Optio

Note 6 - Summary of Stock Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Options outstanding - beginning of period (in shares)	1,316,068	274,746	274,746
Options outstanding - beginning of period (in dollars per share)	$ 5.98	$ 1.99	$ 1.99
Options exercised (in shares)	(119,822)
Options exercised (in dollars per share)	$ 2.34
Options expired (in shares)	(921,500)
Options expired (in dollars per share)	$ 7.64
Options outstanding - end of period (in dollars per share)	$ 5.98	$ 1.99	$ 1.99
Options exercisable at end of period (in shares)	68,688	206,064	137,376
Options exercisable at end of period (in dollars per share)	$ 1.99	$ 1.99	$ 1.99

Note 7 - Income Taxes (Details

Note 7 - Income Taxes (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Domestic Tax Authority [Member]
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration		$ 112,000,000
State and Local Jurisdiction [Member] | Valuation Allowance, Operating Loss Carryforwards [Member]
Deferred Tax Assets, Valuation Allowance		1,700,000	$ 2,100,000
State and Local Jurisdiction [Member]
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration		153,500,000
Capital Loss Carryforward [Member]
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount		(400,000)	(700,000)
Scenario, Forecast [Member]
Unrecognized Tax Benefits, Period Increase (Decrease)	$ (300,000)
Deferred Tax Assets, Valuation Allowance		1,683,000	2,052,000
Increase (Decrease) in Pension Plan Obligations		5,800,000	(17,100,000)	$ 16,000,000
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax		(3,528,000)	10,403,000	(9,761,000)
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax		2,300,000	(6,700,000)	6,200,000
Income Taxes Paid, Net		1,800,000	400,000	$ 500,000
Accrued Income Taxes		800,000	1,900,000
Unrecognized Tax Benefits that Would Impact Effective Tax Rate		700,000	1,300,000
Liability for Uncertain Tax Positions, Current		$ 300,000	$ 600,000

Note 7 - Federal and State Inco

Note 7 - Federal and State Income Tax Expense (Benefit) Summary (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Federal
State and local	$ 1,259,000	$ 996,000	$ 118,000
State and local - reserve for uncertain tax positions	(581,000)	(198,000)	(136,000)
Current income tax expense (benefit)	678,000	798,000	(18,000)
Federal	24,067,000	28,231,000	12,218,000
State and local	1,703,000	2,707,000	947,000
Deferred income tax expense	25,770,000	30,938,000	13,165,000
Income tax expense as recorded	$ 26,448,000	$ 31,736,000	$ 13,147,000

Note 7 - Significant Components

Note 7 - Significant Components of Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred tax liabilities:
Net book value of property and equipment	$ 20,986	$ 20,195
Broadcast licenses, goodwill and other intangibles	350,647	341,654
Total deferred tax liabilities	371,633	361,849
Deferred tax assets:
Liability for accrued vacation	2,172	1,900
Liability for accrued bonus	4,786	3,440
Loan acquisition costs	391	447
Allowance for doubtful accounts	700	572
Liability under health and welfare plan	1,108	1,111
Liability for pension plan	14,172	16,900
Federal operating loss carryforwards	38,466	55,425
State and local operating loss carryforwards	5,867	7,102
Alternative minimum tax carryforwards	386	386
Unearned income	73	214
Stock options	163	119
Acquisition costs	1,129	776
Restricted stock	1,875	1,479
Other	172	206
Total deferred tax assets	71,460	90,077
Valuation allowance for deferred tax assets	(1,683)	(2,052)
Net deferred tax assets	69,777	88,025
Deferred tax liabilities, net of deferred tax assets	$ 301,856	$ 273,824

Note 7 - Reconciliation of Inco

Note 7 - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statutory federal rate applied to income before income tax expense	$ 23,012	$ 27,929	$ 11,002
Current year permanent items	1,192	849	669
State and local taxes, net of federal tax benefit	2,831	4,050	1,432
Change in valuation allowance	(369)	(696)	(409)
Reserve for uncertain tax positions	(581)	(198)	(136)
Other items, net	363	(198)	589
Income tax expense as recorded	$ 26,448	$ 31,736	$ 13,147
Effective income tax rate	40.20%	39.80%	41.80%

Note 7 - Summary of Unrecognize

Note 7 - Summary of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Balance at beginning of period	$ 657	$ 782	$ 880
Reduction in benefit from lapse in statute of limitations	(303)	(125)	(98)
Balance at end of period	$ 354	$ 657	$ 782

Note 8 - Retirement Plans (Deta

Note 8 - Retirement Plans (Details Textual) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Acquired Pension Plans [Member]
Number of Underfunded Pension Plans		2
Defined Benefit Plan, Fair Value of Plan Assets	$ 5,700	$ 5,700	$ 5,900
Defined Benefit Plan, Benefit Obligation	$ 8,100	8,100	8,000
Capital Accumulation Plan [Member] | First 3% of Each Employee's Salary Deferral [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	100.00%
Capital Accumulation Plan [Member] | Matched by the Company at the Rate of 100% [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	3.00%
Capital Accumulation Plan [Member] | Next 2% of Each Employee's Salary Deferral [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	50.00%
Capital Accumulation Plan [Member]
Defined Contribution Plan, Employer Discretionary Contribution Amount		1,800
Defined Contribution Plan, Expected Contributions In Next Twelve Months		5,900
Matched by the Company at the Rate of 50% [Member] | Next 2% of Each Employee's Salary Deferral [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	2.00%
Profit Sharing Contribution [Member]
Defined Contribution Plan, Employer Discretionary Contribution Amount		1,600
Defined Benefit Plan, Accumulated Benefit Obligation	$ 103,200	103,200	92,800
Defined Benefit Plan, Fair Value of Plan Assets	69,246	69,246	66,813	$ 58,063
Defined Benefit Plan, Benefit Obligation	$ 103,199	103,199	$ 108,006	$ 83,533
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year		$ 2,300

Note 8 - Components of Net Peri

Note 8 - Components of Net Periodic Benefit Cost for Pension Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$ 108,006	$ 83,533
Service cost	3,130	5,162
Interest cost	4,159	4,106
Actuarial losses	420	16,712
Benefits paid	(1,683)	$ (1,507)
Effect of pension curtailment	(10,833)
Projected benefit obligation at end of year	103,199	$ 108,006
Change in plan assets:
Fair value of pension plan assets at beginning of year	66,813	58,063
Actual return on plan assets	(1,034)	3,940
Company contributions	5,150	6,317
Benefits paid	(1,683)	(1,507)
Fair value of pension plan assets at end of year	69,246	66,813
Funded status of pension plan	(33,953)	(41,193)
Amounts recognized in our balance sheets consist of:
Accrued benefit cost	(8,994)	(10,057)
Accumulated other comprehensive loss	(24,959)	(31,136)
Net liability recognized	$ (33,953)	$ (41,193)

Note 8 - Estimated Rate of Incr

Note 8 - Estimated Rate of Increase in Compensation Levels (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Weighted-average assumptions used to determine net periodic benefit cost for the Gray pension plan:
Discount rate	4.00%	4.97%
Expected long-term rate of return on pension plan assets	7.00%	7.00%
Estimated rate of increase in compensation levels	5.63%	5.63%
Weighted-average assumptions used to determine benefit obligations:
Discount rate	4.31%	4.00%
Estimated rate of increase in compensation levels		5.63%

Note 8 - Components of Net Pe59

Note 8 - Components of Net Periodic Benefit Cost for Pension Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Components of net periodic pension cost:
Service cost	$ 3,130	$ 5,162	$ 5,165
Interest cost	4,159	4,106	3,553
Expected return on plan assets	(4,782)	(4,200)	(3,400)
Recognized net actuarial loss	1,580	969	3,131
Net periodic pension cost	$ 4,087	$ 6,037	$ 8,449

Note 8 - Estimated Future Benef

Note 8 - Estimated Future Benefit Payments for Subsequent Years (Details) $ in Thousands	Dec. 31, 2015USD ($)
2,016	$ 2,312
2,017	2,464
2,018	2,646
2,019	2,931
2,020	3,372
2021 - 2025	$ 20,521

Note 8 - Allocation of Plan Ass

Note 8 - Allocation of Plan Assets (Details)	Dec. 31, 2015	Dec. 31, 2014
Insurance General Account [Member]
Asset category:
Plan assets, percent	26.00%	28.00%
Cash and Cash Equivalents [Member]
Asset category:
Plan assets, percent	2.00%	3.00%
Equity Securities [Member]
Asset category:
Plan assets, percent	54.00%	64.00%
Fixed Income Securities [Member]
Asset category:
Plan assets, percent	14.00%	5.00%
Real Estate [Member]
Asset category:
Plan assets, percent	4.00%	0.00%
Plan assets, percent	100.00%	100.00%

Note 8 - Target Asset Allocatio

Note 8 - Target Asset Allocation (Details)	12 Months Ended
	Dec. 31, 2015
Large Cap Value [Member]
Target Range Strategic Allocation	5.00%
Target Range Lower Limit	0.00%
Target Range Upper Limit	50.00%
Large Cap Blend [Member]
Target Range Strategic Allocation	5.00%
Target Range Lower Limit	0.00%
Target Range Upper Limit	50.00%
Large Cap Growth [Member]
Target Range Strategic Allocation	5.00%
Target Range Lower Limit	0.00%
Target Range Upper Limit	50.00%
Mid-cap Blend [Member]
Target Range Strategic Allocation	15.00%
Target Range Lower Limit	0.00%
Target Range Upper Limit	40.00%
Small Cap Core [Member]
Target Range Strategic Allocation	5.00%
Target Range Lower Limit	0.00%
Target Range Upper Limit	25.00%
Foreign Large Blend [Member]
Target Range Strategic Allocation	10.00%
Target Range Lower Limit	0.00%
Target Range Upper Limit	40.00%
Emerging Markets [Member]
Target Range Strategic Allocation	10.00%
Target Range Lower Limit	0.00%
Target Range Upper Limit	25.00%
Real Estate [Member]
Target Range Strategic Allocation	5.00%
Target Range Lower Limit	0.00%
Target Range Upper Limit	20.00%
US Treasury Securities [Member]
Target Range Strategic Allocation	5.00%
Target Range Lower Limit	0.00%
Target Range Upper Limit	25.00%
Intermediate Term Bond [Member]
Target Range Strategic Allocation	10.00%
Target Range Lower Limit	0.00%
Target Range Upper Limit	50.00%
US Government Agencies Debt Securities [Member]
Target Range Strategic Allocation	5.00%
Target Range Lower Limit	0.00%
Target Range Upper Limit	40.00%
High Yield Bond [Member]
Target Range Strategic Allocation	10.00%
Target Range Lower Limit	0.00%
Target Range Upper Limit	25.00%
Emerging Markets Bond [Member]
Target Range Strategic Allocation	10.00%
Target Range Lower Limit	0.00%
Target Range Upper Limit	20.00%
Money Market Funds [Member]
Target Range Strategic Allocation	0.00%
Target Range Lower Limit	0.00%
Target Range Upper Limit	100.00%

Note 8 - Pension Plan Fair Valu

Note 8 - Pension Plan Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Insurance General Account [Member] | Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan, Fair Value of Plan Assets
Insurance General Account [Member] | Fair Value, Inputs, Level 2 [Member]
Defined Benefit Plan, Fair Value of Plan Assets	$ 17,918	$ 18,598
Insurance General Account [Member] | Fair Value, Inputs, Level 3 [Member]
Defined Benefit Plan, Fair Value of Plan Assets
Insurance General Account [Member]
Defined Benefit Plan, Fair Value of Plan Assets	$ 17,918	$ 18,598
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan, Fair Value of Plan Assets	$ 1,273
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member]
Defined Benefit Plan, Fair Value of Plan Assets		$ 2,319
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member]
Defined Benefit Plan, Fair Value of Plan Assets
Cash and Cash Equivalents [Member]
Defined Benefit Plan, Fair Value of Plan Assets	$ 1,273	$ 2,319
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan, Fair Value of Plan Assets	$ 37,621
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Defined Benefit Plan, Fair Value of Plan Assets		$ 42,608
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Defined Benefit Plan, Fair Value of Plan Assets
Equity Securities [Member]
Defined Benefit Plan, Fair Value of Plan Assets	$ 37,621	$ 42,608
Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan, Fair Value of Plan Assets	$ 9,924
Fixed Income Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Defined Benefit Plan, Fair Value of Plan Assets		$ 3,288
Fixed Income Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Defined Benefit Plan, Fair Value of Plan Assets
Fixed Income Securities [Member]
Defined Benefit Plan, Fair Value of Plan Assets	$ 9,924	$ 3,288
Real Estate [Member] | Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan, Fair Value of Plan Assets	$ 2,510
Real Estate [Member] | Fair Value, Inputs, Level 2 [Member]
Defined Benefit Plan, Fair Value of Plan Assets
Real Estate [Member] | Fair Value, Inputs, Level 3 [Member]
Defined Benefit Plan, Fair Value of Plan Assets
Real Estate [Member]
Defined Benefit Plan, Fair Value of Plan Assets	$ 2,510
Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan, Fair Value of Plan Assets	51,328
Fair Value, Inputs, Level 2 [Member]
Defined Benefit Plan, Fair Value of Plan Assets	$ 17,918	$ 66,813
Fair Value, Inputs, Level 3 [Member]
Defined Benefit Plan, Fair Value of Plan Assets
Defined Benefit Plan, Fair Value of Plan Assets	$ 69,246	$ 66,813

Note 8 - Matching Contributions

Note 8 - Matching Contributions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
401(k) plan (in shares)	1,898	2,341	5,235
401(k) plan	$ 26	$ 25	$ 28

Note 9 - Commitments and Cont65

Note 9 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating Leases, Rent Expense	$ 2.8	$ 2.2	$ 1.6

Note 9 - Commitments Summary (D

Note 9 - Commitments Summary (Details) $ in Thousands	Dec. 31, 2015USD ($)
2016 Acquisitions [Member]
Purchase obligations	$ 415,300
Purchase obligations	415,300
Equipment [Member]
Purchase obligations	17
Purchase obligations	17
Syndicated Television Programming [Member]
Purchase obligations	3,923
Purchase obligations	11,151
Purchase obligations	7,039
Purchase obligations	719
Purchase obligations	688
Purchase obligations	1,051
Purchase obligations	24,571
Network Affiliation Agreements [Member]
Purchase obligations	88,737
Purchase obligations	105,038
Purchase obligations	117,455
Purchase obligations	71,418
Purchase obligations	30,666
Purchase obligations	5,300
Purchase obligations	418,614
2,016	2,286
Contractual obligations	510,263
2,017	2,021
Contractual obligations	118,210
2,018	1,860
Contractual obligations	126,354
2,019	1,673
Contractual obligations	73,810
2,020	1,508
Contractual obligations	32,862
Thereafter	4,079
Contractual obligations	10,430
Total	13,427
Contractual obligations	$ 871,929

Note 10 - Goodwill and Intang67

Note 10 - Goodwill and Intangible Assets (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Goodwill and Intangible Asset Impairment	$ 0	$ 0	$ 0
Amortization of Intangible Assets	11,982,000	$ 8,297,000	$ 336,000
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	12,900,000
Finite-Lived Intangible Assets, Amortization Expense, Year Two	12,300,000
Finite-Lived Intangible Assets, Amortization Expense, Year Three	7,700,000
Finite-Lived Intangible Assets, Amortization Expense, Year Four	5,800,000
Finite-Lived Intangible Assets, Amortization Expense, Year Five	$ 3,400,000

Note 10 - Changes in Goodwill a

Note 10 - Changes in Goodwill and Other Intangible Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Broadcast Licenses [Member]
Broadcast licenses	$ 1,114,626,000	$ 1,023,580,000
Broadcast licenses	91,192,000	184,598,000
Broadcast licenses	(146,000)	0
Broadcast licenses	1,114,626,000	1,023,580,000
Goodwill	423,236,000	374,390,000
Goodwill	48,916,000	189,981,000
Goodwill	(70,000)	0
Broadcast licenses	1,114,626,000	1,023,580,000
Definite-lived intangible assets	53,280,000	47,802,000
Finite-lived Intangible Assets Acquired	17,845,000	53,455,000
Definite-lived intangible assets	(385,000)	0
Definite-lived intangible assets	(11,982,000)	(8,297,000)
Total intangible assets net of accumulated amortization	1,591,142,000	1,445,772,000
Total intangible assets net of accumulated amortization	157,953,000	428,034,000
Total intangible assets net of accumulated amortization	(601,000)	0
Broadcast licenses	1,114,626,000	1,023,580,000
Definite-lived intangible assets	53,280,000	47,802,000
Total intangible assets net of accumulated amortization	$ 1,591,142,000	$ 1,445,772,000

Note 10 - Summary of Changes in

Note 10 - Summary of Changes in Goodwill (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Goodwill, gross	$ 521,832,000	$ 472,986,000	$ 283,005,000
Goodwill	48,916,000	189,981,000
Goodwill	(70,000)	0
Accumulated goodwill impairment	(98,596,000)	(98,596,000)	(98,596,000)
Goodwill	423,236,000	374,390,000	184,409,000
Accumulated goodwill impairment	$ (98,596,000)	$ (98,596,000)	$ (98,596,000)

Note 10 - Intangible Assets and

Note 10 - Intangible Assets and Related Accumulated Amortization (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Broadcast Licenses [Member]
Gross	$ 1,168,325,000	$ 1,077,279,000
Accumulated Amortization	(53,699,000)	(53,699,000)
Broadcast licenses	1,114,626,000	1,023,580,000
Goodwill Not Amortizable [Member]
Goodwill, gross	423,236,000	374,390,000
Goodwill	423,236,000	374,390,000
Intangible Assets Not Subject to Amortization [Member]
Accumulated Amortization	(53,699,000)	(53,699,000)
Gross	1,591,561,000	1,451,669,000
Total intangible assets net of accumulated amortization	1,537,862,000	1,397,970,000
Network Affiliate [Member]
Accumulated Amortization	(1,264,000)	(1,264,000)
Gross	1,264,000	1,264,000
Other Intangible Assets [Member]
Accumulated Amortization	(33,416,000)	(21,479,000)
Gross	86,696,000	69,281,000
Total intangible assets net of accumulated amortization	53,280,000	47,802,000
Intangible Assets Subject to Amortization [Member]
Accumulated Amortization	(34,680,000)	(22,743,000)
Gross	87,960,000	70,545,000
Total intangible assets net of accumulated amortization	53,280,000	47,802,000
Accumulated Amortization	(88,379,000)	(76,442,000)
Broadcast licenses	1,114,626,000	1,023,580,000
Goodwill, gross	521,832,000	472,986,000
Goodwill	423,236,000	374,390,000
Gross	1,679,521,000	1,522,214,000
Total intangible assets net of accumulated amortization	$ 1,591,142,000	$ 1,445,772,000

Note 11 - Subsequent Events (De

Note 11 - Subsequent Events (Details Textual) - USD ($)	Feb. 16, 2016	Feb. 01, 2016	Mar. 31, 2016
Subsequent Event [Member] | KAKE-TV [Member]
Proceeds from Divestiture of Businesses		$ 11,200,000
Subsequent Event [Member] | Schurz [Member]
Proceeds from Divestiture of Businesses	$ 16,000,000
Payments to Acquire Businesses, Gross	442,500,000
Acquisition Costs, Period Cost	$ 415,300,000
Subsequent Event [Member] | 2016 Term Loan [Member] | Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	2.50%
Subsequent Event [Member] | 2016 Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	3.50%
Debt Instrument, Basis Spread on Minimum Variable Rate	0.75%
Subsequent Event [Member] | 2016 Term Loan [Member]
Debt Instrument, Face Amount	$ 425,000,000
Debt Instrument Periodic Principal Payment, Principal	0.25%
Subsequent Event [Member] | 2014 Senior Credit Facility [Member] | Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	2.1875%
Subsequent Event [Member] | 2014 Senior Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	3.1875%
Debt Instrument, Basis Spread on Minimum Variable Rate	0.75%
Subsequent Event [Member] | 2014 Senior Credit Facility [Member]
Line of Credit Facility, Increase	$ 10,000,000
Disposition Assets Cash Flow Ratio	7.50%
KAKE-TV [Member] | Scenario, Forecast [Member]
Gain (Loss) on Disposition of Business			$ 2,000,000

Note 12 - Selected Quarterly 72

Note 12 - Selected Quarterly Financial Data (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenue (less agency commissions)	$ 169,487,000	$ 151,102,000	$ 143,464,000	$ 133,303,000	$ 177,886,000	$ 131,702,000	$ 107,249,000	$ 91,297,000	$ 597,356,000	$ 508,134,000	$ 346,298,000
Operating income	43,897,000	29,344,000	38,758,000	28,058,000	72,021,000	41,156,000	23,186,000	17,410,000	140,057,000	153,773,000	83,880,000
Net income	$ 14,987,000	$ 6,609,000	$ 12,110,000	$ 5,595,000	$ 31,253,000	$ 13,940,000	$ 1,591,000	$ 1,277,000	$ 39,301,000	$ 48,061,000	$ 18,288,000
Net income (in dollars per share)	$ 0.21	$ 0.09	$ 0.17	$ 0.10	$ 0.54	$ 0.24	$ 0.03	$ 0.02	$ 0.58	$ 0.83	$ 0.32
Diluted net income per share (in dollars per share)	$ 0.21	$ 0.09	$ 0.17	$ 0.10	$ 0.53	$ 0.24	$ 0.03	$ 0.02	$ 0.57	$ 0.82	$ 0.32

Schedule II - Summary of Valuat

Schedule II - Summary of Valuation Allowance (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014		Dec. 31, 2013
Allowance for Doubtful Accounts [Member]
Allowance for doubtful accounts		$ 1,667	$ 730		$ 2,064
Allowance for doubtful accounts		$ 606	1,356		$ 432
Allowance for doubtful accounts			290	[1]
Allowance for doubtful accounts	[2]	$ (479)	(709)		$ (1,766)
Allowance for doubtful accounts		1,794	1,667		730
Valuation Allowance of Deferred Tax Assets [Member]
Allowance for doubtful accounts		$ 2,052	2,748		3,157
Allowance for doubtful accounts			$ 3		$ 92
Allowance for doubtful accounts
Allowance for doubtful accounts	[2]	$ (369)	$ (699)		$ (501)
Allowance for doubtful accounts		$ 1,683	$ 2,052		$ 2,748
[1]	In 2014, the change in the allowance for doubtful accounts represents the fair value of balances assumed in acquisition transactions. See Note 2 “Acquisitions and Dispositions” for further information.
[2]	Deductions from allowance for doubtful accounts represent write-offs of receivable balances not considered collectible. The deduction from the valuation allowance for deferred tax assets represents changes in estimates of our future taxable income and our estimated future usage of certain net operating loss carryforwards, as well as expiration of certain net operating loss carryforwards.