Gray Television (GTN) 10-Q 8 May 18 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 01, 2018
Document Information [Line Items]
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
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		82,039,917
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		6,729,035

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets:
Cash	$ 443,425	$ 462,399
Accounts receivable, less allowance for doubtful accounts of $4,656 and $4,606, respectively	168,186	171,230
Prepaid income taxes	22,251	13,791
Prepaid and other current assets	6,001	4,681
Total current assets	649,613	666,757
Property and equipment, net	343,178	350,658
Broadcast licenses	1,530,703	1,530,703
Goodwill	611,100	611,100
Other intangible assets, net	68,348	73,784
Investment in broadcasting and technology companies	16,599	16,599
Other	13,171	11,256
Total assets	3,232,712	3,260,857
Liabilities and stockholders’ equity:
Accounts payable	3,068	7,840
Employee compensation and benefits	21,295	30,144
Accrued interest	23,164	26,624
Other accrued expenses	7,651	11,970
Federal and state income taxes	9,457	8,753
Deferred revenue	4,506	4,004
Current portion of long-term debt	6,417	6,417
Total current liabilities	100,630	131,305
Long-term debt, less current portion and deferred financing costs	1,830,411	1,831,011
Program broadcast obligations, less current portion	3,822	4,277
Deferred income taxes	267,396	261,690
Accrued pension costs	37,578	37,838
Other	1,836	1,839
Total liabilities	2,241,673	2,267,960
Commitments and contingencies (Note 8)
Stockholders’ equity:
Common stock	904,170	902,518
Retained earnings	181,639	161,694
Accumulated other comprehensive loss, net of income tax benefit	(22,165)	(22,165)
Stockholders' equity before treasury stock	1,088,793	1,066,691
Treasury stock at cost	(72,270)	(49,562)
Total stockholders’ equity	991,039	992,897
Total liabilities and stockholders’ equity	3,232,712	3,260,857
Common Class A [Member]
Stockholders’ equity:
Common stock	25,149	24,644
Treasury stock at cost	(25,484)	(24,232)
Syndicated Program Film Rights, Current [Member]
Assets:
Current portion of program broadcast rights, net	9,750	14,656
Network Programming Obligations, Current [Member]
Liabilities and stockholders’ equity:
Program rights obligations	14,851	20,317
Syndicated Program Film Obliagtions, Current [Member]
Liabilities and stockholders’ equity:
Program rights obligations	$ 10,221	$ 15,236

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Accounts receivable, allowance for doubtful accounts	$ 4,656	$ 4,606
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)	89,316,360	88,788,664
Common stock, shares outstanding (in shares)	82,039,917	83,253,588
Treasury stock (in shares)	7,276,443	5,535,076
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)	8,569,149	8,349,069
Common stock, shares outstanding (in shares)	6,729,035	6,598,377
Treasury stock (in shares)	1,840,114	1,750,692

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenue (less agency commissions)	$ 226,258	$ 203,461
Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net:
Broadcast	149,654	133,556
Corporate and administrative	8,260	7,710
Depreciation	13,694	12,629
Amortization of intangible assets	5,436	5,567
(Gain) loss on disposal of assets, net	(821)	527
Operating expenses	176,223	159,989
Operating income	50,035	43,472
Other income (expense):
Miscellaneous income, net	560	93
Interest expense	(24,250)	(23,191)
Loss from early extinguishment of debt		(2,540)
Income before income taxes	26,345	17,834
Income tax expense	6,400	7,329
Net income	$ 19,945	$ 10,505
Basic per share information:
Net income (in dollars per share)	$ 0.22	$ 0.15
Weighted average shares outstanding (in shares)	89,058	71,877
Diluted per share information:
Net income (in dollars per share)	$ 0.22	$ 0.14
Weighted average shares outstanding (in shares)	89,576	72,519
Dividends declared per common share (in dollars per share)	$ 0	$ 0

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands	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, 2017	8,349,069	88,788,664		(1,750,692)	(5,535,076)
Balance at Dec. 31, 2017	$ 24,644	$ 902,518	$ 161,694	$ (24,232)	$ (49,562)	$ (22,165)	$ 992,897
Net income			19,945				19,945
Restricted stock awards (in shares)	220,080	318,196		(89,422)	(107,456)
Restricted stock awards				$ (1,252)	$ (1,757)		(3,009)
Restricted stock unit awards (in shares)		209,500			(82,201)
Restricted stock unit awards					$ (1,344)		(1,344)
Repurchase of common stock (in shares)					(1,551,710)
Repurchase of common stock					$ (19,607)		(19,607)
Share-based compensation	$ 505	$ 1,652					2,157
Balance (in shares) at Mar. 31, 2018	8,569,149	89,316,360		(1,840,114)	(7,276,443)
Balance at Mar. 31, 2018	$ 25,149	$ 904,170	$ 181,639	$ (25,484)	$ (72,270)	$ (22,165)	$ 991,039

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating activities
Net income	$ 19,945	$ 10,505
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	13,694	12,629
Amortization of intangible assets	5,436	5,567
Amortization of deferred loan costs	1,157	1,151
Accretion of original issue discount and premium related to long-term debt, net	(153)	(153)
Amortization of restricted stock and stock option awards	2,157	1,338
Amortization of program broadcast rights	5,346	5,222
Payments on program broadcast obligations	(5,474)	(5,119)
Deferred income taxes	5,706	7,329
(Gain) loss on disposal of assets, net	(821)	527
Loss from early extinguishment of debt		2,540
Other	(194)	(761)
Changes in operating assets and liabilities:
Accounts receivable	3,044	(9,873)
Prepaid income taxes	(8,460)	(339)
Other current assets	(1,328)	(1,911)
Accounts payable	(4,772)	(1,847)
Employee compensation, benefits and pension cost	(8,850)	(10,840)
Accrued network fees and other expenses	(9,773)	(7,555)
Accrued interest	(3,460)	(7,758)
Income taxes payable	704	48
Deferred revenue	503	(1,183)
Net cash provided by (used in) operating activities	14,407	(483)
Investing activities
Acquisitions of television businesses and licenses		(277,907)
Purchases of property and equipment	(6,280)	(3,977)
Proceeds from asset sales	41	50
Proceeds from FCC Repack (Note 1)	937
Acquisition prepayments	(2,500)	(8,525)
Other	(15)	(3,034)
Net cash used in investing activities	(7,817)	(293,393)
Financing activities
Proceeds from borrowings on long-term debt		556,438
Repayments of borrowings on long-term debt	(1,604)	(557,829)
Payments for the repurchase of common stock	(19,607)
Deferred and other loan costs		(4,614)
Payment for taxes related to net share settlement of equity awards	(4,353)	(1,767)
Net cash used in financing activities	(25,564)	(7,772)
Net decrease in cash	(18,974)	(301,648)
Cash at beginning of period	462,399	325,189
Cash at end of period	$ 443,425	$ 23,541

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	1. The accompanying condensed consolidated balance sheet of Gray Television, Inc. (and its consolidated subsidiaries, except as the context otherwise provides,“Gray,” the “Company,” “we,” “us,” and “our”) as of December 31, 2017, December 31, 2017, March 31, 2018 March 31, 2018 2017, 10 10 X. not one 10 December 31, 2017 ( “2017 10 three March 31, 2018, not may December 31, 2018. Overview We are a television broadcast company headquartered in Atlanta, Georgia, that owns and operates television stations and leading digital assets in markets throughout the United States. As of March 31, 2018, 57 200 100 March 31, 2018, 10.4% Revenue Recognition We recognize revenue when we have completed a specified service and effectively transferred the control of that service to a customer in return for an amount of consideration we expect to be entitled to receive. The amount of revenue recognized is determined by the amount of consideration specified in a contract with our customers. We have elected to exclude taxes assessed by a governmental authority on transactions with our customers from our revenue. Any unremitted balance is included in current liabilities on our balance sheet. Cyclicality and Seasonality Broadcast advertising revenues are generally highest in the second fourth two fourth Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and related notes. Our actual experience and accordingly, our results could differ materially from these estimates. The most significant estimates we make relate to our allowance for doubtful accounts in receivables, valuation of goodwill and intangible assets, amortization of program broadcast rights and intangible assets, pension costs, income taxes, employee medical insurance claims, useful lives of property and equipment and contingencies. Earnings Per Share We compute basic earnings per share by dividing net income by the weighted-average number of our common shares and Class A common shares outstanding during the relevant period. The weighted-average number of shares outstanding does not not The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding for the three March 31, 2018 2017, Three Months Ended March 31, 2018 2017 Weighted-average shares outstanding-basic 89,058 71,877 Common stock equivalents for stock options and restricted stock 518 642 Weighted-average shares outstanding-diluted 89,576 72,519 Accumulated Other Comprehensive Loss Our accumulated other comprehensive loss balances as of March 31, 2018 December 31, 2017, three March 31, 2018 2017 not three March 31, 2018 2017. Pr operty and Equipme nt Property and equipment are carried at cost. Depreciation is computed principally by the straight-line method. The following table lists the components of property and equipment by major category (dollars in thousands): Estimated March 31, December 31, Useful Lives 2018 2017 (in years) Property and equipment: Land $ 51,946 $ 50,458 Buildings and improvements 156,973 156,924 7 to 40 Equipment 516,251 511,878 3 to 20 725,170 719,260 Accumulated depreciation (381,992 ) (368,602 ) Total property and equipment, net $ 343,178 $ 350,658 Maintenance, repairs and minor replacements are charged to operations as incurred; major replacements and betterments are capitalized. The cost of any assets divested, sold or retired and the related accumulated depreciation are removed from the accounts at the time of disposition, and any resulting profit or loss is reflected in income or expense for the period. In April 2017, $1.7 six five The following tables provide additional information related to (gain) loss on disposal of assets, net included in our condensed consolidated statements of operations and purchases of property and equipment included in our condensed consolidated statements of cash flows (in thousands): Three Months Ended March 31, 2018 2017 (Gain) loss on disposal of assets, net: Proceeds from sale of assets $ (41 ) $ (50 ) Proceeds from FCC - Repack (937 ) - Net book value of assets disposed 157 577 Total $ (821 ) $ 527 Purchase of property and equipment: Recurring purchases - operations $ 4,292 $ 3,977 Repack 1,988 - Total $ 6,280 $ 3,977 Allowance for Doubtful Accounts Our allowance for doubtful accounts is equal to a portion of our receivable balances that are 120 may 120 Recent Accounting Pronouncements In February 2016, 2016 02 Leases 842 2016 02 840, Leases December 15, 2018. December 31, 2017, $17.6 In January 2017, 2017 04, Intangibles Goodwill and Other 350 Simplifying the Test for Goodwill Impairment 2017 04 2 2 not December 15, 2019, not not In February 2018, 2018 02, Income Statement - Reporting Comprehensive Income 220 Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income 2018 02 2017 not December 15, 2018, not not Adoption of Accounting Standards and R eclassifications In January 2016, No. 2016 01 Financial Instruments - Overall 825 10 Recognition and Measurement of Financial Assets and Financial Liabilities 2016 01 2016 01 may February 2018, No. 2018 03 Technical Corrections and Improvements to Financial Instruments-Overall (Subtopic 825 10 2018 03 2016 01. 2018 03 June 15, 2018 first 2018. not not In March 2017, 2017 07, Compensation – Retirement Benefits 715 Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost 2017 07 first 2018. not three March 31, 2018 2017. not In addition to the reclassification of our pension expense (benefit) in our condensed consolidated statement of operations as described above, certain amounts in the condensed consolidated statement of cash flows have also been reclassified to conform to the current presentation.

Note 2 - Revenue

Note 2 - Revenue	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	2 . Revenue Adoption of New Accounting Standard : ASC Topic 606, On January 1, 2018, 606 Revenue from Contra cts with Customers , as amended not not Disaggregation of Revenue The following table presents our revenue from contracts with customers disaggregated by type of service and sales channel (in thousands): Three Months Ended March 31, 2018 2017 Market and service type: Advertising: Local $ 105,469 $ 102,597 National 24,512 24,814 Political 5,775 1,321 Total advertising 135,756 128,732 Retransmission consent 85,551 67,573 Other 4,951 7,156 Total revenue $ 226,258 $ 203,461 Sales Channel: Direct $ 133,422 $ 114,522 Advertising agency intermediary 92,836 88,939 Total revenue $ 226,258 $ 203,461 Advertising Revenue Broadcast advertising revenue is generated primarily from the broadcast of television advertising time to local, national and political advertisers. Most advertising contracts are short-term, and generally run only for a few weeks. Our performance obligation is satisfied when the advertisement is broadcast or appears on our stations’ websites or mobile applications. Advertising revenue is recognized when the performance obligation is satisfied and then billed to the customer in the period the revenue is recognized. We have an unconditional right to receive payment of the amount billed generally within 30 We broadcast the customer’s advertisement either preceding or following a television station’s network programming and within local and syndicated programming. Broadcast advertising is sold in time increments and is priced primarily on the basis of a program’s popularity among the specific audience an advertiser desires to reach. In addition, broadcast advertising rates are affected by the number of advertisers competing for the available time, the size and demographic makeup of the market served by the station and the availability of alternative advertising media in the market area. Broadcast advertising rates are generally the highest during the most desirable viewing hours, with corresponding reductions during other hours. The ratings of a local station affiliated with a major network can be affected by ratings of network programming. Internet advertising is placed on our stations’ websites and mobile applications. These advertisements may We generate advertising revenue either by the efforts of our direct sales employees or through third We record revenue and expense for non-monetary trade transactions involving the exchange of tangible goods or services with our customers. 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 received. Retransmission Consent Revenue We enter into license agreements with cable, satellite, multichannel video programming distributors and digital delivery system (or “OTT”) customers (collectively “MVPD”) that provide them the right to use our broadcast signal for retransmission across the MVPD system for an agreed period of time. These agreements represent a sales and usage based functional intellectual property license based on the number of subscribers to the licensee’s delivery systems. Our performance obligation is to provide the licensee with access to our intellectual property when it is broadcast. The duration of the typical retransmission consent contract is three 30 Subscriber data necessary to calculate the amount of retransmission consent revenue to be recognized for the current month is not not not Other Revenues Other revenues consist of production, tower rental and other miscellaneous items. Production revenue is derived from the production of programming. Production revenue is recognized as the programming is produced. Tower rental income is recognized monthly over the life of the lease. All of our leases under which we are lessor are considered operating leases. Other revenue is comprised of one Accounts Receivable and Deposit Liability When we invoice our customers for completed performance obligations, we are unconditionally entitled to receive payment of the invoiced amounts. Therefore, we record invoiced amounts in accounts receivable on our balance sheet. We generally require amounts payable under advertising contracts with our political advertising customers to be paid for in advance. We record the receipt of this cash as a deposit liability. Once the advertisement has been broadcast, the revenue is earned, and we record the revenue and reduce the balance in this deposit liability account. We recorded $2.9 three March 31, 2018 December 31, 2017. $4.4 $3.8 March 31, 2018 December 31, 2017, Practical Expedients We expense direct and agency commissions when incurred because our advertising contracts are one one The nature of our contracts with advertising customers is such that our performance obligations arise and are satisfied concurrent with the broadcast or web placement of the advertisement. We did not

Note 3 - Long-term Debt

Note 3 - Long-term Debt	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Debt Disclosure [Text Block]	3 . Long-term Debt As of March 31, 2018 December 31, 2017, 2017 5.125% 2024 “2024 5.875% 2026 “2026 March 31, December 31, 2018 2017 Long-term debt: 2017 Senior Credit Facility $ 633,630 $ 635,234 2024 Notes 525,000 525,000 2026 Notes 700,000 700,000 Total outstanding principal, including current portion 1,858,630 1,860,234 Unamortized deferred loan costs - 2017 Senior Credit Facility (11,148 ) (11,777 ) Unamortized deferred loan costs - 2024 Notes (6,494 ) (6,743 ) Unamortized deferred loan costs - 2026 Notes (9,194 ) (9,473 ) Unamortized premium - 2026 Notes 5,034 5,187 Long-term debt, less deferred financing costs 1,836,828 1,837,428 Less current portion (6,417 ) (6,417 ) Long-term debt, less current portion and deferred financing costs $ 1,830,411 $ 1,831,011 Borrowing availability under Revolving Credit Facility $ 100,000 $ 100,000 On February 7, 2017, “2017 March 31, 2018, 2017 $733.6 $633.6 “2017 $100.0 “2017 For all of our interest bearing obligations, we made interest payments of approximately $26.7 $29.9 three March 31, 2018 2017, not three March 31, 2018 2017. Borrowings under the 2017 2.25% 1.25% 2017 5.25 1.00, 2.25% 1.25% 5.25 1.00, 2.5% 1.5% March 31, 2018, 2017 3.9%. Borrowings under the 2017 1.50% 0.50%, first 2017 0.50% 1.00%. 2017 may 0.375% 0.50% 2017 February 7, 2022, 2017 February 7, 2024. Our obligations under the 2017 2017 no 2024 2026 not 2024 2026 March 31, 2018, no The 2017 2026 2024 March 31, 2018 December 31, 2017,

Note 4 - Fair Value Measurement

Note 4 - Fair Value Measurement	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Fair Value Disclosures [Text Block]	4. 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” 3” 2 1 2” Equity I nvestments Without Readily Determinable Fair V alues We have equity investments in privately held broadcasting and technology companies for which there is no 321. The carrying amount of our equity investments without readily determinable fair values was $16.6 March 31, 2018 December 31, 2017. no March 31, 2018. Fair Value of Other Financial Instruments The estimated fair value of other financial instruments is determined using market information and appropriate valuation methodologies. Interpreting market data to develop fair value estimates involves considerable judgment. The use of different market assumptions or methodologies could have a material effect on the estimated fair value amounts. Accordingly, the estimates presented are not The carrying amounts of the following instruments approximate fair value due to their short term to maturity: (i) accounts receivable, (ii) prepaid and other current assets, (iii) accounts payable, (iv) accrued employee compensation and benefits, (v) accrued interest, (vi) other accrued expenses, (vii) acquisition-related liabilities and (viii) deferred revenue. The carrying amount of our long-term debt was $1.8 $1.8 $1.8 $1.9 March 31, 2018 December 31, 2017. third March 31, 2018 December 31, 2017, 2

Note 5 - Stockholders' Equity

Note 5 - Stockholders' Equity	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	5. As of March 31, 2018, 135.0 100.0 15.0 20.0 May 7, 2018, 200.0 25.0 March 31, 2018, 82.0 6.7 No 10 one three March 31, 2018 2017, not In each of March November 2004, 2.0 March 2006, 5.0 “2004 2006 March 31, 2018, 279,200 no November 6, 2016, $75.0 December 31, 2019 ( “2016 The 2016 “401 three March 31, 2018, 2016 1,551,710 $12.64 $19.6 March 31, 2018, $49.5 2016 The extent to which the Company repurchases any of its shares, the number of shares and the timing of any repurchases will depend on general market conditions, regulatory requirements, alternative investment opportunities and other considerations. The Company is not may Under our various employee benefit plans, we may, March 31, 2018, 7,104,769 1,703,064

Note 6 - Retirement Plans

Note 6 - Retirement Plans	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	6 . Retirement Plans The following table provides the components of net periodic benefit cost for our defined benefit pension plan for the three March 31, 2018 2017, Three Months Ended March 31, 2018 2017 Interest cost $ 1,106 $ 807 Expected return on plan assets (1,536 ) (976 ) Loss amortization 169 84 Net periodic benefit cost $ (261 ) $ (85 ) The components of net periodic pension cost as stated above are included in miscellaneous income in our income statement. During the three March 31, 2018, not 2018, $2.0 During the three March 31, 2018, $1.9 $4.1 401 2018, $5.4

Note 7 - Stock-based Compensati

Note 7 - Stock-based Compensation	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	7 . Stock-based Compensation We recognize compensation expense for share-based payment awards made to our employees, consultants and directors. Our current stock-based compensation plans include our 2017 “2017 2007 “2007 three March 31, 2018 2017, Three Months Ended March 31, 2018 2017 Stock-based compensation expense, gross $ 2,157 $ 1,337 Income tax benefit at our statutory rate associated with stock-based compensation (548 ) (521 ) Stock-based compensation expense, net $ 1,609 $ 816 All shares of common stock and Class A common stock underlying outstanding options, restricted stock units and performance awards are counted as issued at target levels under the 2017 2007 During the three March 31, 2018, 2017 ● 110,040 $12.65 36,680 February 28, 2019, 2020 2021; ● 110,040 $12.65 February 28, 2021; ● 318,196 $15.25 153,406 February 28, 2019, 82,394 February 28, 2020, 82,396 February 28, 2021. During the three March 31, 2017, 2007 ● 307,943 102,648 January 31, 2018; 102,648 January 31, 2019; 102,647 January 31, 2020; ● 198,220 66,073 January 31, 2018 66,073 January 31, 2019; 66,074 January 31, 2020. A summary of restricted common stock and Class A common stock activities for the three March 31, 2018 2017, Three Months Ended March 31, 2018 March 31, 2017 Weighted- Weighted- Average Average Number Grant Date Number Grant Date of Fair Value of Fair Value Shares Per Share Shares Per Share Restricted common stock: Outstanding - beginning of period 503,685 $ 11.14 396,033 $ 12.06 Granted 318,196 $ 15.25 307,943 $ 10.40 Vested (225,570 ) $ 11.21 (200,291 ) $ 11.82 Outstanding - end of period 596,311 $ 13.31 503,685 $ 11.14 Restricted Class A common stock: Outstanding - beginning of period 462,632 $ 10.63 415,082 $ 10.15 Granted (1) 220,080 $ 12.65 198,220 $ 10.60 Vested (274,926 ) $ 10.48 (227,526 ) $ 10.00 Outstanding - end of period 407,786 $ 11.82 385,776 $ 10.47 Restricted stock units - common stock: Outstanding - beginning of period 209,500 $ 15.70 Granted - $ - Vested (209,500 ) $ 15.70 Forfeited - $ - Outstanding - end of period - $ - ( 1 At March 31, 2018 December 31, 2017, 274,746 $1.99 March 31, 2018 December 31, 2017, not $2.9 March 31, 2018.

Note 8 - Commitments and Contin

Note 8 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	8 . Commitments and Contingencies From time to time, we are or may not one Please refer to Note 11

Note 9 - Goodwill and Intangibl

Note 9 - Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	9 . Goodwill and Intangible Assets As of March 31, 2018 December 31, 2017, As of March 31, 2018 As of December 31, 2017 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 1,584,402 $ (53,699 ) $ 1,530,703 $ 1,584,402 $ (53,699 ) $ 1,530,703 Goodwill 611,100 - 611,100 611,100 - 611,100 $ 2,195,502 $ (53,699 ) $ 2,141,803 $ 2,195,502 $ (53,699 ) $ 2,141,803 Intangible assets subject to amortization: Network affiliation agreements $ 6,134 $ (4,196 ) $ 1,938 6,134 $ (3,551 ) $ 2,583 Other finite-lived intangible assets 143,446 (77,036 ) 66,410 143,446 (72,245 ) 71,201 $ 149,580 $ (81,232 ) $ 68,348 $ 149,580 $ (75,796 ) $ 73,784 Total intangibles $ 2,345,082 $ (134,931 ) $ 2,210,151 $ 2,345,082 $ (129,495 ) $ 2,215,587 Amortization expense for the three March 31, 2018 2017 $5.4 $5.6 2018 $9.7 five 2019, $15.4 2020, $12.4 2021, $8.3 2022, $4.8 2023, $2.9 may Impairment of goodwill and broadcast license s Our intangible assets are primarily comprised of broadcast licenses. There were no three March 31, 2018 2017.

Note 10 - Income Taxes

Note 10 - Income Taxes	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	10 . Income Taxes For the three March 31, 2018 2017, Three Months Ended March 31, 2018 2017 Income tax expense $ 6,400 $ 7,329 Effective income tax rate 24.3 % 41.1 % We estimate our differences between taxable income or loss and recorded income or loss on an annual basis. Our tax provision for each quarter is based upon these full year projections, which are revised each reporting period. These projections incorporate estimates of permanent differences between U.S. GAAP income or loss and taxable income or loss, state income taxes and adjustments to our liability for unrecognized tax benefits to adjust our statutory Federal income tax rate of 21.0% 2018 35.0% 2017 three March 31, 2018, 21.0% 24.3% 4.7%, 0.8%, 2.2%. three March 31, 2017, 35.0% 41.1% 4.4%, 1.9% 0.2%.

Note 11 - Subsequent Event

Note 11 - Subsequent Event	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Subsequent Events [Text Block]	11 . Subsequent Event Pending Acquisition On May 1, 2018, 110 $32.5 second third 2018,

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition We recognize revenue when we have completed a specified service and effectively transferred the control of that service to a customer in return for an amount of consideration we expect to be entitled to receive. The amount of revenue recognized is determined by the amount of consideration specified in a contract with our customers. We have elected to exclude taxes assessed by a governmental authority on transactions with our customers from our revenue. Any unremitted balance is included in current liabilities on our balance sheet. Cyclicality and Seasonality Broadcast advertising revenues are generally highest in the second fourth two fourth
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and related notes. Our actual experience and accordingly, our results could differ materially from these estimates. The most significant estimates we make relate to our allowance for doubtful accounts in receivables, valuation of goodwill and intangible assets, amortization of program broadcast rights and intangible assets, pension costs, income taxes, employee medical insurance claims, useful lives of property and equipment and contingencies.
Earnings Per Share, Policy [Policy Text Block]	Earnings Per Share We compute basic earnings per share by dividing net income by the weighted-average number of our common shares and Class A common shares outstanding during the relevant period. The weighted-average number of shares outstanding does not not The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding for the three March 31, 2018 2017, Three Months Ended March 31, 2018 2017 Weighted-average shares outstanding-basic 89,058 71,877 Common stock equivalents for stock options and restricted stock 518 642 Weighted-average shares outstanding-diluted 89,576 72,519 Accumulated Other Comprehensive Loss Our accumulated other comprehensive loss balances as of March 31, 2018 December 31, 2017, three March 31, 2018 2017 not three March 31, 2018 2017.
Comprehensive Income, Policy [Policy Text Block]	Accumulated Other Comprehensive Loss Our accumulated other comprehensive loss balances as of March 31, 2018 December 31, 2017, three March 31, 2018 2017 not three March 31, 2018 2017.
Property, Plant and Equipment, Policy [Policy Text Block]	Pr operty and Equipme nt Property and equipment are carried at cost. Depreciation is computed principally by the straight-line method. The following table lists the components of property and equipment by major category (dollars in thousands): Estimated March 31, December 31, Useful Lives 2018 2017 (in years) Property and equipment: Land $ 51,946 $ 50,458 Buildings and improvements 156,973 156,924 7 to 40 Equipment 516,251 511,878 3 to 20 725,170 719,260 Accumulated depreciation (381,992 ) (368,602 ) Total property and equipment, net $ 343,178 $ 350,658 Maintenance, repairs and minor replacements are charged to operations as incurred; major replacements and betterments are capitalized. The cost of any assets divested, sold or retired and the related accumulated depreciation are removed from the accounts at the time of disposition, and any resulting profit or loss is reflected in income or expense for the period. In April 2017, $1.7 six five The following tables provide additional information related to (gain) loss on disposal of assets, net included in our condensed consolidated statements of operations and purchases of property and equipment included in our condensed consolidated statements of cash flows (in thousands): Three Months Ended March 31, 2018 2017 (Gain) loss on disposal of assets, net: Proceeds from sale of assets $ (41 ) $ (50 ) Proceeds from FCC - Repack (937 ) - Net book value of assets disposed 157 577 Total $ (821 ) $ 527 Purchase of property and equipment: Recurring purchases - operations $ 4,292 $ 3,977 Repack 1,988 - Total $ 6,280 $ 3,977
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 a portion of our receivable balances that are 120 may 120
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In February 2016, 2016 02 Leases 842 2016 02 840, Leases December 15, 2018. December 31, 2017, $17.6 In January 2017, 2017 04, Intangibles Goodwill and Other 350 Simplifying the Test for Goodwill Impairment 2017 04 2 2 not December 15, 2019, not not In February 2018, 2018 02, Income Statement - Reporting Comprehensive Income 220 Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income 2018 02 2017 not December 15, 2018, not not Adoption of Accounting Standards and R eclassifications In January 2016, No. 2016 01 Financial Instruments - Overall 825 10 Recognition and Measurement of Financial Assets and Financial Liabilities 2016 01 2016 01 may February 2018, No. 2018 03 Technical Corrections and Improvements to Financial Instruments-Overall (Subtopic 825 10 2018 03 2016 01. 2018 03 June 15, 2018 first 2018. not not In March 2017, 2017 07, Compensation – Retirement Benefits 715 Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost 2017 07 first 2018. not three March 31, 2018 2017. not In addition to the reclassification of our pension expense (benefit) in our condensed consolidated statement of operations as described above, certain amounts in the condensed consolidated statement of cash flows have also been reclassified to conform to the current presentation.

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Weighted Average Number of Shares [Table Text Block]	Three Months Ended March 31, 2018 2017 Weighted-average shares outstanding-basic 89,058 71,877 Common stock equivalents for stock options and restricted stock 518 642 Weighted-average shares outstanding-diluted 89,576 72,519
Property, Plant and Equipment [Table Text Block]	Estimated March 31, December 31, Useful Lives 2018 2017 (in years) Property and equipment: Land $ 51,946 $ 50,458 Buildings and improvements 156,973 156,924 7 to 40 Equipment 516,251 511,878 3 to 20 725,170 719,260 Accumulated depreciation (381,992 ) (368,602 ) Total property and equipment, net $ 343,178 $ 350,658
Schedule of Disposal of Assets and Purchase of Property and Equipment [Table Text Block]	Three Months Ended March 31, 2018 2017 (Gain) loss on disposal of assets, net: Proceeds from sale of assets $ (41 ) $ (50 ) Proceeds from FCC - Repack (937 ) - Net book value of assets disposed 157 577 Total $ (821 ) $ 527 Purchase of property and equipment: Recurring purchases - operations $ 4,292 $ 3,977 Repack 1,988 - Total $ 6,280 $ 3,977

Note 2 - Revenue (Tables)

Note 2 - Revenue (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended March 31, 2018 2017 Market and service type: Advertising: Local $ 105,469 $ 102,597 National 24,512 24,814 Political 5,775 1,321 Total advertising 135,756 128,732 Retransmission consent 85,551 67,573 Other 4,951 7,156 Total revenue $ 226,258 $ 203,461 Sales Channel: Direct $ 133,422 $ 114,522 Advertising agency intermediary 92,836 88,939 Total revenue $ 226,258 $ 203,461

Note 3 - Long-term Debt (Tables

Note 3 - Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	March 31, December 31, 2018 2017 Long-term debt: 2017 Senior Credit Facility $ 633,630 $ 635,234 2024 Notes 525,000 525,000 2026 Notes 700,000 700,000 Total outstanding principal, including current portion 1,858,630 1,860,234 Unamortized deferred loan costs - 2017 Senior Credit Facility (11,148 ) (11,777 ) Unamortized deferred loan costs - 2024 Notes (6,494 ) (6,743 ) Unamortized deferred loan costs - 2026 Notes (9,194 ) (9,473 ) Unamortized premium - 2026 Notes 5,034 5,187 Long-term debt, less deferred financing costs 1,836,828 1,837,428 Less current portion (6,417 ) (6,417 ) Long-term debt, less current portion and deferred financing costs $ 1,830,411 $ 1,831,011 Borrowing availability under Revolving Credit Facility $ 100,000 $ 100,000

Note 6 - Retirement Plans (Tabl

Note 6 - Retirement Plans (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Net Benefit Costs [Table Text Block]	Three Months Ended March 31, 2018 2017 Interest cost $ 1,106 $ 807 Expected return on plan assets (1,536 ) (976 ) Loss amortization 169 84 Net periodic benefit cost $ (261 ) $ (85 )

Note 7 - Stock-based Compensa23

Note 7 - Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	Three Months Ended March 31, 2018 2017 Stock-based compensation expense, gross $ 2,157 $ 1,337 Income tax benefit at our statutory rate associated with stock-based compensation (548 ) (521 ) Stock-based compensation expense, net $ 1,609 $ 816
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Three Months Ended March 31, 2018 March 31, 2017 Weighted- Weighted- Average Average Number Grant Date Number Grant Date of Fair Value of Fair Value Shares Per Share Shares Per Share Restricted common stock: Outstanding - beginning of period 503,685 $ 11.14 396,033 $ 12.06 Granted 318,196 $ 15.25 307,943 $ 10.40 Vested (225,570 ) $ 11.21 (200,291 ) $ 11.82 Outstanding - end of period 596,311 $ 13.31 503,685 $ 11.14 Restricted Class A common stock: Outstanding - beginning of period 462,632 $ 10.63 415,082 $ 10.15 Granted (1) 220,080 $ 12.65 198,220 $ 10.60 Vested (274,926 ) $ 10.48 (227,526 ) $ 10.00 Outstanding - end of period 407,786 $ 11.82 385,776 $ 10.47 Restricted stock units - common stock: Outstanding - beginning of period 209,500 $ 15.70 Granted - $ - Vested (209,500 ) $ 15.70 Forfeited - $ - Outstanding - end of period - $ -

Note 9 - Goodwill and Intangi24

Note 9 - Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Intangible Assets and Goodwill [Table Text Block]	As of March 31, 2018 As of December 31, 2017 Accumulated Accumulated Gross Amortization Net Gross Amortization Net Intangible assets not currently subject to amortization: Broadcast licenses $ 1,584,402 $ (53,699 ) $ 1,530,703 $ 1,584,402 $ (53,699 ) $ 1,530,703 Goodwill 611,100 - 611,100 611,100 - 611,100 $ 2,195,502 $ (53,699 ) $ 2,141,803 $ 2,195,502 $ (53,699 ) $ 2,141,803 Intangible assets subject to amortization: Network affiliation agreements $ 6,134 $ (4,196 ) $ 1,938 6,134 $ (3,551 ) $ 2,583 Other finite-lived intangible assets 143,446 (77,036 ) 66,410 143,446 (72,245 ) 71,201 $ 149,580 $ (81,232 ) $ 68,348 $ 149,580 $ (75,796 ) $ 73,784 Total intangibles $ 2,345,082 $ (134,931 ) $ 2,210,151 $ 2,345,082 $ (129,495 ) $ 2,215,587

Note 10 - Income Taxes (Tables)

Note 10 - Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Three Months Ended March 31, 2018 2017 Income tax expense $ 6,400 $ 7,329 Effective income tax rate 24.3 % 41.1 %

Note 1 - Basis of Presentatio26

Note 1 - Basis of Presentation (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2017
Period for Creating Allowance for Doubtful Accounts		120 days
Scenario, Forecast [Member] | Accounting Standards Update 2016-02 [Member]
New Accounting Pronouncement Effect, Lease Obligation Liability	$ 17.6
New Accounting Pronouncement Effect, Right of Use Assets	$ 17.6

Note 1 - Basis of Presentatio27

Note 1 - Basis of Presentation - Reconciliation of Basic to Diluted Weighted-average Shares Outstanding (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Weighted-average shares outstanding-basic (in shares)	89,058	71,877
Common stock equivalents for stock options and restricted stock (in shares)	518	642
Weighted-average shares outstanding-diluted (in shares)	89,576	72,519

Note 1 - Basis of Presentatio28

Note 1 - Basis of Presentation - Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Property and equipment, gross	$ 725,170	$ 719,260
Accumulated depreciation	(381,992)	(368,602)
Total property and equipment, net	343,178	350,658
Land [Member]
Property and equipment, gross	51,946	50,458
Building and Building Improvements [Member]
Property and equipment, gross	$ 156,973	156,924
Building and Building Improvements [Member] | Minimum [Member]
Estimated Useful Lives (Year)	7 years
Building and Building Improvements [Member] | Maximum [Member]
Estimated Useful Lives (Year)	40 years
Equipment [Member]
Property and equipment, gross	$ 516,251	$ 511,878
Equipment [Member] | Minimum [Member]
Estimated Useful Lives (Year)	3 years
Equipment [Member] | Maximum [Member]
Estimated Useful Lives (Year)	20 years

Note 1 - Basis of Presentatio29

Note 1 - Basis of Presentation - Disposal of Assets and Purchase of Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Proceeds from sale of assets	$ (41)	$ (50)
Proceeds from FCC - Repack	(937)
Net book value of assets disposed	157	577
Total	(821)	527
Recurring purchases - operations	4,292	3,977
Repack	1,988
Total	$ 6,280	$ 3,977

Note 2 - Revenue (Details Textu

Note 2 - Revenue (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Deferred Revenue [Member]
Deposit Liability, Current	$ 4.4	$ 3.8
Political Advertising [Member]
Contract with Customer, Liability, Revenue Recognized	$ 2.9

Note 2 - Revenue - Disaggregati

Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenue	$ 226,258	$ 203,461
Sales Channel, Directly to Consumer [Member]
Revenue	133,422	114,522
Sales Channel, Through Intermediary [Member]
Revenue	92,836	88,939
Local Advertising [Member]
Revenue	105,469	102,597
National Advertising [Member]
Revenue	24,512	24,814
Political Advertising [Member]
Revenue	5,775	1,321
Advertising [Member]
Revenue	135,756	128,732
Retransmission Consent [Member]
Revenue	85,551	67,573
Service, Other [Member]
Revenue	$ 4,951	$ 7,156

Note 3 - Long-term Debt (Detail

Note 3 - Long-term Debt (Details Textual) - USD ($) $ in Thousands	Feb. 07, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total		$ 26,700	$ 29,900
Interest Costs Capitalized		$ 0	$ 0
2024 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage		5.125%		5.125%
2026 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage		5.875%		5.875%
The 2017 Senior Credit Facility [Member]
Debt Agreement, Maximum Borrowing Capacity		$ 733,600
Long-term Debt, Gross		633,630		$ 635,234
The 2017 Senior Credit Facility [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 100,000
The 2017 Senior Credit Facility [Member] | Revolving Credit Facility [Member] | Minimum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.375%
The 2017 Senior Credit Facility [Member] | Revolving Credit Facility [Member] | Maximum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.50%
The 2017 Senior Credit Facility [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread Used to Define Base Rate	1.00%
The 2017 Senior Credit Facility [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	1.50%
The 2017 Senior Credit Facility [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	0.50%
The 2017 Senior Credit Facility [Member] | Revolving Credit Facility [Member] | Federal Funds Effective Swap Rate [Member]
Debt Instrument, Basis Spread Used to Define Base Rate	0.50%
The 2017 Senior Credit Facility [Member] | The 2017 Term Loan [Member]
Debt Instrument, Interest Rate, Stated Percentage		3.90%
Long-term Debt, Gross		$ 633,600
The 2017 Senior Credit Facility [Member] | The 2017 Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	2.25%
Debt Instrument, Basis Spread on Variable Rate if Leverage Ratio is Less Than or Equal to 5.25	2.25%
Debt Instrument, Interest Rate, Applicable Margin, If Leverage Ratio is Greater than 5.25	2.50%
The 2017 Senior Credit Facility [Member] | The 2017 Term Loan [Member] | Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	1.25%
Debt Instrument, Basis Spread on Variable Rate if Leverage Ratio is Less Than or Equal to 5.25	1.25%
Debt Instrument, Interest Rate, Applicable Margin, If Leverage Ratio is Greater than 5.25	1.50%

Note 3 - Long-term Debt - Long-

Note 3 - Long-term Debt - Long-term Debt Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Total outstanding principal, including current portion	$ 1,858,630	$ 1,860,234
Long-term debt, less deferred financing costs	1,836,828	1,837,428
Less current portion	(6,417)	(6,417)
Long-term debt, less current portion and deferred financing costs	1,830,411	1,831,011
Borrowing availability under Revolving Credit Facility	100,000	100,000
The 2017 Senior Credit Facility [Member]
Senior Credit Facility	633,630	635,234
2024 Notes [Member]
Senior Notes	525,000	525,000
Unamortized deferred loan costs	(6,494)	(6,743)
2026 Notes [Member]
Senior Notes	700,000	700,000
Unamortized deferred loan costs	(9,194)	(9,473)
Unamortized premium	5,034	5,187
2014 Senior Credit Facility [Member]
Unamortized deferred loan costs	$ (11,148)	$ (11,777)

Note 4 - Fair Value Measureme34

Note 4 - Fair Value Measurement (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Equity Securities without Readily Determinable Fair Value, Amount	$ 16,600	$ 16,600
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount	0
Long-term Debt, Total	1,836,828	1,837,428
Long-term Debt, Fair Value	$ 1,800,000	$ 1,900,000

Note 5 - Stockholders' Equity (

Note 5 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)$ / sharesshares	Mar. 31, 2017USD ($)	May 07, 2018shares	Dec. 31, 2017shares	Nov. 06, 2016USD ($)	Mar. 31, 2006shares	Nov. 30, 2004shares	Mar. 31, 2004shares
Capital Units, Authorized	135,000,000
Common Stock, Shares Authorized	100,000,000			100,000,000
Common Stock, Shares, Outstanding, Ending Balance	82,039,917			83,253,588
Preferred Stock, Shares Outstanding, Ending Balance	0
Common Stock, Voting Rights, Votes Per Share	1
Dividends, Common Stock, Total | $	$ 0	$ 0
Treasury Stock, Value, Acquired, Cost Method | $	$ 19,607
Common Stock, Capital Shares Reserved for Future Issuance	7,104,769
March 2004 Authorization [Member]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased								2,000,000
The 2004-2006 Repurchase Authorization [Member]
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
The 2016 Repurchase Authorization [Member]
Stock Repurchase Program, Authorized Amount | $					$ 75,000
Treasury Stock, Shares, Acquired	1,551,710
Treasury Stock Acquired, Average Cost Per Share | $ / shares	$ 12.64
Treasury Stock, Value, Acquired, Cost Method | $	$ 19,600
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $	$ 49,500
November 2004 Authorization [Member]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased							2,000,000
Subsequent Event [Member]
Common Stock, Shares Authorized			200,000,000
Common Class A [Member]
Common Stock, Shares Authorized	15,000,000			15,000,000
Common Stock, Shares, Outstanding, Ending Balance	6,729,035			6,598,377
Common Stock, Voting Rights, Votes Per Share	10
Common Stock, Capital Shares Reserved for Future Issuance	1,703,064
Common Class A [Member] | Subsequent Event [Member]
Common Stock, Shares Authorized			25,000,000
Blank Check Preferred Stock [Member]
Preferred Stock, Shares Authorized	20,000,000

Note 6 - Retirement Plans (Deta

Note 6 - Retirement Plans (Details Textual) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 0
Capital Accumulation Plan [Member]
Defined Contribution Plan, Employer Discretionary Contribution Amount	1,900
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	5,400
Profit Sharing Contribution [Member]
Defined Contribution Plan, Employer Discretionary Contribution Amount	4,100
Pension Plan [Member] | Gray Pension Plan [Member]
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	$ 2,000

Note 6 - Retirement Plans - Com

Note 6 - Retirement Plans - Components of Net Periodic Benefit Cost for Pension Plans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Interest cost	$ 1,106	$ 807
Expected return on plan assets	(1,536)	(976)
Loss amortization	169	84
Net periodic benefit cost	$ (261)	$ (85)

Note 7 - Stock-based Compensa38

Note 7 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance		274,746		274,746
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance		$ 1.99		$ 1.99
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value		$ 2.9
Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance		0		0
Service Based Restricted Stock [Member] | Common Class A [Member] | Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		110,040
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 12.65
Service Based Restricted Stock [Member] | Common Class A [Member] | Employee [Member] | Share-based Compensation Award, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		36,680
Performance Based Restricted Stock [Member] | Common Class A [Member] | Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		110,040
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 12.65
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		318,196	307,943
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 15.25	$ 10.40
Restricted Stock [Member] | Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		318,196	307,943
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 15.25
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		153,406
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		82,394
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		82,396
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche One, Vesting January 31, 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			102,648
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Two, Vesting January 31, 2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			102,648
Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Three, Vesting January 31, 2020 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			102,647
Restricted Stock [Member] | Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	[1]	220,080	198,220
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	[1]	$ 12.65	$ 10.60
Restricted Stock [Member] | Common Class A [Member] | Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			198,220
Restricted Stock [Member] | Common Class A [Member] | Employee [Member] | Share-based Compensation Award, Tranche One, Vesting January 31, 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			66,073
Restricted Stock [Member] | Common Class A [Member] | Employee [Member] | Share-based Compensation Award, Tranche Two, Vesting January 31, 2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			66,073
Restricted Stock [Member] | Common Class A [Member] | Employee [Member] | Share-based Compensation Award, Tranche Three, Vesting January 31, 2020 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			66,074
[1]	For awards subject to future performance conditions, amounts assume target performance.

Note 7 - Stock-based Compensa39

Note 7 - Stock-based Compensation - Stock-based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Stock-based compensation expense, gross	$ 2,157	$ 1,337
Income tax benefit at our statutory rate associated with stock-based compensation	(548)	(521)
Stock-based compensation expense, net	$ 1,609	$ 816

Note 7 - Stock-based Compensa40

Note 7 - Stock-based Compensation - Summary of Restricted Common Stock Activity (Details) - $ / shares		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Restricted Stock [Member]
Outstanding, Shares (in shares)		503,685	396,033
Outstanding, Weighted average grant date fair value (in dollars per share)		$ 11.14	$ 12.06
Granted, Shares (in shares)		318,196	307,943
Granted, Weighted average grant date fair value (in dollars per share)		$ 15.25	$ 10.40
Vested, Shares (in shares)		(225,570)	(200,291)
Vested, Weighted average grant date fair value (in dollars per share)		$ 11.21	$ 11.82
Outstanding, Shares (in shares)		596,311	503,685
Outstanding, Weighted average grant date fair value (in dollars per share)		$ 13.31	$ 11.14
Restricted Stock [Member] | Common Class A [Member]
Outstanding, Shares (in shares)		462,632	415,082
Outstanding, Weighted average grant date fair value (in dollars per share)		$ 10.63	$ 10.15
Granted, Shares (in shares)	[1]	220,080	198,220
Granted, Weighted average grant date fair value (in dollars per share)	[1]	$ 12.65	$ 10.60
Vested, Shares (in shares)		(274,926)	(227,526)
Vested, Weighted average grant date fair value (in dollars per share)		$ 10.48	$ 10
Outstanding, Shares (in shares)		407,786	385,776
Outstanding, Weighted average grant date fair value (in dollars per share)		$ 11.82	$ 10.47
Restricted Stock Units (RSUs) [Member]
Outstanding, Shares (in shares)		209,500	0
Outstanding, Weighted average grant date fair value (in dollars per share)		$ 15.70	$ 0
Granted, Shares (in shares)			0
Granted, Weighted average grant date fair value (in dollars per share)			$ 0
Vested, Shares (in shares)		(209,500)	0
Vested, Weighted average grant date fair value (in dollars per share)		$ 15.70	$ 0
Outstanding, Shares (in shares)			0
Outstanding, Weighted average grant date fair value (in dollars per share)			$ 0
Forfeited, Shares (in shares)			0
Forfeited, Weighted average grant date fair value (in dollars per share)			$ 0
[1]	For awards subject to future performance conditions, amounts assume target performance.

Note 9 - Goodwill and Intangi41

Note 9 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Amortization of Intangible Assets, Total	$ 5,436	$ 5,567
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year	9,700
Finite-Lived Intangible Assets, Amortization Expense, Year Two	15,400
Finite-Lived Intangible Assets, Amortization Expense, Year Three	12,400
Finite-Lived Intangible Assets, Amortization Expense, Year Four	8,300
Finite-Lived Intangible Assets, Amortization Expense, Year Five	4,800
Finite-Lived Intangible Assets, Amortization Expense, Year Six	2,900
Goodwill, Impairment Loss	0	0
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)	$ 0	$ 0

Note 9 - Goodwill and Intangi42

Note 9 - Goodwill and Intangible Assets - Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Goodwill	$ 611,100	$ 611,100
Other intangible assets, net	68,348	73,784
Intangible Assets Gross (Including Goodwill)	2,345,082	2,345,082
Accumulated Amortization Intangible Assets	(134,931)	(129,495)
Intangible Assets, Net (Including Goodwill)	2,210,151	2,215,587
Network Affiliate [Member]
Finite-Lived Intangible Assets, Gross	6,134	6,134
Finite-Lived Intangible Assets, Accumulated Amortization	(4,196)	(3,551)
Other intangible assets, net	1,938	2,583
Other Intangible Assets [Member]
Finite-Lived Intangible Assets, Gross	143,446	143,446
Finite-Lived Intangible Assets, Accumulated Amortization	(77,036)	(72,245)
Other intangible assets, net	66,410	71,201
Intangible Assets Subject to Amortization [Member]
Finite-Lived Intangible Assets, Gross	149,580	149,580
Finite-Lived Intangible Assets, Accumulated Amortization	(81,232)	(75,796)
Other intangible assets, net	68,348	73,784
Broadcast Licenses [Member]
Indefinite-lived Intangible Assets (Excluding Goodwill), Gross	1,584,402	1,584,402
Indefinite-Lived Intangible Assets (Excluding Goodwill), Accumulated Amortization	(53,699)	(53,699)
Indefinite-Lived Intangible Assets (Excluding Goodwill)	1,530,703	1,530,703
Goodwill Not Amortizable [Member]
Goodwill, Gross	611,100	611,100
Goodwill	611,100	611,100
Intangible Assets Not Subject to Amortization [Member]
Goodwill and Indefinite-Lived Intangible Assets, Gross	2,195,502	2,195,502
Goodwill and Indefinite-lived Intangible Assets, Accumulated Amortization	(53,699)	(53,699)
Goodwill and Indefinite-Lived Assets, Net	$ 2,141,803	$ 2,141,803

Note 10 - Income Taxes (Details

Note 10 - Income Taxes (Details Textual)	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent				35.00%
Effective Income Tax Rate Reconciliation, Percent, Total	24.30%	41.10%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent	4.70%	4.40%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent, Total	0.80%	1.90%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Percent	2.20%	0.20%
Scenario, Forecast [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%

Note 10 - Income Taxes - Reconc

Note 10 - Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income tax expense	$ 6,400	$ 7,329
Effective income tax rate	24.30%	41.10%

Note 11 - Subsequent Event (Det

Note 11 - Subsequent Event (Details Textual) $ in Millions	May 01, 2018USD ($)
KDLT-TV [Member] | Subsequent Event [Member]
Business Combination, Consideration Transferred, Total	$ 32.5