Saga Communications (SGA) 10-Q 7 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 03, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Entity Registrant Name	SAGA COMMUNICATIONS INC
Entity Central Index Key	886,136
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	SGA
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,967,504
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		843,034

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 27,378	$ 17,907
Accounts receivable, net	20,338	20,661
Prepaid expenses and other current assets	2,612	2,957
Barter transactions	1,605	1,217
Deferred income taxes	846	845
Total current assets	52,779	43,587
Property and equipment	161,951	161,602
Less accumulated depreciation	108,051	106,415
Net property and equipment	53,900	55,187
Other assets:
Broadcast licenses, net	86,762	86,762
Goodwill	326	326
Other intangibles, deferred costs and investments, net	6,532	6,182
Total assets	200,299	192,044
Current liabilities:
Accounts payable	2,115	2,133
Payroll and payroll taxes	6,355	6,788
Other accrued expenses	4,457	2,756
Barter transactions	1,679	1,356
Total current liabilities	14,606	13,033
Deferred income taxes	25,072	23,786
Long-term debt	36,078	36,078
Other liabilities	4,067	3,902
Total liabilities	$ 79,823	$ 76,799
Commitments and contingencies
Stockholders' equity:
Common stock	$ 72	$ 72
Additional paid-in capital	54,047	52,496
Retained earnings	95,459	91,178
Treasury stock	(29,102)	(28,501)
Total stockholders' equity	120,476	115,245
Total liabilities and stockholders' equity	$ 200,299	$ 192,044

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net operating revenue	$ 34,358	$ 33,831	$ 63,419	$ 63,254
Station operating expense	24,311	23,499	47,076	46,446
Corporate general and administrative	2,583	2,120	5,065	4,273
Other operating expense	14	0	14	0
Operating income	7,450	8,212	11,264	12,535
Interest expense	244	272	485	544
Other (income) expense, net	(409)	(30)	(417)	(45)
Income tax provision	3,141	3,193	4,591	4,820
Net income	$ 4,474	$ 4,777	$ 6,605	$ 7,216
Earnings per share:
Basic earnings per share	$ 0.77	$ 0.83	$ 1.14	$ 1.26
Diluted earnings per share	$ 0.77	$ 0.82	$ 1.13	$ 1.24
Basic earnings per share:
Weighted average common shares	5,712	5,699	5,711	5,695
Weighted average common and common equivalent shares	5,757	5,754	5,759	5,755
Diluted earnings per share:
Dividends declared per share	$ 0.20	$ 0.20	$ 0.40	$ 0.20

CONDENSED CONSOLIDATED STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Changes in assets and liabilities:
Cash provided by operating activities	$ 12,833	$ 11,811
Cash flows from investing activities:
Acquisition of property and equipment	(2,254)	(2,914)
Proceeds from insurance claim	777	0
Other investing activities	(602)	(852)
Net cash (used in) provided by investing activities	(2,079)	(3,766)
Cash flows from financing activities:
Cash dividends paid	(1,161)	0
Other financing activities	(122)	243
Net cash (used in) provided by financing activities	(1,283)	243
Net increase in cash and cash equivalents	9,471	8,288
Cash and cash equivalents, beginning of period	17,907	17,628
Cash and cash equivalents, end of period	$ 27,378	$ 25,916

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for annual financial statements. In our opinion, the accompanying financial statements include all adjustments of a normal, recurring nature considered necessary for a fair presentation of our financial position as of June 30, 2015 and the results of operations for the three and six months ended June 30, 2015 and 2014. Results of operations for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. For further information, refer to the consolidated financial statements and footnotes thereto included in the Saga Communications, Inc. Annual Report on Form 10-K for the year ended December 31, 2014. The Company has evaluated events and transactions occurring subsequent to the balance sheet date of June 30, 2015, for items that should potentially be recognized in these financial statements or discussed within the notes to the financial statements. Earnings per share is calculated using the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security. The Company has participating securities related to restricted stock units, granted under the Company’s Second Amended and Restated 2005 Incentive Compensation Plan, that earn dividends on an equal basis with common shares. In applying the two-class method, earnings are allocated to both common shares and participating securities. Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (In thousands, except per share data) Numerator: Net income $ 4,474 $ 4,777 $ 6,605 $ 7,216 Less: Net income allocated to unvested participating securities 68 41 100 62 Net income available to common stockholders $ 4,406 $ 4,736 $ 6,505 $ 7,154 Denominator: Denominator for basic earnings per share — weighted average shares 5,712 5,699 5,711 5,695 Effect of dilutive securities: Common stock equivalents 45 55 48 60 Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions 5,757 5,754 5,759 5,755 Basic earnings per share: $ .77 $ .83 $ 1.14 $ 1.26 Diluted earnings per share: $ .77 $ .82 $ 1.13 $ 1.24 The number of stock options outstanding that had an antidilutive effect on our earnings per share calculation, and therefore have been excluded from diluted earnings per share calculation, was 0 45,000 0 Our financial instruments are comprised of cash and cash equivalents, accounts receivable, accounts payable and long-term debt. The carrying value of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to their short maturities. The carrying value of long-term debt approximates fair value as it carries interest rates that either fluctuate with the euro-dollar rate, prime rate or have been reset at the prevailing market rate at June 30, 2015. Our effective tax rate is higher than the federal statutory rate as a result of the inclusion of state taxes in the income tax amount. We have entered into Time Brokerage Agreements (“TBA’s”) or Local Marketing Agreements (“LMA’s”) in certain markets. In a typical TBA/LMA, the FCC licensee of a station makes available, for a fee, blocks of air time on its station to another party that supplies programming to be broadcast during that air time and sells their own commercial advertising announcements during the time periods specified. Revenue and expenses related to TBA’s/LMA’s are included in the accompanying unaudited Condensed Consolidated Statements of Income.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2015
Recent Accounting Pronouncements [Abstract]
Recent Accounting Pronouncements	2. Recent Accounting Pronouncements In April 2015, the FASB issued Accounting Standards Update No. 2015-05, “ Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40), Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement In April 2015, the FASB issued Accounting Standards Update No. 2015-03, “ Interest – Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs In February 2015, the FASB issued Accounting Standards Update No. 2015-02, “ Consolidation (Topic 810), Amendments to the Consolidation Analysis , In January 2015, the FASB issued Accounting Standards Update No. 2015-01, “ Income Statement-Extraordinary and Unusual Items In August 2014, the FASB issued Accounting Standards Update No. 2014-15, “ Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	3. Intangible Assets We evaluate our FCC licenses for impairment annually as of October 1 st Intangible assets that have finite lives are amortized over their useful lives using the straight-line method. Favorable lease agreements are amortized over the lives of the leases ranging from four to twenty-six years. Other intangibles are amortized over one to eleven years.

Common Stock and Treasury Stock

Common Stock and Treasury Stock	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Common Stock and Treasury Stock	4. Common Stock and Treasury Stock Common Stock Issued Class A Class B (Shares in thousands) Balance, January 1, 2014 6,409 816 Exercised options 7 — Conversion of shares 3 (3) Issuance of restricted stock 27 30 Balance, December 31, 2014 6,446 843 Exercised options 29 — Forfeitures of restricted stock (1) — Balance, June 30, 2015 6,474 843 We have a Stock Buy-Back Program to allow us to purchase up to $ 75.8 28.8

Acquisitions and Dispositions

Acquisitions and Dispositions	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Acquisitions and Dispositions	5. Acquisitions and Dispositions We actively seek and explore opportunities for expansion through the acquisition of additional broadcast properties. The consolidated statements of income include the operating results of the acquired stations from their respective dates of acquisition. All acquisitions were accounted for as purchases and, accordingly, the total purchase consideration was allocated to the acquired assets and assumed liabilities based on their estimated fair values as of the acquisition dates. The excess of the consideration paid over the estimated fair value of net assets acquired have been recorded as goodwill. The Company accounts for acquisition under the provisions of FASB ASC Topic 805, Business Combinations Management assigned fair values to the acquired property and equipment through a combination of cost and market approaches based upon each specific asset’s replacement cost, with a provision for depreciation, and to the acquired intangibles, primarily an FCC license, based on the Greenfield valuation methodology, a discounted cash flow approach. Pending Acquisitions On May 5, 2015, we entered into an agreement to purchase two FM stations (WSIG-FM and WBOP-FM) serving the Harrisonburg, Virginia market for approximately $ 1,335,000 On August 1, 2015, we acquired two AM and three FM stations and one FM translator (WSVA-AM, WHBG-AM, WQPO-FM, WJDV-FM, WTGD-FM and W221CF- FX) serving the Harrisonburg, Virginia market for approximately $ 9,640,000 2014 Acquisitions and Dispositions On January 31, 2014, we acquired one FM station (WFIZ-FM) and three FM Translators serving the Ithaca, New York market for approximately $ 720,000 Fair Value (in thousands) Assets Acquired: Current assets $ 45 Property and equipment 425 Broadcast licenses-Radio segment 174 Other intangibles, deferred costs and investments 3 Fair value of assets acquired 647 Goodwill-Radio segment 73 Total cash consideration $ 720 On February 28, 2014 we acquired an FM translator serving the Jonesboro, Arkansas market for approximately $ 35,000 7,500 27,500 On May 9, 2014 we acquired an FM translator serving the Clarksville, Tennessee market for approximately $ 30,000 7,500 22,500 On May 14, 2014 we acquired an FM translator serving the Portland, Maine market for approximately $ 44,750 7,500 37,250 On May 16, 2014 we acquired two FM translators serving the Asheville, North Carolina market for approximately $ 100,000 15,000 85,000 On June 16, 2014 we acquired an FM translator serving the Des Moines, Iowa market for approximately $ 87,500 7,500 80,000 On November 4, 2014 we acquired an LPTV servicing the Victoria, Texas market for approximately $ 18,500 On December 2, 2014, we sold the Michigan Radio Network, the Michigan Farm Network, the Minnesota News Network and the Minnesota Farm Network, for approximately $ 1,640,000 430,000 1,210,000

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2015
Share-based Compensation [Abstract]
Stock-Based Compensation	6. Stock-Based Compensation 2005 Incentive Compensation Plan On October 16, 2013 our stockholders approved the Second Amended and Restated Saga Communications, Inc. 2005 Incentive Compensation Plan (the “Second Restated 2005 Plan”). The 2005 Incentive Compensation Plan was first approved by stockholders in 2005 and replaced our 2003 Stock Option Plan (the “2003 Plan”). The 2005 Incentive Compensation Plan was re-approved by stockholders in 2010. The changes made in the Second Restated 2005 Plan (i) increases the number of authorized shares by 233,334 50 The number of shares of Common Stock that may be issued under the Second Restated 2005 Plan may not exceed 280,000 900,000 620,000 280,000 may not be exercised at a price which is less than 100% of the fair market value of shares at the date of grant. Stock-Based Compensation All stock options granted were fully vested and expensed at December 31, 2012, therefore there was no compensation expense related to stock options for the three and six months ended June 30, 2015 and the three and six months ended June 30, 2014, respectively. Weighted Average Weighted Remaining Aggregate Number of Average Contractual Term Intrinsic Options Exercise Price (Years) Value Outstanding at January 1, 2015 213,170 $ 31.79 1.2 $ 2,519,147 Exercised (28,466) 27.29 Expired (58,781) 43.47 Outstanding at June 30, 2015 125,923 $ 27.36 1.0 $ 1,321,078 Exercisable at June 30, 2015 125,923 $ 27.36 1.0 $ 1,321,078 Weighted Average Grant Date Fair Shares Value Outstanding at January 1, 2015 89,832 $ 41.20 Vested (2,351) 46.51 Forfeited (991) 46.51 Non-vested and outstanding at June 30, 2015 86,490 $ 41.00 For the three and six months ended June 30, 2015 and the three and six months ended June 30, 2014, we had $ 365,000 827,000 191,000 379,000 146,000 331,000 76,000 152,000

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Long-Term Debt	7. Long-Term Debt June 30, December 31, 2015 2014 (In thousands) Credit Agreement: Term loan $ 30,000 $ 30,000 Revolving credit facility 5,000 5,000 Secured debt of affiliate 1,078 1,078 36,078 36,078 Amounts payable within one year — — $ 36,078 $ 36,078 Our credit facility providing availability up to $ 120 30 90 May 31, 2018 We had $ 85 The Term Loan principal amortizes in equal installments of 5 Interest rates under the Credit Facility are payable, at our option, at alternatives equal to LIBOR ( 0.1866 0.16925 1.25 2.25 0.25 1.25 0.25 0.35 We have pledged substantially all of our assets (excluding our FCC licenses and certain other assets) in support of the Credit Facility and each of our subsidiaries has guaranteed the Credit Facility and has pledged substantially all of their assets (excluding their FCC licenses and certain other assets) in support of the Credit Facility. The Credit Facility contains a number of financial covenants (all of which we were in compliance with at June 30, 2015) which, among other things, require us to maintain specified financial ratios and impose certain limitations on us with respect to investments, additional indebtedness, dividends, distributions, guarantees, liens and encumbrances. The loan agreement of approximately $ 1.1 May 1, 2017

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment Information	8. Segment Information We evaluate the operating performance of our markets individually. For purposes of business segment reporting, we have aligned operations with similar characteristics into two business segments: Radio and Television. At June 30, 2015, the Radio segment includes twenty-three markets, which includes all ninety-two of our radio stations and one radio information network. As described in Note 5 above, we have since acquired two AM and three FM stations and one FM translator serving the Harrisonburg, Virginia market. The Television segment includes two markets and consists of four television stations and five low power television (“LPTV”) stations. The Radio and Television segments derive their revenue from the sale of commercial broadcast inventory. Corporate Radio Television and Other Consolidated (In thousands) Three Months Ended June 30, 2015: Net operating revenue $ 29,017 $ 5,341 $ — $ 34,358 Station operating expense 20,819 3,492 — 24,311 Corporate general and administrative — — 2,583 2,583 Other operating expense 14 — — 14 Operating income (loss) $ 8,184 $ 1,849 $ (2,583) $ 7,450 Depreciation and amortization $ 1,207 $ 322 $ 77 $ 1,606 Corporate Radio Television and Other Consolidated (In thousands) Three Months Ended June 30, 2014: Net operating revenue $ 28,851 $ 4,980 $ — $ 33,831 Station operating expense 20,200 3,299 — 23,499 Corporate general and administrative — — 2,120 2,120 Other operating expense — — — — Operating income (loss) $ 8,651 $ 1,681 $ (2,120) $ 8,212 Depreciation and amortization $ 1,236 $ 346 $ 58 $ 1,640 Corporate Radio Television and Other Consolidated (In thousands) Six Months Ended June 30, 2015: Net operating revenue $ 53,293 $ 10,126 $ — $ 63,419 Station operating expense 40,241 6,835 — 47,076 Corporate general and administrative — — 5,065 5,065 Other operating expense 14 — — 14 Operating income (loss) $ 13,038 $ 3,291 $ (5,065) $ 11,264 Depreciation and amortization $ 2,381 $ 669 $ 145 $ 3,195 Total assets $ 140,872 $ 22,767 $ 36,660 $ 200,299 Corporate Radio Television and Other Consolidated (In thousands) Six Months Ended June 30, 2014: Net operating revenue $ 53,776 $ 9,478 $ — $ 63,254 Station operating expense 39,939 6,507 — 46,446 Corporate general and administrative — — 4,273 4,273 Other operating expense — — — — Operating income (loss) $ 13,837 $ 2,971 $ (4,273) $ 12,535 Depreciation and amortization $ 2,466 $ 691 $ 128 $ 3,285 Total assets $ 144,953 $ 22,368 $ 34,667 $ 201,988

Litigation

Litigation	6 Months Ended
	Jun. 30, 2015
Loss Contingency, Information about Litigation Matters [Abstract]
Litigation	9. Litigation The Company is subject to various outstanding claims which arise in the ordinary course of business and to other legal proceedings. Management anticipates that any potential liability of the Company, which may arise out of or with respect to these matters, will not materially affect the Company’s financial statements.

Other Income

Other Income	6 Months Ended
	Jun. 30, 2015
Other Income and Expenses [Abstract]
Other Income	10. Other Income During the second quarter of 2015, two transmitters in our Victoria, Texas market were significantly damaged by lightning. The Company’s insurance policy provided coverage for the replacement cost of the transmitters. The insurance settlement was finalized during the quarter and the Company received cash proceeds of $ 777 417

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	11. Subsequent Events On June 10, 2015, the Company’s Board of Directors declared a regular cash dividend of $ 0.20 1.2

Summary of Significant Accoun16

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for annual financial statements. In our opinion, the accompanying financial statements include all adjustments of a normal, recurring nature considered necessary for a fair presentation of our financial position as of June 30, 2015 and the results of operations for the three and six months ended June 30, 2015 and 2014. Results of operations for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. For further information, refer to the consolidated financial statements and footnotes thereto included in the Saga Communications, Inc. Annual Report on Form 10-K for the year ended December 31, 2014. The Company has evaluated events and transactions occurring subsequent to the balance sheet date of June 30, 2015, for items that should potentially be recognized in these financial statements or discussed within the notes to the financial statements.
Earnings Per Share Information	Earnings Per Share Information Earnings per share is calculated using the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security. The Company has participating securities related to restricted stock units, granted under the Company’s Second Amended and Restated 2005 Incentive Compensation Plan, that earn dividends on an equal basis with common shares. In applying the two-class method, earnings are allocated to both common shares and participating securities. Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (In thousands, except per share data) Numerator: Net income $ 4,474 $ 4,777 $ 6,605 $ 7,216 Less: Net income allocated to unvested participating securities 68 41 100 62 Net income available to common stockholders $ 4,406 $ 4,736 $ 6,505 $ 7,154 Denominator: Denominator for basic earnings per share — weighted average shares 5,712 5,699 5,711 5,695 Effect of dilutive securities: Common stock equivalents 45 55 48 60 Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions 5,757 5,754 5,759 5,755 Basic earnings per share: $ .77 $ .83 $ 1.14 $ 1.26 Diluted earnings per share: $ .77 $ .82 $ 1.13 $ 1.24 The number of stock options outstanding that had an antidilutive effect on our earnings per share calculation, and therefore have been excluded from diluted earnings per share calculation, was 0 45,000 0
Financial Instruments	Financial Instruments Our financial instruments are comprised of cash and cash equivalents, accounts receivable, accounts payable and long-term debt. The carrying value of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to their short maturities. The carrying value of long-term debt approximates fair value as it carries interest rates that either fluctuate with the euro-dollar rate, prime rate or have been reset at the prevailing market rate at June 30, 2015.
Income Taxes	Income Taxes Our effective tax rate is higher than the federal statutory rate as a result of the inclusion of state taxes in the income tax amount.
Time Brokerage Agreements/Local Marketing Agreements	Time Brokerage Agreements/Local Marketing Agreements We have entered into Time Brokerage Agreements (“TBA’s”) or Local Marketing Agreements (“LMA’s”) in certain markets. In a typical TBA/LMA, the FCC licensee of a station makes available, for a fee, blocks of air time on its station to another party that supplies programming to be broadcast during that air time and sells their own commercial advertising announcements during the time periods specified. Revenue and expenses related to TBA’s/LMA’s are included in the accompanying unaudited Condensed Consolidated Statements of Income.

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Computation of basic and diluted earnings per share	The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (In thousands, except per share data) Numerator: Net income $ 4,474 $ 4,777 $ 6,605 $ 7,216 Less: Net income allocated to unvested participating securities 68 41 100 62 Net income available to common stockholders $ 4,406 $ 4,736 $ 6,505 $ 7,154 Denominator: Denominator for basic earnings per share — weighted average shares 5,712 5,699 5,711 5,695 Effect of dilutive securities: Common stock equivalents 45 55 48 60 Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions 5,757 5,754 5,759 5,755 Basic earnings per share: $ .77 $ .83 $ 1.14 $ 1.26 Diluted earnings per share: $ .77 $ .82 $ 1.13 $ 1.24

Common Stock and Treasury Sto18

Common Stock and Treasury Stock (Tables)	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Schedule of Stock by Class	The following summarizes information relating to the number of shares of our common stock issued in connection with stock transactions through June 30, 2015: Common Stock Issued Class A Class B (Shares in thousands) Balance, January 1, 2014 6,409 816 Exercised options 7 — Conversion of shares 3 (3) Issuance of restricted stock 27 30 Balance, December 31, 2014 6,446 843 Exercised options 29 — Forfeitures of restricted stock (1) — Balance, June 30, 2015 6,474 843

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables)	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The final allocation of the purchase price is as follows: Fair Value (in thousands) Assets Acquired: Current assets $ 45 Property and equipment 425 Broadcast licenses-Radio segment 174 Other intangibles, deferred costs and investments 3 Fair value of assets acquired 647 Goodwill-Radio segment 73 Total cash consideration $ 720

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation, Stock Options, Activity	The following summarizes the stock option transactions for the 2005 and 2003 Plans for the six months ended June 30, 2015: Weighted Average Weighted Remaining Aggregate Number of Average Contractual Term Intrinsic Options Exercise Price (Years) Value Outstanding at January 1, 2015 213,170 $ 31.79 1.2 $ 2,519,147 Exercised (28,466) 27.29 Expired (58,781) 43.47 Outstanding at June 30, 2015 125,923 $ 27.36 1.0 $ 1,321,078 Exercisable at June 30, 2015 125,923 $ 27.36 1.0 $ 1,321,078
Summary of restricted stock transactions	The following summarizes the restricted stock transactions for the six months ended June 30, 2015: Weighted Average Grant Date Fair Shares Value Outstanding at January 1, 2015 89,832 $ 41.20 Vested (2,351) 46.51 Forfeited (991) 46.51 Non-vested and outstanding at June 30, 2015 86,490 $ 41.00

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Long-Term Debt	Long-term debt consisted of the following: June 30, December 31, 2015 2014 (In thousands) Credit Agreement: Term loan $ 30,000 $ 30,000 Revolving credit facility 5,000 5,000 Secured debt of affiliate 1,078 1,078 36,078 36,078 Amounts payable within one year — — $ 36,078 $ 36,078

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment reporting information	The category “Corporate general and administrative” represents the income and expense not allocated to reportable segments. Corporate Radio Television and Other Consolidated (In thousands) Three Months Ended June 30, 2015: Net operating revenue $ 29,017 $ 5,341 $ — $ 34,358 Station operating expense 20,819 3,492 — 24,311 Corporate general and administrative — — 2,583 2,583 Other operating expense 14 — — 14 Operating income (loss) $ 8,184 $ 1,849 $ (2,583) $ 7,450 Depreciation and amortization $ 1,207 $ 322 $ 77 $ 1,606 Corporate Radio Television and Other Consolidated (In thousands) Three Months Ended June 30, 2014: Net operating revenue $ 28,851 $ 4,980 $ — $ 33,831 Station operating expense 20,200 3,299 — 23,499 Corporate general and administrative — — 2,120 2,120 Other operating expense — — — — Operating income (loss) $ 8,651 $ 1,681 $ (2,120) $ 8,212 Depreciation and amortization $ 1,236 $ 346 $ 58 $ 1,640 Corporate Radio Television and Other Consolidated (In thousands) Six Months Ended June 30, 2015: Net operating revenue $ 53,293 $ 10,126 $ — $ 63,419 Station operating expense 40,241 6,835 — 47,076 Corporate general and administrative — — 5,065 5,065 Other operating expense 14 — — 14 Operating income (loss) $ 13,038 $ 3,291 $ (5,065) $ 11,264 Depreciation and amortization $ 2,381 $ 669 $ 145 $ 3,195 Total assets $ 140,872 $ 22,767 $ 36,660 $ 200,299 Corporate Radio Television and Other Consolidated (In thousands) Six Months Ended June 30, 2014: Net operating revenue $ 53,776 $ 9,478 $ — $ 63,254 Station operating expense 39,939 6,507 — 46,446 Corporate general and administrative — — 4,273 4,273 Other operating expense — — — — Operating income (loss) $ 13,837 $ 2,971 $ (4,273) $ 12,535 Depreciation and amortization $ 2,466 $ 691 $ 128 $ 3,285 Total assets $ 144,953 $ 22,368 $ 34,667 $ 201,988

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Numerator:
Net income	$ 4,474	$ 4,777	$ 6,605	$ 7,216
Less: Net income allocated to unvested participating securities	68	41	100	62
Net income available to common stockholders	$ 4,406	$ 4,736	$ 6,505	$ 7,154
Denominator:
Denominator for basic earnings per share— weighted average shares	5,712	5,699	5,711	5,695
Effect of dilutive securities:
Common stock equivalents	45	55	48	60
Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions	5,757	5,754	5,759	5,755
Basic earnings per share:	$ 0.77	$ 0.83	$ 1.14	$ 1.26
Diluted earnings per share:	$ 0.77	$ 0.82	$ 1.13	$ 1.24

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Details Textual) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Summary Of Significant Accounting Policies [Line Items]
Number of stock options outstanding having antidilutive effect	0	45,000	0	0

Intangible Assets (Details Text

Intangible Assets (Details Textual)	6 Months Ended
	Jun. 30, 2015
Favorable Lease Agreements [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	26 years
Favorable Lease Agreements [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	4 years
Other Intangibles [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	11 years
Other Intangibles [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	1 year

Common Stock and Treasury Sto26

Common Stock and Treasury Stock (Details) - shares shares in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Class A Common Stock [Member]
Common Stock [Line Items]
Balance, shares	6,446	6,409
Exercised options	29	7
Conversion of shares		3
Issuance of restricted stock		27
Forfeitures of restricted stock	(1)
Balance, shares	6,474	6,446
Class B Common Stock [Member]
Common Stock [Line Items]
Balance, shares	843	816
Exercised options	0	0
Conversion of shares		(3)
Issuance of restricted stock		30
Forfeitures of restricted stock	0
Balance, shares	843	843

Common Stock and Treasury Sto27

Common Stock and Treasury Stock (Details Textual) - Class A Common Stock [Member] $ in Millions	Jun. 30, 2015USD ($)
Common Stock [Line Items]
Share repurchase program, authorized amount	$ 75.8
Stock repurchase program, remaining authorization amount	$ 28.8

Acquisitions and Dispositions28

Acquisitions and Dispositions (Details) $ in Thousands	Jun. 30, 2015USD ($)
Assets Acquired:
Current assets	$ 45
Property and equipment	425
Broadcast licenses-Radio segment	174
Other intangibles, deferred costs and investments	3
Fair value of assets acquired	647
Goodwill-Radio segment	73
Total cash consideration	$ 720

Acquisitions and Dispositions29

Acquisitions and Dispositions (Details Textual) - USD ($)	Dec. 02, 2014	Jan. 31, 2014	Aug. 01, 2015	May. 05, 2015	Nov. 04, 2014	Jun. 16, 2014	May. 16, 2014	May. 14, 2014	May. 09, 2014	Feb. 28, 2014
Acquisitions and Dispositions [Line Items]
Payments to acquire businesses gross		$ 720,000
Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles						$ 87,500	$ 100,000	$ 44,750	$ 30,000	$ 35,000
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest			$ 9,640,000	$ 1,335,000
Michigan Network [Member]
Acquisitions and Dispositions [Line Items]
Proceeds from Sale of Intangible Assets	$ 1,640,000
Intangible Assets, Net	430,000
Gain (Loss) on Disposition of Intangible Assets	$ 1,210,000
Broadcast Licenses [Member]
Acquisitions and Dispositions [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles					$ 18,500	7,500	15,000	7,500	7,500	7,500
Goodwill [Member]
Acquisitions and Dispositions [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles						$ 80,000	$ 85,000	$ 37,250	$ 22,500	$ 27,500

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - Stock Option Plan [Member] - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Summary the stock option transactions
Number of Options, Outstanding	213,170
Number of Options, Exercised	(28,466)
Number of Options, Expired	(58,781)
Number of Options, Outstanding	125,923	213,170
Number of Options, Exercisable	125,923
Weighted Average Exercise Price, Outstanding	$ 31.79
Weighted Average Exercise Price, Exercised	27.29
Weighted Average Exercise Price, Expired	43.47
Weighted Average Exercise Price, Outstanding	27.36	$ 31.79
Weighted Average Exercise Price, Exercisable	$ 27.36
Weighted Average Remaining Contractual Term (Years), Outstanding	1 year	1 year 2 months 12 days
Weighted Average Remaining Contractual Term (Years), Exercisable	1 year
Aggregate Intrinsic Value, Outstanding	$ 2,519,147
Aggregate Intrinsic Value, Outstanding	1,321,078	$ 2,519,147
Aggregate Intrinsic Value, Exercisable	$ 1,321,078

Stock-Based Compensation (Det31

Stock-Based Compensation (Details 1) - 6 months ended Jun. 30, 2015 - Restricted Stock [Member] - $ / shares	Total
Summary of the restricted stock transactions
Shares, Outstanding	89,832
Shares, Vested	(2,351)
Shares, Forfeited	(991)
Shares, Outstanding	86,490
Weighted Average Grant Date Fair Value, Outstanding	$ 41.20
Weighted Average Grant Date Fair Value, Vested	46.51
Weighted Average Grant Date Fair Value, Forfeited	46.51
Weighted Average Grant Date Fair Value, Outstanding	$ 41

Stock-Based Compensation (Det32

Stock-Based Compensation (Details Textual) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Oct. 16, 2013	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Stock Based Compensation [Abstract]
Increase in number of common stock shares authorized	233,334
Percentage to retain annual restricted stock awards	50.00%
Stock options exercise price description				may not be exercised at a price which is less than 100% of the fair market value of shares at the date of grant.
Stock options grant term				10 years
Restricted stock [Member]
Stock Based Compensation [Abstract]
Stock-Based Compensation expense		$ 365,000	$ 191,000	$ 827,000	$ 379,000
Recognized tax benefits		$ 146,000	$ 76,000	$ 331,000	$ 152,000
Common Class A [Member] | Convert For Class B [Member]
Stock Based Compensation [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	280,000
Common Class A [Member] | Stock Option [Member]
Stock Based Compensation [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	900,000
Common Class A [Member] | Incentive Compensation Plan [Member]
Stock Based Compensation [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	620,000
Common Class B [Member] | Stock Option [Member]
Stock Based Compensation [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	280,000

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Total debt
Long-term debt	$ 36,078	$ 36,078
Amounts payable within one year	0	0
Long-term debt, noncurrent	36,078	36,078
Term loan [Member]
Total debt
Long-term debt	30,000	30,000
Revolving credit facility [Member]
Total debt
Long-term debt	5,000	5,000
Secured debt of affiliate [Member]
Total debt
Long-term debt	$ 1,078	$ 1,078

Long-Term Debt (Details Textual

Long-Term Debt (Details Textual) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Credit Facility maximum borrowing capacity	$ 120
Credit facility matures	May 31, 2018
Secured Debt	$ 1.1
Debt Instrument, Maturity Date	May 1, 2017
Term Loan Maturity Period	3 years
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage	0.1866%	0.16925%
Maximum [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.25%
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.25%	2.25%
Minimum [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.25%
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.25%	1.25%
Term loan [Member]
Debt Instrument [Line Items]
Credit Facility maximum borrowing capacity	$ 30
Term loan principal amortization rate	5.00%
Revolving credit facility [Member]
Debt Instrument [Line Items]
Credit Facility maximum borrowing capacity	$ 90
Unused borrowing capacity under the revolving credit Facility	$ 85
Revolving credit facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.35%
Revolving credit facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.25%

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Segment reporting information
Net operating revenue	$ 34,358	$ 33,831	$ 63,419	$ 63,254
Station operating expenses	24,311	23,499	47,076	46,446
Corporate general and administrative	2,583	2,120	5,065	4,273
Other operating expense	14	0	14	0
Operating income (loss)	7,450	8,212	11,264	12,535
Depreciation and amortization	1,606	1,640	3,195	3,285
Total assets	200,299	201,988	200,299	201,988	$ 192,044
Radio [Member]
Segment reporting information
Net operating revenue	29,017	28,851	53,293	53,776
Station operating expenses	20,819	20,200	40,241	39,939
Corporate general and administrative	0	0	0	0
Other operating expense	14	0	14	0
Operating income (loss)	8,184	8,651	13,038	13,837
Depreciation and amortization	1,207	1,236	2,381	2,466
Total assets	140,872	144,953	140,872	144,953
Television [Member]
Segment reporting information
Net operating revenue	5,341	4,980	10,126	9,478
Station operating expenses	3,492	3,299	6,835	6,507
Corporate general and administrative	0	0	0	0
Other operating expense	0	0	0	0
Operating income (loss)	1,849	1,681	3,291	2,971
Depreciation and amortization	322	346	669	691
Total assets	22,767	22,368	22,767	22,368
Corporate and Other [Member]
Segment reporting information
Net operating revenue	0	0	0	0
Station operating expenses	0	0	0	0
Corporate general and administrative	2,583	2,120	5,065	4,273
Other operating expense	0	0	0	0
Operating income (loss)	(2,583)	(2,120)	(5,065)	(4,273)
Depreciation and amortization	77	58	145	128
Total assets	$ 36,660	$ 34,667	$ 36,660	$ 34,667

Other Income (Details Textual)

Other Income (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Other Income [Line Items]
Proceeds from insurance claim			$ 777	$ 0
Other (income) expense, net	$ 409	$ 30	$ 417	$ 45

Subsequent Events (Details Text

Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Millions	Jul. 10, 2015	Jun. 10, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared			$ 0.20	$ 0.20	$ 0.40	$ 0.20
Common Class A [Member]
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared		$ 0.20
Common Class B [Member]
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared		$ 0.20
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends	$ 1.2