Saga Communications (SGA) 10-Q 9 Nov 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 03, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
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		4,968,644
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	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 18,866	$ 17,907
Accounts receivable, net	20,384	20,661
Prepaid expenses and other current assets	5,458	2,957
Barter transactions	1,510	1,217
Deferred income taxes	167	845
Total current assets	46,385	43,587
Property and equipment	167,183	161,602
Less accumulated depreciation	108,186	106,415
Net property and equipment	58,997	55,187
Other assets:
Broadcast licenses, net	88,901	86,762
Goodwill	2,854	326
Other intangibles, deferred costs and investments, net	7,025	6,182
Total assets	204,162	192,044
Current liabilities:
Accounts payable	2,574	2,133
Payroll and payroll taxes	8,533	6,788
Other accrued expenses	3,813	2,756
Barter transactions	1,555	1,356
Total current liabilities	16,475	13,033
Deferred income taxes	26,068	23,786
Long-term debt	36,365	36,078
Other liabilities	3,370	3,902
Total liabilities	$ 82,278	$ 76,799
Commitments and contingencies
Stockholders' equity:
Common stock	$ 74	$ 72
Additional paid-in capital	56,826	52,496
Retained earnings	97,410	91,178
Treasury stock	(32,426)	(28,501)
Total stockholders' equity	121,884	115,245
Total liabilities and stockholders' equity	$ 204,162	$ 192,044

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net operating revenue	$ 33,831,000	$ 34,373,000	$ 97,250,000	$ 97,627,000
Station operating expense	24,324,000	26,366,000	71,400,000	72,812,000
Corporate general and administrative	2,577,000	2,307,000	7,642,000	6,580,000
Other operating expense, net	433,000	0	447,000	0
Operating income	6,497,000	5,700,000	17,761,000	18,235,000
Interest expense	229,000	268,000	714,000	812,000
Write-off of debt issuance costs	557,000	0	557,000	0
Other (income) expense, net	0	7,000	(417,000)	(38,000)
Income tax provision	2,599,000	2,180,000	7,190,000	7,000,000
Net income	$ 3,112,000	$ 3,245,000	$ 9,717,000	$ 10,461,000
Earnings per share:
Basic earnings per share	$ 0.54	$ 0.56	$ 1.68	$ 1.82
Diluted earnings per share	$ 0.53	$ 0.56	$ 1.67	$ 1.8
Basic earnings per share:
Weighted average common shares	5,724	5,699	5,708	5,696
Weighted average common and common equivalent shares	5,752	5,742	5,749	5,751
Diluted earnings per share:
Dividends declared per share	$ 0.20	$ 0.20	$ 0.60	$ 0.40

CONDENSED CONSOLIDATED STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Changes in assets and liabilities:
Cash provided by operating activities	$ 19,348	$ 20,971
Cash flows from investing activities:
Acquisition of property and equipment	(4,427)	(3,801)
Acquisition of broadcast properties	(11,632)	(884)
Proceeds from insurance claim	777	0
Other investing activities	0	32
Net cash (used in) provided by investing activities	(15,282)	(4,653)
Cash flows from financing activities:
Cash dividends paid	(2,323)	(1,150)
Payments on long-term debt	(35,000)	(5,000)
Borrowings on long-term debt	35,287	0
Purchase of treasury shares	(909)	0
Other financing activities	(162)	244
Net cash (used in) provided by financing activities	(3,107)	(5,906)
Net increase in cash and cash equivalents	959	10,412
Cash and cash equivalents, beginning of period	17,907	17,628
Cash and cash equivalents, end of period	$ 18,866	$ 28,040

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	1. 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 September 30, 2015 and the results of operations for the three and nine months ended September 30, 2015 and 2014. Results of operations for the three and nine months ended September 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 September 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 Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (In thousands, except per share data) Numerator: Net income $ 3,112 $ 3,245 $ 9,717 $ 10,461 Less: Net income allocated to unvested participating securities 46 28 144 91 Net income available to common stockholders $ 3,066 $ 3,217 $ 9,573 $ 10,370 Denominator: Denominator for basic earnings per share — weighted average shares 5,724 5,699 5,708 5,696 Effect of dilutive securities: Common stock equivalents 28 43 41 55 Denominator for diluted earnings per share — adjusted weighted average shares and assumed conversions 5,752 5,742 5,749 5,751 Basic earnings per share: $ .54 $ .56 $ 1.68 $ 1.82 Diluted earnings per share: $ .53 $ .56 $ 1.67 $ 1.80 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 59,000 45,000 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 September 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. Certain reclassifications have been made in the presentation of investing activities and financing activities in our condensed consolidated statements of cash flows for the nine-months ended September 30, 2014 in order to conform to the presentation for the nine-months ended September 30, 2015. The reclassifications did not change our total net cash used in investing activities or the total net cash used in financing activities for the nine-months ended September 30, 2014.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 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 Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. 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	9 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	3. Intangible Assets We evaluate our FCC licenses and goodwill 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	9 Months Ended
	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
Common Stock and Treasury Stock	4. Common Stock and Treasury Stock The following summarizes information relating to the number of shares of our common stock issued in connection with stock transactions through September 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 93 32 Conversion of shares 32 (32) Forfeitures of restricted stock (2) — Balance, September 30, 2015 6,569 843 We have a Stock Buy-Back Program to allow us to purchase up to $ 75.8 25.4

Acquisitions and Dispositions

Acquisitions and Dispositions	9 Months Ended
	Sep. 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 Acquisition On November 2, 2015, we entered into an agreement to acquire an FM radio station (WLVQ) from Wilks Broadcast – Columbus, LLC, serving the Columbus, Ohio market for $ 13,000,000 2015 Acquisitions On July 13, 2015 we acquired an FM translator serving the Manchester, New Hampshire market for approximately $ 45,000 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) from M. Belmont VerStandig, Inc., serving the Harrisonburg, Virginia market for approximately $ 10,131,000 128,000 On August 26, 2015 we acquired an FM translator serving the Asheville, North Carolina market for approximately $ 125,000 On September 1, 2015 we acquired two FM stations (WSIG-FM and WBOP-FM) from Gamma Broadcasting, LLC, serving the Harrisonburg, Virginia market for approximately $ 1,558,000 92,000 400,000 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 On February 28, 2014 we acquired an FM translator serving the Jonesboro, Arkansas market for approximately $ 35,000 On May 9, 2014 we acquired an FM translator serving the Clarksville, Tennessee market for approximately $ 30,000 On May 14, 2014 we acquired an FM translator serving the Portland, Maine market for approximately $ 44,750 On May 16, 2014 we acquired two FM translators serving the Asheville, North Carolina market for approximately $ 100,000 On June 16, 2014 we acquired an FM translator serving the Des Moines, Iowa market for approximately $ 87,500 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 Condensed Consolidated Balance Sheet of 2015 and 2014 Acquisitions: The following unaudited condensed balance sheets represent the estimated fair value assigned to the related assets and liabilities of the 2015 and 2014 acquisitions at their respective acquisition dates. Saga Communications, Inc. Condensed Consolidated Balance Sheet of 2015 and 2014 Acquisitions Acquisitions in 2015 2014 (In thousands) Assets Acquired: Current assets $ 976 $ 45 Property and equipment 4,600 425 Other assets: Broadcast licenses-Radio segment 2,098 219 Broadcast licenses-Television segment — 19 Goodwill-Radio segment 2,528 325 Goodwill-Television segment — — Other intangibles, deferred costs and investments 1,507 3 Total other assets 6,133 566 Total assets acquired 11,709 1,036 Liabilities Assumed: Current liabilities 70 — Total liabilities assumed 70 — Net assets acquired $ 11,639 $ 1,036 Pro Forma Results of Operations for Acquisitions (Unaudited) The following unaudited pro forma results of our operations for the three and nine months ended September 30, 2015 and 2014 assume the 2015 acquisitions occurred as of January 1, 2014. The translators are start-up stations and therefore, have no pro forma revenue and expenses. The pro forma results give effect to certain adjustments, including depreciation, amortization of intangible assets, increased interest expense on acquisition debt and related income tax effects. The pro forma results have been prepared for comparative purposes only and do not purport to indicate the results of operations which would actually have occurred had the combinations been in effect on the dates indicated or which may occur in the future. Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (In thousands, except per share data) Pro forma Consolidated Results of Operations Net operating revenue $ 34,243 $ 35,433 $ 99,723 $ 100,828 Station operating expense 24,654 27,151 73,362 75,186 Corporate general and administrative 2,577 2,307 7,642 6,580 Other operating expenses, net 433 — 447 — Operating income 6,579 5,975 18,272 19,062 Interest expense 229 268 714 812 Write-off of debt issuance costs 557 — 557 — Other (income) expense, net — 7 (417) (38) Income taxes 2,632 2,293 7,399 7,339 Net income $ 3,161 $ 3,407 $ 10,019 $ 10,949 Basic earnings per share $ .55 $ .60 $ 1.76 $ 1.92 Diluted earnings per share $ .55 $ .59 $ 1.74 $ 1.90 Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (In thousands) Radio Broadcasting Segment Net operating revenue $ 28,948 $ 30,460 $ 84,302 $ 86,377 Station operating expense 21,155 23,867 63,028 65,395 Other operating expenses, net 400 — 414 — Operating income $ 7,393 $ 6,593 $ 20,860 $ 20,982 Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (In thousands) Television Broadcasting Segment Net operating revenue $ 5,295 $ 4,973 $ 15,421 $ 14,451 Station operating expense 3,499 3,284 10,334 9,791 Other operating expenses, net 33 — 33 — Operating income $ 1,763 $ 1,689 $ 5,054 $ 4,660 Reconciliation of pro forma segment operating income to pro forma consolidated operating income: Corporate Radio Television and Other Consolidated (In thousands) Three Months Ended September 30, 2015: Net operating revenue $ 28,948 $ 5,295 $ — $ 34,243 Station operating expense 21,155 3,499 — 24,654 Corporate general and administrative — — 2,577 2,577 Other operating expenses, net 400 33 — 433 Operating income (loss) $ 7,393 $ 1,763 $ (2,577) $ 6,579 Corporate Radio Television and Other Consolidated (In thousands) Three Months Ended September 30, 2014: Net operating revenue $ 30,460 $ 4,973 $ — $ 35,433 Station operating expense 23,867 3,284 — 27,151 Corporate general and administrative — — 2,307 2,307 Operating income (loss) $ 6,593 $ 1,689 $ (2,307) $ 5,975 Corporate Radio Television and Other Consolidated (In thousands) Nine Months Ended September 30, 2015: Net operating revenue $ 84,302 $ 15,421 $ — $ 99,723 Station operating expense 63,028 10,334 — 73,362 Corporate general and administrative — — 7,642 7,642 Other operating expenses, net 414 33 — 447 Operating income (loss) $ 20,860 $ 5,054 $ (7,642) $ 18,272 Corporate Radio Television and Other Consolidated (In thousands) Nine Months Ended September 30, 2014: Net operating revenue $ 86,377 $ 14,451 $ — $ 100,828 Station operating expense 65,395 9,791 — 75,186 Corporate general and administrative — — 6,580 6,580 Operating income (loss) $ 20,982 $ 4,660 $ (6,580) $ 19,062

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 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 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 nine months ended September 30, 2015 and the three and nine months ended September 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 (125,354) 27.09 Expired (58,781) 43.47 Outstanding at September 30, 2015 29,035 $ 28.47 1.6 $ 149,240 Exercisable at September 30, 2015 29,035 $ 28.47 1.6 $ 149,240 Weighted Average Grant Date Fair Shares Value Outstanding at January 1, 2015 89,832 $ 41.20 Vested (3,002) 45.56 Forfeited (1,982) 43.62 Non-vested and outstanding at September 30, 2015 84,848 $ 40.99 For the three and nine months ended September 30, 2015 and the three and nine months ended September 30, 2014, we had $ 373,000 1,200,000 193,000 572,000 149,000 480,000 77,000 229,000

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Long-Term Debt	7. Long-Term Debt September 30, December 31, 2015 2014 (In thousands) Credit Facility: Revolving Credit Facility $ 35,287 $ — Old Credit Agreement: Term Loan — 30,000 Revolving credit — 5,000 Secured debt of affiliate 1,078 1,078 36,365 36,078 Amounts payable within one year — — $ 36,365 $ 36,078 On August 18, 2015, we entered into a new credit facility (the “Credit Facility”) with JPMorgan Chase Bank, N.A., The Huntington National Bank, Citizens Bank, National Association and J.P. Morgan Securities LLC. In connection with the execution of the Credit Facility, the credit agreement in place at June 30, 2015 (the “Old Credit Agreement”) was terminated, and all outstanding amounts were paid in full. The Credit Facility consists of a $ 100 five-year August 18, 2020 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 proceeds from the Credit Facility were used to repay all amounts outstanding on our Old Credit Agreement and pay transactional fees. The unused portion of the Revolving Credit Facility is available for general corporate purposes, including working capital, capital expenditures, permitted acquisitions and related transaction expenses and permitted stock buybacks. We wrote-off unamortized debt issuance costs relating to the Old Credit Agreement of approximately $ 557,000 Approximately $ 261,000 Interest rates under the Credit Facility are payable, at our option, at alternatives equal to LIBOR ( 0.25 1 2 0 1 0.2 0.3 The Credit Facility contains a number of financial covenants (all of which we were in compliance with at September 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. We had approximately $ 64 Our Old Credit Agreement consisted of a $ 30 90 May 31, 2018 Interest rates under the Old Credit Agreement were payable, at our option, at alternatives equal to LIBOR ( 0.16925 1.25 2.25 0.25 1.25 0.25 0.35 The loan agreement of approximately $ 1.1 May 1, 2017

Segment Information

Segment Information	9 Months Ended
	Sep. 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 September 30, 2015, the Radio segment includes twenty-four markets, which includes all ninety-eight of our radio stations and one radio information network. 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 September 30, 2015: Net operating revenue $ 28,536 $ 5,295 $ — $ 33,831 Station operating expense 20,825 3,499 — 24,324 Corporate general and administrative — — 2,577 2,577 Other operating expense 400 33 — 433 Operating income (loss) $ 7,311 $ 1,763 $ (2,577) $ 6,497 Depreciation and amortization $ 1,295 $ 347 $ 89 $ 1,731 Corporate Radio Television and Other Consolidated (In thousands) Three Months Ended September 30, 2014: Net operating revenue $ 29,400 $ 4,973 $ — $ 34,373 Station operating expense 23,082 3,284 — 26,366 Corporate general and administrative — — 2,307 2,307 Other operating expense — — — — Operating income (loss) $ 6,318 $ 1,689 $ (2,307) $ 5,700 Depreciation and amortization $ 1,245 $ 350 $ 77 $ 1,672 Corporate Radio Television and Other Consolidated (In thousands) Nine Months Ended September 30, 2015: Net operating revenue $ 81,829 $ 15,421 $ — $ 97,250 Station operating expense 61,006 10,334 — 71,400 Corporate general and administrative — — 7,642 7,642 Other operating expense 414 33 — 447 Operating income (loss) $ 20,349 $ 5,054 $ (7,642) $ 17,761 Depreciation and amortization $ 3,676 $ 1,016 $ 234 $ 4,926 Total assets $ 151,708 $ 23,131 $ 29,323 $ 204,162 Corporate Radio Television and Other Consolidated (In thousands) Nine Months Ended September 30, 2014: Net operating revenue $ 83,176 $ 14,451 $ — $ 97,627 Station operating expense 63,021 9,791 — 72,812 Corporate general and administrative — — 6,580 6,580 Other operating expense — — — — Operating income (loss) $ 20,155 $ 4,660 $ (6,580) $ 18,235 Depreciation and amortization $ 3,711 $ 1,041 $ 205 $ 4,957 Total assets $ 144,650 $ 22,242 $ 37,623 $ 204,515

Litigation

Litigation	9 Months Ended
	Sep. 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 and Expense

Other Income and Expense	9 Months Ended
	Sep. 30, 2015
Other Income and Expenses [Abstract]
Other Income and Expense	10. Other Income and Expense 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 second quarter and the Company received cash proceeds of $ 777,000 417,000

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	11. Subsequent Events On September 2, 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)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	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 September 30, 2015 and the results of operations for the three and nine months ended September 30, 2015 and 2014. Results of operations for the three and nine months ended September 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 September 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 Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (In thousands, except per share data) Numerator: Net income $ 3,112 $ 3,245 $ 9,717 $ 10,461 Less: Net income allocated to unvested participating securities 46 28 144 91 Net income available to common stockholders $ 3,066 $ 3,217 $ 9,573 $ 10,370 Denominator: Denominator for basic earnings per share — weighted average shares 5,724 5,699 5,708 5,696 Effect of dilutive securities: Common stock equivalents 28 43 41 55 Denominator for diluted earnings per share — adjusted weighted average shares and assumed conversions 5,752 5,742 5,749 5,751 Basic earnings per share: $ .54 $ .56 $ 1.68 $ 1.82 Diluted earnings per share: $ .53 $ .56 $ 1.67 $ 1.80 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 59,000 45,000
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 September 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	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.
Reclassifications	Reclassifications Certain reclassifications have been made in the presentation of investing activities and financing activities in our condensed consolidated statements of cash flows for the nine-months ended September 30, 2014 in order to conform to the presentation for the nine-months ended September 30, 2015. The reclassifications did not change our total net cash used in investing activities or the total net cash used in financing activities for the nine-months ended September 30, 2014.

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (In thousands, except per share data) Numerator: Net income $ 3,112 $ 3,245 $ 9,717 $ 10,461 Less: Net income allocated to unvested participating securities 46 28 144 91 Net income available to common stockholders $ 3,066 $ 3,217 $ 9,573 $ 10,370 Denominator: Denominator for basic earnings per share — weighted average shares 5,724 5,699 5,708 5,696 Effect of dilutive securities: Common stock equivalents 28 43 41 55 Denominator for diluted earnings per share — adjusted weighted average shares and assumed conversions 5,752 5,742 5,749 5,751 Basic earnings per share: $ .54 $ .56 $ 1.68 $ 1.82 Diluted earnings per share: $ .53 $ .56 $ 1.67 $ 1.80

Common Stock and Treasury Sto18

Common Stock and Treasury Stock (Tables)	9 Months Ended
	Sep. 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 September 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 93 32 Conversion of shares 32 (32) Forfeitures of restricted stock (2) — Balance, September 30, 2015 6,569 843

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables)	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The allocation of the purchase price for the 2015 acquisitions is preliminary at September 30, 2015. Condensed Consolidated Balance Sheet of 2015 and 2014 Acquisitions Acquisitions in 2015 2014 (In thousands) Assets Acquired: Current assets $ 976 $ 45 Property and equipment 4,600 425 Other assets: Broadcast licenses-Radio segment 2,098 219 Broadcast licenses-Television segment — 19 Goodwill-Radio segment 2,528 325 Goodwill-Television segment — — Other intangibles, deferred costs and investments 1,507 3 Total other assets 6,133 566 Total assets acquired 11,709 1,036 Liabilities Assumed: Current liabilities 70 — Total liabilities assumed 70 — Net assets acquired $ 11,639 $ 1,036
Business Acquisition, Pro Forma Information	The pro forma results have been prepared for comparative purposes only and do not purport to indicate the results of operations which would actually have occurred had the combinations been in effect on the dates indicated or which may occur in the future. Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (In thousands, except per share data) Pro forma Consolidated Results of Operations Net operating revenue $ 34,243 $ 35,433 $ 99,723 $ 100,828 Station operating expense 24,654 27,151 73,362 75,186 Corporate general and administrative 2,577 2,307 7,642 6,580 Other operating expenses, net 433 — 447 — Operating income 6,579 5,975 18,272 19,062 Interest expense 229 268 714 812 Write-off of debt issuance costs 557 — 557 — Other (income) expense, net — 7 (417) (38) Income taxes 2,632 2,293 7,399 7,339 Net income $ 3,161 $ 3,407 $ 10,019 $ 10,949 Basic earnings per share $ .55 $ .60 $ 1.76 $ 1.92 Diluted earnings per share $ .55 $ .59 $ 1.74 $ 1.90
Business Combination, Segment Allocation	Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (In thousands) Radio Broadcasting Segment Net operating revenue $ 28,948 $ 30,460 $ 84,302 $ 86,377 Station operating expense 21,155 23,867 63,028 65,395 Other operating expenses, net 400 — 414 — Operating income $ 7,393 $ 6,593 $ 20,860 $ 20,982 Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (In thousands) Television Broadcasting Segment Net operating revenue $ 5,295 $ 4,973 $ 15,421 $ 14,451 Station operating expense 3,499 3,284 10,334 9,791 Other operating expenses, net 33 — 33 — Operating income $ 1,763 $ 1,689 $ 5,054 $ 4,660 Corporate Radio Television and Other Consolidated (In thousands) Three Months Ended September 30, 2015: Net operating revenue $ 28,948 $ 5,295 $ — $ 34,243 Station operating expense 21,155 3,499 — 24,654 Corporate general and administrative — — 2,577 2,577 Other operating expenses, net 400 33 — 433 Operating income (loss) $ 7,393 $ 1,763 $ (2,577) $ 6,579 Corporate Radio Television and Other Consolidated (In thousands) Three Months Ended September 30, 2014: Net operating revenue $ 30,460 $ 4,973 $ — $ 35,433 Station operating expense 23,867 3,284 — 27,151 Corporate general and administrative — — 2,307 2,307 Operating income (loss) $ 6,593 $ 1,689 $ (2,307) $ 5,975 Corporate Radio Television and Other Consolidated (In thousands) Nine Months Ended September 30, 2015: Net operating revenue $ 84,302 $ 15,421 $ — $ 99,723 Station operating expense 63,028 10,334 — 73,362 Corporate general and administrative — — 7,642 7,642 Other operating expenses, net 414 33 — 447 Operating income (loss) $ 20,860 $ 5,054 $ (7,642) $ 18,272 Corporate Radio Television and Other Consolidated (In thousands) Nine Months Ended September 30, 2014: Net operating revenue $ 86,377 $ 14,451 $ — $ 100,828 Station operating expense 65,395 9,791 — 75,186 Corporate general and administrative — — 6,580 6,580 Operating income (loss) $ 20,982 $ 4,660 $ (6,580) $ 19,062

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 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 nine months ended September 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 (125,354) 27.09 Expired (58,781) 43.47 Outstanding at September 30, 2015 29,035 $ 28.47 1.6 $ 149,240 Exercisable at September 30, 2015 29,035 $ 28.47 1.6 $ 149,240
Summary of restricted stock transactions	The following summarizes the restricted stock transactions for the nine months ended September 30, 2015: Weighted Average Grant Date Fair Shares Value Outstanding at January 1, 2015 89,832 $ 41.20 Vested (3,002) 45.56 Forfeited (1,982) 43.62 Non-vested and outstanding at September 30, 2015 84,848 $ 40.99

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Long-Term Debt	Long-term debt consisted of the following: September 30, December 31, 2015 2014 (In thousands) Credit Facility: Revolving Credit Facility $ 35,287 $ — Old Credit Agreement: Term Loan — 30,000 Revolving credit — 5,000 Secured debt of affiliate 1,078 1,078 36,365 36,078 Amounts payable within one year — — $ 36,365 $ 36,078

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 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 September 30, 2015: Net operating revenue $ 28,536 $ 5,295 $ — $ 33,831 Station operating expense 20,825 3,499 — 24,324 Corporate general and administrative — — 2,577 2,577 Other operating expense 400 33 — 433 Operating income (loss) $ 7,311 $ 1,763 $ (2,577) $ 6,497 Depreciation and amortization $ 1,295 $ 347 $ 89 $ 1,731 Corporate Radio Television and Other Consolidated (In thousands) Three Months Ended September 30, 2014: Net operating revenue $ 29,400 $ 4,973 $ — $ 34,373 Station operating expense 23,082 3,284 — 26,366 Corporate general and administrative — — 2,307 2,307 Other operating expense — — — — Operating income (loss) $ 6,318 $ 1,689 $ (2,307) $ 5,700 Depreciation and amortization $ 1,245 $ 350 $ 77 $ 1,672 Corporate Radio Television and Other Consolidated (In thousands) Nine Months Ended September 30, 2015: Net operating revenue $ 81,829 $ 15,421 $ — $ 97,250 Station operating expense 61,006 10,334 — 71,400 Corporate general and administrative — — 7,642 7,642 Other operating expense 414 33 — 447 Operating income (loss) $ 20,349 $ 5,054 $ (7,642) $ 17,761 Depreciation and amortization $ 3,676 $ 1,016 $ 234 $ 4,926 Total assets $ 151,708 $ 23,131 $ 29,323 $ 204,162 Corporate Radio Television and Other Consolidated (In thousands) Nine Months Ended September 30, 2014: Net operating revenue $ 83,176 $ 14,451 $ — $ 97,627 Station operating expense 63,021 9,791 — 72,812 Corporate general and administrative — — 6,580 6,580 Other operating expense — — — — Operating income (loss) $ 20,155 $ 4,660 $ (6,580) $ 18,235 Depreciation and amortization $ 3,711 $ 1,041 $ 205 $ 4,957 Total assets $ 144,650 $ 22,242 $ 37,623 $ 204,515

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Numerator:
Net income	$ 3,112	$ 3,245	$ 9,717	$ 10,461
Less: Net income allocated to unvested participating securities	46	28	144	91
Net income available to common stockholders	$ 3,066	$ 3,217	$ 9,573	$ 10,370
Denominator:
Denominator for basic earnings per share— weighted average shares	5,724	5,699	5,708	5,696
Effect of dilutive securities:
Common stock equivalents	28	43	41	55
Denominator for diluted earnings per share — adjusted weighted average shares and assumed conversions	5,752	5,742	5,749	5,751
Basic earnings per share:	$ 0.54	$ 0.56	$ 1.68	$ 1.82
Diluted earnings per share:	$ 0.53	$ 0.56	$ 1.67	$ 1.8

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Details Textual) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Summary Of Significant Accounting Policies [Line Items]
Number of stock options outstanding having antidilutive effect	0	59,000	0	45,000

Intangible Assets (Details Text

Intangible Assets (Details Textual)	9 Months Ended
	Sep. 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	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Class A Common Stock [Member]
Common Stock [Line Items]
Balance, shares	6,446	6,409
Exercised options	93	7
Conversion of shares	32	3
Issuance of restricted stock		27
Forfeitures of restricted stock	(2)
Balance, shares	6,569	6,446
Class B Common Stock [Member]
Common Stock [Line Items]
Balance, shares	843	816
Exercised options	32	0
Conversion of shares	(32)	(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	Sep. 30, 2015USD ($)
Common Stock [Line Items]
Share repurchase program, authorized amount	$ 75.8
Stock repurchase program, remaining authorization amount	$ 25.4

Acquisitions and Dispositions28

Acquisitions and Dispositions (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014
Assets Acquired:
Current assets	$ 976	$ 45
Property and equipment	4,600	425
Other assets:
Broadcast licenses-Radio segment	2,098	219
Broadcast licenses-Television segment	0	19
Goodwill-Radio segment	2,528	325
Goodwill-Television segment	0	0
Other intangibles, deferred costs and investments	1,507	3
Total other assets	6,133	566
Total assets acquired	11,709	1,036
Liabilities Assumed:
Current liabilities	70	0
Total liabilities assumed	70	0
Net assets acquired	$ 11,639	$ 1,036

Acquisitions and Dispositions29

Acquisitions and Dispositions (Details 1) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Business Acquisition Pro Forma Information [Line Items]
Net operating revenue	$ 34,243	$ 35,433	$ 99,723	$ 100,828
Station operating expense	24,654	27,151	73,362	75,186
Corporate general and administrative	2,577	2,307	7,642	6,580
Other operating expenses, net	433	0	447	0
Operating income	6,579	5,975	18,272	19,062
Interest expense	229	268	714	812
Write-off of debt issuance costs	557	0	557	0
Other (income) expense, net	0	7	(417)	(38)
Income taxes	2,632	2,293	7,399	7,339
Net income	$ 3,161	$ 3,407	$ 10,019	$ 10,949
Basic earnings per share (in dollars per share)	$ 0.55	$ 0.60	$ 1.76	$ 1.92
Diluted earnings per share (in dollars per share)	$ 0.55	$ 0.59	$ 1.74	$ 1.90

Acquisitions and Dispositions30

Acquisitions and Dispositions (Details 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Business Acquisition [Line Items]
Net operating revenue	$ 33,831	$ 34,373	$ 97,250	$ 97,627
Station operating expense	24,324	26,366	71,400	72,812
Corporate general and administrative	2,577	2,307	7,642	6,580
Other operating expenses, net	433	0	447	0
Operating income (loss)	6,497	5,700	17,761	18,235
Radio [Member]
Business Acquisition [Line Items]
Net operating revenue	28,536	29,400	81,829	83,176
Station operating expense	20,825	23,082	61,006	63,021
Corporate general and administrative	0	0	0	0
Other operating expenses, net	400	0	414	0
Operating income (loss)	7,311	6,318	20,349	20,155
Television [Member]
Business Acquisition [Line Items]
Net operating revenue	5,295	4,973	15,421	14,451
Station operating expense	3,499	3,284	10,334	9,791
Corporate general and administrative	0	0	0	0
Other operating expenses, net	33	0	33	0
Operating income (loss)	1,763	1,689	5,054	4,660
Corporate and Other [Member]
Business Acquisition [Line Items]
Net operating revenue	0	0	0	0
Station operating expense	0	0	0	0
Corporate general and administrative	2,577	2,307	7,642	6,580
Other operating expenses, net	0	0	0	0
Operating income (loss)	(2,577)	(2,307)	(7,642)	(6,580)
Radio Broadcasting Segment [Member]
Business Acquisition [Line Items]
Net operating revenue	28,948	30,460	84,302	86,377
Station operating expense	21,155	23,867	63,028	65,395
Other operating expenses, net	400	0	414	0
Operating income (loss)	7,393	6,593	20,860	20,982
Television Broadcasting Segment [Member]
Business Acquisition [Line Items]
Net operating revenue	5,295	4,973	15,421	14,451
Station operating expense	3,499	3,284	10,334	9,791
Other operating expenses, net	33	0	33	0
Operating income (loss)	1,763	1,689	5,054	4,660
Nonrecurring Adjustment [Member]
Business Acquisition [Line Items]
Net operating revenue	34,243	35,433	99,723	100,828
Station operating expense	24,654	27,151	73,362	75,186
Corporate general and administrative	2,577	2,307	7,642	6,580
Other operating expenses, net	433		447
Operating income (loss)	6,579	5,975	18,272	19,062
Nonrecurring Adjustment [Member] | Radio [Member]
Business Acquisition [Line Items]
Net operating revenue	28,948	30,460	84,302	86,377
Station operating expense	21,155	23,867	63,028	65,395
Corporate general and administrative	0	0	0	0
Other operating expenses, net	400		414
Operating income (loss)	7,393	6,593	20,860	20,982
Nonrecurring Adjustment [Member] | Television [Member]
Business Acquisition [Line Items]
Net operating revenue	5,295	4,973	15,421	14,451
Station operating expense	3,499	3,284	10,334	9,791
Corporate general and administrative	0	0	0	0
Other operating expenses, net	33		33
Operating income (loss)	1,763	1,689	5,054	4,660
Nonrecurring Adjustment [Member] | Corporate and Other [Member]
Business Acquisition [Line Items]
Net operating revenue	0	0	0	0
Station operating expense	0	0	0	0
Corporate general and administrative	2,577	2,307	7,642	6,580
Other operating expenses, net	0		0
Operating income (loss)	$ (2,577)	$ (2,307)	$ (7,642)	$ (6,580)

Acquisitions and Dispositions31

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

Dec. 02, 2014

Sep. 30, 2015

Nov. 02, 2015

Sep. 01, 2015

Aug. 26, 2015

Aug. 01, 2015

Jul. 13, 2015

Nov. 04, 2014

Sep. 30, 2014

Jun. 16, 2014

May. 16, 2014

May. 14, 2014

May. 09, 2014

Feb. 28, 2014

Jan. 31, 2014

Acquisitions and Dispositions [Line Items]

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

$ 11,709,000

$ 1,036,000

Belmont Verstabdig Inc [Member]

Acquisitions and Dispositions [Line Items]

Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles

$ 10,131,000

Business Acquisition, Transaction Costs

$ 128,000

Gamma Broadcasting, LLC [Member]

Acquisitions and Dispositions [Line Items]

Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles

$ 1,558,000

Business Acquisition, Transaction Costs

$ 92,000

Ithaca, New York market [Member]

Acquisitions and Dispositions [Line Items]

Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles

$ 720,000

Victoria, Texas market [Member]

Acquisitions and Dispositions [Line Items]

Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles

$ 18,500

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

FM Translator [Member] | Manchester, New Hampshire Market [Member]

Acquisitions and Dispositions [Line Items]

Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles

$ 45,000

FM Translator [Member] | Asheville, North Carolina Market [Member]

Acquisitions and Dispositions [Line Items]

Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles

$ 125,000

$ 100,000

FM Translator [Member] | Jonesboro, Arkansas market [Member]

Acquisitions and Dispositions [Line Items]

Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles

$ 35,000

FM Translator [Member] | Clarksville, Tennessee market [Member]

Acquisitions and Dispositions [Line Items]

Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles

$ 30,000

FM Translator [Member] | Portland, Maine market [Member]

Acquisitions and Dispositions [Line Items]

Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles

$ 44,750

FM Translator [Member] | Des Moines, Iowa market [Member]

Acquisitions and Dispositions [Line Items]

Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles

$ 87,500

FM Station [Member] | Gamma Broadcasting, LLC [Member]

Acquisitions and Dispositions [Line Items]

Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized

$ 400,000

FM Station [Member] | Wilks Broadcast - Columbus, LLC [Member]

Acquisitions and Dispositions [Line Items]

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

$ 13,000,000

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - Stock Option Plan [Member] - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Summary the stock option transactions
Number of Options, Outstanding	213,170
Number of Options, Exercised	(125,354)
Number of Options, Expired	(58,781)
Number of Options, Outstanding	29,035	213,170
Number of Options, Exercisable	29,035
Weighted Average Exercise Price, Outstanding	$ 31.79
Weighted Average Exercise Price, Exercised	27.09
Weighted Average Exercise Price, Expired	43.47
Weighted Average Exercise Price, Outstanding	28.47	$ 31.79
Weighted Average Exercise Price, Exercisable	$ 28.47
Weighted Average Remaining Contractual Term (Years), Outstanding	1 year 7 months 6 days	1 year 2 months 12 days
Weighted Average Remaining Contractual Term (Years), Exercisable	1 year 7 months 6 days
Aggregate Intrinsic Value, Outstanding	$ 2,519,147
Aggregate Intrinsic Value, Outstanding	149,240	$ 2,519,147
Aggregate Intrinsic Value, Exercisable	$ 149,240

Stock-Based Compensation (Det33

Stock-Based Compensation (Details 1) - Restricted Stock [Member]	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Summary of the restricted stock transactions
Shares, Outstanding	89,832
Shares, Vested	(3,002)
Shares, Forfeited	(1,982)
Shares, Outstanding	84,848
Weighted Average Grant Date Fair Value, Outstanding | $ / shares	$ 41.2
Weighted Average Grant Date Fair Value, Vested | $ / shares	45.56
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	43.62
Weighted Average Grant Date Fair Value, Outstanding | $ / shares	$ 40.99

Stock-Based Compensation (Det34

Stock-Based Compensation (Details Textual) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 16, 2013	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 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		$ 373,000	$ 193,000	$ 1,200,000	$ 572,000
Recognized tax benefits		$ 149,000	$ 77,000	$ 480,000	$ 229,000
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	Sep. 30, 2015	Aug. 18, 2015	Dec. 31, 2014
Total debt
Long-term debt	$ 36,365		$ 36,078
Amounts payable within one year	0		0
Long-term debt, noncurrent	36,365		36,078
Term loan [Member] | Old Credit Agreement [Member]
Total debt
Long-term debt	0		30,000
Revolving credit facility [Member]
Total debt
Long-term debt	35,287	$ 100,000	0
Revolving credit facility [Member] | Old Credit Agreement [Member]
Total debt
Long-term debt	0		5,000
Secured debt of affiliate [Member] | Old Credit Agreement [Member]
Total debt
Long-term debt	$ 1,078		$ 1,078

Long-Term Debt (Details Textual

Long-Term Debt (Details Textual) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 18, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Debt Instrument [Line Items]
Secured Debt		$ 1,100,000		$ 1,100,000
Debt Instrument, Maturity Date				May 1, 2017
Term Loan Maturity Period				3 years
Write off of Deferred Debt Issuance Cost		557,000	$ 0	$ 557,000	$ 0
Amortization of Acquisition Costs				261,000
Long-term Debt, Total		$ 36,365,000		$ 36,365,000		$ 36,078,000
Long-term Debt, Maturities, Repayment Terms				May 31, 2018
Old Credit Agreement [Member]
Debt Instrument [Line Items]
Write off of Deferred Debt Issuance Cost				$ 557,000
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage		0.25%		0.25%		0.16925%
Maximum [Member] | Old Credit Agreement [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage				0.35%
Maximum [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				1.00%		1.25%
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				2.00%		2.25%
Minimum [Member] | Old Credit Agreement [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage				0.25%
Minimum [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				0.00%
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				1.00%		1.25%
Term loan [Member] | Old Credit Agreement [Member]
Debt Instrument [Line Items]
Long-term Debt, Total		$ 0		$ 0		$ 30,000,000
Term loan [Member] | Old Credit Agreement [Member] | Two Thousand Eighteen Matuirity Debt [Member]
Debt Instrument [Line Items]
Long-term Debt, Total		30,000,000		30,000,000
Revolving credit facility [Member]
Debt Instrument [Line Items]
Unused borrowing capacity under the revolving credit Facility		64,000,000		64,000,000
Debt Instrument, Maturity Date	Aug. 18, 2020
Long-term Debt, Total	$ 100,000,000	35,287,000		35,287,000		0
Long-term Debt, Maturities, Repayment Terms	five-year
Revolving credit facility [Member] | Old Credit Agreement [Member]
Debt Instrument [Line Items]
Long-term Debt, Total		0		0		$ 5,000,000
Revolving credit facility [Member] | Old Credit Agreement [Member] | Two Thousand Eighteen Matuirity Debt [Member]
Debt Instrument [Line Items]
Long-term Debt, Total		$ 90,000,000		$ 90,000,000
Revolving credit facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage				0.30%
Revolving credit facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage				0.20%

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Segment reporting information
Net operating revenue	$ 33,831	$ 34,373	$ 97,250	$ 97,627
Station operating expenses	24,324	26,366	71,400	72,812
Corporate general and administrative	2,577	2,307	7,642	6,580
Other operating expense	433	0	447	0
Operating income (loss)	6,497	5,700	17,761	18,235
Depreciation and amortization	1,731	1,672	4,926	4,957
Total assets	204,162	204,515	204,162	204,515	$ 192,044
Radio [Member]
Segment reporting information
Net operating revenue	28,536	29,400	81,829	83,176
Station operating expenses	20,825	23,082	61,006	63,021
Corporate general and administrative	0	0	0	0
Other operating expense	400	0	414	0
Operating income (loss)	7,311	6,318	20,349	20,155
Depreciation and amortization	1,295	1,245	3,676	3,711
Total assets	151,708	144,650	151,708	144,650
Television [Member]
Segment reporting information
Net operating revenue	5,295	4,973	15,421	14,451
Station operating expenses	3,499	3,284	10,334	9,791
Corporate general and administrative	0	0	0	0
Other operating expense	33	0	33	0
Operating income (loss)	1,763	1,689	5,054	4,660
Depreciation and amortization	347	350	1,016	1,041
Total assets	23,131	22,242	23,131	22,242
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	2,577	2,307	7,642	6,580
Other operating expense	0	0	0	0
Operating income (loss)	(2,577)	(2,307)	(7,642)	(6,580)
Depreciation and amortization	89	77	234	205
Total assets	$ 29,323	$ 37,623	$ 29,323	$ 37,623

Other Income and Expense (Detai

Other Income and Expense (Details Textual) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Other Income [Line Items]
Other (income) expense, net	$ 0	$ 417,000	$ (7,000)	$ 417,000	$ 38,000
Proceeds from Insurance Settlement		$ 777,000

Subsequent Events (Details Text

Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Millions	Oct. 02, 2015	Sep. 02, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared			$ 0.20	$ 0.20	$ 0.60	$ 0.40
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