Saga Communications (SGA) 10-Q 9 May 16 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 02, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
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		4,995,865
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		864,856

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 15,336	$ 21,614
Accounts receivable, net	19,519	21,300
Prepaid expenses and other current assets	3,574	2,608
Barter transactions	1,482	1,266
Deferred income taxes	1,097	1,107
Total current assets	41,008	47,895
Property and equipment	168,295	167,074
Less accumulated depreciation	110,371	108,943
Net property and equipment	57,924	58,131
Other assets:
Broadcast licenses, net	96,116	88,106
Goodwill	7,151	2,874
Other intangibles, deferred costs and investments, net	7,528	7,565
Total assets	209,727	204,571
Current liabilities:
Accounts payable	2,840	2,799
Payroll and payroll taxes	7,418	7,401
Other accrued expenses	4,239	2,792
Barter transactions	1,508	1,346
Total current liabilities	16,005	14,338
Deferred income taxes	28,253	27,688
Long-term debt	36,365	36,365
Other liabilities	3,942	3,364
Total liabilities	$ 84,565	$ 81,755
Commitments and contingencies
Stockholders’ equity:
Common stock	$ 74	$ 74
Additional paid-in capital	57,984	57,510
Retained earnings	99,739	98,180
Treasury stock	(32,635)	(32,948)
Total stockholders’ equity	125,162	122,816
Total liabilities and stockholders' equity	$ 209,727	$ 204,571

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net operating revenue	$ 32,745	$ 29,061
Station operating expenses	24,685	22,765
Corporate general and administrative	2,717	2,482
Operating income	5,343	3,814
Interest expense	189	241
Other (income) expense, net	0	(8)
Income before income tax expense	5,154	3,581
Income tax expense	2,130	1,450
Net income	$ 3,024	$ 2,131
Earnings per share:
Basic	$ 0.52	$ 0.37
Diluted	$ 0.52	$ 0.36
Weighted average common shares	5,751	5,710
Weighted average common and common equivalent shares	5,759	5,762
Dividends declared per share	$ 0.25	$ 0.20

CONDENSED CONSOLIDATED STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Cash provided by operating activities	$ 7,190	$ 7,587
Cash flows from investing activities:
Acquisition of property and equipment	(1,010)	(950)
Acquisition of broadcast properties	(12,483)	0
Other investing activities	25	2
Net cash used in investing activities	(13,468)	(948)
Cash flows from financing activities:
Other financing activities	0	(25)
Net cash used in financing activities	0	(25)
Net (decrease) increase in cash and cash equivalents	(6,278)	6,614
Cash and cash equivalents, beginning of period	21,614	17,907
Cash and cash equivalents, end of period	$ 15,336	$ 24,521

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and the results of operations for the three months ended March 31, 2016 and 2015. Results of operations for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. 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, 2015. The Company has evaluated events and transactions occurring subsequent to the balance sheet date of March 31, 2016, 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 March 31, 2016 2015 (In thousands, except per share data) Numerator: Net income $ 3,024 $ 2,131 Less: Net income allocated to unvested participating securities 56 32 Net income available to common stockholders $ 2,968 $ 2,099 Denominator: Denominator for basic earnings per share— weighted average shares 5,751 5,710 Effect of dilutive securities: Stock options 8 52 Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions 5,759 5,762 Basic earnings per share $ 0.52 $ 0.37 Diluted earnings per share $ 0.52 $ 0.36 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 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 March 31, 2016. 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	3 Months Ended
	Mar. 31, 2016
Recent Accounting Pronouncements [Abstract]
Recent Accounting Pronouncements	2. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In September 2015, the FASB issued Accounting Standards Update No. 2015-16, “Business Combinations (Topic 805), Simplifying the Accounting for Measurement Period Adjustments”, 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 Recent Accounting Pronouncements – Not Yet Adopted In March 2016, the FASB issued ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting" In February 2016, the FASB issued Accounting Standards Update No. 2016-02, “Leases (Topic 842)” In November 2015, the FASB issued Accounting Standards Update No. 2015-17, “Income Taxes (Topic 740), Balance Sheet Classification of Deferred Taxes” 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” Revenue from Contracts with Customers (Topic 606), Principal versus Agent Considerations (Reporting Revenue Gross versus Net)”

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2016
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	3 Months Ended
	Mar. 31, 2016
Stockholders' Equity Note [Abstract]
Common Stock	4. Common Stock and Treasury Stock Common Stock Issued Class A Class B (Shares in thousands) Balance, January 1, 2015 6,446 843 Exercised options 93 32 Conversion of shares 40 (40) Issuance of restricted stock 26 30 Forfeiture of restricted stock (2) — Balance, December 31, 2015 6,603 865 Balance, March 31, 2016 6,603 865 We have a Stock Buy-Back Program to allow us to purchase up to $ 75.8 24.9

Acquisitions and Dispositions

Acquisitions and Dispositions	3 Months Ended
	Mar. 31, 2016
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. 2016 Acquisitions 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 approximately $ 13,791,000 734,000 57,000 On March 16, 2016 we acquired an FM translator serving the Portland, Maine market for approximately $ 50,000 On March 25, 2016 we acquired an FM translator serving the Milwaukee, Wisconsin market for approximately $ 50,000 2015 Acquisitions and Dispositions 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, WMQR-FM, WWRE-FM and WQPO-HD3) 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 50,000 400,000 On October 23, 2015 we acquired an FM translator serving the Charlottesville, Virginia market for approximately $ 30,000 On November 12, 2015 we acquired an FM translator serving the Bucyrus, Ohio market for approximately $ 30,000 On November 23, 2015 we acquired an FM translator serving the Charlottesville, Virginia market for approximately $ 150,000 On December 31, 2015 we donated the Illinois Radio Network (“the network”) to the Illinois Policy Institute. The net book value of the network was approximately $ 7,000 Condensed Consolidated Balance Sheet of 2016 and 2015 Acquisitions: The following unaudited condensed balance sheets represent the estimated fair value assigned to the related assets and liabilities of the 2016 and 2015 acquisitions at their respective acquisition dates. Saga Communications, Inc. Condensed Consolidated Balance Sheet of 2016 and 2015 Acquisitions Acquisitions in 2016 2015 (In thousands) Assets Acquired: Current assets $ 814 $ 977 Property and equipment 376 4,614 Other assets: Broadcast licenses-Radio segment 8,010 2,218 Broadcast licenses-Television segment — — Goodwill-Radio segment 4,277 2,548 Goodwill-Television segment — — Other intangibles, deferred costs and investments 398 1,623 Total other assets 12,685 6,389 Total assets acquired 13,875 11,980 Liabilities Assumed: Current liabilities 41 82 Total liabilities assumed 41 82 Net assets acquired $ 13,834 $ 11,898 Pro Forma Results of Operations for Acquisitions and Dispositions (Unaudited) The following unaudited pro forma results of our operations for the three months ended March 31, 2016 and 2015 assume the 2016 and 2015 acquisitions and dispositions occurred as of January 1, 2015. 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. Three Months Ended March 31, 2016 2015 (In thousands, except per share data) Pro forma Consolidated Results of Operations Net operating revenue $ 32,745 $ 31,015 Station operating expense 24,700 24,457 Corporate general and administrative 2,717 2,482 Operating income 5,328 4,076 Interest expense 189 241 Other (income) expense, net — (8) Income before income tax expense 5,139 3,843 Income tax expense 2,124 1,557 Net income $ 3,015 $ 2,286 Basic earnings per share $ 0.52 $ 0.40 Diluted earnings per share $ 0.52 $ 0.40 Three Months Ended March 31, 2016 2015 (In thousands) Radio Broadcasting Segment Net operating revenue $ 27,464 $ 26,230 Station operating expense 21,155 21,114 Other operating income (3) — Operating income $ 6,312 $ 5,116 Three Months Ended March 31, 2016 2015 (In thousands) Television Broadcasting Segment Net operating revenue $ 5,281 $ 4,785 Station operating expense 3,545 3,343 Other operating expense 3 — Operating income $ 1,733 $ 1,442 Reconciliation of pro forma segment operating income to pro forma consolidated operating income: Corporate Radio Television and Other Consolidated (In thousands) Three Months Ended March 31, 2016: Net operating revenue $ 27,464 $ 5,281 $ — $ 32,745 Station operating expense 21,155 3,545 — 24,700 Corporate general and administrative — — 2,717 2,717 Other operating (income) expense, net (3) 3 — — Operating income (loss) $ 6,312 $ 1,733 $ (2,717) $ 5,328 Corporate Radio Television and Other Consolidated (In thousands) Three Months Ended March 31, 2015: Net operating revenue $ 26,230 $ 4,785 $ — $ 31,015 Station operating expense 21,114 3,343 — 24,457 Corporate general and administrative — — 2,482 2,482 Operating income (loss) $ 5,116 $ 1,442 $ (2,482) $ 4,076

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2016
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 months ended March 31, 2015 and 2016, respectively. Weighted Average Weighted Remaining Aggregate Number of Average Contractual Term Intrinsic Options Exercise Price (Years) Value Outstanding at January 1, 2016 29,035 $ 28.47 1.4 $ 289,769 Outstanding at March 31, 2016 29,035 $ 28.47 1.1 $ 336,516 Exercisable at March 31, 2016 29,035 $ 28.47 1.1 $ 336,516 Weighted Average Grant Date Fair Shares Value Outstanding at January 1, 2016 106,789 $ 40.28 Forfeited (262) 38.11 Non-vested and outstanding at March 31, 2016 106,527 $ 40.28 For the three months ended March 31, 2016 and 2015, we had $ 528,000 462,000 211,000 185,000

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Long-Term Debt	7. Long-Term Debt March 31, December 31, 2016 2015 (In thousands) Revolving credit facility $ 35,287 $ 35,287 Secured debt of affiliate 1,078 1,078 36,365 36,365 Amounts payable within one year — — $ 36,365 $ 36,365 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 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 $ 266,000 Interest rates under the Credit Facility are payable, at our option, at alternatives equal to LIBOR ( 0.5 1 2 0 1 0.25 0.2 0.3 The Credit Facility contains a number of financial covenants (all of which we were in compliance with at March 31, 2016) 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 $ 65 The loan agreement of approximately $ 1.1 May 1, 2017

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2016
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. The Radio segment includes twenty-four markets, which includes all ninety-nine of our radio stations. 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 March 31, 2016: Net operating revenue $ 27,464 $ 5,281 $ — $ 32,745 Station operating expense 21,140 3,545 — 24,685 Corporate general and administrative — — 2,717 2,717 Other operating (income) expense, net (3) 3 — — Operating income (loss) $ 6,327 $ 1,733 $ (2,717) $ 5,343 Depreciation and amortization $ 1,346 $ 321 $ 69 $ 1,736 Total assets $ 163,401 $ 23,655 $ 22,671 $ 209,727 Corporate Radio Television and Other Consolidated (In thousands) Three Months Ended March 31, 2015: Net operating revenue $ 24,276 $ 4,785 $ — $ 29,061 Station operating expense 19,422 3,343 — 22,765 Corporate general and administrative — — 2,482 2,482 Operating income (loss) $ 4,854 $ 1,442 $ (2,482) $ 3,814 Depreciation and amortization $ 1,174 $ 347 $ 68 $ 1,589 Total assets $ 139,354 $ 22,665 $ 33,529 $ 195,548

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	9. Subsequent Events On March 2, 2016, the Company’s Board of Directors declared a regular quarterly cash dividend of $ 0.25 1.5

Summary of Significant Accoun14

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and the results of operations for the three months ended March 31, 2016 and 2015. Results of operations for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. 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, 2015. The Company has evaluated events and transactions occurring subsequent to the balance sheet date of March 31, 2016, for items that should potentially be recognized in these financial statements or discussed within the notes to the financial statements.
Earnings Per Share	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 March 31, 2016 2015 (In thousands, except per share data) Numerator: Net income $ 3,024 $ 2,131 Less: Net income allocated to unvested participating securities 56 32 Net income available to common stockholders $ 2,968 $ 2,099 Denominator: Denominator for basic earnings per share— weighted average shares 5,751 5,710 Effect of dilutive securities: Stock options 8 52 Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions 5,759 5,762 Basic earnings per share $ 0.52 $ 0.37 Diluted earnings per share $ 0.52 $ 0.36 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
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 March 31, 2016.
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 Accoun15

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Computation of basic and diluted earnings per share	Three Months Ended March 31, 2016 2015 (In thousands, except per share data) Numerator: Net income $ 3,024 $ 2,131 Less: Net income allocated to unvested participating securities 56 32 Net income available to common stockholders $ 2,968 $ 2,099 Denominator: Denominator for basic earnings per share— weighted average shares 5,751 5,710 Effect of dilutive securities: Stock options 8 52 Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions 5,759 5,762 Basic earnings per share $ 0.52 $ 0.37 Diluted earnings per share $ 0.52 $ 0.36

Common Stock and Treasury Sto16

Common Stock and Treasury Stock (Tables)	3 Months Ended
	Mar. 31, 2016
Stockholders' Equity Note [Abstract]
Schedule of Stock by Class	Common Stock Issued Class A Class B (Shares in thousands) Balance, January 1, 2015 6,446 843 Exercised options 93 32 Conversion of shares 40 (40) Issuance of restricted stock 26 30 Forfeiture of restricted stock (2) — Balance, December 31, 2015 6,603 865 Balance, March 31, 2016 6,603 865

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables)	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	Saga Communications, Inc. Condensed Consolidated Balance Sheet of 2016 and 2015 Acquisitions Acquisitions in 2016 2015 (In thousands) Assets Acquired: Current assets $ 814 $ 977 Property and equipment 376 4,614 Other assets: Broadcast licenses-Radio segment 8,010 2,218 Broadcast licenses-Television segment — — Goodwill-Radio segment 4,277 2,548 Goodwill-Television segment — — Other intangibles, deferred costs and investments 398 1,623 Total other assets 12,685 6,389 Total assets acquired 13,875 11,980 Liabilities Assumed: Current liabilities 41 82 Total liabilities assumed 41 82 Net assets acquired $ 13,834 $ 11,898
Business Acquisition Pro Forma Information	Three Months Ended March 31, 2016 2015 (In thousands, except per share data) Pro forma Consolidated Results of Operations Net operating revenue $ 32,745 $ 31,015 Station operating expense 24,700 24,457 Corporate general and administrative 2,717 2,482 Operating income 5,328 4,076 Interest expense 189 241 Other (income) expense, net — (8) Income before income tax expense 5,139 3,843 Income tax expense 2,124 1,557 Net income $ 3,015 $ 2,286 Basic earnings per share $ 0.52 $ 0.40 Diluted earnings per share $ 0.52 $ 0.40
Business Acquisition, Pro Forma Information By Segment	Three Months Ended March 31, 2016 2015 (In thousands) Radio Broadcasting Segment Net operating revenue $ 27,464 $ 26,230 Station operating expense 21,155 21,114 Other operating income (3) — Operating income $ 6,312 $ 5,116 Three Months Ended March 31, 2016 2015 (In thousands) Television Broadcasting Segment Net operating revenue $ 5,281 $ 4,785 Station operating expense 3,545 3,343 Other operating expense 3 — Operating income $ 1,733 $ 1,442 Corporate Radio Television and Other Consolidated (In thousands) Three Months Ended March 31, 2016: Net operating revenue $ 27,464 $ 5,281 $ — $ 32,745 Station operating expense 21,155 3,545 — 24,700 Corporate general and administrative — — 2,717 2,717 Other operating (income) expense, net (3) 3 — — Operating income (loss) $ 6,312 $ 1,733 $ (2,717) $ 5,328 Corporate Radio Television and Other Consolidated (In thousands) Three Months Ended March 31, 2015: Net operating revenue $ 26,230 $ 4,785 $ — $ 31,015 Station operating expense 21,114 3,343 — 24,457 Corporate general and administrative — — 2,482 2,482 Operating income (loss) $ 5,116 $ 1,442 $ (2,482) $ 4,076

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation, Stock Options, Activity	Weighted Average Weighted Remaining Aggregate Number of Average Contractual Term Intrinsic Options Exercise Price (Years) Value Outstanding at January 1, 2016 29,035 $ 28.47 1.4 $ 289,769 Outstanding at March 31, 2016 29,035 $ 28.47 1.1 $ 336,516 Exercisable at March 31, 2016 29,035 $ 28.47 1.1 $ 336,516
Summary of restricted stock transactions	The following summarizes the restricted stock transactions for the three months ended March 31, 2016: Weighted Average Grant Date Fair Shares Value Outstanding at January 1, 2016 106,789 $ 40.28 Forfeited (262) 38.11 Non-vested and outstanding at March 31, 2016 106,527 $ 40.28

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Long-Term Debt	March 31, December 31, 2016 2015 (In thousands) Revolving credit facility $ 35,287 $ 35,287 Secured debt of affiliate 1,078 1,078 36,365 36,365 Amounts payable within one year — — $ 36,365 $ 36,365

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016: Net operating revenue $ 27,464 $ 5,281 $ — $ 32,745 Station operating expense 21,140 3,545 — 24,685 Corporate general and administrative — — 2,717 2,717 Other operating (income) expense, net (3) 3 — — Operating income (loss) $ 6,327 $ 1,733 $ (2,717) $ 5,343 Depreciation and amortization $ 1,346 $ 321 $ 69 $ 1,736 Total assets $ 163,401 $ 23,655 $ 22,671 $ 209,727 Corporate Radio Television and Other Consolidated (In thousands) Three Months Ended March 31, 2015: Net operating revenue $ 24,276 $ 4,785 $ — $ 29,061 Station operating expense 19,422 3,343 — 22,765 Corporate general and administrative — — 2,482 2,482 Operating income (loss) $ 4,854 $ 1,442 $ (2,482) $ 3,814 Depreciation and amortization $ 1,174 $ 347 $ 68 $ 1,589 Total assets $ 139,354 $ 22,665 $ 33,529 $ 195,548

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Numerator:
Net income	$ 3,024	$ 2,131
Less: Net income allocated to unvested participating securities	56	32
Net income available to common stockholders	$ 2,968	$ 2,099
Denominator:
Denominator for basic earnings per share - weighted average shares	5,751	5,710
Effect of dilutive securities:
Stock options	8	52
Denominator for diluted earnings per share - adjusted weighted-average shares and assumed conversions	5,759	5,762
Basic earnings per share	$ 0.52	$ 0.37
Diluted earnings per share	$ 0.52	$ 0.36

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Details Textual) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Summary Of Significant Accounting Policies [Line Items]
Number of stock options outstanding having antidilutive effect	0	45,000

Intangible Assets (Details Text

Intangible Assets (Details Textual)	3 Months Ended
	Mar. 31, 2016
Favorable Lease Agreements [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	4 years
Favorable Lease Agreements [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	26 years
Other Intangible [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	1 year
Other Intangible [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	11 years

Common Stock and Treasury Sto24

Common Stock and Treasury Stock (Details) - shares shares in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Class A Common Stock [Member]
Common Stock [Line Items]
Balance, shares	6,603	6,446
Exercised options		93
Conversion of shares		40
Issuance of restricted stock		26
Forfeiture of restricted stock		(2)
Balance, shares	6,603	6,603
Class B Common Stock [Member]
Common Stock [Line Items]
Balance, shares	865	843
Exercised options		32
Conversion of shares		(40)
Issuance of restricted stock		30
Forfeiture of restricted stock		0
Balance, shares	865	865

Common Stock and Treasury Sto25

Common Stock and Treasury Stock (Details Textual) $ in Millions	Mar. 31, 2016USD ($)
Common Stock [Line Items]
Share repurchase program, authorized amount	$ 75.8
Stock repurchase program, remaining authorization amount	$ 24.9

Acquisitions and Dispositions26

Acquisitions and Dispositions (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets Acquired:
Current assets	$ 814	$ 977
Property and equipment	376	4,614
Other assets:
Broadcast licenses-Radio segment	8,010	2,218
Broadcast licenses-Television segment	0	0
Goodwill-Radio segment	4,277	2,548
Goodwill-Television segment	0	0
Other intangibles, deferred costs and investments	398	1,623
Total other assets	12,685	6,389
Total assets acquired	13,875	11,980
Liabilities Assumed:
Current liabilities	41	82
Total liabilities assumed	41	82
Net assets acquired	$ 13,834	$ 11,898

Acquisitions and Dispositions27

Acquisitions and Dispositions (Details 1) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Business Acquisition [Line Items]
Net operating revenue	$ 32,745	$ 31,015
Station operating expense	24,700	24,457
Corporate general and administrative	2,717	2,482
Operating income	5,328	4,076
Interest expense	189	241
Other (income) expense, net	0	(8)
Income before income tax expense	5,139	3,843
Income tax expense	2,124	1,557
Net income	$ 3,015	$ 2,286
Basic earnings per share	$ 0.52	$ 0.40
Diluted earnings per share	$ 0.52	$ 0.40

Acquisitions and Dispositions28

Acquisitions and Dispositions (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Business Acquisition [Line Items]
Net operating revenue	$ 32,745	$ 29,061
Station operating expense	24,685	22,765
Corporate general and administrative	2,717	2,482
Operating income (loss)	5,343	3,814
Nonrecurring Adjustment [Member]
Business Acquisition [Line Items]
Net operating revenue	32,745	31,015
Station operating expense	24,700	24,457
Corporate general and administrative	2,717	2,482
Other operating (income) expense, net	0
Operating income (loss)	5,328	4,076
Radio [Member]
Business Acquisition [Line Items]
Net operating revenue	27,464	24,276
Station operating expense	21,140	19,422
Corporate general and administrative	0	0
Operating income (loss)	6,327	4,854
Radio [Member] | Nonrecurring Adjustment [Member]
Business Acquisition [Line Items]
Net operating revenue	27,464	26,230
Station operating expense	21,155	21,114
Corporate general and administrative	0	0
Other operating (income) expense, net	(3)
Operating income (loss)	6,312	5,116
Television [Member]
Business Acquisition [Line Items]
Net operating revenue	5,281	4,785
Station operating expense	3,545	3,343
Corporate general and administrative	0	0
Operating income (loss)	1,733	1,442
Television [Member] | Nonrecurring Adjustment [Member]
Business Acquisition [Line Items]
Net operating revenue	5,281	4,785
Station operating expense	3,545	3,343
Corporate general and administrative	0	0
Other operating (income) expense, net	3
Operating income (loss)	1,733	1,442
Corporate and Other [Member]
Business Acquisition [Line Items]
Net operating revenue	0	0
Station operating expense	0	0
Corporate general and administrative	2,717	2,482
Operating income (loss)	(2,717)	(2,482)
Corporate and Other [Member] | Nonrecurring Adjustment [Member]
Business Acquisition [Line Items]
Net operating revenue	0	0
Station operating expense	0	0
Corporate general and administrative	2,717	2,482
Other operating (income) expense, net	0
Operating income (loss)	(2,717)	(2,482)
Radio Broadcasting Segment [Member]
Business Acquisition [Line Items]
Net operating revenue	27,464	26,230
Station operating expense	21,155	21,114
Other operating (income) expense, net	(3)	0
Operating income (loss)	6,312	5,116
Television Broadcasting Segment [Member]
Business Acquisition [Line Items]
Net operating revenue	5,281	4,785
Station operating expense	3,545	3,343
Other operating (income) expense, net	3	0
Operating income (loss)	$ 1,733	$ 1,442

Acquisitions and Dispositions29

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

Sep. 01, 2015

Mar. 31, 2016

Mar. 25, 2016

Mar. 16, 2016

Dec. 31, 2015

Nov. 23, 2015

Nov. 12, 2015

Nov. 02, 2015

Oct. 23, 2015

Aug. 31, 2015

Aug. 26, 2015

Jul. 13, 2015

Business Acquisition [Line Items]

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

$ 13,875,000

$ 11,980,000

Belmont Verstabdig Inc [Member]

Business Acquisition [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]

Business Acquisition [Line Items]

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles

$ 1,558,000

Business Acquisition, Transaction Costs

92,000

FM Translator Serving the Charlottesville [Member]

Business Acquisition [Line Items]

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles

$ 150,000

$ 30,000

FM Translator Serving the Bucyrus [Member]

Business Acquisition [Line Items]

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles

$ 30,000

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

Business Acquisition [Line Items]

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles

$ 45,000

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

Business Acquisition [Line Items]

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles

50,000

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

Business Acquisition [Line Items]

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles

$ 50,000

FM Translator [Member] | Milwaukee, Wisconsin Market [Member]

Business Acquisition [Line Items]

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles

$ 50,000

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

Business Acquisition [Line Items]

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles

$ 125,000

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

Business Acquisition [Line Items]

Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized

$ 400,000

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

Business Acquisition [Line Items]

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

$ 13,791,000

Business Acquisition, Transaction Costs

57,000

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

$ 734,000

Illinois Radio Network [Member]

Business Acquisition [Line Items]

Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset

$ 7,000

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - Stock Option Plan [Member] - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Summary the stock option transactions
Number of Options Outstanding	29,035
Number of Options Outstanding	29,035	29,035
Number of Options Exercisable	29,035
Weighted Average Exercise Price, Outstanding	$ 28.47
Weighted Average Exercise Price, Outstanding	28.47	$ 28.47
Weighted Average Exercise Price Exercisable	$ 28.47
Weighted Average Remaining Contractual Term (Years)	1 year 1 month 6 days	1 year 4 months 24 days
Weighted Average Remaining Contractual Term (Years) Exercisable	1 year 1 month 6 days
Aggregate Intrinsic Value Outstanding	$ 289,769
Aggregate Intrinsic Value Outstanding	336,516	$ 289,769
Aggregate Intrinsic Value Exercisable	$ 336,516

Stock-Based Compensation (Det31

Stock-Based Compensation (Details 1) - Restricted Stock [Member]	3 Months Ended
	Mar. 31, 2016$ / sharesshares
Summary of the restricted stock transactions
Number of Options Outstanding | shares	106,789
Forfeited | shares	(262)
Number of Options Outstanding | shares	106,527
Weighted Average Grant Date Fair Value, Outstanding | $ / shares	$ 40.28
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	38.11
Weighted Average Grant Date Fair Value, Outstanding | $ / shares	$ 40.28

Stock-Based Compensation (Det32

Stock-Based Compensation (Details Textual) - USD ($)	1 Months Ended	3 Months Ended
	Oct. 16, 2013	Mar. 31, 2016	Mar. 31, 2015
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		$ 528,000	$ 462,000
Recognized tax benefits		$ 211,000	$ 185,000
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	Mar. 31, 2016	Dec. 31, 2015	Aug. 18, 2015
Total debt
Long-term debt	$ 36,365	$ 36,365
Amounts payable within one year	0	0
Long-term debt, noncurrent	36,365	36,365
Revolving credit facility [Member]
Total debt
Long-term debt	35,287	35,287	$ 100,000
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 ($)	1 Months Ended	3 Months Ended
	Aug. 18, 2015	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Secured Debt		$ 1,100,000
Long-term Debt, Total		36,365,000	$ 36,365,000
Write off of Deferred Debt Issuance Cost		557,000
Amortization of Acquisition Costs		$ 266,000
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage		0.25%
Maximum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage		0.30%
Maximum [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		1.00%
Minimum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage		0.20%
Minimum [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		0.00%
Libor Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage		0.50%
Libor Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2.00%
Libor Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		1.00%
Revolving credit facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date	Aug. 18, 2020
Long-term Debt, Total	$ 100,000,000	$ 35,287,000	35,287,000
Line of Credit Facility, Remaining Borrowing Capacity		$ 65,000,000
Long-term Debt, Maturities, Repayment Terms	five-year
Secured Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date		May 1, 2017
Term Loan Maturity Period		3 years
Long-term Debt, Total		$ 1,078,000	$ 1,078,000

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Segment reporting information
Net operating revenue	$ 32,745	$ 29,061
Station operating expense	24,685	22,765
Corporate general and administrative	2,717	2,482
Operating income (loss)	5,343	3,814
Total assets	209,727		$ 204,571
Radio [Member]
Segment reporting information
Net operating revenue	27,464	24,276
Station operating expense	21,140	19,422
Corporate general and administrative	0	0
Other operating (income) expense, net	(3)
Operating income (loss)	6,327	4,854
Depreciation and amortization	1,346	1,174
Total assets	163,401	139,354
Television [Member]
Segment reporting information
Net operating revenue	5,281	4,785
Station operating expense	3,545	3,343
Corporate general and administrative	0	0
Other operating (income) expense, net	3
Operating income (loss)	1,733	1,442
Depreciation and amortization	321	347
Total assets	23,655	22,665
Corporate and Other [Member]
Segment reporting information
Net operating revenue	0	0
Station operating expense	0	0
Corporate general and administrative	2,717	2,482
Other operating (income) expense, net	0
Operating income (loss)	(2,717)	(2,482)
Depreciation and amortization	69	68
Total assets	22,671	33,529
Consolidated Segments [Member]
Segment reporting information
Net operating revenue	32,745	29,061
Station operating expense	24,685	22,765
Corporate general and administrative	2,717	2,482
Other operating (income) expense, net	0
Operating income (loss)	5,343	3,814
Depreciation and amortization	1,736	1,589
Total assets	$ 209,727	$ 195,548

Subsequent Events (Details Text

Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Millions	Mar. 02, 2016	Apr. 15, 2016	Mar. 31, 2016	Mar. 31, 2015
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared			$ 0.25	$ 0.20
Common Class A [Member]
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.25
Common Class B [Member]
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.25
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends		$ 1.5