Saga Communications (SGA) 10-Q 9 Nov 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 03, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
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		4,995,371
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	Sep. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 22,714	$ 21,614
Accounts receivable, net	21,747	21,300
Prepaid expenses and other current assets	1,925	2,608
Barter transactions	1,771	1,266
Deferred income taxes	1,172	1,107
Total current assets	49,329	47,895
Property and equipment	163,554	167,074
Less accumulated depreciation	105,927	108,943
Net property and equipment	57,627	58,131
Other assets:
Broadcast licenses, net	96,173	88,106
Goodwill	7,354	2,874
Other intangibles, deferred costs and investments, net	7,320	7,565
Total assets	217,803	204,571
Current liabilities:
Accounts payable	2,575	2,799
Payroll and payroll taxes	6,411	7,401
Other accrued expenses	3,570	2,792
Barter transactions	1,683	1,346
Current portion of long term debt	1,078	0
Total current liabilities	15,317	14,338
Deferred income taxes	29,918	27,688
Long-term debt	35,287	36,365
Other liabilities	4,058	3,364
Total liabilities	84,580	81,755
Commitments and contingencies
Stockholders' equity:
Common stock	74	74
Additional paid-in capital	59,050	57,510
Retained earnings	106,740	98,180
Treasury stock	(32,641)	(32,948)
Total stockholders' equity	133,223	122,816
Total liabilities and stockholders' equity	$ 217,803	$ 204,571

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Net operating revenue	$ 36,119	$ 33,831	$ 105,302	$ 97,250
Station operating expense	25,459	24,324	75,564	71,400
Corporate general and administrative	2,728	2,577	8,065	7,642
Other operating (income) expense, net	(1,393)	433	(1,385)	447
Operating income	9,325	6,497	23,058	17,761
Interest expense	196	229	574	714
Write-off of debt issuance costs	0	557	0	557
Other (income) expense, net	0	0	0	(417)
Income before income tax expense	9,129	5,711	22,484	16,907
Income tax provision	3,715	2,599	9,235	7,190
Net income	$ 5,414	$ 3,112	$ 13,249	$ 9,717
Earnings per share:
Basic earnings per share	$ 0.92	$ 0.54	$ 2.26	$ 1.68
Diluted earnings per share	$ 0.92	$ 0.53	$ 2.26	$ 1.67
Weighted average common shares	5,755	5,724	5,753	5,708
Weighted average common and common equivalent shares	5,764	5,752	5,762	5,749
Dividends declared per share	$ 0.30	$ 0.20	$ 0.80	$ 0.60

CONDENSED CONSOLIDATED STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Cash provided by operating activities	$ 21,020	$ 19,348
Cash flows from investing activities:
Acquisition of property and equipment	(4,149)	(4,427)
Acquisition of broadcast properties	(12,733)	(11,632)
Proceeds from insurance claim	0	777
Proceeds from disposals of fixed assets	1,644	0
Other investing activities	11	0
Net cash used in investing activities	(15,227)	(15,282)
Cash flows from financing activities:
Cash dividends paid	(4,688)	(2,323)
Payments on long-term debt	0	(35,000)
Borrowings on long-term debt	0	35,287
Purchase of treasury shares	(5)	(909)
Other financing activities	0	(162)
Net cash used in financing activities	(4,693)	(3,107)
Net increase in cash and cash equivalents	1,100	959
Cash and cash equivalents, beginning of period	21,614	17,907
Cash and cash equivalents, end of period	$ 22,714	$ 18,866

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 September 30, 2016 and the results of operations for the three and nine months ended September 30, 2016 and 2015. Results of operations for the three and nine months ended September 30, 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 September 30, 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 Nine Months Ended 2016 2015 2016 2015 (In thousands, except per share data) Numerator: Net income $ 5,414 $ 3,112 $ 13,249 $ 9,717 Less: Net income allocated to unvested participating securities 99 46 244 144 Net income available to common stockholders $ 5,315 $ 3,066 $ 13,005 $ 9,573 Denominator: Denominator for basic earnings per share — weighted average shares 5,764 5,724 5,762 5,708 Effect of dilutive securities: Common stock equivalents 9 28 9 41 Denominator for diluted earnings per share — adjusted weighted average shares and assumed conversions 5,755 5,752 5,753 5,749 Basic earnings per share: $ .92 $ .54 $ 2.26 $ 1.68 Diluted earnings per share: $ .92 $ .53 $ 2.26 $ 1.67 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 0 Our financial instruments are comprised of cash and cash equivalents, accounts receivable, accounts payable and long-term debt. The carrying value of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to their short maturities. The carrying value of long-term debt approximates fair value as it carries interest rates that either fluctuate with the euro-dollar rate, prime rate or have been reset at the prevailing market rate at September 30, 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	9 Months Ended
	Sep. 30, 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 August 2016, the FASB issued ASU No. 2016-15, “ Classification of Certain Cash Receipts and Cash Payments (Topic 230): Statement of Cash Flows” In June 2016, the FASB issued ASU No. 2016-13, “ Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” 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)” Revenue from Contracts with Customers (Topic 606), Identifying Performance Obligations and Licensing” Revenue from Contracts with Customers (Topic 606), Narrow-Scope Improvements and Practical Expedients”

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 2016
Stockholders' Equity Note [Abstract]
Common Stock and Treasury Stock	4. Common Stock and Treasury Stock Common Stock Issued Class A Class B (Shares in thousands) Balance, January 1, 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, September 30, 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	9 Months Ended
	Sep. 30, 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 On April 8, 2016 we acquired an FM translator serving the Charlottesville, Virginia market for approximately $ 100,000 On April 11, 2016 we acquired an FM translator serving the Clarksville, Tennessee market for approximately $ 30,000 On June 3, 2016 we acquired an FM translator serving the Spencer, Iowa market for approximately $ 35,000 On August 11, 2016 we acquired two FM translators serving the Bellingham, Washington market for approximately $ 50,000 On September 12, 2016 we acquired an FM translator serving the Portland, Maine market for approximately $ 45,000 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 8,067 2,218 Broadcast licenses-Television segment — — Goodwill-Radio segment 4,480 2,548 Goodwill-Television segment — — Other intangibles, deferred costs and investments 397 1,623 Total other assets 12,944 6,389 Total assets acquired 14,134 11,980 Liabilities Assumed: Current liabilities 41 82 Total liabilities assumed 41 82 Net assets acquired $ 14,093 $ 11,898 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, 2016 and 2015 assume the 2016 and 2015 acquisitions 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 Nine Months Ended 2016 2015 2016 2015 (In thousands, except per share data) Pro forma Consolidated Results of Operations Net operating revenue $ 36,119 $ 35,510 $ 105,302 $ 103,271 Station operating expense 25,459 25,607 75,579 76,032 Corporate general and administrative 2,728 2,577 8,065 7,642 Other operating (income) expenses, net (1,393) 433 (1,385) 447 Operating income 9,325 6,893 23,043 19,150 Interest expense 196 229 574 714 Write-off of debt issuance costs — 557 — 557 Other (income) expense, net — — — (417) Income before income tax expense 9,129 6,107 22,469 18,296 Income taxes 3,715 2,761 9,229 7,759 Net income $ 5,414 $ 3,346 $ 13,240 $ 10,537 Basic earnings per share $ .92 $ .58 $ 2.26 $ 1.82 Diluted earnings per share $ .92 $ .57 $ 2.26 $ 1.81 Three Months Ended Nine Months Ended 2016 2015 2016 2015 (In thousands) Radio Broadcasting Segment Net operating revenue $ 29,878 $ 30,215 $ 88,208 $ 87,850 Station operating expense 21,775 22,108 64,772 65,698 Other operating (income) expenses, net (1,393) 400 (1,388) 414 Operating income $ 9,496 $ 7,707 $ 24,824 $ 21,738 Three Months Ended Nine Months Ended 2016 2015 2016 2015 (In thousands) Television Broadcasting Segment Net operating revenue $ 6,241 $ 5,295 $ 17,094 $ 15,421 Station operating expense 3,684 3,499 10,807 10,334 Other operating expenses — 33 3 33 Operating income $ 2,557 $ 1,763 $ 6,284 $ 5,054 Reconciliation of pro forma segment operating income to pro forma consolidated operating income: Radio Television Corporate Consolidated (In thousands) Three Months Ended September 30, 2016: Net operating revenue $ 29,878 $ 6,241 $ — $ 36,119 Station operating expense 21,775 3,684 — 25,459 Corporate general and administrative — — 2,728 2,728 Other operating (income) expenses, net (1,393) — — (1,393) Operating income (loss) $ 9,496 $ 2,557 $ (2,728) $ 9,325 Radio Television Corporate Consolidated (In thousands) Three Months Ended September 30, 2015: Net operating revenue $ 30,215 $ 5,295 $ — $ 35,510 Station operating expense 22,108 3,499 — 25,607 Corporate general and administrative — — 2,577 2,577 Other operating expenses 400 33 — 433 Operating income (loss) $ 7,707 $ 1,763 $ (2,577) $ 6,893 Radio Television Corporate Consolidated (In thousands) Nine Months Ended September 30, 2016: Net operating revenue $ 88,208 $ 17,094 $ — $ 105,302 Station operating expense 64,772 10,807 — 75,579 Corporate general and administrative — — 8,065 8,065 Other operating (income) expenses, net (1,388) 3 — (1,385) Operating income (loss) $ 24,824 $ 6,284 $ (8,065) $ 23,043 Radio Television Corporate Consolidated (In thousands) Nine Months Ended September 30, 2015: Net operating revenue $ 87,850 $ 15,421 $ — $ 103,271 Station operating expense 65,698 10,334 — 76,032 Corporate general and administrative — — 7,642 7,642 Other operating expenses 414 33 — 447 Operating income (loss) $ 21,738 $ 5,054 $ (7,642) $ 19,150

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 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 may not be exercised at a price which is less than 100% of the fair market value of shares at the date of grant. Stock-Based Compensation All stock options granted were fully vested and expensed at December 31, 2012, therefore there was no compensation expense related to stock options for the three and nine months ended September 30, 2016 and the three and nine months ended September 30, 2015, 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 September 30, 2016 29,035 $ 28.47 0.6 $ 498,531 Exercisable at September 30, 2016 29,035 $ 28.47 0.6 $ 498,531 Weighted Grant Date Shares Value Outstanding at January 1, 2016 106,789 $ 40.28 Vested (381) 41.51 Forfeited (630) 38.83 Non-vested and outstanding at September 30, 2016 105,778 $ 40.28 For the three and nine months ended September 30, 2016 and the three and nine months ended September 30, 2015, we had $ 536,000 1,594,000 373,000 1,200,000 214,000 638,000 149,000 480,000

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Long-Term Debt	7. Long-Term Debt September 30, 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 1,078 — $ 35,287 $ 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 five 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 ( 0.5625 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 September 30, 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 three

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 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 September 30, 2016: Net operating revenue $ 29,878 $ 6,241 $ — $ 36,119 Station operating expense 21,775 3,684 — 25,459 Corporate general and administrative — — 2,728 2,728 Other operating (income) expense, net (1,393) — — (1,393) Operating income (loss) $ 9,496 $ 2,557 $ (2,728) $ 9,325 Depreciation and amortization $ 1,363 $ 370 $ 69 $ 1,802 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) Nine Months Ended September 30, 2016: Net operating revenue $ 88,208 $ 17,094 $ — $ 105,302 Station operating expense 64,757 10,807 — 75,564 Corporate general and administrative — — 8,065 8,065 Other operating (income) expense, net (1,388) 3 — (1,385) Operating income (loss) $ 24,839 $ 6,284 $ (8,065) $ 23,058 Depreciation and amortization $ 4,115 $ 1,023 $ 207 $ 5,345 Total assets $ 163,691 $ 23,302 $ 30,810 $ 217,803 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 61,066 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

Litigation

Litigation	9 Months Ended
	Sep. 30, 2016
Loss Contingency, Information about Litigation Matters [Abstract]
Litigation	9. Litigation The Company is subject to various outstanding claims which arise in the ordinary course of business and to other legal proceedings. Management anticipates that any potential liability of the Company, which may arise out of or with respect to these matters, will not materially affect the Company’s financial statements.

Other Income

Other Income	9 Months Ended
	Sep. 30, 2016
Other Income and Expenses [Abstract]
Other Income	10. Other Income During the third quarter of 2016, the Company sold a tower in our Norfolk, Virginia market for approximately $ 1,619,000 1,415,000 65,000 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 $ 777 417

Dividends

Dividends	9 Months Ended
	Sep. 30, 2016
Dividends [Abstract]
Dividends	11. Dividends On August 30, 2016, the Company’s Board of Directors declared a regular cash dividend of $ 0.30 1.8 On June 1, 2016, the Company’s Board of Directors declared a regular cash dividend of $ 0.25 1.5 On March 2, 2016, the Company’s Board of Directors declared a regular quarterly cash dividend of $ 0.25 1.5 On November 17, 2015, the Company’s Board of Directors declared a quarterly cash dividend of $ 0.25 0.25 2.9 On September 2, 2015, the Company’s Board of Directors declared a quarterly cash dividend of $ 0.20 1.2 On June 10, 2015, the Company’s Board of Directors declared a quarterly cash dividend of $ 0.20 1.2 On March 25, 2015, the Company’s Board of Directors declared a quarterly cash dividend of $ 0.20 1.2

Summary of Significant Accoun16

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
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, 2016 and the results of operations for the three and nine months ended September 30, 2016 and 2015. Results of operations for the three and nine months ended September 30, 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 September 30, 2016, 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 2016 2015 2016 2015 (In thousands, except per share data) Numerator: Net income $ 5,414 $ 3,112 $ 13,249 $ 9,717 Less: Net income allocated to unvested participating securities 99 46 244 144 Net income available to common stockholders $ 5,315 $ 3,066 $ 13,005 $ 9,573 Denominator: Denominator for basic earnings per share — weighted average shares 5,764 5,724 5,762 5,708 Effect of dilutive securities: Common stock equivalents 9 28 9 41 Denominator for diluted earnings per share — adjusted weighted average shares and assumed conversions 5,755 5,752 5,753 5,749 Basic earnings per share: $ .92 $ .54 $ 2.26 $ 1.68 Diluted earnings per share: $ .92 $ .53 $ 2.26 $ 1.67 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 0
Financial Instruments	Financial Instruments Our financial instruments are comprised of cash and cash equivalents, accounts receivable, accounts payable and long-term debt. The carrying value of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to their short maturities. The carrying value of long-term debt approximates fair value as it carries interest rates that either fluctuate with the euro-dollar rate, prime rate or have been reset at the prevailing market rate at September 30, 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 Accoun17

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2016
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 2016 2015 2016 2015 (In thousands, except per share data) Numerator: Net income $ 5,414 $ 3,112 $ 13,249 $ 9,717 Less: Net income allocated to unvested participating securities 99 46 244 144 Net income available to common stockholders $ 5,315 $ 3,066 $ 13,005 $ 9,573 Denominator: Denominator for basic earnings per share — weighted average shares 5,764 5,724 5,762 5,708 Effect of dilutive securities: Common stock equivalents 9 28 9 41 Denominator for diluted earnings per share — adjusted weighted average shares and assumed conversions 5,755 5,752 5,753 5,749 Basic earnings per share: $ .92 $ .54 $ 2.26 $ 1.68 Diluted earnings per share: $ .92 $ .53 $ 2.26 $ 1.67

Common Stock and Treasury Sto18

Common Stock and Treasury Stock (Tables)	9 Months Ended
	Sep. 30, 2016
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, 2016: 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, September 30, 2016 6,603 865

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables)	9 Months Ended
	Sep. 30, 2016
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The allocation of the purchase price for the 2016 acquisitions is preliminary at September 30, 2016. 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 8,067 2,218 Broadcast licenses-Television segment — — Goodwill-Radio segment 4,480 2,548 Goodwill-Television segment — — Other intangibles, deferred costs and investments 397 1,623 Total other assets 12,944 6,389 Total assets acquired 14,134 11,980 Liabilities Assumed: Current liabilities 41 82 Total liabilities assumed 41 82 Net assets acquired $ 14,093 $ 11,898
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 2016 2015 2016 2015 (In thousands, except per share data) Pro forma Consolidated Results of Operations Net operating revenue $ 36,119 $ 35,510 $ 105,302 $ 103,271 Station operating expense 25,459 25,607 75,579 76,032 Corporate general and administrative 2,728 2,577 8,065 7,642 Other operating (income) expenses, net (1,393) 433 (1,385) 447 Operating income 9,325 6,893 23,043 19,150 Interest expense 196 229 574 714 Write-off of debt issuance costs — 557 — 557 Other (income) expense, net — — — (417) Income before income tax expense 9,129 6,107 22,469 18,296 Income taxes 3,715 2,761 9,229 7,759 Net income $ 5,414 $ 3,346 $ 13,240 $ 10,537 Basic earnings per share $ .92 $ .58 $ 2.26 $ 1.82 Diluted earnings per share $ .92 $ .57 $ 2.26 $ 1.81
Business Acquisition, Pro Forma Information By Segment	Three Months Ended Nine Months Ended 2016 2015 2016 2015 (In thousands) Radio Broadcasting Segment Net operating revenue $ 29,878 $ 30,215 $ 88,208 $ 87,850 Station operating expense 21,775 22,108 64,772 65,698 Other operating (income) expenses, net (1,393) 400 (1,388) 414 Operating income $ 9,496 $ 7,707 $ 24,824 $ 21,738 Three Months Ended Nine Months Ended 2016 2015 2016 2015 (In thousands) Television Broadcasting Segment Net operating revenue $ 6,241 $ 5,295 $ 17,094 $ 15,421 Station operating expense 3,684 3,499 10,807 10,334 Other operating expenses — 33 3 33 Operating income $ 2,557 $ 1,763 $ 6,284 $ 5,054 Reconciliation of pro forma segment operating income to pro forma consolidated operating income: Radio Television Corporate Consolidated (In thousands) Three Months Ended September 30, 2016: Net operating revenue $ 29,878 $ 6,241 $ — $ 36,119 Station operating expense 21,775 3,684 — 25,459 Corporate general and administrative — — 2,728 2,728 Other operating (income) expenses, net (1,393) — — (1,393) Operating income (loss) $ 9,496 $ 2,557 $ (2,728) $ 9,325 Radio Television Corporate Consolidated (In thousands) Three Months Ended September 30, 2015: Net operating revenue $ 30,215 $ 5,295 $ — $ 35,510 Station operating expense 22,108 3,499 — 25,607 Corporate general and administrative — — 2,577 2,577 Other operating expenses 400 33 — 433 Operating income (loss) $ 7,707 $ 1,763 $ (2,577) $ 6,893 Radio Television Corporate Consolidated (In thousands) Nine Months Ended September 30, 2016: Net operating revenue $ 88,208 $ 17,094 $ — $ 105,302 Station operating expense 64,772 10,807 — 75,579 Corporate general and administrative — — 8,065 8,065 Other operating (income) expenses, net (1,388) 3 — (1,385) Operating income (loss) $ 24,824 $ 6,284 $ (8,065) $ 23,043 Radio Television Corporate Consolidated (In thousands) Nine Months Ended September 30, 2015: Net operating revenue $ 87,850 $ 15,421 $ — $ 103,271 Station operating expense 65,698 10,334 — 76,032 Corporate general and administrative — — 7,642 7,642 Other operating expenses 414 33 — 447 Operating income (loss) $ 21,738 $ 5,054 $ (7,642) $ 19,150

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2016
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 Second Restated 2005 Plan and 2003 Plan for the nine months ended September 30, 2016: 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 September 30, 2016 29,035 $ 28.47 0.6 $ 498,531 Exercisable at September 30, 2016 29,035 $ 28.47 0.6 $ 498,531
Summary of restricted stock transactions	The following summarizes the restricted stock transactions for the nine months ended September 30, 2016: Weighted Grant Date Shares Value Outstanding at January 1, 2016 106,789 $ 40.28 Vested (381) 41.51 Forfeited (630) 38.83 Non-vested and outstanding at September 30, 2016 105,778 $ 40.28

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Long-Term Debt	Long-term debt consisted of the following: September 30, 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 1,078 — $ 35,287 $ 36,365

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2016: Net operating revenue $ 29,878 $ 6,241 $ — $ 36,119 Station operating expense 21,775 3,684 — 25,459 Corporate general and administrative — — 2,728 2,728 Other operating (income) expense, net (1,393) — — (1,393) Operating income (loss) $ 9,496 $ 2,557 $ (2,728) $ 9,325 Depreciation and amortization $ 1,363 $ 370 $ 69 $ 1,802 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) Nine Months Ended September 30, 2016: Net operating revenue $ 88,208 $ 17,094 $ — $ 105,302 Station operating expense 64,757 10,807 — 75,564 Corporate general and administrative — — 8,065 8,065 Other operating (income) expense, net (1,388) 3 — (1,385) Operating income (loss) $ 24,839 $ 6,284 $ (8,065) $ 23,058 Depreciation and amortization $ 4,115 $ 1,023 $ 207 $ 5,345 Total assets $ 163,691 $ 23,302 $ 30,810 $ 217,803 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 61,066 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

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, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Numerator:
Net income	$ 5,414	$ 3,112	$ 13,249	$ 9,717
Less: Net income allocated to unvested participating securities	99	46	244	144
Net income available to common stockholders	$ 5,315	$ 3,066	$ 13,005	$ 9,573
Denominator:
Denominator for basic earnings per share - weighted average shares	5,755	5,724	5,753	5,708
Effect of dilutive securities:
Common stock equivalents	9	28	9	41
Denominator for diluted earnings per share - adjusted weighted-average shares and assumed conversions	5,764	5,752	5,762	5,749
Basic earnings per share	$ 0.92	$ 0.54	$ 2.26	$ 1.68
Diluted earnings per share	$ 0.92	$ 0.53	$ 2.26	$ 1.67

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Details Textual) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Summary Of Significant Accounting Policies [Line Items]
Number of stock options outstanding having antidilutive effect	0	0	0	0

Intangible Assets (Details Text

Intangible Assets (Details Textual)	9 Months Ended
	Sep. 30, 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 Sto26

Common Stock and Treasury Stock (Details) - shares shares in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 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 Sto27

Common Stock and Treasury Stock (Details Textual) - Class A Common Stock [Member] $ in Millions	Sep. 30, 2016USD ($)
Common Stock [Line Items]
Share repurchase program, authorized amount	$ 75.8
Stock repurchase program, remaining authorization amount	$ 24.9

Acquisitions and Dispositions28

Acquisitions and Dispositions (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Assets Acquired:
Current assets	$ 814	$ 977
Property and equipment	376	4,614
Other assets:
Broadcast licenses-Radio segment	8,067	2,218
Broadcast licenses-Television segment	0	0
Goodwill-Radio segment	4,480	2,548
Goodwill-Television segment	0	0
Other intangibles, deferred costs and investments	397	1,623
Total other assets	12,944	6,389
Total assets acquired	14,134	11,980
Liabilities Assumed:
Current liabilities	41	82
Total liabilities assumed	41	82
Net assets acquired	$ 14,093	$ 11,898

Acquisitions and Dispositions29

Acquisitions and Dispositions (Details 1) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Business Acquisition [Line Items]
Net operating revenue	$ 36,119	$ 35,510	$ 105,302	$ 103,271
Station operating expense	25,459	25,607	75,579	76,032
Corporate general and administrative	2,728	2,577	8,065	7,642
Other operating (income) expenses, net	(1,393)	433	(1,385)	447
Operating income	9,325	6,893	23,043	19,150
Interest expense	196	229	574	714
Write-off of debt issuance costs	0	557	0	557
Other (income) expense, net	0	0	0	(417)
Income before income tax expense	9,129	6,107	22,469	18,296
Income taxes	3,715	2,761	9,229	7,759
Net income	$ 5,414	$ 3,346	$ 13,240	$ 10,537
Basic earnings per share	$ 0.92	$ 0.58	$ 2.26	$ 1.82
Diluted earnings per share	$ 0.92	$ 0.57	$ 2.26	$ 1.81

Acquisitions and Dispositions30

Acquisitions and Dispositions (Details 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Business Acquisition [Line Items]
Net operating revenue	$ 36,119	$ 33,831	$ 105,302	$ 97,250
Station operating expense	25,459	24,324	75,564	71,400
Corporate general and administrative	2,728	2,577	8,065	7,642
Other operating expense	1,393	(433)	1,385	(447)
Operating income (loss)	9,325	6,497	23,058	17,761
Nonrecurring Adjustment [Member]
Business Acquisition [Line Items]
Net operating revenue	36,119	35,510	105,302	103,271
Station operating expense	25,459	25,607	75,579	76,032
Corporate general and administrative	2,728	2,577	8,065	7,642
Other operating expense	(1,393)	433	(1,385)	447
Operating income (loss)	9,325	6,893	23,043	19,150
Radio [Member]
Business Acquisition [Line Items]
Net operating revenue	29,878	28,536	88,208	81,829
Station operating expense	21,775	20,825	64,757	61,066
Corporate general and administrative	0	0	0	0
Other operating expense	(1,393)	400	(1,388)	414
Operating income (loss)	9,496	7,311	24,839	20,349
Radio [Member] | Nonrecurring Adjustment [Member]
Business Acquisition [Line Items]
Net operating revenue	29,878	30,215	88,208	87,850
Station operating expense	21,775	22,108	64,772	65,698
Corporate general and administrative	0	0	0	0
Other operating expense	(1,393)	400	(1,388)	414
Operating income (loss)	9,496	7,707	24,824	21,738
Television [Member]
Business Acquisition [Line Items]
Net operating revenue	6,241	5,295	17,094	15,421
Station operating expense	3,684	3,499	10,807	10,334
Corporate general and administrative	0	0	0	0
Other operating expense	0	33	3	33
Operating income (loss)	2,557	1,763	6,284	5,054
Television [Member] | Nonrecurring Adjustment [Member]
Business Acquisition [Line Items]
Net operating revenue	6,241	5,295	17,094	15,421
Station operating expense	3,684	3,499	10,807	10,334
Corporate general and administrative	0	0	0	0
Other operating expense	0	33	3	33
Operating income (loss)	2,557	1,763	6,284	5,054
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	2,728	2,577	8,065	7,642
Other operating expense	0	0	0	0
Operating income (loss)	(2,728)	(2,577)	(8,065)	(7,642)
Corporate and Other [Member] | Nonrecurring Adjustment [Member]
Business Acquisition [Line Items]
Net operating revenue	0	0	0	0
Station operating expense	0	0	0	0
Corporate general and administrative	2,728	2,577	8,065	7,642
Other operating expense	0	0	0	0
Operating income (loss)	(2,728)	(2,577)	(8,065)	(7,642)
Radio Broadcasting Segment [Member]
Business Acquisition [Line Items]
Net operating revenue	29,878	30,215	88,208	87,850
Station operating expense	21,775	22,108	64,772	65,698
Other operating expense	(1,393)	400	(1,388)	414
Operating income (loss)	9,496	7,707	24,824	21,738
Television Broadcasting Segment [Member]
Business Acquisition [Line Items]
Net operating revenue	6,241	5,295	17,094	15,421
Station operating expense	3,684	3,499	10,807	10,334
Other operating expense	0	33	3	33
Operating income (loss)	$ 2,557	$ 1,763	$ 6,284	$ 5,054

Acquisitions and Dispositions31

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

Sep. 01, 2015

Sep. 30, 2016

Sep. 12, 2016

Aug. 11, 2016

Jun. 03, 2016

Apr. 11, 2016

Apr. 08, 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

$ 14,134,000

$ 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 [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

FM Translator Serving the Charlottesville [Member] | Virginia Market [Member]

Business Acquisition [Line Items]

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

$ 100,000

$ 150,000

$ 30,000

FM Translator Serving the Charlottesville [Member] | Tennessee Market [Member]

Business Acquisition [Line Items]

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

$ 30,000

FM Translator Serving the Spencer [Member] | Iowa Market [Member]

Business Acquisition [Line Items]

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

$ 35,000

FM Translator Serving the Bucyrus [Member] | Ohio Market [Member]

Business Acquisition [Line Items]

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

$ 30,000

FM Translator Serving the Bellingham [Member] | Washington market [Member]

Business Acquisition [Line Items]

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

$ 50,000

FM Translator Serving the Portland [Member] | Maine market [Member]

Business Acquisition [Line Items]

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

$ 45,000

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - Stock Option Plan [Member] - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 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)	7 months 6 days	1 year 4 months 24 days
Weighted Average Remaining Contractual Term (Years) Exercisable	7 months 6 days
Aggregate Intrinsic Value, Outstanding	$ 498,531	$ 289,769
Aggregate Intrinsic Value Exercisable	$ 498,531

Stock-Based Compensation (Det33

Stock-Based Compensation (Details 1) - Restricted Stock [Member]	9 Months Ended
	Sep. 30, 2016$ / sharesshares
Summary of the restricted stock transactions
Number of Options Outstanding | shares	106,789
Vested | shares	(381)
Forfeited | shares	(630)
Number of Options Outstanding | shares	105,778
Weighted Average Grant Date Fair Value, Outstanding | $ / shares	$ 40.28
Weighted Average Grant Date Fair Value, Vested | $ / shares	41.51
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	38.83
Weighted Average Grant Date Fair Value, Outstanding | $ / shares	$ 40.28

Stock-Based Compensation (Det34

Stock-Based Compensation (Details Textual) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 16, 2013	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 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		$ 536,000	$ 373,000	$ 1,594,000	$ 1,200,000
Recognized tax benefits		$ 214,000	$ 149,000	$ 638,000	$ 480,000
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, 2016	Dec. 31, 2015	Aug. 18, 2015
Total debt
Long-term debt	$ 36,365	$ 36,365
Amounts payable within one year	1,078	0
Long-term debt, noncurrent	35,287	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		9 Months Ended
	Aug. 18, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Debt Instrument [Line Items]
Secured Debt		$ 1,100,000		$ 1,100,000
Long-term Debt, Total		36,365,000		36,365,000		$ 36,365,000
Write off of Deferred Debt Issuance Cost		$ 0	$ 557,000	0	$ 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%		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		0.5625%		0.5625%
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		35,287,000
Line of Credit Facility, Remaining Borrowing Capacity		65,000,000		$ 65,000,000
Long-term Debt, Maturities, Repayment Terms	5
Revolving credit facility [Member] | Two Thousand Eighteen Matuirity Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date				May 31, 2018
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		$ 1,078,000

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Segment reporting information
Net operating revenue	$ 36,119	$ 33,831	$ 105,302	$ 97,250
Station operating expense	25,459	24,324	75,564	71,400
Corporate general and administrative	2,728	2,577	8,065	7,642
Other operating expense	1,393	(433)	1,385	(447)
Operating income (loss)	9,325	6,497	23,058	17,761
Total assets	217,803		217,803		$ 204,571
Radio [Member]
Segment reporting information
Net operating revenue	29,878	28,536	88,208	81,829
Station operating expense	21,775	20,825	64,757	61,066
Corporate general and administrative	0	0	0	0
Other operating expense	(1,393)	400	(1,388)	414
Operating income (loss)	9,496	7,311	24,839	20,349
Depreciation and amortization	1,363	1,295	4,115	3,676
Total assets	163,691	151,708	163,691	151,708
Television [Member]
Segment reporting information
Net operating revenue	6,241	5,295	17,094	15,421
Station operating expense	3,684	3,499	10,807	10,334
Corporate general and administrative	0	0	0	0
Other operating expense	0	33	3	33
Operating income (loss)	2,557	1,763	6,284	5,054
Depreciation and amortization	370	347	1,023	1,016
Total assets	23,302	23,131	23,302	23,131
Corporate and Other [Member]
Segment reporting information
Net operating revenue	0	0	0	0
Station operating expense	0	0	0	0
Corporate general and administrative	2,728	2,577	8,065	7,642
Other operating expense	0	0	0	0
Operating income (loss)	(2,728)	(2,577)	(8,065)	(7,642)
Depreciation and amortization	69	89	207	234
Total assets	30,810	29,323	30,810	29,323
Consolidated Segments [Member]
Segment reporting information
Net operating revenue	36,119	33,831	105,302	97,250
Station operating expense	25,459	24,324	75,564	71,400
Corporate general and administrative	2,728	2,577	8,065	7,642
Other operating expense	(1,393)	433	(1,385)	447
Operating income (loss)	9,325	6,497	23,058	17,761
Depreciation and amortization	1,802	1,731	5,345	4,926
Total assets	$ 217,803	$ 204,162	$ 217,803	$ 204,162

Other Income (Details Textual)

Other Income (Details Textual) - USD ($)	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Jun. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Other Income [Line Items]
Other Nonoperating Income (Expense), Total	$ 0	$ 0	$ 417,000	$ 0	$ 417,000
Proceeds from Insurance Settlement, Investing Activities			$ 777,000	0	$ 777,000
Sale Leaseback Transaction, Net Proceeds, Investing Activities	1,619,000
Other Operating Income (Expense) [Member]
Other Income [Line Items]
Sale Leaseback Transaction, Current Period Gain Recognized	1,415,000
Sale Leaseback Transaction, Deferred Gain, Net	$ 65,000			$ 65,000

Dividends (Details Textual)

Dividends (Details Textual) - USD ($) $ / shares in Units, $ in Millions	Sep. 02, 2016	Jul. 08, 2016	Jun. 02, 2016	Mar. 02, 2016	Dec. 11, 2015	Oct. 02, 2015	Jun. 10, 2015	Apr. 06, 2015	Aug. 30, 2016	Apr. 15, 2016	Nov. 17, 2015	Mar. 25, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Common Stock, Dividends, Per Share, Declared													$ 0.30	$ 0.20	$ 0.80	$ 0.60
Dividends		$ 1.5			$ 2.9	$ 1.2	$ 1.2	$ 1.2		$ 1.5					$ 1.8
Common Class A [Member]
Common Stock, Dividends, Per Share, Declared	$ 0.20		$ 0.25	$ 0.25			$ 0.20		$ 0.30		$ 0.25	$ 0.20
Common Class B [Member]
Common Stock, Dividends, Per Share, Declared	$ 0.20		$ 0.25	$ 0.25			$ 0.20		$ 0.30		$ 0.25	$ 0.20