Saga Communications (SGA) 10-Q 9 Nov 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 02, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
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		5,024,862
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		882,141

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 81,035	$ 26,697
Accounts receivable, net	18,880	17,735
Prepaid expenses and other current assets	2,026	2,397
Barter transactions	1,721	1,318
Current assets of discontinued operations	0	4,625
Total current assets	103,662	52,772
Property and equipment	135,644	134,680
Less accumulated depreciation	79,299	85,506
Net property and equipment	56,345	49,174
Other assets:
Broadcast licenses, net	94,708	86,622
Goodwill	15,417	7,407
Other intangibles, deferred costs and investments, net	7,822	5,975
Assets of discontinued operations	0	18,048
Total assets	277,954	219,998
Current liabilities:
Accounts payable	2,211	1,618
Payroll and payroll taxes	6,836	6,954
Other accrued expenses	26,348	3,198
Barter transactions	1,394	1,304
Current portion of long term debt	10,287	0
Current liabilities of discontinued operations	292	2,971
Total current liabilities	47,368	16,045
Deferred income taxes	31,762	29,741
Long-term debt	25,000	35,287
Other liabilities	2,269	2,885
Liabilities of discontinued operations	0	1,058
Total liabilities	106,399	85,016
Commitments and contingencies
Stockholders' equity:
Common stock	75	74
Additional paid-in capital	62,157	59,557
Retained earnings	143,308	108,733
Treasury stock	(33,985)	(33,382)
Total stockholders' equity	171,555	134,982
Total liabilities and stockholders' equity	$ 277,954	$ 219,998

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Net operating revenue	$ 30,269	$ 29,878	$ 86,685	$ 88,208
Station operating expense	21,755	21,775	64,521	64,757
Corporate general and administrative	3,132	2,728	8,875	8,065
Other operating expense	(127)	(1,393)	(69)	(1,388)
Operating income from continuing operations	5,509	6,768	13,358	16,774
Interest expense	254	187	691	548
Income from continuing operations before tax	5,255	6,581	12,667	16,226
Income tax expense	2,290	2,678	5,280	6,665
Income from continuing operations, net of tax	2,965	3,903	7,387	9,561
Income from discontinued operations, net of tax (Note 5)	30,451	1,511	32,501	3,688
Net income	$ 33,416	$ 5,414	$ 39,888	$ 13,249
Basic Earnings per share:
From continuing operations	$ 0.50	$ 0.66	$ 1.25	$ 1.63
From discontinued operations	5.16	0.26	5.51	0.63
Basic earnings per share	$ 5.66	$ 0.92	$ 6.76	$ 2.26
Weighted average common shares	5,807	5,755	5,800	5,753
Diluted Earnings per share:
From continuing operations	$ 0.50	$ 0.66	$ 1.25	$ 1.62
From discontinued operations	5.16	0.26	5.51	0.63
Diluted earnings per share	$ 5.66	$ 0.92	$ 6.76	$ 2.25
Weighted average common and common equivalent shares	5,807	5,764	5,804	5,762
Dividends declared per share	$ 0.30	$ 0.30	$ 0.90	$ 0.80

CONDENSED CONSOLIDATED STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Cash provided by operating activities	$ 18,677	$ 21,020
Cash flows from investing activities:
Acquisition of property and equipment	(4,850)	(4,149)
Acquisition of broadcast properties	(25,856)	(12,733)
Proceeds from sale of television stations	69,528	0
Proceeds from disposals of fixed assets	417	1,644
Other investing activities	0	11
Net cash provided by (used in) investing activities	39,239	(15,227)
Cash flows from financing activities:
Cash dividends paid	(3,541)	(4,688)
Purchase of treasury shares	(37)	(5)
Other financing activities	0	0
Net cash used in financing activities	(3,578)	(4,693)
Net increase in cash and cash equivalents	54,338	1,100
Cash and cash equivalents, beginning of period	26,697	21,614
Cash and cash equivalents, end of period	$ 81,035	$ 22,714

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2017
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, 2017 and the results of operations for the three and nine months ended September 30, 2017 and 2016. Results of operations for the three and nine months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. We own or operate broadcast properties in 26 markets, including 75 FM and 33 AM radio stations. On May 9, 2017 the Company entered into an agreement to sell the Joplin, Missouri and Victoria, Texas television stations. The disposition closed on September 1, 2017. The historical results of operations for the television stations are presented in discontinued operations for all periods presented (see Note 5). Unless indicated otherwise, the information in the notes to the accompanying unaudited condensed consolidated financial statements relates to the Company’s continuing operations. As a result of the Company’s television stations sale, the Company only has one reportable segment at September 30, 2017. 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, 2016. The Company has evaluated events and transactions occurring subsequent to the balance sheet date of September 30, 2017, for items that should potentially be recognized in these financial statements or discussed within the notes to the financial statements. Earnings per share is calculated using the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security. The Company has participating securities related to restricted stock units, granted under the Company’s Second Amended and Restated 2005 Incentive Compensation Plan, that earn dividends on an equal basis with common shares. In applying the two-class method, earnings are allocated to both common shares and participating securities. Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 (In thousands, except per share data) Numerator: Income from continuing operations $ 2,965 $ 3,903 $ 7,387 $ 9,561 Less: Income allocated to unvested participating securities 51 72 126 176 Income from continuing operations available to common stockholders $ 2,914 $ 3,831 $ 7,261 $ 9,385 Income from discontinued operations $ 30,451 $ 1,511 $ 32,501 $ 3,688 Less: Income allocated to unvested participating securities 520 28 556 68 Income from discontinued operations available to common stockholders $ 29,931 $ 1,483 $ 31,945 $ 3,620 Net income available to common stockholders $ 32,845 $ 5,314 $ 39,206 $ 13,005 Denominator: Denominator for basic earnings per share — weighted average shares 5,807 5,755 5,800 5,753 Effect of dilutive securities: Common stock equivalents — 9 4 9 Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions 5,807 5,764 5,804 5,762 Basic earnings per share: From continuing operations $ .50 $ .66 $ 1.25 $ 1.63 From discontinued operations 5.16 .26 5.51 .63 Basic earnings per share $ 5.66 $ .92 $ 6.76 $ 2.26 Diluted earnings per share From continuing operations $ .50 $ .66 $ 1.25 $ 1.62 From discontinued operations 5.16 .26 5.51 .63 Diluted earnings per share $ 5.66 $ .92 $ 6.76 $ 2.25 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, 2017. 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. At September 30, 2017 we had no TBA’s/LMA’s in place.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2017
Recent Accounting Pronouncements [Abstract]
Recent Accounting Pronouncements	2. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In November 2015, the FASB issued Accounting Standards Update No. 2015-17, “Income Taxes (Topic 740), Balance Sheet Classification of Deferred Taxes” 1,022,000 In March 2016, the FASB issued ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting" Recent Accounting Pronouncements – Not Yet Adopted In May 2017, the FASB issued ASU 2017-09, “Compensation – Stock Compensation (Topic 718), Scope of Modification Accounting)” In January 2017, the FASB issued ASU 2017-04, “ Intangibles – Goodwill and Other (Topic 350)” 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” (“ASU 2016-13”), which amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. ASU 2016-13 is effective for fiscal years and interim periods beginning after December 15, 2019. The Company is currently evaluating the impact that this standard will have on our consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, “Leases (Topic 842)” While the Company is currently reviewing the effects of this guidance, the Company believes that this would result in an increase in the assets and liabilities reflected on the Company’s consolidated balance sheets. We are still evaluating the impact on our consolidated statements of operations. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers”

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2017
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 fifteen years.

Common Stock and Treasury Stock

Common Stock and Treasury Stock	9 Months Ended
	Sep. 30, 2017
Stockholders' Equity Note [Abstract]
Common Stock and Treasury Stock	4. Common Stock and Treasury Stock The following summarizes information relating to the number of shares of our common stock issued in connection with stock transactions through September 30, 2017: Common Stock Issued Class A Class B (Shares in thousands) Balance, January 1, 2016 6,603 865 Conversion of shares 12 (12) Issuance of restricted stock 23 25 Balance, December 31, 2016 6,638 878 Exercise of stock options 21 8 Conversion of shares 4 (4) Forfeiture of restricted stock (1) — Balance, September 30, 2017 6,662 882 We have a Stock Buy-Back Program to allow us to purchase up to $ 75.8 23.3 On September 14, 2017, the Board of Directors authorized the repurchase of its Class A Common Stock under its trading plan adopted pursuant to Securities and Exchange Commission Rule 10b5-1. The Rule 10b5-1 repurchase plan allows the Company to repurchase its shares during periods when it would normally not be active in the market due to its internal trading blackout periods. Under the plan, the Company may repurchase its Class A Common Stock in any combination of open market, block transactions and privately negotiated transactions subject to market conditions, legal requirements including applicable SEC regulations (which include certain price, market, volume and timing constraints), specific repurchase instructions and other corporate considerations. Purchases under the plan will be funded by cash on the Company's balance sheet. The plan does not obligate Saga to acquire any particular amount of Class A Common Stock. The authorization is effective until September 1, 2018, but may be suspended, extended or amended at any time at the Company's discretion.

Discontinued Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	5. Discontinued Operations On May 9, 2017 we entered into a definitive agreement to sell our Joplin, Missouri and Victoria, Texas television stations (“Television Sale”) for approximately $ 66.6 69.5 3.4 500 50.8 29.9 24.2 , which included the purchase price of $ 23 1.3 50,000 5,287,000 5,000,000 In accordance with authoritative guidance we have reported the results of operations of the Joplin, Missouri and Victoria, Texas television stations as discontinued operations in the accompanying consolidated financial statements. For all previously reported periods, certain amounts in the consolidated financial statements have been reclassified. All of the assets and liabilities of the Joplin, Missouri and Victoria, Texas television stations have been classified as discontinued operations and the net results of operations have been reclassified from continuing operations to discontinued operations. These were previously included in the Company’s television segment. Three Months Ended Nine Months Ended September 30, September 30, 2017 (4) 2016 2017 (4) 2016 Net operating revenue $ 3,296 $ 6,241 $ 14,238 $ 17,094 Station operating expense (1) 2,372 3,684 9,727 10,807 Other operating (income) expense — — 31 3 Operating income 924 2,557 4,480 6,284 Interest Expense (2) 5 9 21 26 Income before income taxes 919 2,548 4,459 6,258 Pretax gain on the disposal of discontinued operations 50,842 — 50,842 — Total pretax gain on discontinued operations 51,761 2,548 55,301 6,258 Income tax expense (3) 21,310 1,037 22,800 2,570 Income from discontinued operations, net of tax $ 30,451 $ 1,511 $ 32,501 $ 3,688 (1) No depreciation expense was recorded by the Company beginning May 9, 2017, the date the Television segment assets’ were held for sale. (2) Interest expense related to Surtsey Media, LLC debt that is guaranteed by the Television stations. Our affiliate repaid this loan when the television stations were sold on September 1, 2017. (3) The effective tax rates on pretax income from discontinued operations were 41 (4) Results of operations for the Television stations are reflected through August 31, 2017. The effective date of the sale was September 1, 2017. The following table is a summary of the assets and liabilities of discontinued operations (in thousands): September 30, December 31, 2017 2016 Major Classes of Current Assets of Discontinued Operations Accounts receivable $ — $ 3,868 Prepaid expenses and other current assets — 625 Barter transactions — 132 Total of current assets of discontinued operations $ — $ 4,625 Major Classes of Non-Current Assets of Discontinued Operations Property and equipment, net (1) $ — $ 7,388 Broadcast licenses, net (1) — 9,607 Other intangibles, deferred costs and investments, net (1) — 1,053 Total of non-current assets of discontinued operations $ — $ 18,048 Total Assets Classified as Part of Discontinued Operations in the Condensed Consolidated Balance Sheets $ — $ 22,673 Major Classes of Current Liabilities of Discontinued Operations Accounts payable $ 84 $ 759 Barter transactions — 163 Current portion of long term debt — 1,078 Other liabilities (1) 208 971 Total of current liabilities of discontinued operations $ 292 $ 2,971 Major Classes of Current Liabilities of Discontinued Operations Other liabilities (1) $ — $ 1,058 Total of non-current liabilities of discontinued operations $ — $ 1,058 Total Liabilities Classified as Part of Discontinued Operations in the Condensed Consolidated Balance Sheets $ 292 $ 4,029 Net Assets Classified as Part of Discontinued Operations in the Condensed Consolidated Balance Sheets $ (292) $ 18,644 (1) For prior periods, the current and long-term classification of assets and liabilities does not change as they did not meet the held-for-sale criteria the prior periods. We closed the disposition on September 1, 2017, therefore all amounts in the current year are considered current assets or liabilities of discontinued operations. September 30, September 30, 2017 2016 Significant operating non-cash items Depreciation and amortization (1) $ 445 $ 1,023 Broadcast program rights amortization 418 467 Barter revenue, net 18 58 Loss on sale of assets 31 3 Significant investing items Acquisition of property and equipment $ 125 $ 717 Proceeds from sale and disposal of assets — 13 Net proceeds from sale of television stations (2) 69,528 — (1) No depreciation expense was recorded by the Company beginning May 9, 2017, the date the Television segment’s assets were held for sale. (2) Net proceeds from the sale of the television stations reflect the sale price of $66.6 million, and the proceeds from sale of accounts receivable of approximately $3.4 million, offset by certain closing adjustments and transactional costs of approximately $500 thousand.

Acquisitions and Dispositions

Acquisitions and Dispositions	9 Months Ended
	Sep. 30, 2017
Business Combinations [Abstract]
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. 2017 Acquisitions and Disposals On May 9, 2017 we entered into a definitive agreement to sell our Joplin, Missouri and Victoria, Texas television stations for approximately $ 66.6 69.5 price of $66.6 million, and the proceeds from sale of related accounts receivable of approximately $ 3.4 500 On May 9, 2017, the Company entered into an Asset Purchase Agreement with Apex Media Corporation and Pearce Development, LLC f/k/a Apex Real Property, LLC, both Companies of which a member of our Board of directors, G. Dean Pearce, is President of, to purchase radio stations principally serving the South Carolina area for approximately $ 23 the assets related to the operation of the following radio stations: WCKN(FM), WMXF(FM), WXST(FM), WAVF(FM), WSPO(AM), W261DG, W257BQ, WVSC(FM), WLHH(FM), WOEZ(FM), W256CB, W293BZ. The Company closed this transaction effective September 1, 2017, simultaneously with the closing of the Television Sale using funds generated from the Television Sale for $ 24.2 1.3 50,000 On January 16, 2017, we entered into an asset purchase agreement to purchase an FM radio station (WCVL) from WUVA, Incorporated, serving the Charlottesville 1,658,000 8,000 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 On October 11, 2016 we acquired a FM Translator serving the Bellingham, Washington market for approximately $ 25,000 On November 8, 2016 we acquired a FM Translator serving the Des Moines, Iowa market for approximately $ 25,000 On November 14, 2016 we acquired a FM Translator serving the Springfield, Illinois market for approximately $ 23,000 On December 2, 2016 we acquired a FM Translator serving the Ithaca, New York market for approximately $ 35,000 Condensed Consolidated Balance Sheet of 2017 and 2016 Acquisitions: The following unaudited condensed balance sheets represent the estimated fair value assigned to the related assets and liabilities of the 2017 and 2016 acquisitions at their respective acquisition dates. The allocation of the purchase price for the 2017 and 2016 acquisitions is preliminary Saga Communications, Inc. Condensed Consolidated Balance Sheet of 2017 and 2016 Acquisitions Acquisitions in 2017 2016 (In thousands) Assets Acquired: Current assets $ 1,440 $ 814 Property and equipment 6,678 375 Other assets: Broadcast licenses 8,086 8,123 Goodwill 8,011 4,533 Other intangibles, deferred costs and investments 2,019 398 Total other assets 18,116 13,054 Total assets acquired 26,234 14,243 Liabilities Assumed: Current liabilities 378 41 Total liabilities assumed 378 41 Net assets acquired $ 25,856 $ 14,202 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, 2017 and 2016 assume the 2017 and 2016 acquisitions occurred as of January 1, 2016. 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 2017 2016 2017 2016 ProForma Results of Operation Net operating revenue $ 31,546 $ 31,888 $ 92,187 $ 93,993 Station operating expense 23,000 23,478 69,325 69,874 Corporate general and administrative 3,132 2,728 8,875 8,065 Other operating (income) expense, net (127) (1,393) (69) (1,388) Operating income 5,541 7,075 14,056 17,442 Interest expense 254 187 691 548 Income from continuing operations, before tax 5,287 6,888 13,365 16,894 Income tax expense 2,430 2,804 5,566 6,939 Income from continuing operations, net of tax 2,857 4,084 7,799 9,955 Income from discontinued operations, net of tax 30,451 1,511 32,501 3,688 Net income $ 33,308 $ 5,595 $ 40,300 $ 13,643 Basic earnings per share: From continuing operations $ .47 $ .70 $ 1.32 $ 1.70 From discontinued operations 5.16 .26 5.51 .63 Basic earnings per share $ 5.63 $ .96 $ 6.83 $ 2.33 Diluted earnings per share: From continuing operations $ .47 $ .70 $ 1.32 $ 1.70 From discontinued operations 5.16 .26 5.51 .63 Diluted earnings per share $ 5.63 $ .96 $ 6.83 $ 2.33

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2017
Share-based Compensation [Abstract]
Stock-Based Compensation	7. 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, 2017 and the three and nine months ended September 30, 2016, respectively. Weighted Average Weighted Remaining Aggregate Number of Average Contractual Term Intrinsic Options Exercise Price (Years) Value Outstanding at January 1, 2017 29,035 $ 28.47 0.4 $ 633,834 Exercised (29,035) 28.47 Outstanding at September 30, 2017 — $ — — $ — Exercisable at September 30, 2017 — $ — — $ — Weighted Average Grant Date Fair Shares Value Outstanding at January 1, 2017 103,262 $ 43.73 Vested (3,434) 43.10 Forfeited (594) 45.39 Non-vested and outstanding at September 30, 2017 99,234 $ 43.75 For the three and nine months ended September 30, 2017 and the three and nine months ended September 30, 2016, we had $ 629,000 1,761,000 536,000 1,594,000 252,000 704,000 214,000 638,000

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Long-Term Debt	September 30, December 31, 2017 2016 (In thousands) Revolving credit facility $ 35,287 $ 35,287 Secured debt of affiliate — 1,078 35,287 36,365 Amounts payable within one year 10,287 — $ 25,000 $ 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. Approximately $ 266,000 Interest rates under the Credit Facility are payable, at our option, at alternatives equal to LIBOR ( 1.25 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, 2017) 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 On October 5, 2017 and November 3, 2017, the Company used $ 5,287,000 5,000,000 The loan agreement of approximately $ 1.1 May 1, 2020

Litigation

Litigation	9 Months Ended
	Sep. 30, 2017
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.

Dividends

Dividends	9 Months Ended
	Sep. 30, 2017
Dividends [Abstract]
Dividends	10. Dividends On September 13, 2017 0.30 1.8 October 13, 2017 September 25, 2017 On May 3, 2017, the Company’s Board of Directors declared a regular quarterly cash dividend of $ 0.30 1.8 On March 3, 2017, the Company’s Board of Directors declared a regular quarterly cash dividend of $ 0.30 1.8 On November 21, 2016 the Company’s Board of Directors declared a quarterly cash dividend of $ 0.30 0.20 2.9 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

Summary of Significant Accoun15

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2017
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, 2017 and the results of operations for the three and nine months ended September 30, 2017 and 2016. Results of operations for the three and nine months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. We own or operate broadcast properties in 26 markets, including 75 FM and 33 AM radio stations. On May 9, 2017 the Company entered into an agreement to sell the Joplin, Missouri and Victoria, Texas television stations. The disposition closed on September 1, 2017. The historical results of operations for the television stations are presented in discontinued operations for all periods presented (see Note 5). Unless indicated otherwise, the information in the notes to the accompanying unaudited condensed consolidated financial statements relates to the Company’s continuing operations. As a result of the Company’s television stations sale, the Company only has one reportable segment at September 30, 2017. 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, 2016. The Company has evaluated events and transactions occurring subsequent to the balance sheet date of September 30, 2017, for items that should potentially be recognized in these financial statements or discussed within the notes to the financial statements.
Earnings Per Share Information	Earnings Per Share Information Earnings per share is calculated using the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security. The Company has participating securities related to restricted stock units, granted under the Company’s Second Amended and Restated 2005 Incentive Compensation Plan, that earn dividends on an equal basis with common shares. In applying the two-class method, earnings are allocated to both common shares and participating securities. Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 (In thousands, except per share data) Numerator: Income from continuing operations $ 2,965 $ 3,903 $ 7,387 $ 9,561 Less: Income allocated to unvested participating securities 51 72 126 176 Income from continuing operations available to common stockholders $ 2,914 $ 3,831 $ 7,261 $ 9,385 Income from discontinued operations $ 30,451 $ 1,511 $ 32,501 $ 3,688 Less: Income allocated to unvested participating securities 520 28 556 68 Income from discontinued operations available to common stockholders $ 29,931 $ 1,483 $ 31,945 $ 3,620 Net income available to common stockholders $ 32,845 $ 5,314 $ 39,206 $ 13,005 Denominator: Denominator for basic earnings per share — weighted average shares 5,807 5,755 5,800 5,753 Effect of dilutive securities: Common stock equivalents — 9 4 9 Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions 5,807 5,764 5,804 5,762 Basic earnings per share: From continuing operations $ .50 $ .66 $ 1.25 $ 1.63 From discontinued operations 5.16 .26 5.51 .63 Basic earnings per share $ 5.66 $ .92 $ 6.76 $ 2.26 Diluted earnings per share From continuing operations $ .50 $ .66 $ 1.25 $ 1.62 From discontinued operations 5.16 .26 5.51 .63 Diluted earnings per share $ 5.66 $ .92 $ 6.76 $ 2.25 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, 2017.
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. At September 30, 2017 we had no TBA’s/LMA’s in place.

Summary of Significant Accoun16

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Computation of basic and diluted earnings per share	The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 (In thousands, except per share data) Numerator: Income from continuing operations $ 2,965 $ 3,903 $ 7,387 $ 9,561 Less: Income allocated to unvested participating securities 51 72 126 176 Income from continuing operations available to common stockholders $ 2,914 $ 3,831 $ 7,261 $ 9,385 Income from discontinued operations $ 30,451 $ 1,511 $ 32,501 $ 3,688 Less: Income allocated to unvested participating securities 520 28 556 68 Income from discontinued operations available to common stockholders $ 29,931 $ 1,483 $ 31,945 $ 3,620 Net income available to common stockholders $ 32,845 $ 5,314 $ 39,206 $ 13,005 Denominator: Denominator for basic earnings per share — weighted average shares 5,807 5,755 5,800 5,753 Effect of dilutive securities: Common stock equivalents — 9 4 9 Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions 5,807 5,764 5,804 5,762 Basic earnings per share: From continuing operations $ .50 $ .66 $ 1.25 $ 1.63 From discontinued operations 5.16 .26 5.51 .63 Basic earnings per share $ 5.66 $ .92 $ 6.76 $ 2.26 Diluted earnings per share From continuing operations $ .50 $ .66 $ 1.25 $ 1.62 From discontinued operations 5.16 .26 5.51 .63 Diluted earnings per share $ 5.66 $ .92 $ 6.76 $ 2.25

Common Stock and Treasury Sto17

Common Stock and Treasury Stock (Tables)	9 Months Ended
	Sep. 30, 2017
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, 2017: Common Stock Issued Class A Class B (Shares in thousands) Balance, January 1, 2016 6,603 865 Conversion of shares 12 (12) Issuance of restricted stock 23 25 Balance, December 31, 2016 6,638 878 Exercise of stock options 21 8 Conversion of shares 4 (4) Forfeiture of restricted stock (1) — Balance, September 30, 2017 6,662 882

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2017
Disposal Groups, Including Discontinued Operations	The following table is a summary of the assets and liabilities of discontinued operations (in thousands): September 30, December 31, 2017 2016 Major Classes of Current Assets of Discontinued Operations Accounts receivable $ — $ 3,868 Prepaid expenses and other current assets — 625 Barter transactions — 132 Total of current assets of discontinued operations $ — $ 4,625 Major Classes of Non-Current Assets of Discontinued Operations Property and equipment, net (1) $ — $ 7,388 Broadcast licenses, net (1) — 9,607 Other intangibles, deferred costs and investments, net (1) — 1,053 Total of non-current assets of discontinued operations $ — $ 18,048 Total Assets Classified as Part of Discontinued Operations in the Condensed Consolidated Balance Sheets $ — $ 22,673 Major Classes of Current Liabilities of Discontinued Operations Accounts payable $ 84 $ 759 Barter transactions — 163 Current portion of long term debt — 1,078 Other liabilities (1) 208 971 Total of current liabilities of discontinued operations $ 292 $ 2,971 Major Classes of Current Liabilities of Discontinued Operations Other liabilities (1) $ — $ 1,058 Total of non-current liabilities of discontinued operations $ — $ 1,058 Total Liabilities Classified as Part of Discontinued Operations in the Condensed Consolidated Balance Sheets $ 292 $ 4,029 Net Assets Classified as Part of Discontinued Operations in the Condensed Consolidated Balance Sheets $ (292) $ 18,644 (1) For prior periods, the current and long-term classification of assets and liabilities does not change as they did not meet the held-for-sale criteria the prior periods. We closed the disposition on September 1, 2017, therefore all amounts in the current year are considered current assets or liabilities of discontinued operations.
Joplin, Missouri and Victoria, Texas Television Stations [Member]
Disposal Groups, Including Discontinued Operations	The following table shows the components of the results from discontinued operations associated with the Television Sale as reflected in the Company’s unaudited Condensed Consolidated Statements of Operations (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2017 (4) 2016 2017 (4) 2016 Net operating revenue $ 3,296 $ 6,241 $ 14,238 $ 17,094 Station operating expense (1) 2,372 3,684 9,727 10,807 Other operating (income) expense — — 31 3 Operating income 924 2,557 4,480 6,284 Interest Expense (2) 5 9 21 26 Income before income taxes 919 2,548 4,459 6,258 Pretax gain on the disposal of discontinued operations 50,842 — 50,842 — Total pretax gain on discontinued operations 51,761 2,548 55,301 6,258 Income tax expense (3) 21,310 1,037 22,800 2,570 Income from discontinued operations, net of tax $ 30,451 $ 1,511 $ 32,501 $ 3,688 (1) No depreciation expense was recorded by the Company beginning May 9, 2017, the date the Television segment assets’ were held for sale. (2) Interest expense related to Surtsey Media, LLC debt that is guaranteed by the Television stations. Our affiliate repaid this loan when the television stations were sold on September 1, 2017. (3) The effective tax rates on pretax income from discontinued operations were 41 (4) Results of operations for the Television stations are reflected through August 31, 2017. The effective date of the sale was September 1, 2017.
Disclosure Of Condensed Consolidated Statements of Cash Flows	The following table represents the components of the results from discontinued operations associated with the Television Sale as reflected in the Company’s unaudited Condensed Consolidated Statements of Cash Flows (in thousands): September 30, September 30, 2017 2016 Significant operating non-cash items Depreciation and amortization (1) $ 445 $ 1,023 Broadcast program rights amortization 418 467 Barter revenue, net 18 58 Loss on sale of assets 31 3 Significant investing items Acquisition of property and equipment $ 125 $ 717 Proceeds from sale and disposal of assets — 13 Net proceeds from sale of television stations (2) 69,528 — (1) No depreciation expense was recorded by the Company beginning May 9, 2017, the date the Television segment’s assets were held for sale. (2) Net proceeds from the sale of the television stations reflect the sale price of $66.6 million, and the proceeds from sale of accounts receivable of approximately $3.4 million, offset by certain closing adjustments and transactional costs of approximately $500 thousand.

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables)	9 Months Ended
	Sep. 30, 2017
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following unaudited condensed balance sheets represent the estimated fair value assigned to the related assets and liabilities of the 2017 and 2016 acquisitions at their respective acquisition dates. The allocation of the purchase price for the 2017 and 2016 acquisitions is preliminary Saga Communications, Inc. Condensed Consolidated Balance Sheet of 2017 and 2016 Acquisitions Acquisitions in 2017 2016 (In thousands) Assets Acquired: Current assets $ 1,440 $ 814 Property and equipment 6,678 375 Other assets: Broadcast licenses 8,086 8,123 Goodwill 8,011 4,533 Other intangibles, deferred costs and investments 2,019 398 Total other assets 18,116 13,054 Total assets acquired 26,234 14,243 Liabilities Assumed: Current liabilities 378 41 Total liabilities assumed 378 41 Net assets acquired $ 25,856 $ 14,202
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 2017 2016 2017 2016 ProForma Results of Operation Net operating revenue $ 31,546 $ 31,888 $ 92,187 $ 93,993 Station operating expense 23,000 23,478 69,325 69,874 Corporate general and administrative 3,132 2,728 8,875 8,065 Other operating (income) expense, net (127) (1,393) (69) (1,388) Operating income 5,541 7,075 14,056 17,442 Interest expense 254 187 691 548 Income from continuing operations, before tax 5,287 6,888 13,365 16,894 Income tax expense 2,430 2,804 5,566 6,939 Income from continuing operations, net of tax 2,857 4,084 7,799 9,955 Income from discontinued operations, net of tax 30,451 1,511 32,501 3,688 Net income $ 33,308 $ 5,595 $ 40,300 $ 13,643 Basic earnings per share: From continuing operations $ .47 $ .70 $ 1.32 $ 1.70 From discontinued operations 5.16 .26 5.51 .63 Basic earnings per share $ 5.63 $ .96 $ 6.83 $ 2.33 Diluted earnings per share: From continuing operations $ .47 $ .70 $ 1.32 $ 1.70 From discontinued operations 5.16 .26 5.51 .63 Diluted earnings per share $ 5.63 $ .96 $ 6.83 $ 2.33

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2017
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, 2017: Weighted Average Weighted Remaining Aggregate Number of Average Contractual Term Intrinsic Options Exercise Price (Years) Value Outstanding at January 1, 2017 29,035 $ 28.47 0.4 $ 633,834 Exercised (29,035) 28.47 Outstanding at September 30, 2017 — $ — — $ — Exercisable at September 30, 2017 — $ — — $ —
Summary of restricted stock transactions	The following summarizes the restricted stock transactions for the nine months ended September 30, 2017: Weighted Average Grant Date Fair Shares Value Outstanding at January 1, 2017 103,262 $ 43.73 Vested (3,434) 43.10 Forfeited (594) 45.39 Non-vested and outstanding at September 30, 2017 99,234 $ 43.75

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Long-Term Debt	Long-term debt consisted of the following: September 30, December 31, 2017 2016 (In thousands) Revolving credit facility $ 35,287 $ 35,287 Secured debt of affiliate — 1,078 35,287 36,365 Amounts payable within one year 10,287 — $ 25,000 $ 36,365

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Numerator:
Income from continuing operations	$ 2,965	$ 3,903	$ 7,387	$ 9,561
Less: Income allocated to unvested participating securities	51	72	126	176
Income from continuing operations available to common stockholders	2,914	3,831	7,261	9,385
Income from discontinued operations	30,451	1,511	32,501	3,688
Less: Income allocated to unvested participating securities	520	28	556	68
Income from discontinued operations available to common stockholders	29,931	1,483	31,945	3,620
Net income available to common stockholders	$ 32,845	$ 5,314	$ 39,206	$ 13,005
Denominator:
Denominator for basic earnings per share— weighted average shares	5,807	5,755	5,800	5,753
Effect of dilutive securities:
Common stock equivalents	0	9	4	9
Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions	5,807	5,764	5,804	5,762
Basic earnings per share:
From continuing operations	$ 0.50	$ 0.66	$ 1.25	$ 1.63
From discontinued operations	5.16	0.26	5.51	0.63
Basic earnings per share	5.66	0.92	6.76	2.26
Diluted Earnings per share:
From continuing operations	0.50	0.66	1.25	1.62
From discontinued operations	5.16	0.26	5.51	0.63
Diluted earnings per share	$ 5.66	$ 0.92	$ 6.76	$ 2.25

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Details Textual) - shares	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016
Summary Of Significant Accounting Policies [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance	0	29,035,000	0

Recent Accounting Pronounceme24

Recent Accounting Pronouncements (Details Textual)	Dec. 31, 2016USD ($)
Deferred Tax Assets, Net of Valuation Allowance, Current	$ 1,022,000

Intangible Assets (Details Text

Intangible Assets (Details Textual)	9 Months Ended
	Sep. 30, 2017
Maximum [Member] | Favorable Lease Agreements [Member]
Finite-Lived Intangible Asset, Useful Life	26 years
Maximum [Member] | Other Intangible [Member]
Finite-Lived Intangible Asset, Useful Life	15 years
Minimum [Member] | Favorable Lease Agreements [Member]
Finite-Lived Intangible Asset, Useful Life	4 years
Minimum [Member] | Other Intangible [Member]
Finite-Lived Intangible Asset, Useful Life	1 year

Common Stock and Treasury Sto26

Common Stock and Treasury Stock (Details) - shares shares in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Common Stock [Line Items]
Exercise of stock options	29,035
Class A Common Stock [Member]
Common Stock [Line Items]
Balance, shares	6,638	6,603
Exercise of stock options	21
Conversion of shares	4	12
Forfeiture of restricted stock	(1)
Issuance of restricted stock		23
Balance, shares	6,662	6,638
Class B Common Stock [Member]
Common Stock [Line Items]
Balance, shares	878	865
Exercise of stock options	8
Conversion of shares	(4)	(12)
Forfeiture of restricted stock	0
Issuance of restricted stock		25
Balance, shares	882	878

Common Stock and Treasury Sto27

Common Stock and Treasury Stock (Details Textual) $ in Millions	Sep. 30, 2017USD ($)
Common Stock [Line Items]
Share repurchase program, authorized amount	$ 75.8
Stock repurchase program, remaining authorization amount	$ 23.3

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended
		Sep. 30, 2017		Sep. 30, 2016	Sep. 30, 2017		Sep. 30, 2016
Income from discontinued operations, net of tax		$ 30,451		$ 1,511	$ 32,501		$ 3,688
Joplin, Missouri and Victoria, Texas Television Stations [Member]
Net operating revenue		3,296	[1]	6,241	14,238	[1]	17,094
Station operating expense	[2]	2,372	[1]	3,684	9,727	[1]	10,807
Other operating (income) expense		0	[1]	0	31	[1]	3
Operating income		924	[1]	2,557	4,480	[1]	6,284
Interest Expense	[3]	5	[1]	9	21	[1]	26
Income before income taxes		919	[1]	2,548	4,459	[1]	6,258
Pretax gain on the disposal of discontinued operations		50,842	[1]	0	50,842	[1]	0
Total pretax gain on discontinued operations		51,761	[1]	2,548	55,301	[1]	6,258
Income tax expense	[4]	21,310	[1]	1,037	22,800	[1]	2,570
Income from discontinued operations, net of tax		$ 30,451	[1]	$ 1,511	$ 32,501	[1]	$ 3,688
[1]	Results of operations for the Television stations are reflected through August 31, 2017. The effective date of the sale was September 1, 2017.
[2]	No depreciation expense was recorded by the Company beginning May 9, 2017, the date the Television segment’s assets were held for sale.
[3]	Interest expense related to Surtsey Media, LLC debt that is guaranteed by the Television stations. Our affiliate repaid this loan when the television stations were sold on September 1, 2017.
[4]	The effective tax rates on pretax income from discontinued operations were 41%

Discontinued Operations (Deta29

Discontinued Operations (Details 1) - USD ($) $ in Thousands		Sep. 30, 2017	May 09, 2017	Dec. 31, 2016
Major Classes of Current Assets of Discontinued Operations
Accounts receivable		$ 1,300
Total of current assets of discontinued operations		0		$ 4,625
Major Classes of Non-Current Assets of Discontinued Operations
Total Assets Classified as Part of Discontinued Operations in the Condensed Consolidated Balance Sheets		0		18,048
Major Classes of Current Liabilities of Discontinued Operations
Total of current liabilities of discontinued operations		292		2,971
Major Classes of Current Liabilities of Discontinued Operations
Total of non-current liabilities of discontinued operations		0		1,058
Joplin, Missouri and Victoria, Texas Television Stations [Member]
Major Classes of Current Assets of Discontinued Operations
Accounts receivable		0	$ 1,300	3,868
Prepaid expenses and other current assets		0		625
Barter transactions		0		132
Total of current assets of discontinued operations		0		4,625
Major Classes of Non-Current Assets of Discontinued Operations
Property and equipment, net	[1]	0		7,388
Broadcast licenses, net	[1]	0		9,607
Other intangibles, deferred costs and investments, net	[1]	0		1,053
Total of non-current assets of discontinued operations		0		18,048
Total Assets Classified as Part of Discontinued Operations in the Condensed Consolidated Balance Sheets		0		22,673
Major Classes of Current Liabilities of Discontinued Operations
Accounts payable		84		759
Barter transactions		0		163
Current portion of long term debt		0		1,078
Other liabilities	[1]	208		971
Total of current liabilities of discontinued operations		292		2,971
Major Classes of Current Liabilities of Discontinued Operations
Other liabilities	[1]	0		1,058
Total of non-current liabilities of discontinued operations		0		1,058
Total Liabilities Classified as Part of Discontinued Operations in the Condensed Consolidated Balance Sheets		292		4,029
Net Assets Classified as Part of Discontinued Operations in the Condensed Consolidated Balance Sheets		$ (292)		$ 18,644
[1]	For prior periods, the current and long-term classification of assets and liabilities does not change as they did not meet the held-for-sale criteria the prior periods. We closed the disposition on September 1, 2017, therefore all amounts in the current year are considered current assets or liabilities of discontinued operations.

Discontinued Operations (Deta30

Discontinued Operations (Details 2) - USD ($) $ in Thousands		May 09, 2017	Sep. 30, 2017		Sep. 30, 2016
Significant investing items
Acquisition of property and equipment			$ 4,850		$ 4,149
Net proceeds from sale of television stations			69,528		0
Joplin, Missouri and Victoria, Texas Television Stations [Member]
Significant operating non-cash items
Depreciation and amortization	[1]		445		1,023
Broadcast program rights amortization			418		467
Barter revenue, net			18		58
Loss on sale of assets			31		3
Significant investing items
Acquisition of property and equipment			125		717
Proceeds from sale and disposal of assets			0		13
Net proceeds from sale of television stations		$ 69,500	$ 69,500	[2]	$ 0	[2]
[1]	No depreciation expense was recorded by the Company beginning May 9, 2017, the date the Television segment’s assets were held for sale.
[2]	Net proceeds from the sale of the television stations reflect the sale price of $66.6 million, and the proceeds from sale of accounts receivable of approximately $3.4 million, offset by certain closing adjustments and transactional costs of approximately $500 thousand.

Discontinued Operations (Deta31

Discontinued Operations (Details Textual) - USD ($)		Nov. 03, 2017	Oct. 05, 2017	Sep. 01, 2017	May 09, 2017	Sep. 30, 2017		Sep. 30, 2016		Dec. 31, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Consideration					$ 23,000,000
Disposal Group, Including Discontinued Operation, Income Tax Rate	[1]					41.00%
Discontinued Operation, Disposal of Discontinued Operation ,Transaction Costs						$ 50,000
Proceeds from Divestiture of Businesses, Net of Cash Divested						69,528,000		$ 0
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net						1,300,000
Payments to Acquire Businesses, Net of Cash Acquired				$ 24,200,000		24,200,000
Subsequent Event [Member] | Revolving Credit Facility [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayments of Lines of Credit		$ 5,000,000	$ 5,287,000
Joplin, Missouri and Victoria, Texas Television Stations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Recognized gain on net of tax						29,900,000
Disposal Group, Including Discontinued Operation, Consideration					66,600,000
Discontinued Operation, Disposal of Discontinued Operation ,Transaction Costs					500,000
Proceeds from Divestiture of Businesses, Net of Cash Divested					69,500,000	69,500,000	[2]	$ 0	[2]
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net					$ 1,300,000	0				$ 3,868,000
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal						$ 50,800,000
[1]	No depreciation expense was recorded by the Company beginning May 9, 2017, the date the Television segment’s assets were held for sale.
[2]	Net proceeds from the sale of the television stations reflect the sale price of $66.6 million, and the proceeds from sale of accounts receivable of approximately $3.4 million, offset by certain closing adjustments and transactional costs of approximately $500 thousand.

Acquisitions and Dispositions32

Acquisitions and Dispositions (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Assets Acquired:
Current assets	$ 1,440	$ 814
Property and equipment	6,678	375
Other assets:
Broadcast licenses	8,086	8,123
Goodwill	8,011	4,533
Other intangibles, deferred costs and investments	2,019	398
Total other assets	18,116	13,054
Total assets acquired	26,234	14,243
Liabilities Assumed:
Current liabilities	378	41
Total liabilities assumed	378	41
Net assets acquired	$ 25,856	$ 14,202

Acquisitions and Dispositions33

Acquisitions and Dispositions (Details 1) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Business Acquisition [Line Items]
Net operating revenue	$ 31,546	$ 31,888	$ 92,187	$ 93,993
Station operating expense	23,000	23,478	69,325	69,874
Corporate general and administrative	3,132	2,728	8,875	8,065
Other operating (income) expenses, net	(127)	(1,393)	(69)	(1,388)
Operating income	5,541	7,075	14,056	17,442
Interest expense	254	187	691	548
Income from continuing operations, before tax	5,287	6,888	13,365	16,894
Income tax expense	2,430	2,804	5,566	6,939
Income from continuing operations, net of tax	2,857	4,084	7,799	9,955
Income from discontinued operations, net of tax	30,451	1,511	32,501	3,688
Net income	$ 33,308	$ 5,595	$ 40,300	$ 13,643
Basic earnings per share:
From continuing operations	$ 0.47	$ 0.70	$ 1.32	$ 1.70
From discontinued operations	5.16	0.26	5.51	0.63
Basic earnings per share (in dollars per share)	5.63	0.96	6.83	2.33
Diluted earnings per share:
From continuing operations	0.47	0.70	1.32	1.70
From discontinued operations	5.16	0.26	5.51	0.63
Diluted earnings per share (in dollars per share)	$ 5.63	$ 0.96	$ 6.83	$ 2.33

Acquisitions and Dispositions34

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

Sep. 01, 2017

May 09, 2017

Sep. 30, 2017

Sep. 30, 2016

Jan. 16, 2017

Dec. 31, 2016

Dec. 02, 2016

Nov. 14, 2016

Nov. 08, 2016

Oct. 11, 2016

Sep. 12, 2016

Aug. 11, 2016

Jun. 03, 2016

Apr. 11, 2016

Apr. 08, 2016

Mar. 25, 2016

Mar. 16, 2016

Nov. 02, 2015

Business Acquisition [Line Items]

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

$ 26,234,000

$ 14,243,000

Disposal Group, Including Discontinued Operation, Consideration

$ 23,000,000

Proceeds from Divestiture of Businesses, Net of Cash Divested

69,528,000

$ 0

Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net

1,300,000

Discontinued Operation, Disposal of Discontinued Operation ,Transaction Costs

50,000

Payments to Acquire Businesses, Net of Cash Acquired

$ 24,200,000

24,200,000

Joplin, Missouri and Victoria, Texas Television Stations [Member]

Business Acquisition [Line Items]

Disposal Group, Including Discontinued Operation, Consideration

66,600,000

Proceeds from Divestiture of Businesses, Net of Cash Divested

69,500,000

69,500,000

[1]

$ 0

[1]

Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net

1,300,000

$ 0

$ 3,868,000

Discontinued Operation, Disposal of Discontinued Operation ,Transaction Costs

500,000

Apex Real Property, LLC [Member]

Business Acquisition [Line Items]

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

$ 23,000,000

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] | Wilks Broadcast - Columbus, LLC [Member]

Business Acquisition [Line Items]

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

$ 13,791,000

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

734,000

Business Acquisition, Transaction Costs

$ 57,000

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

Business Acquisition [Line Items]

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

$ 30,000

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

Business Acquisition [Line Items]

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

$ 35,000

Iowa Market [Member] | FM Translator Serving Des Moines [Member]

Business Acquisition [Line Items]

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

$ 25,000

Virginia Market [Member]

Business Acquisition [Line Items]

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

$ 1,658,000

Business Acquisition, Transaction Costs

$ 8,000

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

Business Acquisition [Line Items]

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

$ 100,000

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

Business Acquisition [Line Items]

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

$ 25,000

$ 50,000

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

Business Acquisition [Line Items]

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

$ 45,000

Illinois Market [Member] | FM Translator Serving Springfield [Member]

Business Acquisition [Line Items]

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

$ 23,000

New York Market [Member] | FM Translator Serving Ithaca [Member]

Business Acquisition [Line Items]

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

$ 35,000

[1]

Net proceeds from the sale of the television stations reflect the sale price of $66.6 million, and the proceeds from sale of accounts receivable of approximately $3.4 million, offset by certain closing adjustments and transactional costs of approximately $500 thousand.

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Summary the stock option transactions
Number of Options, Outstanding	29,035
Number of Options, Exercised	(29,035)
Number of Options, Outstanding	0	29,035
Number of Options, Exercisable	0
Weighted Average Exercise Price, Outstanding	$ 28.47
Weighted Average Exercise Price, Exercised	28.47
Weighted Average Exercise Price, Outstanding	0	$ 28.47
Weighted Average Exercise Price, Exercisable	$ 0
Weighted Average Remaining Contractual Term (Years), Outstanding	0 years	4 months 24 days
Weighted Average Remaining Contractual Term (Years) Exercisable	0 years
Aggregate Intrinsic Value, Outstanding	$ 0	$ 633,834
Aggregate Intrinsic Value, Exercisable	$ 0

Stock-Based Compensation (Det36

Stock-Based Compensation (Details 1) - Restricted Stock [Member]	9 Months Ended
	Sep. 30, 2017$ / sharesshares
Summary of the restricted stock transactions
Shares, Outstanding | shares	103,262
Shares, Vested | shares	(3,434)
Shares, Forfeited | shares	(594)
Shares, Outstanding | shares	99,234
Weighted Average Grant Date Fair Value, Outstanding | $ / shares	$ 43.73
Weighted Average Grant Date Fair Value, Vested | $ / shares	43.1
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	45.39
Weighted Average Grant Date Fair Value, Outstanding | $ / shares	$ 43.75

Stock-Based Compensation (Det37

Stock-Based Compensation (Details Textual) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 16, 2013	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
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		$ 629,000	$ 536,000	$ 1,761,000	$ 1,594,000
Recognized tax benefits		$ 252,000	$ 214,000	$ 704,000	$ 638,000
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, 2017	Dec. 31, 2016	Aug. 18, 2015
Total debt
Long-term debt	$ 35,287	$ 36,365
Amounts payable within one year	10,287	0
Long-term debt, noncurrent	25,000	35,287
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	$ 0	$ 1,078

Long-Term Debt (Details Textual

Long-Term Debt (Details Textual) - USD ($)	Nov. 03, 2017	Oct. 05, 2017	Aug. 18, 2015	Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Long-term Debt, Total				$ 35,287,000	$ 36,365,000
Amortization of Acquisition Costs				266,000
Affiliated Entity [Member]
Debt Instrument [Line Items]
Repayments of Secured Debt				$ 1,100,000
Secured Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date				May 1, 2020
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				1.25%
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
Revolving credit facility [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Repayments of Long-term Lines of Credit	$ 5,000,000	$ 5,287,000

Dividends (Details Textual)

Dividends (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Sep. 13, 2017	Jun. 09, 2017	May 03, 2017	Apr. 14, 2017	Mar. 03, 2017	Jul. 08, 2016	Jun. 01, 2016	Mar. 02, 2016	Dec. 23, 2016	Nov. 21, 2016	Sep. 30, 2016	Aug. 30, 2016	Apr. 15, 2016	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Common Stock, Dividends, Per Share, Declared														$ 0.30	$ 0.30	$ 0.90	$ 0.80
Dividends Payable, Date to be Paid	Oct. 13, 2017
Dividends Payable, Date of Record														Sep. 25, 2017
Dividends				$ 1,800		$ 1,500			$ 2,900		$ 1,800		$ 1,500
Dividends Payable														$ 1,800		$ 1,800
Payments of Ordinary Dividends, Common Stock		$ 1,800														$ 3,541	$ 4,688
Dividends Payable, Date Declared	Sep. 13, 2017
Common Class A [Member]
Common Stock, Dividends, Per Share, Declared	$ 0.30		$ 0.30		$ 0.30		$ 0.25	$ 0.25		$ 0.30		$ 0.30
Common Class B [Member]
Common Stock, Dividends, Per Share, Declared	$ 0.30									$ 0.20