Saga Communications (SGA) 10-Q 10 May 18 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 07, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Entity Registrant Name	SAGA COMMUNICATIONS INC
Entity Central Index Key	886,136
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	SGA
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,034,751
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		898,633

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 47,794	$ 53,030
Accounts receivable, net	16,744	19,307
Prepaid expenses and other current assets	2,377	2,517
Barter transactions	1,735	1,320
Total current assets	68,650	76,174
Property and equipment	135,805	135,856
Less accumulated depreciation	79,485	79,621
Net property and equipment	56,320	56,235
Other assets:
Broadcast licenses, net	93,259	93,259
Goodwill	15,558	15,558
Other intangibles, deferred costs and investments, net	7,291	7,543
Total assets	241,078	248,769
Current liabilities:
Accounts payable	2,586	2,206
Payroll and payroll taxes	5,173	7,836
Dividend payable	0	6,529
Other accrued expenses	3,089	3,243
Barter transactions	1,596	1,091
Total current liabilities	12,444	20,905
Deferred income taxes	21,382	21,072
Long-term debt	25,000	25,000
Other liabilities	2,331	2,327
Total liabilities	61,157	69,304
Commitments and contingencies
Stockholders’ equity:
Common stock	76	76
Additional paid-in capital	63,146	62,675
Retained earnings	151,353	151,608
Treasury stock	(34,654)	(34,894)
Total stockholders’ equity	179,921	179,465
Total liabilities and stockholders' equity	$ 241,078	$ 248,769

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net operating revenue	$ 28,009	$ 26,155
Station operating expenses	23,397	21,340
Corporate general and administrative	2,544	2,863
Other operating income, net	(251)	(21)
Operating income from continuing operations	2,319	1,973
Interest expense	219	208
Other income	(89)	0
Income from continuing operations before income tax expense	2,189	1,765
Income tax expense	660	718
Income from continuing operations, net of tax	1,529	1,047
Income from discontinued operations, net of tax (Note 6)	0	891
Net income	$ 1,529	$ 1,938
Basic Earnings per share:
From continuing operations	$ 0.26	$ 0.18
From discontinued operations	0	0.15
Basic earnings per share	$ 0.26	$ 0.33
Weighted average common shares	5,842	5,790
Diluted earnings per share
From continuing operations	$ 0.26	$ 0.18
From discontinued operations	0	0.15
Diluted earnings per share	$ 0.26	$ 0.33
Weighted average common and common equivalent shares	5,842	5,802
Dividends declared per share	$ 0.3	$ 0.3

CONDENSED CONSOLIDATED STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Cash provided by operating activities	$ 4,372	$ 5,455
Cash flows from investing activities:
Acquisition of property and equipment	(1,498)	(1,439)
Other investing activities	294	(76)
Net cash used in investing activities	(1,204)	(1,515)
Cash flows from financing activities:
Cash dividends paid	(8,311)	0
Purchase of treasury shares	(93)	0
Net cash used in financing activities	(8,404)	0
Net (decrease) increase in cash and cash equivalents	(5,236)	3,940
Cash and cash equivalents, beginning of period	53,030	26,640
Cash and cash equivalents, end of period	$ 47,794	$ 30,580

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	1. Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for annual financial statements. In our opinion, the accompanying financial statements include all adjustments of a normal, recurring nature considered necessary for a fair presentation of our financial position as of March 31, 2018 and the results of operations for the three months ended March 31, 2018 and 2017. Results of operations for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. 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 6). 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 March 31, 2018. 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, 2017. The Company has evaluated events and transactions occurring subsequent to the balance sheet date of March 31, 2018, 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 2018 2017 (In thousands, except per share data) Numerator: Income from continuing operations $ 1,529 $ 1,047 Less: Income allocated to unvested participating securities 26 19 Income from continuing operations available to common stockholders $ 1,503 $ 1,028 Income from discontinued operations $ — $ 891 Less: Income allocated to unvested participating securities — 16 Income from discontinued operations available to common stockholders $ — $ 875 Net income available to common stockholders $ 1,503 $ 1,903 Denominator: Denominator for basic earnings per share— weighted average shares 5,842 5,790 Effect of dilutive securities: Common stock equivalents — 12 Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions 5,842 5,802 Basic earnings per share From continuing operations $ 0.26 $ 0.18 From discontinued operations — 0.15 Basic earnings per share $ 0.26 $ 0.33 Diluted earnings per share From continuing operations $ 0.26 $ 0.18 From discontinued operations — 0.15 Diluted earnings per share $ 0.26 $ 0.33 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 March 31, 2018. 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 (“TBAs”) or Local Marketing Agreements (“LMAs”) 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 TBAs/LMAs are included in the accompanying unaudited Condensed Consolidated Statements of Income. Certain prior period amounts have been reclassified to conform to the current year presentation.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2018
Recent Accounting Pronouncements [Abstract]
Recent Accounting Pronouncements	2. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers” In August 2016, the FASB issued ASU No. 2016-15, “ Classification of Certain Cash Receipts and Cash Payments (Topic 230): Statement of Cash Flows” Recent Accounting Pronouncements – Not Yet Adopted In January 2017, the FASB issued ASU 2017-04, “ Intangibles – Goodwill and Other (Topic 350)” In June 2016, the FASB issued ASU No. 2016-13, “ Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” In February 2016, the FASB issued Accounting Standards Update No. 2016-02, “Leases (Topic 842)”

Revenue

Revenue	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer [Text Block]	3. Revenue Adoption of the new revenue standard We adopted the new revenue standard on January 1, 2018, using the modified retrospective method with no impact on our financial statements. The cumulative effect of initially adopting the new guidance had no impact on the opening balance of retained earnings as of January 1, 2018. There was no material impact on the condensed consolidated balance sheets as of March 31, 2018 or on the condensed consolidated statement of income for the three months ended March 31, 2018. Results for reporting periods beginning after January 1, 2018 are presented under the new revenue standard, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under Topic 605. Disaggregation of Revenue Three Months Ended 2018 2017 (in thousands) Types of Revenue Broadcast Advertising Revenue, net $ 25,758 $ 24,071 Digital Advertising Revenue 950 880 Other Revenue 1,301 1,204 Net Revenue $ 28,009 $ 26,155 Nature of goods and services The following is a description of principal activities from which we generate our revenue: Broadcast Advertising Revenue Digital Advertising Revenue We recognize revenue from our digital initiatives across multiple platforms such as targeted digital advertising, online promotions, advertising on our websites, mobile messaging, email marketing and other e-commerce. Revenue is recorded when each specific performance obligation in the digital advertising campaign takes place, typically within a one month period. Other Revenue Other revenue includes revenue from concerts, promotional events, tower rent and other miscellaneous items. Revenue is generally recognized when the event is completed, as the promotional events are completed or as each performance obligation is satisfied. Contract Liabilities At times a customer may pay for the services in advance of the performance obligations and therefore these prepayments are recorded as contract liabilities. Typical contract liabilities relate to prepayments for advertising spots not yet run; prepayments from sponsors for events that have not yet been held, gift cards sold on our websites used to finance a broadcast advertising campaign. Generally all contract liabilities are expected to be recognized within one year and are included in Accounts payable in the Company’s Condensed Consolidated Financial Statements and are immaterial. Transaction Price Allocated to the Remaining Performance Obligations As the majority of our contracts are one year or less, we have utilized the optional exemption under ASC 606-10-50-14 and will not disclose information about the remaining performance obligations for contracts which have original expected durations of one year or less.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	4. 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 five to twenty-six years. Other intangibles are amortized over one to fifteen years. Customer relationships are amortized over three years.

Common Stock and Treasury Stock

Common Stock and Treasury Stock	3 Months Ended
	Mar. 31, 2018
Stockholders' Equity Note [Abstract]
Common Stock and Treasury Stock	5. Common Stock and Treasury Stock Common Stock Issued Class A Class B (Shares in thousands) Balance, January 1, 2017 6,638 878 Conversion of shares 17 (17) Issuance of restricted stock 19 29 Forfeiture of restricted stock (1) — Exercise of stock options 21 8 Balance, December 31, 2017 6,694 898 Issuance of restricted stock 4 — Balance, March 31, 2018 6,698 898 We have a Stock Buy-Back Program to allow us to purchase up to $ 75.8 22.3 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 except during internal trading blackout periods. During the quarter ended March 31, 2018, approximately 2,500 93,000

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
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 69.5 500 50.8 29.9 24.2 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 2018 (3) 2017 Net operating revenue $ — $ 5,255 Station operating expense — 3,712 Other operating expense — 31 Operating income — 1,512 Interest Expense (1) — 9 Income from discontinued operations before income taxes — 1,503 Income tax expense (2) — 612 Income from discontinued operations, net of tax $ — $ 891 (1) Interest expense related to the 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. (2) The effective tax rates on pretax income from discontinued operations were 41 (3) Results of operations for the Television stations are reflected through March 31, 2017. The effective date of the sale was September 1, 2017. March 31, March 31, Significant operating non-cash items Depreciation and amortization $ — $ 316 Broadcast program rights amortization — 158 Barter expense, net — (54) Loss on sale of assets — 31 Significant investing items Acquisition of property and equipment $ — $ 97

Acquisitions and Dispositions

Acquisitions and Dispositions	3 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
Acquisitions and Dispositions	7. 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 acquisitions 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 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 to purchase radio stations principally serving the South Carolina area for approximately $ 23 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, Virginia market for approximately $ 1,658,000 8,000 Condensed Consolidated Balance Sheet of 2017 Acquisitions: The following unaudited condensed balance sheets represent the estimated fair value assigned to the related assets and liabilities of the 2017 acquisitions at their respective acquisition dates. Saga Communications, Inc. Acquisitions in 2018 2017 (In thousands) Assets Acquired: Current assets $ — $ 1,335 Property and equipment — 6,678 Other assets: Broadcast licenses — 8,086 Goodwill — 8,151 Other intangibles, deferred costs and investments — 2,019 Total other assets — 18,256 Total assets acquired — 26,269 Liabilities Assumed: Current liabilities — 413 Total liabilities assumed — 413 Net assets acquired $ — $ 25,856 Pro Forma Results of Operations for Acquisitions (Unaudited) The following unaudited pro forma results of our operations for the three months ended March 31, 2018 and 2017 assume the 2017 acquisitions occurred as of January 1, 2017. 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 2018 2017 ProForma Results of Operation Net operating revenue $ 28,009 $ 28,132 Station operating expense 23,397 23,070 Corporate general and administrative 2,544 2,863 Other operating income, net (251) (21) Operating income from continuing operations 2,319 2,220 Interest expense 219 208 Other income (89) — Income from continuing operations, before tax 2,189 2,012 Income tax expense 660 819 Income from continuing operations, net of tax 1,529 1,193 Income from discontinued operations, net of tax — 891 Net income $ 1,529 $ 2,084 Basic earnings per share: From continuing operations $ .26 $ .20 From discontinued operations — .15 Basic earnings per share $ .26 $ .35 Diluted earnings per share: From continuing operations $ .26 $ .20 From discontinued operations — .15 Diluted earnings per share $ .26 $ .35

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	8. Income taxes On December 22, 2017, the Tax Cut and Jobs Act ("the Act") was signed into law, which enacted significant changes to U.S. tax and related laws. Some of the provisions of the new tax law affecting corporations include, but are not limited to a reduction of the federal corporate income tax rate from 35% to 21%, limiting the interest expense deduction, expensing of cost of acquired qualified property and allowing federal net operating losses generated in taxable years ending after December 31, 2017 to be carried forward indefinitely. In accordance with ASU 2018-05 and Staff Accounting Bulletin No. 118 ("SAB 118"), we recognized the provisional tax impacts related to the revaluation of net deferred tax assets and the impact of the changes to the limitation on the deductibility of executive compensation, during the year ended December 31, 2017. As of March 31, 2018, we have not made any additional measurement period adjustments related to these items. Such adjustments may be necessary in future periods due to, among other things, additional analysis and changes in interpretations and assumptions as applicable and additional regulatory guidance that may be issued. We are continuing to gather information to assess the application of the Act.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2018
Share-based Compensation [Abstract]
Stock-Based Compensation	9. 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 90,000 The number of shares of Common Stock that may be issued under the Second Restated 2005 Plan may not exceed 280,000 900,000 620,000 280,000 Stock-Based Compensation All stock options granted were fully vested and expensed at December 31, 2012, therefore there was no compensation expense related to stock options for the three months ended March 31, 2018 and 2017, respectively. There were no options granted during 2018 and 2017 and there were no stock options outstanding as of March 31, 2018. All outstanding stock options were exercised in 2017. Weighted Grant Date Shares Value Outstanding at January 1, 2018 96,639 $ 44.85 Granted 3,850 39.00 Non-vested and outstanding at March 31, 2018 100,489 $ 44.63 For the three months ended March 31, 2018 and 2017, we had $ 551,000 558,000 63,000 223,000

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Long-Term Debt	10. Long-Term Debt March 31, December 31, 2018 2017 (In thousands) Revolving credit facility $ 25,000 $ 25,000 Amounts payable within one year — — $ 25,000 $ 25,000 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 ( 1.6875 1 2 0 1 0.25 0.2 0.3 The Credit Facility contains a number of financial covenants (all of which we were in compliance with at March 31, 2018) 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 $ 75 On October 5, 2017 and November 3, 2017, the Company used $ 5,287,000 5,000,000

Litigation

Litigation	3 Months Ended
	Mar. 31, 2018
Loss Contingency, Information about Litigation Matters [Abstract]
Litigation	11. 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	3 Months Ended
	Mar. 31, 2018
Dividends [Abstract]
Dividends	12. Dividends On February 28, 2018 0.30 1.8 March 30, 2018 March 12, 2018 On December 7, 2017, the Company’s Board of Directors declared a quarterly cash dividend of $ 0.30 0.80 6.5 On September 13, 2017, the Company’s Board of Directors declared a regular cash dividend of $ 0.30 1.8 2017 and funded by cash on the Company’s balance sheet. On May 3, 2017, the Company’s Board of Directors declared a regular 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

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events For the period from April 1, 2018 to May 7, 2018, we repurchased approximately 9,000 shares of our common stock on the open market for an aggregate purchase price of $337,00, including fees and commissions.

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 and the results of operations for the three months ended March 31, 2018 and 2017. Results of operations for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. 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 6). 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 March 31, 2018. 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, 2017. The Company has evaluated events and transactions occurring subsequent to the balance sheet date of March 31, 2018, 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 2018 2017 (In thousands, except per share data) Numerator: Income from continuing operations $ 1,529 $ 1,047 Less: Income allocated to unvested participating securities 26 19 Income from continuing operations available to common stockholders $ 1,503 $ 1,028 Income from discontinued operations $ — $ 891 Less: Income allocated to unvested participating securities — 16 Income from discontinued operations available to common stockholders $ — $ 875 Net income available to common stockholders $ 1,503 $ 1,903 Denominator: Denominator for basic earnings per share— weighted average shares 5,842 5,790 Effect of dilutive securities: Common stock equivalents — 12 Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions 5,842 5,802 Basic earnings per share From continuing operations $ 0.26 $ 0.18 From discontinued operations — 0.15 Basic earnings per share $ 0.26 $ 0.33 Diluted earnings per share From continuing operations $ 0.26 $ 0.18 From discontinued operations — 0.15 Diluted earnings per share $ 0.26 $ 0.33 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 March 31, 2018.
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 (“TBAs”) or Local Marketing Agreements (“LMAs”) 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 TBAs/LMAs are included in the accompanying unaudited Condensed Consolidated Statements of Income.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current year presentation.

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2018
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 2018 2017 (In thousands, except per share data) Numerator: Income from continuing operations $ 1,529 $ 1,047 Less: Income allocated to unvested participating securities 26 19 Income from continuing operations available to common stockholders $ 1,503 $ 1,028 Income from discontinued operations $ — $ 891 Less: Income allocated to unvested participating securities — 16 Income from discontinued operations available to common stockholders $ — $ 875 Net income available to common stockholders $ 1,503 $ 1,903 Denominator: Denominator for basic earnings per share— weighted average shares 5,842 5,790 Effect of dilutive securities: Common stock equivalents — 12 Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions 5,842 5,802 Basic earnings per share From continuing operations $ 0.26 $ 0.18 From discontinued operations — 0.15 Basic earnings per share $ 0.26 $ 0.33 Diluted earnings per share From continuing operations $ 0.26 $ 0.18 From discontinued operations — 0.15 Diluted earnings per share $ 0.26 $ 0.33

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue [Table Text Block]	The following table presents revenues disaggregated by revenue source: Three Months Ended 2018 2017 (in thousands) Types of Revenue Broadcast Advertising Revenue, net $ 25,758 $ 24,071 Digital Advertising Revenue 950 880 Other Revenue 1,301 1,204 Net Revenue $ 28,009 $ 26,155

Common Stock and Treasury Sto21

Common Stock and Treasury Stock (Tables)	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018: Common Stock Issued Class A Class B (Shares in thousands) Balance, January 1, 2017 6,638 878 Conversion of shares 17 (17) Issuance of restricted stock 19 29 Forfeiture of restricted stock (1) — Exercise of stock options 21 8 Balance, December 31, 2017 6,694 898 Issuance of restricted stock 4 — Balance, March 31, 2018 6,698 898

Discontinued Operations (Tables

Discontinued Operations (Tables) - Joplin, Missouri and Victoria, Texas Television Stations [Member]	3 Months Ended
	Mar. 31, 2018
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 2018 (3) 2017 Net operating revenue $ — $ 5,255 Station operating expense — 3,712 Other operating expense — 31 Operating income — 1,512 Interest Expense (1) — 9 Income from discontinued operations before income taxes — 1,503 Income tax expense (2) — 612 Income from discontinued operations, net of tax $ — $ 891 (1) Interest expense related to the 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. (2) The effective tax rates on pretax income from discontinued operations were 41 (3) Results of operations for the Television stations are reflected through March 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): March 31, March 31, Significant operating non-cash items Depreciation and amortization $ — $ 316 Broadcast program rights amortization — 158 Barter expense, net — (54) Loss on sale of assets — 31 Significant investing items Acquisition of property and equipment $ — $ 97

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables)	3 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	Condensed Consolidated Balance Sheet of 2018 and 2017 Acquisitions Acquisitions in 2018 2017 (In thousands) Assets Acquired: Current assets $ — $ 1,335 Property and equipment — 6,678 Other assets: Broadcast licenses — 8,086 Goodwill — 8,151 Other intangibles, deferred costs and investments — 2,019 Total other assets — 18,256 Total assets acquired — 26,269 Liabilities Assumed: Current liabilities — 413 Total liabilities assumed — 413 Net assets acquired $ — $ 25,856
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 2018 2017 ProForma Results of Operation Net operating revenue $ 28,009 $ 28,132 Station operating expense 23,397 23,070 Corporate general and administrative 2,544 2,863 Other operating income, net (251) (21) Operating income from continuing operations 2,319 2,220 Interest expense 219 208 Other income (89) — Income from continuing operations, before tax 2,189 2,012 Income tax expense 660 819 Income from continuing operations, net of tax 1,529 1,193 Income from discontinued operations, net of tax — 891 Net income $ 1,529 $ 2,084 Basic earnings per share: From continuing operations $ .26 $ .20 From discontinued operations — .15 Basic earnings per share $ .26 $ .35 Diluted earnings per share: From continuing operations $ .26 $ .20 From discontinued operations — .15 Diluted earnings per share $ .26 $ .35

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of restricted stock transactions	The following summarizes the restricted stock transactions for the three months ended March 31, 2018: Weighted Grant Date Shares Value Outstanding at January 1, 2018 96,639 $ 44.85 Granted 3,850 39.00 Non-vested and outstanding at March 31, 2018 100,489 $ 44.63

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Long-Term Debt	Long-term debt consisted of the following: March 31, December 31, 2018 2017 (In thousands) Revolving credit facility $ 25,000 $ 25,000 Amounts payable within one year — — $ 25,000 $ 25,000

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Numerator:
Income from continuing operations	$ 1,529	$ 1,047
Less: Income allocated to unvested participating securities	26	19
Income from continuing operations available to common stockholders	1,503	1,028
Income from discontinued operations	0	891
Less: Income allocated to unvested participating securities	0	16
Income from discontinued operations available to common stockholders	0	875
Net income available to common stockholders	$ 1,503	$ 1,903
Denominator:
Denominator for basic earnings per share— weighted average shares	5,842	5,790
Effect of dilutive securities:
Common stock equivalents	0	12
Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions	5,842	5,802
Basic earnings per share:
From continuing operations	$ 0.26	$ 0.18
From discontinued operations	0	0.15
Basic earnings per share	0.26	0.33
Diluted earnings per share
From continuing operations	0.26	0.18
From discontinued operations	0	0.15
Diluted earnings per share	$ 0.26	$ 0.33

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Details Textual) - shares	Mar. 31, 2018	Mar. 31, 2017
Summary Of Significant Accounting Policies [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	0	0

Recent Accounting Pronounceme28

Recent Accounting Pronouncements (Details Textual)	Jan. 02, 2018USD ($)
New Accounting Pronouncement or Change in Accounting Principle, Assets And Liabilities	$ 0

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenue, Net
Revenue, Net, Total	$ 28,009	$ 26,155
Broadcast Advertising Revenue net [Member]
Revenue, Net
Revenue, Net, Total	25,758	24,071
Digital Advertising Revenue [Member]
Revenue, Net
Revenue, Net, Total	950	880
Other Revenue [Member]
Revenue, Net
Revenue, Net, Total	$ 1,301	$ 1,204

Intangible Assets (Details Text

Intangible Assets (Details Textual)	3 Months Ended
	Mar. 31, 2018
Customer Relationships [Member]
Finite-Lived Intangible Asset, Useful Life	3 years
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	5 years
Minimum [Member] | Other Intangible [Member]
Finite-Lived Intangible Asset, Useful Life	1 year

Common Stock and Treasury Sto31

Common Stock and Treasury Stock (Details) - shares shares in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Class A Common Stock [Member]
Common Stock [Line Items]
Balance, shares	6,694	6,638
Conversion of shares		17
Issuance of restricted stock	4	19
Forfeiture of restricted stock		(1)
Exercise of stock options		21
Balance, shares	6,698	6,694
Class B Common Stock [Member]
Common Stock [Line Items]
Balance, shares	898	878
Conversion of shares		(17)
Issuance of restricted stock	0	29
Forfeiture of restricted stock		0
Exercise of stock options		8
Balance, shares	898	898

Common Stock and Treasury Sto32

Common Stock and Treasury Stock (Details Textual)	3 Months Ended
	Mar. 31, 2018USD ($)shares
Common Stock [Line Items]
Share repurchase program, authorized amount	$ 75,800,000
Stock repurchase program, remaining authorization amount	$ 22,300,000
Stock Buy-Back Program [Member]
Common Stock [Line Items]
Stock Repurchased During Period, Shares | shares	2,500
Stock Repurchased During Period, Value	$ 93,000

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018		Mar. 31, 2017
Income from discontinued operations, net of tax		$ 0		$ 891
Joplin, Missouri and Victoria, Texas Television Stations [Member]
Net operating revenue		0	[1]	5,255
Station operating expense		0	[1]	3,712
Other operating expense		0	[1]	31
Operating income		0	[1]	1,512
Interest Expense	[2]	0	[1]	9
Income from discontinued operations before income taxes		0	[1]	1,503
Income tax expense	[3]	0	[1]	612
Income from discontinued operations, net of tax		$ 0	[1]	$ 891
[1]	Results of operations for the Television stations are reflected through March 31, 2017. The effective date of the sale was September 1, 2017.
[2]	Interest expense related to the 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%.

Discontinued Operations (Deta34

Discontinued Operations (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Significant investing items
Acquisition of property and equipment	$ 1,498	$ 1,439
Joplin, Missouri and Victoria, Texas Television Stations [Member]
Significant operating non-cash items
Depreciation and amortization	0	316
Broadcast program rights amortization	0	158
Barter expense, net	0	(54)
Loss on sale of assets	0	31
Significant investing items
Acquisition of property and equipment	$ 0	$ 97

Discontinued Operations (Deta35

Discontinued Operations (Details Textual) - USD ($)	Nov. 03, 2017	Oct. 05, 2017	May 09, 2017	Mar. 31, 2018	Sep. 30, 2017
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				41.00%
Discontinued Operation, Disposal of Discontinued Operation ,Transaction Costs				$ 50,000	$ 50,000
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
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
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net			$ 1,300,000		$ 1,300,000
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal				$ 50,800,000

Acquisitions and Dispositions36

Acquisitions and Dispositions (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets Acquired:
Current assets	$ 0	$ 1,335
Property and equipment	0	6,678
Other assets:
Broadcast licenses	0	8,086
Goodwill	0	8,151
Other intangibles, deferred costs and investments	0	2,019
Total other assets	0	18,256
Total assets acquired	0	26,269
Liabilities Assumed:
Current liabilities	0	413
Total liabilities assumed	0	413
Net assets acquired	$ 0	$ 25,856

Acquisitions and Dispositions37

Acquisitions and Dispositions (Details 1) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Business Acquisition [Line Items]
Net operating revenue	$ 28,009	$ 28,132
Station operating expense	23,397	23,070
Corporate general and administrative	2,544	2,863
Other operating (income) expenses, net	(251)	(21)
Operating income from continuing operations	2,319	2,220
Interest expense	219	208
Other income	(89)	0
Income from continuing operations, before tax	2,189	2,012
Income tax expense	660	819
Income from continuing operations, net of tax	1,529	1,193
Income from discontinued operations, net of tax	0	891
Net income	$ 1,529	$ 2,084
Basic earnings per share:
From continuing operations	$ 0.26	$ 0.20
From discontinued operations	0	0.15
Basic earnings per share	0.26	0.35
Diluted earnings per share:
From continuing operations	0.26	0.20
From discontinued operations	0	0.15
Diluted earnings per share	$ 0.26	$ 0.35

Acquisitions and Dispositions38

Acquisitions and Dispositions (Details Textual) - USD ($)	May 09, 2017	Mar. 31, 2018	Sep. 30, 2017	Dec. 31, 2017	Jan. 16, 2017
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total		$ 0		$ 26,269,000
Disposal Group, Including Discontinued Operation, Consideration	$ 23,000,000
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net		1,300,000
Discontinued Operation, Disposal of Discontinued Operation ,Transaction Costs		50,000	$ 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
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net	1,300,000		$ 1,300,000
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
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

Income Taxes (Details Textual)

Income Taxes (Details Textual)	12 Months Ended
	Dec. 31, 2017
Income Tax [Line Items]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	35.00%
Scenario, Plan [Member]
Income Tax [Line Items]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - Restricted Stock [Member]	3 Months Ended
	Mar. 31, 2018$ / sharesshares
Summary of the restricted stock transactions
Shares, Outstanding | shares	96,639
Granted Shares | shares	3,850
Shares, Outstanding | shares	100,489
Weighted Average Grant Date Fair Value, Outstanding | $ / shares	$ 44.85
Weighted Average Grant Date Fair Value, Granted | $ / shares	39
Weighted Average Grant Date Fair Value, Outstanding | $ / shares	$ 44.63

Stock-Based Compensation (Det41

Stock-Based Compensation (Details Textual) - USD ($)	1 Months Ended	3 Months Ended
	Oct. 16, 2013	Mar. 31, 2018	Mar. 31, 2017
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.
Restricted stock [Member]
Stock Based Compensation [Abstract]
Stock-Based Compensation expense		$ 551,000	$ 558,000
Recognized tax benefits		$ 63,000	$ 223,000
Common Class A [Member]
Stock Based Compensation [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Description	(990,000 if approved by stockholders at the Annual Meeting of stockholders) of Class A Common Stock
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 Based Compensation [Abstract]
Increase in number of common stock shares authorized	90,000
Share-based Compensation Arrangement by Share-based Payment Award, Description	(370,000 if approved by stockholders at the 2018 Annual Meeting of stockholders) of Class B Common Stock
Common Class B [Member] | Stock Option [Member]
Stock Based Compensation [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	280,000

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Aug. 18, 2015
Total debt
Amounts payable within one year	$ 0	$ 0
Long-term debt, noncurrent	25,000	25,000
Revolving credit facility [Member]
Total debt
Revolving credit facility	$ 25,000	$ 25,000	$ 100,000

Long-Term Debt (Details Textual

Long-Term Debt (Details Textual) - USD ($)	Nov. 03, 2017	Oct. 05, 2017	Aug. 18, 2015	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Amortization of Acquisition Costs				$ 266,000
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage				0.25%
Maximum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage				0.30%
Maximum [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				1.00%
Minimum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage				0.20%
Minimum [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				0.00%
Libor Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage				1.6875%
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	$ 25,000,000	$ 25,000,000
Line of Credit Facility, Remaining Borrowing Capacity				$ 75,000,000
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

Dec. 07, 2017

Oct. 13, 2017

Sep. 13, 2017

Jun. 09, 2017

May 03, 2017

Apr. 14, 2017

Mar. 03, 2017

Mar. 30, 2018

Feb. 28, 2018

Jan. 05, 2018

Mar. 31, 2018

Mar. 31, 2017

Common Stock, Dividends, Per Share, Declared

$ 0.30

$ 0.30

$ 0.3

$ 0.3

Dividends Payable, Date to be Paid

Mar. 30, 2018

Dividends Payable, Date of Record

Mar. 12, 2018

Dividends

$ 1,800

$ 1,800

$ 6,500

Dividends Payable

$ 1,800

Payments of Ordinary Dividends, Common Stock

$ 1,800

$ 8,311

$ 0

Dividends Payable, Date Declared

Feb. 28, 2018

Common Class A [Member]

Common Stock, Dividends, Per Share, Declared

$ 0.30

$ 0.30

$ 0.30

Common Class B [Member]

Common Stock, Dividends, Per Share, Declared

$ 0.80

$ 0.30

Subsequent Events (Details Text

Subsequent Events (Details Textual) - Subsequent Event [Member]	1 Months Ended
	May 07, 2018USD ($)shares
Subsequent Event [Line Items]
Stock Repurchased During Period, Shares | shares	9,000
Stock Repurchased During Period, Value | $	$ 33,700