Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 04, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Document Transition Report | false | ||
Entity File Number | 1-11588 | ||
Entity Registrant Name | SAGA COMMUNICATIONS, INC. | ||
Entity Central Index Key | 0000886136 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Incorporation, State or Country Code | FL | ||
Entity Tax Identification Number | 38-3042953 | ||
Entity Address, Address Line One | 73 Kercheval Avenue | ||
Entity Address, City or Town | Grosse Pointe Farms | ||
Entity Address, State or Province | MI | ||
Entity Address, Postal Zip Code | 48236 | ||
City Area Code | 313 | ||
Local Phone Number | 886-7070 | ||
Title of 12(b) Security | Class A Common Stock | ||
Trading Symbol | SGA | ||
Security Exchange Name | NASDAQ | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 108,082,992 | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Name | UHY LLP | ||
Auditor Firm ID | 1195 | ||
Auditor Location | Sterling Heights, Michigan | ||
Class A Common Stock | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 5,087,693 | ||
Class B Common Stock | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 965,149 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 54,760 | $ 51,353 |
Accounts receivable, less allowance of $469 ($648 in 2020) | 16,269 | 15,732 |
Prepaid expenses and other current assets | 2,449 | 2,988 |
Barter transactions | 971 | 895 |
Total current assets | 74,449 | 70,968 |
Property and equipment | 144,719 | 142,680 |
Less accumulated depreciation | 91,375 | 87,795 |
Net property and equipment | 53,344 | 54,885 |
Other assets: | ||
Broadcast licenses, net | 90,277 | 90,208 |
Goodwill | 19,209 | 19,106 |
Other intangibles, right of use assets, deferred costs and investments, net of accumulated amortization of $15,906 ($15,524 in 2020) | 10,653 | 11,321 |
Total assets | 247,932 | 246,488 |
Current liabilities: | ||
Accounts payable | 2,347 | 2,212 |
Payroll and payroll taxes | 6,202 | 5,660 |
Dividend payable | 3,988 | |
Other accrued expenses | 5,758 | 5,267 |
Barter transactions | 901 | 795 |
Total current liabilities | 19,196 | 13,934 |
Deferred income taxes | 24,802 | 24,607 |
Long-term debt | 10,000 | |
Other liabilities | 7,015 | 7,405 |
Total liabilities | 51,013 | 55,946 |
Commitments and contingencies | 0 | 0 |
Stockholders' equity: | ||
Additional paid-in capital | 70,035 | 68,900 |
Retained earnings | 164,246 | 158,990 |
Treasury stock | (37,439) | (37,425) |
Total stockholders' equity | 196,919 | 190,542 |
Total liabilities and stockholders' equity | 247,932 | 246,488 |
Class A Common Stock | ||
Stockholders' equity: | ||
Common stock | 68 | 68 |
Class B Common Stock | ||
Stockholders' equity: | ||
Common stock | $ 9 | $ 9 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Allowance for accounts receivable | $ 469 | $ 648 |
Accumulated amortization on other intangibles, deferred costs and investments | $ 15,906 | $ 15,524 |
Preferred Stock, Shares Authorized | 1,500,000 | 1,500,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Treasury stock, shares (in shares) | 1,758,000 | 1,751,000 |
Class A Common Stock | ||
Common Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 35,000,000 | 35,000,000 |
Common Stock, Shares, Issued | 6,835,000 | 6,785,000 |
Class B Common Stock | ||
Common Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 3,500,000 | 3,500,000 |
Common Stock, Shares, Issued | 965,000 | 938,000 |
Common Stock, Shares, Outstanding | 965,000 | 938,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CONSOLIDATED STATEMENTS OF OPERATIONS | |||
Net operating revenue | $ 108,343,000 | $ 95,813,000 | $ 123,072,000 |
Operating expenses : | |||
Station operating expenses | 83,245,000 | 81,586,000 | 92,692,000 |
Corporate general and administrative | 10,040,000 | 11,574,000 | 11,460,000 |
Other operating (income) expense, net | 7,000 | (1,247,000) | 112,000 |
Impairment of broadcast licenses | 5,149,000 | ||
Operating income (loss) | 93,292,000 | 97,062,000 | 104,264,000 |
Operating income (loss) | 15,051,000 | (1,249,000) | 18,808,000 |
Interest expense | 284,000 | 340,000 | 735,000 |
Interest income | (16,000) | (148,000) | (610,000) |
Other income | (634,000) | (233,000) | (16,000) |
Income (loss) before income tax expense | 15,417,000 | (1,208,000) | 18,699,000 |
Income tax provision (benefit): | |||
Current | 4,065,000 | 1,250,000 | 4,000,000 |
Deferred | 195,000 | (545,000) | 1,420,000 |
Income tax expense (benefit) | 4,260,000 | 705,000 | 5,420,000 |
Net income (loss) | $ 11,157,000 | $ (1,913,000) | $ 13,279,000 |
Basic earnings (loss) per share | |||
Basic earnings (loss) per share | $ 1.85 | $ (0.32) | $ 2.23 |
Diluted earnings (loss) per share | |||
Diluted earning per share | $ 1.85 | $ (0.32) | $ 2.23 |
Weighted average common shares | 5,917 | 5,871 | 5,834 |
Weighted average common and common equivalent shares | 5,917 | 5,871 | 5,834 |
Dividends declared per share | $ 0.98 | $ 0.32 | $ 1.20 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Class A Common StockCommon Stock | Class B Common StockCommon Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Total |
Balance at Dec. 31, 2018 | $ 67 | $ 9 | $ 64,795 | $ 156,689 | $ (36,561) | $ 184,999 |
Balance, shares at Dec. 31, 2018 | 6,732 | 923 | ||||
Net income (loss) | $ 0 | $ 0 | 0 | 13,279 | 0 | 13,279 |
Conversion of shares from Class B to Class A | $ 0 | $ 0 | 0 | 0 | 0 | 0 |
Conversion of shares from Class B to Class A (in shares) | 13 | (13) | ||||
Issuance of restricted stock | $ 1 | $ 0 | 0 | 0 | 0 | 1 |
Issuance of restricted stock (in shares) | 29 | 44 | ||||
Forfeiture of restricted stock | $ 0 | $ 0 | 0 | 0 | 0 | 0 |
Forfeiture of restricted stock (in shares) | (3) | 0 | ||||
Dividends declared per common share | $ 0 | $ 0 | 0 | (7,146) | 0 | (7,146) |
Compensation expense related to restricted stock awards | 0 | 0 | 2,129 | 0 | 0 | 2,129 |
Purchase of shares held in treasury | 0 | 0 | 0 | 0 | (1,172) | (1,172) |
401(k) plan contribution | 0 | 0 | (113) | 0 | 375 | 262 |
Balance at Dec. 31, 2019 | $ 68 | $ 9 | 66,811 | 162,822 | (37,358) | 192,352 |
Balance, shares at Dec. 31, 2019 | 6,771 | 954 | ||||
Net income (loss) | $ 0 | $ 0 | 0 | (1,913) | 0 | (1,913) |
Conversion of shares from Class B to Class A | $ 0 | $ 0 | 0 | 0 | 0 | 0 |
Conversion of shares from Class B to Class A (in shares) | 16 | (16) | ||||
Forfeiture of restricted stock | $ 0 | $ 0 | 0 | 0 | 0 | 0 |
Forfeiture of restricted stock (in shares) | (2) | 0 | ||||
Dividends declared per common share | $ 0 | $ 0 | 0 | (1,919) | 0 | (1,919) |
Compensation expense related to restricted stock awards | 0 | 0 | 2,221 | 0 | 0 | 2,221 |
Purchase of shares held in treasury | 0 | 0 | 0 | 0 | (449) | (449) |
401(k) plan contribution | 0 | 0 | (132) | 0 | 382 | 250 |
Balance at Dec. 31, 2020 | $ 68 | $ 9 | 68,900 | 158,990 | (37,425) | 190,542 |
Balance, shares at Dec. 31, 2020 | 6,785 | 938 | ||||
Net income (loss) | $ 0 | $ 0 | 0 | 11,157 | 0 | 11,157 |
Conversion of shares from Class B to Class A | $ 0 | $ 0 | 0 | 0 | 0 | 0 |
Conversion of shares from Class B to Class A (in shares) | 12 | (12) | ||||
Issuance of restricted stock | $ 0 | $ 0 | 0 | 0 | 0 | 0 |
Issuance of restricted stock (in shares) | 38 | 39 | ||||
Dividends declared per common share | $ 0 | $ 0 | 0 | (5,901) | 0 | (5,901) |
Compensation expense related to restricted stock awards | 0 | 0 | 1,335 | 0 | 0 | 1,335 |
Purchase of shares held in treasury | 0 | 0 | 0 | 0 | (435) | (435) |
401(k) plan contribution | 0 | 0 | (200) | 0 | 421 | 221 |
Balance at Dec. 31, 2021 | $ 68 | $ 9 | $ 70,035 | $ 164,246 | $ (37,439) | $ 196,919 |
Balance, shares at Dec. 31, 2021 | 6,835 | 965 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 11,157,000 | $ (1,913,000) | $ 13,279,000 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 5,749,000 | 6,524,000 | 6,945,000 |
Deferred income tax expense (benefit) | 195,000 | (545,000) | 1,420,000 |
Impairment of intangible assets | 5,149,000 | ||
Amortization of deferred costs | 37,000 | 40,000 | 103,000 |
Compensation expense related to restricted stock awards | 1,335,000 | 2,221,000 | 2,129,000 |
(Gain) loss on sale of assets | 7,000 | (1,247,000) | 112,000 |
(Gain) on insurance claims | (589,000) | (233,000) | (16,000) |
Other (gain) losses | (45,000) | ||
Barter (revenue) expense, net | (2,000) | (133,000) | (190,000) |
Deferred and other compensation | (215,000) | 463,000 | (634,000) |
Changes in assets and liabilities: | |||
(Increase) decrease in receivables and prepaid expenses | 507,000 | 3,016,000 | (5,780,000) |
Increase (decrease) in accounts payable, accrued expenses, and other liabilities | 968,000 | (1,254,000) | 7,967,000 |
Total adjustments | 7,947,000 | 14,001,000 | 12,056,000 |
Net cash provided by operating activities | 19,104,000 | 12,088,000 | 25,335,000 |
Cash flows from investing activities: | |||
Acquisition of property and equipment | (3,969,000) | (2,314,000) | (5,732,000) |
Acquisition of broadcast properties | (150,000) | (190,000) | (763,000) |
Proceeds from sale and disposal of assets | 142,000 | 1,691,000 | 270,000 |
Proceeds from insurance claims | 589,000 | 233,000 | |
Other investing activities | 40,000 | (24,000) | (10,000) |
Net cash used in investing activities | (3,348,000) | (604,000) | (6,235,000) |
Cash flows from financing activities: | |||
Payments on long-term debt | (10,000,000) | (10,000,000) | |
Cash dividends paid | (1,914,000) | (3,716,000) | (8,623,000) |
Purchase of treasury shares | (435,000) | (449,000) | (1,172,000) |
Net cash used in financing activities | (12,349,000) | (4,165,000) | (19,795,000) |
Net increase (decrease) in cash and cash equivalents | 3,407,000 | 7,319,000 | (695,000) |
Cash and cash equivalents, beginning of period | 51,353,000 | 44,034,000 | 44,729,000 |
Cash and cash equivalents, end of period | $ 54,760,000 | $ 51,353,000 | $ 44,034,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Nature of Business Saga Communications, Inc. is a broadcasting company whose business is devoted to acquiring, developing and operating broadcast properties. As of December 31, 2021, we owned or operated seventy-nine FM, thirty-four AM radio stations and seventy-nine metro signals, serving twenty-seven markets throughout the United States. Principles of Consolidation The consolidated financial statements include the accounts of Saga Communications, Inc. and our wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States (GAAP) requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The full extent to which the effects of COVID-19 will directly or indirectly impact our business, results of operations and financial condition, including but not limited to our future estimates regarding our allowance for doubtful accounts and our valuation of goodwill and broadcast licenses will depend on future developments that are uncertain. Our accounting estimates require the use of judgment as future events and the effect of these events cannot be predicted with certainty. The accounting estimates may change as new events occur, as more experience is acquired and as more information is obtained. We evaluate and update assumptions and estimates on an ongoing basis and may use outside experts to assist in the our evaluation, as considered necessary. Actual results may differ from estimates provided and there may be changes to those estimates in the future periods. Concentration of Risk Certain cash deposits with financial institutions may at times exceed FDIC insurance limits. Our top five markets when combined represented 39%, 40% and 39% of our net operating revenue for the years ended December 31, 2021, 2020 and 2019, respectively. We sell advertising to local and national companies throughout the United States. We perform ongoing credit evaluations of our customers and generally do not require collateral. We maintain an allowance for doubtful accounts at a level which we believe is sufficient to cover potential credit losses. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and time deposits with original maturities of three months or less. We did not have any time deposits at December 31, 2021 and 2020. 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 December 31, 2021. Allowance for Doubtful Accounts A provision for doubtful accounts is recorded based on our judgment of the collectability of receivables. Amounts are written off when determined to be fully uncollectible. Delinquent accounts are based on contractual terms. The activity in the allowance for doubtful accounts during the years ended December 31, 2021, 2020 and 2019 was as follows: Write Off of Balance Charged to Allowance Uncollectible Balance at at Beginning Costs and From Accounts, Net of End of Year Ended of Period Expenses Acquisitions Recoveries Period (in thousands) December 31, 2021 $ 648 $ 56 $ — $ (235) $ 469 December 31, 2020 $ 671 $ 420 $ — $ (443) $ 648 December 31, 2019 $ 759 $ 578 $ — $ (666) $ 671 Barter Transactions Our radio stations trade air time for goods and services used principally for promotional, sales and other business activities. An asset and a liability are recorded at the fair market value of goods or services received. Barter revenue is recorded when commercials are broadcast, and barter expense is recorded when goods or services received are used. Property and Equipment Property and equipment are carried at cost. Expenditures for maintenance and repairs are expensed as incurred. When property and equipment is sold or otherwise disposed of, the related cost and accumulated depreciation is removed from the respective accounts and the gain or loss realized on disposition is reflected in earnings. Depreciation is provided using the straight-line method based on the estimated useful life of the assets. We review our property and equipment for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of these assets is measured by comparison of their carrying amounts to future undiscounted cash flows the assets are expected to generate. If the assets are considered to be impaired, the impairment to be recognized equals the amount by which the carrying value of the assets exceeds its fair market value. We did not record any impairment of property and equipment during 2021, 2020 and 2019. Property and equipment consisted of the following: Estimated December 31, Useful Life 2021 2020 (In thousands) Land and land improvements — $ 14,638 $ 14,559 Buildings 31.5 years 38,225 38,059 Towers and antennae 7-15 years 25,918 25,976 Equipment 3-15 years 55,955 53,547 Furniture, fixtures and leasehold improvements 7-20 years 7,129 7,189 Vehicles 5 years 2,854 3,350 144,719 142,680 Accumulated depreciation (91,375) (87,795) Net property and equipment $ 53,344 $ 54,885 Depreciation expense for continuing operations for the years ended December 31, 2021, 2020 and 2019, was $5,362,000, $5,711,000 and $5,916,000, respectively. Intangible Assets Intangible assets deemed to have indefinite useful lives, which include broadcast licenses and goodwill, are not amortized and are subject to impairment tests which are conducted as of October 1 of each year, or more frequently if impairment indicators arise. We have 113 broadcast licenses serving 27 markets, which require renewal over the period of 2022-2030. In determining that the Company’s broadcast licenses qualified as indefinite-lived intangible assets, management considered a variety of factors including our broadcast licenses may be renewed indefinitely at little cost; our broadcast licenses are essential to our business and we intend to renew our licenses indefinitely; we have never been denied the renewal of an FCC broadcast license nor do we believe that there will be any compelling challenge to the renewal of our broadcast licenses; and we do not believe that the technology used in broadcasting will be replaced by another technology in the foreseeable future. Separable intangible assets that have finite lives are amortized over their useful lives using the straight-line method. Favorable lease agreements are amortized over the leases length, ranging from one one Deferred Costs The costs related to the issuance of debt are capitalized and amortized to interest expense over the life of the Credit Facility. During the years ended December 31, 2021, 2020 and 2019, we recognized interest expense related to the amortization of debt issuance costs of $37,000, $40,000 and $103,000, respectively. At December 31, 2021 and 2020 the net book value of debt issuance costs related to our line of credit was $17,000, and $64,000, respectively, and was presented in other intangibles, deferred costs and investments in our Consolidated Balance Sheets. Leases We determine whether a contract is or contains a lease at inception. The lease liabilities and right-of-use assets are recorded on the balance sheet for all leases with an expected term of at least one year, based on the present value of the lease payments using (1) the rate implicit in the lease or (2) our incremental borrowing rate (“IBR”). Our IBR is defined as the rate of interest we would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. We follow the accounting guidance for leases, which includes the recognition of lease expense for leases on a straight-line basis over the lease term. See Note 12 – Commitments and Contingencies for more information on Leases. Treasury Stock In March 2013, our board of directors authorized an increase in the amount committed to our Stock Buy-Back Program (the “Buy-Back Program”) from $60 million to $75.8 million. The Buy-Back Program allows us to repurchase our Class A Common Stock. As of December 31, 2021, we had remaining authorization of $18.4 million for future repurchases of our Class A Common Stock. Repurchases of shares of our Common Stock are recorded as Treasury stock and result in a reduction of Stockholders’ equity. During 2021, 2020 and 2019, we acquired 16,577 shares at an average price of $26.25 per share, 24,255 shares at an average price of $18.51 per share and 39,505 shares at an average price of $29.68 per share, respectively. Revenue Recognition Revenue from the sale of commercial broadcast time to advertisers is recognized when commercials are broadcast. Revenue is reported net of advertising agency commissions. Agency commissions, when applicable are based on a stated percentage applied to gross billing. All revenue is recognized in accordance with the Securities and Exchange Commission’s (“SEC”) Staff Accounting Bulletin (“SAB”) No. 104, Topic 13, Revenue Recognition Revised and Updated Revenue from Contracts with Customers 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 its own commercial advertising announcements during the time periods specified. Revenue and expenses related to TBAs/LMAs are included in the accompanying Consolidated Statements of Income. Assets and liabilities related to the TBAs/LMAs are included in the accompanying Consolidated Balance Sheets. Advertising and Promotion Costs Advertising and promotion costs are expensed as incurred. Such costs amounted to $1,396,000, $985,000 and $2,442,000 for the years ended December 31, 2021, 2020 and 2019, respectively. Income Taxes The provision for income taxes is calculated using the asset and liability method, under which deferred tax assets and liabilities are determined based on temporary differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. In assessing the realizability of deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The realization of deferred tax assets is primarily dependent upon the generation of future taxable income. 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 and permanent differences primarily relating to executive compensation. Dividends On December 14, 2021, the Company’s Board of Directors declared a quarterly cash dividend of $0.16 per share and special cash dividend of $0.50 per share on its Classes A and B Common Stock. This dividend, totaling approximately December 31, 2021 . On September 28, 2021, the Company’s Board of Directors declared a quarterly cash dividend of $0.16 per share on its Classes A and B Common Stock. This dividend, totaling approximately . On June 18, 2021, the Company’s Board of Directors declared a quarterly cash dividend of $0.16 per share on its Classes A and B Common Stock. This dividend, totaling approximately and was recorded in dividends payable on the Company’s Condensed Consolidated Balance sheet at June 30, 2021. The Company had previously temporarily suspended the quarterly cash dividend in response to the uncertainty of the ongoing impact of COVID-19 as of June 18, 2020. On June 18, 2020, our Board of Directors announced that it was temporarily suspending the quarterly cash dividend in response to the continued uncertainty of the ongoing impact of COVID-19. On March 4, 2020, our Board of Directors declared a regular quarterly cash dividend of $0.32 per share on its Classes A and B Common Stock. This dividend, totaling approximately $1.9 million, was paid on April 10, 2020 to shareholders of record on March 16, 2020 and funded by cash on the Company’s balance sheet. On December 11, 2019, our Board of Directors declared a quarterly cash dividend of $0.30 per share on its Classes A and B shares. This dividend totaling approximately $1.8 million was paid on January 17, 2020 to shareholders of record on December 27, 2019 and funded by cash on the Company’s balance sheet. On September 12, 2019, our Board of Directors declared a regular cash dividend of $0.30 per share on its Classes A and B Common Stock. This dividend, totaling approximately $1.8 million, was paid on October 11, 2019 to shareholders of record on September 23, 2019 and funded by cash on the Company’s balance sheet. On May 30, 2019, our Board of Directors declared a regular cash dividend of $0.30 per share on its Classes A and B Common Stock. This dividend, totaling approximately $1.8 million, was paid on July 5, 2019 to shareholders of record on June 14, 2019 and funded by cash on the Company’s balance sheet. On February 26, 2019, our Board of Directors declared a regular cash dividend of $0.30 per share on its Classes A and B Common Stock. This dividend, totaling approximately $1.8 million, was paid on March 29, 2019 to shareholders of record on March 12, 2019 and funded by cash on the Company’s balance sheet. Stock-Based Compensation Stock-based compensation cost for stock option awards is estimated on the date of grant using a Black-Scholes valuation model and is expensed on a straight-line method over the vesting period of the options. Stock-based compensation expense is recognized net of estimated forfeitures. The fair value of restricted stock awards is determined based on the closing market price of our Class A Common Stock on the grant date and is adjusted at each reporting date based on the amount of shares ultimately expected to vest. See Note 7 — Stock-Based Compensation for further details regarding the expense calculated under the fair value based method. Segments We serve twenty-seven radio markets (reporting units) that aggregate into one operating segment (Radio), which also qualifies as a reportable segment. We operate under one reportable busines segment for which segment disclosure is consistent with the management decision-making process that determines the allocation of resources and the measuring of performance. The Chief Operating Decision Maker (“CODM”) evaluates the results of the radio operating segment and makes operating and capital investment decisions based at the Company level. Furthermore, technological enhancements and system integration decisions are reached at the Company level and applied to all markets rather than to specific or individual markets to ensure that each market has the same tools and opportunities as every other market. Managers at the market level do not report to the CODM and instead report to other senior management, who are responsible for the operational oversight of radio markets and for communication of results to the CODM. We continually review our operating segment classification to align with operational changes in our business and may make changes as necessary. Earnings Per Share 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. We have participating securities related to restricted stock units, granted under our 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. The following table sets forth the computation of basic and diluted earnings per share: Years Ended December 31, 2021 2020 2019 (In thousands, except per share data) Numerator: Net income (loss) $ 11,157 $ (1,913) $ 13,279 Less: Income (loss) allocated to unvested participating securities 190 (21) 292 Net income (loss) available to common stockholders $ 10,967 $ (1,892) $ 12,987 Denominator: Denominator for basic earnings per share — weighted average shares 5,917 5,871 5,834 Effect of dilutive securities: Common stock equivalents — — — Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions 5,917 5,871 5,834 Earnings (loss) per share: Basic $ 1.85 $ (0.32) $ 2.23 Diluted $ 1.85 $ (0.32) $ 2.23 There were no stock options outstanding that had an antidilutive effect on our earnings per share calculation for the years ended December 31, 2021, 2020, and 2019, respectively. The actual effect of these shares, if any, on the diluted earnings per share calculation will vary significantly depending on fluctuations in the stock price. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, “ Income Taxes (Topic 740): Simplifying the Accounting for Incomes Taxes” (“ASU 2019-12”) which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance regarding the tax treatment of certain franchise taxes, goodwill and nontaxable entities, among other items to improve consistent application. ASU 2019-12 is effective for fiscal years and interim periods beginning after December 15, 2020. The Company adopted this standard on January 1, 2021 and there was no material impact as a result of adoption. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Revenue | |
Revenue | 2. Revenue Nature of goods and services The following is a description of principal activities from which we generate our revenue: Broadcast Advertising Revenue Our primary source of revenue is from the sale of advertising for broadcast on our stations. We recognize revenue from the sale of advertising as performance obligations are satisfied upon airing of the advertising; therefore, revenue is recognized at a point in time when each advertising spot is transmitted. Agency commissions are calculated based on a stated percentage applied to gross billing revenue for our advertising inventory placed by agency and are reported as a reduction of 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 and digital audio streams, 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. Disaggregation of Revenue The following table presents revenues disaggregated by revenue source: Twelve Months Ended December 31, 2021 2020 2019 (in thousands) Types of Revenue Broadcast Advertising Revenue, net $ 95,573 $ 87,481 $ 112,278 Digital Advertising Revenue 6,337 3,416 3,783 Other Revenue 6,433 4,916 7,011 Net Revenue $ 108,343 $ 95,813 $ 123,072 Contract Liabilities Payments from our advertisers are generally due within 30 days although certain advertisers are required to pay in advance. When an advertiser pays for the services in advance of the performance obligations these prepayments are 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; and 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 Consolidated Financial Statements and are immaterial. Transaction Price Allocated to the Remaining Performance Obligations As the majority of our contracts are one |
Broadcast Licenses, Goodwill an
Broadcast Licenses, Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Broadcast Licenses, Goodwill and Other Intangible Assets | |
Broadcast Licenses, Goodwill and Other Intangible Assets | 3. Broadcast Licenses, Goodwill and Other Intangible Assets We evaluate our FCC licenses for impairment annually, or more frequently if events or changes in circumstances indicate that the asset might be impaired. We operate our broadcast licenses in each market as a single asset and determine the fair value by relying on a discounted cash flow approach assuming a start-up scenario in which the only assets held by an investor are broadcast licenses. The fair value calculation contains assumptions incorporating variables that are based on past experiences and judgments about future operating performance using industry normalized information for an average station within a market. These variables include, but are not limited to: (1) the forecasted growth rate of each radio market, including population, household income, retail sales and other expenditures that would influence advertising expenditures; (2) the estimated available advertising revenue within the market and the related market share and profit margin of an average station within a market; (3) estimated capital start-up costs and losses incurred during the early years; (4) risk-adjusted discount rate; (5) the likely media competition within the market area; and (6) terminal values. If the carrying amount of FCC licenses is greater than their estimated fair value in a given market, the carrying amount of FCC licenses in that market is reduced to its estimated fair value. We also evaluate goodwill for impairment annually, or more frequently if certain circumstances are present. If the carrying amount of goodwill in a reporting unit is greater than the implied value of goodwill determined by completing a hypothetical purchase price allocation using estimated fair value of the reporting unit, the carrying amount of goodwill in that reporting unit is reduced to its implied value. We evaluate amortizable intangible assets for recoverability when circumstances indicate impairment may have occurred, using an undiscounted cash flow methodology. If the future undiscounted cash flows for the intangible asset are less than net book value, then the net book value is reduced to the estimated fair value. Amortizable intangible assets are included in other intangibles, deferred costs and investments in the consolidated balance sheets. Broadcast Licenses We have recorded the changes to broadcast licenses for the years ended December 31, 2021 and 2020 as follows: Total (in thousands) Balance at January 1, 2020 $ 95,311 Acquisitions 46 Impairment charge (5,149) Balance at December 31, 2020 $ 90,208 Acquisitions 69 Balance at December 31, 2021 $ 90,277 2021 Impairment Test We completed our impairment annual impairment test of broadcast licenses during the fourth quarter of 2021 and determined that the fair value of the broadcast licenses was greater than the carrying value recorded for each of our markets and, accordingly, no impairment was recorded. The following table reflects certain key estimates and assumptions used in the impairment tests during the fourth quarter ended 2021, the year ended 2020 and in the fourth quarter of 2019. The ranges for operating profit margin and market long-term revenue growth rates vary by market. In general, when comparing between 2021, 2020 and 2019: (1) the market specific operating profit margin range remained relatively consistent with some decreases to our smaller markets due to the cost of operations in a small market; (2) the market long-term revenue growth rates were relatively consistent; (3) the discount rate increased a small percentage due to the COVID-19 pandemic; and (4) current year revenue projections were flat with amounts previously projected for 2021. Fourth Year Fourth Quarter Ended Quarter 2021 2020 2019 Discount rates 12.3% - 12.6 % 12.6% - 13.0 % 12.2% - 12.2 % Operating profit margin ranges 17.8% - 36.4 % 17.8% - 36.4 % 19.0% - 36.4 % Market long-term revenue growth rates 0.2% - 2.6 % 0.2% - 2.9 % 0.0% - 2.9 % If actual market conditions are less favorable than those estimated by us or if events occur or circumstances change that would reduce the fair value of our broadcast licenses below the carrying value, we may be required to recognize additional impairment charges in future periods. Such a charge could have a material effect on our consolidated financial statements. We will continue to monitor potential triggering events and perform the appropriate analysis when deemed necessary. 2020 Impairment Test Due to the impact of the COVID-19 pandemic on the U.S. economy and the related significant negative impact on our revenue for the second, third and fourth quarter of 2020 (excluding political advertising) in the majority of our markets, the Company tested its FCC License for impairment during the second quarter and again in the third quarter of 2020. Our broadcast revenue was significantly negatively impacted in the majority of the states where we operate, due to economic shutdowns and the related decline in advertising spending nationwide as most companies were making massive payroll cuts out of a necessity to survive with their revenues also significantly impacted. We experienced a significant number of cancellations of advertising on our stations, with the greatest decreases in the following industries/categories: Automotive, Entertainment, Home Improvement, Professional Services, Restaurants, and Retail. The only category where we saw an increase over the prior quarters and year to date in 2020 were political advertising and government/public service/issue advertising. We also saw significant declines in our revenue related to events, venues, travel and sports as these types of businesses have been virtually shut down. We started to see increased revenues from our low point in Q2 2020, however, throughout 2020 they were not at the previously expected recovery rate. Based on the trends we were seeing at our markets we believe that our analysis and estimates used during the third quarter 2020 analysis remained our best estimate and we did not believe any further triggering events occurred during the fourth quarter of 2020 since the date of the previous analysis that would require any additional impairment testing for broadcast licenses. As a result of the quantitative impairment test performed as of June 30, 2020, the Company determined that the fair value of the broadcast licenses were less than the carrying amount on the balance sheet and recorded non-cash impairment charges totaling million related to the FCC licenses in our Bucyrus, Ohio; Champaign, Illinois; Charleston, South Carolina; Columbus, Ohio; Harrisonburg, Virginia; Hilton Head, South Carolina; Mitchell, South Dakota; and Ocala, Florida markets. The impairment charges were primarily due to a decrease in projected revenue in these markets due to the impact of the COVID-19 pandemic, an increase in the discount rate used in the discounted cash flow analyses to estimate the fair value of our FCC licenses due to certain risks specifically associated with the Company and the radio broadcasting industry, and a decrease in mature operating margins in small markets due to the cost of operations in a small market. As a result of the quantitative impairment test performed as of September 30, 2020, the Company determined that the fair value of the broadcast licenses were less than the carrying amount on the balance sheet and recorded non-cash impairment charges totaling million for the quarter ended September 30, 2020 related to the FCC licenses in our Bellingham, Washington; Champaign, Illinois; Charleston, South Carolina; Columbus, Ohio; Harrisonburg, Virginia; Mitchell, South Dakota; Spencer, Iowa and Springfield, Illinois. The impairment charges were primarily due to a decrease in projected revenue in these markets due to the impact of the COVID-19 pandemic, an increase in the discount rate used in 2019 but slightly less than in the second quarter of 2020, in the discounted cash flow analyses to estimate the fair value of our FCC licenses due to certain risks specifically associated with the Company and the radio broadcasting industry, and a decrease in mature operating margins in small markets due to the cost of operations in a small market. 2019 Impairment Test During the fourth quarter of 2019, we completed our annual impairment test of broadcast and determined that the fair value of the broadcast licenses was greater than the carrying value recorded for each of our markets and, accordingly, no impairment was recorded. Goodwill During the fourth quarter of 2021, the Company performed its annual impairment test of goodwill in accordance with ASC 350 and determined that the fair value was in excess of its carrying value and, accordingly, no impairment was recorded. We have recorded the changes to goodwill for each of the years ended December 31, 2021 and 2020 as follows: Total (in thousands) Balance at January 1, 2020 $ 18,963 Acquisitions 143 Balance at December 31, 2020 $ 19,106 Acquisitions 103 Balance at December 31, 2021 $ 19,209 Other Intangible Assets We have recorded amortizable intangible assets at December 31, 2021 as follows: Gross Carrying Accumulated Net Amount Amortization Amount (In thousands) Non-competition agreements $ 3,861 $ 3,861 $ — Favorable lease agreements 5,965 5,597 368 Customer relationships 4,660 4,660 — Other intangibles 1,829 1,788 41 Total amortizable intangible assets $ 16,315 $ 15,906 $ 409 We have recorded amortizable intangible assets at December 31, 2020 as follows: Gross Carrying Accumulated Net Amount Amortization Amount (In thousands) Non-competition agreements $ 3,861 $ 3,861 $ — Favorable lease agreements 5,965 5,570 395 Customer relationships 4,660 4,322 338 Other intangibles 1,834 1,771 63 Total amortizable intangible assets $ 16,320 $ 15,524 $ 796 Aggregate amortization expense for these intangible assets for the years ended December 31, 2021, 2020 and 2019, was $387,000, $813,000 and $1,029,000, respectively. Our estimated annual amortization expense for the years ending December 31, 2022, 2023, 2024, 2025 and 2026 is $39,000, $35,000, $33,000, $33,000 and $32,000, respectively. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Long-Term Debt. | |
Long-Term Debt | 4. Long-Term Debt On October 27, 2021, we used $10 million from funds generated by operations to voluntarily pay down the remaining amount on our Revolving Credit Facility and as such, have no debt outstanding at December 31, 2021. Long-term debt consisted of the following: December 31, December 31, 2021 2020 (In thousands) Revolving credit facility $ — $ 10,000 Amounts payable within one year — — $ — $ 10,000 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. The Credit Facility consisted of a $100 million five-year revolving facility (the “Revolving Credit Facility”) and originally matured on August 18, 2020. On June 27, 2018, the Company entered into a Second Amendment to its Credit Facility, (the “Second Amendment”), which had first been amended on September 1, 2017, extending the revolving credit maturity date under the Credit Agreement for five years after the date of the amendment to June 27, 2023. On July 1, 2019, we elected to reduce our Revolving Credit Facility to $70 million. On May 11, 2020, as part of our reincorporation as a Florida corporation, we entered into an assumption agreement and amendment of loan documents. The amendment also included an alternative benchmark rate as a replacement to LIBOR. On November 1, 2021, we elected to further reduce our Revolving Credit Facility to 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 of debt issuance costs related to the Credit Facility were capitalized and are being amortized over the life of the Credit Facility. These debt issuance costs are included in other assets, net in the consolidated balance sheets. As a result of the Second Amendment, we incurred an additional $120,000 of transaction fees related to the Credit Facility that were capitalized. The cumulative transaction fees are being amortized over the remaining life of the Credit Facility. Interest rates under the Credit Facility are payable, at our option, at alternatives equal to LIBOR (0.101% at December 31, 2021), plus 1% to 2% or the base rate plus 0% to 1% . The spread over LIBOR and the base rate vary from time to time, depending upon our financial leverage. As previously noted, the May 11, 2020 amendment to the Credit Facility includes an alternative to LIBOR in the event LIBOR is no longer available. Letters of credit issued under the Credit Facility will be subject to a participation fee (which is equal to the interest rate applicable to Eurocurrency Loans, as defined in the Credit Agreement) payable to each of the Lenders and a fronting fee equal to The Credit Facility contains a number of financial covenants (all of which we were in compliance with at December 31, 2021) 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. On June 7, 2019, we used $5,000,000 from funds generated by operations to voluntarily pay down a portion of our Revolving Credit Facility. On February 4, 2019, we used $5,000,000 from funds generated by operations to voluntarily pay down a portion of our Revolving Credit Facility, which was presented in current portion of long-term debt in our balance sheet at December 31, 2018. After we paid down our debt and reduced our Revolving Credit Facility as noted above, we had approximately $50 million of unused borrowing capacity under the Revolving Credit Facility at December 31, 2021. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Information | |
Supplemental Cash Flow Information | 5. Supplemental Cash Flow Information Years Ended December 31, 2021 2020 2019 (In thousands) Cash paid during the period for: Interest $ 253 $ 311 $ 635 Income taxes $ 3,450 $ 1,099 $ 3,893 Non-cash transactions: Barter revenue $ 2,125 $ 2,014 $ 3,560 Barter expense $ 2,124 $ 1,881 $ 3,370 Acquisition of property and equipment $ — $ 6 $ 28 Use of treasury shares for 401(k) match $ 221 $ 250 $ 262 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes | |
Income Taxes | 6. Income Taxes On March 18, 2020, the Families First Coronavirus Response Act ("FFCR Act"), and on March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") were each enacted in response to the COVID-19 pandemic. The FFCR Act and the CARES Act contain numerous tax provisions, such as deferring payroll payments, establishing a credit for the retention of certain employees, relaxing limitations on the deductibility of interest, and updating the definition of qualified improvement property. This legislation currently has no material impact to the Company’s financial statements. An income tax expense of $4,260,000 was recorded for the year ended December 31, 2021 compared to income tax expense of $705,000 for the year ended December 31, 2020. The effective tax rate was approximately 27.6% for the year ended December 31, 2021 compared to (58.4)% for the year ended December 31, 2020. The 2020 year to date tax rate was impacted by permanent differences primarily relating to executive compensation resulting in additional tax expense of approximately $1.0 million offset by the broadcast license impairment charge which was a discrete item and contributed approximately $1.4 million of tax benefit for the year ended December 31, 2020. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax liabilities and assets are as follows: December 31, 2021 2020 (In thousands) Deferred tax liabilities: Property and equipment $ 4,242 $ 4,802 Intangible assets 21,425 20,442 Prepaid expenses 405 426 Total deferred tax liabilities 26,072 25,670 Deferred tax assets: Allowance for doubtful accounts 43 89 Compensation 1,093 824 Other accrued liabilities 134 150 1,270 1,063 Less: valuation allowance — — Total net deferred tax assets 1,270 1,063 Net deferred tax liabilities $ 24,802 $ 24,607 Current portion of deferred tax assets $ 361 $ 150 Non-current portion of deferred tax liabilities (25,163) (24,757) Net deferred tax liabilities $ (24,802) $ (24,607) Deferred tax assets are required to be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. At December 31, 2021 and December 31, 2020, we do not have a valuation allowance for net deferred tax assets. At December 31, 2021 and 2020, net deferred tax liabilities include a deferred tax asset of $1,270,000 and $1,063,000, respectively, relating to deferred compensation, stock-based compensation expense, accrued compensation, the allowance for doubtful accounts, and other accrued expenses. The significant components of the provision for income taxes are as follows: Years Ended December 31, 2021 2020 2019 (In thousands) Current: Federal $ 3,080 $ 850 $ 2,900 State 985 400 1,100 Total current 4,065 1,250 4,000 Total deferred 195 (545) 1,420 Total Income Tax Provision $ 4,260 $ 705 $ 5,420 The reconciliation of income tax at the U.S. federal statutory tax rates to income tax expense (benefit) is as follows: Years Ended December 31, 2021 2020 2019 (In thousands) Tax expense (benefit) at U.S. statutory rates $ 3,209 $ (290) $ 3,976 State tax expense, net of federal benefit 815 235 1,079 Other, net 236 760 365 $ 4,260 $ 705 $ 5,420 The 2021 and 2019 effective tax rates exceed the federal statutory rate primarily due to non-deductible compensation related expenses and state income taxes. The 2020 effective tax rate exceeded the federal statutory rate primarily due to non-deductible compensation related expenses, book tax differences in impairment charges and state income taxes. The Company files income taxes in the U.S. federal jurisdiction, and in various state and local jurisdictions. The Company is no longer subject to U.S. federal examinations by the Internal Revenue Service (IRS) for years prior to 2018. During the first quarter of 2015, the IRS commenced an examination of the Company’s 2013 U.S. federal income tax return which was completed in the first quarter of 2016 and resulted in no changes to the return. The Company is subject to examination for income and non-income tax filings in various states. As of December 31, 2021, and 2020, there were no accrued balances recorded related to uncertain tax positions. We classify income tax-related interest and penalties that are related to income tax liabilities as a component of income tax expense. For the years ended December 31, 2021, 2020 and 2019, we had $0, $600, and $2,100, respectively, tax-related interest and penalties and had $0 accrued at December 31, 2021 and 2020. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Stock-Based Compensation | |
Stock-Based Compensation | 7. Stock-Based Compensation 2005 Incentive Compensation Plan On May 13, 2019 our stockholders approved an amendment to the Second Amended and Restated Saga Communications, Inc. 2005 Incentive Compensation Plan (as amended, The Second Restated 2005 Plan). This plan was first approved in 2005, and subsequently re-approved in 2010 and 2013. The amendment to the Second Restated 2005 Plan (i) extended the date for making awards to September 6, 2023 and (ii) increased the number of authorized shares under the Plan by 90,000 shares of Class B Common Stock. The Second Restated 2005 Plan allows for the granting of restricted stock, restricted stock units, incentive stock options, nonqualified stock options, and performance awards to eligible employees and non-employee directors. The number of shares of Common Stock that may be issued under the Second Restated 2005 Plan may not exceed 370,000 shares of Class B Common Stock, 990,000 shares of Class A Common Stock of which up to 620,000 shares of Class A Common Stock may be issued pursuant to incentive stock options and 370,000 Class A Common Stock issuable upon conversion of Class B Common Stock. Awards denominated in Class A Common Stock may be granted to any employee or director under the Second Restated 2005 Plan. However, awards denominated in Class B Common Stock may only be granted to Edward K. Christian, President, Chief Executive Officer, Chairman of the Board of Directors, and the holder of 100% of the outstanding Class B Common Stock of the Company. Stock options granted under the Second Restated 2005 Plan may be for terms not exceeding ten years from the date of grant and 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 Our stock-based compensation expense is measured and recognized for all stock-based awards to employees using the estimated fair value of the award. Compensation expense is recognized over the period during which an employee is required to provide service in exchange for the award. For these awards, we have recognized compensation expense using a straight-line amortization method. Accounting guidance requires that stock-based compensation expense be based on awards that are ultimately expected to vest; therefore stock-based compensation has been adjusted for estimated forfeitures. When estimating forfeitures, we consider voluntary termination behaviors as well as trends of actual option forfeitures. All stock options were fully vested and expensed at December 31, 2012, therefore there was no compensation expense related to stock options for the years ended December 31, 2021, 2020 and 2019. We calculated the fair value of each option award on the date of grant using the Black-Scholes option pricing model. The estimated expected volatility, expected term of options and estimated annual forfeiture rate were determined based on historical experience of similar awards, giving consideration to the contractual terms of the stock-based awards, vesting schedules and expectations of future employee behavior. The risk-free interest rate was based on the U.S. Treasury yield curve in effect at the time of grant. There were no options granted during 2021, 2020 and 2019 and there were no stock options outstanding as of December 31, 2021. The following summarizes the restricted stock transactions for the year ended December 31: Weighted Average Grant Date Shares Fair Value Outstanding at January 1, 2019 109,176 $ 40.87 Granted 72,985 31.18 Vested (51,021) 42.66 Forfeited/canceled/expired (2,916) 40.30 Outstanding at December 31, 2019 128,224 $ 34.66 Granted — — Vested (62,137) 36.50 Forfeited/canceled/expired (2,332) 33.65 Outstanding at December 31, 2020 63,755 $ 32.90 Granted 77,913 23.00 Vested (41,059) 33.85 Forfeited/canceled/expired — — Non-vested and outstanding at December 31, 2021 100,609 $ 24.85 Weighted average remaining contractual life (in years) 2.3 The weighted average grant date fair value of restricted stock that vested during 2021 and 2019 was $1,792,000 and $2,276,000 , respectively. There were no restricted stock grants awarded in 2020. The net value of unrecognized compensation cost related to unvested restricted stock awards aggregated $2,354,000, $1,896,000 and $4,195,000 at December 31, 2021, 2020 and 2019, respectively. For the years ended December 31, 2021, 2020 and 2019 we had $1,335,000, $2,221,000 and $2,129,000, respectively, of total compensation expense related to restricted stock-based arrangements. The expense is included in corporate general and administrative expenses in our results of operations. The associated tax benefit recognized for the years ended December 31, 2021, 2020 and 2019 was $121,000, $235,000 and $227,000, respectively. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Employee Benefit Plans | |
Employee Benefit Plans | 8. Employee Benefit Plans 401(k) Plan We have a defined contribution pension plan (“401(k) Plan”) that covers substantially all employees. Employees can elect to have a portion of their wages withheld and contributed to the plan. The 401(k) Plan also allows us to make a discretionary contribution. Total administrative expense under the 401(k) Plan was $1,550, $2,900 and $2,400 in 2021, 2020 and 2019, respectively. The Company’s discretionary contribution to the plan was approximately $250,000, $225,000 and $250,000 for the years ended December 31, 2021, 2020 and 2019, respectively. Deferred Compensation Plan In 1999 we established a Nonqualified Deferred Compensation Plan which allows officers and certain management employees to annually elect to defer a portion of their compensation, on a pre-tax basis, until their retirement. The retirement benefit to be provided is based on the amount of compensation deferred and any earnings thereon. Deferred compensation expense for the years ended December 31, 2021, 2020 and 2019 was $100,000, $105,000 and $135,000, respectively. We invest in company-owned life insurance policies to assist in funding these programs. The cash surrender values of these policies are in a rabbi trust and are recorded as our assets. Split Dollar Officer Life Insurance We provide split dollar insurance benefits to certain executive officers and records an asset equal to the cumulative premiums paid on the related policies, as we will fully recover these premiums under the terms of the plan. We retain a collateral assignment of the cash surrender values and policy death benefits payable to insure recovery of these premiums. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2021 | |
Acquisitions and Dispositions | |
Acquisitions and Dispositions | 9. 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. 2021 Acquisitions On January 8, 2021, the Company closed on an agreement to purchase WBQL and W288DQ from Consolidated Media, LLC, for an aggregate purchase price of $175,000 , of which $25,000 was paid in 2020 and the remaining $150,000 paid in 2021. Management attributes the goodwill recognized in the acquisition to the power of the existing brands in the Clarksville, Tennessee market as well as synergies and growth opportunities expected through the combination with the Company’s existing stations. The translators are start-up stations and therefore, have no pro forma revenue and expenses. On July 12, 2021, we entered into an agreement to acquire WIZZ-AM and a translator for $61,800 of which $5,000 was paid in 2021. We expect to close on this transaction in March 2022. 2020 Acquisitions On January 2, 2020, we closed on an agreement to purchase W295BL from Basic Holdings, LLC, for an aggregate purchase price of $200 thousand, of which $10 thousand was paid in 2019 and the remaining $190 thousand paid in 2020. Management attributes the goodwill recognized in the acquisition to the power of the existing brands in the Manchester, New Hampshire market as well as synergies and growth opportunities expected through the combination with our existing stations. The translators are start-up stations and therefore, have no pro forma revenue and expenses. 2019 Acquisitions On January 9, 2019, we closed on an agreement to purchase WPVQ-AM and W222CH from County Broadcasting Company, LLC for an aggregate purchase price of $210 thousand. Management attributes the goodwill recognized in the acquisition to the power of the existing brands in the Greenfield, Massachusetts market as well as synergies and growth opportunities expected through the combination with our existing stations. The proforma results for this acquisitions are not deemed material and therefore are not presented in the footnotes. Condensed Consolidated Balance Sheet of 2021 and 2020 Acquisitions: The following condensed balance sheets represent the estimated fair value assigned to the related assets and liabilities of the 2021 and 2020 acquisitions at their respective acquisition dates. Condensed Consolidated Balance Sheet of 2021 and 2020 Acquisitions Acquisitions in 2021 2020 (In thousands) Assets Acquired: Property and equipment $ 3 $ 11 Other assets: Broadcast licenses 69 46 Goodwill 103 143 Total other assets 172 189 Total assets acquired 175 200 Liabilities Assumed: Current liabilities — — Total liabilities assumed — — Net assets acquired $ 175 $ 200 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions | |
Related Party Transactions | 10. Related Party Transactions Principal Stockholder Employment Agreement In June 2011, we entered into a new employment agreement with Edward K. Christian, Chairman, President and CEO, which became effective as of June 1, 2011, and replaced and superseded his prior employment agreement. We entered into amendments to the agreement on February 12, 2016 (the “First Amendment”), February 26, 2019 (the “Second Amendment”) and January 25, 2022 (the “Third Amendment”). The First Amendment extended the term of the employment agreement to March 31, 2021. The First Amendment also states that on each anniversary of the effective date of the employment agreement, the Compensation Committee shall determine in its discretion the amount of any annual increases (which shall not be less than the greater of 4% or a defined cost of living increase). Mr. Christian may defer any or all of his annual salary. The Second Amendment extends the term of the employment agreement from March 31, 2021 to March 31, 2025 and also makes certain clarifying modifications to the employment agreement.The Third Amendment extends the term of the employment agreement from March 31, 2025 to March 31, 2027 and makes certain changes to the employment agreement pursuant to Section 409A of the Internal Revenue Code. Under the agreement, Mr. Christian is eligible for discretionary and performance bonuses, stock options and/or stock grants in amounts determined by the Compensation Committee and will continue to participate in our benefit plan. We will maintain insurance policies, will furnish an automobile, will pay for an executive medical plan and will maintain an office for Mr. Christian at our principal executive offices and in Sarasota County, Florida. The First Amendment adds that we are authorized to pay for Mr. Christian’s tax preparation services on an annual basis and that this amount will be subject to income tax as additional compensation. The agreement provides certain payments to Mr. Christian in the event of his disability, death or a change in control. Upon a change in control, Mr. Christian may terminate his employment. The agreement also provides generally that, upon a change in control, we will pay Mr. Christian an amount equal to 2.99 times the average of his total annual salary and bonuses for each of the three immediately preceding periods of twelve consecutive months, plus an additional amount for tax liabilities, related to the payment. For the three years ended December 31, 2021 Mr. Christian’s average annual compensation, as defined by the employment agreement, was approximately $1,943,000. In addition, if Mr. Christian’s employment is terminated for any reason, other than for cause, we will continue to provide health insurance and medical reimbursement and maintain existing life insurance policies for a period of ten years, and the current split dollar life insurance policy shall be transferred to Mr. Christian and his wife, and we shall reimburse Mr. Christian for any tax consequences of such transfer. The agreement contains a covenant not to compete restricting Mr. Christian from competing with us in any of our markets if he voluntarily terminates his employment with us or is terminated for cause, for a three year period thereafter. The first amendment also entitles Mr. Christian to receive severance pay equal to 100% of his then base salary for 24 months payable in equal monthly installments and after the date upon which notice of termination is given, any unvested or time-vested stock options previously granted to Mr. Christian by us become immediately one hundred percent (100%) vested to the extent permitted by law. On December 6, 2019, Mr. Christian agreed to defer approximately $100,000 of his 2020 salary to be paid 100% on January 15, 2021. On December 16, 2020, Mr. Christian agreed to defer approximately $100,000 of his 2021 salary to be paid 100 % on January 15, 2022. On December 16, 2021, Mr. Christian agreed to defer approximately $100,000 of his 2022 salary which will be paid 100% on January 13, 2023. Change in Control Agreements In December 2007, Samuel D. Bush, Senior Vice President and Chief Financial Officer, Marcia K. Lobaito, at the time, Senior Vice President, Corporate Secretary and Director of Business Affairs, and Catherine Bobinski, Senior Vice President/Finance, Chief Accounting Officer and Corporate Controller, entered into Change in Control Agreements. In September 2018, Christopher S. Forgy, Senior Vice President of Operations entered into a Change in Control Agreement. In July 2020, Eric Christian, Vice President of Digital Strategies entered into a Change in Control Agreement. Eric Christian is the son of Edward K. Christian, our President, CEO and Chairman. A change in control is defined to mean the occurrence of (a) any person or group becoming the beneficial owner, directly or indirectly, of more than 30% of the combined voting power of the Company’s then outstanding securities and Mr. Christian ceasing to be Chairman and CEO of the Company; (b) the consummation of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which results in the voting securities of the Company outstanding immediately prior thereto continuing to represent more than 50% of the combined voting securities of the Company or such surviving entity; or (c) the approval of the stockholders of the Company of a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of its assets. If there is a change in control, the Company shall pay a lump sum payment within 45 days of 1.5 times the average of the executive’s last three full calendar years of such executive’s base salary and any annual cash bonus paid. In the event that such payment constitutes a “parachute payment” within the meaning of Section 280G subject to an excise tax imposed by Section 4999 of the Internal Revenue Code, the Company shall pay the executive an additional amount so that the executive will receive the entire amount of the lump sum payment before deduction for federal, state and local income tax and payroll tax. In the event of a change in control (other than the approval of plan of liquidation), the Company or the surviving entity may require as a condition to receipt of payment that the executive continue in employment for a period of up to six months after consummation of the change in control. During such six months, executive will continue to earn his pre-existing salary and benefits. In such case, the executive shall be paid the lump sum payment upon completion of the continued employment. If, however, the executive fails to remain employed during this period of continued employment for any reason other than (a) termination without cause by the Company or the surviving entity, (b) death, (c) disability or (d) breach of the agreement by the Company or the surviving entity, then executive shall not be paid the lump sum payment. In addition, if the executive’s employment is terminated by the Company without cause within six months prior to the consummation of a change in control, then the executive shall be paid the lump sum payment within 45 days of such change in control. Other Related Party Transactions Saga South Communications, LLC (formerly, Saga Quad States), our fully owned subsidiary, completed the acquisition from Apex Media Corporation, a South Carolina corporation (“AMC”), and Pearce Development, LLC f/k/a Apex Real Property, LLC, a South Carolina limited liability company (“ARP” and together with AMC, “Seller”), of substantially all of Seller’s assets related to the operation of certain radio and translator stations, upon the satisfaction of certain closing conditions described in the Asset Purchase Agreement dated May 9, 2017 (the “Apex Agreement”) by and among Seller, Saga South Communications, LLC, and, solely in his role as guarantor under the Apex Agreement, G. Dean Pearce, as further described in the Form 8-K filed by Saga on May 10, 2017. Mr. Pearce is President of AMC and ARP, and served on the Board of Directors of Saga from May 8, 2017 through May 9, 2021. The purchase price under the Apex Agreement was $23,000,000 , subject to certain purchase price adjustments, payable in cash. The purchase price was determined through arm’s-length negotiations, and was approved by the Saga Board, and Finance and Audit Committee, in accordance with the requirements of Saga’s Corporate Governance Guidelines for the review of related party transactions. In connection with this agreement, we received 500 hours of service from New Pointe Systems, a subsidiary of Pearce Development and have agreed to provide 1,000, 30 second, spots of airtime to Pearce Development. As of December 31, 2020, the obligations from this agreement have been fulfilled. During 2021, 2020 and 2019, we also paid approximately $4,200, $4,100 and $4,400 rent per month, respectively to Pearce Development for our Hilton Head studio and office space beginning September 1, 2017. Effective June 19, 2019, we employed Eric Christian, son of Edward K. Christian, our President, CEO and Chairman, as our Director of Solution Architecture. The Audit Committee approved the employment of Mr. Christian and in July 2020 approved his promotion to Vice President of Digital Strategies. |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2021 | |
Common Stock and Treasury Stock | |
Common Stock and Treasury Stock | 11. Common Stock Dividends. Voting Rights. In the election of directors, the holders of Class A Common Stock, voting as a separate class, are entitled to elect twenty-five percent, or two, of our directors. The holders of the Common Stock, voting as a single class with each share of Class A Common Stock entitled to one vote and each share of Class B Common Stock entitled to ten votes, are entitled to elect the remaining directors. The Board of Directors consisted of eight members at December 31, 2021. Holders of Common Stock are not entitled to cumulative voting in the election of directors. The holders of the Common Stock vote as a single class with respect to any proposed “going private” transaction with the principal stockholder or an affiliate of the principal stockholder, with each share of each class of Common Stock entitled to one vote per share. Under Florida law, the affirmative vote of the holders of a majority of the outstanding shares of any class of common stock is required to approve, among other things, a change in the designations, preferences and limitations of the shares of such class of common stock. Liquidation Rights. In any merger, consolidation, or business combination, the consideration to be received per share by the holders of Class A Common Stock and Class B Common Stock must be identical for each class of stock, except that in any such transaction in which shares of common stock are to be distributed, such shares may differ as to voting rights to the extent that voting rights now differ among the Class A Common Stock and the Class B Common Stock. Other Provisions. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies | |
Commitments and Contingencies | 12. Commitments and Contingencies Leases We lease certain land, buildings and equipment for use in our operations. We recognize lease expense for these leases on a straight-line basis over the lease term and combine lease and non-lease components for all leases. Right-of-use ("ROU") assets and lease liabilities are recorded on the balance sheet for all leases with an expected term of at least one year. Some leases include one or more options to renew ROU assets are classified within other intangibles, deferred costs and investments, net on the condensed consolidated balance sheet while current lease liabilities are classified within other accrued expenses and long-term lease liabilities are classified within other liabilities. Leases with an initial term of 12 months or less are not recorded on the balance sheet. ROU assets were $6.1 million and $6.6 million at December 31, 2021 and 2020, respectively. Lease liabilities were $6.4 million and $6.9 million at December 31, 2021 and 2020, respectively. During the year ended December 31, 2021, we recorded additional ROU assets under operating leases of $1,039,000 , which is a non-cash transaction. Payments on lease liabilities during the year ended December 31, 2021 and 2020 totaled $1,777,000 and $1,737,000,respectively. Lease expense includes cost for leases with terms in excess of one year. For the years ended December 31, 2021, 2020 and 2019, our total lease expense was $1,765,000, $1,752,000 and $1,801,000, respectively. Short-term lease costs are de minimus. We have no financing leases and minimum annual rental commitments under non-cancellable operating leases consisted of the following at December 31, 2021 (in thousands): Years Ending December 31, 2022 $ 1,778 2023 1,575 2024 1,275 2025 875 2026 668 Thereafter 1,243 Total lease payments (a) 7,414 Less: Interest (b) 988 Present value of lease liabilities (c) $ 6,426 (a) Lease payments include options to extend lease terms that are reasonably certain of being exercised. There were no legally binding minimum lease payments for leases signed but not yet commenced at December 31, 2021. (b) Our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our discount rate for such leases to determine the present value of lease payments at the lease commencement date. (c) The weighted average remaining lease term and weighted average discount rate used in calculating our lease liabilities were 6.2 years and 4.2% , respectively, at December 31, 2021. Performance Fees We incur fees from performing rights organizations (“PRO”) to license our public performance of the musical works contained in each PRO’s repertory. The Radio Music Licensing Committee (“RMLC”), of which we are a represented participant, (1) entered into an Interim License Agreement with American Society of Composers, Authors and Publishers that was effective January 1, 2022 and will remain in effect until the date on which the parties reached agreement as to, or there is court determination of, new interim or final fees, terms, and conditions of a new license for the five year period commencing on January 1, 2022 and concluding on December 31, 2026; (2) is negotiating and will enter into, on behalf of the participating members, an Interim License Agreement with Broadcast Music, Inc.; (3) reached an agreement with the Society of European Stage Authors and Composers that is retroactive to January 1, 2016; and (4) in January 2022, RMLC and Global Music Rights (“GMR”) reach a conditional settlement of the GMR-RMLC antitrust and/or unfair competition litigations and we have entered into an agreement with GMR. Contingencies In 2003, in connection with our acquisition of one FM radio station, WJZK-FM serving the Columbus, Ohio market, we entered into an agreement whereby we would pay the seller up to an additional $1,000,000 if we obtain approval from the FCC for a city of license change. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Measurements | |
Fair Value Measurements | 13. Fair Value Measurements As defined in ASC Topic 820, fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 — Unobservable inputs in which there is little or no market data available, which requires management to develop its own assumptions in pricing the asset or liability. Our assets and liabilities disclosed at fair value are summarized below ($000’s omitted): Fair Value Fair Value December 31, December 31, Financial Instrument Hierarchy 2021 2020 Cash and cash equivalents Level 1 $ 54,760 $ 51,353 Revolving Credit Facility Level 2 — 10,000 Our financial instruments are comprised of cash and cash equivalents, and long-term debt. The carrying value of cash and cash equivalents approximate fair value due to their short maturities. The fair value of cash and cash equivalents is derived from quoted market prices and are considered a level 1. Interest on the Credit Facility is at a variable rate, and as such the debt obligation outstanding approximates fair value and is considered a level 2. Non-Recurring Fair Value Measurements We have certain assets that are measured at fair value on a non-recurring basis under the circumstances and events described in Note 3 — Broadcast Licenses, Goodwill and Other Intangibles, and are adjusted to fair value only when the carrying values are more than the fair values. During the fourth quarter of 2021, we reviewed the fair value of the assets that are measured at fair value on a non-recurring basis and concluded that these assets were not impaired as the fair value of these assets equaled or exceeded their carrying values. During 2020, as a result of our interim impairment tests, we wrote down broadcast licenses with a carrying value of $51,448,000 to their fair value of $46,299,000, resulting in a non-cash impairment charge of $5,149,000, which is included in net income for the year ended December 31, 2020. The categorization of the framework used to price the assets is considered a level 3, due to the subjective nature of the unobservable inputs used to determine the fair value. (See Note 3 for the disclosure of certain key assumptions used to develop the unobservable inputs.) During the fourth quarter of 2019, we reviewed the fair value of the assets that are measured at fair value on a non-recurring basis and concluded that these assets were not impaired as the fair value of these assets equaled or exceeded their carrying values. |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Results of Operations (Unaudited) | |
Quarterly Results of Operations (Unaudited) | 14. Quarterly Results of Operations (Unaudited) March 31, June 30, September 30, December 31, 2021 2020 2021 2020 2021 2020 2021 2020 (in thousands, except per share data) Net operating revenue $ 22,301 $ 26,051 $ 28,046 $ 16,866 $ 28,845 $ 24,143 $ 29,151 $ 28,753 Station operating expenses 18,923 22,199 21,017 18,652 21,690 19,616 21,615 21,119 Corporate G&A 2,438 3,015 2,494 3,070 2,538 2,838 2,570 2,651 Other operating expense (income), net 57 (1,330) (80) 46 (2) 50 32 (13) Impairment of broadcast licenses — — — 3,757 — 1,392 — — Operating income (loss) 883 2,167 4,615 (8,659) 4,619 247 4,934 4,996 Other (income) expenses: Interest expense 73 108 72 82 73 75 66 75 Interest (income) (6) (108) (4) (25) (4) (8) (2) (7) Other (income) expense (272) (213) (31) — (279) — (52) (20) Income before income taxes 1,088 2,380 4,578 (8,716) 4,829 180 4,922 4,948 Income tax provision (benefit) 330 700 1,325 (3,805) 1,375 1,130 1,230 2,680 Net income (loss) $ 758 $ 1,680 $ 3,253 $ (4,911) $ 3,454 $ (950) $ 3,692 $ 2,268 Basic earnings(loss) per share $ 0.13 $ 0.28 $ 0.54 $ (0.82) $ 0.58 $ (0.16) $ 0.60 $ 0.38 Weighted average common shares 5,913 5,866 5,917 5,868 5,917 5,869 5,922 5,880 Diluted earnings (loss) per share $ 0.13 $ 0.28 $ 0.54 $ (0.82) $ 0.58 $ (0.16) $ 0.60 $ 0.38 Weighted average common and common equivalent shares 5,913 5,866 5,917 5,868 5,917 5,869 5,922 5,880 |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2021 | |
Litigation | |
Litigation | 15. Litigation The Company is subject to various outstanding claims which arise in the ordinary course of business and to other legal proceedings. Management anticipates that any potential liability of the Company, which may arise out of or with respect to these matters, will not materially affect the Company’s financial statements. |
Other Income
Other Income | 12 Months Ended |
Dec. 31, 2021 | |
Other Income | |
Other Income | 16. Other Income During the first quarter of 2021, there was weather-related damage to an antenna in our Des Moines, Iowa market. The Company’s insurance policy provided coverage for removal and replacement of the antenna and related equipment. As part of the initial insurance settlement during the first quarter of 2021, the Company received cash proceeds of $250,000, resulting in a gain of $250,000. We received additional cash proceeds of $290,000 in the third quarter, resulting in a gain of $290,000. The total gain of $540,000 is recorded in other (income) expense, net, in the Company’s Condensed Consolidated Statements of Income. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events | |
Subsequent Events | 17. Subsequent Events On March 1, 2022, the Company’s Board of Directors declared a quarterly cash dividend of $0.16 per share on its Classes A and B Common Stock . This dividend, totaling approximately |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Significant Accounting Policies | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Saga Communications, Inc. and our wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States (GAAP) requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The full extent to which the effects of COVID-19 will directly or indirectly impact our business, results of operations and financial condition, including but not limited to our future estimates regarding our allowance for doubtful accounts and our valuation of goodwill and broadcast licenses will depend on future developments that are uncertain. Our accounting estimates require the use of judgment as future events and the effect of these events cannot be predicted with certainty. The accounting estimates may change as new events occur, as more experience is acquired and as more information is obtained. We evaluate and update assumptions and estimates on an ongoing basis and may use outside experts to assist in the our evaluation, as considered necessary. Actual results may differ from estimates provided and there may be changes to those estimates in the future periods. |
Concentration of Risk | Concentration of Risk Certain cash deposits with financial institutions may at times exceed FDIC insurance limits. Our top five markets when combined represented 39%, 40% and 39% of our net operating revenue for the years ended December 31, 2021, 2020 and 2019, respectively. We sell advertising to local and national companies throughout the United States. We perform ongoing credit evaluations of our customers and generally do not require collateral. We maintain an allowance for doubtful accounts at a level which we believe is sufficient to cover potential credit losses. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and time deposits with original maturities of three months or less. We did not have any time deposits at December 31, 2021 and 2020. |
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 December 31, 2021. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts A provision for doubtful accounts is recorded based on our judgment of the collectability of receivables. Amounts are written off when determined to be fully uncollectible. Delinquent accounts are based on contractual terms. The activity in the allowance for doubtful accounts during the years ended December 31, 2021, 2020 and 2019 was as follows: Write Off of Balance Charged to Allowance Uncollectible Balance at at Beginning Costs and From Accounts, Net of End of Year Ended of Period Expenses Acquisitions Recoveries Period (in thousands) December 31, 2021 $ 648 $ 56 $ — $ (235) $ 469 December 31, 2020 $ 671 $ 420 $ — $ (443) $ 648 December 31, 2019 $ 759 $ 578 $ — $ (666) $ 671 |
Barter Transactions | Barter Transactions Our radio stations trade air time for goods and services used principally for promotional, sales and other business activities. An asset and a liability are recorded at the fair market value of goods or services received. Barter revenue is recorded when commercials are broadcast, and barter expense is recorded when goods or services received are used. |
Property and Equipment | Property and Equipment Property and equipment are carried at cost. Expenditures for maintenance and repairs are expensed as incurred. When property and equipment is sold or otherwise disposed of, the related cost and accumulated depreciation is removed from the respective accounts and the gain or loss realized on disposition is reflected in earnings. Depreciation is provided using the straight-line method based on the estimated useful life of the assets. We review our property and equipment for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of these assets is measured by comparison of their carrying amounts to future undiscounted cash flows the assets are expected to generate. If the assets are considered to be impaired, the impairment to be recognized equals the amount by which the carrying value of the assets exceeds its fair market value. We did not record any impairment of property and equipment during 2021, 2020 and 2019. Property and equipment consisted of the following: Estimated December 31, Useful Life 2021 2020 (In thousands) Land and land improvements — $ 14,638 $ 14,559 Buildings 31.5 years 38,225 38,059 Towers and antennae 7-15 years 25,918 25,976 Equipment 3-15 years 55,955 53,547 Furniture, fixtures and leasehold improvements 7-20 years 7,129 7,189 Vehicles 5 years 2,854 3,350 144,719 142,680 Accumulated depreciation (91,375) (87,795) Net property and equipment $ 53,344 $ 54,885 Depreciation expense for continuing operations for the years ended December 31, 2021, 2020 and 2019, was $5,362,000, $5,711,000 and $5,916,000, respectively. |
Intangible Assets | Intangible Assets Intangible assets deemed to have indefinite useful lives, which include broadcast licenses and goodwill, are not amortized and are subject to impairment tests which are conducted as of October 1 of each year, or more frequently if impairment indicators arise. We have 113 broadcast licenses serving 27 markets, which require renewal over the period of 2022-2030. In determining that the Company’s broadcast licenses qualified as indefinite-lived intangible assets, management considered a variety of factors including our broadcast licenses may be renewed indefinitely at little cost; our broadcast licenses are essential to our business and we intend to renew our licenses indefinitely; we have never been denied the renewal of an FCC broadcast license nor do we believe that there will be any compelling challenge to the renewal of our broadcast licenses; and we do not believe that the technology used in broadcasting will be replaced by another technology in the foreseeable future. Separable intangible assets that have finite lives are amortized over their useful lives using the straight-line method. Favorable lease agreements are amortized over the leases length, ranging from one one |
Deferred Costs | Deferred Costs The costs related to the issuance of debt are capitalized and amortized to interest expense over the life of the Credit Facility. During the years ended December 31, 2021, 2020 and 2019, we recognized interest expense related to the amortization of debt issuance costs of $37,000, $40,000 and $103,000, respectively. At December 31, 2021 and 2020 the net book value of debt issuance costs related to our line of credit was $17,000, and $64,000, respectively, and was presented in other intangibles, deferred costs and investments in our Consolidated Balance Sheets. |
Leases | Leases We determine whether a contract is or contains a lease at inception. The lease liabilities and right-of-use assets are recorded on the balance sheet for all leases with an expected term of at least one year, based on the present value of the lease payments using (1) the rate implicit in the lease or (2) our incremental borrowing rate (“IBR”). Our IBR is defined as the rate of interest we would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. We follow the accounting guidance for leases, which includes the recognition of lease expense for leases on a straight-line basis over the lease term. See Note 12 – Commitments and Contingencies for more information on Leases. |
Treasury Stock | Treasury Stock In March 2013, our board of directors authorized an increase in the amount committed to our Stock Buy-Back Program (the “Buy-Back Program”) from $60 million to $75.8 million. The Buy-Back Program allows us to repurchase our Class A Common Stock. As of December 31, 2021, we had remaining authorization of $18.4 million for future repurchases of our Class A Common Stock. Repurchases of shares of our Common Stock are recorded as Treasury stock and result in a reduction of Stockholders’ equity. During 2021, 2020 and 2019, we acquired 16,577 shares at an average price of $26.25 per share, 24,255 shares at an average price of $18.51 per share and 39,505 shares at an average price of $29.68 per share, respectively. |
Revenue Recognition | Revenue Recognition Revenue from the sale of commercial broadcast time to advertisers is recognized when commercials are broadcast. Revenue is reported net of advertising agency commissions. Agency commissions, when applicable are based on a stated percentage applied to gross billing. All revenue is recognized in accordance with the Securities and Exchange Commission’s (“SEC”) Staff Accounting Bulletin (“SAB”) No. 104, Topic 13, Revenue Recognition Revised and Updated Revenue from Contracts with Customers |
Local Marketing 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 its own commercial advertising announcements during the time periods specified. Revenue and expenses related to TBAs/LMAs are included in the accompanying Consolidated Statements of Income. Assets and liabilities related to the TBAs/LMAs are included in the accompanying Consolidated Balance Sheets. |
Advertising and Promotion Costs | Advertising and Promotion Costs Advertising and promotion costs are expensed as incurred. Such costs amounted to $1,396,000, $985,000 and $2,442,000 for the years ended December 31, 2021, 2020 and 2019, respectively. |
Income Taxes | Income Taxes The provision for income taxes is calculated using the asset and liability method, under which deferred tax assets and liabilities are determined based on temporary differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. In assessing the realizability of deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The realization of deferred tax assets is primarily dependent upon the generation of future taxable income. 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 and permanent differences primarily relating to executive compensation. |
Dividends | Dividends On December 14, 2021, the Company’s Board of Directors declared a quarterly cash dividend of $0.16 per share and special cash dividend of $0.50 per share on its Classes A and B Common Stock. This dividend, totaling approximately December 31, 2021 . On September 28, 2021, the Company’s Board of Directors declared a quarterly cash dividend of $0.16 per share on its Classes A and B Common Stock. This dividend, totaling approximately . On June 18, 2021, the Company’s Board of Directors declared a quarterly cash dividend of $0.16 per share on its Classes A and B Common Stock. This dividend, totaling approximately and was recorded in dividends payable on the Company’s Condensed Consolidated Balance sheet at June 30, 2021. The Company had previously temporarily suspended the quarterly cash dividend in response to the uncertainty of the ongoing impact of COVID-19 as of June 18, 2020. On June 18, 2020, our Board of Directors announced that it was temporarily suspending the quarterly cash dividend in response to the continued uncertainty of the ongoing impact of COVID-19. On March 4, 2020, our Board of Directors declared a regular quarterly cash dividend of $0.32 per share on its Classes A and B Common Stock. This dividend, totaling approximately $1.9 million, was paid on April 10, 2020 to shareholders of record on March 16, 2020 and funded by cash on the Company’s balance sheet. On December 11, 2019, our Board of Directors declared a quarterly cash dividend of $0.30 per share on its Classes A and B shares. This dividend totaling approximately $1.8 million was paid on January 17, 2020 to shareholders of record on December 27, 2019 and funded by cash on the Company’s balance sheet. On September 12, 2019, our Board of Directors declared a regular cash dividend of $0.30 per share on its Classes A and B Common Stock. This dividend, totaling approximately $1.8 million, was paid on October 11, 2019 to shareholders of record on September 23, 2019 and funded by cash on the Company’s balance sheet. On May 30, 2019, our Board of Directors declared a regular cash dividend of $0.30 per share on its Classes A and B Common Stock. This dividend, totaling approximately $1.8 million, was paid on July 5, 2019 to shareholders of record on June 14, 2019 and funded by cash on the Company’s balance sheet. On February 26, 2019, our Board of Directors declared a regular cash dividend of $0.30 per share on its Classes A and B Common Stock. This dividend, totaling approximately $1.8 million, was paid on March 29, 2019 to shareholders of record on March 12, 2019 and funded by cash on the Company’s balance sheet. |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation cost for stock option awards is estimated on the date of grant using a Black-Scholes valuation model and is expensed on a straight-line method over the vesting period of the options. Stock-based compensation expense is recognized net of estimated forfeitures. The fair value of restricted stock awards is determined based on the closing market price of our Class A Common Stock on the grant date and is adjusted at each reporting date based on the amount of shares ultimately expected to vest. See Note 7 — Stock-Based Compensation for further details regarding the expense calculated under the fair value based method. |
Segments | Segments We serve twenty-seven radio markets (reporting units) that aggregate into one operating segment (Radio), which also qualifies as a reportable segment. We operate under one reportable busines segment for which segment disclosure is consistent with the management decision-making process that determines the allocation of resources and the measuring of performance. The Chief Operating Decision Maker (“CODM”) evaluates the results of the radio operating segment and makes operating and capital investment decisions based at the Company level. Furthermore, technological enhancements and system integration decisions are reached at the Company level and applied to all markets rather than to specific or individual markets to ensure that each market has the same tools and opportunities as every other market. Managers at the market level do not report to the CODM and instead report to other senior management, who are responsible for the operational oversight of radio markets and for communication of results to the CODM. We continually review our operating segment classification to align with operational changes in our business and may make changes as necessary. |
Earnings Per Share Information | Earnings Per Share 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. We have participating securities related to restricted stock units, granted under our 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. The following table sets forth the computation of basic and diluted earnings per share: Years Ended December 31, 2021 2020 2019 (In thousands, except per share data) Numerator: Net income (loss) $ 11,157 $ (1,913) $ 13,279 Less: Income (loss) allocated to unvested participating securities 190 (21) 292 Net income (loss) available to common stockholders $ 10,967 $ (1,892) $ 12,987 Denominator: Denominator for basic earnings per share — weighted average shares 5,917 5,871 5,834 Effect of dilutive securities: Common stock equivalents — — — Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions 5,917 5,871 5,834 Earnings (loss) per share: Basic $ 1.85 $ (0.32) $ 2.23 Diluted $ 1.85 $ (0.32) $ 2.23 There were no stock options outstanding that had an antidilutive effect on our earnings per share calculation for the years ended December 31, 2021, 2020, and 2019, respectively. The actual effect of these shares, if any, on the diluted earnings per share calculation will vary significantly depending on fluctuations in the stock price. |
Recently Adopted Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, “ Income Taxes (Topic 740): Simplifying the Accounting for Incomes Taxes” (“ASU 2019-12”) which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance regarding the tax treatment of certain franchise taxes, goodwill and nontaxable entities, among other items to improve consistent application. ASU 2019-12 is effective for fiscal years and interim periods beginning after December 15, 2020. The Company adopted this standard on January 1, 2021 and there was no material impact as a result of adoption. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Significant Accounting Policies | |
Activity in the allowance for doubtful accounts | A provision for doubtful accounts is recorded based on our judgment of the collectability of receivables. Amounts are written off when determined to be fully uncollectible. Delinquent accounts are based on contractual terms. The activity in the allowance for doubtful accounts during the years ended December 31, 2021, 2020 and 2019 was as follows: Write Off of Balance Charged to Allowance Uncollectible Balance at at Beginning Costs and From Accounts, Net of End of Year Ended of Period Expenses Acquisitions Recoveries Period (in thousands) December 31, 2021 $ 648 $ 56 $ — $ (235) $ 469 December 31, 2020 $ 671 $ 420 $ — $ (443) $ 648 December 31, 2019 $ 759 $ 578 $ — $ (666) $ 671 |
Property and equipment | Property and equipment consisted of the following: Estimated December 31, Useful Life 2021 2020 (In thousands) Land and land improvements — $ 14,638 $ 14,559 Buildings 31.5 years 38,225 38,059 Towers and antennae 7-15 years 25,918 25,976 Equipment 3-15 years 55,955 53,547 Furniture, fixtures and leasehold improvements 7-20 years 7,129 7,189 Vehicles 5 years 2,854 3,350 144,719 142,680 Accumulated depreciation (91,375) (87,795) Net property and equipment $ 53,344 $ 54,885 |
Schedule of Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share: Years Ended December 31, 2021 2020 2019 (In thousands, except per share data) Numerator: Net income (loss) $ 11,157 $ (1,913) $ 13,279 Less: Income (loss) allocated to unvested participating securities 190 (21) 292 Net income (loss) available to common stockholders $ 10,967 $ (1,892) $ 12,987 Denominator: Denominator for basic earnings per share — weighted average shares 5,917 5,871 5,834 Effect of dilutive securities: Common stock equivalents — — — Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions 5,917 5,871 5,834 Earnings (loss) per share: Basic $ 1.85 $ (0.32) $ 2.23 Diluted $ 1.85 $ (0.32) $ 2.23 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue | |
Schedule of Disaggregation of Revenue | The following table presents revenues disaggregated by revenue source: Twelve Months Ended December 31, 2021 2020 2019 (in thousands) Types of Revenue Broadcast Advertising Revenue, net $ 95,573 $ 87,481 $ 112,278 Digital Advertising Revenue 6,337 3,416 3,783 Other Revenue 6,433 4,916 7,011 Net Revenue $ 108,343 $ 95,813 $ 123,072 |
Broadcast Licenses, Goodwill _2
Broadcast Licenses, Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Broadcast Licenses, Goodwill and Other Intangible Assets | |
Changes to broadcast licenses | We have recorded the changes to broadcast licenses for the years ended December 31, 2021 and 2020 as follows: Total (in thousands) Balance at January 1, 2020 $ 95,311 Acquisitions 46 Impairment charge (5,149) Balance at December 31, 2020 $ 90,208 Acquisitions 69 Balance at December 31, 2021 $ 90,277 |
Key estimates and assumptions used in the impairment test | Fourth Year Fourth Quarter Ended Quarter 2021 2020 2019 Discount rates 12.3% - 12.6 % 12.6% - 13.0 % 12.2% - 12.2 % Operating profit margin ranges 17.8% - 36.4 % 17.8% - 36.4 % 19.0% - 36.4 % Market long-term revenue growth rates 0.2% - 2.6 % 0.2% - 2.9 % 0.0% - 2.9 % |
Changes to Goodwill | We have recorded the changes to goodwill for each of the years ended December 31, 2021 and 2020 as follows: Total (in thousands) Balance at January 1, 2020 $ 18,963 Acquisitions 143 Balance at December 31, 2020 $ 19,106 Acquisitions 103 Balance at December 31, 2021 $ 19,209 |
Amortizable intangible assets | We have recorded amortizable intangible assets at December 31, 2021 as follows: Gross Carrying Accumulated Net Amount Amortization Amount (In thousands) Non-competition agreements $ 3,861 $ 3,861 $ — Favorable lease agreements 5,965 5,597 368 Customer relationships 4,660 4,660 — Other intangibles 1,829 1,788 41 Total amortizable intangible assets $ 16,315 $ 15,906 $ 409 We have recorded amortizable intangible assets at December 31, 2020 as follows: Gross Carrying Accumulated Net Amount Amortization Amount (In thousands) Non-competition agreements $ 3,861 $ 3,861 $ — Favorable lease agreements 5,965 5,570 395 Customer relationships 4,660 4,322 338 Other intangibles 1,834 1,771 63 Total amortizable intangible assets $ 16,320 $ 15,524 $ 796 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Long-Term Debt. | |
Schedule of Long-Term Debt | Long-term debt consisted of the following: December 31, December 31, 2021 2020 (In thousands) Revolving credit facility $ — $ 10,000 Amounts payable within one year — — $ — $ 10,000 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Information | |
Supplemental cash flow information | Years Ended December 31, 2021 2020 2019 (In thousands) Cash paid during the period for: Interest $ 253 $ 311 $ 635 Income taxes $ 3,450 $ 1,099 $ 3,893 Non-cash transactions: Barter revenue $ 2,125 $ 2,014 $ 3,560 Barter expense $ 2,124 $ 1,881 $ 3,370 Acquisition of property and equipment $ — $ 6 $ 28 Use of treasury shares for 401(k) match $ 221 $ 250 $ 262 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes | |
Significant components of the Companys deferred tax liabilities and assets | December 31, 2021 2020 (In thousands) Deferred tax liabilities: Property and equipment $ 4,242 $ 4,802 Intangible assets 21,425 20,442 Prepaid expenses 405 426 Total deferred tax liabilities 26,072 25,670 Deferred tax assets: Allowance for doubtful accounts 43 89 Compensation 1,093 824 Other accrued liabilities 134 150 1,270 1,063 Less: valuation allowance — — Total net deferred tax assets 1,270 1,063 Net deferred tax liabilities $ 24,802 $ 24,607 Current portion of deferred tax assets $ 361 $ 150 Non-current portion of deferred tax liabilities (25,163) (24,757) Net deferred tax liabilities $ (24,802) $ (24,607) |
Significant components of the provision for income taxes | The significant components of the provision for income taxes are as follows: Years Ended December 31, 2021 2020 2019 (In thousands) Current: Federal $ 3,080 $ 850 $ 2,900 State 985 400 1,100 Total current 4,065 1,250 4,000 Total deferred 195 (545) 1,420 Total Income Tax Provision $ 4,260 $ 705 $ 5,420 |
Reconciliation of income tax | The reconciliation of income tax at the U.S. federal statutory tax rates to income tax expense (benefit) is as follows: Years Ended December 31, 2021 2020 2019 (In thousands) Tax expense (benefit) at U.S. statutory rates $ 3,209 $ (290) $ 3,976 State tax expense, net of federal benefit 815 235 1,079 Other, net 236 760 365 $ 4,260 $ 705 $ 5,420 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stock-Based Compensation | |
Summary of Restricted Stock Transactions | The following summarizes the restricted stock transactions for the year ended December 31: Weighted Average Grant Date Shares Fair Value Outstanding at January 1, 2019 109,176 $ 40.87 Granted 72,985 31.18 Vested (51,021) 42.66 Forfeited/canceled/expired (2,916) 40.30 Outstanding at December 31, 2019 128,224 $ 34.66 Granted — — Vested (62,137) 36.50 Forfeited/canceled/expired (2,332) 33.65 Outstanding at December 31, 2020 63,755 $ 32.90 Granted 77,913 23.00 Vested (41,059) 33.85 Forfeited/canceled/expired — — Non-vested and outstanding at December 31, 2021 100,609 $ 24.85 Weighted average remaining contractual life (in years) 2.3 |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Acquisitions and Dispositions | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | Condensed Consolidated Balance Sheet of 2021 and 2020 Acquisitions Acquisitions in 2021 2020 (In thousands) Assets Acquired: Property and equipment $ 3 $ 11 Other assets: Broadcast licenses 69 46 Goodwill 103 143 Total other assets 172 189 Total assets acquired 175 200 Liabilities Assumed: Current liabilities — — Total liabilities assumed — — Net assets acquired $ 175 $ 200 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies | |
Schedule of Minimum Annual Rental Commitments | We have no financing leases and minimum annual rental commitments under non-cancellable operating leases consisted of the following at December 31, 2021 (in thousands): Years Ending December 31, 2022 $ 1,778 2023 1,575 2024 1,275 2025 875 2026 668 Thereafter 1,243 Total lease payments (a) 7,414 Less: Interest (b) 988 Present value of lease liabilities (c) $ 6,426 (a) Lease payments include options to extend lease terms that are reasonably certain of being exercised. There were no legally binding minimum lease payments for leases signed but not yet commenced at December 31, 2021. (b) Our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our discount rate for such leases to determine the present value of lease payments at the lease commencement date. (c) The weighted average remaining lease term and weighted average discount rate used in calculating our lease liabilities were 6.2 years and 4.2% , respectively, at December 31, 2021. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Measurements | |
Schedule of Fair Value Measurements, Recurring and Nonrecurring | Our assets and liabilities disclosed at fair value are summarized below ($000’s omitted): Fair Value Fair Value December 31, December 31, Financial Instrument Hierarchy 2021 2020 Cash and cash equivalents Level 1 $ 54,760 $ 51,353 Revolving Credit Facility Level 2 — 10,000 |
Quarterly Results of Operatio_2
Quarterly Results of Operations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Results of Operations (Unaudited) | |
Quarterly Results of Operations | March 31, June 30, September 30, December 31, 2021 2020 2021 2020 2021 2020 2021 2020 (in thousands, except per share data) Net operating revenue $ 22,301 $ 26,051 $ 28,046 $ 16,866 $ 28,845 $ 24,143 $ 29,151 $ 28,753 Station operating expenses 18,923 22,199 21,017 18,652 21,690 19,616 21,615 21,119 Corporate G&A 2,438 3,015 2,494 3,070 2,538 2,838 2,570 2,651 Other operating expense (income), net 57 (1,330) (80) 46 (2) 50 32 (13) Impairment of broadcast licenses — — — 3,757 — 1,392 — — Operating income (loss) 883 2,167 4,615 (8,659) 4,619 247 4,934 4,996 Other (income) expenses: Interest expense 73 108 72 82 73 75 66 75 Interest (income) (6) (108) (4) (25) (4) (8) (2) (7) Other (income) expense (272) (213) (31) — (279) — (52) (20) Income before income taxes 1,088 2,380 4,578 (8,716) 4,829 180 4,922 4,948 Income tax provision (benefit) 330 700 1,325 (3,805) 1,375 1,130 1,230 2,680 Net income (loss) $ 758 $ 1,680 $ 3,253 $ (4,911) $ 3,454 $ (950) $ 3,692 $ 2,268 Basic earnings(loss) per share $ 0.13 $ 0.28 $ 0.54 $ (0.82) $ 0.58 $ (0.16) $ 0.60 $ 0.38 Weighted average common shares 5,913 5,866 5,917 5,868 5,917 5,869 5,922 5,880 Diluted earnings (loss) per share $ 0.13 $ 0.28 $ 0.54 $ (0.82) $ 0.58 $ (0.16) $ 0.60 $ 0.38 Weighted average common and common equivalent shares 5,913 5,866 5,917 5,868 5,917 5,869 5,922 5,880 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) | Dec. 14, 2021USD ($)$ / shares | Sep. 28, 2021USD ($)$ / shares | Jun. 18, 2021USD ($)$ / shares | Mar. 04, 2020USD ($)$ / shares | Dec. 11, 2019USD ($)$ / shares | Sep. 12, 2019USD ($)$ / shares | Jul. 05, 2019USD ($) | May 30, 2019$ / shares | Feb. 26, 2019USD ($)$ / shares | Dec. 31, 2021USD ($)segment$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2021USD ($) | Dec. 31, 2021 | Dec. 31, 2021item | Dec. 31, 2018USD ($) | Mar. 31, 2013USD ($) | Feb. 28, 2013USD ($) |
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||
Number Of FM Radio Stations | 79 | |||||||||||||||||
Number Of AM Radio Stations | 34 | |||||||||||||||||
Number Of Metro Signals | 79 | |||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 0 | 0 | 0 | |||||||||||||||
Number of reportable segments | segment | 1 | |||||||||||||||||
Interest-bearing Deposits in Banks and Other Financial Institutions | $ 0 | $ 0 | ||||||||||||||||
Amortization of debt issuance costs | $ 37,000 | 40,000 | $ 103,000 | |||||||||||||||
Write-off of debt issuance costs | $ 37,000 | 40,000 | $ 103,000 | |||||||||||||||
Other Deferred Costs, Net | $ 64,000 | 17,000 | ||||||||||||||||
Treasury Stock, Shares, Acquired | shares | 16,577 | 24,255 | 39,505 | |||||||||||||||
Treasury Stock Acquired, Average Cost Per Share | $ / shares | $ 26.25 | $ 18.51 | $ 29.68 | |||||||||||||||
Dividends Payable, Date Declared | Dec. 14, 2021 | Sep. 28, 2021 | Jun. 18, 2021 | |||||||||||||||
Dividends declared per share | $ / shares | $ 0.98 | $ 0.32 | $ 1.20 | |||||||||||||||
Dividends | $ 3,990,000 | $ 960,000 | $ 960,000 | |||||||||||||||
Dividends Payable, Date to be Paid | Jan. 14, 2022 | Oct. 22, 2021 | Jul. 16, 2021 | |||||||||||||||
Dividends Payable, Date of Record | Dec. 27, 2021 | Oct. 8, 2021 | Jun. 30, 2021 | |||||||||||||||
Dividends, Common Stock, Stock | $ 1,900,000 | $ 1,800,000 | $ 1,800,000 | $ 1,800,000 | $ 1,800,000 | |||||||||||||
Number Of Broadcast Licenses | 113 | |||||||||||||||||
Number Of Market Serving | 27 | 27 | ||||||||||||||||
Operating Lease, Right-of-Use Asset | $ 6,600,000 | 6,100,000 | ||||||||||||||||
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities, Current, Other Liabilities, Noncurrent | Accrued Liabilities, Current, Other Liabilities, Noncurrent | ||||||||||||||||
Number of operating segments | segment | 1 | |||||||||||||||||
Operating Lease, Liability | $ 6,900,000 | 6,426,000 | ||||||||||||||||
Allowance for doubtful accounts receivable | 648,000 | $ 671,000 | 469,000 | $ 759,000 | ||||||||||||||
Customer relationships [Member] | ||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | |||||||||||||||||
Continuing Operations [Member] | ||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||
Depreciation | $ 5,362,000 | 5,711,000 | 5,916,000 | |||||||||||||||
Advertising and promotion costs | $ 1,396,000 | $ 985,000 | $ 2,442,000 | |||||||||||||||
Revenue from Rights Concentration Risk | Revenue Benchmark | Top Five Markets | ||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||
Concentration Risk, Percentage | 39.00% | 40.00% | 39.00% | |||||||||||||||
Class A Common Stock | ||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||
Dividends declared per share | $ / shares | $ 0.16 | |||||||||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 18,400,000 | |||||||||||||||||
Class B Common Stock | ||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||
Dividends declared per share | $ / shares | 0.16 | |||||||||||||||||
Common Class A and Common Class B | ||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||
Dividends declared per share | $ / shares | $ 0.16 | $ 0.16 | ||||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ / shares | $ 0.50 | $ 0.32 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | ||||||||||||
Minimum [Member] | Lease Agreements [Member | ||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 1 year | |||||||||||||||||
Minimum [Member] | Other intangibles [Member] | ||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 1 year | |||||||||||||||||
Minimum [Member] | Class A Common Stock | ||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 60,000,000 | |||||||||||||||||
Maximum [Member] | Lease Agreements [Member | ||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 26 years | |||||||||||||||||
Maximum [Member] | Other intangibles [Member] | ||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 15 years | |||||||||||||||||
Maximum [Member] | Class A Common Stock | ||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 75,800,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Allowance for doubtful accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Summary of Significant Accounting Policies | ||||
Balance at Beginning of Period | $ 469 | $ 648 | $ 671 | $ 759 |
Charged to Costs and Expenses | 56 | 420 | 578 | |
Write Off of Uncollectible Accounts, Net of Recoveries | (235) | (443) | (666) | |
Balance at End of Period | $ 469 | $ 648 | $ 671 | $ 759 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment, Gross | $ 144,719 | $ 142,680 |
Accumulated depreciation | (91,375) | (87,795) |
Net property and equipment | 53,344 | 54,885 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment, Gross | 14,638 | 14,559 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment, Gross | $ 38,225 | 38,059 |
Estimated Useful Life | 31 years 6 months | |
Towers And Antennae [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment, Gross | $ 25,918 | 25,976 |
Towers And Antennae [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 7 years | |
Towers And Antennae [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 15 years | |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment, Gross | $ 55,955 | 53,547 |
Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 3 years | |
Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 15 years | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment, Gross | $ 7,129 | 7,189 |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 7 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 20 years | |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment, Gross | $ 2,854 | $ 3,350 |
Estimated Useful Life | 5 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator: | |||||||||||
Net income (loss) | $ 11,157 | $ (1,913) | $ 13,279 | ||||||||
Less: Income (loss) allocated to unvested participating securities | 190 | (21) | 292 | ||||||||
Net income (loss) available to common stockholders | $ 10,967 | $ (1,892) | $ 12,987 | ||||||||
Denominator: | |||||||||||
Weighted average common shares | 5,922 | 5,917 | 5,917 | 5,913 | 5,880 | 5,869 | 5,868 | 5,866 | 5,917 | 5,871 | 5,834 |
Effect of dilutive securities: | |||||||||||
Denominator for diluted earnings per share - adjusted weighted-average shares and assumed conversions | 5,922 | 5,917 | 5,917 | 5,913 | 5,880 | 5,869 | 5,868 | 5,866 | 5,917 | 5,871 | 5,834 |
Basic earnings (loss) per share | |||||||||||
Basic | $ 0.60 | $ 0.58 | $ 0.54 | $ 0.13 | $ 0.38 | $ (0.16) | $ (0.82) | $ 0.28 | $ 1.85 | $ (0.32) | $ 2.23 |
Diluted earnings (loss) per share | |||||||||||
Diluted earning per share | $ 0.60 | $ 0.58 | $ 0.54 | $ 0.13 | $ 0.38 | $ (0.16) | $ (0.82) | $ 0.28 | $ 1.85 | $ (0.32) | $ 2.23 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue. | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 29,151 | $ 28,845 | $ 28,046 | $ 22,301 | $ 28,753 | $ 24,143 | $ 16,866 | $ 26,051 | $ 108,343 | $ 95,813 | $ 123,072 |
Revenue, Remaining Performance Obligation, Optional Exemption, Performance Obligation [true false] | true | ||||||||||
Broadcast Advertising Revenue, Net [Member] | |||||||||||
Revenue. | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 95,573 | 87,481 | 112,278 | ||||||||
Digital Advertising Revenue [Member] | |||||||||||
Revenue. | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 6,337 | 3,416 | 3,783 | ||||||||
Other Revenue [Member] | |||||||||||
Revenue. | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 6,433 | $ 4,916 | $ 7,011 |
Broadcast Licenses, Goodwill _3
Broadcast Licenses, Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Broadcast Licenses, Goodwill and Other Intangible Assets | ||||||
Impairment of broadcast licenses | $ 1,392,000 | $ 3,757,000 | $ 0 | $ 5,149,000 | ||
Amortization Expense | $ 387,000 | $ 813,000 | $ 1,029,000 | |||
2022 | 39,000 | |||||
2023 | 35,000 | |||||
2024 | 33,000 | |||||
2025 | 33,000 | |||||
2026 | $ 32,000 |
Broadcast Licenses, Goodwill _4
Broadcast Licenses, Goodwill and Other Intangible Assets (Changes to broadcast licenses) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | |
Broadcast Licenses, Goodwill and Other Intangible Assets | |||||
Balance | $ 90,208,000 | $ 95,311,000 | |||
Acquisitions | 69,000 | 46,000 | |||
Impairment charge | $ (1,392,000) | $ (3,757,000) | $ 0 | (5,149,000) | |
Balance | $ 95,311,000 | $ 90,277,000 | $ 90,208,000 |
Broadcast Licenses, Goodwill _5
Broadcast Licenses, Goodwill and Other Intangible Assets (Schedule of certain key estimates and assumptions used in impairment test) (Details) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Measurement Input, Discount Rate [Member] | Minimum [Member] | |||
Impairment measurement input | 12.3 | 12.6 | 12.2 |
Measurement Input, Discount Rate [Member] | Maximum [Member] | |||
Impairment measurement input | 12.6 | 13 | 12.2 |
Measurement Input Operating Profit Margin [Member] | Minimum [Member] | |||
Impairment measurement input | 17.8 | 17.8 | 19 |
Measurement Input Operating Profit Margin [Member] | Maximum [Member] | |||
Impairment measurement input | 36.4 | 36.4 | 36.4 |
Measurement Input, Long-term Revenue Growth Rate [Member] | Minimum [Member] | |||
Impairment measurement input | 0.2 | 0.2 | 0 |
Measurement Input, Long-term Revenue Growth Rate [Member] | Maximum [Member] | |||
Impairment measurement input | 2.6 | 2.9 | 2.9 |
Broadcast Licenses, Goodwill _6
Broadcast Licenses, Goodwill and Other Intangible Assets (Changes to Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Broadcast Licenses, Goodwill and Other Intangible Assets | ||
Goodwill, Beginning Balance | $ 19,106 | $ 18,963 |
Acquisitions | 103 | 143 |
Goodwill, Ending Balance | $ 19,209 | $ 19,106 |
Broadcast Licenses, Goodwill _7
Broadcast Licenses, Goodwill and Other Intangible Assets (Amortizable intangible assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 16,315 | $ 16,320 |
Accumulated Amortization | 15,906 | 15,524 |
Net Amount | 409 | 796 |
Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 4,660 | 4,660 |
Accumulated Amortization | 4,660 | 4,322 |
Net Amount | 338 | |
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,861 | 3,861 |
Accumulated Amortization | 3,861 | 3,861 |
Favorable lease agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 5,965 | 5,965 |
Accumulated Amortization | 5,597 | 5,570 |
Net Amount | 368 | 395 |
Other intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,829 | 1,834 |
Accumulated Amortization | 1,788 | 1,771 |
Net Amount | $ 41 | $ 63 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) | Oct. 27, 2021 | Jun. 07, 2019 | Feb. 04, 2019 | Jun. 27, 2018 | Aug. 18, 2015 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 01, 2021 | Jul. 01, 2019 |
Debt Instrument [Line Items] | ||||||||||
Long-term Debt | $ 0 | $ 10,000,000 | ||||||||
Amortization of debt issuance costs | $ 37,000 | 40,000 | $ 103,000 | |||||||
Credit Facility Participation Fee And Fronting Fee Percentage | 0.25% | |||||||||
Debt instrument, term | 5 years | |||||||||
Unamortized Debt Issuance Expense | $ 266,000 | |||||||||
Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, maximum borrowing capacity | $ 100,000,000 | $ 50,000,000 | $ 70,000,000 | |||||||
Debt Instrument, Maturity Date | Jun. 27, 2023 | Aug. 18, 2020 | ||||||||
Repayments of Long-term Lines of Credit | $ 10,000,000 | $ 5,000,000 | $ 5,000,000 | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 50,000,000 | |||||||||
Debt instrument, term | 5 years | |||||||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, interest rate at period end | 0.101% | |||||||||
Minimum [Member] | Base Rate [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.00% | |||||||||
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||||
Minimum [Member] | Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.20% | |||||||||
Maximum [Member] | Base Rate [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||||
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||||||
Maximum [Member] | Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.30% | |||||||||
Second Amendment [Member] | Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Issuance Costs, Net | $ 120,000 | |||||||||
Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt | $ 10,000,000 |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Total debt | ||
Long-term Debt, Total | $ 0 | $ 10,000,000 |
Long-term debt, noncurrent | 10,000,000 | |
Revolving Credit Facility [Member] | ||
Total debt | ||
Long-term Debt, Total | 10,000,000 | |
Amounts payable within one year | $ 0 | $ 0 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash paid during the period for: | |||
Interest | $ 253 | $ 311 | $ 635 |
Income taxes | 3,450 | 1,099 | 3,893 |
Non-cash transactions: | |||
Barter revenue | 2,125 | 2,014 | 3,560 |
Barter expense | 2,124 | 1,881 | 3,370 |
Acquisition of property and equipment | 6 | 28 | |
Use of treasury shares for 401(k) match | $ 221 | $ 250 | $ 262 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes | |||||||||||
Deferred Tax Assets Tax Deferred Compensation Noncurrent | $ 1,270,000 | $ 1,063,000 | $ 1,270,000 | $ 1,063,000 | |||||||
Income tax expense (benefit) | 1,230,000 | $ 1,375,000 | $ 1,325,000 | $ 330,000 | 2,680,000 | $ 1,130,000 | $ (3,805,000) | $ 700,000 | 4,260,000 | 705,000 | $ 5,420,000 |
Income Tax Examination, Penalties and Interest Accrued | 0 | 0 | 0 | 0 | |||||||
Effective income tax rate reconciliation related to impairment losses, tax benefit | (1,400,000) | ||||||||||
Effective income tax rate reconciliation related to executive compensation | 1,000,000 | ||||||||||
Income Tax Examination, Penalties and Interest Expense | 0 | 600 | $ 2,100 | ||||||||
Deferred tax asset, valuation allowance | 0 | 0 | 0 | 0 | |||||||
Unrecognized tax benefits, income tax penalties accrued | $ 0 | $ 0 | $ 0 | $ 0 | |||||||
Effective income tax rate reconciliation, percent | 27.60% | (58.40%) |
Income Taxes (Significant compo
Income Taxes (Significant components of the Company's deferred tax liabilities and assets) (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax liabilities: | ||
Property and equipment | $ 4,242,000 | $ 4,802,000 |
Intangible assets | 21,425,000 | 20,442,000 |
Prepaid expenses | 405,000 | 426,000 |
Total deferred tax liabilities | 26,072,000 | 25,670,000 |
Deferred tax assets: | ||
Allowance for doubtful accounts | 43,000 | 89,000 |
Compensation | 1,093,000 | 824,000 |
Other accrued liabilities | 134,000 | 150,000 |
Deferred Tax Assets, Gross, Total | 1,270,000 | 1,063,000 |
Less: valuation allowance | 0 | 0 |
Total net deferred tax assets | 1,270,000 | 1,063,000 |
Net deferred tax liabilities | 24,802,000 | 24,607,000 |
Current portion of deferred tax assets | 361,000 | 150,000 |
Non-current portion of deferred tax liabilities | (25,163,000) | (24,757,000) |
Net deferred tax liabilities | $ (24,802,000) | $ (24,607,000) |
Income Taxes (Significant com_2
Income Taxes (Significant components of the provision for income taxes) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | |||||||||||
Federal | $ 3,080,000 | $ 850,000 | $ 2,900,000 | ||||||||
State | 985,000 | 400,000 | 1,100,000 | ||||||||
Total current | 4,065,000 | 1,250,000 | 4,000,000 | ||||||||
Total deferred | 195,000 | (545,000) | 1,420,000 | ||||||||
Total Income Tax Provision | $ 1,230,000 | $ 1,375,000 | $ 1,325,000 | $ 330,000 | $ 2,680,000 | $ 1,130,000 | $ (3,805,000) | $ 700,000 | $ 4,260,000 | $ 705,000 | $ 5,420,000 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of income tax) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes | |||||||||||
Tax expense at U.S. statutory rates | $ 3,209,000 | $ (290,000) | $ 3,976,000 | ||||||||
State tax expense (benefit), net of federal benefit | 815,000 | 235,000 | 1,079,000 | ||||||||
Other adjustments against income tax expense (benefit) | 236,000 | 760,000 | 365,000 | ||||||||
Total Income Tax Provision | $ 1,230,000 | $ 1,375,000 | $ 1,325,000 | $ 330,000 | $ 2,680,000 | $ 1,130,000 | $ (3,805,000) | $ 700,000 | $ 4,260,000 | $ 705,000 | $ 5,420,000 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Oct. 16, 2013 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stock Based Compensation [Abstract] | ||||
Stock options granted | 0 | 0 | 0 | |
Stock options outstanding | 0 | |||
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 | |||
Weighted average grant date fair value of restricted stock that vested during | $ 1,792,000 | $ 2,276,000 | ||
Net value of unrecognized compensation cost related to unvested restricted stock awards | 2,354,000 | $ 1,896,000 | 4,195,000 | |
Restricted Stock [Member] | ||||
Stock Based Compensation [Abstract] | ||||
Stock-Based Compensation expense | $ 1,335,000 | $ 2,221,000 | $ 2,129,000 | |
Shares, Granted | 77,913 | 0 | 72,985 | |
Recognized tax benefits | $ 121,000 | $ 235,000 | $ 227,000 | |
Stock Option [Member] | ||||
Stock Based Compensation [Abstract] | ||||
Stock-Based Compensation expense | $ 0 | $ 0 | $ 0 | |
Class A Common Stock | Stock Option [Member] | ||||
Stock Based Compensation [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 990,000 | |||
Class A Common Stock | Incentive Compensation Plan [Member] | ||||
Stock Based Compensation [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 620,000 | |||
Class A Common Stock | Convert For Class B [Member] | ||||
Stock Based Compensation [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 370,000 | |||
Class B Common Stock | Stock Option [Member] | ||||
Stock Based Compensation [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 370,000 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Restricted Stock Transactions) (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Shares, Non-vested and Outstanding, Beginning | 63,755 | 128,224 | 109,176 |
Shares, Granted | 77,913 | 0 | 72,985 |
Shares, Vested | (41,059) | (62,137) | (51,021) |
Shares, Forfeited | (2,332) | (2,916) | |
Shares, Non-vested and Outstanding, Ending | 100,609 | 63,755 | 128,224 |
Weighted Average Grant Date Fair Value, Outstanding Beginning | $ 32.90 | $ 34.66 | $ 40.87 |
Weighted Average Grant Date Fair Value, Granted | 23 | 31.18 | |
Weighted Average Grant Date Fair Value, Vested | 33.85 | 36.50 | 42.66 |
Weighted Average Grant Date Fair Value, Forfeited | 33.65 | 40.30 | |
Weighted Average Grant Date Fair Value, Outstanding Ending | $ 24.85 | $ 32.90 | $ 34.66 |
Weighted average remaining contractual life (in years) | 2 years 3 months 18 days |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Employee Benefit Plans | |||
Administrative expense | $ 1,550 | $ 2,900 | $ 2,400 |
Discretionary contribution | 250,000 | 225,000 | 250,000 |
Deferred Compensation Expense Non Qualified Plan | $ 100,000 | $ 105,000 | $ 135,000 |
Acquisitions and Dispositions -
Acquisitions and Dispositions - Additional Information (Details) - USD ($) | Jul. 12, 2021 | Jan. 08, 2021 | Jan. 02, 2020 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 09, 2019 |
Business Acquisition [Line Items] | ||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 210,000 | |||||||
W295BL | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Combination, Consideration Transferred, Total | $ 200,000 | |||||||
Payments to Acquire Businesses, Gross | $ 190,000 | $ 10,000 | ||||||
W288DQ | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Combination, Consideration Transferred, Total | $ 175,000 | |||||||
Payments to Acquire Businesses, Gross | $ 150,000 | $ 25,000 | ||||||
WIZZ-Am | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Combination, Consideration Transferred, Total | $ 61,800 | |||||||
Payments to Acquire Businesses, Gross | $ 5,000 |
Acquisitions and Dispositions_2
Acquisitions and Dispositions - Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets Acquired: | ||
Property and equipment | $ 3 | $ 11 |
Other assets: | ||
Broadcast licenses | 69 | 46 |
Goodwill | 103 | 143 |
Total other assets | 172 | 189 |
Total assets acquired | 175 | 200 |
Liabilities Assumed: | ||
Current liabilities | 0 | |
Total liabilities assumed | 0 | |
Net assets acquired | $ 175 | $ 200 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) | Dec. 16, 2020USD ($) | Dec. 06, 2019USD ($) | Dec. 14, 2018USD ($) | Jun. 30, 2011 | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jan. 09, 2019USD ($) |
Related Party Transaction [Line Items] | ||||||||
CEO Employment Agreement | In June 2011, we entered into a new employment agreement with Edward K. Christian, Chairman, President and CEO, which became effective as of June 1, 2011, and replaced and superseded his prior employment agreement. We entered into amendments to the agreement on February 12, 2016 (the “First Amendment”), February 26, 2019 (the “Second Amendment”) and January 25, 2022 (the “Third Amendment”). The First Amendment extended the term of the employment agreement to March 31, 2021. The First Amendment also states that on each anniversary of the effective date of the employment agreement, the Compensation Committee shall determine in its discretion the amount of any annual increases (which shall not be less than the greater of 4% or a defined cost of living increase). Mr. Christian may defer any or all of his annual salary. The Second Amendment extends the term of the employment agreement from March 31, 2021 to March 31, 2025 and also makes certain clarifying modifications to the employment agreement.The Third Amendment extends the term of the employment agreement from March 31, 2025 to March 31, 2027 and makes certain changes to the employment agreement pursuant to Section 409A of the Internal Revenue Code. | |||||||
Deferred Compensation Details | On December 6, 2019, Mr. Christian agreed to defer approximately $100,000 of his 2020 salary to be paid 100% on January 15, 2021. | |||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 210,000 | |||||||
Operating Leases, Rent Expense, Minimum Rentals | $ 4,400 | |||||||
Leasee operating leases rent expense | $ 4,200 | $ 4,100 | ||||||
Change in control benchmark percentage of combined voting power | 30.00% | |||||||
Change in control benchmark percentage of voting securities | 50.00% | |||||||
Principal Stockholder Employment Agreement [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Compensation, Annual Increase, Maximum Threshold Percentage | 4.00% | |||||||
Deferred Salary, Amount | $ 100,000 | $ 100,000 | $ 100,000 | |||||
Deferred Salary, Payment Percentage | 100.00% | 100.00% | 100.00% | |||||
Change In Control, Amount Payable, Multiple | 2.99 | |||||||
Health Insurance Provided, Period | 10 years | |||||||
Non-compete Agreement Period | 3 years | |||||||
Severance Payment Percentage | 100.00% | |||||||
Severance Payment Period | 24 months | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | |||||||
Average Annual Compensation | $ 1,943,000 | $ 1,943,000 | $ 1,943,000 | |||||
Change In Control Agreements [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Change In Control, Amount Payable, Multiple | 1.5 | |||||||
Lumpsum Payment Period | 45 days | |||||||
Employee Continuation Period | 6 months | |||||||
Employee Termination Period | 6 months | |||||||
Apex Agreement [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Payments to Acquire Businesses, Gross | $ 23,000,000 |
Common Stock (Narrative) (Detai
Common Stock (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2021itemshares | Dec. 31, 2020item | |
Class A Common Stock | ||
Number of votes per share of common stock | 1 | 1 |
Class B Common Stock | ||
Number of votes per share of common stock | 10 | 10 |
Number of shares issued upon conversion into Class A Common Stock | shares | 1 |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2003 | |
Commitments and Contingencies | ||||
Operating Lease, Right-of-Use Asset | $ 6,100,000 | $ 6,600,000 | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent | ||
Operating Lease, Liability | $ 6,426,000 | $ 6,900,000 | ||
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities, Current, Other Liabilities, Noncurrent | Accrued Liabilities, Current, Other Liabilities, Noncurrent | ||
Additional lease assets recorded | $ 1,039,000 | |||
Operating Lease, Payments | 1,777,000 | $ 1,737,000 | ||
Lease, Cost | $ 1,765,000 | $ 1,752,000 | $ 1,801,000 | |
Option to extend | true | |||
Operating Lease, Weighted Average Remaining Lease Term | 6 years 2 months 12 days | |||
Operating Lease, Weighted Average Discount Rate, Percent | 4.20% | |||
Contingent cash payment | $ 1,000,000 |
Commitments and Contingencies_3
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Minimum annual rental commitments | ||
2022 | $ 1,778 | |
2023 | 1,575 | |
2024 | 1,275 | |
2025 | 875 | |
2026 | 668 | |
Thereafter | 1,243 | |
Total lease payments | 7,414 | |
Less: Interest | $ 988 | |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities, Current, Other Liabilities, Noncurrent | Accrued Liabilities, Current, Other Liabilities, Noncurrent |
Present value of lease liabilities | $ 6,426 | $ 6,900 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Indefinite-Lived License Agreements | $ 95,311,000 | $ 90,208,000 | $ 90,277,000 | ||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 1,392,000 | $ 3,757,000 | $ 0 | 5,149,000 | |
Licensing Agreements [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Indefinite-Lived License Agreements | 51,448,000 | ||||
Licensing Agreements [Member] | Fair Value, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | $ 46,299,000 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Fair Value Measurements, Recurring and Nonrecurring) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | $ 54,760 | $ 51,353 |
Fair Value, Inputs, Level 2 [Member] | ||
Revolving Credit Facility | $ 10,000 |
Quarterly Results of Operatio_3
Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, shares in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Quarterly Results of Operations (Unaudited) | ||||||||||||
Net operating revenue | $ 29,151,000 | $ 28,845,000 | $ 28,046,000 | $ 22,301,000 | $ 28,753,000 | $ 24,143,000 | $ 16,866,000 | $ 26,051,000 | $ 108,343,000 | $ 95,813,000 | $ 123,072,000 | |
Station operating expenses | 21,615,000 | 21,690,000 | 21,017,000 | 18,923,000 | 21,119,000 | 19,616,000 | 18,652,000 | 22,199,000 | 83,245,000 | 81,586,000 | 92,692,000 | |
Corporate G&A | 2,570,000 | 2,538,000 | 2,494,000 | 2,438,000 | 2,651,000 | 2,838,000 | 3,070,000 | 3,015,000 | 10,040,000 | 11,574,000 | 11,460,000 | |
Other operating expense (income), net | 32,000 | (2,000) | (80,000) | 57,000 | (13,000) | 50,000 | 46,000 | (1,330,000) | 7,000 | (1,247,000) | 112,000 | |
Impairment of broadcast licenses | 1,392,000 | 3,757,000 | $ 0 | 5,149,000 | ||||||||
Operating income | 4,934,000 | 4,619,000 | 4,615,000 | 883,000 | 4,996,000 | 247,000 | (8,659,000) | 2,167,000 | 15,051,000 | (1,249,000) | 18,808,000 | |
Other (income) expenses: | ||||||||||||
Interest expense | 66,000 | 73,000 | 72,000 | 73,000 | 75,000 | 75,000 | 82,000 | 108,000 | 284,000 | 340,000 | 735,000 | |
Interest income | (2,000) | (4,000) | (4,000) | (6,000) | (7,000) | (8,000) | (25,000) | (108,000) | (16,000) | (148,000) | (610,000) | |
Other income | (52,000) | (279,000) | (31,000) | (272,000) | (20,000) | (213,000) | (634,000) | (233,000) | (16,000) | |||
Income before income taxes | 4,922,000 | 4,829,000 | 4,578,000 | 1,088,000 | 4,948,000 | 180,000 | (8,716,000) | 2,380,000 | 15,417,000 | (1,208,000) | 18,699,000 | |
Income tax provision (benefit) | 1,230,000 | 1,375,000 | 1,325,000 | 330,000 | 2,680,000 | 1,130,000 | (3,805,000) | 700,000 | $ 4,260,000 | $ 705,000 | $ 5,420,000 | |
Net income | $ 3,692,000 | $ 3,454,000 | $ 3,253,000 | $ 758,000 | $ 2,268,000 | $ (950,000) | $ (4,911,000) | $ 1,680,000 | ||||
Basic | $ 0.60 | $ 0.58 | $ 0.54 | $ 0.13 | $ 0.38 | $ (0.16) | $ (0.82) | $ 0.28 | $ 1.85 | $ (0.32) | $ 2.23 | |
Weighted average common shares | 5,922 | 5,917 | 5,917 | 5,913 | 5,880 | 5,869 | 5,868 | 5,866 | 5,917 | 5,871 | 5,834 | |
Diluted earnings per share | $ 0.60 | $ 0.58 | $ 0.54 | $ 0.13 | $ 0.38 | $ (0.16) | $ (0.82) | $ 0.28 | $ 1.85 | $ (0.32) | $ 2.23 | |
Weighted average common and common equivalent shares | 5,922 | 5,917 | 5,917 | 5,913 | 5,880 | 5,869 | 5,868 | 5,866 | 5,917 | 5,871 | 5,834 |
Other Income (Narrative) (Detai
Other Income (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Income [Line Items] | |||||||||
Proceeds from Insurance Settlement, Investing Activities | $ 589,000 | $ 233,000 | |||||||
Other Nonoperating Income (Expense) | $ 52,000 | $ 279,000 | $ 31,000 | $ 272,000 | $ 20,000 | $ 213,000 | 634,000 | $ 233,000 | $ 16,000 |
Tower in Keene New Hampshire [Member] | |||||||||
Other Income [Line Items] | |||||||||
Gain (Loss) On Insurance Settlement | 208,000 | ||||||||
Proceeds from Insurance Settlement, Investing Activities | 208,000 | ||||||||
Tower in Des Moines Iowa [Member] | |||||||||
Other Income [Line Items] | |||||||||
Proceeds from Insurance Settlement, Investing Activities | 290,000 | 250,000 | |||||||
Other Nonoperating Income (Expense) | $ 290,000 | $ 250,000 | $ 540,000 | ||||||
Tower Sites In Bellingham Washington [Member] | |||||||||
Other Income [Line Items] | |||||||||
Proceeds from Sale of Property, Plant, and Equipment | 1,700,000 | ||||||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 1,400,000 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - USD ($) | Mar. 01, 2022 | Dec. 14, 2021 | Sep. 28, 2021 | Jun. 18, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Subsequent Event [Line Items] | |||||||
Dividends Payable, Date Declared | Dec. 14, 2021 | Sep. 28, 2021 | Jun. 18, 2021 | ||||
Dividends declared per share | $ 0.98 | $ 0.32 | $ 1.20 | ||||
Dividends | $ 3,990,000 | $ 960,000 | $ 960,000 | ||||
Dividends Payable, Date to be Paid | Jan. 14, 2022 | Oct. 22, 2021 | Jul. 16, 2021 | ||||
Dividends Payable, Date of Record | Dec. 27, 2021 | Oct. 8, 2021 | Jun. 30, 2021 | ||||
Class A Common Stock | |||||||
Subsequent Event [Line Items] | |||||||
Dividends declared per share | $ 0.16 | ||||||
Class B Common Stock | |||||||
Subsequent Event [Line Items] | |||||||
Dividends declared per share | $ 0.16 | ||||||
Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Dividends Payable, Date Declared | Mar. 1, 2022 | ||||||
Dividends | $ 970,000 | ||||||
Dividends Payable, Date to be Paid | Apr. 8, 2022 | ||||||
Dividends Payable, Date of Record | Mar. 21, 2022 | ||||||
Subsequent Event | Class A Common Stock | |||||||
Subsequent Event [Line Items] | |||||||
Dividends declared per share | $ 0.16 | ||||||
Subsequent Event | Class B Common Stock | |||||||
Subsequent Event [Line Items] | |||||||
Dividends declared per share | $ 0.16 |