Speedway Motorsports (TRK) 10-Q 28 Apr 16 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 28, 2016
Entity Registrant Name	SPEEDWAY MOTORSPORTS INC
Entity Central Index Key	934,648
Trading Symbol	trk
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		41,205,547
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
As Revised [Member]
Current Assets:
Cash and cash equivalents		$ 82,010
Accounts and notes receivable, net		39,783
Prepaid and refundable income taxes		8,520
Inventories, net		8,711
Prepaid expenses		3,862
Total Current Assets		142,886
Notes Receivable		1,303
Other Assets		29,622
Property and Equipment, Net		1,019,650
Other Intangible Assets, Net		298,394
Goodwill		47,342
Total		1,539,197
Current Liabilities:
Current maturities of long-term debt		7,677
Accounts payable		12,112
Deferred race event and other income, net		57,549
Accrued interest		4,291
Accrued expenses and other current liabilities		26,740
Total Current Liabilities		108,369
Long-term Debt		313,706
Deferred Income, Net		4,581
Deferred Income Taxes, Net		321,046
Other Liabilities		6,655
Total Liabilities		$ 754,357
Stockholders’ Equity:
Preferred Stock, $.10 par value, shares authorized – 3,000,000, no shares issued
Common Stock, $.01 par value, shares authorized – 200,000,000, issued and outstanding – 41,208,000 in 2016 and 41,235,000 in 2015		$ 458
Additional Paid-in Capital		255,294
Retained Earnings		629,115
Treasury Stock at cost, shares – 4,612,000 in 2016 and 4,520,000 in 2015		(100,027)
Total Stockholders’ Equity		784,840
Total		1,539,197
Cash and cash equivalents	$ 79,273	82,010
Accounts and notes receivable, net	55,188
Prepaid and refundable income taxes	8,570
Inventories, net	9,738	8,711
Prepaid expenses	4,098
Total Current Assets	156,867
Notes Receivable	1,264
Other Assets	29,428
Property and Equipment, Net	1,028,192
Other Intangible Assets, Net	298,394	298,394
Goodwill	47,342	47,342
Total	1,561,487	1,539,197
Current maturities of long-term debt	7,657
Accounts payable	16,316
Deferred race event and other income, net	92,306
Accrued interest	1,724
Accrued expenses and other current liabilities	20,767
Total Current Liabilities	138,770
Long-term Debt	311,549
Deferred Income, Net	4,412
Deferred Income Taxes, Net	321,457
Other Liabilities	6,706
Total Liabilities	$ 782,894
Preferred Stock, $.10 par value, shares authorized – 3,000,000, no shares issued
Common Stock, $.01 par value, shares authorized – 200,000,000, issued and outstanding – 41,208,000 in 2016 and 41,235,000 in 2015	$ 458
Additional Paid-in Capital	256,161
Retained Earnings	623,727
Treasury Stock at cost, shares – 4,612,000 in 2016 and 4,520,000 in 2015	(101,753)
Total Stockholders’ Equity	778,593	$ 784,840
Total	$ 1,561,487

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
As Revised [Member]
Preferred stock par value (in dollars per share)		$ 0.10
Preferred stock, shares authorized (in shares)		3,000,000
Preferred stock, shares issued (in shares)		0
Common Stock, par value (in dollars per share)		$ 0.01
Common Stock, shares authorized (in shares)		200,000,000
Common Stock, shares issued (in shares)		41,235,000
Common Stock, shares outstanding (in shares)		41,235,000
Treasury Stock at cost, shares (in shares)		4,520,000
Preferred stock par value (in dollars per share)	$ 0.10
Preferred stock, shares authorized (in shares)	3,000,000
Preferred stock, shares issued (in shares)	0
Common Stock, par value (in dollars per share)	$ 0.01
Common Stock, shares authorized (in shares)	200,000,000
Common Stock, shares issued (in shares)	41,208,000
Common Stock, shares outstanding (in shares)	41,208,000
Treasury Stock at cost, shares (in shares)	4,612,000

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Admissions	$ 15,439,000	$ 18,752,000
Event related revenue	21,730,000	22,270,000
NASCAR broadcasting revenue	37,447,000	36,319,000
Other operating revenue	8,560,000	7,933,000
Total Revenues	83,176,000	85,274,000
Direct expense of events	13,060,000	14,870,000
NASCAR event management fees	22,298,000	21,619,000
Other direct operating expense	5,589,000	4,838,000
General and administrative	24,074,000	23,091,000
Depreciation and amortization	13,371,000	13,335,000
Interest expense, net	$ 3,339,000	6,257,000
Loss on early debt redemption and refinancing (Note 5)		8,372,000
Other expense (income), net	$ 68,000	(390,000)
Total Expenses and Other	81,799,000	91,992,000
Income (Loss) Before Income Taxes	1,377,000	(6,718,000)
(Provision) Benefit for Income Taxes	(516,000)	2,319,000
Net Income (Loss)	$ 861,000	$ (4,399,000)
Basic Earnings (Loss) Per Share (Note 6) (in dollars per share)	$ 0.02	$ (0.11)
Weighted average common shares outstanding (in shares)	41,227	41,338
Diluted Earnings (Loss) Per Share (Note 6) (in dollars per share)	$ 0.02	$ (0.11)
Weighted average common shares outstanding and assumed conversions (in shares)	41,244	41,376

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity (Unaudited) - 3 months ended Mar. 31, 2016 - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
Balance (in shares) at Dec. 31, 2015	41,235
Balance at Dec. 31, 2015	$ 458	$ 255,294	$ 629,115	$ (100,027)	$ 784,840
Net income			861		861
Share-based compensation (in shares)	65
Share-based compensation		867			867
Quarterly cash dividends of $0.15 per share of common stock			(6,249)		(6,249)
Repurchases of common stock (in shares)	(92)
Repurchases of common stock				(1,726)	(1,726)
Balance (in shares) at Mar. 31, 2016	41,208
Balance at Mar. 31, 2016	$ 458	$ 256,161	$ 623,727	$ (101,753)	$ 778,593

Consolidated Statement of Stoc6

Consolidated Statement of Stockholders' Equity (Unaudited) (Parentheticals)	3 Months Ended
	Mar. 31, 2016$ / shares
Retained Earnings [Member]
Cash dividends, per share of common stock (in dollars per share)	$ 0.15

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
As Revised [Member]
Cash Flows from Operating Activities:
Net income (loss)		$ (4,399)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Deferred loan cost amortization		508
Interest expense accretion of debt discount and premium, net		(149)
Depreciation and amortization		13,335
Amortization of deferred income		(176)
Deferred income tax provision		(2,319)
Share-based compensation		796
Changes in operating assets and liabilities:
Accounts and notes receivable		(25,273)
Prepaid, refundable and accrued income taxes		54
Inventories		(1,713)
Prepaid expenses		(602)
Accounts payable		5,457
Deferred race event and other income		33,609
Accrued interest		(5,193)
Accrued expenses and other liabilities		(4,975)
Deferred income		84
Other assets and liabilities		162
Net Cash Provided By Operating Activities		8,718
Cash Flows from Financing Activities:
Borrowings under long-term debt		250,000
Principal payments on long-term debt		(250,375)
Dividend payments on common stock		(6,233)
Exercise of common stock options		285
Repurchases of common stock		(2,010)
Net Cash Used By Financing Activities		(11,962)
Cash Flows from Investing Activities:
Payments for capital expenditures		(6,089)
Proceeds from sales of property and equipment and insurance recovery		491
Repayment of notes and other receivables		37
Net Cash Used By Investing Activities		(5,758)
Change in cash collected for and payable to third party, cash not provided or used by operating activities (Note 2)		513
Cash and Cash Equivalents at Beginning of Period	$ 82,010
Supplemental Cash Flow Information:
Cash paid for interest, net of amounts capitalized		11,497
Supplemental Non-Cash Investing and Financing Activities Information:
Increase (decrease) in accounts payable for capital expenditures		(484)
Net income (loss)	861	(4,399)
Deferred loan cost amortization	373
Gain on disposals of property and equipment and insurance recovery	$ (12)	(488)
Interest expense accretion of debt discount and premium, net
Depreciation and amortization	$ 13,371
Amortization of deferred income	(193)
Deferred income tax provision	415
Share-based compensation	867
Accounts and notes receivable	(15,405)
Prepaid, refundable and accrued income taxes	(50)
Inventories	(1,027)
Prepaid expenses	(236)
Accounts payable	591
Deferred race event and other income	34,765
Accrued interest	(2,567)
Accrued expenses and other liabilities	(5,973)
Deferred income	16
Other assets and liabilities	(155)
Net Cash Provided By Operating Activities	$ 25,641
Borrowings under long-term debt
Principal payments on long-term debt	$ (2,177)
Payment of debt refinancing costs		(3,629)
Dividend payments on common stock	$ (6,249)
Exercise of common stock options
Repurchases of common stock	$ (1,726)
Net Cash Used By Financing Activities	(10,152)
Payments for capital expenditures	$ (18,355)	(6,089)
Payment for other non-current assets		(197)
Proceeds from sales of property and equipment and insurance recovery
Repayment of notes and other receivables	$ 39
Net Cash Used By Investing Activities	(18,316)
Net Decrease in Cash and Cash Equivalents	(2,827)	(9,002)
Change in cash collected for and payable to third party, cash not provided or used by operating activities (Note 2)	90
Cash and Cash Equivalents at Beginning of Period	82,010	110,046
Cash and Cash Equivalents at End of Period	79,273	$ 101,557
Cash paid for interest, net of amounts capitalized	5,949
Increase (decrease) in accounts payable for capital expenditures	$ 3,540

Note 1 - Description of Busines

Note 1 - Description of Business	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Nature of Operations [Text Block]	1. DESCRIPTION OF BUSINESS Basis of Presentation The consolidated financial statements include the accounts of Speedway Motorsports, Inc. and all of its wholly-owned and operating subsidiaries: Atlanta Motor Speedway LLC (AMS), Bristol Motor Speedway LLC (BMS), Charlotte Motor Speedway LLC (CMS), Kentucky Raceway LLC d/b/a Kentucky Speedway (KyS), Nevada Speedway LLC d/b/a Las Vegas Motor Speedway (LVMS), New Hampshire Motor Speedway, Inc. (NHMS), North Wilkesboro Speedway, Inc. (NWS), Speedway Sonoma LLC (Sonoma Raceway or SR), Texas Motor Speedway, Inc. (TMS), SMISC Holdings, Inc. d/b/a SMI Properties (SMI Properties), US Legend Cars International, Inc. (Legend Cars), Oil-Chem Research Corporation (Oil-Chem), SMI Trackside LLC (SMI Trackside), Speedway Funding LLC, Speedway Motorsports International Limited (BVI) and consolidated foreign entity (SMIL), Speedway Properties Company LLC a/k/a Performance Racing Network (PRN), Speedway Media LLC a/k/a Racing Country USA (RCU), and TSI Management Company LLC d/b/a The Source International LLC (TSI) (collectively, the Company, SMI, we, our or us). Hereafter, references to “the Company’s” or “eight” speedways exclude NWS, which presently has no significant operations and assets consist primarily of real estate which has no significant fair value. See Notes 1 and 2 to the Consolidated Financial Statements in our 2015 Annual Report on Form 10-K (2015 Annual Report) for further description of our business operations, properties and scheduled events. Racing Events – In 2016 , we plan to hold 24 major annual racing events sanctioned by the National Association for Stock Car Auto Racing, Inc. (NASCAR), including 13 Sprint Cup and 11 Xfinity Series racing events. We also plan to hold eight NASCAR Camping World Truck Series, three NASCAR K&N Pro Series, four NASCAR Whelen Modified Tour, two IndyCar Series, six major National Hot Rod Association (NHRA), one Automobile Racing Club of America (ARCA) and three World of Outlaws (WOO) racing events. In 2015, we held 24 major annual racing events sanctioned by NASCAR, including 13 Sprint Cup and 11 Xfinity Series racing events. We also held eight NASCAR Camping World Truck Series, three NASCAR K&N Pro Series, four NASCAR Whelen Modified Tour, two IndyCar Series, six major NHRA, one ARCA and three WOO events.

Note 2 - Significant Accounting

Note 2 - Significant Accounting Policies and Other Disclosures	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2. SIGNIFICANT ACCOUNTING POLICIES AND OTHER DISCLOSURES These unaudited consolidated financial statements should be read in conjunction with our consolidated financial statements included in our 2015 Annual Report. In management's opinion, these unaudited consolidated financial statements contain all adjustments necessary for their fair presentation at interim periods in accordance with accounting principles generally accepted in the United States. All such adjustments are of a normal recurring nature unless otherwise noted. The results of operations for interim periods are not necessarily indicative of operating results that may be expected for the entire year due to the seasonal nature of the Company's motorsports business. See Note 2 to the Consolidated Financial Statements in our 2015 Annual Report for further discussion of significant accounting policies. Quarterly Reporting The more significant racing schedule change for the three months ended March 31, 2016 as compared to 2015 includes: • CMS held one major NHRA racing event in the first quarter 2015 that is being held in the second quarter 2016 • Poor weather resulted in delaying the start of the NASCAR Sprint Cup race held at Las Vegas Motor Speedway in the first quarter 2016 Income Taxes the Consolidated Financial Statements in our 2015 Annual Report for additional information on our accounting for income taxes. The effective income tax rate for the three months ended March 31, 2016 and 2015 was 37.5% and 34.5%, respectively. The 2015 effective tax rate was reduced by adjustments to certain deferred tax assets, and was 37.1% excluding such adjustments. The Company paid cash of $200,000 and $0 for income taxes in the three months ended March 31, 2016 and 2015. A ccounting for Uncertainty in Income Taxes Anticipated Income Tax Benefit From Equity Interest Abandonment On January 31, 2014, the Company abandoned its interest and rights in Motorsports Authentics (former 50% owned, non-controlling interest, merchandising equity investment joint venture) (MA) to focus management resources in areas that may be profitable and more productive. The Company’s carrying value of the investment was reduced to $0 through sizable impairment charges prior to 2010 and MA’s historical operating results. The Company recognized no concurrent tax benefits as valuation allowances were provided against associated deferred tax assets. As a result of abandonment, the Company recognized a material income tax benefit of $48.1 million at December 31, 2013 for the reversal of previously recorded valuation allowances under applicable accounting guidance, and recognized tax losses reported on its 2014 income tax returns. Management believes there is or will be sufficient taxable income in carryback or carryforward periods under tax law for full utilization of these tax losses. The Company reduced income taxes payable by approximately $16.6 million through both March 31, 2016 and December 31, 2015, through utilization of deferred income tax assets, including net operating losses, related to the abandonment. The Company believes it is more likely than not that its filing position would be sustained based on its technical merits upon examination with taxing authorities that have full knowledge of all relevant information. The Company reached this conclusion based on the use of outside legal counsel and other tax consultants and the potential to utilize tax losses. The Company believes it will fully utilize the associated tax losses. Should the Company’s tax position not be fully sustained if examined, an acceleration of material cash income taxes payable could occur. Any differences between the final tax outcome and amounts recorded would affect the Company’s income tax provision in the period in which such determination was made. Other Income Tax Benefits Taxes Collected from Customers – The Company reports sales, admission and other taxes collected from customers on both a gross and net basis in operations. Such taxes reported on a gross basis for the three months ended March 31, 2016 and 2015 amounted to $366,000 and $477,000. Advertising Expenses – Event specific advertising costs are expensed when an associated event is held and included principally in direct expense of events. Non-event related advertising costs are expensed as incurred and included principally in other direct operating expense. Advertising expense amounted to $1,927,000 and $2,283,000 in the three months ended March 31, 2016 and 2015. There were no deferred direct-response advertising costs at March 31, 2016 or December 31, 2015. Fair Value of Financial Instruments March 31, 2016 December 31, 2015 Level Class Carrying Value Fair Value Carrying Value Fair Value Assets Cash and cash equivalents 1 R $ 79,273 $ 79,273 $ 82,010 $ 82,010 Cash surrender values 2 NR 8,715 8,715 8,551 8,551 Liabilities Floating rate revolving Credit Facility, including Term Loan 2 NR 118,000 118,000 120,000 120,000 5.125% Senior Notes Payable due 2023 2 NR 200,000 205,750 200,000 199,000 Other long-term debt 2 NR 1,206 1,206 1,383 1,383 Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. Class R: Measured at fair value on recurring basis, subsequent to initial recognition. Class NR: Measured at fair value on nonrecurring basis, subsequent to initial recognition. Deferred Income, Other Arrangements – Consolidated Statements of Cash Flows – At times, we collect and temporarily hold cash on behalf of our third-party food and beverage concessionaire which is not remitted until after period end and is presented separately from cash flows from operating activities on the Consolidated Statements of Cash Flows. There are no specific limitations, restrictions or other holding requirements for such cash. Recently Issued Accounting Standards – The Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09 "Revenue from Contracts with Customers (Topic 606): Section A - Summary and Amendments That Create Revenue from Contracts with Customers and Other Assets and Deferred Costs - Contracts with Customers (Subtopic 340-40)” which enhances comparability and clarifies principles of revenue recognition. The guidance includes the core principle that entities recognize revenue to depict transfers of promised goods or services to customers in amounts that reflect the consideration entities expect to be entitled in exchange for those goods or services. In August 2015, the FASB issued Update No. 2015-14 approving deferral of Update No. 2014-09 for one year, with such guidance now effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early application is permitted as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company is currently evaluating the potential impact that adoption may have on its financial statements. The FASB issued Accounting Standards Update No. 2015-03 "Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” which requires that debt issuance costs related to debt liabilities be presented in the balance sheet as a direct deduction from the associated carrying amount, similar to debt discounts. In August 2015, the FASB issued Update No. 2015-15 “Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements” which provides guidance on presentation and subsequent measurement of debt issuance costs associated with line-of-credit arrangements, and indicating the SEC staff would not object to entities deferring and presenting debt issuance costs as an asset and subsequently amortizing deferred debt issuance costs ratably over line-of-credit arrangement terms even if there are no outstanding borrowings. The guidance is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. The Company has chosen to continue deferring and presenting debt issuance costs as an asset and amortize deferred debt issuance costs ratably over line-of-credit arrangement terms. As such, adoption had no impact on its financial statements. The FASB issued Accounting Standards Update No. 2015-11 "Inventory (Topic 330): Simplifying the Measurement of Inventory” which requires measuring inventory at the lower of cost and net realizable value based on estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation (changed from the previous guidance of lower of cost or market). This update also clarified various other inventory measurement and disclosure requirements. The update does not apply to inventory measured using the LIFO or retail inventory methods. The guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, and should be applied prospectively. Early application is permitted. The Company is currently evaluating the potential impact that adoption may have on its financial statements. The FASB issued Accounting Standards Update No. 2016-02 “Leases (Subtopic 842)” which requires lessees to recognize assets and liabilities arising from leases as well as extensive quantitative and qualitative disclosures. Lessees will need to recognize on their balance sheets right-of-use assets and lease liabilities for the majority of their leases (other than leases meeting the definition of a short-term lease). Right-of-use assets will be measured at lease liability amounts, adjusted for lease prepayments, lease incentives received and lessee’s initial direct costs. Lease liabilities will equal the present value of lease payments. The guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The guidance is required to be applied using the modified retrospective approach for all leases existing as of the effective date, and provides for certain practical expedients. The Company is currently evaluating the potential impact that adoption may have on its financial statements. The FASB issued Accounting Standards Update 2016-09 “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” which changes how companies account for certain aspects of share-based payment awards to employees, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as the classification of related matters in the statement of cash flows. The guidance is effective for the Company in the first quarter of 2017. The Company is currently evaluating the potential impact that adoption may have on its financial statements.

Note 3 - Inventories

Note 3 - Inventories	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Inventory Disclosure [Text Block]	3. INVENTORIES Inventories, net consist of the following components (in thousands): March 31, December 31, 2016 2015 Finished race cars, parts and accessories $ 5,070 $ 5,542 Souvenirs and apparel 3,883 2,550 Micro-lubricant ® 785 619 Total $ 9,738 $ 8,711

Note 4 - Goodwill and Other Int

Note 4 - Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	4. GOODWILL AND OTHER INTANGIBLE ASSETS Annual Assessment – evaluates goodwill and other intangible assets for possible impairment annually in the second quarter, or when events or circumstances indicate possible impairment may have occurred. See Notes 2 and 5 to the Consolidated Financial Statements in our 2015 Annual Report for additional information on the Company’s goodwill and other intangible assets and assessment methodology and evaluation. The inputs for measuring fair value are considered "Level 3" or unobservable inputs that are not corroborated by market data under applicable fair value authoritative guidance, as quoted market prices are not available. Management's latest annual assessment in the second quarter 2015 was based predominately on management's best estimate of future discounted operating cash flows and profitability attributable to such assets for all individual reporting units. Management also considered that the estimated market value for comparable NASCAR race event sanction and renewal agreements (the Company had agreements with NASCAR to annually conduct thirteen Sprint Cup, eleven Xfinity and eight Camping World Truck Series races as of the evaluation date), combined with the estimated fair value for all other Company net assets, exceeds its current market capitalization. Among other factors, the latest assessment assumes projected cash flow and profitability recovery, using modest annual inflationary growth rates for projected revenue streams and operating costs (other than NASCAR broadcasting revenues and event management fees), Second Quarter 2015 Impairment – These impairment charges pertain to the Company’s “motorsports event related” reporting segment. Management believes the methods used to determine fair value and evaluate impairment were appropriate, relevant, and represent methods customarily available and used for such purposes and are the best available estimate of fair value. There have since been no other events or circumstances that indicate possible impairment, and management believes the Company’s operational and cash flow forecasts support its conclusions that no unrecognized impairment exists as of March 31, 2016. Different economic or industry conditions or assumptions, and changes in projected cash flows or profitability, if significantly negative or unfavorable, could have a material adverse effect on the impairment evaluation and our future financial condition or results of operations. The evaluations are subjective and based on conditions, trends and assumptions existing at the time of evaluation. Other Information – There were no changes in the gross carrying value of goodwill or other intangible assets during the three months ended March 31, 2016. The carrying amounts for goodwill and other intangible assets include accumulated impairments of $148.6 million and $99.9 million at both March 31, 2016 and December 31, 2015. The gross carrying values and accumulated amortization by class of intangible asset are as follows (dollars in thousands): March 31, 2016 December 31, 2015 Gross Carrying Value Accumulated Amortization Net Gross Carrying Value Accumulated Amortization Net Estimated Amortization Period (Years) Nonamortizable race event sanctioning and renewal agreements $ 298,383 — $ 298,383 $ 298,383 — $ 298,383 — Amortizable race event sanctioning and renewal agreements 100 $ (89 ) 11 100 $ (89 ) 11 5 - 6 Total $ 298,483 $ (89 ) $ 298,394 $ 298,483 $ (89 ) $ 298,394

Note 5 - Long-term Debt

Note 5 - Long-term Debt	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Long-term Debt [Text Block]	5. LONG-TERM DEBT Bank Credit Facility – Our Credit Facility, among other things: (i) provides for a five-year $100,000,000 senior secured revolving credit facility, with separate sub-limits of $50,000,000 for standby letters of credit and $10,000,000 for swing line loans; (ii) provides for a five-year $150,000,000 senior secured term loan (which was fully drawn) and a five-year delayed draw term loan of up to $50,000,000 (which was fully drawn in March 2015 and repaid in the second quarter 2015) (the Term Loan or Term Loans); (iii) matures in December 2019; (iv) contains an accordion feature allowing the Company to increase revolving commitments or establish a term loan up to an aggregate additional $100,000,000 or $200,000,000, respectively (or a combined aggregate additional amount of up to $250,000,000) with certain lender commitment conditions; (v) allows for annual aggregate payments of dividends and repurchases of SMI securities of up to $50,000,000, increasing up to $75,000,000 subject to maintaining certain financial covenants; and (vi) limits annual capital expenditures to $75,000,000 and provides for motor speedway acquisitions and related businesses. Term Loans require equal minimum quarterly principal payments of at least 5% of initial amounts drawn on an annualized basis ($7,500,000 for fiscal 2016). Interest is based, at the Company’s option, upon the Eurodollar Rate plus 1.25% to 2.00% or a base rate defined as the higher of Bank of America’s prime rate, the Federal Funds Rate plus 0.5% or the Eurodollar Rate plus 1%, plus 0.25% to 1.00%. The Credit Facility also contains a commitment fee ranging from 0.25% to 0.40% of unused amounts available for borrowing. The interest rate margins on borrowings and the commitment fee are adjustable periodically based upon certain consolidated total leverage ratios. The Credit Facility contains a number of affirmative and negative financial covenants, including requirements that the Company maintain certain consolidated total leverage ratios and consolidated interest coverage ratios. During the three months ended March 31, 2016, the Company repaid $2,000,000 of Term Loan borrowings. During the three months ended March 31, 2015, the Company borrowed $50,000,000 under the Term Loan for partial funding of the 2019 Senior Notes redemption as further described below. At March 31, 2016 and December 31, 2015, outstanding borrowings under the Credit Facility were $118,000,000 and $120,000,000 (all Term Loan borrowings), and outstanding letters of credit amounted to $840,000 and $845,000. As of March 31, 2016, the Company had availability for borrowing up to an additional $99,160,000, including up to an additional $49,160,000 in letters of credit, under the revolving Credit Facility, and $50,000,000 under the delayed draw term loan provision. 2023 Senior Notes 2015 Early Redemption of 2019 Senior Notes Other Notes Payable Other General Terms and Conditions Subsidiary Guarantees – Interest Expense, Net – Three Months Ended March 31: 2016 2015 Gross interest costs $ 3,564 $ 6,365 Less: capitalized interest costs (182 ) (61 ) Interest expense 3,382 6,304 Interest income (43 ) (47 ) Interest expense, net $ 3,339 $ 6,257 Weighted-average interest rate on Credit Facility borrowings 1.9 % 1.9 % During the first quarter 2015, we incurred net interest expense of $1,688,000 on the former 2019 Senior Notes between January 27, 2015 (issuance date of the new 2023 Senior Notes) and March 13, 2015 (redemption date of the 2019 Senior Notes). The new notes were issued before redemption of the former notes because of a favorable interest rate environment and required notice of redemption to 2019 Senior Note holders by the Company.

Note 6 - Per Share and Other Eq

Note 6 - Per Share and Other Equity Information	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Stockholders Equity and Earnings Per Share [Text Block]	6. PER SHARE AND OTHER EQUITY INFORMATION The following schedule reconciles basic and diluted income (loss) per share (where computations are anti-dilutive, reported basic and diluted per share amounts are the same) (in thousands except per share amounts): Three Months Ended March 31: 2016 2015 Net income (loss) applicable to common stockholders and assumed conversions $ 861 $ (4,399 ) Weighted average common shares outstanding 41,227 41,338 Dilution effect of assumed conversions: Common stock equivalents—stock awards 17 38 Weighted average common shares outstanding and assumed conversions 41,244 41,376 Basic income (loss) per share $ 0.02 $ (0.11 ) Diluted income (loss) per share $ 0.02 $ (0.11 ) Anti-dilutive common stock equivalents excluded in computing diluted earnings per share 134 163 Stock Repurchase Program The Company’s Board of Directors has approved a stock repurchase program authorizing SMI to repurchase up to an aggregate of 5,000,000 shares of the Company’s outstanding common stock from time to time, depending on market conditions, share price, applicable limitations under the Company’s debt agreements (see Note 5), and other factors the Board of Directors or its designees, in their sole discretion, may consider relevant. The purchases can be in the open market or private transactions. The stock repurchase program is presently funded using available cash and cash equivalents and may be suspended or discontinued at any time. During the three months ended March 31, 2016, the Company repurchased 61,000 shares of common stock for $1,137,000. As of March 31, 2016, the Company could repurchase up to an additional 633,000 shares under the current authorization. During the three months ended March 31, 2016, the Company repurchased approximately 31,000 shares of common stock for $588,000 from management employees to settle income taxes on 64,000 restricted shares that vested during the period. As of and through March 31, 2016, treasury stock includes 245,000 shares of common stock delivered to the Company for such purposes. Declaration of Cash Dividends These quarterly cash dividends are being paid using available cash and cash equivalents on hand.

Note 7 - Related Party Transact

Note 7 - Related Party Transactions	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	7. RELATED PARTY TRANSACTIONS The Company and Sonic Financial Corporation (Sonic Financial), a Company affiliate through common ownership by our Executive Chairman and our Chief Executive Officer, share various expenses in the ordinary course of business under a shared services agreement. For the three months ended March 31, 2016 and 2015, the Company incurred expenses of $217,000 and $129,000 under the shared services agreement. A mounts due from or payable to Sonic Financial at March 31, 2016 or December 31, 2015 were not significant. The Company and certain SMI subsidiaries lease office and warehouse facilities from companies affiliated through common ownership by our Company's Executive Chairman and our Chief Executive Officer under annually renewable lease agreements. Rent expense amounted to $182,000 and $167,000 in the three months ended March 31, 2016 and 2015. Amounts owed to these affiliated companies at March 31, 2016 or December 31, 2015 were not significant. Various SMI subsidiaries purchased new and used vehicles for operations and employee use from certain subsidiary dealerships of Sonic Automotive, Inc. (SAI), an entity in which the Company's Executive Chairman is also SAI’s Executive Chairman and both he and the Company’s Chief Executive Officer are controlling stockholders, for an aggregate of $39,000 and $23,000 in the three months ended March 31, 2016 and 2015. There were no vehicles sold to SAI in the three months ended March 31, 2016 and 2015. Also, SMI sold through certain speedways and its SMIP merchandising subsidiary various event related inventory and merchandise to SAI totaling $282,000 and $161,000 in the three months ended March 31, 2016 and 2015. At March 31, 2016 and December 31, 2015, approximately $186,000 and $85,000 was due from SAI and is reflected in current assets. Oil-Chem sold zMAX micro-lubricant ® product to certain SAI dealerships for resale to service customers of the dealerships in the ordinary course of business. Total purchases from Oil-Chem by SAI dealerships were $586,000 and $550,000 in the three months ended March 31, 2016 and 2015. At March 31, 2016 and December 31, 2015, approximately $213,000 and $158,000 was due from SAI and is reflected in current assets. The foregoing related party balances as of March 31, 2016 and December 31, 2015 and transactions for the three months ended March 31, 2016 and 2015 are summarized below (in thousands): 2016 2015 Accounts receivable $ 399 $ 243 Merchandise and vehicle purchases 39 23 Shared services expense 217 129 Merchandise sales 868 711 Rent expense 182 167

Note 8 - Legal Proceedings and

Note 8 - Legal Proceedings and Contingencies	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	8. LEGAL PROCEEDINGS AND CONTINGENCIES From time to time, we are party to routine litigation incidental to our business, some of which involve material claims. We believe that the resolution of any or all of such litigation will not have a material effect on our financial condition, results of operations or cash flows. TMS, in conjunction with the Fort Worth Sports Authority, has a natural gas mineral rights lease agreement and a joint exploration agreement which, among other things, provides the lessee various defined property access and right-of-ways, exclusive exploration and extraction rights, and non-interference by TMS as extraction infrastructure construction and operations commence. TMS is required to coordinate directly with the lessee on roadway and pipeline logistics to prevent interference of TMS or lessee activities, and monitor regulatory and other contract compliance. The long-term lease remains enforceable as long as drilling or extraction related activities continue or certain prices levels are met. During the three months ended March 31, 2016 and 2015, TMS received and recognized royalty payments of $627,000 and $1,255,000 ($4,265,000 in the full year 2015) under the lease agreement. An initial lease agreement was extended and natural gas extraction commenced in 2014, entitling TMS to stipulated stand-alone and shared royalties. The lessee expanded production capacity in 2014, including an increased number of extraction wells. Such revenues have declined recently from associated market declines in natural gas price levels. At this time, while extraction activities continue, management is unable to determine possible ongoing volumes of production if any or for how long, or if stipulated natural gas price levels will further decline, remain steady or adequate. The lease agreement stipulates the sharing of production revenues, and requires TMS to spend a portion of shared royalties on TMS facility and road infrastructure improvements, up to specified amounts. Any future production revenues or royalties are subject to production levels and market prices that can fluctuate significantly and rapidly, as well as other factors outside of TMS’s control. As such, management is unable to determine the amounts, if any, or timing of possible future royalty payments to TMS. As of March 31, 2016 and December 31, 2015, there were no receivables (not since collected) or deferred income associated with the expired or extended agreements. Quicksilver Resources, Inc. (Quicksilver), the company with whom TMS and FWSA contracted for the exploration and extraction of natural gas, filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code on March 17, 2015. On April 15, 2015, the Bankruptcy Court entered a final order approving Quicksilver’s motion to continue operating in the ordinary course by honoring obligations under its oil and gas contracts (such as the contracts with TMS and the FWSA (the “Contracts”)) in Quicksilver’s business judgment. However, on October 6, 2015 the Bankruptcy Court entered an Order Establishing Bidding Procedure Relating to the Sale of all or a Portion of the Debtors' Assets (potentially including the Contracts). On January 22, 2016, the Bankruptcy Court approved the Asset Purchase Agreement between Quicksilver and BlueStone Natural Resources II, LLC (“BlueStone”) of substantially all of Quicksilver’s oil and gas assets in the United States. Pursuant to the Asset Purchase Agreement, BlueStone sought to purchase and assume the leases originally dated December 20, 2011 and March 7, 2013 with TMS. On February 5, 2016, TMS executed consents for BlueStone to assume the leases through the Bankruptcy Court. BlueStone is now obligated to perform under the leases pursuant to their exact terms. The Quicksilver bankruptcy will continue, but will no longer affect the leases with TMS and FWSA as those have now been assumed by BlueStone.

Note 9 - Stock Compensation Pla

Note 9 - Stock Compensation Plans	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	9. STOCK COMPENSATION PLANS See Note 11 to the Consolidated Financial Statements in our 2015 Annual Report for additional information and terms of the Company’s stock compensation plans. 2013 Stock Incentive Plan The following is a summary of restricted stock and restricted stock units granted, vested and forfeited under the Incentive Compensation Plan for the indicated periods (shares in thousands): Three Months Ended March 31: 2016 2015 Restricted Stock Restricted Stock Units Restricted Stock Restricted Stock Units Outstanding, beginning of period 67 132 64 64 Granted 35 35 35 100 Vested (32 ) (32 ) (29 ) (29 ) Forfeited (2 ) (6 ) (3 ) (3 ) Outstanding, end of period 68 129 67 132 In the three months ended March 31, 2016 and 2015, the Company repurchased 31,000 and 28,000 shares of common stock for $588,000 and $630,000 from executive management employees to settle income taxes on 64,000 and 58,000 shares that vested during the period, respectively. 2008 Formula Restricted Stock Plan, Amended and Restated as of April 17, 2012 Share-Based Payments Share-based compensation cost for the three months ended March 31, 2016 and 2015 totaled $867,000 and $796,000, before income taxes of $325,000 and $295,000, respectively, and is included in general and administrative expense. There were no capitalized share-based compensation costs at March 31, 2016 or December 31, 2015. As of March 31, 2016, there was approximately $4,796,000 of total unrecognized compensation cost related to non-vested restricted stock and restricted stock units granted under the 2013 Plan, the 2004 Plan and the 2008 Formula Plan that is expected to be recognized over a weighted average period of 1.2 years. As of March 31, 2016, all stock options were vested and there was no unrecognized compensation cost related to stock options granted under any of the Company’s stock compensation plans.

Note 10 - Segment Disclosures

Note 10 - Segment Disclosures	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	10 . SEGMENT DISCLOSURES The Company’s operations are predominately comprised of promoting, marketing and sponsoring motorsports racing events, merchandising and other related activities conducted at its various major speedway facilities located in the United States. The Company’s business activities, including those of its subsidiaries, are further described in Notes 1 and 2 to the Consolidated Financial Statements in our 2015 Annual Report. The Company’s “motorsports event related” segment consists of revenues and expenses associated with all admissions, event related, NASCAR broadcasting and event motorsports merchandising activities. The segment includes motorsports related events and operations for all Company speedways, NASCAR broadcasting and ancillary media rights, PRN and RCU motorsports radio programming, and SMI Properties and SMI Trackside motorsports merchandising at Company and non-Company speedways. These operating segments have been aggregated into the motorsports related reporting segment as each share similar types and classes of customers, similar methods for providing or distributing motorsports related services, souvenirs and other merchandise, and other similar economic characteristics. The Company’s “all other” operations consist of SMIP subsidiary non-event motorsports and non-motorsports merchandising, Legend Cars non-event merchandising and sanctioning body activities, Oil-Chem micro-lubricant activities, TMS natural gas mineral rights lease and related revenues, and office rentals at certain Company speedways. Segment information as presented below comports with information the Company’s chief operating decision maker and management use and focus on when assessing segment performance and allocating resources. Segment operating income or loss excludes interest, taxes, other income or expense and specified non-recurring items, if any, and corporate general and administrative and depreciation costs are allocated to operating segments based on their respective revenues relative to consolidated revenues. The following tables present the Company’s segment information (in thousands): Three Months Ended March 31: 2016 2015 Motorsports Event Related All Other Consolidated Motorsports Event Related All Other Consolidated Revenues $ 77,276 $ 5,900 $ 83,176 $ 79,500 $ 5,774 $ 85,274 Depreciation and amortization 13,328 43 13,371 13,290 45 13,335 Segment operating income 3,381 1,403 4,784 5,645 1,876 7,521 Capital expenditures 18,329 26 18,355 6,070 19 6,089 March 31, 2016 December 31, 2015 Other intangibles $ 298,394 – $ 298,394 $ 298,394 – $ 298,394 Goodwill 47,342 – 47,342 47,342 – 47,342 Total assets 1,537,034 $ 24,453 1,561,487 1,515,206 $ 23,991 1,539,197 The following table reconciles segment operating income above to consolidated income or loss before income taxes (in thousands): Three Months Ended March 31: 2016 2015 Total segment operating income $ 4,784 $ 7,521 Adjusted for: Interest expense, net (3,339 ) (6,257 ) Loss on early debt redemption and refinancing (Note 5) - (8,372 ) Other (expense) income, net (68 ) 390 Consolidated income (loss) before income taxes $ 1,377 $ (6,718 )

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Quarterly Reporting [Policy Text Block]	Quarterly Reporting The more significant racing schedule change for the three months ended March 31, 2016 as compared to 2015 includes: • CMS held one major NHRA racing event in the first quarter 2015 that is being held in the second quarter 2016 • Poor weather resulted in delaying the start of the NASCAR Sprint Cup race held at Las Vegas Motor Speedway in the first quarter 2016
Income Tax, Policy [Policy Text Block]	Income Taxes the Consolidated Financial Statements in our 2015 Annual Report for additional information on our accounting for income taxes. The effective income tax rate for the three months ended March 31, 2016 and 2015 was 37.5% and 34.5%, respectively. The 2015 effective tax rate was reduced by adjustments to certain deferred tax assets, and was 37.1% excluding such adjustments. The Company paid cash of $200,000 and $0 for income taxes in the three months ended March 31, 2016 and 2015. A ccounting for Uncertainty in Income Taxes Anticipated Income Tax Benefit From Equity Interest Abandonment On January 31, 2014, the Company abandoned its interest and rights in Motorsports Authentics (former 50% owned, non-controlling interest, merchandising equity investment joint venture) (MA) to focus management resources in areas that may be profitable and more productive. The Company’s carrying value of the investment was reduced to $0 through sizable impairment charges prior to 2010 and MA’s historical operating results. The Company recognized no concurrent tax benefits as valuation allowances were provided against associated deferred tax assets. As a result of abandonment, the Company recognized a material income tax benefit of $48.1 million at December 31, 2013 for the reversal of previously recorded valuation allowances under applicable accounting guidance, and recognized tax losses reported on its 2014 income tax returns. Management believes there is or will be sufficient taxable income in carryback or carryforward periods under tax law for full utilization of these tax losses. The Company reduced income taxes payable by approximately $16.6 million through both March 31, 2016 and December 31, 2015, through utilization of deferred income tax assets, including net operating losses, related to the abandonment. The Company believes it is more likely than not that its filing position would be sustained based on its technical merits upon examination with taxing authorities that have full knowledge of all relevant information. The Company reached this conclusion based on the use of outside legal counsel and other tax consultants and the potential to utilize tax losses. The Company believes it will fully utilize the associated tax losses. Should the Company’s tax position not be fully sustained if examined, an acceleration of material cash income taxes payable could occur. Any differences between the final tax outcome and amounts recorded would affect the Company’s income tax provision in the period in which such determination was made. Other Income Tax Benefits
Taxes Collected from Customers [Policy Text Block]	Taxes Collected from Customers – The Company reports sales, admission and other taxes collected from customers on both a gross and net basis in operations. Such taxes reported on a gross basis for the three months ended March 31, 2016 and 2015 amounted to $366,000 and $477,000.
Advertising Costs, Policy [Policy Text Block]	Advertising Expenses – Event specific advertising costs are expensed when an associated event is held and included principally in direct expense of events. Non-event related advertising costs are expensed as incurred and included principally in other direct operating expense. Advertising expense amounted to $1,927,000 and $2,283,000 in the three months ended March 31, 2016 and 2015. There were no deferred direct-response advertising costs at March 31, 2016 or December 31, 2015.
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value of Financial Instruments March 31, 2016 December 31, 2015 Level Class Carrying Value Fair Value Carrying Value Fair Value Assets Cash and cash equivalents 1 R $ 79,273 $ 79,273 $ 82,010 $ 82,010 Cash surrender values 2 NR 8,715 8,715 8,551 8,551 Liabilities Floating rate revolving Credit Facility, including Term Loan 2 NR 118,000 118,000 120,000 120,000 5.125% Senior Notes Payable due 2023 2 NR 200,000 205,750 200,000 199,000 Other long-term debt 2 NR 1,206 1,206 1,383 1,383 Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. Class R: Measured at fair value on recurring basis, subsequent to initial recognition. Class NR: Measured at fair value on nonrecurring basis, subsequent to initial recognition.
Revenue Recognition, Deferred Revenue [Policy Text Block]	Deferred Income, Other Arrangements –
Cash and Cash Equivalents, Policy [Policy Text Block]	Consolidated Statements of Cash Flows – At times, we collect and temporarily hold cash on behalf of our third-party food and beverage concessionaire which is not remitted until after period end and is presented separately from cash flows from operating activities on the Consolidated Statements of Cash Flows. There are no specific limitations, restrictions or other holding requirements for such cash.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Standards – The Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09 "Revenue from Contracts with Customers (Topic 606): Section A - Summary and Amendments That Create Revenue from Contracts with Customers and Other Assets and Deferred Costs - Contracts with Customers (Subtopic 340-40)” which enhances comparability and clarifies principles of revenue recognition. The guidance includes the core principle that entities recognize revenue to depict transfers of promised goods or services to customers in amounts that reflect the consideration entities expect to be entitled in exchange for those goods or services. In August 2015, the FASB issued Update No. 2015-14 approving deferral of Update No. 2014-09 for one year, with such guidance now effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early application is permitted as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company is currently evaluating the potential impact that adoption may have on its financial statements. The FASB issued Accounting Standards Update No. 2015-03 "Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” which requires that debt issuance costs related to debt liabilities be presented in the balance sheet as a direct deduction from the associated carrying amount, similar to debt discounts. In August 2015, the FASB issued Update No. 2015-15 “Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements” which provides guidance on presentation and subsequent measurement of debt issuance costs associated with line-of-credit arrangements, and indicating the SEC staff would not object to entities deferring and presenting debt issuance costs as an asset and subsequently amortizing deferred debt issuance costs ratably over line-of-credit arrangement terms even if there are no outstanding borrowings. The guidance is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. The Company has chosen to continue deferring and presenting debt issuance costs as an asset and amortize deferred debt issuance costs ratably over line-of-credit arrangement terms. As such, adoption had no impact on its financial statements. The FASB issued Accounting Standards Update No. 2015-11 "Inventory (Topic 330): Simplifying the Measurement of Inventory” which requires measuring inventory at the lower of cost and net realizable value based on estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation (changed from the previous guidance of lower of cost or market). This update also clarified various other inventory measurement and disclosure requirements. The update does not apply to inventory measured using the LIFO or retail inventory methods. The guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, and should be applied prospectively. Early application is permitted. The Company is currently evaluating the potential impact that adoption may have on its financial statements. The FASB issued Accounting Standards Update No. 2016-02 “Leases (Subtopic 842)” which requires lessees to recognize assets and liabilities arising from leases as well as extensive quantitative and qualitative disclosures. Lessees will need to recognize on their balance sheets right-of-use assets and lease liabilities for the majority of their leases (other than leases meeting the definition of a short-term lease). Right-of-use assets will be measured at lease liability amounts, adjusted for lease prepayments, lease incentives received and lessee’s initial direct costs. Lease liabilities will equal the present value of lease payments. The guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The guidance is required to be applied using the modified retrospective approach for all leases existing as of the effective date, and provides for certain practical expedients. The Company is currently evaluating the potential impact that adoption may have on its financial statements. The FASB issued Accounting Standards Update 2016-09 “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” which changes how companies account for certain aspects of share-based payment awards to employees, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as the classification of related matters in the statement of cash flows. The guidance is effective for the Company in the first quarter of 2017. The Company is currently evaluating the potential impact that adoption may have on its financial statements.

Note 2 - Significant Accounti19

Note 2 - Significant Accounting Policies and Other Disclosures (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]	March 31, 2016 December 31, 2015 Level Class Carrying Value Fair Value Carrying Value Fair Value Assets Cash and cash equivalents 1 R $ 79,273 $ 79,273 $ 82,010 $ 82,010 Cash surrender values 2 NR 8,715 8,715 8,551 8,551 Liabilities Floating rate revolving Credit Facility, including Term Loan 2 NR 118,000 118,000 120,000 120,000 5.125% Senior Notes Payable due 2023 2 NR 200,000 205,750 200,000 199,000 Other long-term debt 2 NR 1,206 1,206 1,383 1,383

Note 3 - Inventories (Tables)

Note 3 - Inventories (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Inventory, Current [Table Text Block]	March 31, December 31, 2016 2015 Finished race cars, parts and accessories $ 5,070 $ 5,542 Souvenirs and apparel 3,883 2,550 Micro-lubricant ® 785 619 Total $ 9,738 $ 8,711

Note 4 - Goodwill and Other I21

Note 4 - Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Finite Lived and Indefinite Lived Intangible Assets [Table Text Block]	March 31, 2016 December 31, 2015 Gross Carrying Value Accumulated Amortization Net Gross Carrying Value Accumulated Amortization Net Estimated Amortization Period (Years) Nonamortizable race event sanctioning and renewal agreements $ 298,383 — $ 298,383 $ 298,383 — $ 298,383 — Amortizable race event sanctioning and renewal agreements 100 $ (89 ) 11 100 $ (89 ) 11 5 - 6 Total $ 298,483 $ (89 ) $ 298,394 $ 298,483 $ (89 ) $ 298,394

Note 5 - Long-term Debt (Tables

Note 5 - Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Interest Income and Interest Expense Disclosure [Table Text Block]	Three Months Ended March 31: 2016 2015 Gross interest costs $ 3,564 $ 6,365 Less: capitalized interest costs (182 ) (61 ) Interest expense 3,382 6,304 Interest income (43 ) (47 ) Interest expense, net $ 3,339 $ 6,257 Weighted-average interest rate on Credit Facility borrowings 1.9 % 1.9 %

Note 6 - Per Share and Other 23

Note 6 - Per Share and Other Equity Information (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended March 31: 2016 2015 Net income (loss) applicable to common stockholders and assumed conversions $ 861 $ (4,399 ) Weighted average common shares outstanding 41,227 41,338 Dilution effect of assumed conversions: Common stock equivalents—stock awards 17 38 Weighted average common shares outstanding and assumed conversions 41,244 41,376 Basic income (loss) per share $ 0.02 $ (0.11 ) Diluted income (loss) per share $ 0.02 $ (0.11 ) Anti-dilutive common stock equivalents excluded in computing diluted earnings per share 134 163

Note 7 - Related Party Transa24

Note 7 - Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Member]
Notes Tables
Schedule of Related Party Transactions [Table Text Block]	2016 2015 Accounts receivable $ 399 $ 243 Merchandise and vehicle purchases 39 23 Shared services expense 217 129 Merchandise sales 868 711 Rent expense 182 167

Note 9 - Stock Compensation P25

Note 9 - Stock Compensation Plans (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Three Months Ended March 31: 2016 2015 Restricted Stock Restricted Stock Units Restricted Stock Restricted Stock Units Outstanding, beginning of period 67 132 64 64 Granted 35 35 35 100 Vested (32 ) (32 ) (29 ) (29 ) Forfeited (2 ) (6 ) (3 ) (3 ) Outstanding, end of period 68 129 67 132

Note 10 - Segment Disclosures (

Note 10 - Segment Disclosures (Tables)	3 Months Ended
	Mar. 31, 2016
Other Intangibles and Good will [Member]
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	March 31, 2016 December 31, 2015 Other intangibles $ 298,394 – $ 298,394 $ 298,394 – $ 298,394 Goodwill 47,342 – 47,342 47,342 – 47,342 Total assets 1,537,034 $ 24,453 1,561,487 1,515,206 $ 23,991 1,539,197
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended March 31: 2016 2015 Motorsports Event Related All Other Consolidated Motorsports Event Related All Other Consolidated Revenues $ 77,276 $ 5,900 $ 83,176 $ 79,500 $ 5,774 $ 85,274 Depreciation and amortization 13,328 43 13,371 13,290 45 13,335 Segment operating income 3,381 1,403 4,784 5,645 1,876 7,521 Capital expenditures 18,329 26 18,355 6,070 19 6,089
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]	Three Months Ended March 31: 2016 2015 Total segment operating income $ 4,784 $ 7,521 Adjusted for: Interest expense, net (3,339 ) (6,257 ) Loss on early debt redemption and refinancing (Note 5) - (8,372 ) Other (expense) income, net (68 ) 390 Consolidated income (loss) before income taxes $ 1,377 $ (6,718 )

Note 1 - Description of Busin27

Note 1 - Description of Business (Details Textual)	12 Months Ended
	Dec. 31, 2015
NASCAR [Member] | Sprint Cup Series Events [Member]
Number of Events Planned	13
Number of Racing Events	13
NASCAR [Member] | Xfinity Series Events [Member]
Number of Events Planned	11
Number of Racing Events	11
NASCAR [Member] | Camping World Trucks Series Events [Member]
Number of Events Planned	8
Number of Racing Events	8
NASCAR [Member] | K and N Pro Series Events [Member]
Number of Events Planned	3
Number of Racing Events	3
NASCAR [Member] | Whelen Modified Tour [Member]
Number of Events Planned	4
Number of Racing Events	4
NASCAR [Member]
Number of Events Planned	24
Number of Racing Events	24
Indy Car Series [Member]
Number of Events Planned	2
Number of Racing Events	2
National Hot Rod Association [Member]
Number of Events Planned	6
Number of Racing Events	6
Automobile Racing Club of America [Member]
Number of Events Planned	1
Number of Racing Events	1
World of Outlaws [Member]
Number of Events Planned	3
Number of Racing Events	3

Note 2 - Significant Accounti28

Note 2 - Significant Accounting Policies and Other Disclosures (Details Textual) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2013	Dec. 31, 2015	Jan. 31, 2014
Adjustments to Certain Deferred Tax Assets [Member]
Effective Income Tax Rate Reconciliation, Percent	37.10%
Other Noncurrent Liabilities [Member]
Unrecognized Tax Benefits	$ 499,000			$ 499,000
Deferred Tax Liabilities [Member]
Unrecognized Tax Benefits	11,781,000			11,781,000
Discontinued Operations [Member]
Unrecognized Tax Benefits	$ 11,781,000			11,781,000
Motorsports Authentics [Member]
Equity Method Investment, Ownership Percentage					50.00%
Equity Method Investments					$ 0
Effective Income Tax Rate Reconciliation, Percent	37.50%	34.50%
Income Taxes Paid	$ 200,000	$ 0
Unrecognized Tax Benefits	12,280,000			12,280,000
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	239,000			239,000
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense	4,000	7,000
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	173,000			169,000
Income Tax Expense (Benefit)	516,000	(2,319,000)	$ 48,100,000
Increase (Decrease) in Income Taxes Payable	(16,600,000)
Excise and Sales Taxes	366,000	477,000
Advertising Expense	1,927,000	$ 2,283,000
Deferred Advertising Costs	$ 0			$ 0

Note 2 - Estimated Fair Values

Note 2 - Estimated Fair Values and Categorization Levels of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents	$ 79,273	$ 82,010
Reported Value Measurement [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Senior Notes Due 2023 [Member]
5.125% Senior Notes Payable due 2023	200,000	199,000
Reported Value Measurement [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member]
Cash surrender values	8,715	8,551
Floating rate revolving Credit Facility, including Term Loan	118,000	120,000
Other long-term debt	1,206	1,383
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents	79,273	82,010
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Senior Notes Due 2023 [Member]
5.125% Senior Notes Payable due 2023	205,750
Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member]
Cash surrender values	8,715	8,551
Floating rate revolving Credit Facility, including Term Loan	118,000	120,000
Other long-term debt	1,206	1,383
Cash and cash equivalents	$ 79,273	$ 82,010	$ 101,557	$ 110,046

Note 3 - Inventories Components

Note 3 - Inventories Components (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Finished Vehicles Parts and Accessories [Member]
Inventory	$ 5,070	$ 5,542
Souvenirs and Apparel [Member]
Inventory	3,883	2,550
Micro Lubricant and Other [Member]
Inventory	785	619
Inventory	$ 9,738	$ 8,711

Note 4 - Goodwill and Other I31

Note 4 - Goodwill and Other Intangible Assets (Details Textual) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2015	Mar. 31, 2016
Impairment of Intangible Assets (Excluding Goodwill)	$ 96,530,000
Impairment of Intangible Assets Income Tax Expense (Benefit)	34,569,000
Goodwill, Impairment Loss		$ 2,338,000
Impairment of Goodwill Income Tax Expense Benefit		885,000
Goodwill, Fair Value Disclosure	$ 0
Goodwill, Impaired, Accumulated Impairment Loss		148,600,000	$ 148,600,000
Other Intangible Assets, Impaired, Accumulated Impairment Loss		$ 99,900,000	$ 99,900,000

Note 4 - Gross Carrying Values

Note 4 - Gross Carrying Values and Accumulated Amortization by Class of Intangible Asset (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Nonamortizable Race Event Sanctioning and Renewal Agreements [Member]
Nonamortizable race event sanctioning and renewal agreements	$ 298,383	$ 298,383
Amortizable Race Event Sanctioning and Renewal Agreements [Member] | Minimum [Member]
Amortizable race event sanctioning and renewal agreements	5 years
Amortizable Race Event Sanctioning and Renewal Agreements [Member] | Maximum [Member]
Amortizable race event sanctioning and renewal agreements	6 years
Amortizable Race Event Sanctioning and Renewal Agreements [Member]
Amortizable race event sanctioning and renewal agreements	$ 100	100
Amortizable race event sanctioning and renewal agreements	(89)	(89)
Amortizable race event sanctioning and renewal agreements	11	11
Amortizable race event sanctioning and renewal agreements	(89)	(89)
Total	298,483	298,483
Other intangibles	$ 298,394	$ 298,394

Note 5 - Long-term Debt (Detail

Note 5 - Long-term Debt (Details Textual)	Mar. 13, 2015USD ($)	Jan. 31, 2015USD ($)	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Revolving Credit Facility [Member] | The 2014 Amendment of Bank Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 100,000,000
Line of Credit Facility, Remaining Borrowing Capacity			99,160,000
Revolving Credit Facility [Member]
Letters of Credit Outstanding, Amount			840,000		$ 845,000
Standby Letters of Credit [Member] | The 2014 Amendment of Bank Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity			50,000,000
Swing Line Loans [Member] | The 2014 Amendment of Bank Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 10,000,000
Senior Secured Term Loan [Member] | The 2014 Amendment of Bank Credit Facility [Member]
Debt Instrument, Term			5 years
Debt Instrument, Face Amount			$ 150,000,000
Delayed Draw Term Loan [Member] | The 2014 Amendment of Bank Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 50,000,000
Debt Instrument, Term			5 years
Delayed Draw Term Loan [Member] | The 2019 Senior Notes [Member]
Line of Credit Facility, Remaining Borrowing Capacity			$ 50,000,000
Letter of Credit [Member] | The 2014 Amendment of Bank Credit Facility [Member]
Line of Credit Facility, Remaining Borrowing Capacity			49,160,000
The 2014 Amendment of Bank Credit Facility [Member] | Subject to Maintaining Certain Financial Covenants [Member]
Debt Instrument Covenant, Maximum Dividends Payments and Repurchases of Securities			$ 75,000,000
The 2014 Amendment of Bank Credit Facility [Member] | Term Loan [Member]
Debt Instrument Quarterly Principal Repayment Percentage			5.00%
Debt Instrument, Periodic Payment, Principal			$ 7,500,000
Repayments of Debt			2,000,000
Proceeds from Issuance of Long-term Debt				$ 50,000,000
Long-term Debt			$ 118,000,000		$ 120,000,000
The 2014 Amendment of Bank Credit Facility [Member] | Minimum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage			0.25%
The 2014 Amendment of Bank Credit Facility [Member] | Maximum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage			0.40%
The 2014 Amendment of Bank Credit Facility [Member]
Revolving Credit Facility Accordion Feature			$ 100,000,000
Term Loan, Maximum Borrowing Capacity			200,000,000
Debt Agreement, Maximum Borrowing Capacity			250,000,000
Debt Instrument Covenant, Maximum Dividends Payments and Repurchases of Securities			50,000,000
Debt Instrument Covenant Annual Capital Expenditures			$ 75,000,000
The 2019 Senior Notes [Member]
Debt Instrument, Face Amount	$ 250,000,000
Debt Instrument, Interest Rate, Stated Percentage	6.75%
Debt Instrument, Redemption Price, Percentage	103.375%
Debt Redemption Premium				8,372,000
Income Taxes Paid, Net				3,106,000
Unamortized Net Deferred Loan Costs				3,134,000
Debt Instrument, Unamortized Premium				3,200,000
Interest Expense, Debt				$ 1,688,000
The 2023 Senior Notes [Member]
Debt Instrument, Face Amount		$ 200,000,000
Debt Instrument, Interest Rate, Stated Percentage		5.125%
Proceeds from Notes Payable		$ 196,816,000
Interest Bearing Debt Associated With BMS Purchase [Member]
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate			3.00%		3.00%
Long-term Debt, Percentage Bearing Fixed Interest, Amount			$ 1,206,000		$ 1,383,000
Debt Instrument, Number of Periodic Payments			8
Debt Instrument, Periodic Payment			$ 194,000
Term Loan [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 50,000,000
Eurodollar [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate			1.25%
Eurodollar [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate			2.00%
Eurodollar [Member]
Debt Instrument, Basis Spread on Variable Rate			1.00%
Federal Funds Effective Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate			0.50%
Prime Rate [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate			0.25%
Prime Rate [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate			1.00%
Proceeds from Issuance of Long-term Debt

Note 5 - Interest Expense, Net

Note 5 - Interest Expense, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Gross interest costs	$ 3,564	$ 6,365
Less: capitalized interest costs	(182)	(61)
Interest expense	3,382	6,304
Interest income	(43)	(47)
Interest expense, net	$ 3,339	$ 6,257
Weighted-average interest rate on Credit Facility borrowings	1.90%	1.90%

Note 6 - Per Share and Other 35

Note 6 - Per Share and Other Equity Information (Details Textual) - USD ($)	Apr. 19, 2016	Feb. 17, 2016	Mar. 31, 2016	Mar. 31, 2015	Jun. 30, 2015
Repurchase #1 [Member]
Treasury Stock, Shares, Acquired			61,000
Treasury Stock, Value, Acquired, Cost Method			$ 1,137,000
Repurchase #2 [Member] | Management [Member]
Treasury Stock, Shares, Acquired			31,000
Treasury Stock, Value, Acquired, Cost Method			$ 588,000
Management [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period			64,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period			32,000	29,000
Subsequent Event [Member]
Common Stock, Dividends, Per Share, Declared	$ 0.15
Dividends Payable, Current	$ 6,200,000
Stock Repurchase Program, Number of Shares Authorized to be Repurchased					5,000,000
Treasury Stock, Value, Acquired, Cost Method			$ 1,726,000
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased			633,000
Treasury Stock, Common, Shares			245,000
Common Stock, Dividends, Per Share, Declared		$ 0.15
Dividends Payable, Current		$ 6,249,000

Note 6 - Basic and Diluted Earn

Note 6 - Basic and Diluted Earnings or Loss Per Share from Continuing Operations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net income (loss) applicable to common stockholders and assumed conversions	$ 861	$ (4,399)
Weighted average common shares outstanding (in shares)	41,227	41,338
Dilution effect of assumed conversions:
Common stock equivalents—stock awards (in shares)	17	38
Weighted average common shares outstanding and assumed conversions (in shares)	41,244	41,376
Basic income (loss) per share (in dollars per share)	$ 0.02	$ (0.11)
Diluted income (loss) per share (in dollars per share)	$ 0.02	$ (0.11)
Anti-dilutive common stock equivalents excluded in computing diluted earnings per share (in shares)	134	163

Note 7 - Related Party Transa37

Note 7 - Related Party Transactions (Details Textual)	3 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Sonic Automotive Inc. [Member] | SMI Properties [Member]
Revenue from Related Parties	$ 282,000	$ 161,000
Sonic Automotive Inc. [Member] | Oil Chem [Member]
Revenue from Related Parties	586,000	$ 550,000
Due from Related Parties	$ 213,000		$ 158,000
Sonic Automotive Inc. [Member]
Number of Vehicles Sold	0	0
Related Party Transaction, Purchases from Related Party	$ 39,000	$ 23,000
Due from Affiliates	186,000		$ 85,000
Sonic Financial [Member]
Related Party Transaction, Expenses from Transactions with Related Party	217,000	129,000
Affiliated Entity [Member]
Operating Leases, Rent Expense	182,000	167,000
Related Party Transaction, Expenses from Transactions with Related Party	217,000	129,000
Related Party Transaction, Purchases from Related Party	39,000	23,000
Revenue from Related Parties	$ 868,000	$ 711,000

Note 7 - Related Party Transa38

Note 7 - Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accounts receivable	$ 399	$ 243
Related Party Transaction, Purchases from Related Party	39	23
Related Party Transaction, Expenses from Transactions with Related Party	217	129
Revenue from Related Parties	868	711
Rent expense	$ 182	$ 167

Note 8 - Legal Proceedings an39

Note 8 - Legal Proceedings and Contingencies (Details Textual) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Texas Motor Speedway Inc. [Member]
Royalty Revenue	$ 627,000	$ 1,255,000	$ 4,265,000
Deferred Rent Receivables, Net	$ 0		$ 0

Note 9 - Stock Compensation P40

Note 9 - Stock Compensation Plans (Details Textual) - USD ($)	1 Months Ended			3 Months Ended		12 Months Ended
	Apr. 30, 2016	Apr. 30, 2015	Apr. 30, 2014	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Restricted Stock [Member] | The 2013 Stock Incentive Plan [Member] | Chief Executive Officer and President [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				35,000	35,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				5 years
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized				65,000
Restricted Stock [Member] | The 2013 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				3 years
Restricted Stock [Member] | The 2008 Formula Restricted Stock Plan [Member] | Non Employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	3,994	12,816	16,112
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				35,000	35,000
Restricted Stock and Restricted Stock Units [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options				$ 4,796,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition				1 year 73 days
The 2013 Stock Incentive Plan [Member] | Management [Member]
Stock Repurchased During Period, Shares				31,000	28,000
Stock Repurchased During Period, Value				$ 588,000	$ 630,000
Restricted Stock, Shares Issued Net of Shares for Tax Withholdings				64,000	58,000
The 2004 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				0	0
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price				$ 15.83
Stock Incentive Plan 2004 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				18,000
General and Administrative Expense [Member]
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense				$ 325,000	$ 295,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				0	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period				0
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options				$ 0
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount				0		$ 0
Allocated Share-based Compensation Expense				$ 867,000	$ 796,000

Note 9 - Summary of Non-vested

Note 9 - Summary of Non-vested Restricted Stock and Restricted Stock (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Restricted Stock [Member]
Outstanding, beginning of period (in shares)	67	64
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	35	35
Vested (in shares)	(32)	(29)
Forfeited (in shares)	(2)	(3)
Outstanding, end of period (in shares)	68	67
Restricted Stock Units (RSUs) [Member]
Outstanding, beginning of period (in shares)	132	64
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	35	100
Vested (in shares)	(32)	(29)
Forfeited (in shares)	(6)	(3)
Outstanding, end of period (in shares)	129	132

Note 10 - Segment Information o

Note 10 - Segment Information on Continuing Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Motorsports Event Segment [Member]
Revenues	$ 77,276	$ 79,500
Depreciation and amortization	13,328	13,290
Segment operating income	3,381	5,645
Capital expenditures	18,329	6,070
Other Segments [Member]
Revenues	5,900	5,774
Depreciation and amortization	43	45
Segment operating income	1,403	1,876
Capital expenditures	26	19
Revenues	83,176	85,274
Depreciation and amortization	13,371	13,335
Segment operating income	4,784	7,521
Capital expenditures	$ 18,355	$ 6,089

Note 10 - Summary of Intangible

Note 10 - Summary of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Motorsports Event Segment [Member]
Other intangibles	$ 298,394	$ 298,394
Goodwill	47,342	47,342
Total assets	$ 1,537,034	$ 1,515,206
Other Segments [Member]
Other intangibles
Goodwill
Total assets	$ 24,453	$ 23,991
Other intangibles	298,394	298,394
Goodwill	47,342	47,342
Total assets	$ 1,561,487	$ 1,539,197

Note 10 - Reconciliation of Seg

Note 10 - Reconciliation of Segment Operating Income or Loss to Consolidated Amounts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment operating income	$ 4,784	$ 7,521
Adjusted for:
Interest expense, net	$ (3,339)	(6,257)
Loss on early debt redemption and refinancing (Note 5)		(8,372)
Other (expense) income, net	$ (68)	390
Consolidated income (loss) before income taxes	$ 1,377	$ (6,718)