Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2017

The carrying amounts and classification of the assets and liabilities of the VIEs which have been included in the Consolidated Balance Sheets as of December 31, were as follows (in thousands):

	2017		2016
Current assets:
Cash and cash equivalents	$	17,180	$	7,302
Accounts receivable, net		24,407		20,553
Spectrum asset		26,695		-
Prepaid expenses and other current assets		6,762		3,353
Total current assets		75,044		31,208
Property and equipment, net		25,971		29,984
Goodwill		163,549		98,107
FCC licenses		151,808		114,791
Other intangible assets, net		97,757		87,668
Other noncurrent assets, net		9,443		13,233
Total assets	$	523,572	$	374,991

Current liabilities:
Current portion of debt	$	56,565	$	8,334
Interest payable		994		1,031
Liability to surrender spectrum asset		27,347		-
Other current liabilities		24,146		12,606
Total current liabilities		109,052		21,971
Debt		245,523		268,499
Other noncurrent liabilities		30,594		26,590
Total liabilities	$	385,169	$	317,060

Weighted Average Shares Outstanding

Basic income per share is computed by dividing the net income by the weighted-average number of common shares outstanding during the period. Diluted income per share is computed using the weighted-average number of common shares and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares are calculated using the treasury stock method. They consist of stock options and restricted stock units outstanding during the period and reflect the potential dilution that could occur if common shares were issued upon exercise of stock options and vesting of restricted stock units. The following table shows the amounts used in computing the Company’s diluted shares during the years ended December 31, 2017, 2016 and 2015 (in thousands):

	2017		2016		2015
Weighted average shares outstanding - basic		45,754		30,687		31,100
Dilutive effect of equity incentive plan instruments		1,395		977		991
Weighted average shares outstanding - diluted		47,149		31,664		32,091

Consolidated VIEs [Member]

Consolidated VIEs

As of December 31, the assets of consolidated VIEs that are not available to settle the obligations of Nexstar and the liabilities of consolidated VIEs for which their creditors do not have recourse to the general credit of Nexstar are as follows (in thousands):

	2017		2016
Current assets
Spectrum asset	$	26,695	$	-
Other current assets		22,038		3,638
Total current assets		48,733		3,638
Property and equipment, net		7,517		6,944
Goodwill		130,362		46,465
FCC licenses		151,808		114,791
Other intangible assets, net		81,916		53,747
Other noncurrent assets, net		6,543		613
Total assets		426,879		226,198

Current Liabilities
Liability to surrender spectrum asset	$	27,347	$	-
Other current liabilities		24,146		12,606
Total current liabilities		51,493		12,606
Noncurrent liabilities		30,339		26,590
Total liabilities	$	81,832	$	39,196

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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