Common and Preferred Stock

12 Months Ended

Dec. 31, 2012

Common and Preferred Stock [Abstract]

Common and Preferred Stock

Note 11: Common and Preferred Stock

The total number of authorized shares of common stock is 450 million shares. The Company has two series of common stock outstanding, Series A and Series B, each with a par value of $0.01 per share. The Series A and Series B shares are identical except as noted herein. Series B shares are entitled to 10 votes per share on all matters submitted to a vote of shareholders, while the Series A shares are entitled to one vote per share. Series B shares are convertible at any time on a one-for-one basis into Series A shares but Series A shares are not convertible into Series B shares. Shares of Belo’s Series A common stock are traded on the New York Stock Exchange (NYSE symbol: BLC). There is no established public trading market for shares of Series B common stock. Transferability of the Series B shares is limited to family members and affiliated entities of the holder. Upon any other type of transfer, the Series B shares automatically convert into Series A shares.

On May 8, 2012, the shareholders of the Company approved amendments to, and the restatement of, the Company’s Certificate of Incorporation to, among other things, reduce the par value of Belo’s common stock from $1.67 per share to $0.01 per share and the par value of Belo’s preferred stock from $1.00 per share to $0.01 per share. The Company has reflected the change in par values at December 31, 2012, and has retrospectively restated the Consolidated Condensed Balance Sheet as of December 31, 2011, and the Consolidated Statement of Shareholders’ Equity effective December 31, 2009, to reflect the change in par values.

The Company has a stock repurchase program pursuant to authorization from Belo’s Board of Directors on December 9, 2005. There is no expiration date for this repurchase program. The remaining authorization for the repurchase of shares as of December 31, 2012, under this authority was 12,010 shares. The Credit Agreement allows for share repurchases under certain conditions as described in Note 9. The Prior Credit Agreement did not allow for share repurchases. There were no share repurchases in 2011 or 2010. During 2012, the Company repurchased 1,021 shares for a cost of $5,964. All shares repurchased were retired in the period repurchased.