Quarterly Results of Operations (unaudited)

12 Months Ended

Dec. 31, 2012

Quarterly Results of Operations (unaudited) [Abstract]

Quarterly Results of Operations (unaudited)

Note 17: Quarterly Results of Operations (unaudited)

Following is a summary of the unaudited quarterly results of operations for the years ended December 31, 2012 and 2011. Certain previously reported information has been reclassified to conform to the current year presentation.

2012	1st Quarter			2nd Quarter			3rd Quarter			4th Quarter
Net operating revenues	$	155,898		$	177,619		$	176,273		$	204,929
Operating costs and expenses
Station salaries, wages and employee benefits		55,699			56,437			54,776			57,436
Station programming and other operating costs		45,317			48,074			50,520			53,884
Corporate operating costs		7,732			8,550			7,501			9,610
Depreciation		7,462			7,472			7,528			7,641
Total operating costs and expenses		116,210			120,533			120,325			128,571
Other income (expense), net		501			1,378			497			(5,092	)
Interest expense		(17,662	)		(17,714	)		(17,683	)		(16,646	)
Income tax expense		(8,235	)		(14,917	)		(14,148	)		(19,629	)
Net earnings	$	14,292		$	25,833		$	24,614		$	34,991
Less: Net loss attributable to noncontrolling interests		–			(98	)		(203	)		(139	)
Net earnings attributable to Belo Corp.	$	14,292		$	25,931		$	24,817		$	35,130
Basic earnings per share:	$	0.14		$	0.24		$	0.24		$	0.34
Diluted earnings per share:	$	0.14		$	0.24		$	0.24		$	0.34

2011	1st Quarter			2nd Quarter			3rd Quarter			4th Quarter
Net operating revenues	$	151,470		$	166,379		$	151,999		$	180,294
Operating costs and expenses
Station salaries, wages and employee benefits		53,836			54,525			52,467			54,033
Station programming and other operating costs		50,196			52,565			51,788			50,424
Corporate operating costs		6,299			6,692			5,112			7,235
Pension settlement charge and contribution reimbursements		20,466			–			–			–
Depreciation		7,924			7,707			7,614			7,551
Total operating costs and expenses		138,721			121,489			116,981			119,243
Other income, net		180			649			986			4,726
Interest expense		(17,983	)		(18,050	)		(17,771	)		(18,589	)
Income tax (expense) benefit		740			(9,402	)		(4,520	)		(16,716	)
Net earnings (loss)	$	(4,314	)	$	18,087		$	13,713		$	30,472
Basic earnings (loss) per share:	$	(0.04	)	$	0.17		$	0.13		$	0.29
Diluted earnings (loss) per share:	$	(0.04	)	$	0.17		$	0.13		$	0.29

As indicated in Note 1, the Company’s presentation of total comprehensive income for the year ended December 31, 2011, has been revised to include the recognition of an $85,222 credit related to its Pension Plan split with A.H. Belo. The $85,222 credit was appropriately recorded as a component of accumulated other comprehensive loss and recognized in total equity for all periods presented, but was excluded in 2011 from the subtotal of total comprehensive income. Additionally, in the presentation of the Condensed Consolidated Statements of Comprehensive Income within the Company’s 2012 Forms 10-Q, total comprehensive income from comparative 2011 periods also excluded the $85,222 Pension Plan item. A revised presentation of 2011 total comprehensive income is as follows:

	Three Months Ended March 31, 2011			Six Months Ended June 30, 2011		Nine Months Ended September 30, 2011
Net earnings (loss)	$	(4,314	)	$	13,773	$	27,486
Amortization of net actuarial loss, net of tax		442			884		1,325
Pension funded status adjustment, net of tax		–			–		–
Split of Pension Plan with A. H. Belo		85,222			85,222		85,222
Total comprehensive income	$	81,350		$	99,879	$	114,033

This revised presentation had no effect on the Company’s 2012 Forms 10-Q Consolidated Condensed Balance Sheets, Consolidated Condensed Statements of Earnings or Consolidated Condensed Statements of Cash Flows for any period presented, and the Company’s total shareholders’ equity was not affected.