XML 40 R26.htm IDEA: XBRL DOCUMENT v3.3.1.900
Note 7 - Income Taxes (Tables)
12 Months Ended
Dec. 31, 2015
Notes Tables  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
 
 
Year Ended December 31,
 
 
 
2015
 
 
2014
 
 
2013
 
Current:
                       
Federal
  $ -     $ -     $ -  
State and local
    1,259       996       118  
State and local - reserve for uncertain tax positions
    (581 )     (198 )     (136 )
Current income tax expense (benefit)
    678       798       (18 )
Deferred:
                       
Federal
    24,067       28,231       12,218  
State and local
    1,703       2,707       947  
Deferred income tax expense
    25,770       30,938       13,165  
Total income tax expense
  $ 26,448     $ 31,736     $ 13,147  
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
 
 
December 31,
 
 
 
2015
 
 
2014
 
Deferred tax liabilities:
               
Net book value of property and equipment
  $ 20,986     $ 20,195  
Broadcast licenses, goodwill and other intangibles
    350,647       341,654  
Total deferred tax liabilities
    371,633       361,849  
                 
Deferred tax assets:
               
Liability for accrued vacation
    2,172       1,900  
Liability for accrued bonus
    4,786       3,440  
Loan acquisition costs
    391       447  
Allowance for doubtful accounts
    700       572  
Liability under health and welfare plan
    1,108       1,111  
Liability for pension plan
    14,172       16,900  
Federal operating loss carryforwards
    38,466       55,425  
State and local operating loss carryforwards
    5,867       7,102  
Alternative minimum tax carryforwards
    386       386  
Unearned income
    73       214  
Stock options
    163       119  
Acquisition costs
    1,129       776  
Restricted stock
    1,875       1,479  
Other
    172       206  
Total deferred tax assets
    71,460       90,077  
Valuation allowance for deferred tax assets
    (1,683 )     (2,052 )
Net deferred tax assets
    69,777       88,025  
                 
Deferred tax liabilities, net of deferred tax assets
  $ 301,856     $ 273,824  
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
 
 
Year Ended December 31,
 
 
 
2015
 
 
2014
 
 
2013
 
Statutory federal rate applied to income before
income tax expense
  $ 23,012     $ 27,929     $ 11,002  
Current year permanent items
    1,192       849       669  
State and local taxes, net of federal tax benefit
    2,831       4,050       1,432  
Change in valuation allowance
    (369 )     (696 )     (409 )
Reserve for uncertain tax positions
    (581 )     (198 )     (136 )
Other items, net
    363       (198 )     589  
Income tax expense as recorded
  $ 26,448     $ 31,736     $ 13,147  
                         
Effective income tax rate
    40.2 %     39.8 %     41.8 %
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]
 
 
Year Ended December 31,
 
 
 
2015
 
 
2014
 
 
2013
 
Balance at beginning of period
  $ 657     $ 782     $ 880  
Reduction in benefit from lapse in statute of limitations
    (303 )     (125 )     (98 )
Balance at end of period
  $ 354     $ 657     $ 782