Acquisitions and Dispositions (Tables)

9 Months Ended

Sep. 30, 2016

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The allocation of the purchase price for the 2016 acquisitions is preliminary at September 30, 2016.

Saga Communications, Inc.

Condensed Consolidated Balance Sheet of 2016 and 2015 Acquisitions

	Acquisitions in
	2016		2015
	(In thousands)
Assets Acquired:
Current assets	$	814	$	977
Property and equipment		376		4,614
Other assets:
Broadcast licenses-Radio segment		8,067		2,218
Broadcast licenses-Television segment		—		—
Goodwill-Radio segment		4,480		2,548
Goodwill-Television segment		—		—
Other intangibles, deferred costs and investments		397		1,623
Total other assets		12,944		6,389
Total assets acquired		14,134		11,980
Liabilities Assumed:
Current liabilities		41		82
Total liabilities assumed		41		82
Net assets acquired	$	14,093	$	11,898

Business Acquisition Pro Forma Information

The pro forma results have been prepared for comparative purposes only and do not purport to indicate the results of operations which would actually have occurred had the combinations been in effect on the dates indicated or which may occur in the future.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
	(In thousands, except per share data)
Pro forma Consolidated Results of Operations
Net operating revenue	$	36,119	$	35,510	$	105,302	$	103,271
Station operating expense		25,459		25,607		75,579		76,032
Corporate general and administrative		2,728		2,577		8,065		7,642
Other operating (income) expenses, net		(1,393)		433		(1,385)		447
Operating income		9,325		6,893		23,043		19,150
Interest expense		196		229		574		714
Write-off of debt issuance costs		—		557		—		557
Other (income) expense, net		—		—		—		(417)
Income before income tax expense		9,129		6,107		22,469		18,296
Income taxes		3,715		2,761		9,229		7,759
Net income	$	5,414	$	3,346	$	13,240	$	10,537
Basic earnings per share	$	.92	$	.58	$	2.26	$	1.82
Diluted earnings per share	$	.92	$	.57	$	2.26	$	1.81

Business Acquisition, Pro Forma Information By Segment

	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
	(In thousands)
Radio Broadcasting Segment
Net operating revenue	$	29,878	$	30,215	$	88,208	$	87,850
Station operating expense		21,775		22,108		64,772		65,698
Other operating (income) expenses, net		(1,393)		400		(1,388)		414
Operating income	$	9,496	$	7,707	$	24,824	$	21,738

	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
	(In thousands)
Television Broadcasting Segment
Net operating revenue	$	6,241	$	5,295	$	17,094	$	15,421
Station operating expense		3,684		3,499		10,807		10,334
Other operating expenses		—		33		3		33
Operating income	$	2,557	$	1,763	$	6,284	$	5,054

Reconciliation of pro forma segment operating income to pro forma consolidated operating income:

	Radio		Television		Corporate and Other		Consolidated
	(In thousands)
Three Months Ended September 30, 2016:
Net operating revenue	$	29,878	$	6,241	$	—	$	36,119
Station operating expense		21,775		3,684		—		25,459
Corporate general and administrative		—		—		2,728		2,728
Other operating (income) expenses, net		(1,393)		—		—		(1,393)
Operating income (loss)	$	9,496	$	2,557	$	(2,728)	$	9,325

	Radio		Television		Corporate and Other		Consolidated
	(In thousands)
Three Months Ended September 30, 2015:
Net operating revenue	$	30,215	$	5,295	$	—	$	35,510
Station operating expense		22,108		3,499		—		25,607
Corporate general and administrative		—		—		2,577		2,577
Other operating expenses		400		33		—		433
Operating income (loss)	$	7,707	$	1,763	$	(2,577)	$	6,893

	Radio		Television		Corporate and Other		Consolidated
	(In thousands)
Nine Months Ended September 30, 2016:
Net operating revenue	$	88,208	$	17,094	$	—	$	105,302
Station operating expense		64,772		10,807		—		75,579
Corporate general and administrative		—		—		8,065		8,065
Other operating (income) expenses, net		(1,388)		3		—		(1,385)
Operating income (loss)	$	24,824	$	6,284	$	(8,065)	$	23,043

	Radio		Television		Corporate and Other		Consolidated
	(In thousands)
Nine Months Ended September 30, 2015:
Net operating revenue	$	87,850	$	15,421	$	—	$	103,271
Station operating expense		65,698		10,334		—		76,032
Corporate general and administrative		—		—		7,642		7,642
Other operating expenses		414		33		—		447
Operating income (loss)	$	21,738	$	5,054	$	(7,642)	$	19,150