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Condensed Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Statements of Income        
Net revenues $ 542,609 $ 527,390 $ 1,555,078 $ 1,496,630
Operating expenses (income)        
Direct advertising expenses (exclusive of depreciation and amortization) 175,188 168,968 515,403 493,463
General and administrative expenses (exclusive of depreciation and amortization) 81,283 87,181 256,943 260,923
Corporate expenses (exclusive of depreciation and amortization) 24,248 24,474 81,331 74,077
Depreciation and amortization 74,636 65,833 222,919 202,210
Gain on disposition of assets (879) (53) (5,243) (1,990)
Total operating expenses 354,476 346,403 1,071,353 1,028,683
Operating income 188,133 180,987 483,725 467,947
Other expense (income)        
Loss on extinguishment of debt 115 0 115 0
Interest income (621) (248) (1,559) (742)
Interest expense 45,070 33,545 130,163 89,824
Equity in earnings of investee (699) (1,554) (1,326) (2,655)
Total other (income) expense 43,865 31,743 127,393 86,427
Income before income tax expense 144,268 149,244 356,332 381,520
Income tax expense 3,843 3,056 8,821 8,976
Net income 140,425 146,188 347,511 372,544
Earnings attributable to non-controlling interest 408 0 833 0
Net income attributable to controlling interest 140,017 146,188 346,678 372,544
Cash dividends declared and paid on preferred stock 91 91 273 273
Net income applicable to common stock $ 139,926 $ 146,097 $ 346,405 $ 372,271
Earnings per share:        
Basic earnings per share (in dollars per share) $ 1.37 $ 1.44 $ 3.40 $ 3.67
Diluted earnings per share (in dollars per share) 1.37 1.44 3.39 3.66
Cash dividends declared per share of common stock (in dollars per share) $ 1.25 $ 1.20 $ 3.75 $ 3.50
Weighted average common shares used in computing earnings per share:        
Weighted average common shares outstanding basic (in shares) 101,960,356 101,580,997 101,890,573 101,469,918
Weighted average common shares outstanding diluted (in shares) 102,130,614 101,685,965 102,085,016 101,599,157
Statements of Comprehensive Income        
Net income $ 140,425 $ 146,188 $ 347,511 $ 372,544
Other comprehensive loss        
Foreign currency translation adjustments (643) (1,401) (242) (1,770)
Comprehensive income 139,782 144,787 347,269 370,774
Earnings attributable to non-controlling interest 408 0 833 0
Comprehensive income attributable to controlling interest $ 139,374 $ 144,787 $ 346,436 $ 370,774