XML 16 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
REVENUES:        
Revenues $ 730,143 $ 652,234 $ 1,395,496 $ 1,279,170
OPERATING EXPENSES:        
Media production expenses 300,858 269,486 589,407 527,887
Media selling, general and administrative expenses 150,794 127,046 297,693 251,767
Amortization of program contract costs and net realizable value adjustments 24,710 28,896 51,660 59,915
Non-media expenses 31,021 16,076 52,244 34,478
Depreciation of property and equipment 23,117 23,603 50,442 47,584
Corporate general and administrative expenses 29,685 25,051 54,281 45,627
Amortization of definite-lived intangible and other assets 43,117 43,377 86,722 88,931
Gain on asset dispositions, net of impairment (4,741) (150) (25,850) (53,497)
Total operating expenses 598,561 533,385 1,156,599 1,002,692
Operating income 131,582 118,849 238,897 276,478
OTHER INCOME (EXPENSE):        
Interest expense and amortization of debt discount and deferred financing costs (92,271) (50,959) (162,013) (108,277)
Loss from extinguishment of debt 0 0 0 (1,404)
Loss from equity investments (17,483) 1,462 (29,960) 141
Other income, net 4,184 1,563 7,455 3,259
Total other expense, net (105,570) (47,934) (184,518) (106,281)
Income before income taxes 26,012 70,915 54,379 170,197
INCOME TAX BENEFIT (PROVISION) 3,297 (24,880) 18,925 (53,459)
NET INCOME 29,309 46,035 73,304 116,738
Net income attributable to the noncontrolling interests (1,268) (1,390) (2,139) (14,891)
NET INCOME ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP $ 28,041 $ 44,645 $ 71,165 $ 101,847
Dividends declared per share (USD per share) $ 0.18 $ 0.18 $ 0.36 $ 0.36
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP:        
Basic earnings per share (USD per share) 0.27 0.43 0.70 1.04
Diluted earnings per share (USD per share) $ 0.27 $ 0.43 $ 0.69 $ 1.03
Weighted average common shares outstanding (shares) 102,224 102,649 102,062 97,668
Weighted average common and common equivalent shares outstanding (shares) 102,986 103,665 102,952 98,707
Media revenues        
REVENUES:        
Revenues [1] $ 695,862 $ 637,226 $ 1,339,513 $ 1,244,283
Non-media revenues        
REVENUES:        
Revenues $ 34,281 $ 15,008 $ 55,983 $ 34,887
[1] See Revenue Recognition within Note 1. Nature of Operations and Summary of Significant Accounting Policies for a discussion of the adoption of the new accounting principles for revenue recognition.