SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
|---|
| Accounting Policies [Abstract] |
|
| Property, Plant and Equipment Estimated Useful Lives |
Depreciation is computed using the straight-line method over estimated useful lives as follows:
| Category | | Estimated Life | | Buildings | | 40 years | | Office furnishings and equipment | | 5 -10 years | | Antennae, towers and transmitting equipment | | 10 - 20 years | | Studio, production and mobile equipment | | 5 - 10 years | | Computer software and website development costs | | 3 years | | Record and tape libraries | | 3 years | | Automobiles | | 5 years | | Leasehold improvements | | Lesser of the useful life or remaining lease term |
|
| Intangibles Asset Estimated Useful Lives |
Intangible assets are recorded at cost less accumulated amortization. Typically, intangible assets are acquired in conjunction with the acquisition of broadcast entities, digital media entities and publishing entities. These intangibles are amortized using the straight-line method over the following estimated useful lives:
| Category | | Estimated Life | | Customer lists and contracts | | Lesser of 5 years or the life of contract | | Domain and brand names | | 5 -7 years | | Favorable and assigned leases | | Lease Term | | Subscriber base and lists | | 3 - 7 years | | Author relationships | | 1 - 7 years | | Non-compete agreements | | 1 to 5 years |
|
| Schedule of Partial Self Insurance Reserves |
The following table presents the changes in our partial self-insurance reserves.
| | | Year Ended December 31, | | | | | 2016 | | 2017 | | | | | (Dollars in thousands) | | | Balance, beginning of period | | $ | 676 | | $ | 783 | | | Self-funded costs | | | 9,526 | | | 9,735 | | | Claims paid | | | (9,419) | | | (9,771) | | | Ending period balance | | $ | 783 | | $ | 747 | |
|
| Fair value of interest rate swap |
| | | December 31, 2016 | | December 31, 2017 | | | | | (Dollars in thousands) | | | Fair value of interest rate swap | | $ | 514 | | $ | | |
|
| Shares Used to Compute Basic and Diluted Net Earning Per Share |
The following table sets forth the shares used to compute basic and diluted net earnings per share for the periods indicated:
| | | Year Ended December 31, | | | | | 2015 | | 2016 | | 2017 | | | Weighted average shares | | | 25,426,732 | | | 25,669,538 | | | 26,068,942 | | | Effect of dilutive securities - stock options | | | 461,087 | | | 365,452 | | | 366,815 | | | Weighted average shares adjusted for dilutive securities | | | 25,887,819 | | | 26,034,990 | | | 26,435,757 | |
|
| Schedule of Error Corrections and Prior Period Adjustments |
The impact of the adjustments on the Consolidated Financial Statements for each of the years presented is as follows: | | | December 31, 2014 | | | | | As Reported | | Adjustment | | As Revised | | | | | (in thousands) | | | Additional Paid In Capital | | $ | 240,493 | | $ | (1,079) | | $ | 239,414 | | | Retained Earnings (Accumulated Deficit) | | | (2,770) | | | (1,447) | | | (4,217) | | | Total Stockholders' Equity | | | 203,994 | | | (2,526) | | | 201,468 | | | | | December 31, 2015 | | | | | As Reported | | Adjustment | | As Revised | | | | | (in thousands) | | Additional Paid In Capital | | | 241,780 | | | (1,153) | | | 240,627 | | | Retained Earnings (Accumulated Deficit) | | | 1,768 | | | (1,447) | | | 321 | | | Total Stockholders' Equity | | | 209,821 | | | (2,600) | | | 207,221 | | | | | December 31, 2016 | | | | | As Reported | | Adjustment | | As Revised | | | | | (in thousands) | | | Deferred Income Tax Liability | | $ | 60,769 | | $ | 2,654 | | $ | 63,423 | | | Total Liabilities | | | 376,422 | | | 2,654 | | | 379,076 | | | Additional Paid In Capital | | | 243,607 | | | (1,207) | | | 242,400 | | | Retained Earnings (Accumulated Deficit) | | | 3,963 | | | (1,447) | | | 2,516 | | | Total Stockholders' Equity | | | 213,846 | | | (2,654) | | | 211,192 | |
|