Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Net broadcast revenue $ 202,016 $ 197,184 $ 194,094
Net digital media revenue 46,777 44,761 45,691
Net publishing revenue 25,528 23,842 26,751
Total net revenue 274,321 265,787 266,536
Operating expenses:      
Broadcast operating expenses, exclusive of depreciation and amortization shown below (including $1,454, $1,509 and $1,663 for the years ended December 31, 2014, 2015 and 2016, respectively, paid to related parties) 146,283 140,819 139,206
Digital media operating expenses, exclusive of depreciation and amortization shown below 36,290 35,380 35,590
Publishing operating expenses exclusive of depreciation and amortization shown below 26,209 24,774 26,143
Unallocated corporate expenses, exclusive of depreciation and amortization shown below (including $274, $133 and $301 for the years ended December 31, 2014, 2015 and 2016, respectively, paid to related parties) 14,994 15,146 17,092
Depreciation 12,205 12,417 12,629
Amortization 5,071 5,324 6,196
Change in the estimated fair value of contingent earn-out consideration (689) (1,715) 734
Impairment of long-lived assets 700 0 0
Impairment of indefinite-lived long-term assets other than goodwill 7,041 0 34
Impairment of goodwill 32 439 45
Impairment of amortizable intangible assets 8 0 0
(Gain) loss on the sale or disposal of assets (1,901) 181 251
Total operating expenses 246,243 232,765 237,920
Operating income 28,078 33,022 28,616
Other income (expense):      
Interest income 6 8 45
Interest expense, net of capitalized interest (14,938) (15,429) (15,993)
Change in the fair value of interest rate swap 285 (1,273) (2,702)
Gain on bargain purchase 95 1,357 0
Loss on early retirement of long-term debt (87) (41) (391)
Net miscellaneous income and expenses 6 201 665
Income from operations before income taxes 13,445 17,845 10,240
Provision for income taxes 4,572 6,695 4,765
Net income $ 8,873 $ 11,150 $ 5,475
Basic earnings per share data:      
Basic earnings per share Class A and Class B common stock $ 0.34 $ 0.43 $ 0.21
Diluted earnings per share data:      
Diluted earnings per share Class A and Class B common stock 0.34 0.43 0.21
Distributions per share Class A and Class B common stock $ 0.26 $ 0.26 $ 0.24
Basic weighted average Class A and Class B shares outstanding 25,669,538 25,426,732 25,336,809
Diluted weighted average Class A and Class B shares outstanding 26,034,990 25,887,819 26,081,175