Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Net broadcast revenue $ 49,251 $ 49,971 $ 97,055 $ 98,716
Net digital media revenue 10,866 11,047 21,552 22,057
Net publishing revenue 5,995 6,761 12,485 11,581
Total net revenue 66,112 67,779 131,092 132,354
Operating expenses:        
Broadcast operating expenses, exclusive of depreciation and amortization shown below (including $411 and $429 for the three months ended June 30, 2016 and 2017, respectively, and $819 and $853 for the six months ended June 30, 2016 and 2017, respectively, paid to related parties) 35,931 35,871 71,767 72,021
Digital media operating expenses, exclusive of depreciation and amortization shown below 8,370 8,619 17,072 17,643
Publishing operating expenses, exclusive of depreciation and amortization shown below 5,668 6,983 12,019 11,931
Unallocated corporate expenses exclusive of depreciation and amortization shown below (including $9 and $28 for the three months ended June 30, 2016 and 2017, respectively, and $107 and $120 for the six months ended June 30, 2016 and 2017, respectively, paid to related parties) 3,825 3,568 8,950 7,781
Depreciation 3,109 2,982 6,089 5,974
Amortization 1,143 1,189 2,285 2,332
Change in the estimated fair value of contingent earn-out consideration (43) (134) (42) (262)
Impairment of long-lived assets 0 700 0 700
Impairment of indefinite-lived long-term assets other than goodwill 0 0 19 0
Net gain on the sale or disposal of assets (510) (1,701) (505) (1,551)
Total operating expenses 57,493 58,077 117,654 116,569
Operating income 8,619 9,702 13,438 15,785
Other income (expense):        
Interest income 1 2 2 3
Interest expense (3,924) (3,730) (7,354) (7,526)
Change in the fair value of interest rate swap 0 (423) 357 (2,181)
Loss on early retirement of long-term debt (2,734) (5) (2,775) (14)
Net income before income taxes 1,962 5,546 3,668 6,067
Provision for income taxes 690 2,190 1,336 2,358
Net income $ 1,272 $ 3,356 $ 2,332 $ 3,709
Basic earnings per share data:        
Basic earnings per share $ 0.05 $ 0.13 $ 0.09 $ 0.14
Diluted earnings per share data:        
Diluted earnings per share 0.05 0.13 0.09 0.14
Distributions per share $ 0.07 $ 0.13 $ 0.13 $ 0.13
Basic weighted average shares outstanding 26,062,403 25,551,445 25,982,102 25,518,339
Diluted weighted average shares outstanding 26,593,366 26,052,649 26,442,146 25,927,804