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, 2017
Dec. 31, 2016
Dec. 31, 2015
Net broadcast revenue $ 196,197 $ 202,016 $ 197,184
Net digital media revenue 43,096 46,777 44,761
Net publishing revenue 24,443 25,528 23,842
Total net revenue 263,736 274,321 265,787
Operating expenses:      
Broadcast operating expenses, exclusive of depreciation and amortization shown below (including $1,509, $1,663 and $1,705 for the years ended December 31, 2015, 2016 and 2017, respectively, paid to related parties) 145,494 146,283 140,819
Digital media operating expenses, exclusive of depreciation and amortization shown below 33,675 36,290 35,380
Publishing operating expenses exclusive of depreciation and amortization shown below 24,475 26,209 24,774
Unallocated corporate expenses, exclusive of depreciation and amortization shown below (including $133, $301 and $238 for the years ended December 31, 2015, 2016 and 2017, respectively, paid to related parties) 16,255 14,994 15,146
Depreciation 12,369 12,205 12,417
Amortization 4,593 5,071 5,324
Change in the estimated fair value of contingent earn-out consideration (23) (689) (1,715)
Impairment of long-lived assets 0 700 0
Impairment of indefinite-lived long-term assets other than goodwill 19 7,041 0
Impairment of goodwill 0 32 439
Impairment of amortizable intangible assets 0 8 0
(Gain) loss on the sale or disposal of assets 3,905 (1,901) 181
Total operating expenses 240,762 246,243 232,765
Operating income 22,974 28,078 33,022
Other income (expense):      
Interest income 4 6 8
Interest expense, net of capitalized interest (16,706) (14,938) (15,429)
Change in the fair value of interest rate swap 357 285 (1,273)
Gain on bargain purchase 0 95 1,357
Loss on early retirement of long-term debt (2,775) (87) (41)
Net miscellaneous income and (expenses) (80) 6 201
Income from operations before income taxes 3,774 13,445 17,845
Provision for (benefit from) income taxes (20,870) 4,572 6,695
Net income $ 24,644 $ 8,873 $ 11,150
Basic earnings per share data:      
Basic earnings per share Class A and Class B common stock $ 0.94 $ 0.34 $ 0.43
Diluted earnings per share data:      
Diluted earnings per share Class A and Class B common stock 0.94 0.34 0.43
Distributions per share Class A and Class B common stock $ 0.26 $ 0.26 $ 0.26
Basic weighted average Class A and Class B shares outstanding 26,068,942 25,669,538 25,426,732
Diluted weighted average Class A and Class B shares outstanding 26,435,757 26,034,990 25,887,819