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, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]        
Net broadcast revenue $ 49,060 $ 49,129 $ 95,599 $ 95,898
Net digital media revenue 11,499 12,319 22,290 23,631
Net publishing revenue 6,734 7,189 11,260 11,452
Total net revenue 67,293 68,637 129,149 130,981
Operating expenses:        
Broadcast operating expenses, exclusive of depreciation and amortization shown below (including $364 and $365 for the three months ended June 30, 2014 and 2015, respectively, and $723 and $730 for the six months ended June 30, 2014 and 2015, respectively, paid to related parties) 35,187 35,815 69,104 69,161
Digital media operating expenses, exclusive of depreciation and amortization shown below 8,767 9,270 17,767 18,120
Publishing operating expenses, exclusive of depreciation and amortization shown below 6,469 6,809 10,966 11,815
Unallocated corporate expenses exclusive of depreciation and amortization shown below (including $5 and $36 for the three months ended June 30, 2014 and 2015, respectively, and $169 and $69 for the six months ended June 30, 2014 and 2015, respectively paid to related parties) 3,518 3,976 7,509 9,040
Depreciation 3,060 3,167 6,232 6,296
Amortization 1,315 1,529 2,644 3,137
Change in the estimated fair value of contingent earn-out consideration (307) 242 (189) 369
Loss on the sale or disposal of assets 30 338 159 221
Total operating expenses 58,039 61,146 114,192 118,159
Operating income 9,254 7,491 14,957 12,822
Other income (expense):        
Interest income 2 26 3 41
Interest expense (3,874) (4,068) (7,678) (7,847)
Change in the fair value of interest rate swap $ 444 $ (1,373) (976) (2,469)
Loss on early retirement of long-term debt     (41) (8)
Net miscellaneous income and expenses   $ 14 7 80
Income from operations before income taxes $ 5,826 2,090 6,272 2,619
Provision for income taxes 2,303 827 2,454 925
Net income $ 3,523 $ 1,263 $ 3,818 $ 1,694
Basic earnings per share data:        
Basic earnings per share $ 0.14 $ 0.05 $ 0.15 $ 0.07
Diluted earnings per share data:        
Diluted earnings per share 0.14 0.05 0.15 0.07
Distributions per share $ 0.07 $ 0.06 $ 0.13 $ 0.12
Basic weighted average shares outstanding 25,429,127 25,172,696 25,387,813 25,118,839
Diluted weighted average shares outstanding 25,829,493 25,950,600 25,875,306 25,916,205