Annual report pursuant to Section 13 and 15(d)


12 Months Ended
Dec. 31, 2012
Property, Plant and Equipment Estimated Useful Lives

Depreciation is computed using the straight-line method over estimated useful lives as follows:





Buildings    40 years
Office furnishings and equipment    5-10 years
Antennae, towers and transmitting equipment    20 years
Studio and production equipment    7-10 years
Computer software and website development costs    3 years
Record and tape libraries    3 years
Automobiles    5 years
Leasehold improvements    Lesser of 15 years or life of lease
Intangibles Asset Estimated Useful Lives

These intangibles are amortized using the straight-line method over the following estimated useful lives:





Customer lists and contracts

   Lesser of 5 years or life of contract

Favorable and assigned leases

   Life of the lease

Domain and brand names

   5 years

Internally developed software

   3 to 5 years

Customer relationships

   1 to 3 years

Other amortizable intangible assets

   5 to 10 years
Deferred financing costs

Deferred financing costs consist of the following:


      As of December 31, 2011      As of December 31, 2012  
     (Dollars in thousands)  

Bond issue costs

   $ 4,219       $ 3,060   

Bank loan fees

     1,270         942   






   $ 5,489       $ 4,002   






Summary of Changes in Gross Amount of Unrecognized Tax Benefits

A summary of the changes in the gross amount of unrecognized tax benefits is as follows:


      December 31, 2012  
     (Dollars in thousands)  

Balance at January 1, 2012

   $ 3,852   

Additions based on tax positions related to the current year


Additions based on tax positions related to prior years


Reductions related to tax positions of prior years


Decrease due to statute expirations


Related interest and penalties, net of federal tax benefits





Balance as of December 31, 2012

   $ 1,325   



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,  
     2010      2011      2012  

Weighted average shares

     24,086,829         24,475,102         24,577,605   

Effect of dilutive securities - stock options

     566,636         208,542         409,361   










Weighted average shares adjusted for dilutive securities

     24,653,465         24,683,644         24,986,966