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, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Income Statement [Abstract]        
Net broadcast revenue $ 47,855 $ 47,025 $ 93,431 $ 90,272
Net Internet revenue 14,390 9,906 27,300 19,622
Net publishing revenue 6,392 3,205 10,239 5,870
Total net revenue 68,637 60,136 130,970 115,764
Operating expenses:        
Broadcast operating expenses exclusive of depreciation and amortization shown below (including $359 and $364 for the three months ended June 30, 2013 and 2014, respectively, and $711 and $723 for the six months ended June 30, 2013 and 2014, respectively, paid to related parties) 33,910 30,844 65,099 60,411
Internet operating expenses exclusive of depreciation and amortization shown below 10,063 6,887 19,880 13,728
Publishing operating expenses exclusive of depreciation and amortization shown below 6,439 3,452 10,858 6,475
Corporate expenses exclusive of depreciation and amortization shown below (including $25 and $5 for the three months ended June 30, 2013 and 2014, respectively, and $160 and $176 for the six months ended June 30, 2013 and 2014, respectively, paid to related parties) 5,458 5,092 12,288 10,888
Depreciation 3,167 3,102 6,296 6,224
Amortization 1,529 688 3,137 1,381
Change in the estimated fair value of contingent earn-out consideration 242   369  
Impairment of indefinite-lived long-term assets other than goodwill   345   345
Impairment of goodwill   438   438
Loss on disposal of assets 338 1 221 5
Total operating expenses 61,146 50,849 118,148 99,895
Net operating income (loss) from continuing operations 7,491 9,287 12,822 15,869
Other income (expense):        
Interest income 26 15 41 36
Interest expense including $0 and $154, respectively, for the three and six months ended June 30, 2013, paid to related parties. (4,068) (3,719) (7,847) (9,442)
Change in fair value of interest rate swap (1,373) 4,007 (2,469) 3,578
Loss on early retirement of long-term debt   (55) (8) (27,776)
Net miscellaneous income and expenses 14 5 80 11
Net income (loss) from continuing operations before income taxes 2,090 9,540 2,619 (17,724)
Provision for (benefit from) income taxes 827 4,335 925 (4,347)
Net income (loss) from continuing operations 1,263 5,205 1,694 (13,377)
Loss from discontinued operations   (4)   (15)
Net income (loss) $ 1,263 $ 5,201 $ 1,694 $ (13,392)
Basic earnings per share data:        
Earnings (loss) per share from continuing operations $ 0.05 $ 0.20 $ 0.07 $ (0.54)
Earnings (loss) per share from discontinued operations $ 0 $ 0 $ 0 $ 0
Basic earnings (loss) per share $ 0.05 $ 0.20 $ 0.07 $ (0.54)
Diluted earnings per share data:        
Earnings (loss) per share from continuing operations $ 0.05 $ 0.20 $ 0.07 $ (0.54)
Earnings (loss) per share from discontinued operations $ 0 $ 0 $ 0 $ 0
Diluted earnings (loss) per share $ 0.05 $ 0.20 $ 0.07 $ (0.54)
Distributions per share $ 0.06 $ 0.05 $ 0.12 $ 0.10
Basic weighted average shares outstanding 25,172,696 24,737,131 25,118,839 24,684,781
Diluted weighted average shares outstanding 25,950,600 25,624,530 25,916,205 24,684,781