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 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Income Statement [Abstract]        
Net broadcast revenue $ 46,962 $ 46,015 $ 140,393 $ 136,287
Net Internet revenue 14,511 9,390 41,811 29,012
Net publishing revenue 8,130 3,071 18,369 8,941
Total net revenue 69,603 58,476 200,573 174,240
Operating expenses:        
Broadcast operating expenses exclusive of depreciation and amortization shown below (including $358 and $364 for the three months ended September 30, 2013 and 2014, respectively, and $1,069 and $1,087 for the nine months ended September 30, 2013 and 2014, respectively, paid to related parties) 32,596 30,847 97,695 91,258
Internet operating expenses exclusive of depreciation and amortization shown below 10,931 6,644 30,811 20,372
Publishing operating expenses exclusive of depreciation and amortization shown below 6,766 3,301 17,624 9,776
Corporate expenses exclusive of depreciation and amortization shown below (including $79 and $35 for the three months ended September 30, 2013 and 2014, respectively, and $239 and $211 for the nine months ended September 30, 2013 and 2014, respectively, paid to related parties) 5,254 4,951 17,542 15,839
Depreciation 3,141 3,089 9,437 9,313
Amortization 1,530 695 4,667 2,076
Change in the estimated fair value of contingent earn-out consideration 545   914  
Impairment of indefinite-lived long-term assets other than goodwill       345
Impairment of goodwill       438
(Gain) loss on disposal of assets (7) (25) 214 (20)
Total operating expenses 60,756 49,502 178,904 149,397
Net operating income (loss) from continuing operations 8,847 8,974 21,669 24,843
Other income (expense):        
Interest income 2 16 43 52
Interest expense including $0 and $154, respectively, for the three and nine months ended September 30, 2013, paid to related parties (4,139) (3,770) (11,986) (13,212)
Change in fair value of interest rate swap 1,046 (1,033) (1,423) 2,545
Loss on early retirement of long-term debt (18) (16) (26) (27,792)
Net miscellaneous income and expenses 572 4 652 15
Net income (loss) from continuing operations before income taxes 6,310 4,175 8,929 (13,549)
Provision for (benefit from) income taxes 2,567 (1,159) 3,492 (5,506)
Net income (loss) from continuing operations 3,743 5,334 5,437 (8,043)
Loss from discontinued operations   (11)   (26)
Net income (loss) $ 3,743 $ 5,323 $ 5,437 $ (8,069)
Basic earnings per share data:        
Earnings (loss) per share from continuing operations $ 0.14 $ 0.21 $ 0.21 $ (0.32)
Earnings (loss) per share from discontinued operations $ 0 $ 0 $ 0 $ 0
Basic earnings (loss) per share $ 0.14 $ 0.21 $ 0.21 $ (0.32)
Diluted earnings per share data:        
Earnings (loss) per share from continuing operations $ 0.14 $ 0.21 $ 0.21 $ (0.32)
Earnings (loss) per share from discontinued operations $ 0 $ 0 $ 0 $ 0
Diluted earnings (loss) per share $ 0.14 $ 0.21 $ 0.21 $ (0.32)
Distributions per share $ 0.06   $ 0.18 $ 0.10
Basic weighted average shares outstanding 25,536,397 25,126,858 25,258,025 24,832,140
Diluted weighted average shares outstanding 26,265,957 25,921,391 26,032,789 24,832,140