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 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]        
Net broadcast revenue $ 49,186 $ 48,246 $ 144,785 $ 144,144
Net digital media revenue 11,393 11,503 33,683 35,134
Net publishing revenue 6,912 9,859 18,172 21,311
Total net revenue 67,491 69,608 196,640 200,589
Operating expenses:        
Broadcast operating expenses, exclusive of depreciation and amortization shown below (including $364 and $366 for the three months ended September 30,2014 and 2015, respectively, and $1,087 and $1,096 for the nine months ended September 30, 2014 and 2015, respectively, paid to related parties) 35,407 34,402 104,511 103,563
Digital media operating expenses, exclusive of depreciation and amortization shown below 8,761 9,018 26,528 27,138
Publishing operating expenses, exclusive of depreciation and amortization shown below 6,966 8,252 17,932 20,067
Unallocated corporate expenses exclusive of depreciation and amortization shown below (including $35 and $0 for the three months ended September 30, 2014 and 2015, respectively, and $204 and $69 for the nine months ended September 30, 2014 and 2015, respectively paid to related parties) 3,697 3,880 11,206 12,920
Depreciation 3,136 3,141 9,368 9,437
Amortization 1,330 1,530 3,974 4,667
Change in the estimated fair value of contingent earn-out consideration (603) 545 (792) 914
(Gain) loss on the sale or disposal of assets (3) (7) 156 214
Total operating expenses 58,691 60,761 172,883 178,920
Operating income 8,800 8,847 23,757 21,669
Other income (expense):        
Interest income 3 2 6 43
Interest expense (3,900) (4,139) (11,578) (11,986)
Change in the fair value of interest rate swap $ (1,510) 1,046 (2,486) (1,423)
Loss on early retirement of long-term debt (18) (41) (26)
Net miscellaneous income and expenses $ 1 572 8 652
Income from operations before income taxes 3,394 6,310 9,666 8,929
Provision for income taxes 1,317 2,567 3,771 3,492
Net income $ 2,077 $ 3,743 $ 5,895 $ 5,437
Basic earnings per share data:        
Basic earnings per share $ 0.08 $ 0.14 $ 0.23 $ 0.21
Diluted earnings per share data:        
Diluted earnings per share 0.08 0.14 0.23 0.21
Distributions per share $ 0.07 $ 0.06 $ 0.20 $ 0.18
Basic weighted average shares outstanding 25,459,962 25,536,397 25,411,862 25,258,025
Diluted weighted average shares outstanding 25,907,651 26,265,957 25,886,087 26,032,789