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, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Net broadcast revenue $ 51,052 $ 49,451 $ 149,768 $ 145,609
Net digital media revenue 11,999 11,128 34,056 32,859
Net publishing revenue 8,221 6,912 19,802 18,172
Total net revenue 71,272 67,491 203,626 196,640
Operating expenses:        
Broadcast operating expenses, exclusive of depreciation and amortization shown below (including $366 and $412 for the three months ended September 30, 2015 and 2016, respectively, and $1,096 and $1,231 for the nine months ended September 30, 2015 and 2016, respectively, paid to related parties) 37,434 35,538 109,455 104,958
Digital media operating expenses, exclusive of depreciation and amortization shown below 9,172 8,630 26,815 26,081
Publishing operating expenses, exclusive of depreciation and amortization shown below 8,020 6,966 19,951 17,932
Unallocated corporate expenses exclusive of depreciation and amortization shown below (including $0 and $147 for the three months ended September 30, 2015 and 2016, respectively, and $69 and $254 for the nine months ended September 30, 2015 and 2016, respectively, paid to related parties) 4,147 3,697 11,928 11,206
Depreciation 2,976 3,136 8,950 9,368
Amortization 1,341 1,330 3,673 3,974
Change in the estimated fair value of contingent earn-out consideration (196) (603) (458) (792)
Impairment of long-lived assets 0 0 700 0
(Gain) loss on the sale or disposal of assets (457) (3) (2,008) 156
Total operating expenses 62,437 58,691 179,006 172,883
Operating income 8,835 8,800 24,620 23,757
Other income (expense):        
Interest income 1 3 4 6
Interest expense (3,726) (3,900) (11,252) (11,578)
Change in the fair value of interest rate swap 856 (1,510) (1,325) (2,486)
Loss on early retirement of long-term debt (18) 0 (32) (41)
Net miscellaneous income and expenses 7 1 7 8
Income from operations before income taxes 5,955 3,394 12,022 9,666
Provision for income taxes 3,763 1,317 6,121 3,771
Net income $ 2,192 $ 2,077 $ 5,901 $ 5,895
Basic earnings per share data:        
Basic earnings per share Class A and Class B common stock $ 0.08 $ 0.08 $ 0.23 $ 0.23
Diluted earnings per share data:        
Diluted earnings Class A and Class B common stock 0.08 0.08 0.23 0.23
Distributions per share Class A and Class B common stock $ 0.07 $ 0.07 $ 0.2 $ 0.2
Basic weighted average Class A and Class B shares outstanding 25,815,242 25,459,962 25,617,307 25,411,862
Diluted weighted average Class A and Class B shares outstanding 26,183,182 25,907,651 26,012,930 25,886,087