Annual report pursuant to Section 13 and 15(d)

Property and Equipment

Property and Equipment
12 Months Ended
Dec. 31, 2018
Property, Plant and Equipment [Abstract]  
Property and Equipment


The following is a summary of the categories of our property and equipment:


     As of December 31,  
     2017      2018  
     (Dollars in thousands)  


   $ 32,320      $ 31,822  


     28,962        30,104  

Office furnishings and equipment

     37,583        36,791  

Office furnishings and equipment under capital lease obligations

     244        215  

Antennae, towers and transmitting equipment

     85,632        85,998  

Antennae, towers and transmitting equipment under capital lease obligations

     795        —    

Studio, production and mobile equipment

     29,697        29,040  

Computer software and website development costs

     24,477        27,603  

Record and tape libraries

     27        17  


     1,385        1,570  

Leasehold improvements

     19,003        19,357  


     4,075        4,833  






   $ 264,200      $ 267,350  

Less accumulated depreciation

     (164,720      (170,842






   $ 99,480      $ 96,508  







Depreciation expense was approximately $12.0 million and $12.4 million for the years ended December 31, 2018 and 2017. Included in this amount is $53,000 and $93,000 for the years ended December 31, 2018 and 2017 on assets acquired under capital lease obligations. Accumulated depreciation associated with these capital lease obligations was $0.1 million and $0.8 million at December 31, 2018 and 2017.

We periodically review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. Our review requires us to estimate the fair value of assets when events or circumstances indicate that they may be impaired. The fair value measurements for our long-lived assets use significant observable inputs that reflect our own assumptions about the estimates that market participants would use in measuring fair value including assumptions about risk. If actual future results are less favorable than the assumptions and estimates we used, we are subject to future impairment charges, the amount of which may be material. There were no indications of impairment during the year ended December 31, 2018.