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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
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12 Months Ended |
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Dec. 31, 2014
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| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] |
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| Property, Plant and Equipment Estimated Useful Lives |
Depreciation is computed using the straight-line method over estimated useful lives as follows:
Category |
|
Life |
| Buildings |
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40 years |
| Office furnishings and equipment |
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5-10 years |
| Antennae, towers and transmitting equipment |
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10-20 years |
| Studio and production equipment |
|
7-10 years |
| Computer software and website development costs |
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3 years |
| Record and tape libraries |
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3 years |
| Automobiles |
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5 years |
| Leasehold improvements |
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Lesser of 15 years or life of lease |
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| Schedule of fair value measurements used to value asset |
The table below presents the fair value measurements used to value this asset.
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Fair Value Measurements Using: |
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(Dollars in thousands) |
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| Description |
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As of December 31,
2014
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Quoted prices in
active markets
(Level 1)
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Significant Other
Observable Inputs
(Level 2)
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Significant
Unobservable
Inputs (Level 3)
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Total Gains
(Losses)
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| Long-Lived Asset Held for Sale |
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$ |
1,700 |
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$ |
1,700 |
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$ |
- |
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| Intangibles Asset Estimated Useful Lives |
These intangibles are amortized using the straight-line method over the following estimated useful lives:
| Category |
|
Life |
| Customer lists and contracts |
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Lesser of 5 years or life of contract |
| Favorable and assigned leases |
|
Life of the lease |
| Domain and brand names |
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5 to 7 years |
| Internally developed software |
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3 to 5 years |
| Customer relationships |
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1 to 3 years |
| Other amortizable intangible assets |
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5 to 10 years |
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| Fair Value of Financial Assets Measured at Fair Value |
The following table summarizes the fair value of our financial assets and liabilities that are measured at fair value:
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December 31, 2014 |
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Total Fair Value and
Carrying Value on
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Fair Value Measurement Category |
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Balance Sheet |
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Level 1 |
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Level 2 |
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Level 3 |
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(Dollars in thousands) |
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| Assets: |
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| Cash and cash equivalents |
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$ |
33 |
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$ |
33 |
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$ |
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$ |
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| Trade accounts receivable, net |
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34,781 |
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34,781 |
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| Fair value of interest rate swap |
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475 |
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475 |
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| Liabilities: |
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| Accounts payable |
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2,964 |
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2,964 |
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| Accrued expenses including estimated fair value of contingent earn-out consideration |
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12,704 |
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11,129 |
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1,575 |
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| Accrued interest |
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48 |
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48 |
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| Long term liabilities including estimated fair value of contingent earn-out consideration |
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4,123 |
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2,413 |
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1,710 |
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| Long-term debt |
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277,505 |
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277,505 |
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| Summary of Changes in Gross Amount of Unrecognized Tax Benefits |
A summary of the changes in the gross amount of unrecognized tax benefits is as follows:
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December 31, 2014 |
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(Dollars in thousands) |
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| Balance at January 1, 2014 |
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$ |
916 |
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| Additions based on tax positions related to the current year |
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| Additions based on tax positions related to prior years |
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| Reductions related to tax positions of prior years |
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| Decrease due to statute expirations |
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(405 |
) |
| Related interest and penalties, net of federal tax benefits |
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(3 |
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| Balance as of December 31, 2014 |
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$ |
508
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| Shares Used to Compute Basic and Diluted Net Earning Per Share |
The following table sets forth the shares used to compute basic and diluted net earnings per share for the periods indicated:
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Year Ended December 31, |
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2012 |
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2013 |
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2014 |
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| Weighted average shares |
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24,577,605 |
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24,938,075 |
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25,336,809 |
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| Effect of dilutive securities - stock options |
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409,361 |
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744,366 |
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| Weighted average shares adjusted for dilutive securities |
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24,986,966 |
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24,938,075 |
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26,081,175 |
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