Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
 3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Income Statement [Abstract]        
Net broadcast revenue $ 46,015,000 $ 45,895,000 $ 136,287,000 $ 136,224,000
Net Internet revenue 9,390,000 7,800,000 29,012,000 23,269,000
Net publishing revenue 3,071,000 3,024,000 8,941,000 9,136,000
Total revenue 58,476,000 56,719,000 174,240,000 168,629,000
Operating expenses:        
Broadcast operating expenses exclusive of depreciation and amortization shown below (including $341 and $348 for the three months ended September 30, 2012 and 2013, respectively, and $1,015 and $1,038 for the nine months ended September 30, 2012 and 2013, respectively, paid to related parties) 30,847,000 30,628,000 91,258,000 90,289,000
Internet operating expenses exclusive of depreciation and amortization shown below 6,644,000 5,825,000 20,372,000 17,858,000
Publishing operating expenses exclusive of depreciation and amortization shown below 3,301,000 2,980,000 9,776,000 8,951,000
Corporate expenses exclusive of depreciation and amortization shown below (including $35 and $79 for the three months ended September 30, 2012 and 2013, and $235 and $239 for the nine months ended September 30, 2012 and 2013, respectively, paid to related parties) 4,951,000 4,643,000 15,839,000 14,314,000
Depreciation 3,089,000 3,083,000 9,313,000 9,150,000
Amortization 695,000 494,000 2,076,000 1,625,000
Impairment of indefinite-lived long-term assets other than goodwill     345,000  
Impairment of goodwill     438,000  
Impairment of long-lived assets       5,608,000
(Gain) loss on the sale or disposal of assets (25,000) 587,000 (20,000) 563,000
Total operating expenses 49,502,000 48,240,000 149,397,000 148,358,000
Operating income from continuing operations 8,974,000 8,479,000 24,843,000 20,271,000
Other income (expense):        
Interest income 16,000 24,000 52,000 83,000
Interest expense including $124 and $0 for the three months ended September 30, 2012 and 2013, and $238 and $154 for the nine months ended September 30, 2012 and 2013, respectively, paid to related parties (3,770,000) (6,127,000) (13,212,000) (18,787,000)
Change in the fair value of interest rate swap (1,033,000)   2,545,000  
Loss on early retirement of long-term debt (16,000)   (27,792,000) (893,000)
Net miscellaneous income and (expenses) 4,000 60,000 15,000 71,000
Income (loss) from continuing operations before income taxes 4,175,000 2,436,000 (13,549,000) 745,000
Benefit from income taxes (1,159,000) (971,000) (5,506,000) (1,768,000)
Income (loss) from continuing operations 5,334,000 3,407,000 (8,043,000) 2,513,000
Income (loss) from discontinued operations (11,000) (39,000) (26,000) (94,000)
Net income (loss) $ 5,323,000 $ 3,368,000 $ (8,069,000) $ 2,419,000
Basic earnings per share data:        
Earnings (loss) per share from continuing operations $ 0.21 $ 0.13 $ (0.32) $ 0.10
Earnings (loss) per share from discontinued operations            
Basic earnings (loss) per share $ 0.21 $ 0.13 $ (0.32) $ 0.10
Diluted earnings per share data:        
Earnings (loss) per share from continuing operations $ 0.21 $ 0.13 $ (0.32) $ 0.10
Earnings (loss) per share from discontinued operations            
Diluted earnings (loss) per share $ 0.21 $ 0.13 $ (0.32) $ 0.10
Distributions per share   $ 0.03 $ 0.10 $ 0.10
Basic weighted average shares outstanding 25,126,858 24,663,027 24,832,140 24,528,091
Diluted weighted average shares outstanding 25,921,391 25,358,052 24,832,140 24,893,832