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Basis of Presentation (Policies)
 6 Months Ended
Jun. 30, 2012
Basis of Presentation [Abstract]  
Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and the notes to the unaudited condensed consolidated financial statements. Our actual results could differ materially from these estimates. The most significant estimates we make relate to our allowance for doubtful accounts in receivables, valuation of goodwill and intangible assets, amortization of program broadcast rights and intangible assets, stock-based compensation, pension costs, income taxes, employee medical insurance claims, useful lives of property and equipment, contingencies and litigation.

Earnings Per Share

Earnings Per Share

We compute basic earnings per share by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding during the relevant period. The weighted-average number of common shares outstanding does not include restricted shares. These shares, although classified as issued and outstanding, are considered contingently returnable until the restrictions lapse and are not to be included in the basic earnings per share calculation until the shares vest. Diluted earnings per share is computed by including all potentially dilutive common shares, including restricted stock and shares underlying stock options, in the diluted weighted-average shares outstanding calculation, unless their inclusion would be antidilutive. The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding for the three-month and six-month periods ended June 30, 2012 and 2011 (in thousands):

 

                                 
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2012     2011     2012     2011  
         

Weighted-average shares outstanding - basic

     57,151       57,115       57,149       57,113  

Shares underlying stock options and restricted stock

     39       1       20       —    
   

 

 

    

 

 

    

 

 

    

 

 

  

Weighted-average shares outstanding - diluted

     57,190       57,116       57,169       57,113  
   

 

 

    

 

 

    

 

 

    

 

 

  

For periods in which we report a loss, all potentially dilutive common shares are excluded from the computation of diluted earnings per share, since their inclusion would be antidilutive. Securities that could potentially dilute earnings per share in the future, but which were not included in the calculation of diluted earnings per share because their inclusion would have been antidilutive for the periods presented are as follows (in thousands):

 

                                 
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2012     2011     2012     2011  
         

Potentially dilutive common shares outstanding at end of period:

                                

Shares underlying employee stock options

     1,328       1,004       1,328       1,004  

Restricted stock

     442       33       442       33  
   

 

 

    

 

 

    

 

 

    

 

 

  

Subtotal

     1,770       1,037       1,770       1,037  

Less dilutive common shares included in weighted-average shares outstanding - diluted

     (39 )      (1 )      (20 )      —    
   

 

 

    

 

 

    

 

 

    

 

 

  

Potentially dilutive common shares outstanding at end of period which were excluded from weighted-average shares outstanding - diluted

     1,731       1,036       1,750       1,037  
   

 

 

    

 

 

    

 

 

    

 

 

  
Property and Equipment

Property and Equipment

Property and equipment are carried at cost. Depreciation is computed principally by the straight-line method. Maintenance, repairs and minor replacements are charged to operations as incurred; major replacements and betterments are capitalized. The cost of any assets sold or retired and the related accumulated depreciation are removed from the accounts at the time of disposition, and any resulting profit or loss is reflected in income or expense for the period. The following table lists components of property and equipment by major category (in thousands):

 

                     
    June 30,
2012		     December 31,
2011		     Estimated
Useful Lives

Property and equipment:

                    

Land

   $ 23,478     $ 23,451      

Buildings and improvements

     53,785       53,322     7 to 40 years

Equipment

     312,907       308,454     3 to 20 years
   

 

 

    

 

 

      
      390,170       385,227      

Accumulated depreciation

     (256,178 )      (248,128 )     
   

 

 

    

 

 

      

Total property and equipment, net

   $ 133,992     $ 137,099      
   

 

 

    

 

 

      
Allowance for Doubtful Accounts

Allowance for Doubtful Accounts

Our allowance for doubtful accounts is equal to at least 85% of our receivable balances that are 120 days old or older. We may provide allowances for certain receivable balances that are less than 120 days old when warranted by specific facts and circumstances. We generally write-off accounts receivable balances when the customer files for bankruptcy or when all commonly used methods of collection have been exhausted.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

We have reviewed all recently issued accounting pronouncements. Of those pronouncements that have been issued but are not yet effective, we do not anticipate a material impact upon our financial statements upon our adoption of those pronouncements. None of the pronouncements that became effective and were adopted by us during the six months ended June 30, 2012 had a material effect upon our results of operations or financial position.

Fair Value Measurement

We utilize market data or assumptions that market participants would use in pricing an asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable. We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized into a hierarchy that gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (“Level 1”) and the lowest priority to unobservable inputs that require assumptions to measure fair value (“Level 3”). Level 2 inputs are those that are other than quoted prices on national exchanges included within Level 1 that are observable for the asset or liability either directly or indirectly (“Level 2”).

Fair Value of Other Financial Instruments

The estimated fair value of other financial instruments is determined using market information and appropriate valuation methodologies. Interpreting market data to develop fair value estimates involves considerable judgment. The use of different market assumptions could have a material effect on the estimated fair value amounts. Accordingly, the estimates presented are not necessarily indicative of the amounts that we could realize in a current market exchange, or the value that ultimately will be realized upon maturity or disposition.

Goodwill and Intangible Assets

Upon renewal of such intangible assets, we expense all related fees as incurred.

Income Taxes

We estimate our differences between taxable income or loss and recorded income or loss on an annual basis. Our tax provision for each quarter is based upon these full year projections which are revised each reporting period. These projections incorporate estimates of permanent differences between U.S. GAAP income or loss and taxable income or loss, state income taxes and adjustments to our liability for unrecognized tax benefits to adjust our statutory Federal income tax rate of 35.0% to our effective income tax rate.