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Quarterly Results of Operations | 12 Months Ended
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Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Results of Operations | 15. Quarterly Results of Operations (Unaudited)
|  | March 31, |  | June 30, |  | September 30, |  | December 31, |
|  | 2014 |  | 2013 |  | 2014 |  | 2013 |  | 2014 |  | 2013 |  | 2014 |  | 2013 |
|  | (In thousands, except per share data) |
Net operating revenue |  | $ | 29,423 |  | $ | 28,957 |  | $ | 33,831 |  | $ | 33,832 |  | $ | 34,373 |  | $ | 32,929 |  | $ | 36,371 |  | $ | 33,760 |
Station operating expenses |  |  | 22,947 |  |  | 22,088 |  |  | 23,499 |  |  | 23,493 |  |  | 26,366 |  |  | 23,598 |  |  | 25,612 |  |  | 23,798 |
Corporate G&A |  |  | 2,153 |  |  | 1,948 |  |  | 2,120 |  |  | 1,982 |  |  | 2,307 |  |  | 2,051 |  |  | 2,321 |  |  | 2,191 |
Other operating (income) expense |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,210) |  |  | — |
Impairment of intangible assets |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,936 |  |  | 2,033 |
Operating income from continuing operations |  |  | 4,323 |  |  | 4,921 |  |  | 8,212 |  |  | 8,357 |  |  | 5,700 |  |  | 7,280 |  |  | 7,712 |  |  | 5,738 |
Other (income) expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | 272 |  |  | 358 |  |  | 272 |  |  | 357 |  |  | 268 |  |  | 308 |  |  | 252 |  |  | 282 |
Other |  |  | (15) |  |  | 25 |  |  | (30) |  |  | 66 |  |  | 7 |  |  | (144) |  |  | (33) |  |  | 2 |
Income from continuing operations before tax |  |  | 4,066 |  |  | 4,538 |  |  | 7,970 |  |  | 7,934 |  |  | 5,425 |  |  | 7,116 |  |  | 7,493 |  |  | 5,454 |
Income tax provision |  |  | 1,627 |  |  | 1,812 |  |  | 3,193 |  |  | 3,130 |  |  | 2,180 |  |  | 2,820 |  |  | 3,050 |  |  | 2,230 |
Income from continuing operations, net of tax |  |  | 2,439 |  |  | 2,726 |  |  | 4,777 |  |  | 4,804 |  |  | 3,245 |  |  | 4,296 |  |  | 4,443 |  |  | 3,224 |
Income (loss) from discontinued operations, net of tax |  |  | — |  |  | 223 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net income |  | $ | 2,439 |  | $ | 2,949 |  | $ | 4,777 |  | $ | 4,804 |  | $ | 3,245 |  | $ | 4,296 |  | $ | 4,443 |  | $ | 3,224 |
Basic earnings (loss) per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From continuing operations |  | $ | .43 |  | $ | .48 |  | $ | .83 |  | $ | .85 |  | $ | .56 |  | $ | .76 |  | $ | .77 |  | $ | .56 |
From discontinued operations |  |  | — |  |  | .04 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Earnings per share |  | $ | .43 |  | $ | .52 |  | $ | .83 |  | $ | .85 |  | $ | .56 |  | $ | .76 |  | $ | .77 |  | $ | .56 |
Weighted average common shares |  |  | 5,690 |  |  | 5,673 |  |  | 5,699 |  |  | 5,683 |  |  | 5,699 |  |  | 5,686 |  |  | 5,709 |  |  | 5,686 |
Diluted earnings (loss) per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From continuing operations |  | $ | .42 |  | $ | .47 |  | $ | .82 |  | $ | .84 |  | $ | .56 |  | $ | .75 |  | $ | .76 |  | $ | .56 |
From discontinued operations |  |  | — |  |  | .04 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Diluted earnings per share |  | $ | .42 |  | $ | .51 |  | $ | .82 |  | $ | .84 |  | $ | .56 |  | $ | .75 |  | $ | .76 |  | $ | .56 |
Weighted average common and common equivalent shares |  |  | 5,757 |  |  | 5,738 |  |  | 5,754 |  |  | 5,745 |  |  | 5,742 |  |  | 5,754 |  |  | 5,757 |  |  | 5,751 |
During the fourth quarter of 2014, the Company recognized a gain on the sale of four of our information networks (Michigan Radio Network, Michigan Farm Network, Minnesota News Network and Minnesota Farm Network) of $1,210,000 and a pre-tax impairment charge of $1,936,000 to reduce the carrying value of certain radio broadcast licenses to their estimated fair value. During the fourth quarter of 2013, the Company recognized a pre-tax impairment charge of $2,033,000 to reduce the carrying value of certain radio broadcast licenses to their estimated fair value.

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=35737889&loc=d3e1280-108306 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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