Quarterly Results of Operations

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

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.

- 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.

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