Acquisitions and Dispositions (Tables)

3 Months Ended

Mar. 31, 2016

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The allocation of the purchase price for the 2016 and 2015 acquisitions is preliminary at March 31, 2016.

Saga Communications, Inc.

Condensed Consolidated Balance Sheet of 2016 and 2015 Acquisitions

	Acquisitions in
	2016		2015
	(In thousands)
Assets Acquired:
Current assets	$	814	$	977
Property and equipment		376		4,614
Other assets:
Broadcast licenses-Radio segment		8,010		2,218
Broadcast licenses-Television segment		—		—
Goodwill-Radio segment		4,277		2,548
Goodwill-Television segment		—		—
Other intangibles, deferred costs and investments		398		1,623
Total other assets		12,685		6,389
Total assets acquired		13,875		11,980
Liabilities Assumed:
Current liabilities		41		82
Total liabilities assumed		41		82
Net assets acquired	$	13,834	$	11,898

Business Acquisition Pro Forma Information

The pro forma results have been prepared for comparative purposes only and do not purport to indicate the results of operations which would actually have occurred had the combinations been in effect on the dates indicated or which may occur in the future.

	Three Months Ended
	March 31,
	2016		2015

	(In thousands, except per share data)
Pro forma Consolidated Results of Operations
Net operating revenue	$	32,745	$	31,015
Station operating expense		24,700		24,457
Corporate general and administrative		2,717		2,482
Operating income		5,328		4,076
Interest expense		189		241
Other (income) expense, net		—		(8)
Income before income tax expense		5,139		3,843
Income tax expense		2,124		1,557
Net income	$	3,015	$	2,286
Basic earnings per share	$	0.52	$	0.40
Diluted earnings per share	$	0.52	$	0.40

Business Acquisition, Pro Forma Information By Segment

	Three Months Ended
	March 31,
	2016		2015

	(In thousands)
Radio Broadcasting Segment
Net operating revenue	$	27,464	$	26,230
Station operating expense		21,155		21,114
Other operating income		(3)		—
Operating income	$	6,312	$	5,116

	Three Months Ended
	March 31,
	2016		2015


	(In thousands)
Television Broadcasting Segment
Net operating revenue	$	5,281	$	4,785
Station operating expense		3,545		3,343
Other operating expense		3		—
Operating income	$	1,733	$	1,442

					Corporate
	Radio		Television		and Other		Consolidated

	(In thousands)
Three Months Ended March 31, 2016:
Net operating revenue	$	27,464	$	5,281	$	—	$	32,745
Station operating expense		21,155		3,545		—		24,700
Corporate general and administrative		—		—		2,717		2,717
Other operating (income) expense, net		(3)		3		—		—
Operating income (loss)	$	6,312	$	1,733	$	(2,717)	$	5,328

					Corporate
	Radio		Television		and Other		Consolidated

	(In thousands)
Three Months Ended March 31, 2015:
Net operating revenue	$	26,230	$	4,785	$	—	$	31,015
Station operating expense		21,114		3,343		—		24,457
Corporate general and administrative		—		—		2,482		2,482
Operating income (loss)	$	5,116	$	1,442	$	(2,482)	$	4,076