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Acquisitions and Dispositions (Tables) | 12 Months Ended
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Dec. 31, 2018
Business Combinations [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | Condensed Consolidated Balance Sheet of 2018 and 2017 Acquisitions
|  | Acquisitions in |
|  | 2018 |  |  | 2017 |
|  | (In thousands) |
Assets Acquired: |  |  |  |  |  |  |  |
Current assets |  | $ | 559 |  |  | $ | 1,390 |
Property and equipment |  |  | 3,007 |  |  |  | 6,678 |
Other assets: |  |  |  |  |  |  |  |
Broadcast licenses |  |  | 1,991 |  |  |  | 8,086 |
Goodwill |  |  | 3,281 |  |  |  | 8,151 |
Other intangibles, deferred costs and investments |  |  | 1,123 |  |  |  | 2,019 |
Total other assets |  |  | 6,395 |  |  |  | 18,256 |
Total assets acquired |  |  | 9,961 |  |  |  | 26,324 |
Liabilities Assumed: |  |  |  |  |  |  |  |
Current liabilities |  |  | 120 |  |  |  | 468 |
Total liabilities assumed |  |  | 120 |  |  |  | 468 |
Net assets acquired |  | $ | 9,841 |  |  | $ | 25,856 |
Business Acquisition, Pro Forma Information | The following unaudited pro forma results of our operations for the years ended December 31, 2018 and 2017 assume the 2018 and 2017 acquisitions occurred as of January 1, 2017. The translators are start-up stations and therefore, have no pro forma revenue and expenses. The pro forma results give effect to certain adjustments, including depreciation, amortization of intangible assets, increased interest expense on acquisition debt and related income tax effects. 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.
|  | Years Ended December 31, |
|  | 2018 |  |  | 2017 |
|  | (In thousands, except per share data) |
Pro forma Consolidated Results of Operations |  |  |  |  |  |  |  |
Net operating revenue |  | $ | 129,228 |  |  | $ | 128,180 |
Station operating expense |  |  | 97,314 |  |  |  | 96,218 |
Corporate general and administrative |  |  | 11,359 |  |  |  | 11,657 |
Other operating expenses |  |  | 61 |  |  |  | 55 |
Impairment of intangible assets |  |  | — |  |  |  | 1,449 |
Operating income |  |  | 20,494 |  |  |  | 18,801 |
Interest expense |  |  | 946 |  |  |  | 903 |
Interest income |  |  | (631 | ) |  |  | — |
Other income |  |  | (23 | ) |  |  | — |
Income from continuing operations before income tax expense |  |  | 20,202 |  |  |  | 17,898 |
Income tax expense (benefit) expense |  |  | 5,944 |  |  |  | (5,276 | )
Income from continuing operations, net of tax |  |  | 14,258 |  |  |  | 23,174 |
Income from discontinued operations, net of tax |  |  | — |  |  |  | 32,471 |
Net income |  | $ | 14,258 |  |  | $ | 55,645 |
Basic earnings per share: |  |  |  |  |  |  |  |
From continuing operations |  | $ | 2.40 |  |  | $ | 3.93 |
From discontinued operations |  |  | — |  |  |  | 5.50 |
Basic earnings per share |  | $ | 2.40 |  |  | $ | 9.43 |
Diluted earnings per share: |  |  |  |  |  |  |  |
From continuing operations |  | $ | 2.40 |  |  | $ | 3.93 |
From discontinued operations |  |  | — |  |  |  | 5.50 |
Diluted earnings per share |  | $ | 2.40 |  |  | $ | 9.43 |

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472 + Details
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