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Acquisitions and Dispositions (Tables) | 12 Months Ended
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Dec. 31, 2019
Acquisitions and Dispositions |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | Condensed Consolidated Balance Sheet of 2019 and 2018 Acquisitions
|  | Acquisitions in
|  | 2019 |  | 2018
|  | (In thousands)
Assets Acquired: |  |  |  |  |  |
Current assets |  | $ | — |  | $ | 559
Property and equipment |  |  | 25 |  |  | 3,007
Other assets: |  |  |  |  |  |
Broadcast licenses |  |  | 61 |  |  | 1,991
Goodwill |  |  | 124 |  |  | 3,281
Other intangibles, deferred costs and investments |  |  | — |  |  | 1,123
Total other assets |  |  | 185 |  |  | 6,395
Total assets acquired |  |  | 210 |  |  | 9,961
Liabilities Assumed: |  |  |  |  |  |
Current liabilities |  |  | — |  |  | 120
Total liabilities assumed |  |  | — |  |  | 120
Net assets acquired |  | $ | 210 |  | $ | 9,841
Schedule of Business Acquisition, Pro Forma Information | The following unaudited pro forma results of our operations for the years ended December 31, 2019 and 2018 assume the 2019 and 2018 acquisitions occurred as of January 1, 2018. 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,
|  | 2019 |  | 2018
|  | (In thousands, except per share data)
Pro forma Consolidated Results of Operations |  |  |  |  |  |
Net operating revenue |  | $ | 123,072 |  | $ | 129,228
Station operating expense |  |  | 92,692 |  |  | 97,314
Corporate general and administrative |  |  | 11,460 |  |  | 11,359
Other operating expenses |  |  | 112 |  |  | 61
Operating income |  |  | 18,808 |  |  | 20,494
Interest expense |  |  | 735 |  |  | 946
Interest income |  |  | (610) |  |  | (631)
Other income |  |  | (16) |  |  | (23)
Income before income tax expense |  |  | 18,699 |  |  | 20,202
Income tax expense (benefit) expense |  |  | 5,420 |  |  | 5,944
Net income |  | $ | 13,279 |  | $ | 14,258
Basic earnings per share |  | $ | 2.23 |  | $ | 2.40
Diluted earnings per share |  | $ | 2.23 |  | $ | 2.40

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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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=116869197&loc=d3e4845-128472 + Details
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