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Acquisitions and Dispositions (Tables)

9 Months Ended

Sep. 30, 2018

Summary of Pro forma Information

The following unaudited pro forma information for the three and nine months ended September 30, 2017 and 2018 assumes that the acquisitions and dispositions had occurred on January 1, 2017. This unaudited pro forma information has been prepared based on estimates and assumptions, which management believes are reasonable, and are not necessarily indicative of what would have occurred had the acquisition been completed on January 1, 2017 or of results that may occur in the future.

		Three months ended September 30,								Nine months ended September 30,
		2017				2018				2017				2018
Net revenue		$	67,354,259			$	65,631,709			$	193,482,282			$	187,926,182
Operating income			13,816,564				10,555,269				32,834,524				28,781,994
Net income			5,097,542				3,274,153				10,200,662				10,086,885
Basic net income per share			0.18				0.12				0.37				0.37
Diluted net income per share			0.18				0.12				0.37				0.36

WXTU-FM [Member]

Schedule of Purchase Price Allocation

The purchase price allocation is summarized as follows:

Property and equipment		$	357,734
FCC broadcasting license			27,346,200
Goodwill			10,102,183
Other intangibles			193,883
		$	38,000,000

Schedule of Assumptions Used in Valuation of FCC Broadcasting Licenses

The key assumptions used in the valuation of the FCC broadcasting licenses are as follows:

Revenue growth rates		0.6% - 1.3%
Market revenue shares at maturity		5.4%
Operating income margins at maturity		30.5%
Discount rate		9.0%

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