The following table presents unaudited operating results for each quarter within the two most recent years. The Company believes that all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to present fairly the following quarterly results when read in conjunction with the financial statements included elsewhere in this report. Results of operations for any particular quarter are not necessarily indicative of results of operations for a full year. The Company's financial results are also not comparable from quarter to quarter due to: (1) the Company's acquisitions and dispositions of radio stations and tower facilities as described in Note 18, Acquisition And Pro Forma Summary; (2) the seasonality of revenues, with revenues usually the lowest in the first quarter of each year; and (3) the reversal of the full valuation allowance in the second quarter of 2011 as described in Note 13, Income Taxes.

	Quarters Ended
	December 31		September 30		June 30		March 31
	(amounts in thousands, except per share data)
2011
Net revenues	$	95,134	$	100,429	$	104,650	$	82,514
Operating income	$	25,920	$	22,263	$	24,015	$	7,275
Net income	$	10,524	$	8,231	$	48,734	$	1,021
Basic income per common share (1)	$	0.29	$	0.23	$	1.34	$	0.03
Weighted average basic common shares outstanding		36,380		36,367		36,353		36,053
Diluted net income per common share (1)	$	0.28	$	0.22	$	1.29	$	0.03
Weighted average diluted common and common equivalent shares outstanding		37,473		37,463		37,742		37,865

	Quarters Ended
	December 31		September 30		June 30 (2)		March 31
	(amounts in thousands, except per share data)
2010
Net revenues	$	102,088	$	102,737	$	105,788	$	80,834
Operating income	$	30,157	$	26,547	$	28,844	$	12,161
Net income	$	17,285	$	10,689	$	14,262	$	4,200
Basic net income per common share (1)	$	0.48	$	0.30	$	0.40	$	0.12
Weighted average basic common shares outstanding		35,731		35,723		35,714		35,623
Diluted net income per common share (1)	$	0.46	$	0.29	$	0.38	$	0.11
Weighted average diluted common and common equivalent shares outstanding		37,536		37,310		37,582		37,571

(1) Basic and diluted net income per share is computed independently for each quarter and the full year based upon respective average shares outstanding. Therefore, the sum of the quarterly per share amounts may not equal the annual per share amounts reported.