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SUMMARIZED QUARTERLY FINANCIAL DATA (Unaudited) (Block) | 12 Months Ended
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Dec. 31, 2012
Quarterly Financial Information Disclosure Abstract |
Quarterly Financial Information Text Block | 21. SUMMARIZED QUARTERLY FINANCIAL DATA (Unaudited) 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 seasonality of revenues, with revenues usually the lowest in the first quarter of each year; (2) the reversal of the full valuation allowance in the second quarter of 2011 as described in Note 13, Income Taxes; (3) the impairment of broadcast licenses recorded in the second quarter of
| Quarters Ended
| December 31 |  | September 30 |  | June 30 (2) |  | March 31
| (amounts in thousands, except per share data)
2012 |  |  |  |  |  |  |  |  |  |  |
Net revenues | $ | 102,092 |  | $ | 102,295 |  | $ | 104,571 |  | $ | 79,966
Operating income | $ | 30,951 |  | $ | 29,385 |  | $ | 5,368 |  | $ | 10,890
Net income (loss) | $ | 7,347 |  | $ | 8,177 |  | $ | (3,207) |  | $ | (1,049)
Basic net income (loss) per common share (1) | $ | 0.20 |  | $ | 0.22 |  | $ | (0.09) |  | $ | (0.03)
Weighted average basic common shares outstanding |  | 36,935 |  |  | 36,735 |  |  | 36,686 |  |  | 36,483
Diluted net income (loss) per common share (1) | $ | 0.19 |  | $ | 0.22 |  | $ | (0.09) |  | $ | (0.03)
Weighted average diluted common and common equivalent shares outstanding |  | 37,837 |  |  | 37,548 |  |  | 36,686 |  |  | 36,483
| Quarters Ended
| December 31 |  | September 30 |  | June 30 (3) |  | 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 |  | $ | 46,501 |  | $ | 1,021
Basic net income per common share (1) | $ | 0.29 |  | $ | 0.23 |  | $ | 1.28 |  | $ | 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 |  | $ | 1.23 |  | $ | 0.03
Weighted average diluted common and common equivalent shares outstanding |  | 37,473 |  |  | 37,463 |  |  | 37,742 |  |  | 37,865
Basic and diluted n et 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. During the second quarter of 2012, the Company recognized an impairment loss of $22.3 million as a result of a write-down in the carrying value of the broadcasting licenses in its Boston market. In connection with the preparation of the Company's financial statements for the year ended December 31, 2012, the Company identified a prior period error in the income taxes reported for the second quarter and year ended December 31, 2011. There was no impact to the first quarter of 2011 and inconsequential impact to the third and fourth quarters of 2011. The Company assessed the materiality of this error and concluded that it was not material to any of its previously issued financial statements. The Company has revised the affected period presented herein to reflect the correct accounting. The revision also de crease d the net deferred tax assets included in the 2011 second and third quarter balance sheets by $2.2 million. This non-cash item did not impact the Company's operating income or operating cash flows for the current or prior period and had no impact on the Company's cash taxes. For further discussion, refer to Note 1.
|  | Quarter Ended June 30, 2011
|  | As |  |  |  |  |  |
|  | Previously |  |  |  |  |  |
|  | Reported |  | Adjustment |  | As Revised
|  | (amounts in thousands, except per share data)
Income taxes (benefit) |  | $ | (29,968) |  | $ | 2,233 |  | $ | (27,735)
Net income (loss) |  | $ | 48,734 |  | $ | (2,233) |  | $ | 46,501
Net income per share: |  |  |  |  |  |  |  |  |
Basic |  | $ | 1.34 |  | $ | (0.06) |  | $ | 1.28
Diluted |  | $ | 1.29 |  | $ | (0.06) |  | $ | 1.23

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 23, 24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 30 -Subparagraph a-j -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=6952194&loc=d3e1280-108306 + Details
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