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TOWER SALE AND LEASEBACK (Block) | 9 Months Ended
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Sep. 30, 2013
Tower Sale And Leaseback [Abstract] |
Tower Sale And Leaseback [Text Block] | 5. TOWER SALE AND LEASEBACK During the fourth quarter of 2009, the Company completed the sale of certain tower facilities for $12.6 million in cash. At the same time, the Company entered into leases for space on the towers at most of these sites for use by the Company's radio stations. The sale agreement included the opportunity for additional cash consideration for the Company through an earn-out which would be paid to the Company if the buyer met agreed upon revenue targets during the earn-out period. The earn-out constituted a continuing involvement by the Company that precluded sale and leaseback accounting until the earn-out period was complete. As a result of its continuing involvement in the tower facilities, the Company recorded a $12.6 million finance method lease obligation when the cash from the sale was received. On June 23, 2013, the earn-out period ended, and it was determined that the Company was not entitled to receive any additional compensation. With the earn-out complete, the Company applied the guidance under sale and leaseback accounting during the second quarter of 2013. As a result, the Company eliminated its finance method lease obligation of $12.6 million and also recorded a current and deferred gain of $1.6 million and $9.9 million, respectively. Bo th the elimination of the finance method lease obligation and the recording of the gain were non cash. The current gain is included in the statement of operations under net (gain) loss on sale or disposal of assets. The deferred gain will be amortized on a straight-line basis over the remaining life of the lease, which was 16.5 years as of June 2013, and during this period the gain will be reflected as a net (gain) loss on sale or disposal of assets. As of September 30, 2013, the Company recorded on the balance sheet $0.6 million of deferred gain as a short-term liability under other current liabilities and $9.1 million of deferred gain as a long-term liability under other long-term liabilities. For the nine and three months ended September 30, 2013, the Company recorded $0.2 million for each period as amortization of deferred gain. All of the leases were accounted for as operating leases. Minimum rental commitments at September 30, 2013 for these non-cancellable leases are as follows:
Minimum Rental Commitments Under Sale And Leaseback
| As of September 30, 2013
| Operating
| Leases
| (amounts in thousands)
Years ending December 31, |  |
2013 | $ | 194
2014 |  | 792
2015 |  | 816
2016 |  | 840
2017 |  | 865
Thereafter |  | 12,447
Total | $ | 15,954

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