0001558370-21-010956 | 10-Q | XBRL Viewer

Dividends declared per common share

$ 0

1,680

(1,919)

Compensation expense related to restricted stock awards

569

Purchase of shares held in treasury

(20)

401(k) plan contribution

(131)

382

251

Balance at Mar. 31, 2020

$ 68

$ 9

67,249

162,583

(36,996)

192,913

Balance, shares at Mar. 31, 2020

6,771

954

Balance at Dec. 31, 2019

$ 68

$ 9

66,811

162,822

(37,358)

192,352

Balance, shares at Dec. 31, 2019

6,771

954

Balance, shares at Jun. 30, 2020

(3,231)

Balance at Jun. 30, 2020

$ 68

$ 9

67,861

157,672

(37,017)

188,593

6,769

954

Balance at Dec. 31, 2019

$ 68

$ 9

66,811

162,822

(37,358)

192,352

Balance, shares at Dec. 31, 2019

6,771

954

Issuance of restricted stock (in shares)

Forfeiture of restricted stock (in shares)

(2)

Balance at Dec. 31, 2020

$ 68

$ 9

68,900

158,990

(37,425)

190,542

^[1]

Balance, shares at Dec. 31, 2020

6,785

938

Balance at Mar. 31, 2020

$ 68

$ 9

67,249

162,583

(36,996)

192,913

Balance, shares at Mar. 31, 2020

6,771

954

Forfeiture of restricted stock

$ 0

(4,911)

$ 0

Forfeiture of restricted stock (in shares)

(2)

Compensation expense related to restricted stock awards

$ 0

612

Purchase of shares held in treasury

(21)

Balance at Jun. 30, 2020

$ 68

$ 9

67,861

157,672

(37,017)

188,593

Balance, shares at Jun. 30, 2020

6,769

954

Balance at Dec. 31, 2020

$ 68

$ 9

68,900

158,990

(37,425)

190,542

^[1]

Balance, shares at Dec. 31, 2020

6,785

938

Compensation expense related to restricted stock awards

$ 0

758

343

401(k) plan contribution

(200)

421

221

Balance at Mar. 31, 2021

$ 68

$ 9

69,043

159,748

(37,004)

191,864

Balance, shares at Mar. 31, 2021

6,785

938

Balance at Dec. 31, 2020

$ 68

$ 9

68,900

158,990

(37,425)

190,542

^[1]

Balance, shares at Dec. 31, 2020

6,785

938

Balance, shares at Jun. 30, 2021

4,011

Balance at Jun. 30, 2021

$ 68

$ 9

69,400

162,045

(37,004)

194,518

6,785

938

Balance at Mar. 31, 2021

$ 68

$ 9

69,043

159,748

(37,004)

191,864

Balance, shares at Mar. 31, 2021

6,785

938

Dividends declared per common share

$ 0

3,253

(956)

Compensation expense related to restricted stock awards

357

Balance at Jun. 30, 2021

$ 68

$ 9

$ 69,400

$ 162,045

$ (37,004)

$ 194,518

Balance, shares at Jun. 30, 2021

6,785

938

[1]	The balance sheet at December 31, 2020 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Net cash provided by operating activities	$ 9,203	$ 8,319
Cash flows from investing activities:
Acquisition of property and equipment	(1,455)	(1,379)
Acquisition of broadcast properties	(150)	(190)
Proceeds from sale and disposal of assets	130	1,669
Proceeds from insurance claims	272	213
Other investing activities	31
Net cash (used in) provided by investing activities	(1,172)	313
Cash flows from financing activities:
Cash dividends paid		(3,716)
Purchase of treasury shares		(41)
Net cash used in financing activities		(3,757)
Net increase in cash and cash equivalents	8,031	4,875
Cash and cash equivalents, beginning of period	51,353	44,034
Cash and cash equivalents, end of period	$ 59,384	$ 48,909

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2021

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

1. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for annual financial statements.

In our opinion, the accompanying financial statements include all adjustments of a normal, recurring nature considered necessary for a fair presentation of our financial position as of June 30, 2021 and the results of operations for the three and six months ended June 30, 2021 and 2020. Results of operations for three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021.

We own or operate broadcast properties in 27 markets, including 79 FM and 35 AM radio stations and 79 metro signals.

For further information, refer to the consolidated financial statements and footnotes thereto included in the Saga Communications, Inc. annual report on Form 10-K for the year ended December 31, 2020.

We have evaluated events and transactions occurring subsequent to the balance sheet date of June 30, 2021, for items that should potentially be recognized in these financial statements or discussed within the notes to the financial statements.

Earnings Per Share Information

Earnings per share is calculated using the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security. The Company has participating securities related to restricted stock units, granted under the Company’s Second Amended and Restated 2005 Incentive Compensation Plan, that earn dividends on an equal basis with common shares. In applying the two-class method, earnings are allocated to both common shares and participating securities.

The following table sets forth the computation of basic and diluted earnings (loss) per share:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020

	(In thousands, except per share data)
Numerator:
Net income (loss)	$	3,253	$	(4,911)	$	4,011	$	(3,231)
Less: Income (loss) allocated to unvested participating securities		35		(104)		43		(68)
Net income (loss) available to common stockholders	$	3,218	$	(4,807)	$	3,968	$	(3,163)

Denominator:
Denominator for basic earnings per share — weighted average shares		5,917		5,868		5,915		5,867
Effect of dilutive securities:
Common stock equivalents		—		—		—		—
Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions		5,917		5,868		5,915		5,867

Earnings (loss) per share:
Basic	$	0.54	$	(0.82)	$	0.67	$	(0.54)
Diluted	$	0.54	$	(0.82)	$	0.67	$	(0.54)

There were no stock options outstanding that had an antidilutive effect on our earnings per share calculation for the three and six months ended June 30, 2021 and 2020, respectively. The actual effect of these shares, if any, on the diluted earnings per share calculation will vary significantly depending on the fluctuation in the stock price.

Financial Instruments

Our financial instruments are comprised of cash and cash equivalents, accounts receivable, accounts payable and long-term debt. The carrying value of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to their short maturities. The carrying value of long-term debt approximates fair value as it carries interest rates that either fluctuate with the euro-dollar rate, prime rate or have been reset at the prevailing market rate at June 30, 2021.

Allowance for Doubtful Accounts

A provision for doubtful accounts is recorded based on our judgment of collectability of receivables. Amounts are written off when determined to be fully uncollectible. Delinquent accounts are based on contractual terms. We have included in our calculation of our allowance for doubtful accounts, the potential impact of the COVID-19 pandemic on our customers’ businesses and their ability to pay their accounts receivable. We maintain a specific allowance for estimated losses resulting from the inability of certain customers to make required payments. We also consider factors external to the specific customer, including current conditions and forecasts of economic conditions, including the potential impact of the COVID-19 pandemic. In the event we recover amounts previously written off, we will reduce the specific allowance for credit loss. Our allowance for doubtful accounts was $446,000 and $648,000 at June 30, 2021 and December 31, 2020, respectively.

Income Taxes

Our effective tax rate is higher than the federal statutory rate as a result of the inclusion of state taxes in the income tax amount. We have historically calculated the provision for income taxes during interim reporting periods by applying an estimate of the annual effective tax rate for the full fiscal year to “ordinary” income or loss (pretax income or loss excluding unusual or infrequently occurring discrete items) for the reporting period.

Segments

We serve twenty-seven radio markets (reporting units) that aggregate into one operating segment (Radio), which also qualifies as a reportable segment. We operate under one reportable business segment for which segment disclosure is consistent with the management decision-making process that determines the allocation of resources and the measuring of performance. The Chief Operating Decision Maker (“CODM”) evaluates the results of the radio operating segment and makes operating and capital investment decisions based at the Company level. Furthermore, technological enhancements and system integration decisions are reached at the Company level and applied to all markets rather than to specific or individual markets to ensure that each market has the same tools and opportunities as every other market. Managers at the market level do not report to the CODM and instead report to other senior management, who are responsible for the operational oversight of radio markets and for communication of results to the CODM. We continually review our operating segment classification to align with operational changes in our business and may make changes as necessary.

Time Brokerage Agreements/Local Marketing Agreements

We have entered into Time Brokerage Agreements (“TBAs”) or Local Marketing Agreements (“LMAs”) in certain markets. In a typical TBA/LMA, the FCC licensee of a station makes available, for a fee, blocks of air time on its station to another party that supplies programming to be broadcast during that air time and sells their own commercial advertising announcements during the time periods specified. Revenue and expenses related to TBAs/LMAs are included in the accompanying unaudited Condensed Consolidated Statements of Income. Assets and liabilities related to the TBAs/LMAs are included in the accompanying unaudited Condensed Consolidated Balance Sheets.

Recent Accounting Pronouncements

6 Months Ended

Jun. 30, 2021

Recent Accounting Pronouncements

Recent Accounting Pronouncements

2. Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Incomes Taxes” (“ASU 2019-12”) which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance regarding the tax treatment of certain franchise taxes, goodwill and nontaxable entities, among other items to improve consistent application. ASU 2019-12 is effective for fiscal years and interim periods beginning after December 15, 2020. The Company adopted this standard on January 1, 2021 and there was no material impact as a result of adoption.

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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Revenue

6 Months Ended

Jun. 30, 2021

Revenue

Revenue

3. Revenue

Nature of goods and services

The following is a description of principal activities from which we generate our revenue:

Broadcast Advertising Revenue

Our primary source of revenue is from the sale of advertising for broadcast on our stations. We recognize revenue from the sale of advertising as performance obligations are satisfied upon airing of the advertising; therefore, revenue is recognized at a point in time when each advertising spot is transmitted. Agency commissions are calculated based on a stated percentage applied to gross billing revenue for our advertising inventory placed by an agency and are reported as a reduction of advertising revenue.

Digital Advertising Revenue

We recognize revenue from our digital initiatives across multiple platforms such as targeted digital advertising, online promotions, advertising on our websites, mobile messaging, email marketing and other e-commerce. Revenue is recorded when each specific performance obligation in the digital advertising campaign takes place, typically within a one month period.

Other Revenue

Other revenue includes revenue from concerts, promotional events, tower rent and other miscellaneous items. Revenue is generally recognized when the event is completed, as the promotional events are completed or as each performance obligation is satisfied.

Disaggregation of Revenue

Revenues from contracts with customers comprised the following for three and six months ended June 30, 2021 and 2020:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020

	(in thousands)				(in thousands)
Types of Revenue
Broadcast Advertising Revenue, net	$	24,944	$	15,241	$	44,951	$	38,995
Digital Advertising Revenue		1,636		709		2,636		1,567
Other Revenue		1,466		916		2,760		2,355
Net Revenue	$	28,046	$	16,866	$	50,347	$	42,917

Contract Liabilities

Payments from our advertisers are generally due within 30 days although certain advertisers are required to pay in advance. When an advertiser pays for the services in advance of the performance obligations these prepayments are recorded as contract liabilities. Typical contract liabilities relate to prepayments for advertising spots not yet run; prepayments from sponsors for events that have not yet been held; and gift cards sold on our websites used to finance a broadcast advertising campaign. Generally all contract liabilities are expected to be recognized within one year and are included in accounts payable in the Company’s Condensed Consolidated Financial Statements and are immaterial.

Transaction Price Allocated to the Remaining Performance Obligations

As the majority of our sales contracts are one year or less, we have utilized the optional exemption under ASC 606-10-50-14 and will not disclose information about the remaining performance obligations for sales contracts which have original expected durations of one year or less.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Broadcast Licenses, Goodwill and Other Intangible Assets

Broadcast Licenses, Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2021

Broadcast Licenses, Goodwill and Other Intangible Assets

4. Broadcast Licenses, Goodwill and Other Intangible Assets

We evaluate our FCC licenses for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. We operate our broadcast licenses in each market as a single asset and determine the fair value by relying on a discounted cash flow approach assuming a start-up scenario in which the only assets held by an investor are broadcast licenses. The fair value calculation contains assumptions incorporating variables that are based on past experiences and judgments about future operating performance using industry normalized information for an average station within a market. These variables include, but are not limited to: (1) the forecasted growth rate of each radio market, including population, household income, retail sales and other expenditures that would influence advertising expenditures; (2) the estimated available advertising revenue within the market and the related market share and profit margin of an average station within a market; (3) estimated capital start-up costs and losses incurred during the early years; (4) risk-adjusted discount rate; (5) the likely media competition within the market area; and (6) terminal values. If the carrying amount of FCC licenses is greater than their estimated fair value in a given market, the carrying amount of FCC licenses in that market is reduced to its estimated fair value.

We also evaluate goodwill for impairment annually, or more frequently if certain circumstances are present. If the carrying amount of goodwill in a reporting unit is greater than the implied value of goodwill determined by completing a hypothetical purchase price allocation using estimated fair value of the reporting unit, the carrying amount of goodwill in that reporting unit is reduced to its implied value.

We evaluate amortizable intangible assets for recoverability when circumstances indicate impairment may have occurred, using an undiscounted cash flow methodology. If the future undiscounted cash flows for the intangible asset are less than net book value, then the net book value is reduced to the estimated fair value. Amortizable intangible assets are included in other intangibles, deferred costs and investments in the consolidated balance sheets.

The Company considered the current and expected future economic and market conditions surrounding COVID-19, and other potential indicators of impairment and determined a triggering event had not occurred which would necessitate any interim impairment tests during the three and six months ended June 30, 2021. We will continue to monitor changes in economic and market conditions, including those related to COVID-19, and if any event or circumstances indicate a triggering event has occurred, we will perform an interim impairment test of our intangible assets at the appropriate time.

If actual market conditions are less favorable than those estimated by us or if events occur or circumstances change that would reduce the fair value of our broadcast licenses below the carrying value, we may be required to recognize impairment charges in future periods. Such a charge could have a material effect on our consolidated financial statements.

Intangible assets that have finite lives are amortized over their useful lives using the straight-line method. Favorable lease agreements are amortized over the lives of the leases ranging from five to twenty-six years. Other intangibles are amortized over one to fifteen years. Customer relationships are amortized over three years.

Common Stock and Treasury Stock

6 Months Ended

Jun. 30, 2021

Common Stock and Treasury Stock

Common Stock and Treasury Stock

5. Common Stock and Treasury Stock

The following summarizes information relating to the number of shares of our common stock issued in connection with stock transactions through June 30, 2021:


	Common Stock Issued
	Class A	Class B

	(Shares in thousands)
Balance, January 1, 2020	6,771	954
Conversion of shares	16	(16)
Issuance of restricted stock	—	—
Forfeiture of restricted stock	(2)	—
Balance, December 31, 2020	6,785	938
Balance, June 30, 2021	6,785	938

We have a Stock Buy-Back Program to allow us to purchase up to $75.8 million of our Class A Common Stock. As of June 30, 2021, we have remaining authorization of $18.8 million for future repurchases of our Class A Common Stock. On September 14, 2017, the Board of Directors authorized the repurchase of our Class A Common Stock under our trading plan adopted pursuant to Securities and Exchange Commission Rule 10b5-1. The Rule 10b5-1 repurchase plan allows us to repurchase our shares during periods when we would normally not be active in the market due to our internal trading blackout periods. Under the plan, we may repurchase our Class A Common Stock in any combination of open market, block transactions and privately negotiated transactions subject to market conditions, legal requirements including applicable SEC regulations (which include certain price, market, volume and timing constraints), specific repurchase instructions and other corporate considerations. Purchases under the plan are funded by cash on our balance sheet. The plan does not obligate us to acquire any particular amount of Class A Common Stock. Our original purchase authorization was effective until September 1, 2018 and has been extended several times, with the most recent extension being through May 28, 2020. Given the unprecedented uncertainty surrounding the COVID-19 virus and the resulting economic issues we have halted the directions for any additional buybacks under our plan. During the three and six months ended June 30, 2021 no shares were repurchased under the Stock Buy-Back Program. During the three and six months ended June 30, 2020, approximately 800 and 1,600 shares, respectively, were repurchased for $21,000 and $41,000, respectively, related to the Stock Buy-Back Program.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Acquisitions and Dispositions

Leases

6 Months Ended

Jun. 30, 2021

Leases

Leases

6. Leases

We lease certain land, buildings and equipment for use in our operations. We recognize lease expense for these leases on a straight-line basis over the lease term and combine lease and non-lease components for all leases. Right-of-use (“ROU”) assets and lease liabilities are recorded on the balance sheet for all leases with an expected term of at least one year. Some leases include one or more options to renew. The exercise of lease renewal options is generally at our discretion. The depreciable lives of ROU assets are limited to the expected lease term. Our lease agreements do not contain any residual value guarantees or material restrictive covenants. As of June 30, 2021, we do not have any non-cancellable operating lease commitments that have not yet commenced.

ROU assets are classified within other intangibles, deferred costs and investments, net on the condensed consolidated balance sheet while current lease liabilities are classified within other accrued expenses and long-term lease liabilities are classified within other liabilities. Leases with an initial term of 12 months or less are not recorded on the balance sheet. ROU assets were $5.9 million and $6.6 million at June 30, 2021 and December 31, 2020, respectively. Lease liabilities were $6.2 million and $6.9 million at June 30, 2021 and December 31, 2020, respectively. During the three and six months ended June 30, 2021, we recorded additional ROU assets under operating leases of $8,000 and $43,000. Payments on lease liabilities during the three and six months ended June 30, 2021 and 2020 totaled $415,000, $884,000, $401,000 and $858,000, respectively.

Lease expense includes cost for leases with terms in excess of one year. For the three and six months ended June 30, 2021 and 2020, our total lease expense was $442,000, $882,000, $433,000 and $866,000, respectively. Short-term lease costs are de minimus.

We have no financing leases and minimum annual rental commitments under non-cancellable operating leases consisted of the following at June 30, 2021 (in thousands):


Years Ending December 31,
2021 (a)	$	895
2022		1,693
2023		1,369
2024		1,055
2025		658
Thereafter		1,577
Total lease payments (b)		7,247
Less: Interest (c)		999
Present value of lease liabilities (d)	$	6,248

(a)	Remaining payments are for the six-months ending December 31, 2021

(b)	Lease payments include options to extend lease terms that are reasonably certain of being exercised. There were no legally binding minimum lease payments for leases signed but not yet commenced at June 30, 2021.

(c)	Our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our discount rate for such leases to determine the present value of lease payments at the lease commencement date.

(d)	The weighted average remaining lease term and weighted average discount rate used in calculating our lease liabilities were 6.3 years and 4.3%, respectively, at June 30, 2021.

Acquisitions and Dispositions

6 Months Ended

Jun. 30, 2021

Acquisitions and Dispositions

7. Acquisitions and Dispositions

We actively seek and explore opportunities for expansion through the acquisition of additional broadcast properties. The consolidated statements of income include the operating results of the acquired stations from their respective dates of acquisition. All acquisitions were accounted for as purchases and, accordingly, the total purchase consideration was allocated to the acquired assets and assumed liabilities based on their estimated fair values as of the acquisition dates. The excess of the consideration paid over the estimated fair value of net assets acquired have been recorded as goodwill. The Company accounts for acquisitions under the provisions of FASB ASC Topic 805, Business Combinations.

Management assigned fair values to the acquired property and equipment through a combination of cost and market approaches based upon each specific asset’s replacement cost, with a provision for depreciation, and to the acquired intangibles, primarily an FCC license, based on the Greenfield valuation methodology, a discounted cash flow approach.

2021 Acquisitions

On January 8, 2021, the Company closed on an agreement to purchase WBQL and W288DQ from Consolidated Media, LLC, for an aggregate purchase price of $175,000, of which $25,000 was paid in 2020 and the remaining $150,000 paid in 2021. Management attributes the goodwill recognized in the acquisition to the power of the existing brands in the Clarksville, Tennessee market as well as synergies and growth opportunities expected through the combination with the Company’s existing stations. The translators are start-up stations and therefore, have no pro forma revenue and expenses.

2020 Acquisitions

On January 2, 2020, the Company closed on an agreement to purchase W295BL from Basic Holdings, LLC, for an aggregate purchase price of $200,000, of which $10,000 was paid in 2019 and the remaining $190,000 paid in 2020. Management attributes the goodwill recognized in the acquisition to the power of the existing brands in the Manchester, New Hampshire market as well as synergies and growth opportunities expected through the combination with the Company’s existing stations. The translators are start-up stations and therefore, have no pro forma revenue and expenses.

Condensed Consolidated Balance Sheet of 2021 and 2020 Acquisitions:

The following unaudited condensed balance sheets represent the estimated fair value assigned to the related assets and liabilities of the 2021 and 2020 acquisitions.

Saga Communications, Inc.

Condensed Consolidated Balance Sheet of 2021 and 2020 Acquisitions


	Acquisitions in
	2021		2020

	(In thousands)
Assets Acquired:
Property and equipment	$	3	$	11
Other assets:
Broadcast licenses		69		46
Goodwill		103		143
Total other assets		172		189
Total assets acquired		175		200
Liabilities Assumed:
Current liabilities		—		—
Total liabilities assumed		—		—
Net assets acquired	$	175	$	200

Income Taxes

6 Months Ended

Jun. 30, 2021

Income Taxes

Income Taxes

8. Income taxes

On March 18, 2020, the Families First Coronavirus Response Act ("FFCR Act"), and on March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") were each enacted in response to the COVID-19 pandemic. The FFCR Act and the CARES Act contain numerous tax provisions, such as deferring payroll payments, establishing a credit for the retention of certain employees, relaxing limitations on the deductibility of interest, and updating the definition of qualified improvement property. This legislation currently has no material impact to the Company’s financial statements.

An income tax expense of $1,325,000 was recorded for the three months ended June 30, 2021 compared to an income tax benefit of $3,805,000 for the three months ended June 30, 2020. The effective tax rate was approximately 28.9% for the three months ended June 30, 2021 compared to 43.7% for the three months ended June 30, 2020. An income tax expense of $1,655,000 was recorded for the six months ended June 30, 2021 compared to an income tax benefit of $3,105,000 for the six months ended June 30, 2020. The effective tax rate was approximately 29.2% for the six months ended June 30, 2021 compared to 49.0% for the six months ended June 30, 2020. Income tax provisions for interim (quarterly) periods are based on estimated annual income tax rates and are adjusted for the effects of significant, infrequent or unusual items (i.e. discrete items) occurring during the interim period. The prior year’s tax rate was impacted by the broadcast license impairment charge which was a discrete item and contributed approximately $1.1 million of tax benefit for the three and six month periods ended June 30, 2020.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Stock-Based Compensation

6 Months Ended

Jun. 30, 2021

Stock-Based Compensation

Stock-Based Compensation

9. Stock-Based Compensation

2005 Incentive Compensation Plan

On October 16, 2013 our stockholders approved the Second Amended and Restated Saga Communications, Inc. 2005 Incentive Compensation Plan, which was amended in 2018 after approval of the amendment by our stockholders at our 2018 annual meeting (as amended, the “Second Restated 2005 Plan”). The 2005 Incentive Compensation Plan, which replaced our 2003 Stock Option Plan, was first approved by stockholders in 2005 and subsequently this plan was re-approved by stockholders in 2010. The changes made in 2013 in the Second Restated 2005 Plan (i) increased the number of authorized shares by 233,334 shares of Common Stock, (ii) extended the date for making awards to September 6, 2018, (iii) included directors as participants, (iv) targeted awards according to groupings of participants based on ranges of base salary of employees and/or retainers of directors, (v) required participants to retain 50 % of their net annual restricted stock awards during their employment or service as a director, and (vi) included a clawback provision. The 2018 amendment to the Second Restated 2005 Plan (i) extended the date for making awards to September 6, 2023, and (ii) increased the number of authorized shares under the Plan by 90,000 shares of Class B Common Stock. The Second Restated 2005 Plan allows for the granting of restricted stock, restricted stock units, incentive stock options, nonqualified stock options, and performance awards to eligible employees and non-employee directors.

The number of shares of Common Stock that may be issued under the Second Restated 2005 Plan may not exceed 370,000 shares of Class B Common Stock, or 990,000 shares of Class A Common Stock, of which up to 620,000 shares of Class A Common Stock may be issued pursuant to incentive stock options and 370,000 shares of Class A Common Stock issuable upon conversion of Class B Common Stock. Awards denominated in Class A Common Stock may be granted to any employee or director under the Second Restated 2005 Plan. However, awards denominated in Class B Common Stock may only be granted to Edward K. Christian, President, Chief Executive Officer, Chairman of the Board of Directors, and the holder of 100% of the outstanding Class B Common Stock of the Company. Stock options granted under the Second Restated 2005 Plan may be for terms not exceeding ten years from the date of grant and may not be exercised at a price which is less than 100% of the fair market value of shares at the date of grant.

Stock-Based Compensation

All stock options granted were fully vested and expensed at December 31, 2012; therefore, there was no compensation expense related to stock options for the three and six months ended June 30, 2021 and 2020, respectively.

There were no options granted during 2021 and 2020 and there were no stock options outstanding as of June 30, 2021. All outstanding stock options were exercised in 2017.

The following summarizes the restricted stock transactions for the three and six months ended June 30, 2021:


		Weighted
		Average
		Grant Date
		Fair
	Shares	Value
Outstanding at January 1, 2021	63,755	$	32.90
Vested	519		33.03
Forfeited	—		—
Non-vested and outstanding at June 30, 2021	63,236	$	32.90

For the three and six months ended June 30, 2021 and 2020, we had $357,000, $700,000, $612,000 and $1,181,000, respectively, of total compensation expense related to restricted stock-based compensation arrangements. This expense is included in corporate general and administrative expenses in our results of operations. The associated tax benefit recognized for the three and six months ended June 30, 2021 and 2020 was $33,000, $64,000, $69,000 and $127,000, respectively.

Long-Term Debt

6 Months Ended

Jun. 30, 2021

Long-Term Debt.

Long-Term Debt

10. Long-Term Debt

Long-term debt consisted of the following:


	June 30,		December 31,
	2021		2020

	(In thousands)
Revolving credit facility	$	10,000	$	10,000
Amounts payable within one year		—		—
	$	10,000	$	10,000

On August 18, 2015, we entered into a new credit facility (the “Credit Facility”) with JPMorgan Chase Bank, N.A., The Huntington National Bank, Citizens Bank, National Association and J.P. Morgan Securities LLC (collectively, the “Lenders”). The Credit Facility consists of a $100 million five-year revolving facility (the “Revolving Credit Facility”) and originally matured on August 18, 2020. On June 27, 2018, the Company entered into a Second Amendment to its Credit Facility, (the “Second Amendment”), which had first been amended on September 1, 2017, extending the revolving credit maturity date under the Credit Agreement for five years after the date of the amendment to June 27, 2023. On July 1, 2019, we elected to reduce our Revolving Credit Facility to $70 million. On May 11, 2020, as part of our reincorporation as a Florida corporation, we entered into an assumption agreement and amendment of loan documents. The amendment also included an alternative benchmark rate as a replacement to LIBOR.

We have pledged substantially all of our assets (excluding our FCC licenses and certain other assets) in support of the Credit Facility and each of our subsidiaries has guaranteed the Credit Facility and has pledged substantially all of their assets (excluding their FCC licenses and certain other assets) in support of the Credit Facility.

Approximately $266,000 of debt issuance costs related to the Credit Facility were capitalized and are being amortized over the life of the Credit Facility. These debt issuance costs are included in other assets, net in the consolidated balance sheets. As a result of the Second Amendment, the Company incurred an additional $120,000 of transaction fees related to the Credit Facility that were capitalized. The cumulative transaction fees are being amortized over the remaining life of the Credit Facility.

Interest rates under the Credit Facility are payable, at our option, at alternatives equal to LIBOR (0.1250% at June 30, 2021), plus 1% to 2% or the base rate plus 0% to 1%. The spread over LIBOR and the base rate vary from time to time, depending upon our financial leverage. As previously noted, the May 11, 2020 amendment to the Credit Facility includes an alternative benchmark to LIBOR in the event LIBOR is no longer available. Letters of credit issued under the Credit Facility will be subject to a participation fee (which is equal to the interest rate applicable to Eurocurrency Loans, as defined in the Credit Agreement) payable to each of the Lenders and a fronting fee equal to 0.25% per annum payable to the issuing bank. We also pay quarterly commitment fees of 0.2% to 0.3% per annum on the unused portion of the Revolving Credit Facility.

The Credit Facility contains a number of financial covenants (all of which we were in compliance with at June 30, 2021) which, among other things, require us to maintain specified financial ratios and impose certain limitations on us with respect to investments, additional indebtedness, dividends, distributions, guarantees, liens and encumbrances.

We had approximately $60 million of unused borrowing capacity under the Revolving Credit Facility at June 30, 2021.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Summary of Significant Accounting Policies

Litigation

6 Months Ended

Jun. 30, 2021

Litigation

Litigation

11. Litigation

The Company is subject to various outstanding claims which arise in the ordinary course of business and to other legal proceedings. Management anticipates that any potential liability of the Company, which may arise out of or with respect to these matters, will not materially affect the Company’s financial statements.

Dividends

6 Months Ended

Jun. 30, 2021

Dividends

Dividends

12. Dividends

On June 18, 2021, the Company’s Board of Directors declared a quarterly cash dividend of $0.16 per shares on its Classes A and B Common Stock. This dividend, totaling approximately $960,000, was paid on July 16, 2021 to shareholders of record on June 30, 2020.

On June 18, 2020, the Company’s Board of Directors announced that it was temporarily suspending the quarterly cash dividend in response to the continued uncertainty of the ongoing impact of COVID-19.

On March 4, 2020, the Company’s Board of Directors declared a quarterly cash dividend of $0.32 per share on its Classes A and B Common Stock. This dividend, totaling approximately $1.9 million, was paid on April 10, 2020 to shareholders of record on March 16, 2020.

Other Income

6 Months Ended

Jun. 30, 2021

Other Income

Other Income

13. Other Income

During the first quarter of 2021, there was weather-related damage to an antenna in our Des Moines, Iowa market. The Company’s insurance policy provided coverage for removal and replacement of the antenna and related equipment. As part of the initial insurance settlement during the first quarter of 2021, the Company received cash proceeds of $250,000, resulting in a gain of $250,000. The gain is recorded in other (income) expense, net, in the Company’s Condensed Consolidated Statements of Income. We anticipate recording an additional $290,000 in cash proceeds and gain in other (income) expense, net in the third quarter of 2021.

During the first quarter of 2020, there was weather-related damage to an antenna in our Keene, New Hampshire market. The Company’s insurance policy provided coverage for removal and replacement of the antenna and related equipment. The insurance settlement was finalized during the first quarter of 2020 and the Company received cash proceeds of $208,000, resulting in a gain of $208,000. The gain is recorded in other (income) expense, net, in the Company’s Condensed Consolidated Statements of Income.

During the first quarter of 2020, the Company sold land and a building on one of its tower sites in its Bellingham, Washington market for approximately $1,700,000 to Talbot Real Estate, LLC, resulting in a $1,400,000 gain on the sale of assets. The gain is recorded in the other operating (income) expense, net in the Company’s Condensed Consolidated Statements of Income.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2021

Basis of Presentation

We own or operate broadcast properties in 27 markets, including 79 FM and 35 AM radio stations and 79 metro signals.

Earnings Per Share Information

The following table sets forth the computation of basic and diluted earnings (loss) per share:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020

	(In thousands, except per share data)
Numerator:
Net income (loss)	$	3,253	$	(4,911)	$	4,011	$	(3,231)
Less: Income (loss) allocated to unvested participating securities		35		(104)		43		(68)
Net income (loss) available to common stockholders	$	3,218	$	(4,807)	$	3,968	$	(3,163)

Denominator:
Denominator for basic earnings per share — weighted average shares		5,917		5,868		5,915		5,867
Effect of dilutive securities:
Common stock equivalents		—		—		—		—
Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions		5,917		5,868		5,915		5,867

Earnings (loss) per share:
Basic	$	0.54	$	(0.82)	$	0.67	$	(0.54)
Diluted	$	0.54	$	(0.82)	$	0.67	$	(0.54)

Financial Instruments

Allowance for Doubtful Accounts

Income Taxes

Segments

Time Brokerage Agreements/Local Marketing Agreements

Summary of Significant Accounting Policies

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2021

Schedule of Computation of Basic and Diluted Earnings Per Share


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020

	(In thousands, except per share data)
Numerator:
Net income (loss)	$	3,253	$	(4,911)	$	4,011	$	(3,231)
Less: Income (loss) allocated to unvested participating securities		35		(104)		43		(68)
Net income (loss) available to common stockholders	$	3,218	$	(4,807)	$	3,968	$	(3,163)

Denominator:
Denominator for basic earnings per share — weighted average shares		5,917		5,868		5,915		5,867
Effect of dilutive securities:
Common stock equivalents		—		—		—		—
Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions		5,917		5,868		5,915		5,867

Earnings (loss) per share:
Basic	$	0.54	$	(0.82)	$	0.67	$	(0.54)
Diluted	$	0.54	$	(0.82)	$	0.67	$	(0.54)

Revenue (Tables)

6 Months Ended

Jun. 30, 2021

Revenue

Schedule of Disaggregation of Revenue

Revenues from contracts with customers comprised the following for three and six months ended June 30, 2021 and 2020:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020

	(in thousands)				(in thousands)
Types of Revenue
Broadcast Advertising Revenue, net	$	24,944	$	15,241	$	44,951	$	38,995
Digital Advertising Revenue		1,636		709		2,636		1,567
Other Revenue		1,466		916		2,760		2,355
Net Revenue	$	28,046	$	16,866	$	50,347	$	42,917

Common Stock and Treasury Stock (Tables)

6 Months Ended

Jun. 30, 2021

Common Stock and Treasury Stock

Schedule of Stock by Class

The following summarizes information relating to the number of shares of our common stock issued in connection with stock transactions through June 30, 2021:


	Common Stock Issued
	Class A	Class B

	(Shares in thousands)
Balance, January 1, 2020	6,771	954
Conversion of shares	16	(16)
Issuance of restricted stock	—	—
Forfeiture of restricted stock	(2)	—
Balance, December 31, 2020	6,785	938
Balance, June 30, 2021	6,785	938

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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Schedule of Minimum Annual Rental Commitments

Leases (Tables)

6 Months Ended

Jun. 30, 2021

Leases

We have no financing leases and minimum annual rental commitments under non-cancellable operating leases consisted of the following at June 30, 2021 (in thousands):


Years Ending December 31,
2021 (a)	$	895
2022		1,693
2023		1,369
2024		1,055
2025		658
Thereafter		1,577
Total lease payments (b)		7,247
Less: Interest (c)		999
Present value of lease liabilities (d)	$	6,248

(a)	Remaining payments are for the six-months ending December 31, 2021

(b)	Lease payments include options to extend lease terms that are reasonably certain of being exercised. There were no legally binding minimum lease payments for leases signed but not yet commenced at June 30, 2021.

(c)	Our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our discount rate for such leases to determine the present value of lease payments at the lease commencement date.

(d)	The weighted average remaining lease term and weighted average discount rate used in calculating our lease liabilities were 6.3 years and 4.3%, respectively, at June 30, 2021.

Acquisitions and Dispositions (Tables)

6 Months Ended

Jun. 30, 2021

Acquisitions and Dispositions

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

Condensed Consolidated Balance Sheet of 2021 and 2020 Acquisitions


	Acquisitions in
	2021		2020

	(In thousands)
Assets Acquired:
Property and equipment	$	3	$	11
Other assets:
Broadcast licenses		69		46
Goodwill		103		143
Total other assets		172		189
Total assets acquired		175		200
Liabilities Assumed:
Current liabilities		—		—
Total liabilities assumed		—		—
Net assets acquired	$	175	$	200

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

Stock-Based Compensation

Summary of Restricted Stock Transactions

The following summarizes the restricted stock transactions for the three and six months ended June 30, 2021:


		Weighted
		Average
		Grant Date
		Fair
	Shares	Value
Outstanding at January 1, 2021	63,755	$	32.90
Vested	519		33.03
Forfeited	—		—
Non-vested and outstanding at June 30, 2021	63,236	$	32.90

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2021

Long-Term Debt.

Schedule of Long-Term Debt

Long-term debt consisted of the following:


	June 30,		December 31,
	2021		2020

	(In thousands)
Revolving credit facility	$	10,000	$	10,000
Amounts payable within one year		—		—
	$	10,000	$	10,000

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Summary of Significant Accounting Policies (Narrative) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2021 USD ($) item shares	Jun. 30, 2020 shares	Jun. 30, 2021 USD ($) item segment shares	Jun. 30, 2020 shares	Dec. 31, 2020 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number Of FM Radio Stations \| item			79
Number Of AM Radio Stations			35
Number Of Metro Signals			79
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount \| shares	0	0	0	0
Number of Reportable Segments \| item			27
Number Of Market Serving \| item	27		27
Operating Lease, Right-of-Use Asset \| $	$ 5,900,000		$ 5,900,000		$ 6,600,000
Operating Lease, Liability \| $	6,248,000		$ 6,248,000		6,900,000
Number of operating segments \| segment			1
Allowance for doubtful accounts receivable \| $	$ 446,000		$ 446,000		$ 648,000
Customer relationships [Member]
Summary Of Significant Accounting Policies [Line Items]
Finite-Lived Intangible Asset, Useful Life			3 years

Summary of Significant Accounting Policies - Basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net income (loss)	$ 3,253	$ 758	$ (4,911)	$ 1,680	$ 4,011	$ (3,231)
Less: Income (loss) allocated to unvested participating securities	35		(104)		43	(68)
Net income (loss) available to common stockholders	$ 3,218		$ (4,807)		$ 3,968	$ (3,163)
Denominator:
Denominator for basic earnings per share ??? weighted average shares	5,917		5,868		5,915	5,867
Effect of dilutive securities:
Common stock equivalents	0		0		0	0
Denominator for diluted earnings per share ??? adjusted weighted-average shares and assumed conversions	5,917		5,868		5,915	5,867
Basic earnings (loss) per share
Basic	$ 0.54		$ (0.82)		$ 0.67	$ (0.54)
Diluted earnings (loss) per share
Diluted earning per share	$ 0.54		$ (0.82)		$ 0.67	$ (0.54)

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue
Net Revenue	$ 28,046	$ 16,866	$ 50,347	$ 42,917
Remaining performance obligations on leases one year or less exemption			true
Broadcast Advertising Revenue, Net [Member]
Revenue
Net Revenue	24,944	15,241	$ 44,951	38,995
Digital Advertising Revenue [Member]
Revenue
Net Revenue	1,636	709	2,636	1,567
Other Revenue [Member]
Revenue
Net Revenue	$ 1,466	$ 916	$ 2,760	$ 2,355

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

Broadcast Licenses, Goodwill and Other Intangible Assets (Details)	6 Months Ended
	Jun. 30, 2021
Customer relationships [Member]
Finite-Lived Intangible Asset, Useful Life	3 years
Maximum [Member] \| Favorable lease agreements [Member]
Finite-Lived Intangible Asset, Useful Life	26 years
Maximum [Member] \| Other Intangible [Member]
Finite-Lived Intangible Asset, Useful Life	15 years
Minimum [Member] \| Favorable lease agreements [Member]
Finite-Lived Intangible Asset, Useful Life	5 years
Minimum [Member] \| Other Intangible [Member]
Finite-Lived Intangible Asset, Useful Life	1 year

Common Stock and Treasury Stock - Information Relating to the Number of Shares of Our Common Stock Issued (Details) - shares shares in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2020
Class A Common Stock
Common Stock [Line Items]
Balance, shares	6,771	6,771
Conversion of shares		16
Issuance of restricted stock		0
Forfeiture of restricted stock (in shares)	(2)	(2)
Balance, shares	6,769	6,785
Class B Common Stock
Common Stock [Line Items]
Balance, shares	954	954
Conversion of shares		(16)
Issuance of restricted stock		0
Forfeiture of restricted stock (in shares)	0	0
Balance, shares	954	938

Common Stock and Treasury Stock - Additional Information (Details) - Stock Buy back Program [Member] - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Common Stock [Line Items]
Stock Repurchased During Period, Shares	0		0
Class A Common Stock
Common Stock [Line Items]
Share repurchase program, authorized amount	$ 75,800,000		$ 75,800,000
Stock repurchase program, remaining authorization amount	$ 18,800,000		$ 18,800,000
Stock Repurchased During Period, Shares		800		1,600
Stock Repurchased During Period, Value		$ 21,000		$ 41,000

Leases - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
Leases - Additional Information (Details) - USD ($)	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Leases
Operating Lease, Right-of-Use Asset	$ 5,900,000		$ 5,900,000		$ 6,600,000
Operating Lease, Liability	6,248,000		6,248,000		$ 6,900,000
Additional lease assets recorded	8,000		43,000
Operating Lease, Payments	415,000	$ 401,000	884,000	$ 858,000
Lease, Cost	$ 442,000	$ 433,000	$ 882,000	$ 866,000
Option to extend			true
Operating Lease, Weighted Average Remaining Lease Term	6 years 3 months 18 days		6 years 3 months 18 days
Operating Lease, Weighted Average Discount Rate, Percent	4.30%		4.30%

Leases- Minimum Annual Rental Commitments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Minimum annual rental commitments
2021	$ 895
2022	1,693
2023	1,369
2024	1,055
2025	658
Thereafter	1,577
Total lease payments	7,247
Less: Interest	999
Present value of lease liabilities	$ 6,248	$ 6,900
Lessee, Operating Lease, Existence of Option to Extend [true false]	true

Acquisitions and Dispositions - Additional Information (Details) - USD ($) $ in Thousands			12 Months Ended
	Jan. 08, 2021	Jan. 02, 2020	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2021
Business Acquisition [Line Items]
Assets acquired			$ 200		$ 175
W295BL
Business Acquisition [Line Items]
Business Combination, Consideration Transferred		$ 200,000
Consideration paid			190,000	$ 10,000
W288DQ
Business Acquisition [Line Items]
Business Combination, Consideration Transferred	$ 175,000
Consideration paid	$ 150,000		$ 25,000

Acquisitions and Dispositions - Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets Acquired:
Property and equipment	$ 3	$ 11
Other assets:
Broadcast licenses	69	46
Goodwill	103	143
Total other assets	172	189
Total assets acquired	175	200
Liabilities Assumed:
Current liabilities	0	0
Total liabilities assumed	0	0
Net assets acquired	$ 175	$ 200

Income taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
Income taxes (Details) - USD ($)	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Taxes
Income tax expense (benefit)	$ 1,325,000	$ (3,805,000)	$ 1,655,000	$ (3,105,000)
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	28.90%	43.70%	29.20%	49.00%
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount		$ 1,100,000		$ 1,100,000

Amounts payable within one year

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Stock-Based Compensation (Narrative) (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 16, 2013	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2018
Stock Based Compensation [Abstract]
Stock-Based Compensation expense		$ 0	$ 0	$ 0	$ 0
Stock options granted		0	0	0	0
Stock options outstanding		0		0
Increase in number of common stock shares authorized	233,334
Percentage to retain annual restricted stock awards	50.00%
Stock options exercise price description				may not be exercised at a price which is less than 100% of the fair market value of shares at the date of grant
Restricted Stock [Member]
Stock Based Compensation [Abstract]
Stock-Based Compensation expense		$ 357,000	$ 612,000	$ 700,000	$ 1,181,000
Recognized tax benefits		$ 33,000	$ 69,000	$ 64,000	$ 127,000
Class A Common Stock \| Stock Option [Member]
Stock Based Compensation [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	990,000
Class A Common Stock \| Incentive Compensation Plan [Member]
Stock Based Compensation [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	620,000
Class A Common Stock \| Convert For Class B [Member]
Stock Based Compensation [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	370,000
Class B Common Stock
Stock Based Compensation [Abstract]
Increase in number of common stock shares authorized						90,000
Class B Common Stock \| Stock Option [Member]
Stock Based Compensation [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	370,000

Stock-Based Compensation (Summary of Restricted Stock Transactions) (Details) - Restricted Stock [Member]	6 Months Ended
	Jun. 30, 2021 $ / shares shares
Summary of the restricted stock transactions
Shares, Non-vested and Outstanding, Beginning \| shares	63,755
Shares, Vested \| shares	(519)
Shares, Forfeited \| shares	0
Shares, Non-vested and Outstanding, Ending \| shares	63,236
Weighted Average Grant Date Fair Value, Outstanding Beginning \| $ / shares	$ 32.90
Weighted Average Grant Date Fair Value, Vested \| $ / shares	33.03
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	0
Weighted Average Grant Date Fair Value, Outstanding Ending \| $ / shares	$ 32.90

Long-Term Debt (Narrative) (Details) - USD ($)			1 Months Ended	6 Months Ended
Long-Term Debt (Narrative) (Details) - USD ($)	Jun. 27, 2018	Aug. 15, 2015	Aug. 18, 2015	Jun. 30, 2021	Dec. 31, 2020	Jul. 01, 2019
Debt Instrument [Line Items]
Long-term debt				$ 10,000,000	$ 10,000,000
Credit facility participation fee and fronting fee percentage				0.25%
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Line of credit facility, interest rate at period end				0.125%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 100,000,000
Debt instrument, maturity date	Jun. 27, 2023		Aug. 18, 2020
Line of Credit Facility, Remaining Borrowing Capacity				$ 60,000,000
Amortization of debt issuance costs				$ 266,000
Debt instrument, term		5 years
Debt instrument term post extension	5 years
Minimum [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				0.00%
Minimum [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				1.00%
Minimum [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage				0.20%
Maximum [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				1.00%
Maximum [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				2.00%
Maximum [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage				0.30%
Second Amendment [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Amortization of debt issuance costs				$ 120,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt				$ 10,000,000	$ 10,000,000
Revolving Credit Facility [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity						$ 70,000,000

Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($)
$ in Thousands

Jun. 30, 2021

Dec. 31, 2020

Total debt

Long-term Debt, Total

$ 10,000

Long-term debt, noncurrent

10,000

^[1]

Revolving Credit Facility [Member]

Total debt

Long-term Debt, Total

$ 10,000

[1]	The balance sheet at December 31, 2020 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.