0001558370-22-003757 | 10-K | XBRL Viewer

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 54,760	$ 51,353
Accounts receivable, less allowance of $469 ($648 in 2020)	16,269	15,732
Prepaid expenses and other current assets	2,449	2,988
Barter transactions	971	895
Total current assets	74,449	70,968
Property and equipment	144,719	142,680
Less accumulated depreciation	91,375	87,795
Net property and equipment	53,344	54,885
Other assets:
Broadcast licenses, net	90,277	90,208
Goodwill	19,209	19,106
Other intangibles, right of use assets, deferred costs and investments, net of accumulated amortization of $15,906 ($15,524 in 2020)	10,653	11,321
Total assets	247,932	246,488
Current liabilities:
Accounts payable	2,347	2,212
Payroll and payroll taxes	6,202	5,660
Dividend payable	3,988
Other accrued expenses	5,758	5,267
Barter transactions	901	795
Total current liabilities	19,196	13,934
Deferred income taxes	24,802	24,607
Long-term debt		10,000
Other liabilities	7,015	7,405
Total liabilities	51,013	55,946
Commitments and contingencies	0	0
Stockholders' equity:
Additional paid-in capital	70,035	68,900
Retained earnings	164,246	158,990
Treasury stock	(37,439)	(37,425)
Total stockholders' equity	196,919	190,542
Total liabilities and stockholders' equity	247,932	246,488
Class A Common Stock
Stockholders' equity:
Common stock	68	68
Class B Common Stock
Stockholders' equity:
Common stock	$ 9	$ 9

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Allowance for accounts receivable	$ 469	$ 648
Accumulated amortization on other intangibles, deferred costs and investments	$ 15,906	$ 15,524
Preferred Stock, Shares Authorized	1,500,000	1,500,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Treasury stock, shares (in shares)	1,758,000	1,751,000
Class A Common Stock
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Shares Authorized	35,000,000	35,000,000
Common Stock, Shares, Issued	6,835,000	6,785,000
Class B Common Stock
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Shares Authorized	3,500,000	3,500,000
Common Stock, Shares, Issued	965,000	938,000
Common Stock, Shares, Outstanding	965,000	938,000

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF OPERATIONS
Net operating revenue	$ 108,343,000	$ 95,813,000	$ 123,072,000
Operating expenses :
Station operating expenses	83,245,000	81,586,000	92,692,000
Corporate general and administrative	10,040,000	11,574,000	11,460,000
Other operating (income) expense, net	7,000	(1,247,000)	112,000
Impairment of broadcast licenses		5,149,000
Operating income (loss)	93,292,000	97,062,000	104,264,000
Operating income (loss)	15,051,000	(1,249,000)	18,808,000
Interest expense	284,000	340,000	735,000
Interest income	(16,000)	(148,000)	(610,000)
Other income	(634,000)	(233,000)	(16,000)
Income (loss) before income tax expense	15,417,000	(1,208,000)	18,699,000
Income tax provision (benefit):
Current	4,065,000	1,250,000	4,000,000
Deferred	195,000	(545,000)	1,420,000
Income tax expense (benefit)	4,260,000	705,000	5,420,000
Net income (loss)	$ 11,157,000	$ (1,913,000)	$ 13,279,000
Basic earnings (loss) per share
Basic earnings (loss) per share	$ 1.85	$ (0.32)	$ 2.23
Diluted earnings (loss) per share
Diluted earning per share	$ 1.85	$ (0.32)	$ 2.23
Weighted average common shares	5,917	5,871	5,834
Weighted average common and common equivalent shares	5,917	5,871	5,834
Dividends declared per share	$ 0.98	$ 0.32	$ 1.20

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Class A Common Stock Common Stock	Class B Common Stock Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Total
Balance at Dec. 31, 2018	$ 67	$ 9	$ 64,795	$ 156,689	$ (36,561)	$ 184,999
Balance, shares at Dec. 31, 2018	6,732	923
Net income (loss)	$ 0	$ 0	0	13,279	0	13,279
Conversion of shares from Class B to Class A	$ 0	$ 0	0	0	0	0
Conversion of shares from Class B to Class A (in shares)	13	(13)
Issuance of restricted stock	$ 1	$ 0	0	0	0	1
Issuance of restricted stock (in shares)	29	44
Forfeiture of restricted stock	$ 0	$ 0	0	0	0	0
Forfeiture of restricted stock (in shares)	(3)	0
Dividends declared per common share	$ 0	$ 0	0	(7,146)	0	(7,146)
Compensation expense related to restricted stock awards	0	0	2,129	0	0	2,129
Purchase of shares held in treasury	0	0	0	0	(1,172)	(1,172)
401(k) plan contribution	0	0	(113)	0	375	262
Balance at Dec. 31, 2019	$ 68	$ 9	66,811	162,822	(37,358)	192,352
Balance, shares at Dec. 31, 2019	6,771	954
Net income (loss)	$ 0	$ 0	0	(1,913)	0	(1,913)
Conversion of shares from Class B to Class A	$ 0	$ 0	0	0	0	0
Conversion of shares from Class B to Class A (in shares)	16	(16)
Forfeiture of restricted stock	$ 0	$ 0	0	0	0	0
Forfeiture of restricted stock (in shares)	(2)	0
Dividends declared per common share	$ 0	$ 0	0	(1,919)	0	(1,919)
Compensation expense related to restricted stock awards	0	0	2,221	0	0	2,221
Purchase of shares held in treasury	0	0	0	0	(449)	(449)
401(k) plan contribution	0	0	(132)	0	382	250
Balance at Dec. 31, 2020	$ 68	$ 9	68,900	158,990	(37,425)	190,542
Balance, shares at Dec. 31, 2020	6,785	938
Net income (loss)	$ 0	$ 0	0	11,157	0	11,157
Conversion of shares from Class B to Class A	$ 0	$ 0	0	0	0	0
Conversion of shares from Class B to Class A (in shares)	12	(12)
Issuance of restricted stock	$ 0	$ 0	0	0	0	0
Issuance of restricted stock (in shares)	38	39
Dividends declared per common share	$ 0	$ 0	0	(5,901)	0	(5,901)
Compensation expense related to restricted stock awards	0	0	1,335	0	0	1,335
Purchase of shares held in treasury	0	0	0	0	(435)	(435)
401(k) plan contribution	0	0	(200)	0	421	221
Balance at Dec. 31, 2021	$ 68	$ 9	$ 70,035	$ 164,246	$ (37,439)	$ 196,919
Balance, shares at Dec. 31, 2021	6,835	965

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income (loss)	$ 11,157,000	$ (1,913,000)	$ 13,279,000
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	5,749,000	6,524,000	6,945,000
Deferred income tax expense (benefit)	195,000	(545,000)	1,420,000
Impairment of intangible assets		5,149,000
Amortization of deferred costs	37,000	40,000	103,000
Compensation expense related to restricted stock awards	1,335,000	2,221,000	2,129,000
(Gain) loss on sale of assets	7,000	(1,247,000)	112,000
(Gain) on insurance claims	(589,000)	(233,000)	(16,000)
Other (gain) losses	(45,000)
Barter (revenue) expense, net	(2,000)	(133,000)	(190,000)
Deferred and other compensation	(215,000)	463,000	(634,000)
Changes in assets and liabilities:
(Increase) decrease in receivables and prepaid expenses	507,000	3,016,000	(5,780,000)
Increase (decrease) in accounts payable, accrued expenses, and other liabilities	968,000	(1,254,000)	7,967,000
Total adjustments	7,947,000	14,001,000	12,056,000
Net cash provided by operating activities	19,104,000	12,088,000	25,335,000
Cash flows from investing activities:
Acquisition of property and equipment	(3,969,000)	(2,314,000)	(5,732,000)
Acquisition of broadcast properties	(150,000)	(190,000)	(763,000)
Proceeds from sale and disposal of assets	142,000	1,691,000	270,000
Proceeds from insurance claims	589,000	233,000
Other investing activities	40,000	(24,000)	(10,000)
Net cash used in investing activities	(3,348,000)	(604,000)	(6,235,000)
Cash flows from financing activities:
Payments on long-term debt	(10,000,000)		(10,000,000)
Cash dividends paid	(1,914,000)	(3,716,000)	(8,623,000)
Purchase of treasury shares	(435,000)	(449,000)	(1,172,000)
Net cash used in financing activities	(12,349,000)	(4,165,000)	(19,795,000)
Net increase (decrease) in cash and cash equivalents	3,407,000	7,319,000	(695,000)
Cash and cash equivalents, beginning of period	51,353,000	44,034,000	44,729,000
Cash and cash equivalents, end of period	$ 54,760,000	$ 51,353,000	$ 44,034,000

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

1. Summary of Significant Accounting Policies

Nature of Business

Saga Communications, Inc. is a broadcasting company whose business is devoted to acquiring, developing and operating broadcast properties. As of December 31, 2021, we owned or operated seventy-nine FM, thirty-four AM radio stations and seventy-nine metro signals, serving twenty-seven markets throughout the United States.

Principles of Consolidation

The consolidated financial statements include the accounts of Saga Communications, Inc. and our wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States (GAAP) requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The full extent to which the effects of COVID-19 will directly or indirectly impact our business, results of operations and financial condition, including but not limited to our future estimates regarding our allowance for doubtful accounts and our valuation of goodwill and broadcast licenses will depend on future developments that are uncertain. Our accounting estimates require the use of judgment as future events and the effect of these events cannot be predicted with certainty. The accounting estimates may change as new events occur, as more experience is acquired and as more information is obtained. We evaluate and update assumptions and estimates on an ongoing basis and may use outside experts to assist in the our evaluation, as considered necessary. Actual results may differ from estimates provided and there may be changes to those estimates in the future periods.

Concentration of Risk

Certain cash deposits with financial institutions may at times exceed FDIC insurance limits.

Our top five markets when combined represented 39%, 40% and 39% of our net operating revenue for the years ended December 31, 2021, 2020 and 2019, respectively.

We sell advertising to local and national companies throughout the United States. We perform ongoing credit evaluations of our customers and generally do not require collateral. We maintain an allowance for doubtful accounts at a level which we believe is sufficient to cover potential credit losses.

Cash and Cash Equivalents

Cash and cash equivalents consist of cash on hand and time deposits with original maturities of three months or less. We did not have any time deposits at December 31, 2021 and 2020.

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 December 31, 2021.

Allowance for Doubtful Accounts

A provision for doubtful accounts is recorded based on our judgment of the collectability of receivables. Amounts are written off when determined to be fully uncollectible. Delinquent accounts are based on contractual terms. The activity in the allowance for doubtful accounts during the years ended December 31, 2021, 2020 and 2019 was as follows:


							Write Off of
	Balance		Charged to		Allowance		Uncollectible		Balance at
	at Beginning		Costs and		From		Accounts, Net of		End of
Year Ended	of Period		Expenses		Acquisitions		Recoveries		Period

	(in thousands)
December 31, 2021	$	648	$	56	$	—	$	(235)	$	469
December 31, 2020	$	671	$	420	$	—	$	(443)	$	648
December 31, 2019	$	759	$	578	$	—	$	(666)	$	671

Barter Transactions

Our radio stations trade air time for goods and services used principally for promotional, sales and other business activities. An asset and a liability are recorded at the fair market value of goods or services received. Barter revenue is recorded when commercials are broadcast, and barter expense is recorded when goods or services received are used.

Property and Equipment

Property and equipment are carried at cost. Expenditures for maintenance and repairs are expensed as incurred. When property and equipment is sold or otherwise disposed of, the related cost and accumulated depreciation is removed from the respective accounts and the gain or loss realized on disposition is reflected in earnings. Depreciation is provided using the straight-line method based on the estimated useful life of the assets. We review our property and equipment for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of these assets is measured by comparison of their carrying amounts to future undiscounted cash flows the assets are expected to generate. If the assets are considered to be impaired, the impairment to be recognized equals the amount by which the carrying value of the assets exceeds its fair market value. We did not record any impairment of property and equipment during 2021, 2020 and 2019.

Property and equipment consisted of the following:


	Estimated		December 31,
	Useful Life		2021		2020

	(In thousands)

Land and land improvements		—	$	14,638	$	14,559
Buildings		31.5 years		38,225		38,059
Towers and antennae		7-15 years		25,918		25,976
Equipment		3-15 years		55,955		53,547
Furniture, fixtures and leasehold improvements		7-20 years		7,129		7,189
Vehicles		5 years		2,854		3,350
				144,719		142,680
Accumulated depreciation				(91,375)		(87,795)
Net property and equipment			$	53,344	$	54,885

Depreciation expense for continuing operations for the years ended December 31, 2021, 2020 and 2019, was $5,362,000, $5,711,000 and $5,916,000, respectively.

Intangible Assets

Intangible assets deemed to have indefinite useful lives, which include broadcast licenses and goodwill, are not amortized and are subject to impairment tests which are conducted as of October 1 of each year, or more frequently if impairment indicators arise.

We have 113 broadcast licenses serving 27 markets, which require renewal over the period of 2022-2030. In determining that the Company’s broadcast licenses qualified as indefinite-lived intangible assets, management considered a variety of factors including our broadcast licenses may be renewed indefinitely at little cost; our broadcast licenses are essential to our business and we intend to renew our licenses indefinitely; we have never been denied the renewal of an FCC broadcast license nor do we believe that there will be any compelling challenge to the renewal of our broadcast licenses; and we do not believe that the technology used in broadcasting will be replaced by another technology in the foreseeable future.

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

Deferred Costs

The costs related to the issuance of debt are capitalized and amortized to interest expense over the life of the Credit Facility. During the years ended December 31, 2021, 2020 and 2019, we recognized interest expense related to the amortization of debt issuance costs of $37,000, $40,000 and $103,000, respectively.

At December 31, 2021 and 2020 the net book value of debt issuance costs related to our line of credit was $17,000, and $64,000, respectively, and was presented in other intangibles, deferred costs and investments in our Consolidated Balance Sheets.

Leases

We determine whether a contract is or contains a lease at inception. The lease liabilities and right-of-use assets are recorded on the balance sheet for all leases with an expected term of at least one year, based on the present value of the lease payments using (1) the rate implicit in the lease or (2) our incremental borrowing rate (“IBR”). Our IBR is defined as the rate of interest we would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. We follow the accounting guidance for leases, which includes the recognition of lease expense for leases on a straight-line basis over the lease term. See Note 12 – Commitments and Contingencies for more information on Leases.

Treasury Stock

In March 2013, our board of directors authorized an increase in the amount committed to our Stock Buy-Back Program (the “Buy-Back Program”) from $60 million to $75.8 million. The Buy-Back Program allows us to repurchase our Class A Common Stock. As of December 31, 2021, we had remaining authorization of $18.4 million for future repurchases of our Class A Common Stock.

Repurchases of shares of our Common Stock are recorded as Treasury stock and result in a reduction of Stockholders’ equity. During 2021, 2020 and 2019, we acquired 16,577 shares at an average price of $26.25 per share, 24,255 shares at an average price of $18.51 per share and 39,505 shares at an average price of $29.68 per share, respectively.

Revenue Recognition

Revenue from the sale of commercial broadcast time to advertisers is recognized when commercials are broadcast. Revenue is reported net of advertising agency commissions. Agency commissions, when applicable are based on a stated percentage applied to gross billing. All revenue is recognized in accordance with the Securities and Exchange Commission’s (“SEC”) Staff Accounting Bulletin (“SAB”) No. 104, Topic 13, Revenue Recognition Revised and Updated and The Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers.

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 its own commercial advertising announcements during the time periods specified. Revenue and expenses related to TBAs/LMAs are included in the accompanying Consolidated Statements of Income. Assets and liabilities related to the TBAs/LMAs are included in the accompanying Consolidated Balance Sheets.

Advertising and Promotion Costs

Advertising and promotion costs are expensed as incurred. Such costs amounted to $1,396,000, $985,000 and $2,442,000 for the years ended December 31, 2021, 2020 and 2019, respectively.

Income Taxes

The provision for income taxes is calculated using the asset and liability method, under which deferred tax assets and liabilities are determined based on temporary differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. In assessing the realizability of deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The realization of deferred tax assets is primarily dependent upon the generation of future taxable income. 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 and permanent differences primarily relating to executive compensation.

Dividends

On December 14, 2021, the Company’s Board of Directors declared a quarterly cash dividend of $0.16 per share and special cash dividend of $0.50 per share on its Classes A and B Common Stock. This dividend, totaling approximately $3,990,000, was paid on January 14, 2022 to shareholders of record on December 27, 2021 and was recorded in dividends payable on the Company’s Condensed Consolidated Balance sheet at December 31, 2021.

On September 28, 2021, the Company’s Board of Directors declared a quarterly cash dividend of $0.16 per share on its Classes A and B Common Stock. This dividend, totaling approximately $960,000, was paid on October 22, 2021 to shareholders of record on October 8, 2021.

On June 18, 2021, the Company’s Board of Directors declared a quarterly cash dividend of $0.16 per share 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, 2021 and was recorded in dividends payable on the Company’s Condensed Consolidated Balance sheet at June 30, 2021. The Company had previously temporarily suspended the quarterly cash dividend in response to the uncertainty of the ongoing impact of COVID-19 as of June 18, 2020.

On June 18, 2020, our 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, our Board of Directors declared a regular 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 and funded by cash on the Company’s balance sheet.

On December 11, 2019, our Board of Directors declared a quarterly cash dividend of $0.30 per share on its Classes A and B shares. This dividend totaling approximately $1.8 million was paid on January 17, 2020 to shareholders of record on December 27, 2019 and funded by cash on the Company’s balance sheet.

On September 12, 2019, our Board of Directors declared a regular cash dividend of $0.30 per share on its Classes A and B Common Stock. This dividend, totaling approximately $1.8 million, was paid on October 11, 2019 to shareholders of record on September 23, 2019 and funded by cash on the Company’s balance sheet.

On May 30, 2019, our Board of Directors declared a regular cash dividend of $0.30 per share on its Classes A and B Common Stock. This dividend, totaling approximately $1.8 million, was paid on July 5, 2019 to shareholders of record on June 14, 2019 and funded by cash on the Company’s balance sheet.

On February 26, 2019, our Board of Directors declared a regular cash dividend of $0.30 per share on its Classes A and B Common Stock. This dividend, totaling approximately $1.8 million, was paid on March 29, 2019 to shareholders of record on March 12, 2019 and funded by cash on the Company’s balance sheet.

Stock-Based Compensation

Stock-based compensation cost for stock option awards is estimated on the date of grant using a Black-Scholes valuation model and is expensed on a straight-line method over the vesting period of the options. Stock-based compensation expense is recognized net of estimated forfeitures. The fair value of restricted stock awards is determined based on the closing market price of our Class A Common Stock on the grant date and is adjusted at each reporting date based on the amount of shares ultimately expected to vest. See Note 7 — Stock-Based Compensation for further details regarding the expense calculated under the fair value based method.

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 busines 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.

Earnings Per Share

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. We have participating securities related to restricted stock units, granted under our 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 per share:



	Years Ended December 31,
	2021		2020		2019

	(In thousands, except per share data)
Numerator:
Net income (loss)	$	11,157	$	(1,913)	$	13,279
Less: Income (loss) allocated to unvested participating securities		190		(21)		292
Net income (loss) available to common stockholders	$	10,967	$	(1,892)	$	12,987

Denominator:
Denominator for basic earnings per share — weighted average shares		5,917		5,871		5,834
Effect of dilutive securities:
Common stock equivalents		—		—		—
Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions		5,917		5,871		5,834

Earnings (loss) per share:
Basic	$	1.85	$	(0.32)	$	2.23
Diluted	$	1.85	$	(0.32)	$	2.23

There were no stock options outstanding that had an antidilutive effect on our earnings per share calculation for the years ended December 31, 2021, 2020, and 2019, respectively. The actual effect of these shares, if any, on the diluted earnings per share calculation will vary significantly depending on fluctuations in the stock price.

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.

Revenue

12 Months Ended

Dec. 31, 2021

Revenue

Revenue

2. 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 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 and digital audio streams, 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

The following table presents revenues disaggregated by revenue source:


	Twelve Months Ended
	December 31,
	2021		2020		2019

	(in thousands)
Types of Revenue
Broadcast Advertising Revenue, net	$	95,573	$	87,481	$	112,278
Digital Advertising Revenue		6,337		3,416		3,783
Other Revenue		6,433		4,916		7,011
Net Revenue	$	108,343	$	95,813	$	123,072

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 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 Consolidated Financial Statements and are immaterial.

Transaction Price Allocated to the Remaining Performance Obligations

As the majority of our 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 contracts which have original expected durations of one year or less.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Broadcast Licenses, Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2021

Broadcast Licenses, Goodwill and Other Intangible Assets

Broadcast Licenses, Goodwill and Other Intangible Assets

3. 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.

Broadcast Licenses

We have recorded the changes to broadcast licenses for the years ended December 31, 2021 and 2020 as follows:


	Total
	(in thousands)

Balance at January 1, 2020	$	95,311
Acquisitions		46
Impairment charge		(5,149)
Balance at December 31, 2020	$	90,208
Acquisitions		69
Balance at December 31, 2021	$	90,277

2021 Impairment Test

We completed our impairment annual impairment test of broadcast licenses during the fourth quarter of 2021 and determined that the fair value of the broadcast licenses was greater than the carrying value recorded for each of our markets and, accordingly, no impairment was recorded.

The following table reflects certain key estimates and assumptions used in the impairment tests during the fourth quarter ended 2021, the year ended 2020 and in the fourth quarter of 2019. The ranges for operating profit margin and market long-term revenue growth rates vary by market. In general, when comparing between 2021, 2020 and 2019: (1) the market specific operating profit margin range remained relatively consistent with some decreases to our smaller markets due to the cost of operations in a small market; (2) the market long-term revenue growth rates were relatively consistent; (3) the discount rate increased a small percentage due to the COVID-19 pandemic; and (4) current year revenue projections were flat with amounts previously projected for 2021.


	Fourth		Year		Fourth
	Quarter		Ended		Quarter
	2021		2020		2019
Discount rates	12.3% - 12.6	%	12.6% - 13.0	%	12.2% - 12.2	%
Operating profit margin ranges	17.8% - 36.4	%	17.8% - 36.4	%	19.0% - 36.4	%
Market long-term revenue growth rates	0.2% - 2.6	%	0.2% - 2.9	%	0.0% - 2.9	%

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 additional impairment charges in future periods. Such a charge could have a material effect on our consolidated financial statements. We will continue to monitor potential triggering events and perform the appropriate analysis when deemed necessary.

2020 Impairment Test

Due to the impact of the COVID-19 pandemic on the U.S. economy and the related significant negative impact on our revenue for the second, third and fourth quarter of 2020 (excluding political advertising) in the majority of our markets, the Company tested its FCC License for impairment during the second quarter and again in the third quarter of 2020. Our broadcast revenue was significantly negatively impacted in the majority of the states where we operate, due to economic shutdowns and the related decline in advertising spending nationwide as most companies were making massive payroll cuts out of a necessity to survive with their revenues also significantly impacted. We experienced a significant number of cancellations of advertising on our stations, with the greatest decreases in the following industries/categories: Automotive, Entertainment, Home Improvement, Professional Services, Restaurants, and Retail. The only category where we saw an increase over the prior quarters and year to date in 2020 were political advertising and government/public service/issue advertising. We also saw significant declines in our revenue related to events, venues, travel and sports as these types of businesses have been virtually shut down. We started to see increased revenues from our low point in Q2 2020, however, throughout 2020 they were not at the previously expected recovery rate. Based on the trends we were seeing at our markets we believe that our analysis and estimates used during the third quarter 2020 analysis remained our best estimate and we did not believe any further triggering events occurred during the fourth quarter of 2020 since the date of the previous analysis that would require any additional impairment testing for broadcast licenses.

As a result of the quantitative impairment test performed as of June 30, 2020, the Company determined that the fair value of the broadcast licenses were less than the carrying amount on the balance sheet and recorded non-cash impairment charges totaling $3.8 million related to the FCC licenses in our Bucyrus, Ohio; Champaign, Illinois; Charleston, South Carolina; Columbus, Ohio; Harrisonburg, Virginia; Hilton Head, South Carolina; Mitchell, South Dakota; and Ocala, Florida markets. The impairment charges were primarily due to a decrease in projected revenue in these markets due to the impact of the COVID-19 pandemic, an increase in the discount rate used in the discounted cash flow analyses to estimate the fair value of our FCC licenses due to certain risks specifically associated with the Company and the radio broadcasting industry, and a decrease in mature operating margins in small markets due to the cost of operations in a small market.

As a result of the quantitative impairment test performed as of September 30, 2020, the Company determined that the fair value of the broadcast licenses were less than the carrying amount on the balance sheet and recorded non-cash impairment charges totaling $1.4 million for the quarter ended September 30, 2020 related to the FCC licenses in our Bellingham, Washington; Champaign, Illinois; Charleston, South Carolina; Columbus, Ohio; Harrisonburg, Virginia; Mitchell, South Dakota; Spencer, Iowa and Springfield, Illinois. The impairment charges were primarily due to a decrease in projected revenue in these markets due to the impact of the COVID-19 pandemic, an increase in the discount rate used in 2019 but slightly less than in the second quarter of 2020, in the discounted cash flow analyses to estimate the fair value of our FCC licenses due to certain risks specifically associated with the Company and the radio broadcasting industry, and a decrease in mature operating margins in small markets due to the cost of operations in a small market.

2019 Impairment Test

During the fourth quarter of 2019, we completed our annual impairment test of broadcast and determined that the fair value of the broadcast licenses was greater than the carrying value recorded for each of our markets and, accordingly, no impairment was recorded.

Goodwill

During the fourth quarter of 2021, the Company performed its annual impairment test of goodwill in accordance with ASC 350 and determined that the fair value was in excess of its carrying value and, accordingly, no impairment was recorded.

We have recorded the changes to goodwill for each of the years ended December 31, 2021 and 2020 as follows:


	Total
	(in thousands)

Balance at January 1, 2020	$	18,963
Acquisitions		143
Balance at December 31, 2020	$	19,106
Acquisitions		103
Balance at December 31, 2021	$	19,209

Other Intangible Assets

We have recorded amortizable intangible assets at December 31, 2021 as follows:


	Gross
	Carrying		Accumulated		Net
	Amount		Amortization		Amount

	(In thousands)
Non-competition agreements	$	3,861	$	3,861	$	—
Favorable lease agreements		5,965		5,597		368
Customer relationships		4,660		4,660		—
Other intangibles		1,829		1,788		41
Total amortizable intangible assets	$	16,315	$	15,906	$	409

We have recorded amortizable intangible assets at December 31, 2020 as follows:


	Gross
	Carrying		Accumulated		Net
	Amount		Amortization		Amount

	(In thousands)
Non-competition agreements	$	3,861	$	3,861	$	—
Favorable lease agreements		5,965		5,570		395
Customer relationships		4,660		4,322		338
Other intangibles		1,834		1,771		63
Total amortizable intangible assets	$	16,320	$	15,524	$	796

Aggregate amortization expense for these intangible assets for the years ended December 31, 2021, 2020 and 2019, was $387,000, $813,000 and $1,029,000, respectively. Our estimated annual amortization expense for the years ending December 31, 2022, 2023, 2024, 2025 and 2026 is $39,000, $35,000, $33,000, $33,000 and $32,000, respectively.

Long-Term Debt

12 Months Ended

Dec. 31, 2021

Long-Term Debt.

Long-Term Debt

4. Long-Term Debt

On October 27, 2021, we used $10 million from funds generated by operations to voluntarily pay down the remaining amount on our Revolving Credit Facility and as such, have no debt outstanding at December 31, 2021.

Long-term debt consisted of the following:


	December 31,		December 31,
	2021		2020

	(In thousands)
Revolving credit facility	$	—	$	10,000
Amounts payable within one year		—		—
	$	—	$	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. The Credit Facility consisted 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. On November 1, 2021, we elected to further reduce our Revolving Credit Facility to $50 million.

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, we 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 (0.101% at December 31, 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 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 December 31, 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.

On June 7, 2019, we used $5,000,000 from funds generated by operations to voluntarily pay down a portion of our Revolving Credit Facility.

On February 4, 2019, we used $5,000,000 from funds generated by operations to voluntarily pay down a portion of our Revolving Credit Facility, which was presented in current portion of long-term debt in our balance sheet at December 31, 2018.

After we paid down our debt and reduced our Revolving Credit Facility as noted above, we had approximately $50 million of unused borrowing capacity under the Revolving Credit Facility at December 31, 2021.

- Definition

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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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+ Details

Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2021

Supplemental Cash Flow Information

Supplemental Cash Flow Information

5. Supplemental Cash Flow Information


	Years Ended December 31,
	2021		2020		2019

	(In thousands)

Cash paid during the period for:
Interest	$	253	$	311	$	635
Income taxes	$	3,450	$	1,099	$	3,893
Non-cash transactions:
Barter revenue	$	2,125	$	2,014	$	3,560
Barter expense	$	2,124	$	1,881	$	3,370
Acquisition of property and equipment	$	—	$	6	$	28
Use of treasury shares for 401(k) match	$	221	$	250	$	262

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Taxes

Income Taxes

6. 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 $4,260,000 was recorded for the year ended December 31, 2021 compared to income tax expense of $705,000 for the year ended December 31, 2020. The effective tax rate was approximately 27.6% for the year ended December 31, 2021 compared to (58.4)% for the year ended December 31, 2020. The 2020 year to date tax rate was impacted by permanent differences primarily relating to executive compensation resulting in additional tax expense of approximately $1.0 million offset by the broadcast license impairment charge which was a discrete item and contributed approximately $1.4 million of tax benefit for the year ended December 31, 2020.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax liabilities and assets are as follows:


	December 31,
	2021		2020

	(In thousands)

Deferred tax liabilities:
Property and equipment	$	4,242	$	4,802
Intangible assets		21,425		20,442
Prepaid expenses		405		426
Total deferred tax liabilities		26,072		25,670
Deferred tax assets:
Allowance for doubtful accounts		43		89
Compensation		1,093		824
Other accrued liabilities		134		150
		1,270		1,063
Less: valuation allowance		—		—
Total net deferred tax assets		1,270		1,063
Net deferred tax liabilities	$	24,802	$	24,607
Current portion of deferred tax assets	$	361	$	150
Non-current portion of deferred tax liabilities		(25,163)		(24,757)
Net deferred tax liabilities	$	(24,802)	$	(24,607)

Deferred tax assets are required to be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. At December 31, 2021 and December 31, 2020, we do not have a valuation allowance for net deferred tax assets.

At December 31, 2021 and 2020, net deferred tax liabilities include a deferred tax asset of $1,270,000 and $1,063,000, respectively, relating to deferred compensation, stock-based compensation expense, accrued compensation, the allowance for doubtful accounts, and other accrued expenses.

The significant components of the provision for income taxes are as follows:


	Years Ended December 31,
	2021		2020		2019

	(In thousands)
Current:
Federal	$	3,080	$	850	$	2,900
State		985		400		1,100
Total current		4,065		1,250		4,000
Total deferred		195		(545)		1,420
Total Income Tax Provision	$	4,260	$	705	$	5,420

The reconciliation of income tax at the U.S. federal statutory tax rates to income tax expense (benefit) is as follows:


	Years Ended December 31,
	2021		2020		2019

	(In thousands)
Tax expense (benefit) at U.S. statutory rates	$	3,209	$	(290)	$	3,976
State tax expense, net of federal benefit		815		235		1,079
Other, net		236		760		365
	$	4,260	$	705	$	5,420

The 2021 and 2019 effective tax rates exceed the federal statutory rate primarily due to non-deductible compensation related expenses and state income taxes. The 2020 effective tax rate exceeded the federal statutory rate primarily due to non-deductible compensation related expenses, book tax differences in impairment charges and state income taxes.

The Company files income taxes in the U.S. federal jurisdiction, and in various state and local jurisdictions. The Company is no longer subject to U.S. federal examinations by the Internal Revenue Service (IRS) for years prior to 2018. During the first quarter of 2015, the IRS commenced an examination of the Company’s 2013 U.S. federal income tax return which was completed in the first quarter of 2016 and resulted in no changes to the return. The Company is subject to examination for income and non-income tax filings in various states.

As of December 31, 2021, and 2020, there were no accrued balances recorded related to uncertain tax positions.

We classify income tax-related interest and penalties that are related to income tax liabilities as a component of income tax expense. For the years ended December 31, 2021, 2020 and 2019, we had $0, $600, and $2,100, respectively, tax-related interest and penalties and had $0 accrued at December 31, 2021 and 2020.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Stock-Based Compensation

Stock-Based Compensation

7. Stock-Based Compensation

2005 Incentive Compensation Plan

On May 13, 2019 our stockholders approved an amendment to the Second Amended and Restated Saga Communications, Inc. 2005 Incentive Compensation Plan (as amended, The Second Restated 2005 Plan). This plan was first approved in 2005, and subsequently re-approved in 2010 and 2013. The 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, 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 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

Our stock-based compensation expense is measured and recognized for all stock-based awards to employees using the estimated fair value of the award. Compensation expense is recognized over the period during which an employee is required to provide service in exchange for the award. For these awards, we have recognized compensation expense using a straight-line amortization method. Accounting guidance requires that stock-based compensation expense be based on awards that are ultimately expected to vest; therefore stock-based compensation has been adjusted for estimated forfeitures. When estimating forfeitures, we consider voluntary termination behaviors as well as trends of actual option forfeitures.

All stock options were fully vested and expensed at December 31, 2012, therefore there was no compensation expense related to stock options for the years ended December 31, 2021, 2020 and 2019. We calculated the fair value of each option award on the date of grant using the Black-Scholes option pricing model. The estimated expected volatility, expected term of options and estimated annual forfeiture rate were determined based on historical experience of similar awards, giving consideration to the contractual terms of the stock-based awards, vesting schedules and expectations of future employee behavior. The risk-free interest rate was based on the U.S. Treasury yield curve in effect at the time of grant.

There were no options granted during 2021, 2020 and 2019 and there were no stock options outstanding as of December 31, 2021.

The following summarizes the restricted stock transactions for the year ended December 31:


		Weighted
		Average
		Grant Date
	Shares	Fair Value

Outstanding at January 1, 2019	109,176	$	40.87
Granted	72,985		31.18
Vested	(51,021)		42.66
Forfeited/canceled/expired	(2,916)		40.30
Outstanding at December 31, 2019	128,224	$	34.66
Granted	—		—
Vested	(62,137)		36.50
Forfeited/canceled/expired	(2,332)		33.65
Outstanding at December 31, 2020	63,755	$	32.90
Granted	77,913		23.00
Vested	(41,059)		33.85
Forfeited/canceled/expired	—		—
Non-vested and outstanding at December 31, 2021	100,609	$	24.85
Weighted average remaining contractual life (in years)	2.3

The weighted average grant date fair value of restricted stock that vested during 2021 and 2019 was $1,792,000 and $2,276,000, respectively. There were no restricted stock grants awarded in 2020. The net value of unrecognized compensation cost related to unvested restricted stock awards aggregated $2,354,000, $1,896,000 and $4,195,000 at December 31, 2021, 2020 and 2019, respectively.

For the years ended December 31, 2021, 2020 and 2019 we had $1,335,000, $2,221,000 and $2,129,000, respectively, of total compensation expense related to restricted stock-based arrangements. The expense is included in corporate general and administrative expenses in our results of operations. The associated tax benefit recognized for the years ended December 31, 2021, 2020 and 2019 was $121,000, $235,000 and $227,000, respectively.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2021

Employee Benefit Plans

Employee Benefit Plans

8. Employee Benefit Plans

401(k) Plan

We have a defined contribution pension plan (“401(k) Plan”) that covers substantially all employees. Employees can elect to have a portion of their wages withheld and contributed to the plan. The 401(k) Plan also allows us to make a discretionary contribution. Total administrative expense under the 401(k) Plan was $1,550, $2,900 and $2,400 in 2021, 2020 and 2019, respectively. The Company’s discretionary contribution to the plan was approximately $250,000, $225,000 and $250,000 for the years ended December 31, 2021, 2020 and 2019, respectively.

Deferred Compensation Plan

In 1999 we established a Nonqualified Deferred Compensation Plan which allows officers and certain management employees to annually elect to defer a portion of their compensation, on a pre-tax basis, until their retirement. The retirement benefit to be provided is based on the amount of compensation deferred and any earnings thereon. Deferred compensation expense for the years ended December 31, 2021, 2020 and 2019 was $100,000, $105,000 and $135,000, respectively. We invest in company-owned life insurance policies to assist in funding these programs. The cash surrender values of these policies are in a rabbi trust and are recorded as our assets.

Split Dollar Officer Life Insurance

We provide split dollar insurance benefits to certain executive officers and records an asset equal to the cumulative premiums paid on the related policies, as we will fully recover these premiums under the terms of the plan. We retain a collateral assignment of the cash surrender values and policy death benefits payable to insure recovery of these premiums.

Acquisitions and Dispositions

12 Months Ended

Dec. 31, 2021

Acquisitions and Dispositions

Acquisitions and Dispositions

9. 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 acquisition 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.

On July 12, 2021, we entered into an agreement to acquire WIZZ-AM and a translator for $61,800 of which $5,000 was paid in 2021. We expect to close on this transaction in March 2022.

2020 Acquisitions

On January 2, 2020, we closed on an agreement to purchase W295BL from Basic Holdings, LLC, for an aggregate purchase price of $200 thousand, of which $10 thousand was paid in 2019 and the remaining $190 thousand 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 our existing stations. The translators are start-up stations and therefore, have no pro forma revenue and expenses.

2019 Acquisitions

On January 9, 2019, we closed on an agreement to purchase WPVQ-AM and W222CH from County Broadcasting Company, LLC for an aggregate purchase price of $210 thousand. Management attributes the goodwill recognized in the acquisition to the power of the existing brands in the Greenfield, Massachusetts market as well as synergies and growth opportunities expected through the combination with our existing stations. The proforma results for this acquisitions are not deemed material and therefore are not presented in the footnotes.

Condensed Consolidated Balance Sheet of 2021 and 2020 Acquisitions:

The following condensed balance sheets represent the estimated fair value assigned to the related assets and liabilities of the 2021 and 2020 acquisitions at their respective acquisition dates.

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

Related Party Transactions

12 Months Ended

Dec. 31, 2021

Related Party Transactions

Related Party Transactions

10. Related Party Transactions

Principal Stockholder Employment Agreement

In June 2011, we entered into a new employment agreement with Edward K. Christian, Chairman, President and CEO, which became effective as of June 1, 2011, and replaced and superseded his prior employment agreement. We entered into amendments to the agreement on February 12, 2016 (the “First Amendment”), February 26, 2019 (the “Second Amendment”) and January 25, 2022 (the “Third Amendment”). The First Amendment extended the term of the employment agreement to March 31, 2021. The First Amendment also states that on each anniversary of the effective date of the employment agreement, the Compensation Committee shall determine in its discretion the amount of any annual increases (which shall not be less than the greater of 4% or a defined cost of living increase). Mr. Christian may defer any or all of his annual salary. The Second Amendment extends the term of the employment agreement from March 31, 2021 to March 31, 2025 and also makes certain clarifying modifications to the employment agreement.The Third Amendment extends the term of the employment agreement from March 31, 2025 to March 31, 2027 and makes certain changes to the employment agreement pursuant to Section 409A of the Internal Revenue Code.

Under the agreement, Mr. Christian is eligible for discretionary and performance bonuses, stock options and/or stock grants in amounts determined by the Compensation Committee and will continue to participate in our benefit plan. We will maintain insurance policies, will furnish an automobile, will pay for an executive medical plan and will maintain an office for Mr. Christian at our principal executive offices and in Sarasota County, Florida. The First Amendment adds that we are authorized to pay for Mr. Christian’s tax preparation services on an annual basis and that this amount will be subject to income tax as additional compensation. The agreement provides certain payments to Mr. Christian in the event of his disability, death or a change in control. Upon a change in control, Mr. Christian may terminate his employment. The agreement also provides generally that, upon a change in control, we will pay Mr. Christian an amount equal to 2.99 times the average of his total annual salary and bonuses for each of the three immediately preceding periods of twelve consecutive months, plus an additional amount for tax liabilities, related to the payment. For the three years ended December 31, 2021 Mr. Christian’s average annual compensation, as defined by the employment agreement, was approximately $1,943,000.

In addition, if Mr. Christian’s employment is terminated for any reason, other than for cause, we will continue to provide health insurance and medical reimbursement and maintain existing life insurance policies for a period of ten years, and the current split dollar life insurance policy shall be transferred to Mr. Christian and his wife, and we shall reimburse Mr. Christian for any tax consequences of such transfer. The agreement contains a covenant not to compete restricting Mr. Christian from competing with us in any of our markets if he voluntarily terminates his employment with us or is terminated for cause, for a three year period thereafter. The first amendment also entitles Mr. Christian to receive severance pay equal to 100% of his then base salary for 24 months payable in equal monthly installments and after the date upon which notice of termination is given, any unvested or time-vested stock options previously granted to Mr. Christian by us become immediately one hundred percent (100%) vested to the extent permitted by law.

On December 6, 2019, Mr. Christian agreed to defer approximately $100,000 of his 2020 salary to be paid 100% on January 15, 2021. On December 16, 2020, Mr. Christian agreed to defer approximately $100,000 of his 2021 salary to be paid 100% on January 15, 2022. On December 16, 2021, Mr. Christian agreed to defer approximately $100,000 of his 2022 salary which will be paid 100% on January 13, 2023.

Change in Control Agreements

In December 2007, Samuel D. Bush, Senior Vice President and Chief Financial Officer, Marcia K. Lobaito, at the time, Senior Vice President, Corporate Secretary and Director of Business Affairs, and Catherine Bobinski, Senior Vice President/Finance, Chief Accounting Officer and Corporate Controller, entered into Change in Control Agreements. In September 2018, Christopher S. Forgy, Senior Vice President of Operations entered into a Change in Control Agreement. In July 2020, Eric Christian, Vice President of Digital Strategies entered into a Change in Control Agreement. Eric Christian is the son of Edward K. Christian, our President, CEO and Chairman. A change in control is defined to mean the occurrence of (a) any person or group becoming the beneficial owner, directly or indirectly, of more than 30% of the combined voting power of the Company’s then outstanding securities and Mr. Christian ceasing to be Chairman and CEO of the Company; (b) the consummation of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which results in the voting securities of the Company outstanding immediately prior thereto continuing to represent more than 50% of the combined voting securities of the Company or such surviving entity; or (c) the approval of the stockholders of the Company of a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of its assets.

If there is a change in control, the Company shall pay a lump sum payment within 45 days of 1.5 times the average of the executive’s last three full calendar years of such executive’s base salary and any annual cash bonus paid. In the event that such payment constitutes a “parachute payment” within the meaning of Section 280G subject to an excise tax imposed by Section 4999 of the Internal Revenue Code, the Company shall pay the executive an additional amount so that the executive will receive the entire amount of the lump sum payment before deduction for federal, state and local income tax and payroll tax. In the event of a change in control (other than the approval of plan of liquidation), the Company or the surviving entity may require as a condition to receipt of payment that the executive continue in employment for a period of up to six months after consummation of the change in control. During such six months, executive will continue to earn his pre-existing salary and benefits. In such case, the executive shall be paid the lump sum payment upon completion of the continued employment. If, however, the executive fails to remain employed during this period of continued employment for any reason other than (a) termination without cause by the Company or the surviving entity, (b) death, (c) disability or (d) breach of the agreement by the Company or the surviving entity, then executive shall not be paid the lump sum payment. In addition, if the executive’s employment is terminated by the Company without cause within six months prior to the consummation of a change in control, then the executive shall be paid the lump sum payment within 45 days of such change in control.

Other Related Party Transactions

Saga South Communications, LLC (formerly, Saga Quad States), our fully owned subsidiary, completed the acquisition from Apex Media Corporation, a South Carolina corporation (“AMC”), and Pearce Development, LLC f/k/a Apex Real Property, LLC, a South Carolina limited liability company (“ARP” and together with AMC, “Seller”), of substantially all of Seller’s assets related to the operation of certain radio and translator stations, upon the satisfaction of certain closing conditions described in the Asset Purchase Agreement dated May 9, 2017 (the “Apex Agreement”) by and among Seller, Saga South Communications, LLC, and, solely in his role as guarantor under the Apex Agreement, G. Dean Pearce, as further described in the Form 8-K filed by Saga on May 10, 2017. Mr. Pearce is President of AMC and ARP, and served on the Board of Directors of Saga from May 8, 2017 through May 9, 2021. The purchase price under the Apex Agreement was $23,000,000, subject to certain purchase price adjustments, payable in cash. The purchase price was determined through arm’s-length negotiations, and was approved by the Saga Board, and Finance and Audit Committee, in accordance with the requirements of Saga’s Corporate Governance Guidelines for the review of related party transactions. In connection with this agreement, we received 500 hours of service from New Pointe Systems, a subsidiary of Pearce Development and have agreed to provide 1,000, 30 second, spots of airtime to Pearce Development. As of December 31, 2020, the obligations from this agreement have been fulfilled. During 2021, 2020 and 2019, we also paid approximately $4,200, $4,100 and $4,400 rent per month, respectively to Pearce Development for our Hilton Head studio and office space beginning September 1, 2017.

Effective June 19, 2019, we employed Eric Christian, son of Edward K. Christian, our President, CEO and Chairman, as our Director of Solution Architecture. The Audit Committee approved the employment of Mr. Christian and in July 2020 approved his promotion to Vice President of Digital Strategies.

Common Stock

12 Months Ended

Dec. 31, 2021

Common Stock and Treasury Stock

Common Stock and Treasury Stock

11. Common Stock

Dividends. Stockholders are entitled to receive such dividends as may be declared by our Board of Directors out of funds legally available for such purpose. However, no dividend may be declared or paid in cash or property on any share of any class of Common Stock unless simultaneously the same dividend is declared or paid on each share of the other class of common stock. In the case of any stock dividend, holders of Class A Common Stock are entitled to receive the same percentage dividend (payable in shares of Class A Common Stock) as the holders of Class B Common Stock receive (payable in shares of Class B Common Stock).

Voting Rights. Holders of shares of Common Stock vote as a single class on all matters submitted to a vote of the stockholders, with each share of Class A Common Stock entitled to one vote and each share of Class B Common Stock entitled to ten votes, except (i) in the election for directors, (ii) with respect to any “going private” transaction between the Company and the principal stockholder, and (iii) as otherwise provided by law.

In the election of directors, the holders of Class A Common Stock, voting as a separate class, are entitled to elect twenty-five percent, or two, of our directors. The holders of the Common Stock, voting as a single class with each share of Class A Common Stock entitled to one vote and each share of Class B Common Stock entitled to ten votes, are entitled to elect the remaining directors. The Board of Directors consisted of eight members at December 31, 2021. Holders of Common Stock are not entitled to cumulative voting in the election of directors.

The holders of the Common Stock vote as a single class with respect to any proposed “going private” transaction with the principal stockholder or an affiliate of the principal stockholder, with each share of each class of Common Stock entitled to one vote per share.

Under Florida law, the affirmative vote of the holders of a majority of the outstanding shares of any class of common stock is required to approve, among other things, a change in the designations, preferences and limitations of the shares of such class of common stock.

Liquidation Rights. Upon our liquidation, dissolution, or winding-up, the holders of Class A Common Stock are entitled to share ratably with the holders of Class B Common Stock in accordance with the number of shares held in all assets available for distribution after payment in full of creditors.

In any merger, consolidation, or business combination, the consideration to be received per share by the holders of Class A Common Stock and Class B Common Stock must be identical for each class of stock, except that in any such transaction in which shares of common stock are to be distributed, such shares may differ as to voting rights to the extent that voting rights now differ among the Class A Common Stock and the Class B Common Stock.

Other Provisions. Each share of Class B Common Stock is convertible, at the option of its holder, into one share of Class A Common Stock at any time. One share of Class B Common Stock converts automatically into one share of Class A Common Stock upon its sale or other transfer to a party unaffiliated with the principal stockholder or, in the event of a transfer to an affiliated party, upon the death of the transferor.

- Definition

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.

+ References

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+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies

Commitments and Contingencies

12. Commitments and Contingencies

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 December 31, 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 $6.1 million and $6.6 million at December 31, 2021 and 2020, respectively. Lease liabilities were $6.4 million and $6.9 million at December 31, 2021 and 2020, respectively. During the year ended December 31, 2021, we recorded additional ROU assets under operating leases of $1,039,000, which is a non-cash transaction. Payments on lease liabilities during the year ended December 31, 2021 and 2020 totaled $1,777,000 and $1,737,000,respectively.

Lease expense includes cost for leases with terms in excess of one year. For the years ended December 31, 2021, 2020 and 2019, our total lease expense was $1,765,000, $1,752,000 and $1,801,000, 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 December 31, 2021 (in thousands):


Years Ending December 31,
2022	$	1,778
2023		1,575
2024		1,275
2025		875
2026		668
Thereafter		1,243
Total lease payments (a)		7,414
Less: Interest (b)		988
Present value of lease liabilities (c)	$	6,426

(a)	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 December 31, 2021.

(b)	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.

(c)	The weighted average remaining lease term and weighted average discount rate used in calculating our lease liabilities were 6.2 years and 4.2%, respectively, at December 31, 2021.

Performance Fees

We incur fees from performing rights organizations (“PRO”) to license our public performance of the musical works contained in each PRO’s repertory. The Radio Music Licensing Committee (“RMLC”), of which we are a represented participant, (1) entered into an Interim License Agreement with American Society of Composers, Authors and Publishers that was effective January 1, 2022 and will remain in effect until the date on which the parties reached agreement as to, or there is court determination of, new interim or final fees, terms, and conditions of a new license for the five year period commencing on January 1, 2022 and concluding on December 31, 2026; (2) is negotiating and will enter into, on behalf of the participating members, an Interim License Agreement with Broadcast Music, Inc.; (3) reached an agreement with the Society of European Stage Authors and Composers that is retroactive to January 1, 2016; and (4) in January 2022, RMLC and Global Music Rights (“GMR”) reach a conditional settlement of the GMR-RMLC antitrust and/or unfair competition litigations and we have entered into an agreement with GMR.

Contingencies

In 2003, in connection with our acquisition of one FM radio station, WJZK-FM serving the Columbus, Ohio market, we entered into an agreement whereby we would pay the seller up to an additional $1,000,000 if we obtain approval from the FCC for a city of license change.

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Fair Value Measurements

Fair Value Measurements

13. Fair Value Measurements

As defined in ASC Topic 820, fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value:

Level 1 — Quoted prices in active markets for identical assets or liabilities.

Level 2 — Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

Level 3 — Unobservable inputs in which there is little or no market data available, which requires management to develop its own assumptions in pricing the asset or liability.

Our assets and liabilities disclosed at fair value are summarized below ($000’s omitted):


		Fair Value
	Fair Value	December 31,		December 31,
Financial Instrument	Hierarchy	2021		2020
Cash and cash equivalents	Level 1	$	54,760	$	51,353
Revolving Credit Facility	Level 2		—		10,000

Our financial instruments are comprised of cash and cash equivalents, and long-term debt. The carrying value of cash and cash equivalents approximate fair value due to their short maturities. The fair value of cash and cash equivalents is derived from quoted market prices and are considered a level 1. Interest on the Credit Facility is at a variable rate, and as such the debt obligation outstanding approximates fair value and is considered a level 2.

Non-Recurring Fair Value Measurements

We have certain assets that are measured at fair value on a non-recurring basis under the circumstances and events described in Note 3 — Broadcast Licenses, Goodwill and Other Intangibles, and are adjusted to fair value only when the carrying values are more than the fair values.

During the fourth quarter of 2021, we reviewed the fair value of the assets that are measured at fair value on a non-recurring basis and concluded that these assets were not impaired as the fair value of these assets equaled or exceeded their carrying values.

During 2020, as a result of our interim impairment tests, we wrote down broadcast licenses with a carrying value of $51,448,000 to their fair value of $46,299,000, resulting in a non-cash impairment charge of $5,149,000, which is included in net income for the year ended December 31, 2020. The categorization of the framework used to price the assets is considered a level 3, due to the subjective nature of the unobservable inputs used to determine the fair value. (See Note 3 for the disclosure of certain key assumptions used to develop the unobservable inputs.)

During the fourth quarter of 2019, we reviewed the fair value of the assets that are measured at fair value on a non-recurring basis and concluded that these assets were not impaired as the fair value of these assets equaled or exceeded their carrying values.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2021

Quarterly Results of Operations (Unaudited)

Quarterly Results of Operations (Unaudited)

14. Quarterly Results of Operations (Unaudited)


	March 31,				June 30,				September 30,				December 31,
	2021		2020		2021		2020		2021		2020		2021		2020

	(in thousands, except per share data)
Net operating revenue	$	22,301	$	26,051	$	28,046	$	16,866	$	28,845	$	24,143	$	29,151	$	28,753
Station operating expenses		18,923		22,199		21,017		18,652		21,690		19,616		21,615		21,119
Corporate G&A		2,438		3,015		2,494		3,070		2,538		2,838		2,570		2,651
Other operating expense (income), net		57		(1,330)		(80)		46		(2)		50		32		(13)
Impairment of broadcast licenses		—		—		—		3,757		—		1,392		—		—
Operating income (loss)		883		2,167		4,615		(8,659)		4,619		247		4,934		4,996
Other (income) expenses:
Interest expense		73		108		72		82		73		75		66		75
Interest (income)		(6)		(108)		(4)		(25)		(4)		(8)		(2)		(7)
Other (income) expense		(272)		(213)		(31)		—		(279)		—		(52)		(20)
Income before income taxes		1,088		2,380		4,578		(8,716)		4,829		180		4,922		4,948
Income tax provision (benefit)		330		700		1,325		(3,805)		1,375		1,130		1,230		2,680
Net income (loss)	$	758	$	1,680	$	3,253	$	(4,911)	$	3,454	$	(950)	$	3,692	$	2,268

Basic earnings(loss) per share	$	0.13	$	0.28	$	0.54	$	(0.82)	$	0.58	$	(0.16)	$	0.60	$	0.38
Weighted average common shares		5,913		5,866		5,917		5,868		5,917		5,869		5,922		5,880

Diluted earnings (loss) per share	$	0.13	$	0.28	$	0.54	$	(0.82)	$	0.58	$	(0.16)	$	0.60	$	0.38
Weighted average common and common equivalent shares		5,913		5,866		5,917		5,868		5,917		5,869		5,922		5,880

Litigation

12 Months Ended

Dec. 31, 2021

Litigation

Litigation

15. 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.

Other Income

12 Months Ended

Dec. 31, 2021

Other Income

Other Income

16. 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. We received additional cash proceeds of $290,000 in the third quarter, resulting in a gain of $290,000. The total gain of $540,000 is recorded in other (income) expense, net, in the Company’s Condensed Consolidated Statements of Income.

During the first quarter of 2020, we sold land and a building on one of our tower sites in our 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 Consolidated Statements of Income.

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 and we 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 Consolidated Statements of Income.

Subsequent Events

12 Months Ended

Dec. 31, 2021

Subsequent Events

Subsequent Events

17. Subsequent Events

On March 1, 2022, the Company’s Board of Directors declared a quarterly cash dividend of $0.16 per share on its Classes A and B Common Stock. This dividend, totaling approximately $970,000, will be paid on April 8, 2022 to shareholders of record on March 21, 2022.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Summary of Significant Accounting Policies

Principles of Consolidation

Use of Estimates

Concentration of Risk

Certain cash deposits with financial institutions may at times exceed FDIC insurance limits.

Our top five markets when combined represented 39%, 40% and 39% of our net operating revenue for the years ended December 31, 2021, 2020 and 2019, respectively.

Cash and Cash Equivalents

Cash and cash equivalents consist of cash on hand and time deposits with original maturities of three months or less. We did not have any time deposits at December 31, 2021 and 2020.

Financial Instruments

Allowance for Doubtful Accounts


							Write Off of
	Balance		Charged to		Allowance		Uncollectible		Balance at
	at Beginning		Costs and		From		Accounts, Net of		End of
Year Ended	of Period		Expenses		Acquisitions		Recoveries		Period

	(in thousands)
December 31, 2021	$	648	$	56	$	—	$	(235)	$	469
December 31, 2020	$	671	$	420	$	—	$	(443)	$	648
December 31, 2019	$	759	$	578	$	—	$	(666)	$	671

Barter Transactions

Property and Equipment

Property and equipment consisted of the following:


	Estimated		December 31,
	Useful Life		2021		2020

	(In thousands)

Land and land improvements		—	$	14,638	$	14,559
Buildings		31.5 years		38,225		38,059
Towers and antennae		7-15 years		25,918		25,976
Equipment		3-15 years		55,955		53,547
Furniture, fixtures and leasehold improvements		7-20 years		7,129		7,189
Vehicles		5 years		2,854		3,350
				144,719		142,680
Accumulated depreciation				(91,375)		(87,795)
Net property and equipment			$	53,344	$	54,885

Depreciation expense for continuing operations for the years ended December 31, 2021, 2020 and 2019, was $5,362,000, $5,711,000 and $5,916,000, respectively.

Leases

Local Marketing Agreements

Advertising and Promotion Costs

Advertising and promotion costs are expensed as incurred. Such costs amounted to $1,396,000, $985,000 and $2,442,000 for the years ended December 31, 2021, 2020 and 2019, respectively.

Income Taxes

Dividends

On June 18, 2020, our 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.

Stock-Based Compensation

Segments

Earnings Per Share Information

Earnings Per Share

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



	Years Ended December 31,
	2021		2020		2019

	(In thousands, except per share data)
Numerator:
Net income (loss)	$	11,157	$	(1,913)	$	13,279
Less: Income (loss) allocated to unvested participating securities		190		(21)		292
Net income (loss) available to common stockholders	$	10,967	$	(1,892)	$	12,987

Denominator:
Denominator for basic earnings per share — weighted average shares		5,917		5,871		5,834
Effect of dilutive securities:
Common stock equivalents		—		—		—
Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions		5,917		5,871		5,834

Earnings (loss) per share:
Basic	$	1.85	$	(0.32)	$	2.23
Diluted	$	1.85	$	(0.32)	$	2.23

Recently Adopted Accounting Pronouncements

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Significant Accounting Policies

Activity in the allowance for doubtful accounts


							Write Off of
	Balance		Charged to		Allowance		Uncollectible		Balance at
	at Beginning		Costs and		From		Accounts, Net of		End of
Year Ended	of Period		Expenses		Acquisitions		Recoveries		Period

	(in thousands)
December 31, 2021	$	648	$	56	$	—	$	(235)	$	469
December 31, 2020	$	671	$	420	$	—	$	(443)	$	648
December 31, 2019	$	759	$	578	$	—	$	(666)	$	671

Property and equipment

Property and equipment consisted of the following:


	Estimated		December 31,
	Useful Life		2021		2020

	(In thousands)

Land and land improvements		—	$	14,638	$	14,559
Buildings		31.5 years		38,225		38,059
Towers and antennae		7-15 years		25,918		25,976
Equipment		3-15 years		55,955		53,547
Furniture, fixtures and leasehold improvements		7-20 years		7,129		7,189
Vehicles		5 years		2,854		3,350
				144,719		142,680
Accumulated depreciation				(91,375)		(87,795)
Net property and equipment			$	53,344	$	54,885

Schedule of Computation of Basic and Diluted Earnings Per Share

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



	Years Ended December 31,
	2021		2020		2019

	(In thousands, except per share data)
Numerator:
Net income (loss)	$	11,157	$	(1,913)	$	13,279
Less: Income (loss) allocated to unvested participating securities		190		(21)		292
Net income (loss) available to common stockholders	$	10,967	$	(1,892)	$	12,987

Denominator:
Denominator for basic earnings per share — weighted average shares		5,917		5,871		5,834
Effect of dilutive securities:
Common stock equivalents		—		—		—
Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions		5,917		5,871		5,834

Earnings (loss) per share:
Basic	$	1.85	$	(0.32)	$	2.23
Diluted	$	1.85	$	(0.32)	$	2.23

Revenue (Tables)

12 Months Ended

Dec. 31, 2021

Revenue

Schedule of Disaggregation of Revenue

The following table presents revenues disaggregated by revenue source:


	Twelve Months Ended
	December 31,
	2021		2020		2019

	(in thousands)
Types of Revenue
Broadcast Advertising Revenue, net	$	95,573	$	87,481	$	112,278
Digital Advertising Revenue		6,337		3,416		3,783
Other Revenue		6,433		4,916		7,011
Net Revenue	$	108,343	$	95,813	$	123,072

Broadcast Licenses, Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Broadcast Licenses, Goodwill and Other Intangible Assets

Changes to broadcast licenses

We have recorded the changes to broadcast licenses for the years ended December 31, 2021 and 2020 as follows:


	Total
	(in thousands)

Balance at January 1, 2020	$	95,311
Acquisitions		46
Impairment charge		(5,149)
Balance at December 31, 2020	$	90,208
Acquisitions		69
Balance at December 31, 2021	$	90,277

Key estimates and assumptions used in the impairment test


	Fourth		Year		Fourth
	Quarter		Ended		Quarter
	2021		2020		2019
Discount rates	12.3% - 12.6	%	12.6% - 13.0	%	12.2% - 12.2	%
Operating profit margin ranges	17.8% - 36.4	%	17.8% - 36.4	%	19.0% - 36.4	%
Market long-term revenue growth rates	0.2% - 2.6	%	0.2% - 2.9	%	0.0% - 2.9	%

Changes to Goodwill

We have recorded the changes to goodwill for each of the years ended December 31, 2021 and 2020 as follows:


	Total
	(in thousands)

Balance at January 1, 2020	$	18,963
Acquisitions		143
Balance at December 31, 2020	$	19,106
Acquisitions		103
Balance at December 31, 2021	$	19,209

Amortizable intangible assets

We have recorded amortizable intangible assets at December 31, 2021 as follows:


	Gross
	Carrying		Accumulated		Net
	Amount		Amortization		Amount

	(In thousands)
Non-competition agreements	$	3,861	$	3,861	$	—
Favorable lease agreements		5,965		5,597		368
Customer relationships		4,660		4,660		—
Other intangibles		1,829		1,788		41
Total amortizable intangible assets	$	16,315	$	15,906	$	409

We have recorded amortizable intangible assets at December 31, 2020 as follows:


	Gross
	Carrying		Accumulated		Net
	Amount		Amortization		Amount

	(In thousands)
Non-competition agreements	$	3,861	$	3,861	$	—
Favorable lease agreements		5,965		5,570		395
Customer relationships		4,660		4,322		338
Other intangibles		1,834		1,771		63
Total amortizable intangible assets	$	16,320	$	15,524	$	796

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2021

Long-Term Debt.

Schedule of Long-Term Debt

Long-term debt consisted of the following:


	December 31,		December 31,
	2021		2020

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

- Definition

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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+ Details

Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2021

Supplemental Cash Flow Information

Supplemental cash flow information


	Years Ended December 31,
	2021		2020		2019

	(In thousands)

Cash paid during the period for:
Interest	$	253	$	311	$	635
Income taxes	$	3,450	$	1,099	$	3,893
Non-cash transactions:
Barter revenue	$	2,125	$	2,014	$	3,560
Barter expense	$	2,124	$	1,881	$	3,370
Acquisition of property and equipment	$	—	$	6	$	28
Use of treasury shares for 401(k) match	$	221	$	250	$	262

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes

Significant components of the Companys deferred tax liabilities and assets


	December 31,
	2021		2020

	(In thousands)

Deferred tax liabilities:
Property and equipment	$	4,242	$	4,802
Intangible assets		21,425		20,442
Prepaid expenses		405		426
Total deferred tax liabilities		26,072		25,670
Deferred tax assets:
Allowance for doubtful accounts		43		89
Compensation		1,093		824
Other accrued liabilities		134		150
		1,270		1,063
Less: valuation allowance		—		—
Total net deferred tax assets		1,270		1,063
Net deferred tax liabilities	$	24,802	$	24,607
Current portion of deferred tax assets	$	361	$	150
Non-current portion of deferred tax liabilities		(25,163)		(24,757)
Net deferred tax liabilities	$	(24,802)	$	(24,607)

Significant components of the provision for income taxes

The significant components of the provision for income taxes are as follows:


	Years Ended December 31,
	2021		2020		2019

	(In thousands)
Current:
Federal	$	3,080	$	850	$	2,900
State		985		400		1,100
Total current		4,065		1,250		4,000
Total deferred		195		(545)		1,420
Total Income Tax Provision	$	4,260	$	705	$	5,420

Reconciliation of income tax

The reconciliation of income tax at the U.S. federal statutory tax rates to income tax expense (benefit) is as follows:


	Years Ended December 31,
	2021		2020		2019

	(In thousands)
Tax expense (benefit) at U.S. statutory rates	$	3,209	$	(290)	$	3,976
State tax expense, net of federal benefit		815		235		1,079
Other, net		236		760		365
	$	4,260	$	705	$	5,420

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Stock-Based Compensation

Summary of Restricted Stock Transactions

The following summarizes the restricted stock transactions for the year ended December 31:


		Weighted
		Average
		Grant Date
	Shares	Fair Value

Outstanding at January 1, 2019	109,176	$	40.87
Granted	72,985		31.18
Vested	(51,021)		42.66
Forfeited/canceled/expired	(2,916)		40.30
Outstanding at December 31, 2019	128,224	$	34.66
Granted	—		—
Vested	(62,137)		36.50
Forfeited/canceled/expired	(2,332)		33.65
Outstanding at December 31, 2020	63,755	$	32.90
Granted	77,913		23.00
Vested	(41,059)		33.85
Forfeited/canceled/expired	—		—
Non-vested and outstanding at December 31, 2021	100,609	$	24.85
Weighted average remaining contractual life (in years)	2.3

Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 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

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies

Schedule of Minimum Annual Rental Commitments

We have no financing leases and minimum annual rental commitments under non-cancellable operating leases consisted of the following at December 31, 2021 (in thousands):


Years Ending December 31,
2022	$	1,778
2023		1,575
2024		1,275
2025		875
2026		668
Thereafter		1,243
Total lease payments (a)		7,414
Less: Interest (b)		988
Present value of lease liabilities (c)	$	6,426

(a)	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 December 31, 2021.

(b)	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.

(c)	The weighted average remaining lease term and weighted average discount rate used in calculating our lease liabilities were 6.2 years and 4.2%, respectively, at December 31, 2021.

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Measurements

Schedule of Fair Value Measurements, Recurring and Nonrecurring

Our assets and liabilities disclosed at fair value are summarized below ($000’s omitted):


		Fair Value
	Fair Value	December 31,		December 31,
Financial Instrument	Hierarchy	2021		2020
Cash and cash equivalents	Level 1	$	54,760	$	51,353
Revolving Credit Facility	Level 2		—		10,000

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Quarterly Results of Operations (Tables)

12 Months Ended

Dec. 31, 2021

Quarterly Results of Operations (Unaudited)

Quarterly Results of Operations


	March 31,				June 30,				September 30,				December 31,
	2021		2020		2021		2020		2021		2020		2021		2020

	(in thousands, except per share data)
Net operating revenue	$	22,301	$	26,051	$	28,046	$	16,866	$	28,845	$	24,143	$	29,151	$	28,753
Station operating expenses		18,923		22,199		21,017		18,652		21,690		19,616		21,615		21,119
Corporate G&A		2,438		3,015		2,494		3,070		2,538		2,838		2,570		2,651
Other operating expense (income), net		57		(1,330)		(80)		46		(2)		50		32		(13)
Impairment of broadcast licenses		—		—		—		3,757		—		1,392		—		—
Operating income (loss)		883		2,167		4,615		(8,659)		4,619		247		4,934		4,996
Other (income) expenses:
Interest expense		73		108		72		82		73		75		66		75
Interest (income)		(6)		(108)		(4)		(25)		(4)		(8)		(2)		(7)
Other (income) expense		(272)		(213)		(31)		—		(279)		—		(52)		(20)
Income before income taxes		1,088		2,380		4,578		(8,716)		4,829		180		4,922		4,948
Income tax provision (benefit)		330		700		1,325		(3,805)		1,375		1,130		1,230		2,680
Net income (loss)	$	758	$	1,680	$	3,253	$	(4,911)	$	3,454	$	(950)	$	3,692	$	2,268

Basic earnings(loss) per share	$	0.13	$	0.28	$	0.54	$	(0.82)	$	0.58	$	(0.16)	$	0.60	$	0.38
Weighted average common shares		5,913		5,866		5,917		5,868		5,917		5,869		5,922		5,880

Diluted earnings (loss) per share	$	0.13	$	0.28	$	0.54	$	(0.82)	$	0.58	$	(0.16)	$	0.60	$	0.38
Weighted average common and common equivalent shares		5,913		5,866		5,917		5,868		5,917		5,869		5,922		5,880

Summary of Significant Accounting Policies (Narrative) (Details)										12 Months Ended
	Dec. 14, 2021 USD ($) $ / shares	Sep. 28, 2021 USD ($) $ / shares	Jun. 18, 2021 USD ($) $ / shares	Mar. 04, 2020 USD ($) $ / shares	Dec. 11, 2019 USD ($) $ / shares	Sep. 12, 2019 USD ($) $ / shares	Jul. 05, 2019 USD ($)	May 30, 2019 $ / shares	Feb. 26, 2019 USD ($) $ / shares	Dec. 31, 2021 USD ($) segment $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)	Dec. 31, 2021	Dec. 31, 2021 item	Dec. 31, 2018 USD ($)	Mar. 31, 2013 USD ($)	Feb. 28, 2013 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number Of FM Radio Stations										79
Number Of AM Radio Stations										34
Number Of Metro Signals										79
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount \| shares										0	0	0
Number of reportable segments \| segment										1
Interest-bearing Deposits in Banks and Other Financial Institutions											$ 0		$ 0
Amortization of debt issuance costs										$ 37,000	40,000	$ 103,000
Write-off of debt issuance costs										$ 37,000	40,000	$ 103,000
Other Deferred Costs, Net											$ 64,000		17,000
Treasury Stock, Shares, Acquired \| shares										16,577	24,255	39,505
Treasury Stock Acquired, Average Cost Per Share \| $ / shares										$ 26.25	$ 18.51	$ 29.68
Dividends Payable, Date Declared	Dec. 14, 2021	Sep. 28, 2021	Jun. 18, 2021
Dividends declared per share \| $ / shares										$ 0.98	$ 0.32	$ 1.20
Dividends	$ 3,990,000	$ 960,000	$ 960,000
Dividends Payable, Date to be Paid	Jan. 14, 2022	Oct. 22, 2021	Jul. 16, 2021
Dividends Payable, Date of Record	Dec. 27, 2021	Oct. 08, 2021	Jun. 30, 2021
Dividends, Common Stock, Stock				$ 1,900,000	$ 1,800,000	$ 1,800,000	$ 1,800,000		$ 1,800,000
Number Of Broadcast Licenses														113
Number Of Market Serving														27	27
Operating Lease, Right-of-Use Asset											$ 6,600,000		6,100,000
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]										Accrued Liabilities, Current, Other Liabilities, Noncurrent	Accrued Liabilities, Current, Other Liabilities, Noncurrent
Number of operating segments \| segment										1
Operating Lease, Liability											$ 6,900,000		6,426,000
Allowance for doubtful accounts receivable											648,000	$ 671,000	469,000			$ 759,000
Customer relationships [Member]
Summary Of Significant Accounting Policies [Line Items]
Finite-Lived Intangible Asset, Useful Life										3 years
Continuing Operations [Member]
Summary Of Significant Accounting Policies [Line Items]
Depreciation										$ 5,362,000	5,711,000	5,916,000
Advertising and promotion costs										$ 1,396,000	$ 985,000	$ 2,442,000
Revenue from Rights Concentration Risk \| Revenue Benchmark \| Top Five Markets
Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage										39.00%	40.00%	39.00%
Class A Common Stock
Summary Of Significant Accounting Policies [Line Items]
Dividends declared per share \| $ / shares	$ 0.16
Stock Repurchase Program, Remaining Authorized Repurchase Amount													$ 18,400,000
Class B Common Stock
Summary Of Significant Accounting Policies [Line Items]
Dividends declared per share \| $ / shares	0.16
Common Class A and Common Class B
Summary Of Significant Accounting Policies [Line Items]
Dividends declared per share \| $ / shares		$ 0.16	$ 0.16
Common Stock, Dividends, Per Share, Cash Paid \| $ / shares	$ 0.50			$ 0.32	$ 0.30	$ 0.30		$ 0.30	$ 0.30
Minimum [Member] \| Lease Agreements [Member
Summary Of Significant Accounting Policies [Line Items]
Finite-Lived Intangible Asset, Useful Life										1 year
Minimum [Member] \| Other intangibles [Member]
Summary Of Significant Accounting Policies [Line Items]
Finite-Lived Intangible Asset, Useful Life										1 year
Minimum [Member] \| Class A Common Stock
Summary Of Significant Accounting Policies [Line Items]
Stock Repurchase Program, Authorized Amount																		$ 60,000,000
Maximum [Member] \| Lease Agreements [Member
Summary Of Significant Accounting Policies [Line Items]
Finite-Lived Intangible Asset, Useful Life										26 years
Maximum [Member] \| Other intangibles [Member]
Summary Of Significant Accounting Policies [Line Items]
Finite-Lived Intangible Asset, Useful Life										15 years
Maximum [Member] \| Class A Common Stock
Summary Of Significant Accounting Policies [Line Items]
Stock Repurchase Program, Authorized Amount																	$ 75,800,000

Summary of Significant Accounting Policies - Allowance for doubtful accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Summary of Significant Accounting Policies
Balance at Beginning of Period	$ 469	$ 648	$ 671	$ 759
Charged to Costs and Expenses	56	420	578
Write Off of Uncollectible Accounts, Net of Recoveries	(235)	(443)	(666)
Balance at End of Period	$ 469	$ 648	$ 671	$ 759

Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property Plant and Equipment, Gross	$ 144,719	$ 142,680
Accumulated depreciation	(91,375)	(87,795)
Net property and equipment	53,344	54,885
Land and Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Property Plant and Equipment, Gross	14,638	14,559
Building [Member]
Property, Plant and Equipment [Line Items]
Property Plant and Equipment, Gross	$ 38,225	38,059
Estimated Useful Life	31 years 6 months
Towers And Antennae [Member]
Property, Plant and Equipment [Line Items]
Property Plant and Equipment, Gross	$ 25,918	25,976
Towers And Antennae [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	7 years
Towers And Antennae [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	15 years
Equipment [Member]
Property, Plant and Equipment [Line Items]
Property Plant and Equipment, Gross	$ 55,955	53,547
Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	15 years
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property Plant and Equipment, Gross	$ 7,129	7,189
Furniture and Fixtures [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	7 years
Furniture and Fixtures [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	20 years
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property Plant and Equipment, Gross	$ 2,854	$ 3,350
Estimated Useful Life	5 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								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net income (loss)									$ 11,157	$ (1,913)	$ 13,279
Less: Income (loss) allocated to unvested participating securities									190	(21)	292
Net income (loss) available to common stockholders									$ 10,967	$ (1,892)	$ 12,987
Denominator:
Weighted average common shares	5,922	5,917	5,917	5,913	5,880	5,869	5,868	5,866	5,917	5,871	5,834
Effect of dilutive securities:
Denominator for diluted earnings per share - adjusted weighted-average shares and assumed conversions	5,922	5,917	5,917	5,913	5,880	5,869	5,868	5,866	5,917	5,871	5,834
Basic earnings (loss) per share
Basic	$ 0.60	$ 0.58	$ 0.54	$ 0.13	$ 0.38	$ (0.16)	$ (0.82)	$ 0.28	$ 1.85	$ (0.32)	$ 2.23
Diluted earnings (loss) per share
Diluted earning per share	$ 0.60	$ 0.58	$ 0.54	$ 0.13	$ 0.38	$ (0.16)	$ (0.82)	$ 0.28	$ 1.85	$ (0.32)	$ 2.23

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue.
Revenue from Contract with Customer, Including Assessed Tax	$ 29,151	$ 28,845	$ 28,046	$ 22,301	$ 28,753	$ 24,143	$ 16,866	$ 26,051	$ 108,343	$ 95,813	$ 123,072
Revenue, Remaining Performance Obligation, Optional Exemption, Performance Obligation [true false]									true
Broadcast Advertising Revenue, Net [Member]
Revenue.
Revenue from Contract with Customer, Including Assessed Tax									$ 95,573	87,481	112,278
Digital Advertising Revenue [Member]
Revenue.
Revenue from Contract with Customer, Including Assessed Tax									6,337	3,416	3,783
Other Revenue [Member]
Revenue.
Revenue from Contract with Customer, Including Assessed Tax									$ 6,433	$ 4,916	$ 7,011

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-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
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-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

+ Details

Broadcast Licenses, Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($)	3 Months Ended			12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Broadcast Licenses, Goodwill and Other Intangible Assets
Impairment of broadcast licenses	$ 1,392,000	$ 3,757,000	$ 0		$ 5,149,000
Amortization Expense				$ 387,000	$ 813,000	$ 1,029,000
2022				39,000
2023				35,000
2024				33,000
2025				33,000
2026				$ 32,000

Broadcast Licenses, Goodwill and Other Intangible Assets (Changes to broadcast licenses) (Details) - USD ($)	3 Months Ended			12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020
Broadcast Licenses, Goodwill and Other Intangible Assets
Balance				$ 90,208,000	$ 95,311,000
Acquisitions				69,000	46,000
Impairment charge	$ (1,392,000)	$ (3,757,000)	$ 0		(5,149,000)
Balance			$ 95,311,000	$ 90,277,000	$ 90,208,000

Broadcast Licenses, Goodwill and Other Intangible Assets (Schedule of certain key estimates and assumptions used in impairment test) (Details)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Measurement Input, Discount Rate [Member] \| Minimum [Member]
Impairment measurement input	12.3	12.6	12.2
Measurement Input, Discount Rate [Member] \| Maximum [Member]
Impairment measurement input	12.6	13.0	12.2
Measurement Input Operating Profit Margin [Member] \| Minimum [Member]
Impairment measurement input	17.8	17.8	19.0
Measurement Input Operating Profit Margin [Member] \| Maximum [Member]
Impairment measurement input	36.4	36.4	36.4
Measurement Input, Long-term Revenue Growth Rate [Member] \| Minimum [Member]
Impairment measurement input	0.2	0.2	0.0
Measurement Input, Long-term Revenue Growth Rate [Member] \| Maximum [Member]
Impairment measurement input	2.6	2.9	2.9

Broadcast Licenses, Goodwill and Other Intangible Assets (Changes to Goodwill) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Broadcast Licenses, Goodwill and Other Intangible Assets
Goodwill, Beginning Balance	$ 19,106	$ 18,963
Acquisitions	103	143
Goodwill, Ending Balance	$ 19,209	$ 19,106

Broadcast Licenses, Goodwill and Other Intangible Assets (Amortizable intangible assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 16,315	$ 16,320
Accumulated Amortization	15,906	15,524
Net Amount	409	796
Customer relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	4,660	4,660
Accumulated Amortization	4,660	4,322
Net Amount		338
Noncompete Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	3,861	3,861
Accumulated Amortization	3,861	3,861
Favorable lease agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	5,965	5,965
Accumulated Amortization	5,597	5,570
Net Amount	368	395
Other intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,829	1,834
Accumulated Amortization	1,788	1,771
Net Amount	$ 41	$ 63

Long-Term Debt (Narrative) (Details) - USD ($)						12 Months Ended
Long-Term Debt (Narrative) (Details) - USD ($)	Oct. 27, 2021	Jun. 07, 2019	Feb. 04, 2019	Jun. 27, 2018	Aug. 18, 2015	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Nov. 01, 2021	Jul. 01, 2019
Debt Instrument [Line Items]
Long-term Debt						$ 0	$ 10,000,000
Amortization of debt issuance costs						$ 37,000	40,000	$ 103,000
Credit Facility Participation Fee And Fronting Fee Percentage						0.25%
Debt instrument, term					5 years
Unamortized Debt Issuance Expense						$ 266,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 100,000,000				$ 50,000,000	$ 70,000,000
Debt Instrument, Maturity Date				Jun. 27, 2023	Aug. 18, 2020
Repayments of Long-term Lines of Credit	$ 10,000,000	$ 5,000,000	$ 5,000,000
Line of Credit Facility, Remaining Borrowing Capacity						$ 50,000,000
Debt instrument, term				5 years
Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Line of credit facility, interest rate at period end						0.101%
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]
Debt Issuance Costs, Net						$ 120,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term Debt							$ 10,000,000

Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Total debt
Long-term Debt, Total	$ 0	$ 10,000,000
Long-term debt, noncurrent		10,000,000
Revolving Credit Facility [Member]
Total debt
Long-term Debt, Total		10,000,000
Amounts payable within one year	$ 0	$ 0

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash paid during the period for:
Interest	$ 253	$ 311	$ 635
Income taxes	3,450	1,099	3,893
Non-cash transactions:
Barter revenue	2,125	2,014	3,560
Barter expense	2,124	1,881	3,370
Acquisition of property and equipment		6	28
Use of treasury shares for 401(k) match	$ 221	$ 250	$ 262

Income Taxes (Narrative) (Details) - USD ($)	3 Months Ended								12 Months Ended
Income Taxes (Narrative) (Details) - USD ($)	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes
Deferred Tax Assets Tax Deferred Compensation Noncurrent	$ 1,270,000				$ 1,063,000				$ 1,270,000	$ 1,063,000
Income tax expense (benefit)	1,230,000	$ 1,375,000	$ 1,325,000	$ 330,000	2,680,000	$ 1,130,000	$ (3,805,000)	$ 700,000	4,260,000	705,000	$ 5,420,000
Income Tax Examination, Penalties and Interest Accrued	0				0				0	0
Effective income tax rate reconciliation related to impairment losses, tax benefit									(1,400,000)
Effective income tax rate reconciliation related to executive compensation									1,000,000.0
Income Tax Examination, Penalties and Interest Expense									0	600	$ 2,100
Deferred tax asset, valuation allowance	0				0				0	0
Unrecognized tax benefits, income tax penalties accrued	$ 0				$ 0				$ 0	$ 0
Effective income tax rate reconciliation, percent									27.60%	(58.40%)

Income Taxes (Significant components of the Company's deferred tax liabilities and assets) (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Deferred tax liabilities:
Property and equipment	$ 4,242,000	$ 4,802,000
Intangible assets	21,425,000	20,442,000
Prepaid expenses	405,000	426,000
Total deferred tax liabilities	26,072,000	25,670,000
Deferred tax assets:
Allowance for doubtful accounts	43,000	89,000
Compensation	1,093,000	824,000
Other accrued liabilities	134,000	150,000
Deferred Tax Assets, Gross, Total	1,270,000	1,063,000
Less: valuation allowance	0	0
Total net deferred tax assets	1,270,000	1,063,000
Net deferred tax liabilities	24,802,000	24,607,000
Current portion of deferred tax assets	361,000	150,000
Non-current portion of deferred tax liabilities	(25,163,000)	(24,757,000)
Net deferred tax liabilities	$ (24,802,000)	$ (24,607,000)

Income Taxes (Significant components of the provision for income taxes) (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
Federal									$ 3,080,000	$ 850,000	$ 2,900,000
State									985,000	400,000	1,100,000
Total current									4,065,000	1,250,000	4,000,000
Total deferred									195,000	(545,000)	1,420,000
Total Income Tax Provision	$ 1,230,000	$ 1,375,000	$ 1,325,000	$ 330,000	$ 2,680,000	$ 1,130,000	$ (3,805,000)	$ 700,000	$ 4,260,000	$ 705,000	$ 5,420,000

- Definition

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

+ References + Details

Income Taxes (Reconciliation of income tax) (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes
Tax expense at U.S. statutory rates									$ 3,209,000	$ (290,000)	$ 3,976,000
State tax expense (benefit), net of federal benefit									815,000	235,000	1,079,000
Other adjustments against income tax expense (benefit)									236,000	760,000	365,000
Total Income Tax Provision	$ 1,230,000	$ 1,375,000	$ 1,325,000	$ 330,000	$ 2,680,000	$ 1,130,000	$ (3,805,000)	$ 700,000	$ 4,260,000	$ 705,000	$ 5,420,000

- Definition

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	12 Months Ended
	Oct. 16, 2013	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock Based Compensation [Abstract]
Stock options granted		0	0	0
Stock options outstanding		0
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
Weighted average grant date fair value of restricted stock that vested during		$ 1,792,000		$ 2,276,000
Net value of unrecognized compensation cost related to unvested restricted stock awards		2,354,000	$ 1,896,000	4,195,000
Restricted Stock [Member]
Stock Based Compensation [Abstract]
Stock-Based Compensation expense		$ 1,335,000	$ 2,221,000	$ 2,129,000
Shares, Granted		77,913	0	72,985
Recognized tax benefits		$ 121,000	$ 235,000	$ 227,000
Stock Option [Member]
Stock Based Compensation [Abstract]
Stock-Based Compensation expense		$ 0	$ 0	$ 0
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 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] - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares, Non-vested and Outstanding, Beginning	63,755	128,224	109,176
Shares, Granted	77,913	0	72,985
Shares, Vested	(41,059)	(62,137)	(51,021)
Shares, Forfeited		(2,332)	(2,916)
Shares, Non-vested and Outstanding, Ending	100,609	63,755	128,224
Weighted Average Grant Date Fair Value, Outstanding Beginning	$ 32.90	$ 34.66	$ 40.87
Weighted Average Grant Date Fair Value, Granted	23.00		31.18
Weighted Average Grant Date Fair Value, Vested	33.85	36.50	42.66
Weighted Average Grant Date Fair Value, Forfeited		33.65	40.30
Weighted Average Grant Date Fair Value, Outstanding Ending	$ 24.85	$ 32.90	$ 34.66
Weighted average remaining contractual life (in years)	2 years 3 months 18 days

Employee Benefit Plans (Narrative) (Details) - USD ($)	12 Months Ended
Employee Benefit Plans (Narrative) (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Employee Benefit Plans
Administrative expense	$ 1,550	$ 2,900	$ 2,400
Discretionary contribution	250,000	225,000	250,000
Deferred Compensation Expense Non Qualified Plan	$ 100,000	$ 105,000	$ 135,000

Acquisitions and Dispositions - Additional Information (Details) - USD ($)				6 Months Ended	12 Months Ended
	Jul. 12, 2021	Jan. 08, 2021	Jan. 02, 2020	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 09, 2019
Business Acquisition [Line Items]
Disposal Group, Including Discontinued Operation, Consideration								$ 210,000
W295BL
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total			$ 200,000
Payments to Acquire Businesses, Gross						$ 190,000	$ 10,000
W288DQ
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 175,000
Payments to Acquire Businesses, Gross					$ 150,000	$ 25,000
WIZZ-Am
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total	$ 61,800
Payments to Acquire Businesses, Gross				$ 5,000

Acquisitions and Dispositions - Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 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
Total liabilities assumed	0
Net assets acquired	$ 175	$ 200

Related Party Transactions (Narrative) (Details)				1 Months Ended	12 Months Ended
Related Party Transactions (Narrative) (Details)	Dec. 16, 2020 USD ($)	Dec. 06, 2019 USD ($)	Dec. 14, 2018 USD ($)	Jun. 30, 2011	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jan. 09, 2019 USD ($)
Related Party Transaction [Line Items]
CEO Employment Agreement					In June 2011, we entered into a new employment agreement with Edward K. Christian, Chairman, President and CEO, which became effective as of June 1, 2011, and replaced and superseded his prior employment agreement. We entered into amendments to the agreement on February 12, 2016 (the “First Amendment”), February 26, 2019 (the “Second Amendment”) and January 25, 2022 (the “Third Amendment”). The First Amendment extended the term of the employment agreement to March 31, 2021. The First Amendment also states that on each anniversary of the effective date of the employment agreement, the Compensation Committee shall determine in its discretion the amount of any annual increases (which shall not be less than the greater of 4% or a defined cost of living increase). Mr. Christian may defer any or all of his annual salary. The Second Amendment extends the term of the employment agreement from March 31, 2021 to March 31, 2025 and also makes certain clarifying modifications to the employment agreement.The Third Amendment extends the term of the employment agreement from March 31, 2025 to March 31, 2027 and makes certain changes to the employment agreement pursuant to Section 409A of the Internal Revenue Code.
Deferred Compensation Details					On December 6, 2019, Mr. Christian agreed to defer approximately $100,000 of his 2020 salary to be paid 100% on January 15, 2021.
Disposal Group, Including Discontinued Operation, Consideration								$ 210,000
Operating Leases, Rent Expense, Minimum Rentals							$ 4,400
Leasee operating leases rent expense					$ 4,200	$ 4,100
Change in control benchmark percentage of combined voting power					30.00%
Change in control benchmark percentage of voting securities					50.00%
Principal Stockholder Employment Agreement [Member]
Related Party Transaction [Line Items]
Compensation, Annual Increase, Maximum Threshold Percentage				4.00%
Deferred Salary, Amount	$ 100,000	$ 100,000	$ 100,000
Deferred Salary, Payment Percentage	100.00%	100.00%	100.00%
Change In Control, Amount Payable, Multiple					2.99
Health Insurance Provided, Period					10 years
Non-compete Agreement Period					3 years
Severance Payment Percentage					100.00%
Severance Payment Period					24 months
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage					100.00%
Average Annual Compensation					$ 1,943,000	$ 1,943,000	$ 1,943,000
Change In Control Agreements [Member]
Related Party Transaction [Line Items]
Change In Control, Amount Payable, Multiple					1.5
Lumpsum Payment Period					45 days
Employee Continuation Period					6 months
Employee Termination Period					6 months
Apex Agreement [Member]
Related Party Transaction [Line Items]
Payments to Acquire Businesses, Gross					$ 23,000,000

Common Stock (Narrative) (Details)	12 Months Ended
Common Stock (Narrative) (Details)	Dec. 31, 2021 item shares	Dec. 31, 2020 item
Class A Common Stock
Number of votes per share of common stock	1	1
Class B Common Stock
Number of votes per share of common stock	10	10
Number of shares issued upon conversion into Class A Common Stock \| shares	1

Commitments and Contingencies (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2003
Commitments and Contingencies
Operating Lease, Right-of-Use Asset	$ 6,100,000	$ 6,600,000
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Operating Lease, Liability	$ 6,426,000	$ 6,900,000
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current, Other Liabilities, Noncurrent	Accrued Liabilities, Current, Other Liabilities, Noncurrent
Additional lease assets recorded	$ 1,039,000
Operating Lease, Payments	1,777,000	$ 1,737,000
Lease, Cost	$ 1,765,000	$ 1,752,000	$ 1,801,000
Option to extend	true
Operating Lease, Weighted Average Remaining Lease Term		6 years 2 months 12 days
Operating Lease, Weighted Average Discount Rate, Percent		4.20%
Contingent cash payment				$ 1,000,000

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Minimum annual rental commitments
2022	$ 1,778
2023	1,575
2024	1,275
2025	875
2026	668
Thereafter	1,243
Total lease payments	7,414
Less: Interest	$ 988
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current, Other Liabilities, Noncurrent	Accrued Liabilities, Current, Other Liabilities, Noncurrent
Present value of lease liabilities	$ 6,426	$ 6,900

Fair Value Measurements (Narrative) (Details) - USD ($)	3 Months Ended			12 Months Ended
Fair Value Measurements (Narrative) (Details) - USD ($)	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indefinite-Lived License Agreements			$ 95,311,000	$ 90,208,000	$ 90,277,000
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)	$ 1,392,000	$ 3,757,000	$ 0	5,149,000
Licensing Agreements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indefinite-Lived License Agreements				51,448,000
Licensing Agreements [Member] \| Fair Value, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure				$ 46,299,000

Fair Value Measurements (Schedule of Fair Value Measurements, Recurring and Nonrecurring) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents	$ 54,760	$ 51,353
Fair Value, Inputs, Level 2 [Member]
Revolving Credit Facility		$ 10,000

Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, shares in Thousands	3 Months Ended									12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Quarterly Results of Operations (Unaudited)
Net operating revenue	$ 29,151,000	$ 28,845,000	$ 28,046,000	$ 22,301,000	$ 28,753,000	$ 24,143,000	$ 16,866,000	$ 26,051,000		$ 108,343,000	$ 95,813,000	$ 123,072,000
Station operating expenses	21,615,000	21,690,000	21,017,000	18,923,000	21,119,000	19,616,000	18,652,000	22,199,000		83,245,000	81,586,000	92,692,000
Corporate G&A	2,570,000	2,538,000	2,494,000	2,438,000	2,651,000	2,838,000	3,070,000	3,015,000		10,040,000	11,574,000	11,460,000
Other operating expense (income), net	32,000	(2,000)	(80,000)	57,000	(13,000)	50,000	46,000	(1,330,000)		7,000	(1,247,000)	112,000
Impairment of broadcast licenses						1,392,000	3,757,000		$ 0		5,149,000
Operating income	4,934,000	4,619,000	4,615,000	883,000	4,996,000	247,000	(8,659,000)	2,167,000		15,051,000	(1,249,000)	18,808,000
Other (income) expenses:
Interest expense	66,000	73,000	72,000	73,000	75,000	75,000	82,000	108,000		284,000	340,000	735,000
Interest income	(2,000)	(4,000)	(4,000)	(6,000)	(7,000)	(8,000)	(25,000)	(108,000)		(16,000)	(148,000)	(610,000)
Other income	(52,000)	(279,000)	(31,000)	(272,000)	(20,000)			(213,000)		(634,000)	(233,000)	(16,000)
Income before income taxes	4,922,000	4,829,000	4,578,000	1,088,000	4,948,000	180,000	(8,716,000)	2,380,000		15,417,000	(1,208,000)	18,699,000
Income tax provision (benefit)	1,230,000	1,375,000	1,325,000	330,000	2,680,000	1,130,000	(3,805,000)	700,000		$ 4,260,000	$ 705,000	$ 5,420,000
Net income	$ 3,692,000	$ 3,454,000	$ 3,253,000	$ 758,000	$ 2,268,000	$ (950,000)	$ (4,911,000)	$ 1,680,000
Basic	$ 0.60	$ 0.58	$ 0.54	$ 0.13	$ 0.38	$ (0.16)	$ (0.82)	$ 0.28		$ 1.85	$ (0.32)	$ 2.23
Weighted average common shares	5,922	5,917	5,917	5,913	5,880	5,869	5,868	5,866		5,917	5,871	5,834
Diluted earnings per share	$ 0.60	$ 0.58	$ 0.54	$ 0.13	$ 0.38	$ (0.16)	$ (0.82)	$ 0.28		$ 1.85	$ (0.32)	$ 2.23
Weighted average common and common equivalent shares	5,922	5,917	5,917	5,913	5,880	5,869	5,868	5,866		5,917	5,871	5,834

Other Income (Narrative) (Details) - USD ($)	3 Months Ended						12 Months Ended
Other Income (Narrative) (Details) - USD ($)	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Income [Line Items]
Proceeds from Insurance Settlement, Investing Activities							$ 589,000	$ 233,000
Other Nonoperating Income (Expense)	$ 52,000	$ 279,000	$ 31,000	$ 272,000	$ 20,000	$ 213,000	634,000	$ 233,000	$ 16,000
Tower in Keene New Hampshire [Member]
Other Income [Line Items]
Gain (Loss) On Insurance Settlement						208,000
Proceeds from Insurance Settlement, Investing Activities						208,000
Tower in Des Moines Iowa [Member]
Other Income [Line Items]
Proceeds from Insurance Settlement, Investing Activities		290,000		250,000
Other Nonoperating Income (Expense)		$ 290,000		$ 250,000			$ 540,000
Tower Sites In Bellingham Washington [Member]
Other Income [Line Items]
Proceeds from Sale of Property, Plant, and Equipment						1,700,000
Gain (Loss) on Disposition of Property Plant Equipment						$ 1,400,000

Subsequent Events (Narrative) (Details) - USD ($)					12 Months Ended
Subsequent Events (Narrative) (Details) - USD ($)	Mar. 01, 2022	Dec. 14, 2021	Sep. 28, 2021	Jun. 18, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Subsequent Event [Line Items]
Dividends Payable, Date Declared		Dec. 14, 2021	Sep. 28, 2021	Jun. 18, 2021
Dividends declared per share					$ 0.98	$ 0.32	$ 1.20
Dividends		$ 3,990,000	$ 960,000	$ 960,000
Dividends Payable, Date to be Paid		Jan. 14, 2022	Oct. 22, 2021	Jul. 16, 2021
Dividends Payable, Date of Record		Dec. 27, 2021	Oct. 08, 2021	Jun. 30, 2021
Class A Common Stock
Subsequent Event [Line Items]
Dividends declared per share		$ 0.16
Class B Common Stock
Subsequent Event [Line Items]
Dividends declared per share		$ 0.16
Subsequent Event
Subsequent Event [Line Items]
Dividends Payable, Date Declared	Mar. 01, 2022
Dividends	$ 970,000
Dividends Payable, Date to be Paid	Apr. 08, 2022
Dividends Payable, Date of Record	Mar. 21, 2022
Subsequent Event \| Class A Common Stock
Subsequent Event [Line Items]
Dividends declared per share	$ 0.16
Subsequent Event \| Class B Common Stock
Subsequent Event [Line Items]
Dividends declared per share	$ 0.16