0001558370-24-011739 | 10-Q | XBRL Viewer

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Summary of restricted stock transactions

The following summarizes the restricted stock transactions for the three and six months ended June 30, 2024:


		Weighted
		Average
		Grant Date
		Fair
	Shares	Value
Outstanding at January 1, 2024	193,529	$	22.36
Vested	4,454		23.23
Forfeited	1,040		23.07
Non-vested and outstanding at June 30, 2024	188,035	$	22.34

Leases

6 Months Ended

Jun. 30, 2024

Leases

Leases

6. Leases

We lease certain land, buildings and equipment for use in our operations. We recognize lease expense for these leases on a straight-line basis over the lease term and combine lease and non-lease components for all leases. Right-of-use (“ROU”) assets and lease liabilities are recorded on the balance sheet for all leases with an expected term of at least one year. Some leases include one or more options to renew. The exercise of lease renewal options is generally at our discretion. The depreciable lives of ROU assets are limited to the expected lease term. Our lease agreements do not contain any residual value guarantees or material restrictive covenants. As of June 30, 2024, 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 $6.5 million and $7.0 million at June 30, 2024 and December 31, 2023 respectively. Lease liabilities were $6.8 million and $7.3 million at June 30, 2024 and December 31, 2023, respectively. During the six months ended June 30, 2024, we recorded additional ROU assets under operating leases of $282,000. Payments on

lease liabilities during the three and six months ended June 30, 2024 and 2023 totaled $445,000, $973,000, $415,000, and $941,000, respectively.

Lease expense includes cost for leases with terms in excess of one year. For the three and six months ended June 30, 2024 and 2023, our total lease expense was $475,000, $950,000, $457,000 and $917,000, respectively. Short-term lease costs are de minimis in nature.

We have no financing leases and minimum annual rental commitments under non-cancellable operating leases consisted of the following at June 30, 2024 (in thousands):


Years Ending December 31,
2024 (a)	$	897
2025		1,723
2026		1,502
2027		1,313
2028		904
Thereafter		1,784
Total lease payments (b)		8,123
Less: Interest (c)		1,357
Present value of lease liabilities (d)	$	6,766

(a)	Remaining payments are for the six-months ending December 31, 2024.

(b)	Lease payments include options to extend lease terms that are reasonably certain of being exercised. There were no legally binding minimum lease payments for leases signed but not yet commenced at June 30, 2024.

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

(d)	The weighted average remaining lease term and weighted average discount rate used in calculating our lease liabilities were 6.3 years and 5.5%, respectively, at June 30, 2024.

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Aug. 05, 2024
Document and Entity Information
Document Type	10-Q
Document Transition Report	false
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Entity File Number	1-11588
Entity Registrant Name	Saga Communications, Inc
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	38-3042953
Entity Address, Address Line One	73 Kercheval Avenue
Entity Address, City or Town	Grosse Pointe Farms
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48236
City Area Code	313
Local Phone Number	886-7070
Title of 12(b) Security	Class A Common Stock, par value $.01 per share
Trading Symbol	SGA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		6,261,481
Entity Central Index Key	0000886136
Document Fiscal Period Focus	Q2
Amendment Flag	false

Stock-Based Compensation (Narrative) (Details) - USD ($)			3 Months Ended		6 Months Ended		12 Months Ended
	May 13, 2019	Oct. 16, 2013	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	May 08, 2023
Stock Based Compensation [Abstract]
Stock options exercise price description		could not be exercised at a price which was less than 100% of the fair market value of shares at the date of grant
Stock-Based Compensation expense			$ 0	$ 0	$ 0	$ 0
Stock options granted					0		0
Stock options outstanding			0		0
Restricted Stock
Stock Based Compensation [Abstract]
Stock-Based Compensation expense			$ 520,000	248,000	$ 973,000	493,000
Recognized tax benefits			$ 137,000	$ 65,000	$ 256,000	$ 129,000
Class A Common Stock \| Incentive Compensation Plan 2023
Stock Based Compensation [Abstract]
Number of shares issued								600,000
Class A Common Stock \| Stock Option
Stock Based Compensation [Abstract]
Number of shares issued		990,000
Class A Common Stock \| Incentive Compensation Plan
Stock Based Compensation [Abstract]
Number of shares issued		620,000
Class A Common Stock \| Convert For Class B
Stock Based Compensation [Abstract]
Number of shares issued		370,000
Class B Common Stock
Stock Based Compensation [Abstract]
Increase in number of common stock shares authorized	90,000
Class B Common Stock \| Stock Option
Stock Based Compensation [Abstract]
Number of shares issued		370,000

Income taxes (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
Income taxes (Narrative) (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income taxes
Income tax expense (benefit)	$ 955,000	$ 1,250,000	$ 375,000	$ 1,600,000
Effective income tax rate	27.60%	27.20%	28.90%	27.30%

- Definition

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

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Income taxes

6 Months Ended

Jun. 30, 2024

Income taxes

Income taxes

8. Income taxes

An income tax expense of $955,000 was recorded for the three months ended June 30, 2024 compared to $1,250,000 for the three months ended June 30, 2023. The effective tax rate was approximately 27.6% for the three months ended June 30, 2024 compared to 27.2% for the three months ended June 30, 2023. An income tax expense of $375,000 was recorded for the six months ended June 30, 2024 compared to $1,600,000 for the six months ended June 30, 2023. The effective tax rate was approximately 28.9% for the six months ended June 30, 2024 compared to 27.3% for the six months ended June 30, 2023. Income tax provisions for interim (quarterly) periods are based on estimated annual income tax rates and are adjusted for the effects of significant, infrequent or unusual items (i.e. discrete items) occurring during the interim period.

- Definition

The entire disclosure for income tax.

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+ Details

Litigation

6 Months Ended

Jun. 30, 2024

Litigation

Litigation

11. Litigation

From time to time, the Company may be involved in various legal proceedings that are incidental to the Company’s business. In management’s opinion, the Company is not a party to any current legal proceedings that are material to its financial condition, either individually or in the aggregate.

Common Stock and Treasury Stock

6 Months Ended

Jun. 30, 2024

Common Stock and Treasury Stock

Common Stock and Treasury Stock

5. Common Stock and Treasury Stock

Our founder and former Chairman, President and CEO, Edward K. Christian, passed away on August 19, 2022. As of the date of his passing, Mr. Christian, who was also our principal shareholder, held approximately 65% of the combined voting power of the Company’s Common Stock based on Class B Common Stock (together with the Class A Common Stock, collectively, the “Common Stock”) generally being entitled to ten votes per share. As a result, Mr. Christian was generally able to control the vote on most matters submitted to the vote of stockholders and, therefore, was able to direct our management and policies, except with respect to (i) the election of two Class A directors, (ii) those matters where the shares of our Class B Common Stock are only entitled to one vote per share, and (iii) other matters requiring a class vote under the provisions of our certificate of incorporation, bylaws or applicable law. Mr. Christian’s passing resulted in the conversion of his Class B shares into Class A shares that were transferred to an estate planning trust that now owns approximately 16% of the common stock outstanding. As a result, we no longer have any shares of Class B Common Stock issued or outstanding.

Dividends. Shareholders 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 shareholders, with each share of Class A Common Stock entitled to one vote. Prior to Mr. Christian’s passing, each share of Class B Common Stock was 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.

Prior to Mr. Christian’s passing, in the election of directors, the holders of Class A Common Stock, voting as a separate class, were 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, were entitled to elect the remaining directors. The Board of Directors consisted of eight members at December 31, 2023. Currently, our Board of Directors consists of seven members. 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 in accordance with the number of shares held in all assets available for distribution after payment in full of creditors.

The following summarizes information relating to the number of shares of our common stock issued in connection with stock transactions through June 30, 2024:


	Common Stock Issued
	Class A	Class B

	(Shares in thousands)
Balance, January 1, 2023	7,867	—
Issuance of restricted stock	140	—
Balance, December 31, 2023	8,007	—
Forfeiture of restricted stock	(1)	—
Balance, June 30, 2024	8,006	—

We have a Stock Buy-Back Program to allow us to purchase up to $75.8 million of our Class A Common Stock. As of June 30, 2024, we have remaining authorization of $18.0 million for future repurchases of our Class A Common Stock. On September 14, 2017, the Board of Directors authorized the repurchase of our Class A Common Stock under our trading plan adopted pursuant to Securities and Exchange Commission Rule 10b5-1. The Rule 10b5-1 repurchase plan allows us to repurchase our shares during periods when we would normally not be active in the market due to our internal trading blackout periods. Under the plan, we may repurchase our Class A Common Stock in any combination of open market, block transactions and privately negotiated transactions subject to market conditions, legal requirements including applicable SEC regulations (which include certain price, market, volume and timing constraints), specific repurchase instructions and other corporate considerations. Purchases under the plan are funded by cash on our balance sheet. The plan does not obligate us to acquire any particular amount of Class A Common Stock. Our original purchase authorization was effective until September 1, 2018 and has been extended several times, with the most recent authorization instructions extension being through May 28, 2020. We halted the directions for any additional buybacks under our plan in 2020. We continue to monitor economic conditions to determine if and when it makes sense to make additional buybacks under our plan. During the three and six months ended June 30, 2024 and 2023, no shares were repurchased under the Stock Buy-Back Program.

- Definition

The entire disclosure for equity.

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+ Details

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Summary of Significant Accounting Policies

Schedule of computation of basic and diluted earnings per share


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023

	(In thousands, except per share data)
Numerator:
Net income	$	2,501	$	3,350	$	924	$	4,270
Less: Income allocated to unvested participating securities		78		51		29		63
Net income available to common shareholders	$	2,423	$	3,299	$	895	$	4,207

Denominator:
Denominator for basic earnings per share — weighted average shares		6,072		6,032		6,068		6,030
Effect of dilutive securities:
Common stock equivalents		—		—		—		—
Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions		6,072		6,032		6,068		6,030

Earnings per share:
Basic	$	0.40	$	0.55	$	0.15	$	0.70
Diluted	$	0.40	$	0.55	$	0.15	$	0.70

Acquisitions and Dispositions - Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets Acquired:
Current assets	$ 542	$ 0
Property and equipment	1,861	0
Other assets:
Broadcast licenses	1,211	0
Goodwill	1,127	0
Other intangibles, deferred costs and investments	1,082	0
Total other assets	3,420	0
Total assets acquired	5,823	0
Liabilities Assumed:
Current liabilities	118	0
Total liabilities assumed	118	0
Net assets acquired	$ 5,705	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 924	$ 4,270
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,456	2,475
Deferred income tax expense	75	415
Amortization of deferred costs	18	18
Compensation expense related to restricted stock awards	973	493
Loss on sale of assets, net	977	80
Other (gain), net	(1,133)	(119)
Barter (revenue) expense, net	(32)	(1)
Deferred and other compensation	(82)	(242)
Changes in assets and liabilities:
Decrease in receivables and prepaid expenses	(453)	(1,643)
Increase in accounts payable, accrued expenses, and other liabilities	1,324	292
Total adjustments	4,123	1,768
Net cash provided by operating activities	5,047	6,038
Cash flows from investing activities:
Purchase of short-term investments	(10,817)	(10,241)
Redemption of short-term investments	12,928	10,237
Acquisition of property and equipment (Capital Expenditures)	(2,574)	(2,637)
Acquisition of broadcast properties	(5,705)
Proceeds from sale and disposal of assets	175	616
Proceeds from other gains and losses	1,143
Other investing activities	4	117
Net cash provided by (used in) investing activities	(4,846)	(1,908)
Cash flows from financing activities:
Proceeds from long-term debt	5,000
Cash dividends paid	(19,391)	(16,816)
Net cash used in financing activities	(14,391)	(16,816)
Net decrease in cash and cash equivalents	(14,190)	(12,686)
Cash and cash equivalents, beginning of period	29,582	36,802
Cash and cash equivalents, end of period	$ 15,392	$ 24,116

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue
Net Revenue	$ 28,742	$ 29,175	$ 53,406	$ 54,479
Remaining performance obligations on leases one year or less exemption			true
Broadcast Advertising Revenue, Net
Revenue
Net Revenue	23,167	24,384	$ 43,649	45,852
Digital Advertising Revenue
Revenue
Net Revenue	3,280	2,473	5,729	4,383
Other Revenue
Revenue
Net Revenue	$ 2,295	$ 2,318	$ 4,028	$ 4,244

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (i)
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-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Acquisitions and Dispositions - Pro Forma Results of Operations for Acquisitions (Details) - Assets of WKOA (FM), WKHY (FM), WASK (FM), WXXB (FM), WASK (AM) and W269DJ from Neuhoff Communications, Inc. - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Acquisitions and Dispositions
Net operating revenue	$ 29,282	$ 29,976	$ 54,574	$ 55,987
Station operating expense	24,023	23,095	47,669	45,482
Corporate general and administrative	3,049	2,472	6,178	5,088
Other operating expense , net	6		977	80
Operating income (loss)	2,204	4,409	(250)	5,337
Interest expense	123	122	245	244
Interest income	(251)	(347)	(554)	(636)
Other income, net	(1,133)		(1,133)	(119)
Income before income tax expense	3,465	4,634	1,192	5,848
Current	817	905	276	1,185
Deferred	149	353	71	410
Income tax expense (benefit) expense	966	1,258	347	1,595
Net income	$ 2,499	$ 3,376	$ 845	$ 4,253
Earnings per share:
Basic (in dollars per share)	$ 0.40	$ 0.55	$ 0.13	$ 0.69
Diluted (in dollars per share)	$ 0.40	$ 0.55	$ 0.13	$ 0.69

Revenue

6 Months Ended

Jun. 30, 2024

Revenue

Revenue

3. Revenue

Nature of goods and services

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

Broadcast Advertising Revenue

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

Digital Advertising Revenue

We recognize revenue from our digital initiatives across multiple platforms such as targeted digital advertising, online promotions, advertising on our websites 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

Revenues from contracts with customers comprised the following for three and six months ended June 30, 2024 and 2023:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023

	(in thousands)				(in thousands)
Types of Revenue
Broadcast Advertising Revenue, net	$	23,167	$	24,384	$	43,649	$	45,852
Digital Advertising Revenue		3,280		2,473		5,729		4,383
Other Revenue		2,295		2,318		4,028		4,244
Net Revenue	$	28,742	$	29,175	$	53,406	$	54,479

Contract Liabilities

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

Transaction Price Allocated to the Remaining Performance Obligations

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

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Other Income

6 Months Ended

Jun. 30, 2024

Other Income

Other Income

13. Other Income

During the second quarter of 2024, the Company received $1,133,000 related to the sale of an investment in Broadcast Music, Inc. (“BMI”) and recorded a gain of $1,133,000. The gain on sale of investment is recorded in other (income) expense, net in the Company’s Condensed Consolidated Statement of Operations.

In 2012, Congress mandated that the FCC conduct an incentive auction of broadcast television spectrum as set forth in the Middle Class Tax Relief and Job Creation Act of 2012 ("Spectrum Act"). The Spectrum Act authorized the FCC to conduct incentive auctions in which licensees could voluntarily relinquish their spectrum usage rights in order to permit the assignment by auction of new initial licenses subject to flexible use service rules, in exchange for a portion of the resulting auction proceeds. The Spectrum Act appropriated $1.75 billion to the TV Broadcaster Relocation Fund ("Reimbursement Fund") for costs reasonably incurred by Full Power and Class A broadcast television licensees reassigned to new channels ("repack"), as well as Multichannel Video Programming Distributors ("MVPDs") that incurred costs related to continuing to carry the signals of reassigned broadcast stations. The 2018 Reimbursement Expansion Act, appropriated $1 billion in additional funds for the Reimbursement Fund and expanded eligible entities for reimbursement to include FM stations affected by the repack. During the first quarter of 2023, we received approximately $115,000 in reimbursement for our FM stations. This reimbursement was recorded in other (income), expense, net, in the Company’s Condensed Consolidated Statement of Operations. We do not anticipate receiving any additional reimbursements.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
shares in Thousands, $ in Thousands

Class A Common Stock

Common Stock.

Class A Common Stock

Class B Common Stock

Common Stock.

Class B Common Stock

Additional Paid-in Capital

Retained Earnings

Treasury Stock

Total

Balance at Dec. 31, 2022

$ 78

$ 0

$ 71,664

$ 143,896

$ (37,109)

$ 178,529

Balance (in shares) at Dec. 31, 2022

7,867

Net Income (Loss)

$ 0

920

Dividends declared per common share

(1,531)

Compensation expense related to restricted stock awards

245

401(k) plan contribution

(185)

441

256

Balance at Mar. 31, 2023

$ 78

$ 0

71,724

143,285

(36,668)

178,419

Balance (in shares) at Mar. 31, 2023

7,867

Balance at Dec. 31, 2022

$ 78

$ 0

71,664

143,896

(37,109)

178,529

Balance (in shares) at Dec. 31, 2022

7,867

Net Income (Loss)

4,270

Balance at Jun. 30, 2023

$ 78

$ 0

71,972

145,104

(36,668)

180,486

Balance (in shares) at Jun. 30, 2023

7,867

Balance at Dec. 31, 2022

$ 78

$ 0

71,664

143,896

(37,109)

178,529

Balance (in shares) at Dec. 31, 2022

7,867

Issuance of restricted stock (in shares)

140

Balance at Dec. 31, 2023

$ 80

$ 0

72,593

134,771

(36,895)

170,549

^[1]

Balance (in shares) at Dec. 31, 2023

8,007

Balance at Mar. 31, 2023

$ 78

$ 0

71,724

143,285

(36,668)

178,419

Balance (in shares) at Mar. 31, 2023

7,867

Net Income (Loss)

$ 0

3,350

Forfeiture of restricted stock

$ 0

Forfeiture of restricted stock (in shares)

Dividends declared per common share

$ 0

(1,531)

Compensation expense related to restricted stock awards

248

Purchase of shares held in treasury

Balance at Jun. 30, 2023

$ 78

$ 0

71,972

145,104

(36,668)

180,486

Balance (in shares) at Jun. 30, 2023

7,867

Balance at Dec. 31, 2023

$ 80

$ 0

72,593

134,771

(36,895)

170,549

^[1]

Balance (in shares) at Dec. 31, 2023

8,007

Net Income (Loss)

$ 0

(1,577)

Dividends declared per common share

(5,321)

Compensation expense related to restricted stock awards

453

401(k) plan contribution

(207)

475

268

Balance at Mar. 31, 2024

$ 80

$ 0

72,839

127,873

(36,420)

164,372

Balance (in shares) at Mar. 31, 2024

8,007

Balance at Dec. 31, 2023

$ 80

$ 0

72,593

134,771

(36,895)

170,549

^[1]

Balance (in shares) at Dec. 31, 2023

8,007

Net Income (Loss)

924

Forfeiture of restricted stock (in shares)

(1)

Balance at Jun. 30, 2024

$ 80

$ 0

73,359

128,808

(36,420)

165,827

Balance (in shares) at Jun. 30, 2024

8,006

Balance at Mar. 31, 2024

$ 80

$ 0

72,839

127,873

(36,420)

164,372

Balance (in shares) at Mar. 31, 2024

8,007

Net Income (Loss)

$ 0

2,501

Forfeiture of restricted stock

$ 0

Forfeiture of restricted stock (in shares)

(1)

Dividends declared per common share

$ 0

(1,566)

Compensation expense related to restricted stock awards

520

Balance at Jun. 30, 2024

$ 80

$ 0

$ 73,359

$ 128,808

$ (36,420)

$ 165,827

Balance (in shares) at Jun. 30, 2024

8,006

[1]	The balance sheet at December 31, 2023 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

Common Stock and Treasury Stock - information relating to the number of shares of our common stock issued (Details) - shares shares in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Class A Common Stock
Common Stock [Line Items]
Balance (in shares)	8,007	7,867
Issuance of restricted stock (in shares)		140
Forfeiture of restricted stock (in shares)	(1)
Balance (in shares)	8,006	8,007
Class B Common Stock
Common Stock [Line Items]
Balance (in shares)	0	0
Issuance of restricted stock (in shares)		0
Forfeiture of restricted stock (in shares)	0
Balance (in shares)	0	0

Stock-Based Compensation

6 Months Ended

Jun. 30, 2024

Stock-Based Compensation

Stock-Based Compensation

9. Stock-Based Compensation

2005 Incentive Compensation Plan

On May 13, 2019 our shareholders 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 allowed 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 was allowed to be issued under the Second Restated 2005 Plan was not to exceed 370,000 shares of Class B Common Stock, or 990,000 shares of Class A Common Stock of which up to 620,000 shares of Class A Common Stock were to be issued pursuant to incentive stock options and 370,000 shares of Class A Common Stock were to be issued upon conversion of Class B Common Stock. Awards denominated in Class A Common Stock were to be granted to any employee or director under the Second Restated 2005 Plan. Upon the passing of Mr. Christian, we no longer have any holders of Class B Common Stock, as those awards denominated in Class B Common Stock were only able to be granted to Mr. Christian. Stock options granted under the Second Restated 2005 Plan were to be for terms not exceeding ten (10) years from the date of grant and could not be exercised at a price which was less than 100% of the fair market value of shares at the date of grant.

2023 Incentive Compensation Plan

On May 8, 2023 our shareholders approved the 2023 Incentive Compensation Plan (the “2023 Plan”). The 2023 Plan replaces the Second Restated 2005 Plan. The Board of Directors does not intend to make any further awards under the Second Restated 2005 Plan. However, each outstanding award under the Second Restated 2005 Plan will remain outstanding under the Second Restated 2005 Plan and will continue to be governed under its terms and any applicable award agreement. The 2023 Plan allows for the granting of restricted stock, restricted stock units, incentive stock options, nonqualified stock options, and performance awards, including cash to eligible employees and non-employee directors of the Company and its subsidiaries. The number of shares of Common Stock that may be issued under the 2023 Plan may not exceed 600,000 shares of Class A Common Stock.

Stock-Based Compensation

All stock options granted were fully vested and expensed at December 31, 2012; therefore, there was no compensation expense related to stock options for the three and six months ended June 30, 2024 and 2023, respectively.

There were no stock options granted during 2024 or 2023 and there were no stock options outstanding as of June 30, 2024. All outstanding stock options were exercised in 2017.

The following summarizes the restricted stock transactions for the three and six months ended June 30, 2024:


		Weighted
		Average
		Grant Date
		Fair
	Shares	Value
Outstanding at January 1, 2024	193,529	$	22.36
Vested	4,454		23.23
Forfeited	1,040		23.07
Non-vested and outstanding at June 30, 2024	188,035	$	22.34

For the three and six months ended June 30, 2024 and 2023, we had $520,000, $973,000, $248,000 and $493,000, respectively, of total compensation expense related to restricted stock-based compensation arrangements. This expense is included in corporate general and administrative expenses in our results of operations. The associated tax benefit recognized for the three and six months ended June 30, 2024 and 2023 was $137,000, $256,000, $65,000 and $129,000, respectively.

Dividends

6 Months Ended

Jun. 30, 2024

Dividends

Dividends

12. Dividends

During 2024, the Company’s Board of Directors has declared two quarterly cash dividends and a variable dividend on its Class A Common Stock. These dividends totaling $1.10 per share and approximately $6.9 million were paid during 2024.

During 2023, the Company’s Board of Directors declared four quarterly cash dividends and one special dividend on its Class A Common Stock. These dividends totaling $3.00 per share and approximately $18.6 million were accrued or paid during 2023.

The Company currently intends to declare regular quarterly cash dividends as well as variable dividends in accordance with the terms of its variable dividend policy. As previously reported, our Board adopted a variable dividend policy for the allocation of available cash aligned with the goals of maintaining a strong balance sheet, increasing cash returns to shareholders, and continuing to grow the Company through strategic acquisitions. The Company may also declare special dividends and implement stock buybacks in future periods. The declaration and payment of any future dividend, whether fixed, special, or based on the variable policy, or the implementation of any stock buyback program will remain at the full discretion of the Board and will depend on the Company’s financial results, cash requirements, future expectations, and other pertinent factors.

Summary of Significant Accounting Policies (Narrative) (Details)	6 Months Ended
	Jun. 30, 2024 USD ($) item segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Summary of Significant Accounting Policies
Number of market serving \| item	28
Number of FM radio stations \| item	82
Number of AM radio stations	32
Number of metro signals	79
Debt securities, held to maturity \| $	$ 8,700,000	$ 10,600,000
Securities at fair value \| $	8,700,000		$ 10,600,000
Allowance for credit losses \| $	$ 1,009,000	$ 618,000
Number of Radio Markets \| item	28
Number of operating segments \| segment	1
Number of reportable segments \| segment	1

Common Stock and Treasury Stock (Tables)

6 Months Ended

Jun. 30, 2024

Common Stock and Treasury Stock

Schedule of Stock by Class

The following summarizes information relating to the number of shares of our common stock issued in connection with stock transactions through June 30, 2024:


	Common Stock Issued
	Class A	Class B

	(Shares in thousands)
Balance, January 1, 2023	7,867	—
Issuance of restricted stock	140	—
Balance, December 31, 2023	8,007	—
Forfeiture of restricted stock	(1)	—
Balance, June 30, 2024	8,006	—

- Definition

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

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+ Details

Stock-Based Compensation (Summary of Restricted Stock Transactions) (Details) - Restricted Stock	6 Months Ended
	Jun. 30, 2024 $ / shares shares
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 \| shares	193,529
Shares, Vested \| shares	(4,454)
Shares, Forfeited \| shares	(1,040)
Shares, Non-vested and Outstanding, Ending \| shares	188,035
Weighted Average Grant Date Fair Value, Outstanding Beginning \| $ / shares	$ 22.36
Weighted Average Grant Date Fair Value, Vested \| $ / shares	23.23
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	23.07
Weighted Average Grant Date Fair Value, Outstanding Ending \| $ / shares	$ 22.34

Leases- Minimum Annual Rental Commitments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Minimum annual rental commitments
2024 (a)	$ 897
2025	1,723
2026	1,502
2027	1,313
2028	904
Thereafter	1,784
Total lease payments (b)	8,123
Less: Interest (c)	1,357
Present value of lease liabilities (d)	$ 6,766	$ 7,300
Lessee, option to extend	true

Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases

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 June 30, 2024 (in thousands):


Years Ending December 31,
2024 (a)	$	897
2025		1,723
2026		1,502
2027		1,313
2028		904
Thereafter		1,784
Total lease payments (b)		8,123
Less: Interest (c)		1,357
Present value of lease liabilities (d)	$	6,766

(a)	Remaining payments are for the six-months ending December 31, 2024.

(b)	Lease payments include options to extend lease terms that are reasonably certain of being exercised. There were no legally binding minimum lease payments for leases signed but not yet commenced at June 30, 2024.

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

(d)	The weighted average remaining lease term and weighted average discount rate used in calculating our lease liabilities were 6.3 years and 5.5%, respectively, at June 30, 2024.

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2024

Long-Term Debt

Schedule of Long-Term Debt


	June 30,		December 31,
	2024		2023

	(In thousands)
Revolving credit facility	$	5,000	$	—
Amounts payable within one year		—		—
	$	5,000	$	—

- 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

Broadcast Licenses, Goodwill and Other Intangible Assets (Details)	Jun. 30, 2024
Favorable lease agreements \| Minimum
Finite-lived intangible asset, useful life	5 years
Favorable lease agreements \| Maximum
Finite-lived intangible asset, useful life	26 years
Other intangibles \| Minimum
Finite-lived intangible asset, useful life	1 year
Other intangibles \| Maximum
Finite-lived intangible asset, useful life	15 years
Customer relationships
Finite-lived intangible asset, useful life	3 years

Acquisitions and Dispositions (Tables)

6 Months Ended

Jun. 30, 2024

Acquisitions and Dispositions

Schedule of recognized identified assets acquired and liabilities assumed

Condensed Consolidated Balance Sheet of 2024 and 2023 Acquisitions


	Acquisitions in
	2024		2023

	(In thousands)
Assets Acquired:
Current assets	$	542	$	—
Property and equipment		1,861		—
Other assets:
Broadcast licenses		1,211		—
Goodwill		1,127		—
Other intangibles, deferred costs and investments		1,082		—
Total other assets		3,420		—
Total assets acquired		5,823		—
Liabilities Assumed:
Current liabilities		118		—
Total liabilities assumed		118		—
Net assets acquired	$	5,705	$	—

Schedule of Business Acquisition, Pro Forma Information


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023

	(In thousands, except per share data)
Pro forma Consolidated Results of Operations
Net operating revenue	$	29,282	$	29,976	$	54,574	$	55,987
Station operating expense		24,023		23,095		47,669		45,482
Corporate general and administrative		3,049		2,472		6,178		5,088
Other operating expense, net		6		—		977		80
Operating income (loss)		2,204		4,409		(250)		5,337
Interest expense		123		122		245		244
Interest income		(251)		(347)		(554)		(636)
Other income, net		(1,133)		—		(1,133)		(119)
Income before income tax expense		3,465		4,634		1,192		5,848
Income tax provision
Current		817		905		276		1,185
Deferred		149		353		71		410
		966		1,258		347		1,595
Net income	$	2,499	$	3,376	$	845	$	4,253

Earnings per share:
Basic	$	0.40	$	0.55	$	0.13	$	0.69
Diluted	$	0.40	$	0.55	$	0.13	$	0.69

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2024

Summary of Significant Accounting Policies

Basis of Presentation

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

In our opinion, the accompanying financial statements include all adjustments of a normal, recurring nature considered necessary for a fair presentation of our financial position as of June 30, 2024 and the results of operations for the three and six months ended June 30, 2024 and 2023. Results of operations for three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.

We own or operate broadcast properties in 28 markets, including 82 FM and 32 AM radio stations and 79 metro signals.

For further information, refer to the consolidated financial statements and footnotes thereto included in the Saga Communications, Inc. annual report on Form 10-K for the year ended December 31, 2023.

We have evaluated events and transactions occurring subsequent to the balance sheet date of June 30, 2024, for items that should potentially be recognized in these financial statements or discussed within the notes to these financial statements.

Earnings Per Share Information

Earnings per share is calculated using the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security. The Company has participating securities related to restricted stock units, granted under the Company’s Second Amended and Restated 2005 Incentive Compensation Plan and the Company’s 2023 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:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023

	(In thousands, except per share data)
Numerator:
Net income	$	2,501	$	3,350	$	924	$	4,270
Less: Income allocated to unvested participating securities		78		51		29		63
Net income available to common shareholders	$	2,423	$	3,299	$	895	$	4,207

Denominator:
Denominator for basic earnings per share — weighted average shares		6,072		6,032		6,068		6,030
Effect of dilutive securities:
Common stock equivalents		—		—		—		—
Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions		6,072		6,032		6,068		6,030

Earnings per share:
Basic	$	0.40	$	0.55	$	0.15	$	0.70
Diluted	$	0.40	$	0.55	$	0.15	$	0.70

There were no stock options outstanding that had an antidilutive effect on our earnings per share calculation for the three and six months ended June 30, 2024 and 2023, respectively. The actual effect of these shares, if any, on the diluted earnings per share calculation will vary significantly depending on the fluctuation in the stock price.

Financial Instruments

We account for marketable securities in accordance with ASC 320, “Investments – Debt Securities,” which require that certain debt securities be classified into one of three categories: held-to-maturity, available-for-sale, or trading securities, and depending upon the classification, value the security at amortized cost or fair market value. At June 30, 2024 and December 31, 2023, we have recorded $8.7 million and $10.6 million, respectively, of held-to-maturity U.S. Treasury Bills and Treasury Notes at amortized cost basis that have a fair market value of $8.7 million and $10.6 million, respectively. Our held-to-maturity U.S. Treasury Bills and Treasury Notes all have original maturity dates ranging from July 2024 to December 2024.

Our financial instruments are comprised of cash and cash equivalents, short-term investments, 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 secured overnight finance rate (“SOFR”), prime rate or have been reset at the prevailing market rate at June 30, 2024.

Allowance for Doubtful Accounts

A provision for doubtful accounts is recorded based on our judgment of collectability of receivables. Amounts are written off when determined to be fully uncollectible. Delinquent accounts are based on contractual terms. We maintain a specific allowance for estimated losses resulting from the inability of certain customers to make required payments. We also consider factors external to the specific customer, including current conditions and forecasts of economic conditions, including the potential impact of uncertain economic conditions. In the event we recover amounts previously written off, we will reduce the specific allowance for credit loss. Our allowance for doubtful accounts was $1,009,000 and $618,000 at June 30, 2024 and December 31, 2023, respectively.

Income Taxes

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

Segments

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

Time Brokerage Agreements/Local Marketing Agreements

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

Recent Accounting Pronouncements

New Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which requires expanded disclosure of significant segment expenses and other segment items on an annual and interim basis. ASU 2023-07 is effective for us for annual periods beginning after January 1, 2024 and interim periods beginning after January 1, 2025. We are currently evaluating the impact ASU 2023-07 will have on our financial statement disclosures.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which requires expanded disclosure of our income rate reconciliation and income taxes paid. ASU 2023-09 is effective for us for annual periods beginning after January 1, 2025. We are currently evaluating the impact ASU 2023-09 will have on our financial statement disclosures.

- Definition

Disclosure of accounting policy for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security. Includes, but is not limited to, methodology used to estimate allowance for credit loss, how writeoff of uncollectible amount is recognized, and determination of past due status and nonaccrual status.

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- Definition

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

+ References + Details

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+ Details

Revenue (Tables)

6 Months Ended

Jun. 30, 2024

Revenue

Schedule of disaggregation of revenue

Revenues from contracts with customers comprised the following for three and six months ended June 30, 2024 and 2023:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023

	(in thousands)				(in thousands)
Types of Revenue
Broadcast Advertising Revenue, net	$	23,167	$	24,384	$	43,649	$	45,852
Digital Advertising Revenue		3,280		2,473		5,729		4,383
Other Revenue		2,295		2,318		4,028		4,244
Net Revenue	$	28,742	$	29,175	$	53,406	$	54,479

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

1. Summary of Significant Accounting Policies

Basis of Presentation

We own or operate broadcast properties in 28 markets, including 82 FM and 32 AM radio stations and 79 metro signals.

Earnings Per Share Information

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023

	(In thousands, except per share data)
Numerator:
Net income	$	2,501	$	3,350	$	924	$	4,270
Less: Income allocated to unvested participating securities		78		51		29		63
Net income available to common shareholders	$	2,423	$	3,299	$	895	$	4,207

Denominator:
Denominator for basic earnings per share — weighted average shares		6,072		6,032		6,068		6,030
Effect of dilutive securities:
Common stock equivalents		—		—		—		—
Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions		6,072		6,032		6,068		6,030

Earnings per share:
Basic	$	0.40	$	0.55	$	0.15	$	0.70
Diluted	$	0.40	$	0.55	$	0.15	$	0.70

Financial Instruments

Allowance for Doubtful Accounts

Income Taxes

Segments

Time Brokerage Agreements/Local Marketing Agreements

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net operating revenue	$ 28,742,000	$ 29,175,000	$ 53,406,000	$ 54,479,000
Station operating expenses	23,544,000	22,407,000	46,525,000	44,110,000
Corporate general and administrative	3,049,000	2,472,000	6,178,000	5,088,000
Other operating expense, net	6,000	0	977,000	80,000
Operating income (loss)	2,143,000	4,296,000	(274,000)	5,201,000
Interest expense	71,000	43,000	114,000	86,000
Interest income	(251,000)	(347,000)	(554,000)	(636,000)
Other income	(1,133,000)	0	(1,133,000)	(119,000)
Income before income tax expense	3,456,000	4,600,000	1,299,000	5,870,000
Income tax provision (benefit)
Current	815,000	905,000	300,000	1,185,000
Deferred	140,000	345,000	75,000	415,000
Income tax provision	955,000	1,250,000	375,000	1,600,000
Net income	$ 2,501,000	$ 3,350,000	$ 924,000	$ 4,270,000
Earnings per share:
Basic (in dollars per share)	$ 0.40	$ 0.55	$ 0.15	$ 0.70
Diluted (in dollars per share)	$ 0.40	$ 0.55	$ 0.15	$ 0.70
Weighted average common shares	6,072	6,032	6,068	6,030
Weighted average common and common equivalent shares	6,072	6,032	6,068	6,030
Dividends declared per share (in dollars per share)	$ 0.25	$ 0.25	$ 1.10	$ 0.50

Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies

Commitments and Contingencies

14. Commitments and Contingencies

As previously disclosed Mr. Christian passed away on August 19, 2022. As a result of his passing the Company was required to make several payments to his estate as outlined in his employment agreement, as described in our annual report on Form 10-K for the year ended December 31, 2022. In accordance with ASC 712-10-25, Nonretirement Postemployment Benefits, we accrued all necessary expenses as of September 30, 2022. However, under the agreement, the Company will be responsible to pay the estate’s income tax obligation relating to the payout of the life insurance policy. The estimate of the possible loss related to that tax obligation cannot be made at this time due to uncertainties related to the timing of the transfer.

Long-Term Debt

6 Months Ended

Jun. 30, 2024

Long-Term Debt

Long-Term Debt

10. Long-Term Debt

Long-term debt consisted of the following:


	June 30,		December 31,
	2024		2023

	(In thousands)
Revolving credit facility	$	5,000	$	—
Amounts payable within one year		—		—
	$	5,000	$	—

On December 19, 2022, we entered into a Third Amendment to our Credit Facility, (the “Third Amendment”), which extended the maturity date to December 19, 2027, reduced the lenders to JPMorgan Chase Bank, N.A., and the Huntington National Bank (the “Lenders”), established an interest rate equal to the secured overnight financing rate (“SOFR”) as administered by the SOFR Administrator (currently established as the Federal Reserve Bank of New York) as the interest base and increased the basis points.

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

Approximately $266,000 of debt issuance costs related to the Credit Facility were capitalized and are being amortized over the life of the Credit Facility. These debt issuance costs are included in other assets, net in the consolidated balance sheets. As a result of the Second Amendment, the Company incurred an additional $120,000 of transaction fees related to the Credit Facility that were capitalized. As a result of the Third Amendment, the Company incurred an additional $161,000 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 SOFR (5.33% at June 30, 2024), plus 1% to 2% or the base rate plus 0% to 1%. The spread over SOFR and the base rate vary from time to time, depending upon our financial leverage. 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. Under the Third Amendment, we now pay quarterly commitment fees of 0.25% per annum on the unused portion of the Credit Facility. We previously paid quarterly commitment fees of 0.2% to 0.3% per annum on the unused portion of the Revolving Credit Facility.

The Credit Facility contains a number of financial covenants (all of which we were in compliance with at June 30, 2024) which, among other things, require us to maintain specified financial ratios and impose certain limitations on us with respect to investments, additional indebtedness, dividends, distributions, guarantees, liens and encumbrances.

We had approximately $45 million and $50 million of unused borrowing capacity under the Revolving Credit Facility at June 30, 2024 and December 31, 2023, respectively.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Jun. 30, 2024

Dec. 31, 2023

^[1]

Current assets:

Cash and cash equivalents

$ 15,392

$ 29,582

Short-term investments

8,708

10,595

Accounts receivable, net

16,728

17,173

Prepaid expenses and other current assets

4,172

2,451

Barter transactions

1,045

843

Total current assets

46,045

60,644

Property and equipment

151,461

148,265

Less accumulated depreciation

98,210

96,860

Net property and equipment

53,251

51,405

Other assets:

Broadcast licenses, net

90,558

90,240

Goodwill

20,281

19,236

Other intangibles, right of use assets, deferred costs and investments, net

11,482

10,688

Total assets

221,617

232,213

Current liabilities:

Accounts payable

4,164

2,802

Accrued expenses:

Accrued payroll and payroll taxes

4,780

5,318

Dividend payable

12,505

Other accrued expenses

7,106

6,480

Barter transactions

1,075

924

Total current liabilities

17,125

28,029

Deferred income taxes

26,197

26,122

Long-term debt

5,000

Other liabilities

7,468

7,513

Total liabilities

55,790

61,664

Commitments and contingencies

Shareholders' equity:

Common stock

Additional paid-in capital

73,359

72,593

Retained earnings

128,808

134,771

Treasury stock

(36,420)

(36,895)

Total shareholders' equity

165,827

170,549

Total liabilities and shareholders' equity

$ 221,617

$ 232,213

[1]	The balance sheet at December 31, 2023 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

Dividends (Details) - Class A Common Stock $ / shares in Units, $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) dividend $ / shares	Dec. 31, 2023 USD ($) dividend $ / shares
Number of quarterly cash dividends declared \| dividend	2	4
Number of special dividends declared \| dividend		1
Cash dividend paid (in dollars per share) \| $ / shares	$ 1.10
Cash and special dividend (in dollars per share) \| $ / shares		$ 3.00
Dividends \| $	$ 6.9	$ 18.6

Acquisitions and Dispositions

6 Months Ended

Jun. 30, 2024

Acquisitions and Dispositions

Acquisitions and Dispositions

7. Acquisitions and Dispositions

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

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

2024 Acquisitions and Dispositions

On February 13, 2024, we entered into an agreement to purchase the assets of WKOA (FM), WKHY (FM), WASK (FM), WXXB (FM), WASK (AM) and W269DJ from Neuhoff Communications, Inc. serving the Greater Lafayette, Indiana radio market for $5.3 million, subject to certain purchase price adjustments. The Company closed on this transaction on May 31, 2024, using funds from operations and borrowings under our credit agreement, of $5,850,000, which included the purchase price of $5,300,000, the purchase of $482,000 in accounts receivable and certain closing adjustments and transactional costs of approximately $68,000. Management attributes the goodwill recognized in the acquisition to the power of the existing brands in Lafayette, Indiana as well as synergies and growth opportunities expected through the combination with the Company’s existing stations.

On May 31, 2024, we closed on an agreement to sell WNDN-FM located in our Ocala-Gainesville, Florida market to Suncoast Radio, Inc. for $150,000. We recorded a $20,000 loss on the sale in our other operating (income) expense, net line on our Condensed Consolidated Statement of Operations.

On March 29, 2024, we closed on an agreement to sell WYSE-AM, W275CP translator and W248CM translator located in our Asheville, North Carolina market to EZ Radio LLC for $10,000. We recorded a $147,000 loss on the sale in our other operating (income) expense, net line item on our Condensed Consolidated Statement of Operations.

On March 22, 2024, we submitted a request to the FCC to cancel our FCC license for KBAI-AM located in our Bellingham, Washington market. We recorded an $800,000 loss on the disposal in our other operating (income) expense, net line item on our Condensed Consolidated Statement of Operations.

2023 Dispositions

On February 28, 2023, we closed on an agreement to sell WPVQ-AM located in our Greenfield, Massachusetts market to Hampden Communications Corp for $2,000. We recorded a $43,000 loss on the sale in our other operating (income) expense, net line item on our Condensed Consolidated Statement of Operations.

On March 20, 2023, we submitted a request to the FCC to cancel our FCC license for WHMQ-AM located in our Greenfield, Massachusetts market. We recorded a $22,000 loss on the disposal in our other operating (income) expense, net line item on our Condensed Consolidated Statement of Operations.

Condensed Consolidated Balance Sheet of 2024 and 2023 Acquisitions:

The following unaudited condensed balance sheets represent the estimated fair value assigned to the related assets and liabilities of the 2024 and 2023 acquisitions. The allocation of the purchase price for the 2024 acquisition is preliminary at June 30, 2024.

Saga Communications, Inc.

Condensed Consolidated Balance Sheet of 2024 and 2023 Acquisitions


	Acquisitions in
	2024		2023

	(In thousands)
Assets Acquired:
Current assets	$	542	$	—
Property and equipment		1,861		—
Other assets:
Broadcast licenses		1,211		—
Goodwill		1,127		—
Other intangibles, deferred costs and investments		1,082		—
Total other assets		3,420		—
Total assets acquired		5,823		—
Liabilities Assumed:
Current liabilities		118		—
Total liabilities assumed		118		—
Net assets acquired	$	5,705	$	—

Pro Forma Results of Operations for Acquisitions (Unaudited)

The following unaudited pro forma results of our operations for the three months ended June 30, 2024 and 2023 assume the 2024 acquisitions occurred as of January 1, 2023. The pro forma results give effect to certain adjustments, including depreciation, amortization of intangible assets, increased interest expense on acquisition debt and related income tax effects. The pro forma results have been prepared for comparative purposes only and do not purport to indicate the results of operations that would actually have occurred had the combinations been in effect on the dates indicated or which may occur in the future.


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023

	(In thousands, except per share data)
Pro forma Consolidated Results of Operations
Net operating revenue	$	29,282	$	29,976	$	54,574	$	55,987
Station operating expense		24,023		23,095		47,669		45,482
Corporate general and administrative		3,049		2,472		6,178		5,088
Other operating expense, net		6		—		977		80
Operating income (loss)		2,204		4,409		(250)		5,337
Interest expense		123		122		245		244
Interest income		(251)		(347)		(554)		(636)
Other income, net		(1,133)		—		(1,133)		(119)
Income before income tax expense		3,465		4,634		1,192		5,848
Income tax provision
Current		817		905		276		1,185
Deferred		149		353		71		410
		966		1,258		347		1,595
Net income	$	2,499	$	3,376	$	845	$	4,253

Earnings per share:
Basic	$	0.40	$	0.55	$	0.13	$	0.69
Diluted	$	0.40	$	0.55	$	0.13	$	0.69

Broadcast Licenses, Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2024

Broadcast Licenses, Goodwill and Other Intangible Assets

Broadcast Licenses, Goodwill and Other Intangible Assets

4. Broadcast Licenses, Goodwill and Other Intangible Assets

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

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

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

The Company considered the current and expected future economic and market conditions, and other potential indicators of impairment and determined a triggering event had not occurred which would necessitate any interim impairment tests during the six months ended June 30, 2024. We will continue to monitor changes in economic and market conditions, and if any event or circumstances indicate a triggering event has occurred, we will perform an interim impairment test of our intangible assets at the appropriate time.

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

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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Long-Term Debt (Schedule of Long-Term Debt) (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Total debt
Revolving credit facility	$ 5,000
Long-term debt, noncurrent	$ 5,000

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Other Income (Details) - USD ($)	3 Months Ended
Other Income (Details) - USD ($)	Jun. 30, 2024	Mar. 31, 2023
Other Income [Line Items]
Receipt from sale of investment	$ 1,133,000
Recorded gain from sale of investment	$ 1,133,000
Other (income) expense, net
Other Income [Line Items]
Reimbursements received		$ 115,000

Recent Accounting Pronouncements

6 Months Ended

Jun. 30, 2024

Recent Accounting Pronouncements

Recent Accounting Pronouncements

2. Recent Accounting Pronouncements

New Accounting Pronouncements

- Definition

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

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+ Details

Summary of Significant Accounting Policies - Basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income	$ 2,501	$ (1,577)	$ 3,350	$ 920	$ 924	$ 4,270
Less: Income allocated to unvested participating securities	78		51		29	63
Net income available to common shareholders	$ 2,423		$ 3,299		$ 895	$ 4,207
Denominator:
Denominator for basic earnings per share - weighted average shares	6,072,000		6,032,000		6,068,000	6,030,000
Effect of dilutive securities:
Common stock equivalents	0		0		0	0
Denominator for diluted earnings per share - adjusted weighted-average shares and assumed conversions	6,072,000		6,032,000		6,068,000	6,030,000
Earnings per share:
Basic (in dollars per share)	$ 0.40		$ 0.55		$ 0.15	$ 0.70
Diluted earnings (loss) per share:
Diluted (in dollars per share)	$ 0.40		$ 0.55		$ 0.15	$ 0.70
Antidilutive securities excluded from computation of earnings per share, amount	0		0		0	0

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 2,501	$ (1,577)	$ 3,350	$ 920	$ 924	$ 4,270

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Acquisitions and Dispositions - Additional Information (Details) - USD ($)	May 31, 2024	Mar. 29, 2024	Mar. 22, 2024	Feb. 13, 2024	Mar. 20, 2023	Feb. 28, 2023
Business Acquisition [Line Items]
Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net
WPVQ AM \| Discontinued Operations, Disposed of by Sale
Business Acquisition [Line Items]
Sale of asset						$ 2,000
Loss on sale of asset						$ 43,000
Loss on disposal					$ 22,000
WNDN-FM \| Discontinued Operations, Disposed of by Sale
Business Acquisition [Line Items]
Sale of asset	$ 150,000
Loss on sale of asset	20,000
WYSE-AM, W275CP and W248CM \| Discontinued Operations, Disposed of by Sale
Business Acquisition [Line Items]
Sale of asset		$ 10,000
Loss on sale of asset		$ 147,000
FCC License for KBAI-AM \| Discontinued Operations, Disposed of by Sale
Business Acquisition [Line Items]
Loss on disposal			$ 800,000
Assets of WKOA (FM), WKHY (FM), WASK (FM), WXXB (FM), WASK (AM) and W269DJ from Neuhoff Communications, Inc.
Business Acquisition [Line Items]
Business combination consideration transferred	5,850,000			$ 5,300,000
Purchase price of accounts receivable	482,000
Transactional costs	$ 68,000

Leases - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
Leases - Additional Information (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Leases
Right-of-use assets	$ 6,500,000		$ 6,500,000		$ 7,000,000.0
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent		Other Assets, Noncurrent		Other Assets, Noncurrent
Lease liabilities	$ 6,766,000		$ 6,766,000		$ 7,300,000
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current, Other Liabilities, Noncurrent		Accrued Liabilities, Current, Other Liabilities, Noncurrent		Accrued Liabilities, Current, Other Liabilities, Noncurrent
Additional lease assets recorded			$ 282,000
Payments on lease liabilities	$ 445,000	$ 415,000	973,000	$ 941,000
Lease expense	$ 475,000	$ 457,000	$ 950,000	$ 917,000
Option to extend			true
Weighted average remaining lease term	6 years 3 months 18 days		6 years 3 months 18 days
Weighted average discount rate	5.50%		5.50%

Common Stock and Treasury Stock - (Narrative) (Details) $ in Millions		3 Months Ended		6 Months Ended
	Aug. 19, 2022 director Vote shares	Jun. 30, 2024 USD ($) director shares	Jun. 30, 2023 shares	Jun. 30, 2024 USD ($) director Vote shares	Jun. 30, 2023 shares	Dec. 31, 2023 director
Common Stock [Line Items]
Number of board of directors \| director		7		7		8
Former Shareholder
Common Stock [Line Items]
Percentage of voting interest held	65.00%
Number of votes per share of common stock	10
Class A Common Stock
Common Stock [Line Items]
Number of votes per share of common stock				1
Percentage of directors to be elected				25.00%
Class A Common Stock \| Former Shareholder
Common Stock [Line Items]
Number of directors elected \| director	2
Estate Ownership Percentage	16.00%
Class A Common Stock \| Stock Buy-Back Program
Common Stock [Line Items]
Share repurchase program, authorized amount \| $		$ 75.8		$ 75.8
Stock repurchase program, remaining authorization amount \| $		$ 18.0		$ 18.0
Stock repurchased during period shares \| shares		0	0	0	0
Class B Common Stock
Common Stock [Line Items]
Number of votes per share of common stock				10
Class B Common Stock \| Former Shareholder
Common Stock [Line Items]
Number of votes per share of common stock	1
Common stock, shares issued (in shares) \| shares	0

Long-Term Debt (Narrative) (Details) - USD ($)		6 Months Ended
Long-Term Debt (Narrative) (Details) - USD ($)	Dec. 19, 2022	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Amortization of deferred costs		$ 18,000	$ 18,000
Credit facility participation fee and fronting fee percentage		0.25%
Revolving Credit Facility
Debt Instrument [Line Items]
Amortization of deferred costs		$ 266,000
Line of credit facility, commitment fee percentage	0.25%
Line of credit facility, remaining borrowing capacity		$ 45,000,000		$ 50,000,000
Revolving Credit Facility \| SOFR
Debt Instrument [Line Items]
Interest rates under Credit Facility		5.33%
Minimum \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0.00%
Minimum \| SOFR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.00%
Minimum \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage		0.20%
Maximum \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.00%
Maximum \| SOFR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		2.00%
Maximum \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage		0.30%
Second Amendment \| Revolving Credit Facility
Debt Instrument [Line Items]
Amortization of deferred costs		$ 120,000
Third Amendment \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt issuance costs		$ 161,000