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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2018	Mar. 04, 2019	Jun. 30, 2018
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Entity Registrant Name	SAGA COMMUNICATIONS INC
Entity Central Index Key	0000886136
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 191,974,321
Trading Symbol	SGA
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	false
Class A Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,025,256
Class B Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		922,918

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 44,729	$ 53,030
Accounts receivable, less allowance of $759 ($727 in 2017)	19,984	19,307
Prepaid expenses and other current assets	2,556	2,517
Barter transactions	1,326	1,320
Total current assets	68,595	76,174
Net property and equipment	59,103	56,235
Other assets:
Broadcast licenses, net	95,250	93,259
Goodwill	18,839	15,558
Other intangibles, deferred costs and investments, net of accumulated amortization of $13,682 ($12,588 in 2017)	6,690	7,543
Total assets	248,477	248,769
Current liabilities:
Accounts payable	2,613	2,206
Accrued expenses:
Payroll and payroll taxes	7,899	7,836
Dividend payable	3,274	6,529
Other	3,072	3,243
Barter transactions	1,307	1,091
Current portion of long-term debt	5,000	0
Total current liabilities	23,165	20,905
Deferred income taxes	23,732	21,072
Long-term debt	15,000	25,000
Other liabilities	1,581	2,327
Liabilities of discontinued operations	0	0
Total liabilities	63,478	69,304
Commitments and contingencies
Stockholders' equity:
Preferred stock, 1,500 shares authorized, none issued and outstanding	0	0
Additional paid-in capital	64,795	62,675
Retained earnings	156,689	151,608
Treasury stock (1,703 shares in 2018 and 1,656 in 2017, at cost)	(36,561)	(34,894)
Total stockholders' equity	184,999	179,465
Total liabilities and stockholders' equity	248,477	248,769
Class A Common Stock [Member]
Stockholders' equity:
Common stock	67	67
Total stockholders' equity	67	67
Class B Common Stock [Member]
Stockholders' equity:
Common stock	9	9
Total stockholders' equity	$ 9	$ 9

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Allowance for accounts receivable	$ 759	$ 727
Accumulated amortization on other intangibles, deferred costs and investments	$ 13,682	$ 12,588
Preferred Stock, Shares Authorized	1,500	1,500
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Treasury stock, shares (in shares)	1,703	1,656
Class A Common Stock [Member]
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Shares Authorized	35,000	35,000
Common Stock, Shares, Issued	6,732	6,694
Class B Common Stock [Member]
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Shares Authorized	3,500	3,500
Common Stock, Shares, Issued	923	898
Common Stock, Shares, Outstanding	923	898

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net operating revenue	$ 124,829	$ 118,149	$ 118,955
Operating expenses (income):
Station operating expense	93,727	87,759	86,799
Corporate general and administrative	11,359	11,657	10,980
Other operating expense (income), net	61	55	(1,351)
Impairment of intangible assets	0	1,449	0
Operating Expenses, Total	105,147	100,920	96,428
Operating income from continuing operations	19,682	17,229	22,527
Other (income) expenses:
Interest expense	946	903	744
Interest income	(631)	0	0
Other income	(23)	0	0
Income from continuing operations before income taxes	19,390	16,326	21,783
Income tax provision:
Current	3,040	2,290	6,626
Deferred	2,660	(8,210)	2,247
Income tax provision	5,700	(5,920)	8,873
Income from continuing operations, net of tax	13,690	22,246	12,910
Income from discontinued operations, net of tax	0	32,471	5,276
Net income	$ 13,690	$ 54,717	$ 18,186
Basic earnings per share:
From continuing operations	$ 2.30	$ 3.77	$ 2.20
From discontinued operations	0	5.50	0.90
Basic earnings per share	$ 2.30	$ 9.27	$ 3.10
Weighted average common shares	5,829	5,803	5,761
Diluted earnings per share:
From continuing operations	$ 2.30	$ 3.77	$ 2.19
From discontinued operations	0	5.50	0.90
Diluted earnings per share	$ 2.30	$ 9.27	$ 3.09
Weighted average common and common equivalent shares	5,829	5,807	5,771
Dividends declared per share	$ 1.45	$ 2.00	$ 1.30

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Class A Common Stock [Member]	Class B Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]
Balance at Dec. 31, 2015	$ 122,816	$ 66	$ 8	$ 57,510	$ 98,180	$ (32,948)
Balance, shares at Dec. 31, 2015		6,603	865
Net income	18,186				18,186
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)		23	25
Dividends declared per common share	(7,633)	$ 0	$ 0	0	(7,633)	0
Compensation expense related to restricted stock awards	2,101	0	0	2,101	0	0
Purchase of shares held in treasury	(746)	0	0	0	0	(746)
401(k) plan contribution	258	0	0	(54)	0	312
Balance at Dec. 31, 2016	134,982	$ 66	$ 8	59,557	108,733	(33,382)
Balance, shares at Dec. 31, 2016		6,638	878
Net income	54,717				54,717
Conversion of shares from Class B to Class A	0	$ 0	$ 0		0	0
Conversion of shares from Class B to Class A (in shares)		17	(17)
Issuance of restricted stock	0	$ 0	$ 1	(1)	0	0
Issuance of restricted stock (in shares)		19	29
Forfeiture of restricted stock	0	$ 0			0	0
Forfeiture of restricted stock (in shares)		(1)
Net proceeds from exercised options	1	$ 1	$ 0	826	0	(826)
Net proceeds from exercised options (in shares)		21	8
Dividends declared per common share	(11,842)	$ 0	$ 0		(11,842)
Compensation expense related to restricted stock awards	2,279	0	0	2,279	0	0
Purchase of shares held in treasury	(946)	0	0		0	(946)
401(k) plan contribution	274	0	0	14	0	260
Balance at Dec. 31, 2017	179,465	$ 67	$ 9	62,675	151,608	(34,894)
Balance, shares at Dec. 31, 2017		6,694	898
Net income	13,690				13,690
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)		27	37
Forfeiture of restricted stock	0	$ 0	$ 0
Forfeiture of restricted stock (in shares)		(1)
Dividends declared per common share	(8,609)	$ 0	0		(8,609)
Compensation expense related to restricted stock awards	2,201	0	0	2,201
Purchase of shares held in treasury	(2,000)	0	0			(2,000)
401(k) plan contribution	252	0	0	(81)		333
Balance at Dec. 31, 2018	$ 184,999	$ 67	$ 9	$ 64,795	$ 156,689	$ (36,561)
Balance, shares at Dec. 31, 2018		6,732	923

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Net income	$ 13,690	$ 54,717	$ 18,186
Adjustments to reconcile net income to net cash provided by operating activities:
Income from discontinued operations	0	(32,471)	(5,276)
Depreciation and amortization	6,786	6,251	5,876
Deferred income taxes	2,660	(8,210)	2,247
Impairment of intangible assets	0	1,449	0
Amortization of deferred costs	51	53	53
Compensation expense related to restricted stock awards	2,201	2,279	2,101
Loss (gain) on sale of assets	61	55	(1,351)
(Gain) on insurance claim	(23)	0	0
Barter revenue, net	107	(251)	(254)
Deferred and other compensation	62	(337)	14
Changes in assets and liabilities:
Increase in receivables and prepaid expenses	(157)	(434)	(885)
Increase in accounts payable, accrued expenses, and other liabilities	121	811	1,117
Total adjustments	11,869	(30,805)	3,642
Net cash provided by continuing operating activities	25,559	23,912	21,828
Net cash provided by (used in) discontinued operating activities	0	(18,538)	7,478
Net cash provided by (used in) operating activities	25,559	5,374	29,306
Cash flows from investing activities:
Acquisition of property and equipment	(5,922)	(6,246)	(3,967)
Proceeds from sale and disposal of assets	318	419	1,676
Acquisition of broadcast properties	(9,289)	(25,856)	(12,841)
Other investing activities	17	(5)	39
Net cash used in continuing investing activities	(14,876)	(31,688)	(15,093)
Net cash received provided by (used in) discontinued operations investing activities	0	69,193	(835)
Net cash (used in) received from investing activities	(14,876)	37,505	(15,928)
Cash flows from financing activities:
Payments on long-term debt	(5,000)	(10,287)	0
Cash dividends paid	(11,864)	(5,313)	(7,633)
Payments for debt issuance costs	(120)	0	0
Purchase of shares held in treasury	(2,000)	(946)	(746)
Net cash used in financing activities	(18,984)	(16,546)	(8,379)
Net (decrease) increase in cash and cash equivalents	(8,301)	26,333	4,999
Cash and cash equivalents, beginning of year	53,030	26,697	21,698
Cash and cash equivalents, end of year	$ 44,729	$ 53,030	$ 26,697

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

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, 2018, we owned or operated seventy-nine FM and thirty-three AM radio stations, serving twenty-seven markets throughout the United States. On September 1, 2017 the Company sold its Joplin, Missouri and Victoria, Texas television stations. The historical results of operations for the television stations are presented in the discontinued operations for all periods presented (see Note 4). As a result of the Company’s television stations being reported as discontinued operations the Company only has one reportable segment at December 31, 2018 and 2017. Unless indicated otherwise, the information in the Notes to Consolidated Financial Statements relates to the Company’s continuing operations.

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. While we do not believe that the ultimate settlement of any amounts reported will materially affect our financial position or results of future operations, actual results may differ from estimates provided.

Concentration of Risk

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

Our top five markets when combined represented 41%, 41% and 43% of our net operating revenue for the years ended December 31, 2018, 2017 and 2016, 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, 2018 and 2017.

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, 2018.

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, 2018, 2017 and 2016 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, 2018	$	727	$	444	$	25	$	(437	)	$	759
December 31, 2017	$	518	$	333	$	181	$	(305	)	$	727
December 31, 2016	$	614	$	195	$	—	$	(291	)	$	518

Barter Transactions

Our radio and television 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 2018, 2017 and 2016.

Property and equipment consisted of the following:

	Estimated		December 31,
	Useful Life		2018			2017
			(In thousands)

Land and land improvements		—	$	14,402		$	13,594
Buildings		31.5 years		35,812			34,905
Towers and antennae		7-15 years		25,959			24,538
Equipment		3-15 years		53,752			52,534
Furniture, fixtures and leasehold improvements		7-20 years		6,740			6,822
Vehicles		5 years		3,555			3,463
				140,220			135,856
Accumulated depreciation				(81,117	)		(79,621	)
Net property and equipment			$	59,103		$	56,235

Depreciation expense for continuing operations for the years ended December 31, 2018, 2017 and 2016 was $5,692,000, $5,391,000 and $5,234,000, respectively. Depreciation expense for discontinued operations for the years ended December 31, 2018, 2017 and 2016 was $0, $445,000 and $1,387,000, 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 112 broadcast licenses serving 27 markets, which require renewal over the period of 2019-2022. 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 five 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 debt. As a result of the Second Amendment, the Company incurred an additional $120,000 of transaction fees related to the Credit Facility that were capitalized. The cumulative transaction fees are being amortized over the remaining life of the Credit Facility. During the years ended December 31, 2018, 2017 and 2016, we recognized interest expense related to the amortization of debt issuance costs of $51,000, $53,000 and $53,000, respectively.

At December 31, 2018 and 2017 the net book value of debt issuance costs related to our line of credit was $207,000, and $138,000, respectively, and was presented in other intangibles, deferred costs and investments in our Consolidated Balance Sheets.

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, 2018, we had remaining authorization of $20.4 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 2018, 2017 and 2016, we acquired 53,713 shares at an average price of $37.24 per share, 37,141 shares at an average price of $47.72 per share and 18,612 shares at an average price of $40.06 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 related to our continuing operations amounted to $2,438,000, $2,441,000 and $2,633,000 for the years ended December 31, 2018, 2017 and 2016, respectively. Advertising and promotion costs related to our discontinued operations amounted to $0, $240,000 and $341,000 for the years ended December 31, 2018, 2017 and 2016, 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.

Dividends

On November 28, 2018, the Company’s Board of Directors declared a quarterly cash dividend of $0.30 per share and a special cash dividend of $0.25 per share on its Classes A and B shares. This dividend totaling approximately $3.3 million was paid on January 4, 2019 to shareholders of record on December 10, 2018 and funded by cash on the Company’s balance sheet.

On August 14, 2018, the Company’s 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 September 14, 2018 to shareholders of record on August 31, 2018 and funded by cash on the Company’s balance sheet.

On May 15, 2018, the Company’s 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 June 22, 2018 to shareholders of record on May 31, 2018 and funded by cash on the Company’s balance sheet.

On February 28, 2018, the Company’s Board of Directors declared a regular quarterly 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 30, 2018 to shareholders of record on March 12, 2018 and funded by cash on the Company’s balance sheet.

On December 7, 2017, the Company’s Board of Directors declared a quarterly cash dividend of $0.30 per share and a special cash dividend of $0.80 per share on its Classes A and B shares. This dividend totaling approximately $6.5 million was paid on January 5, 2018 to shareholders of record on December 18, 2017 and funded by cash on the Company’s balance sheet.

On September 13, 2017, the Company’s 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 13, 2017 to shareholders of record on September 25, 2017 and funded by cash on the Company’s balance sheet.

On May 3, 2017, the Company’s 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 June 9, 2017 to shareholders of record on May 22, 2017 and funded by cash on the Company’s balance sheet.

On March 3, 2017, the Company’s Board of Directors declared a regular quarterly 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 April 14, 2017 to shareholders of record on March 28, 2017 and funded by cash on the Company’s balance sheet.

On November 21, 2016 the Company’s Board of Directors declared a quarterly cash dividend of $0.30 per share and a special cash dividend of $0.20 per share on its Classes A and B shares. This dividend totaling $2.9 million was paid on December 23, 2016 to shareholders of record on December 5, 2016 and funded by cash on the Company’s balance sheet.

On August 30, 2016, the Company’s Board of Directors declared a regular cash dividend of $0.30 per share on its Classes A and B Common Stock. This dividend, totaling $1.8 million was paid on September 30, 2016 to shareholders of record on September 14, 2016 and funded by cash on the Company’s balance sheet.

On June 1, 2016, the Company’s Board of Directors declared a regular cash dividend of $0.25 per share on its Classes A and B Common Stock. This dividend, totaling $1.5 million, was paid on July 8, 2016 to shareholders of record on June 15, 2016 and funded by cash on the Company’s balance sheet.

On March 2, 2016, the Company’s Board of Directors declared a regular quarterly cash dividend of $0.25 per share on its Classes A and B Common Stock. This dividend, totaling $1.5 million, was paid on April 15, 2016 to shareholders of record on March 28, 2016 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 the Company’s 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 8 — Stock-Based Compensation for further details regarding the expense calculated under the fair value based method.

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. The Company has participating securities related to restricted stock units, granted under the Company’s Second Amended and Restated 2005 Incentive Compensation Plan, that earn dividends on an equal basis with common shares. In applying the two-class method, earnings are allocated to both common shares and participating securities.

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

	Years Ended December 31,
	2018		2017		2016
	(In thousands, except per share data)

Numerator:
Income from continuing operations	$	13,690	$	22,246	$	12,910
Less: Income allocated to unvested participating securities		256		370		231
Income from continuing operations available to common stockholders	$	13,434	$	21,876	$	12,679

Income from discontinued operations	$	—	$	32,471	$	5,276
Less: Income allocated to unvested participating securities		—		541		94
Income from discontinued operations available to common stockholders	$	—	$	31,930	$	5,182

Net income available to common stockholders	$	13,434	$	53,806	$	17,861

Denominator:
Denominator for basic earnings per share-weighted average shares		5,829		5,803		5,761
Effect of dilutive securities:
Stock options		—		4		10
Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions		5,829		5,807		5,771

Basic earnings per share:
From continuing operations	$	2.30	$	3.77	$	2.20
From discontinued operations		—		5.50		0.90
Basic earnings per share	$	2.30	$	9.27	$	3.10

Diluted earnings per share
From continuing operations	$	2.30	$	3.77	$	2.19
From discontinued operations		—		5.50		0.90
Diluted earnings per share	$	2.30	$	9.27	$	3.09

There were no stock options outstanding that had an antidilutive effect on our earnings per share calculation for the years ended December 31, 2018, 2017, and 2016, 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 May 2014, the FASB issued Accounting Standards Update No. 2014-09,

“Revenue from Contracts with Customers”

(“ASU 2014-09”), which provides guidance for the recognition, measurement and disclosure of revenue resulting from contracts with customers and will supersede virtually all of the current revenue recognition guidance under GAAP. The FASB has also issued a number of updates to this standard. This amendment and all updates, which established Accounting Standards Codification (“ASC”) Topic 606 (the “new revenue standard”) were adopted on January 1, 2018. The Company adopted the new revenue standard using the modified retrospective method. Results for reporting periods beginning after January 1, 2018 are presented under the new revenue standard, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under Topic 605. Impacts of the new revenue standard do not have a material impact on our consolidated financial statements.

In August 2016, the FASB issued ASU No. 2016-15, “

Classification of Certain Cash Receipts and Cash Payments (Topic 230): Statement of Cash Flows”

(“ASU 2016-15”), which clarifies how entities should classify certain cash receipts and cash payments on the statement of cash flows. ASU 2016-15 also clarifies how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows. ASU 2016-15 was adopted on January 1, 2018 and did not have a material impact on our consolidated financial statements.

Recent Accounting Pronouncements – Not Yet Adopted

In January 2017, the FASB issued ASU 2017-04, “

Intangibles – Goodwill and Other (Topic 350)”

(“ASU 2017-04”) which removes step 2 from the goodwill impairment test. Under the new guidance, if a reporting unit’s carrying amount exceeds it fair value, an entity will record an impairment charge based on that difference. The impairment charge will be limited to the amount of goodwill allocated to that reporting unit. ASU 2017-04 will be applied prospectively and is effective for fiscal years and interim impairment tests performed in periods beginning after December 15, 2019 with early adoption permitted. The Company is currently evaluating the impact of adopting this standard on our consolidated financial statements.

In June 2016, the FASB issued ASU No. 2016-13, “

Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”

(“ASU 2016-13”), which amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. ASU 2016-13 is effective for fiscal years and interim periods beginning after December 15, 2019. The Company is currently evaluating the impact that this standard will have on our consolidated financial statements.

In February 2016, the FASB issued Accounting Standards Update No. 2016-02,

“Leases (Topic 842)”

(“ASU 2016-02”) which requires that all leases with a term of more than one year, covering leased assets such as real estate, broadcasting towers and equipment, be reflected on the balance sheet as assets and liabilities for the rights and obligations created by these leases. ASU 2016-02 is effective for fiscal years fiscal years and interim periods beginning after December 15, 2018. In 2018, the FASB issued several updates to address certain practical expedients, codification improvements, and targeted improvements to the original guidance. Upon adoption, we expect to recognize a right-of-use asset and a lease liability approximately $7 million to reflect the present value of remaining lease payments under the existing leasing arrangements. While the recognition of such lease assets and liabilities will impact our consolidated balance sheet, we do not expect a material impact on our consolidated statements of income or cash flows.

We have elected to apply the modified retrospective transition approach without restatement of comparative periods financial information, as permitted by the transition guidance.

Revenue

12 Months Ended

Dec. 31, 2018

Revenue from Contract with Customer [Abstract]

Revenue

Adoption of the new revenue standard

We adopted the new revenue standard on January 1, 2018, using the modified retrospective method with no impact on our financial statements. The cumulative effect of initially adopting the new guidance had no impact on the opening balance of retained earnings as of January 1, 2018. There was no material impact on the condensed consolidated balance sheets as of December 31, 2018, or on the condensed consolidated statement of income for the year ended December 31, 2018. Results for reporting periods beginning after January 1, 2018 are presented under the new revenue standard, while prior periods amounts are not adjusted and continue to be reported in accordance with our historic accounting under Topic 605.

Disaggregation of Revenue

The following table presents revenues disaggregated by revenue source:

	Twelve Months Ended December 31,
	2018		2017		2016
	(in thousands)
Types of Revenue
Broadcast Advertising Revenue, net	$	114,929	$	109,175	$	110,053
Digital Advertising Revenue		3,900		3,610		3,567
Other Revenue		6,000		5,364		5,335
Net Revenue	$	124,829	$	118,149	$	118,955

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, 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.

Contract Liabilities

Payment is generally due within 30 days although certain advertisers are required to pay in advance. When a customer pays for the services in advance of the performance obligations and therefore 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 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.

Broadcast Licenses, Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Broadcast Licenses and Other Intangibles Assets

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 or television 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 in each of its reporting units (reportable segment) 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 utilize independent appraisals in testing FCC licenses for impairment when indicators of impairment are present.

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, 2018 and 2017 as follows:

	Continuing Operations			Discontinued Operations			Total
	(In thousands)

Balance at January 1, 2017	$	86,622		$	9,607		$	96,229
Acquisitions		8,086			—			8,086
Dispositions		—			(9,607	)		(9,607	)
Impairment charge		(1,449	)		—			(1,449	)
Balance at December 31, 2017	$	93,259		$	—		$	93,259
Acquisitions		1,991			—			1,991
Balance at December 31, 2018	$	95,250		$	—		$	95,250

2018 Impairment Test

We completed our annual impairment test of broadcast licenses during the fourth quarter of 2018 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 test in the fourth quarter of 2018, 2017 and 2016. The ranges for operating profit margin and market long-term revenue growth rates vary by market. In general, when comparing between 2018, 2017 and 2016: (1) the market specific operating profit margin range remained relatively consistent; (2) the market long-term revenue growth rates were relatively consistent; (3) the discount rate remained relatively consistent; and (4) current year revenues were 3.9% lower than previously projected for 2018.

	Fourth Quarter 2018	Fourth Quarter 2017	Fourth Quarter 2016
Discount rates	12.0% - 12.0%	12.4% - 12.5%	12.3% - 12.4%
Operating profit margin ranges	19.0% - 36.4%	19.0% - 36.4%	19.5% - 36.4%
Market long-term revenue growth rates	0.5% - 2.9%	1.1% - 3.5%	1.0% - 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.

2017 Impairment Test

We completed our annual impairment test of broadcast licenses during the fourth quarter of 2017 and determined that the fair value of the broadcast licenses were less than the amount reflected in the balance sheet for one of the Company’s radio markets, Springfield, Illinois, and recorded non-cash impairment charge of $1,449,000 to reduce the carrying value of these assets to the estimated fair market value. The reasons for the impairment to the broadcasting licenses recognized in the fourth quarter of 2017 were primarily due to declines in available market revenue, market revenue share, profit margins and estimated long-term growth rates in our Springfield, Illinois market.

2016 Impairment Test

During the fourth quarter of 2016, we completed our annual impairment test of broadcast licenses 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 2018, the Company performed its annual impairment test of its goodwill in accordance with ASC 350 and determined under the first step that the fair value of our continuing operations was in excess of its carrying value.

We have recorded the changes to goodwill for each of the years ended December 31, 2018 and 2017 as follows:

	Total
	(in thousands)

Balance at January 1, 2017	$	7,407
Acquisitions		8,151
Balance at December 31, 2017	$	15,558
Acquisitions		3,281
Balance at December 31, 2018	$	18,839

Other Intangible Assets

We have recorded amortizable intangible assets at December 31, 2018 as follows:

	Gross
	Carrying		Accumulated		Net
	Amount		Amortization		Amount
	(In thousands)
Non-competition agreements	$	3,861	$	3,861	$	—
Favorable lease agreements		5,965		5,504		461
Customer relationships		4,660		2,634		2,026
Other intangibles		1,943		1,683		260
Total amortizable intangible assets	$	16,429	$	13,682	$	2,747

We have recorded amortizable intangible assets at December 31, 2017 as follows:

	Gross
	Carrying		Accumulated		Net
	Amount		Amortization		Amount
	(In thousands)
Non-competition agreements	$	3,861	$	3,861	$	—
Favorable lease agreements		5,965		5,468		497
Customer relationships		3,546		1,529		2,017
Other intangibles		1,834		1,630		204
Total amortizable intangible assets	$	15,206	$	12,488	$	2,718

Aggregate amortization expense for these intangible assets for the years ended December 31, 2018, 2017 and 2016, was $1,094,000, $860,000 and $642,000, respectively. Our estimated annual amortization expense for the years ending December 31, 2019, 2020, 2021, 2022 and 2023 is $1,029,000, $813,000, $387,000, $39,000 and $35,000, respectively.

Discontinued Operations

12 Months Ended

Dec. 31, 2018

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

On May 9, 2017 we entered into a definitive agreement to sell our Joplin, Missouri and Victoria, Texas television stations (“Television Sale”) for approximately $66.6 million, subject to certain adjustments, to Evening Telegram Company d/b/a Morgan Murphy Media. The Television Sale was completed on September 1, 2017 and the Company received net proceeds of $69.5 million which included the sales price of $66.6 million, the sale of accounts receivable of approximately $3.4 million, offset by certain closing adjustments and transactional costs of $500 thousand. The Company recognized a pretax gain of $50.8 million as a result of the Television Sale in the third quarter of 2017. The gain net of tax for the Television Sale was $29.9 million. Effective September 1, 2017, the Company used $24.2 million of the proceeds from the Television Sale to finance the acquisition of radio stations in South Carolina, which included the purchase price of $23 million, the purchase of $1.3 million in accounts receivable offset by certain closing adjustments and transactional costs of approximately $50,000 (as described in Note 10). On October 5, 2017 and November 3, 2017, the Company used $5,287,000 and $5,000,000 respectively of the proceeds from the Television Sale to pay down a portion of its Revolving Credit Facility (as defined and described in Note 5).

In accordance with authoritative guidance we have reported the results of operations of the Joplin, Missouri and Victoria, Texas television stations as discontinued operations in the accompanying consolidated financial statements. For all previously reported periods, certain amounts in the consolidated financial statements have been reclassified. All of the assets and liabilities of the Joplin, Missouri and Victoria, Texas television stations have been classified as discontinued operations and the net results of operations have been reclassified from continuing operations to discontinued operations. These were previously included in the Company’s television segment.

The following table shows the components of the results from discontinued operations associated with the Television Sale as reflected in the Company’s Consolidated Statements of Operations (in thousands):

	Year Ended December 31,
	2018		2017 (4)		2016

Net operating revenue	$	—	$	14,238	$	23,636
Station operating expense (1)		—		9,757		14,743
Other operating (income) expense		—		31		(42	)
Operating income		—		4,450		8,935
Interest expense (2)		—		21		32
Income before income taxes		—		4,429		8,903
Pretax gain on the disposal of discontinued operations		—		50,842		—
Total pretax gain on discontinued operations		—		55,271		8,903
Income tax expense (3)		—		22,800		3,627
Income from discontinued operations, net of tax	$	—	$	32,471	$	5,276

(1)

No depreciation expense was recorded by the Company beginning May 9, 2017, the date the Television segment assets’ were held for sale.

(2)

Interest expense related to the Surtsey debt that is guaranteed by the Television stations. Our affiliate repaid this loan when the television stations were sold on September 1, 2017.

(3)

The effective tax rates on pretax income from discontinued operations were approximately 41%.

(4)

Results of operations for the Television stations are reflected through August 31, 2017. The effective date of the sale was September 1, 2017.

The following table represents the components of the results from discontinued operations associated with the Television Sale as reflected in the Company’s unaudited Condensed Consolidated Statements of Cash Flows (in thousands):

	December 31, 2018		December 31, 2017		December 31, 2016

Cash paid during the period
Interest	$	—	$	21	$	32
Income taxes		—		23,260		2,677

Significant operating non-cash items
Depreciation and amortization (1)	$	—	$	445	$	1,387
Broadcast program rights amortization		—		418		628
Barter revenue, net		—		18		32
Acquisition of property and equipment		—		—		43
Loss (gain) on sale of assets		—		31		(42	)
Pretax gain on television sale		—		50,842		—

Significant investing items
Acquisition of property and equipment	$	—	$	335	$	894
Proceeds from sale and disposal of assets		—		—		(59	)
Net proceeds from sale of television stations (2)		—		69,528		—
Proceeds from insurance claim		—		—		—

(1)

No depreciation expense was recorded by the Company beginning May 9, 2017, the date the Television segment assets’ were held for sale.

(2)

Net proceeds from the sale of the television stations reflect the sales price of $66.6 million, the sale of accounts receivable of approximately $3.4 million, offset by certain closing adjustments and transactional costs of approximately $500 thousand.

Long-Term Debt

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Long-Term Debt

5.	Long-Term Debt

Long-term debt consisted of the following:

	December 31,			December 31,
	2018			2017
	(In thousands)

Credit Facility:
Revolving Credit Facility	$	20,000		$	25,000
Amounts payable within one year		(5,000	)		—
	$	15,000		$	25,000

Future maturities of long-term debt are as follows:

Year Ending December 31,	Amount
	(In thousands)

2019	$	5,000
2020		—
2021		—
2022		—
2023		15,000
Thereafter		—
	$	20,000

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. In connection with the execution of the Credit Facility, the credit agreement in place at June 30, 2015 (the “Old Credit Agreement”) was terminated, and all outstanding amounts were paid in full. The Credit Facility consists of a $100 million five-year revolving facility (the “Revolving Credit Facility”) and matures on August 18, 2020. On June 27, 2018, the Company entered into a Second Amendment to its Credit Facility, dated August 18, 2015, and 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.

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

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

Interest rates under the Credit Facility are payable, at our option, at alternatives equal to LIBOR (2.4375% at December 31, 2018), 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. 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, 2018) 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 $80 million of unused borrowing capacity under the Revolving Credit Facility at December 31, 2018.

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

On September 4, 2018, the Company used $5,000,000 from funds generated by operations to pay down a portion of its Revolving Credit Facility.

On October 5, 2017 and November 3, 2017, the Company used $5,287,000 and $5,000,000, respectively

of the proceeds from the Television Sale to pay down a portion of its Revolving Credit Facility.

The loan agreement of approximately $1.1 million of secured debt of affiliate was amended in April, 2017 to extend the due date of the loan for three years to mature on May 1, 2020. Our affiliate repaid this loan when the television stations were sold on September 1, 2017.

Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2018

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

6.	Supplemental Cash Flow Information

	Years Ended December 31,
	2018		2017		2016
	(In thousands)

Cash paid during the period for:
Interest	$	884	$	850	$	636
Income taxes	$	2,864	$	2,420	$	6,555
Non-cash transactions:
Barter revenue	$	3,570	$	3,618	$	3,471
Barter expense	$	3,677	$	3,367	$	3,217
Purchase of treasury shares in connection with exercise of stock options	$	—	$	826	$	—
Acquisition of property and equipment	$	11	$	8	$	49
Use of treasury shares for 401(k) match	$	252	$	274	$	258

Income Taxes

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Income Taxes

7.	Income Taxes

On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act makes broad and complex changes to the U.S. tax code, including, but not limited to, the following that impact us: (1) reducing the U.S. federal corporate income tax rate from 35 percent to 21 percent; (2) eliminating the corporate alternative minimum tax (“AMT”) and changing how existing AMT credits can be realized; (3) creating a new limitation on deductible interest expense; (4) repealing the domestic production activities deduction; (5) limiting the deductibility of certain executive compensation; and (6) limiting certain other deductions.

The SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 provides for a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting relating to the Tax Act under ASC 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Tax Act for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in its financial statements. If a company cannot determine a provisional estimate to be included in its financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the Tax Act.

As a result of our initial analysis of the impact of the Tax Act, we recorded a provisional amount of net tax benefit of

$11.5

million in 2017 related to the remeasurement of our deferred tax balance and other effects. We completed our accounting for the income tax effects of the Tax Act in 2018, and no material adjustments were required to the provisional amounts initially recorded.

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,
	2018			2017
	(In thousands)

Deferred tax liabilities:
Property and equipment	$	5,145		$	4,333
Intangible assets		19,324			17,640
Prepaid expenses		350			317
Total deferred tax liabilities		24,819			22,290
Deferred tax assets:
Allowance for doubtful accounts		118			116
Compensation		906			1,058
Other accrued liabilities		63			44
		1,087			1,218
Less: valuation allowance		—			—
Total net deferred tax assets		1,087			1,218
Net deferred tax liabilities	$	23,732		$	21,072
Current portion of deferred tax assets	$	303		$	300
Non-current portion of deferred tax liabilities		(24,035	)		(21,372	)
Net deferred tax liabilities	$	(23,732	)	$	(21,072	)

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, 2018 and December 31, 2017, we do not have a valuation allowance for net deferred tax assets.

At December 31, 2018 and 2017, net deferred tax liabilities include a deferred tax asset of $1,087,000 and $1,175,000, 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,
	2018		2017			2016
	(In thousands)

Current:
Federal	$	2,205	$	2,545		$	5,616
State		835		(255	)		1,010
Total current		3,040		2,290			6,626
Total deferred		2,660		(8,210	)		2,247
Total Income Tax Provision	$	5,700	$	(5,920	)	$	8,873

In addition, we recognized a tax expense (benefit) of $0, ($100,000), and $0 as a result of stock option exercises for the difference between compensation expense for financial statement and income tax purposes for the years ended December 31, 2018, 2017 and 2016, respectively.

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,
	2018		2017			2016
	(In thousands)

Tax expense at U.S. statutory rates	$	4,017	$	5,716		$	7,665
State tax expense (benefit), net of federal benefit		1,134		(769	)		926
Other, net		549		633			282
Federal tax reform - deferred tax rate change		—		(11,500	)		—
	$	5,700	$	(5,920	)	$	8,873

The 2018 and 2016 effective tax rates exceed the federal statutory rate primarily due to state income taxes. The 2017 effective tax rate differs from the federal statutory rate primarily due to the impacts of the Tax Act and state income tax benefit on 2017’s earnings .

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 2015. 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, 2018, and 2017 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, 2018, 2017 and 2016, we had $31,000, $0, and

$0,

respectively, tax-related interest and penalties and had $0 accrued at December 31, 2018 and 2017

Stock-Based Compensation

12 Months Ended

Dec. 31, 2018

Share-based Compensation [Abstract]

Stock-Based Compensation

8.	Stock-Based Compensation

2005 Incentive Compensation Plan

On October 16, 2013 our stockholders approved the Second Amended and Restated Saga Communications, Inc. 2005 Incentive Compensation Plan, which was amended in 2018 after approval of the amendment by our stockholders at our 2018 annual meeting (as amended, the “Second Restated 2005 Plan”). The 2005 Incentive Compensation Plan was first approved by stockholders in 2005 and replaced our 2003 Stock Option Plan (the “2003 Plan”), subsequently this plan was re-approved by stockholders in 2010. The changes made in 2013 in the Second Restated 2005 Plan (i) increased the number of authorized shares by

233,334 shares of Common Stock, (ii) extended the date for making awards to September 6, 2018, (iii) includes directors as participants, (iv) targets awards according to groupings of participants based on ranges of base salary of employees and/or retainers of directors, (v) requires participants to retain 50 % of their net annual restricted stock awards during their employment or service as a director, and (vi) includes a clawback

provision. The 2018 amendment to the Second Restated 2005 Plan (i) extended the date for making awards to September 6, 2023 and (ii) increased the number of authorized shares under the Plan by 90,000 shares of Class B Common Stock. The Second Restated 2005 Plan allows for the granting of restricted stock, restricted stock units, incentive stock options, nonqualified stock options, and performance awards to eligible employees and non-employee directors.

The number of shares of Common Stock that may be issued under the Second Restated 2005 Plan may not exceed 370,000 shares of Class B Common Stock, 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

The Company’s 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, 2018, 2017 and 2016. 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.

The following summarizes the stock option transactions for the Second Restated 2005 Plan, and the 2003 Plan for the year ended December 31:

						Weighted
						Average
				Weighted		Remaining		Aggregate
	Number of			Average		Contractual		Intrinsic
	Options			Exercise Price		Term (Years)		Value

Outstanding at January 1, 2016		29,035		$	28.47		1.4	$	289,769
Granted		—			—
Exercised		—			—
Forfeited/canceled/expired		—			—
Outstanding at December 31, 2016		29,035		$	28.47		0.4	$	633,834
Granted		—			—
Exercised		(29,035	)		28.47
Forfeited/canceled/expired		—			—
Outstanding at December 31, 2017		—		$	—		—	$	—
Granted		—			—
Exercised		—			—
Forfeited/canceled/expired		—			—
Outstanding at December 31, 2018		—		$	—		—	$	—
Vested and Exercisable at December 31, 2018		—		$	—		—	$	—

The total intrinsic value of stock options exercised during the years ended December 31, 2018, 2017 and 2016 was $0, $664,321, and $0, respectively. Cash received from stock options exercised during the years ended December 31, 2018, 2017 and 2016 was $0, $354 and $0, respectively.

There were no options granted during 2018, 2017 and 2016 and there were no stock options outstanding as of December 31, 2018.

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

				Weighted
				Average
				Grant Date
	Shares			Fair Value

Outstanding at January 1, 2016		106,789		$	40.28
Granted		48,471			48.60
Vested		(51,368	)		41.20
Forfeited/canceled/expired		(630	)		38.83
Outstanding at December 31, 2016		103,262		$	43.73
Granted		48,780			44.20
Vested		(54,598	)		42.13
Forfeited/canceled/expired		(805	)		46.23
Outstanding at December 31, 2017		96,639		$	44.85
Granted		63,811			37.37
Vested		(49,493	)		43.98
Forfeited/canceled/expired		(1,781	)		45.39
Non-vested and outstanding at December 31, 2018		109,176		$	40.87
Weighted average remaining contractual life (in years)		2.3

The weighted average grant date fair value of restricted stock that vested during 2018, 2017 and 2016 was $2,385,000, $2,300,000 and $2,116,000, respectively. The net value of unrecognized compensation cost related to unvested restricted stock awards aggregated $4,166,000, $4,063,000 and $4,223,000 at December 31, 2018, 2017 and 2016, respectively.

For the years ended December 31, 2018, 2017 and 2016 we had $2,201,000, $2,279,000 and $2,101,000, 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, 2018, 2017 and 2016 was $251,000, $912,000 and $840,000, respectively.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2018

Retirement Benefits [Abstract]

Employee Benefit Plans

9.	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 $1,100, $1,700 and $1,200 in 2018, 2017 and 2016, respectively. The Company’s discretionary contribution to the plan was approximately $265,000, $255,000 and $275,000 for the years ended December 31, 2018, 2017 and 2016, 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, 2018, 2017 and 2016 was $149,000, $211,000 and $184,000, 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

The Company provides split dollar insurance benefits to certain executive officers and records an asset equal to the cumulative premiums paid on the related policies, as the Company will fully recover these premiums under the terms of the plan. The Company retains 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, 2018

Business Combinations [Abstract]

Acquisitions and Dispositions

10.	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.

2018 Acquisitions

On October 29, 2018, the Company entered into an agreement to purchase WOGK-FM, WNDT-FM, WNDD-FM and WNDN-FM, from Ocala Broadcasting Corporation, LLC for an aggregate purchase price of $9.3 million, subject to certain purchase price adjustments. The Company closed this transaction effective December 31, 2018 using funds generated from operations of $9.84 million, which included the purchase price of $9.3 million, the purchase of $566 thousand in accounts receivable by certain closing adjustments and transactional costs of approximately $25 thousand

, of which $552 thousand was paid in January 2019

. Management attributes the goodwill recognized in the acquisition to the power of the existing brands in the Ocala, Florida market as well as synergies and growth opportunities expected through the combination with the Company’s existing stations.

2017 Acquisitions and Dispositions

On May 9, 2017 we entered into a definitive agreement to sell our Joplin, Missouri and Victoria, Texas television stations for approximately $66.6 million, subject to certain adjustments, to Evening Telegram Company d/b/a Morgan Murphy Media. The Television Sale was completed on September 1, 2017 and the Company received net proceeds of $69.5 million which included the sales price of $66.6 million, the sale of accounts receivable of approximately $3.4 million, offset by certain closing adjustments and transactional costs of approximately $500 thousand.

On May 9, 2017, the Company entered into an Asset Purchase Agreement with Apex Media Corporation and Pearce Development, LLC f/k/a Apex Real Property, LLC to purchase radio stations principally serving the South Carolina area for approximately $23 million (subject to certain purchase price adjustments) plus the right to air certain radio commercials, substantially all the assets related to the operation of the following radio stations: WCKN(FM), WMXF(FM), WXST(FM), WAVF(FM), WSPO(AM), W261DG, W257BQ, WVSC(FM), WLHH(FM), WOEZ(FM), W256CB, W293BZ. The Company closed this transaction effective September 1, 2017, simultaneously with the closing of the Television Sale using funds generated from the Television Sale of $24.2 million, which included the purchase price of $23 million, the purchase of $1.3 million in accounts receivable offset by certain closing adjustments and transactional costs of approximately $50,000. Management attributes the goodwill recognized in the acquisition to the power of the existing brands in the Charleston, South Carolina and Hilton Head, South Carolina market as well as synergies and growth opportunities expected through the combination with the Company’s existing stations.

On January 16, 2017, we entered into an asset purchase agreement to purchase an FM radio station (WCVL) from WUVA, Incorporated, serving the Charlottesville, Virginia market for approximately $1,658,000, which included $8,000 in transactional costs. Simultaneously, we entered into a LMA to begin operating the station on February 1, 2017. We completed this acquisition on April 18, 2017. This acquisition was financed through funds generated from operations. Unaudited proforma results of operations for this acquisition are not required, as such information is not material to our financial statements and therefore is not presented in the pro forma tables in the following pages.

Condensed Consolidated Balance Sheet of 2018 and 2017 Acquisitions:

The following condensed balance sheets represent the estimated fair value assigned to the related assets and liabilities of the 2018 and 2017 acquisitions at their respective acquisition dates.

Condensed Consolidated Balance Sheet of 2018 and 2017 Acquisitions

	Acquisitions in
	2018		2017
	(In thousands)
Assets Acquired:
Current assets	$	559	$	1,390
Property and equipment		3,007		6,678
Other assets:
Broadcast licenses		1,991		8,086
Goodwill		3,281		8,151
Other intangibles, deferred costs and investments		1,123		2,019
Total other assets		6,395		18,256
Total assets acquired		9,961		26,324
Liabilities Assumed:
Current liabilities		120		468
Total liabilities assumed		120		468
Net assets acquired	$	9,841	$	25,856

Pro Forma Results of Operations for Acquisitions (Unaudited)

The following unaudited pro forma results of our operations for the years ended December 31, 2018 and 2017 assume the 2018 and 2017 acquisitions occurred as of January 1, 2017. The translators are start-up stations and therefore, have no pro forma revenue and expenses. 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 which would actually have occurred had the combinations been in effect on the dates indicated or which may occur in the future.

	Years Ended December 31,
	2018			2017
	(In thousands, except per share data)
Pro forma Consolidated Results of Operations
Net operating revenue	$	129,228		$	128,180
Station operating expense		97,314			96,218
Corporate general and administrative		11,359			11,657
Other operating expenses		61			55
Impairment of intangible assets		—			1,449
Operating income		20,494			18,801
Interest expense		946			903
Interest income		(631	)		—
Other income		(23	)		—
Income from continuing operations before income tax expense		20,202			17,898
Income tax expense (benefit) expense		5,944			(5,276	)
Income from continuing operations, net of tax		14,258			23,174
Income from discontinued operations, net of tax		—			32,471
Net income	$	14,258		$	55,645
Basic earnings per share:
From continuing operations	$	2.40		$	3.93
From discontinued operations		—			5.50
Basic earnings per share	$	2.40		$	9.43

Diluted earnings per share:
From continuing operations	$	2.40		$	3.93
From discontinued operations		—			5.50
Diluted earnings per share	$	2.40		$	9.43

Related Party Transactions

12 Months Ended

Dec. 31, 2018

Related Party Transactions

11.	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 replaces and supersedes his prior employment agreement. We entered into amendments to the agreement on February 12, 2016 (the “First Amendment”) and February 26, 2019 (the “Second 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 Company’s 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.

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 the Company’s benefit plans. The Company will maintain insurance policies, will furnish an automobile, will pay for an executive medical plan and will maintain an office for Mr. Christian at its principal executive offices and in Sarasota County, Florida. The First Amendment adds that the Company is 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, the Company 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, 2018 Mr. Christian’s average annual compensation, as defined by the employment agreement was approximately

1,898,000

In addition, if Mr. Christian’s employment is terminated for any reason, other than for cause, the Company 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 the Company 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 the Company in any of its markets if he voluntarily terminates his employment with the Company 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 the Company shall become immediately one hundred percent (100%) vested to the extent permitted by law.

On December 13, 2016, Mr. Christian agreed to defer approximately $100,000 of his 2017 salary to which was paid 100% on January 5, 2018. On December 5, 2017, Mr. Christian agreed to defer approximately $100,000 of his 2018 salary which was paid 100% on January 4, 2019. On December 14, 2018, Mr. Christian agreed to defer approximately $100,000 of his 2019 salary to be paid 100% on January 3, 2020.

Change in Control Agreements

In December 2007, Samuel D. Bush, Senior Vice President and Chief Financial Officer, Marcia K. Lobaito, 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. 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 thereof 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.

Transactions with Affiliate and Other Related Party Transactions

Until the Television Sale (discussed in Note 4) Surtsey Media, LLC (“Surtsey Media”) owned the assets of television station KVCT in Victoria, Texas. Surtsey Media is a multi-media company 100%-owned by the daughter of Mr. Christian, our President, Chief Executive Officer and Chairman. We operated KVCT under a Time Brokerage Agreement (“TBA”) with Surtsey Media which we entered into in May 1999. Under the FCC’s ownership rules, we were prohibited from owning or having an attributable or cognizable interest in this station. In January 2012, the TBA was amended. Pursuant to the amendment, (i) the term was extended nine years commencing from June 1, 2013, with rights to extend for two additional eight year terms, (ii) we paid Surtsey Media an extension fee of $27,950 upon execution of the amendment, (iii) the monthly fees, payable to Surtsey Media were increased for each extension period, and (iv) we had an exclusive option, while the TBA was in effect, to purchase all of the assets of station KVCT, subject to certain conditions, based on a formula. Under the amended TBA, prior to the Television Sale, during 2017, and 2016 we paid Surtsey Media fees of approximately $3,800 and $3,900 per month, respectively plus accounting fees and reimbursement of expenses actually incurred in operating the station. The TBA was terminated at the time of the completion of the Television Sale of September 1, 2017.

In March 2003, we entered into an agreement of understanding with Surtsey Media whereby we had guaranteed up to $1,250,000 of the debt incurred, in Surtsey Media closing the acquisition of a construction permit for KFJX-TV station in Pittsburg, Kansas, a full power Fox affiliate serving Joplin, Missouri. In consideration for the guarantee, Surtsey Media entered into various agreements with us relating to the station, including a Shared Services Agreement, Technical Services Agreement, and Agreement for the Sale of Commercial Time and Broker Agreement (the “Station Agreements”). The station went on the air for the first time on October 18, 2003. Under the FCC’s ownership rules we were prohibited from owning or having an attributable or cognizable interest in this station. In January 2012, the Station Agreements were amended. Pursuant to the amendment, (i) the Broker Agreement and the Technical Services Agreement were terminated, (ii) the terms of the continuing Station Agreements were extended nine years commencing from June 1, 2013 , with rights to extend for two additional eight year terms, (iii) we paid Surtsey Media $37,050 upon execution of the amendment, (iv) the monthly fees payable to Surtsey Media were increased for each extension period, and (v) we had an exclusive option, while the Agreement for the Sale of Commercial Time and Shared Services Agreement were in effect, to purchase all of the assets of Station KFJX subject to certain conditions, based on a formula, together with a payment of $1.2 million. Under the amended Station Agreements, prior to the Television Sale, during 2017 and 2016 we paid fees of approximately $5,200, and $5,100 per month, respectively, plus accounting fees and reimbursement of expenses actually incurred in operating the station. We generally prepaid Surtsey quarterly for its estimated expenses. As part of completion of the Television Sale, the debt we guaranteed was paid in full and the amended Station Agreements were terminated.

Surtsey Productions, Inc., the parent company of Surtsey Media, leases office space in a building owned by us, and paid us rent of $3,000 and $6,000 during the first eight months of the year ended December 31, 2017 prior to the Television Sale and the year ended December 31, 2016, respectively.

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 Quad States, 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 currently serves on the Board of Directors of Saga. The purchase price under the Apex Agreement was $23,000,000.00, 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, 2018, we have used the hours of service from New Pointe Systems, and we have approximately 1,000, 30 second spots left to provide to Pearce Development. During 2018 and 2017, we also paid approximately $4,100 and $3,300 rent per month, respectively to Pearce Development for our Hilton Head studio and office space beginning September 1, 2017.

Common Stock

12 Months Ended

Dec. 31, 2018

Stockholders' Equity Note [Abstract]

Common Stock

12.	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 seven members at December 31, 2018. 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 Delaware 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.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

13.	Commitments and Contingencies

Leases

We lease certain land, buildings and equipment under noncancellable operating leases. Rent expense for our continuing operations for the year ended December 31, 2018 was $1,603,000 ($1,558,000 and $1,519,000 for the years ended December 31, 2017 and 2016, respectively).

Minimum annual rental commitments under noncancellable operating leases consisted of the following at December 31, 2018 (in thousands):

2019	$	1,562
2020		1,369
2021		1,235
2022		1,067
2023		707
Thereafter		2,023
	$	7,963

Performance Fees

The Company incurs fees from performing rights organizations (“PRO”) to license the Company’s public performance of the musical works contained in each PRO’s repertory. The Radio Music Licensing Committee, of which the Company is a represented participant, (1) entered into an industry-wide settlement with American Society of Composers, Authors and Publishers that was effective January 1, 2017 for a five-year term; (2) is currently seeking reasonable industry-wide fees from Broadcast Music, Inc. effective January 1, 2017; (3) reached an agreement with the Society of European Stage Authors and Composers that is retroactive to January 1, 2016; and (4) filed in November 2016 a motion in the U.S. District Court in Pennsylvania against Global Music Rights (“GMR”) arguing that GMR is a monopoly demanding monopoly prices and asking the Court to subject GMR to an antitrust consent decree. In January 2017, the Company obtained an interim license from GMR for fees effective January 1, 2017 to avoid any infringement claims by GMR for using GMR’s repertory without a license.

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, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements

14.	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
Financial Instrument	Fair Value Hierarchy	December 31, 2018		December 31, 2017
Cash and cash equivalents	Level 1	$	44,729	$	53,030
Revolving Credit Facility	Level 2		20,000		25,000

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

The Company has certain assets that are measured at fair value on a non-recurring basis under the circumstances and events described in Note 3 — Broadcast Licenses 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 2018, the Company 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 the fourth quarter of 2017, as a result of our annual impairment test, the Company wrote down broadcast licenses with a carrying value of $3,649,000 to their fair value of $2,200,000, resulting in a non-cash impairment charge of $1,449,000, which is included in net income for the year ended December 31, 2017. 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 2 for the disclosure of certain key assumptions used to develop the unobservable inputs.)

During the fourth quarter of 2016, the Company 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

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results of Operations

15.

Quarterly Results of Operations (Unaudited)

	March 31,						June 30,					September 30,						December 31,
	2018			2017*			2018			2017		2018			2017			2018			2017
	(In thousands, except per share data)
Net operating revenue	$	28,009		$	26,155		$	32,234		$	30,261	$	31,648		$	30,269		$	32,938		$	31,464
Station operating expenses		23,397			21,340			23,140			21,426		23,429			21,755			23,761			23,238
Corporate G&A		2,544			2,863			2,848			2,880		2,813			3,132			3,154			2,782
Other operating expense (income), net		(251	)		(21	)		213			79		85			(127	)		14			124
Impairment of intangible assets		—			—			—			—		—			—			—			1,449
Operating income from continuing operations		2,319			1,973			6,033			5,876		5,321			5,509			6,009			3,871
Other (income) expenses:
Interest expense		219			208			255			229		243			254			229			212
Interest (income)		(89	)		—			(188	)		—		(167	)		—			(187	)		—
Other (income) expense		—			—			—			—		(25	)		—			2			—
Income from continuing operations before income taxes		2,189			1,765			5,966			5,647		5,270			5,255			5,965			3,659
Income tax provision (benefit)		660			718			1,795			2,272		1,575			2,290			1,670			(11,200	)
Income from continuing operations, net of tax		1,529			1,047			4,171			3,375		3,695			2,965			4,295			14,859
Income (loss) from discontinued operations, net of tax		—			891			—			1,159		—			30,451			—			(30	)
Net income	$	1,529		$	1,938		$	4,171		$	4,534	$	3,695		$	33,416		$	4,295		$	14,829

Basic earnings (loss) per share
From continuing operations	$	0.26		$	0.18		$	0.70		$	0.57	$	0.62		$	0.50		$	0.72		$	2.52
From discontinued operations		—			0.15			—			0.20		—			5.16			—			(0.01	)
Basic earnings per share	$	0.26		$	0.33		$	0.70		$	0.77	$	0.62		$	5.66		$	0.72		$	2.51
Weighted average common shares		5,842			5,795			5,834			5,803		5,822			5,807			5,820			5,815

Diluted earnings (loss) per share
From continuing operations	$	0.26		$	0.18		$	0.70		$	0.57	$	0.62		$	0.50		$	0.72		$	2.52
From discontinued operations		—			0.15			—			0.20		—			5.16			—			(0.01	)
Diluted earnings per share	$	0.26		$	0.33		$	0.70		$	0.77	$	0.62		$	5.66		$	0.72		$	2.51
Weighted average common and common equivalent shares		5,842			5,808			5,834			5,806		5,822			5,807			5,820			5,815

* March 31, 2017 quarterly data have been reclassified to conform with current presentation.

Litigation

12 Months Ended

Dec. 31, 2018

Loss Contingency, Information about Litigation Matters [Abstract]

Litigation

16.	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, 2018

Other Income and Expenses [Abstract]

Other Income

17.	Other Income

During the third quarter of 2016, the Company sold a tower in our Norfolk, Virginia market for approximately $1,619,000 to SBA Towers IX, LLC (“SBA”). Subsequently, we entered into a ten year lease for tower space from SBA with three renewal periods of five years each. The transactions described have been accounted for as a sale-leaseback transaction. Accordingly, the Company recognized a gain on the sale of assets of approximately $1,415,000, which is the amount of the gain on sale in excess of present value of future lease payments and will recognize the remaining approximately $65,000 in proportion to the related gross rental charged to expense over the term of the lease. The gain is recorded in the other operating (income) expense, net in the Company’s Consolidated Statements of Income.

Subsequent Events

12 Months Ended

Dec. 31, 2018

Subsequent Events [Abstract]

Subsequent Events

18.	Subsequent Events

On February 26, 2019, the Company’s 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, will be paid on March 29, 2019 to shareholders of record on March 12, 2019.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Nature of Business

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 41%, 41% and 43% of our net operating revenue for the years ended December 31, 2018, 2017 and 2016, 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, 2018 and 2017.

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, 2018	$	727	$	444	$	25	$	(437	)	$	759
December 31, 2017	$	518	$	333	$	181	$	(305	)	$	727
December 31, 2016	$	614	$	195	$	—	$	(291	)	$	518

Barter Transactions

Property and Equipment

Property and equipment consisted of the following:

	Estimated		December 31,
	Useful Life		2018			2017
			(In thousands)

Land and land improvements		—	$	14,402		$	13,594
Buildings		31.5 years		35,812			34,905
Towers and antennae		7-15 years		25,959			24,538
Equipment		3-15 years		53,752			52,534
Furniture, fixtures and leasehold improvements		7-20 years		6,740			6,822
Vehicles		5 years		3,555			3,463
				140,220			135,856
Accumulated depreciation				(81,117	)		(79,621	)
Net property and equipment			$	59,103		$	56,235

Revenue Recognition Revised and Updated

and The Accounting Standards Codification (ASC) Topic 606,

Revenue from Contracts with Customers

Local Marketing Agreements

Advertising and Promotion Costs

Income Taxes

Dividends

Stock-Based Compensation

Earnings Per Share

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

	Years Ended December 31,
	2018		2017		2016
	(In thousands, except per share data)

Numerator:
Income from continuing operations	$	13,690	$	22,246	$	12,910
Less: Income allocated to unvested participating securities		256		370		231
Income from continuing operations available to common stockholders	$	13,434	$	21,876	$	12,679

Income from discontinued operations	$	—	$	32,471	$	5,276
Less: Income allocated to unvested participating securities		—		541		94
Income from discontinued operations available to common stockholders	$	—	$	31,930	$	5,182

Net income available to common stockholders	$	13,434	$	53,806	$	17,861

Denominator:
Denominator for basic earnings per share-weighted average shares		5,829		5,803		5,761
Effect of dilutive securities:
Stock options		—		4		10
Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions		5,829		5,807		5,771

Basic earnings per share:
From continuing operations	$	2.30	$	3.77	$	2.20
From discontinued operations		—		5.50		0.90
Basic earnings per share	$	2.30	$	9.27	$	3.10

Diluted earnings per share
From continuing operations	$	2.30	$	3.77	$	2.19
From discontinued operations		—		5.50		0.90
Diluted earnings per share	$	2.30	$	9.27	$	3.09

Recently Adopted Accounting Pronouncements

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In May 2014, the FASB issued Accounting Standards Update No. 2014-09,

“Revenue from Contracts with Customers”

In August 2016, the FASB issued ASU No. 2016-15, “

Classification of Certain Cash Receipts and Cash Payments (Topic 230): Statement of Cash Flows”

Recent Accounting Pronouncements

Recent Accounting Pronouncements – Not Yet Adopted

In January 2017, the FASB issued ASU 2017-04, “

Intangibles – Goodwill and Other (Topic 350)”

In June 2016, the FASB issued ASU No. 2016-13, “

Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”

In February 2016, the FASB issued Accounting Standards Update No. 2016-02,

“Leases (Topic 842)”

We have elected to apply the modified retrospective transition approach without restatement of comparative periods financial information, as permitted by the transition guidance.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

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, 2018	$	727	$	444	$	25	$	(437	)	$	759
December 31, 2017	$	518	$	333	$	181	$	(305	)	$	727
December 31, 2016	$	614	$	195	$	—	$	(291	)	$	518

Property and equipment

Property and equipment consisted of the following:

	Estimated		December 31,
	Useful Life		2018			2017
			(In thousands)

Land and land improvements		—	$	14,402		$	13,594
Buildings		31.5 years		35,812			34,905
Towers and antennae		7-15 years		25,959			24,538
Equipment		3-15 years		53,752			52,534
Furniture, fixtures and leasehold improvements		7-20 years		6,740			6,822
Vehicles		5 years		3,555			3,463
				140,220			135,856
Accumulated depreciation				(81,117	)		(79,621	)
Net property and equipment			$	59,103		$	56,235

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,
	2018		2017		2016
	(In thousands, except per share data)

Numerator:
Income from continuing operations	$	13,690	$	22,246	$	12,910
Less: Income allocated to unvested participating securities		256		370		231
Income from continuing operations available to common stockholders	$	13,434	$	21,876	$	12,679

Income from discontinued operations	$	—	$	32,471	$	5,276
Less: Income allocated to unvested participating securities		—		541		94
Income from discontinued operations available to common stockholders	$	—	$	31,930	$	5,182

Net income available to common stockholders	$	13,434	$	53,806	$	17,861

Denominator:
Denominator for basic earnings per share-weighted average shares		5,829		5,803		5,761
Effect of dilutive securities:
Stock options		—		4		10
Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions		5,829		5,807		5,771

Basic earnings per share:
From continuing operations	$	2.30	$	3.77	$	2.20
From discontinued operations		—		5.50		0.90
Basic earnings per share	$	2.30	$	9.27	$	3.10

Diluted earnings per share
From continuing operations	$	2.30	$	3.77	$	2.19
From discontinued operations		—		5.50		0.90
Diluted earnings per share	$	2.30	$	9.27	$	3.09

Revenue (Tables)

12 Months Ended

Dec. 31, 2018

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table presents revenues disaggregated by revenue source:

	Twelve Months Ended December 31,
	2018		2017		2016
	(in thousands)
Types of Revenue
Broadcast Advertising Revenue, net	$	114,929	$	109,175	$	110,053
Digital Advertising Revenue		3,900		3,610		3,567
Other Revenue		6,000		5,364		5,335
Net Revenue	$	124,829	$	118,149	$	118,955

Broadcast Licenses, Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Changes to broadcast licenses

We have recorded the changes to broadcast licenses for the years ended December 31, 2018 and 2017 as follows:

	Continuing Operations			Discontinued Operations			Total
	(In thousands)

Balance at January 1, 2017	$	86,622		$	9,607		$	96,229
Acquisitions		8,086			—			8,086
Dispositions		—			(9,607	)		(9,607	)
Impairment charge		(1,449	)		—			(1,449	)
Balance at December 31, 2017	$	93,259		$	—		$	93,259
Acquisitions		1,991			—			1,991
Balance at December 31, 2018	$	95,250		$	—		$	95,250

Key estimates and assumptions used in the impairment test

	Fourth Quarter 2018	Fourth Quarter 2017	Fourth Quarter 2016
Discount rates	12.0% - 12.0%	12.4% - 12.5%	12.3% - 12.4%
Operating profit margin ranges	19.0% - 36.4%	19.0% - 36.4%	19.5% - 36.4%
Market long-term revenue growth rates	0.5% - 2.9%	1.1% - 3.5%	1.0% - 2.9%

Changes to Goodwill

We have recorded the changes to goodwill for each of the years ended December 31, 2018 and 2017 as follows:

	Total
	(in thousands)

Balance at January 1, 2017	$	7,407
Acquisitions		8,151
Balance at December 31, 2017	$	15,558
Acquisitions		3,281
Balance at December 31, 2018	$	18,839

Amortizable intangible assets

We have recorded amortizable intangible assets at December 31, 2018 as follows:

	Gross
	Carrying		Accumulated		Net
	Amount		Amortization		Amount
	(In thousands)
Non-competition agreements	$	3,861	$	3,861	$	—
Favorable lease agreements		5,965		5,504		461
Customer relationships		4,660		2,634		2,026
Other intangibles		1,943		1,683		260
Total amortizable intangible assets	$	16,429	$	13,682	$	2,747

We have recorded amortizable intangible assets at December 31, 2017 as follows:

	Gross
	Carrying		Accumulated		Net
	Amount		Amortization		Amount
	(In thousands)
Non-competition agreements	$	3,861	$	3,861	$	—
Favorable lease agreements		5,965		5,468		497
Customer relationships		3,546		1,529		2,017
Other intangibles		1,834		1,630		204
Total amortizable intangible assets	$	15,206	$	12,488	$	2,718

Discontinued Operations (Tables) - Joplin, Missouri and Victoria, Texas Television Stations [Member]

12 Months Ended

Dec. 31, 2018

Disposal Groups, Including Discontinued Operations

	Year Ended December 31,
	2018		2017 (4)		2016

Net operating revenue	$	—	$	14,238	$	23,636
Station operating expense (1)		—		9,757		14,743
Other operating (income) expense		—		31		(42	)
Operating income		—		4,450		8,935
Interest expense (2)		—		21		32
Income before income taxes		—		4,429		8,903
Pretax gain on the disposal of discontinued operations		—		50,842		—
Total pretax gain on discontinued operations		—		55,271		8,903
Income tax expense (3)		—		22,800		3,627
Income from discontinued operations, net of tax	$	—	$	32,471	$	5,276

(1)

No depreciation expense was recorded by the Company beginning May 9, 2017, the date the Television segment assets’ were held for sale.

(2)

Interest expense related to the Surtsey debt that is guaranteed by the Television stations. Our affiliate repaid this loan when the television stations were sold on September 1, 2017.

(3)

The effective tax rates on pretax income from discontinued operations were approximately 41%.

(4)

Results of operations for the Television stations are reflected through August 31, 2017. The effective date of the sale was September 1, 2017.

Disclosure of Condensed Consolidated Statements of Cash Flows

	December 31, 2018		December 31, 2017		December 31, 2016

Cash paid during the period
Interest	$	—	$	21	$	32
Income taxes		—		23,260		2,677

Significant operating non-cash items
Depreciation and amortization (1)	$	—	$	445	$	1,387
Broadcast program rights amortization		—		418		628
Barter revenue, net		—		18		32
Acquisition of property and equipment		—		—		43
Loss (gain) on sale of assets		—		31		(42	)
Pretax gain on television sale		—		50,842		—

Significant investing items
Acquisition of property and equipment	$	—	$	335	$	894
Proceeds from sale and disposal of assets		—		—		(59	)
Net proceeds from sale of television stations (2)		—		69,528		—
Proceeds from insurance claim		—		—		—

(1)

No depreciation expense was recorded by the Company beginning May 9, 2017, the date the Television segment assets’ were held for sale.

(2)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt consisted of the following:

	December 31,			December 31,
	2018			2017
	(In thousands)

Credit Facility:
Revolving Credit Facility	$	20,000		$	25,000
Amounts payable within one year		(5,000	)		—
	$	15,000		$	25,000

Future maturities of long-term debt

Future maturities of long-term debt are as follows:

Year Ending December 31,	Amount
	(In thousands)

2019	$	5,000
2020		—
2021		—
2022		—
2023		15,000
Thereafter		—
	$	20,000

- 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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-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2018

Supplemental Cash Flow Elements [Abstract]

Supplemental cash flow information

	Years Ended December 31,
	2018		2017		2016
	(In thousands)

Cash paid during the period for:
Interest	$	884	$	850	$	636
Income taxes	$	2,864	$	2,420	$	6,555
Non-cash transactions:
Barter revenue	$	3,570	$	3,618	$	3,471
Barter expense	$	3,677	$	3,367	$	3,217
Purchase of treasury shares in connection with exercise of stock options	$	—	$	826	$	—
Acquisition of property and equipment	$	11	$	8	$	49
Use of treasury shares for 401(k) match	$	252	$	274	$	258

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Significant components of the Companys deferred tax liabilities and assets

Significant components of the Company’s deferred tax liabilities and assets are as follows:

	December 31,
	2018			2017
	(In thousands)

Deferred tax liabilities:
Property and equipment	$	5,145		$	4,333
Intangible assets		19,324			17,640
Prepaid expenses		350			317
Total deferred tax liabilities		24,819			22,290
Deferred tax assets:
Allowance for doubtful accounts		118			116
Compensation		906			1,058
Other accrued liabilities		63			44
		1,087			1,218
Less: valuation allowance		—			—
Total net deferred tax assets		1,087			1,218
Net deferred tax liabilities	$	23,732		$	21,072
Current portion of deferred tax assets	$	303		$	300
Non-current portion of deferred tax liabilities		(24,035	)		(21,372	)
Net deferred tax liabilities	$	(23,732	)	$	(21,072	)

Significant components of the provision for income taxes

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

	Years Ended December 31,
	2018		2017			2016
	(In thousands)

Current:
Federal	$	2,205	$	2,545		$	5,616
State		835		(255	)		1,010
Total current		3,040		2,290			6,626
Total deferred		2,660		(8,210	)		2,247
Total Income Tax Provision	$	5,700	$	(5,920	)	$	8,873

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,
	2018		2017			2016
	(In thousands)

Tax expense at U.S. statutory rates	$	4,017	$	5,716		$	7,665
State tax expense (benefit), net of federal benefit		1,134		(769	)		926
Other, net		549		633			282
Federal tax reform - deferred tax rate change		—		(11,500	)		—
	$	5,700	$	(5,920	)	$	8,873

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Share-based Compensation, Stock Options, Activity

The following summarizes the stock option transactions for the Second Restated 2005 Plan, and the 2003 Plan for the year ended December 31:

						Weighted
						Average
				Weighted		Remaining		Aggregate
	Number of			Average		Contractual		Intrinsic
	Options			Exercise Price		Term (Years)		Value

Outstanding at January 1, 2016		29,035		$	28.47		1.4	$	289,769
Granted		—			—
Exercised		—			—
Forfeited/canceled/expired		—			—
Outstanding at December 31, 2016		29,035		$	28.47		0.4	$	633,834
Granted		—			—
Exercised		(29,035	)		28.47
Forfeited/canceled/expired		—			—
Outstanding at December 31, 2017		—		$	—		—	$	—
Granted		—			—
Exercised		—			—
Forfeited/canceled/expired		—			—
Outstanding at December 31, 2018		—		$	—		—	$	—
Vested and Exercisable at December 31, 2018		—		$	—		—	$	—

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, 2016		106,789		$	40.28
Granted		48,471			48.60
Vested		(51,368	)		41.20
Forfeited/canceled/expired		(630	)		38.83
Outstanding at December 31, 2016		103,262		$	43.73
Granted		48,780			44.20
Vested		(54,598	)		42.13
Forfeited/canceled/expired		(805	)		46.23
Outstanding at December 31, 2017		96,639		$	44.85
Granted		63,811			37.37
Vested		(49,493	)		43.98
Forfeited/canceled/expired		(1,781	)		45.39
Non-vested and outstanding at December 31, 2018		109,176		$	40.87
Weighted average remaining contractual life (in years)		2.3

Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2018

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

Condensed Consolidated Balance Sheet of 2018 and 2017 Acquisitions

	Acquisitions in
	2018		2017
	(In thousands)
Assets Acquired:
Current assets	$	559	$	1,390
Property and equipment		3,007		6,678
Other assets:
Broadcast licenses		1,991		8,086
Goodwill		3,281		8,151
Other intangibles, deferred costs and investments		1,123		2,019
Total other assets		6,395		18,256
Total assets acquired		9,961		26,324
Liabilities Assumed:
Current liabilities		120		468
Total liabilities assumed		120		468
Net assets acquired	$	9,841	$	25,856

Business Acquisition, Pro Forma Information

	Years Ended December 31,
	2018			2017
	(In thousands, except per share data)
Pro forma Consolidated Results of Operations
Net operating revenue	$	129,228		$	128,180
Station operating expense		97,314			96,218
Corporate general and administrative		11,359			11,657
Other operating expenses		61			55
Impairment of intangible assets		—			1,449
Operating income		20,494			18,801
Interest expense		946			903
Interest income		(631	)		—
Other income		(23	)		—
Income from continuing operations before income tax expense		20,202			17,898
Income tax expense (benefit) expense		5,944			(5,276	)
Income from continuing operations, net of tax		14,258			23,174
Income from discontinued operations, net of tax		—			32,471
Net income	$	14,258		$	55,645
Basic earnings per share:
From continuing operations	$	2.40		$	3.93
From discontinued operations		—			5.50
Basic earnings per share	$	2.40		$	9.43

Diluted earnings per share:
From continuing operations	$	2.40		$	3.93
From discontinued operations		—			5.50
Diluted earnings per share	$	2.40		$	9.43

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Minimum annual rental commitments

Minimum annual rental commitments under noncancellable operating leases consisted of the following at December 31, 2018 (in thousands):

2019	$	1,562
2020		1,369
2021		1,235
2022		1,067
2023		707
Thereafter		2,023
	$	7,963

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

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

		Fair Value
Financial Instrument	Fair Value Hierarchy	December 31, 2018		December 31, 2017
Cash and cash equivalents	Level 1	$	44,729	$	53,030
Revolving Credit Facility	Level 2		20,000		25,000

- 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, 2018

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results of Operations

	March 31,						June 30,					September 30,						December 31,
	2018			2017*			2018			2017		2018			2017			2018			2017
	(In thousands, except per share data)
Net operating revenue	$	28,009		$	26,155		$	32,234		$	30,261	$	31,648		$	30,269		$	32,938		$	31,464
Station operating expenses		23,397			21,340			23,140			21,426		23,429			21,755			23,761			23,238
Corporate G&A		2,544			2,863			2,848			2,880		2,813			3,132			3,154			2,782
Other operating expense (income), net		(251	)		(21	)		213			79		85			(127	)		14			124
Impairment of intangible assets		—			—			—			—		—			—			—			1,449
Operating income from continuing operations		2,319			1,973			6,033			5,876		5,321			5,509			6,009			3,871
Other (income) expenses:
Interest expense		219			208			255			229		243			254			229			212
Interest (income)		(89	)		—			(188	)		—		(167	)		—			(187	)		—
Other (income) expense		—			—			—			—		(25	)		—			2			—
Income from continuing operations before income taxes		2,189			1,765			5,966			5,647		5,270			5,255			5,965			3,659
Income tax provision (benefit)		660			718			1,795			2,272		1,575			2,290			1,670			(11,200	)
Income from continuing operations, net of tax		1,529			1,047			4,171			3,375		3,695			2,965			4,295			14,859
Income (loss) from discontinued operations, net of tax		—			891			—			1,159		—			30,451			—			(30	)
Net income	$	1,529		$	1,938		$	4,171		$	4,534	$	3,695		$	33,416		$	4,295		$	14,829

Basic earnings (loss) per share
From continuing operations	$	0.26		$	0.18		$	0.70		$	0.57	$	0.62		$	0.50		$	0.72		$	2.52
From discontinued operations		—			0.15			—			0.20		—			5.16			—			(0.01	)
Basic earnings per share	$	0.26		$	0.33		$	0.70		$	0.77	$	0.62		$	5.66		$	0.72		$	2.51
Weighted average common shares		5,842			5,795			5,834			5,803		5,822			5,807			5,820			5,815

Diluted earnings (loss) per share
From continuing operations	$	0.26		$	0.18		$	0.70		$	0.57	$	0.62		$	0.50		$	0.72		$	2.52
From discontinued operations		—			0.15			—			0.20		—			5.16			—			(0.01	)
Diluted earnings per share	$	0.26		$	0.33		$	0.70		$	0.77	$	0.62		$	5.66		$	0.72		$	2.51
Weighted average common and common equivalent shares		5,842			5,808			5,834			5,806		5,822			5,807			5,820			5,815

* March 31, 2017 quarterly data have been reclassified to conform with current presentation.

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Allowance For Doubtful Accounts Receivable Rollforward [Line Items]
Balance at Beginning of Period	$ 727	$ 518	$ 614
Charged to Costs and Expenses	444	333	195
Allowance From Acquisitions	25	181	0
Write Off of Uncollectible Accounts, Net of Recoveries	(437)	(305)	(291)
Balance at End of Period	$ 759	$ 727	$ 518

Summary of Significant Accounting Policies (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Property Plant and Equipment, Gross	$ 140,220	$ 135,856
Accumulated depreciation	(81,117)	(79,621)
Net property and equipment	59,103	56,235
Land and Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Property Plant and Equipment, Gross	$ 14,402	13,594
Estimated Useful Life	0 years
Building [Member]
Property, Plant and Equipment [Line Items]
Property Plant and Equipment, Gross	$ 35,812	34,905
Estimated Useful Life	31 years 6 months
Towers And Antennae [Member]
Property, Plant and Equipment [Line Items]
Property Plant and Equipment, Gross	$ 25,959	24,538
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	$ 53,752	52,534
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	$ 6,740	6,822
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	$ 3,555	$ 3,463
Estimated Useful Life	5 years

Summary of Significant Accounting Policies (Details 2) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

^[1]

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Numerator:

Income from continuing operations

$ 4,295

$ 3,695

$ 4,171

$ 1,529

$ 14,859

$ 2,965

$ 3,375

$ 1,047

$ 13,690

$ 22,246

$ 12,910

Less: Income allocated to unvested participating securities

256

370

231

Income from continuing operations available to common stockholders

13,434

21,876

12,679

Income from discontinued operations

$ 0

$ (30)

$ 30,451

$ 1,159

$ 891

32,471

5,276

Less: Income allocated to unvested participating securities

541

Income from discontinued operations available to common stockholders

31,930

5,182

Net income available to common stockholders

$ 13,434

$ 53,806

$ 17,861

Denominator:

Denominator for basic earnings per share-weighted average shares

5,820

5,822

5,834

5,842

5,815

5,807

5,803

5,795

5,829

5,803

5,761

Effect of dilutive securities:

Stock options

Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions

5,820

5,822

5,834

5,842

5,815

5,807

5,806

5,808

5,829

5,807

5,771

Basic earnings per share:

From continuing operations

$ 0.72

$ 0.62

$ 0.70

$ 0.26

$ 2.52

$ 0.50

$ 0.57

$ 0.18

$ 2.30

$ 3.77

$ 2.20

From discontinued operations

(0.01)

5.16

0.20

0.15

5.50

0.90

Basic earnings per share

0.72

0.62

0.70

0.26

2.51

5.66

0.77

0.33

2.30

9.27

3.10

Diluted earnings per share

From continuing operations

0.72

0.62

0.70

0.26

2.52

0.50

0.57

0.18

2.30

3.77

2.19

From discontinued operations

(0.01)

5.16

0.20

0.15

5.50

0.90

Diluted earnings per share

$ 0.72

$ 0.62

$ 0.70

$ 0.26

$ 2.51

$ 5.66

$ 0.77

$ 0.33

$ 2.30

$ 9.27

$ 3.09

[1]	March 31, 2017 quarterly data have been reclassified to conform with current presentation.

Summary of Significant Accounting Policies (Details Textual)										1 Months Ended			12 Months Ended
	Sep. 14, 2018 USD ($) $ / shares	May 15, 2018 USD ($) $ / shares	Dec. 07, 2017 USD ($) $ / shares	Sep. 13, 2017 USD ($) $ / shares	May 03, 2017 USD ($) $ / shares	Mar. 03, 2017 USD ($) $ / shares	Nov. 21, 2016 USD ($) $ / shares	Jun. 01, 2016 USD ($) $ / shares	Mar. 02, 2016 USD ($) $ / shares	Nov. 28, 2018 USD ($) $ / shares	Feb. 28, 2018 USD ($) $ / shares	Aug. 30, 2016 USD ($) $ / shares	Dec. 31, 2018 USD ($) $ / shares shares	Dec. 31, 2017 USD ($) $ / shares shares	Dec. 31, 2016 USD ($) $ / shares shares
Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Market Risk													41.00%	41.00%	43.00%
Interest expense related to the amortization of debt issuance costs													$ 51,000	$ 53,000	$ 53,000
Write-off of debt issuance costs															$ 53,000
Net book value of deferred costs													$ 207,000	$ 138,000
Treasury Stock, Shares, Acquired \| shares													53,713	37,141	18,612
Treasury Stock Acquired, Average Cost Per Share \| $ / shares													$ 37.24	$ 47.72	$ 40.06
Special cash dividend declared on Classes A and B Common Stock \| $ / shares	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.25	$ 0.25	$ 0.30	$ 0.30	$ 0.30	$ 1.45	$ 2.00	$ 1.30
Dividend paid	$ 1,800,000	$ 1,800,000	$ 6,500,000	$ 1,800,000	$ 1,800,000	$ 1,800,000	$ 2,900,000	$ 1,500,000	$ 1,500,000	$ 3,300,000	$ 1,800,000	$ 1,800,000
Number Of Broadcast Licenses													112
Number Of Market Serving													27
Dividends Payable, Amount Per Share \| $ / shares			$ 0.80				$ 0.20			$ 0.25
Debt Issuance Costs, Net													$ 120,000
Accounting Standards Update 2016-02 [Member]
Summary Of Significant Accounting Policies [Line Items]
Operating Lease, Liability													7,000,000
Continuing Operations [Member]
Summary Of Significant Accounting Policies [Line Items]
Depreciation expense													5,692,000	$ 5,391,000	$ 5,234,000
Advertising and promotion costs													2,438,000	2,441,000	2,633,000
Discontinued Operations [Member]
Summary Of Significant Accounting Policies [Line Items]
Depreciation expense													0	445,000	1,387,000
Advertising and promotion costs													0	$ 240,000	$ 341,000
Class A Common Stock [Member]
Summary Of Significant Accounting Policies [Line Items]
Stock Repurchase Program, Remaining Authorized Repurchase Amount													20,400,000
Minimum [Member] \| Class A Common Stock [Member]
Summary Of Significant Accounting Policies [Line Items]
Stock Repurchase Program, Authorized Amount													60,000,000
Maximum [Member] \| Class A Common Stock [Member]
Summary Of Significant Accounting Policies [Line Items]
Stock Repurchase Program, Authorized Amount													$ 75,800,000

Revenue (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

^[1]

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Revenues [Abstract]

Revenue, Net, Total

$ 32,938

$ 31,648

$ 32,234

$ 28,009

$ 31,464

$ 30,269

$ 30,261

$ 26,155

$ 124,829

$ 118,149

$ 118,955

Broadcast Advertising Revenue, net [Member]

Revenues [Abstract]

Revenue, Net, Total

114,929

109,175

110,053

Digital Advertising Revenue [Member]

Revenues [Abstract]

Revenue, Net, Total

3,900

3,610

3,567

Other Revenue [Member]

Revenues [Abstract]

Revenue, Net, Total

$ 6,000

$ 5,364

$ 5,335

[1]	March 31, 2017 quarterly data have been reclassified to conform with current presentation.

Broadcast Licenses, Goodwill and Other Intangible Assets (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Indefinite-lived Intangible Assets [Line Items]

Balance

$ 93,259

$ 96,229

$ 93,259

$ 96,229

Acquisitions

1,991

8,086

Dispositions

(9,607)

Impairment charge

$ 0

$ (1,449)

$ 0

^[1]

(1,449)

$ 0

Balance

95,250

93,259

95,250

93,259

96,229

Discontinued Operations [Member]

Indefinite-lived Intangible Assets [Line Items]

9,607

(9,607)

9,607

Continuing Operations [Member]

Indefinite-lived Intangible Assets [Line Items]

Balance

$ 93,259

$ 86,622

93,259

86,622

Acquisitions

1,991

8,086

Dispositions

Impairment charge

(1,449)

Balance

$ 95,250

$ 93,259

$ 95,250

$ 93,259

$ 86,622

[1]	March 31, 2017 quarterly data have been reclassified to conform with current presentation.

Broadcast Licenses, Goodwill and Other Intangible Assets (Details 1)	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Minimum [Member]
Discount rates	12.00%	12.40%	12.30%
Operating profit margin ranges	19.00%	19.00%	19.50%
Market long-term revenue growth rates	0.50%	1.10%	1.00%
Maximum [Member]
Discount rates	12.00%	12.50%	12.40%
Operating profit margin ranges	36.40%	36.40%	36.40%
Market long-term revenue growth rates	2.90%	3.50%	2.90%

Broadcast Licenses, Goodwill and Other Intangible Assets (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Indefinite-lived Intangible Assets [Line Items]
Balance	$ 15,558
Balance	18,839	$ 15,558
Continuing Operations [Member]
Indefinite-lived Intangible Assets [Line Items]
Balance	15,558	7,407
Acquisitions	3,281	8,151
Balance	$ 18,839	$ 15,558

Broadcast Licenses, Goodwill and Other Intangible Assets (Details 3) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 16,429	$ 15,206
Accumulated Amortization	13,682	12,488
Net Amount	2,747	2,718
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	4,660	3,546
Accumulated Amortization	2,634	1,529
Net Amount	2,026	2,017
Non-competition agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	3,861	3,861
Accumulated Amortization	3,861	3,861
Net Amount	0	0
Favorable lease agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	5,965	5,965
Accumulated Amortization	5,504	5,468
Net Amount	461	497
Other intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,943	1,834
Accumulated Amortization	1,683	1,630
Net Amount	$ 260	$ 204

Broadcast Licenses, Goodwill and Other Intangible Assets (Details Textual) - USD ($)

3 Months Ended

12 Months Ended

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

^[1]

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Finite-Lived Intangible Assets [Line Items]

Impairment of intangible assets

$ 0

$ 1,449,000

$ 0

$ 1,449,000

$ 0

Amortization Expense

1,094,000

$ 860,000

$ 642,000

1,029,000

813,000

387,000

39,000

$ 35,000

[1]	March 31, 2017 quarterly data have been reclassified to conform with current presentation.

Discontinued Operations (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

^[1]

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Income from discontinued operations, net of tax

$ 0

$ (30)

$ 30,451

$ 1,159

$ 891

$ 0

$ 32,471

$ 5,276

Joplin, Missouri and Victoria, Texas Television Stations [Member]

Net operating revenue

14,238

^[2]

23,636

Station operating expense

^[3]

9,757

^[2]

14,743

Other operating (income) expense

^[2]

(42)

Operating income

4,450

^[2]

8,935

Interest expense

^[4]

^[2]

Income before income taxes

4,429

^[2]

8,903

Pretax gain on the disposal of discontinued operations

50,842

^[2]

Total pretax gain on discontinued operations

55,271

^[2]

8,903

Income tax expense

^[5]

22,800

^[2]

3,627

Income from discontinued operations, net of tax

$ 0

$ 32,471

^[2]

$ 5,276

[1]	March 31, 2017 quarterly data have been reclassified to conform with current presentation.
[2]	Results of operations for the Television stations are reflected through August 31, 2017. The effective date of the sale was September 1, 2017.
[3]	No depreciation expense was recorded by the Company beginning May 9, 2017, the date the Television segment assets’ were held for sale.
[4]	Interest expense related to the Surtsey debt that is guaranteed by the Television stations. Our affiliate repaid this loan when the television stations were sold on September 1, 2017.
[5]	The effective tax rates on pretax income from discontinued operations were approximately 41%.

Discontinued Operations (Details 1) - USD ($)
$ in Thousands

12 Months Ended

May 09, 2017

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Cash paid during the period

Interest

$ 884

$ 850

$ 636

Income taxes

2,864

2,420

6,555

Significant operating non-cash items

Depreciation and amortization

6,786

6,251

5,876

Significant investing items

Acquisition of property and equipment

5,922

6,246

3,967

Joplin, Missouri and Victoria, Texas Television Stations [Member]

Cash paid during the period

Interest

Income taxes

23,260

2,677

Significant operating non-cash items

Depreciation and amortization

^[1]

445

1,387

Broadcast program rights amortization

418

628

Barter revenue, net

Acquisition of property and equipment

Loss (gain) on sale of assets

(42)

Pretax gain on television sale

50,842

Significant investing items

Acquisition of property and equipment

335

894

Proceeds from sale and disposal of assets

(59)

Net proceeds from sale of television stations

$ 69,500

^[2]

69,528

^[2]

Proceeds from insurance claim

$ 0

[1]	No depreciation expense was recorded by the Company beginning May 9, 2017, the date the Television segment assets’ were held for sale.
[2]	Net proceeds from the sale of the television stations reflect the sales price of $66.6 million, the sale of accounts receivable of approximately $3.4 million, offset by certain closing adjustments and transactional costs of approximately $500 thousand.

Discontinued Operations (Details Textual) - USD ($)

1 Months Ended

3 Months Ended

12 Months Ended

Nov. 03, 2017

Oct. 05, 2017

Sep. 02, 2017

May 09, 2017

Oct. 29, 2018

Sep. 30, 2017

Dec. 31, 2018

Dec. 31, 2017

^[1]

Dec. 31, 2016

^[1]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Disposal Group, Including Discontinued Operation, Consideration

$ 23,000,000

$ 9,300,000

Disposal Group, Including Discontinued Operation, Income Tax Rate

41.00%

Discontinued Operation, Disposal of Discontinued Operation, Transaction Costs

$ 25,000

$ 50,000

Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net

$ 1,300,000

3,400,000

566,000

Payments to Acquire Businesses, Net of Cash Acquired

$ 24,200,000

24,200,000

Revolving Credit Facility [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Repayments of Lines of Credit

$ 5,000,000

$ 5,287,000

Joplin, Missouri and Victoria, Texas Television Stations [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Total

29,900,000

Disposal Group, Including Discontinued Operation, Consideration

66,600,000

Discontinued Operation, Disposal of Discontinued Operation, Transaction Costs

500,000

Proceeds from Divestiture of Businesses, Net of Cash Divested

$ 69,500,000

$ 0

^[1]

$ 69,528,000

$ 0

Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal

$ 50,800,000

[1]	Net proceeds from the sale of the television stations reflect the sales price of $66.6 million, the sale of accounts receivable of approximately $3.4 million, offset by certain closing adjustments and transactional costs of approximately $500 thousand.

Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Total debt
Amounts payable within one year	$ (5,000)	$ 0
Long-term debt, noncurrent	15,000	25,000
Revolving credit facility [Member]
Total debt
Long-term debt, noncurrent	$ 20,000	$ 25,000

Long-Term Debt (Details 1) $ in Thousands	Dec. 31, 2018 USD ($)
Schedule of Maturities of Long Term Debt [Line Items]
2019	$ 5,000
2020	0
2021	0
2022	0
2023	15,000
Thereafter	0
Long-term Debt	$ 20,000

Long-Term Debt (Details Textual) - USD ($)				1 Months Ended		12 Months Ended
Long-Term Debt (Details Textual) - USD ($)	Sep. 04, 2018	Nov. 03, 2017	Oct. 05, 2017	Feb. 04, 2019	Aug. 18, 2015	Dec. 31, 2018
Debt Instrument [Line Items]
Long-term Debt						$ 20,000,000
Amortization of Acquisition Costs						266,000
Debt Issuance Costs, Net						120,000
Affiliated Entity [Member]
Debt Instrument [Line Items]
Repayments of Long-term Lines of Credit						$ 1,100,000
Secured Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date						May 01, 2020
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage						0.25%
Maximum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage						0.30%
Maximum [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate						1.00%
Minimum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage						0.20%
Minimum [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate						0.00%
Libor Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage						2.4375%
Libor Rate [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate						2.00%
Libor Rate [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate						1.00%
Revolving credit facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date					Aug. 18, 2020
Long-term Debt					$ 100,000,000
Line of Credit Facility, Remaining Borrowing Capacity						$ 80,000,000
Repayments of Long-term Lines of Credit	$ 5,000,000	$ 5,000,000	$ 5,287,000
Revolving credit facility [Member] \| Subsequent Event [Member]
Debt Instrument [Line Items]
Repayments of Long-term Lines of Credit				$ 5,000,000

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash paid during the period for:
Interest	$ 884	$ 850	$ 636
Income taxes	2,864	2,420	6,555
Non-cash transactions:
Barter revenue	3,570	3,618	3,471
Barter expense	3,677	3,367	3,217
Purchase of treasury shares in connection with exercise of stock options	0	826	0
Acquisition of property and equipment	11	8	49
Use of treasury shares for 401(k) match	$ 252	$ 274	$ 258

Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Deferred tax liabilities:
Property and equipment	$ 5,145	$ 4,333
Intangible assets	19,324	17,640
Prepaid expenses	350	317
Total deferred tax liabilities	24,819	22,290
Deferred tax assets:
Allowance for doubtful accounts	118	116
Compensation	906	1,058
Other accrued liabilities	63	44
Deferred Tax Assets, Gross, Total	1,087	1,218
Less: valuation allowance	0	0
Total net deferred tax assets	1,087	1,218
Net deferred tax liabilities	23,732	21,072
Current portion of deferred tax assets	303	300
Non-current portion of deferred tax liabilities	(24,035)	(21,372)
Net deferred tax liabilities	$ (23,732)	$ (21,072)

Income Taxes (Details 1) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details 1) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current:
Federal	$ 2,205	$ 2,545	$ 5,616
State	835	(255)	1,010
Total current	3,040	2,290	6,626
Total deferred	2,660	(8,210)	2,247
Total Income Tax Provision	$ 5,700	$ (5,920)	$ 8,873

Income Taxes (Details 2) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details 2) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Schedule Of Effective Income Taxes Rate Reconciliation [Line Items]
Tax expense at U.S. statutory rates	$ 4,017	$ 5,716	$ 7,665
State tax expense (benefit), net of federal benefit	1,134	(769)	926
Other, net	549	633	282
Federal tax reform - deferred tax rate change	0	(11,500)	0
Total Income Tax Provision	$ 5,700	$ (5,920)	$ 8,873

Income Taxes (Details Textual) - USD ($)

3 Months Ended

12 Months Ended

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

^[1]

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Income Tax [Line Items]

Deferred Tax Assets Tax Deferred Compensation Noncurrent

$ 1,087,000

$ 1,175,000

$ 1,087,000

$ 1,175,000

Income Tax Expense (Benefit)

1,670,000

$ 1,575,000

$ 1,795,000

$ 660,000

(11,200,000)

$ 2,290,000

$ 2,272,000

$ 718,000

5,700,000

(5,920,000)

$ 8,873,000

Income Tax Examination, Penalties and Interest Accrued

$ 0

Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent

21.00%

35.00%

Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount

$ 0

$ (11,500,000)

Income Tax Examination, Penalties and Interest Expense

31,000

Stock Option [Member]

Income Tax [Line Items]

Income Tax Expense (Benefit)

$ 0

$ (100,000)

$ 0

[1]	March 31, 2017 quarterly data have been reclassified to conform with current presentation.

Stock-Based Compensation (Details) - Stock Option Plan [Member] - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Summary the stock option transactions
Number of Options, Outstanding	0	29,035	29,035
Number of Options, Granted	0	0	0
Number of Options, Exercised	0	(29,035)	0
Number of Options, Forfeited/canceled/expired	0	0	0
Number of Options, Outstanding	0	0	29,035	29,035
Number of Options, Vested and Exercisable	0
Weighted Average Exercise Price, Outstanding	$ 0	$ 28.47	$ 28.47
Weighted Average Exercise Price, Granted	0	0	0
Weighted Average Exercise Price, Exercised	0	28.47	0
Weighted Average Exercise Price, Forfeited/canceled/expired	0	0	0
Weighted Average Exercise Price, Outstanding	0	$ 0	$ 28.47	$ 28.47
Weighted Average Exercise Price, Vested and Exercisable	$ 0
Weighted Average Remaining Contractual Term (Years), Outstanding	0 years	0 years	4 months 24 days	1 year 4 months 24 days
Weighted Average Remaining Contractual Term (Years) Vested and Exercisable	0 years
Aggregate Intrinsic Value, Outstanding	$ 0	$ 0	$ 633,834	$ 289,769
Aggregate Intrinsic Value, Vested and Exercisable	$ 0

Stock-Based Compensation (Details 1) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Summary of the restricted stock transactions
Shares, Outstanding	96,639	103,262	106,789
Shares, Granted	63,811	48,780	48,471
Shares, Vested	(49,493)	(54,598)	(51,368)
Shares, Forfeited/canceled/expired	(1,781)	(805)	(630)
Shares, Outstanding	109,176	96,639	103,262
Weighted Average Grant Date Fair Value, Outstanding	$ 44.85	$ 43.73	$ 40.28
Weighted Average Grant Date Fair Value, Granted	37.37	44.20	48.60
Weighted Average Grant Date Fair Value, Vested	43.98	42.13	41.20
Weighted Average Grant Date Fair Value, Forfeited/canceled/expired	45.39	46.23	38.83
Weighted Average Grant Date Fair Value, Outstanding	$ 40.87	$ 44.85	$ 43.73
Weighted average remaining contractual life (in years)	2 years 3 months 18 days

Stock-Based Compensation (Details Textual) - USD ($)	1 Months Ended	12 Months Ended
Stock-Based Compensation (Details Textual) - USD ($)	Oct. 16, 2013	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Stock Based Compensation [Abstract]
Increase in number of common stock shares authorized	233,334
Percentage to retain annual restricted stock awards	50.00%
Stock options exercise price description	may not be exercised at a price which is less than 100% of the fair market value of shares at the date of grant.
Intrinsic value of stock options exercised		$ 0	$ 664,321	$ 0
Proceeds from stock options exercised		0	354	0
Weighted average grant date fair value of restricted stock that vested during		2,385,000	2,300,000	2,116,000
Net value of unrecognized compensation cost related to unvested restricted stock awards		4,166,000	4,063,000	4,223,000
Restricted stock [Member]
Stock Based Compensation [Abstract]
Stock-Based Compensation expense		2,201,000	2,279,000	2,101,000
Recognized tax benefits		$ 251,000	$ 912,000	$ 840,000
Common Class A [Member] \| Convert For Class B [Member]
Stock Based Compensation [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	370,000
Common Class A [Member] \| Stock Option [Member]
Stock Based Compensation [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	990,000
Common Class A [Member] \| Incentive Compensation Plan [Member]
Stock Based Compensation [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	620,000
Common Class B [Member]
Stock Based Compensation [Abstract]
Increase in number of common stock shares authorized	90,000
Common Class B [Member] \| Stock Option [Member]
Stock Based Compensation [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	370,000

Employee Benefit Plans (Details Textual) - USD ($)	12 Months Ended
Employee Benefit Plans (Details Textual) - USD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Employee Benefit Plans [Line Items]
Administrative expense	$ 1,100	$ 1,700	$ 1,200
Discretionary contribution	265,000	255,000	275,000
Deferred Compensation Expense Non Qualified Plan	$ 149,000	$ 211,000	$ 184,000

Acquisitions and Dispositions (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Oct. 29, 2018	Dec. 31, 2017
Assets Acquired:
Current assets	$ 559		$ 1,390
Property and equipment	3,007		6,678
Other assets:
Broadcast licenses	1,991		8,086
Goodwill	3,281		8,151
Other intangibles, deferred costs and investments	1,123		2,019
Total other assets	6,395		18,256
Total assets acquired	9,961	$ 9,300	26,324
Liabilities Assumed:
Current liabilities	120		468
Total liabilities assumed	120		468
Net assets acquired	$ 9,841		$ 25,856

Acquisitions and Dispositions (Details 1) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

^[1]

Dec. 31, 2018

Dec. 31, 2017

Business Acquisition [Line Items]

Net operating revenue

$ 129,228

$ 128,180

Station operating expense

97,314

96,218

Corporate general and administrative

11,359

11,657

Other operating expenses

Impairment of intangible assets

1,449

Operating income

20,494

18,801

Interest expense

946

903

Interest income

(631)

Other income

(23)

Income from continuing operations before income tax expense

$ 5,965

$ 5,270

$ 5,966

$ 2,189

$ 3,659

$ 5,255

$ 5,647

$ 1,765

20,202

17,898

Income tax (benefit) expense

5,944

(5,276)

Income from continuing operations, net of tax

14,258

23,174

Income from discontinued operations, net of tax

32,471

Net income

$ 14,258

$ 55,645

Basic earnings per share:

From continuing operations

$ 2.40

$ 3.93

From discontinued operations

5.50

Basic earnings per share

2.40

9.43

Diluted earnings per share:

From continuing operations

2.40

3.93

From discontinued operations

5.50

Diluted earnings per share

$ 2.40

$ 9.43

[1]	March 31, 2017 quarterly data have been reclassified to conform with current presentation.

Acquisitions and Dispositions (Details Textual) - USD ($)

1 Months Ended

12 Months Ended

Sep. 02, 2017

May 09, 2017

Jan. 31, 2019

Oct. 29, 2018

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

^[1]

Jan. 16, 2017

Business Acquisition [Line Items]

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets

$ 9,300,000

$ 9,961,000

$ 26,324,000

Disposal Group, Including Discontinued Operation, Consideration

$ 23,000,000

9,300,000

Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net

$ 1,300,000

3,400,000

566,000

Discontinued Operation, Disposal of Discontinued Operation, Transaction Costs

$ 25,000

50,000

Payments to Acquire Businesses, Net of Cash Acquired

$ 24,200,000

24,200,000

Subsequent Event [Member]

Business Acquisition [Line Items]

Payments to Acquire Businesses, Gross

$ 552,000

Joplin, Missouri and Victoria, Texas Television Stations [Member]

Business Acquisition [Line Items]

Proceeds from Divestiture of Businesses, Net of Cash Divested

69,500,000

^[1]

$ 69,528,000

^[1]

$ 0

Disposal Group, Including Discontinued Operation, Consideration

66,600,000

Discontinued Operation, Disposal of Discontinued Operation, Transaction Costs

500,000

Ocala Broadcasting Corp [Member]

Business Acquisition [Line Items]

Proceeds from Divestiture of Businesses, Net of Cash Divested

$ 9,840,000

Apex Real Property Llc [Member]

Business Acquisition [Line Items]

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets

$ 23,000,000

Virginia Market [Member]

Business Acquisition [Line Items]

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets

$ 1,658,000

Business Acquisition, Transaction Costs

$ 8,000

[1]	Net proceeds from the sale of the television stations reflect the sales price of $66.6 million, the sale of accounts receivable of approximately $3.4 million, offset by certain closing adjustments and transactional costs of approximately $500 thousand.

Related Party Transactions (Details Textual) - USD ($)	8 Months Ended	12 Months Ended
Related Party Transactions (Details Textual) - USD ($)	Aug. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Oct. 29, 2018	May 09, 2017	Mar. 31, 2003
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 replaces and supersedes his prior employment agreement. On February 12, 2016 we entered into an amendment to the agreement (the “First Amendment”). The First Amendment extends 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 Company’s 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.
Deferred Compensation Details		On December 13, 2016, Mr. Christian agreed to defer approximately $100,000 of his 2017 salary to which was paid 100% on January 5, 2018. On December 5, 2017, Mr. Christian agreed to defer approximately $100,000 of his 2018 salary which was paid 100% on January 4, 2019. On December 14, 2018, Mr. Christian agreed to defer approximately $100,000 of his 2019 salary to be paid 100% on January 3, 2020.
Average Annual Compensation		$ 1,898,000
Tba Fees Kvct			$ 3,800	$ 3,900
Extension Fee Paid		27,950
Debt Guaranteed Related Party							$ 1,250,000
Station Agreement Fees Kfjx			5,200	5,100
Option Agreement For Kfjx		1,200,000
Extension fees paid, KFJX		$ 37,050
Equity Method Investment, Ownership Percentage		100.00%
Disposal Group, Including Discontinued Operation, Consideration					$ 9,300,000	$ 23,000,000
Operating Leases, Rent Expense, Minimum Rentals		$ 4,100	$ 3,300
Surtsey Productions Inc [Member]
Related Party Transaction [Line Items]
Proceeds from Rents Received	$ 3,000			$ 6,000

Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Future Minimum Rental Payments For Operating Leases [Line Items]
2019	$ 1,562
2020	1,369
2021	1,235
2022	1,067
2023	707
Thereafter	2,023
Operating Leases, Future Minimum Payments Due	$ 7,963

Commitments and Contingencies (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2003
Commitments And Contingencies [Line Items]
Rent expense	$ 1,603,000	$ 1,558,000	$ 1,519,000
Contingent cash payment				$ 1,000,000

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents	$ 44,729	$ 53,030
Fair Value, Inputs, Level 2 [Member]
Revolving Credit Facility	$ 20,000	$ 25,000

Fair Value Measurements (Details Textual) - USD ($)

3 Months Ended

12 Months Ended

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

^[1]

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Indefinite-Lived License Agreements

$ 95,250,000

$ 93,259,000

$ 95,250,000

$ 93,259,000

$ 96,229,000

Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)

$ 0

1,449,000

$ 0

1,449,000

$ 0

Other Intangible Assets [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Indefinite-Lived License Agreements

3,649,000

Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)

1,449,000

Other Intangible Assets [Member] | Fair Value, Measurements, Nonrecurring [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets, Fair Value Disclosure

$ 2,200,000

[1]	March 31, 2017 quarterly data have been reclassified to conform with current presentation.

Quarterly Results of Operations (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

^[1]

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Effect of Fourth Quarter Events [Line Items]

Net operating revenue

$ 32,938

$ 31,648

$ 32,234

$ 28,009

$ 31,464

$ 30,269

$ 30,261

$ 26,155

$ 124,829

$ 118,149

$ 118,955

Station operating expenses

23,761

23,429

23,140

23,397

23,238

21,755

21,426

21,340

93,727

87,759

86,799

Corporate G&A

3,154

2,813

2,848

2,544

2,782

3,132

2,880

2,863

11,359

11,657

10,980

Other operating expense (income), net

213

(251)

124

(127)

(21)

(61)

(55)

1,351

Impairment of intangible assets

1,449

Operating income from continuing operations

6,009

5,321

6,033

2,319

3,871

5,509

5,876

1,973

19,682

17,229

22,527

Other (income) expenses:

Interest expense

229

243

255

219

212

254

229

208

946

903

744

Interest (income)

(187)

(167)

(188)

(89)

Other (income) expenses

(25)

Income from continuing operations before income taxes

5,965

5,270

5,966

2,189

3,659

5,255

5,647

1,765

20,202

17,898

Income tax provision (benefit)

1,670

1,575

1,795

660

(11,200)

2,290

2,272

718

5,700

(5,920)

8,873

Income from continuing operations, net of tax

4,295

3,695

4,171

1,529

14,859

2,965

3,375

1,047

13,690

22,246

12,910

Income (loss) from discontinued operations, net of tax

(30)

30,451

1,159

891

32,471

5,276

Net income

$ 4,295

$ 3,695

$ 4,171

$ 1,529

$ 14,829

$ 33,416

$ 4,534

$ 1,938

$ 13,690

$ 54,717

$ 18,186

Basic earnings (loss) per share

From continuing operations

$ 0.72

$ 0.62

$ 0.70

$ 0.26

$ 2.52

$ 0.50

$ 0.57

$ 0.18

$ 2.30

$ 3.77

$ 2.20

From discontinued operations

(0.01)

5.16

0.20

0.15

5.50

0.90

Basic earnings per share

$ 0.72

$ 0.62

$ 0.70

$ 0.26

$ 2.51

$ 5.66

$ 0.77

$ 0.33

$ 2.30

$ 9.27

$ 3.10

Weighted average common shares

5,820

5,822

5,834

5,842

5,815

5,807

5,803

5,795

5,829

5,803

5,761

Diluted earnings (loss) per share

From continuing operations

$ 0.72

$ 0.62

$ 0.70

$ 0.26

$ 2.52

$ 0.50

$ 0.57

$ 0.18

$ 2.30

$ 3.77

$ 2.19

From discontinued operations

(0.01)

5.16

0.20

0.15

5.50

0.90

Diluted earnings per share

$ 0.72

$ 0.62

$ 0.70

$ 0.26

$ 2.51

$ 5.66

$ 0.77

$ 0.33

$ 2.30

$ 9.27

$ 3.09

Weighted average common and common equivalent shares

5,820

5,822

5,834

5,842

5,815

5,807

5,806

5,808

5,829

5,807

5,771

[1]	March 31, 2017 quarterly data have been reclassified to conform with current presentation.

Other Income (Details Textual)	3 Months Ended
Other Income (Details Textual)	Sep. 30, 2016 USD ($)
Other Income [Line Items]
Sale Leaseback Transaction, Net Proceeds, Investing Activities	$ 1,619,000
Other Operating Income (Expense) [Member]
Other Income [Line Items]
Sale Leaseback Transaction, Current Period Gain Recognized	1,415,000
Sale Leaseback Transaction, Deferred Gain, Net	$ 65,000

Subsequent Events (Details Textual) - USD ($)	1 Months Ended
Subsequent Events (Details Textual) - USD ($)	Feb. 26, 2019	Nov. 28, 2018	Dec. 07, 2017	Nov. 21, 2016
Subsequent Event [Line Items]
Dividends Payable, Amount Per Share		$ 0.25	$ 0.80	$ 0.20
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends Payable, Date Declared, Month and Year	2018-02
Dividends Payable, Amount Per Share	$ 0.30
Dividends Payable	$ 1.8
Dividends Payable, Date to be Paid, Year and Month	2019-03
Dividends Payable, Date of Record	Mar. 12, 2019