0001558370-21-003081 | 10-K | XBRL Viewer

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2020	Mar. 04, 2021	Jun. 30, 2020
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity File Number	1-11588
Entity Registrant Name	SAGA COMMUNICATIONS, INC.
Entity Central Index Key	0000886136
Current Fiscal Year End Date	--12-31
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	38-3042953
Entity Address, Address Line One	73 Kercheval Avenue
Entity Address, City or Town	Grosse Pointe Farms
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48236
City Area Code	313
Local Phone Number	886-7070
Title of 12(b) Security	Class A Common Stock
Trading Symbol	SGA
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 127,731,661
Icfr Auditor Attestation Flag	true
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,042,752
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		937,641

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 51,353	$ 44,034
Accounts receivable, less allowance of $648 ($671 in 2019)	15,732	18,962
Prepaid expenses and other current assets	2,988	2,478
Barter transactions	895	1,246
Total current assets	70,968	66,720
Property and equipment	142,680	142,403
Less accumulated depreciation	87,795	83,692
Net property and equipment	54,885	58,711
Other assets:
Broadcast licenses, net	90,208	95,311
Goodwill	19,106	18,963
Other intangibles, right of use assets, deferred costs and investments, net of accumulated amortization of $15,524 ($14,711 in 2019)	11,321	12,689
Total assets	246,488	252,394
Current liabilities:
Accounts payable	2,212	2,117
Payroll and payroll taxes	5,660	7,439
Dividend payable		1,797
Other accrued expenses	5,267	4,996
Barter transactions	795	1,152
Total current liabilities	13,934	17,501
Deferred income taxes	24,607	25,152
Long-term debt	10,000	10,000
Other liabilities	7,405	7,389
Total liabilities	55,946	60,042
Commitments and contingencies	0	0
Stockholders' equity:
Preferred stock, 1,500 shares authorized, none issued and outstanding
Additional paid-in capital	68,900	66,811
Retained earnings	158,990	162,822
Treasury stock (1,751 shares in 2020 and 1,735 in 2019, at cost)	(37,425)	(37,358)
Total stockholders' equity	190,542	192,352
Total liabilities and stockholders' equity	246,488	252,394
Class A Common Stock
Stockholders' equity:
Common stock	68	68
Total stockholders' equity	68	68
Class B Common Stock
Stockholders' equity:
Common stock	9	9
Total stockholders' equity	$ 9	$ 9

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Allowance for accounts receivable	$ 648	$ 671
Accumulated amortization on other intangibles, deferred costs and investments	$ 15,524	$ 14,711
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)	1,751	1,735
Class A Common Stock
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Shares Authorized	35,000	35,000
Common Stock, Shares, Issued	6,785	6,771
Common Stock, Shares, Outstanding	6,785	6,771
Class B Common Stock
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Shares Authorized	3,500	3,500
Common Stock, Shares, Issued	938	954
Common Stock, Shares, Outstanding	938	954

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CONSOLIDATED STATEMENTS OF INCOME
Net operating revenue	$ 95,813,000	$ 123,072,000	$ 124,829,000
Operating expenses :
Station operating expenses	81,586,000	92,692,000	93,727,000
Corporate general and administrative	11,574,000	11,460,000	11,359,000
Other operating (income) expense, net	(1,247,000)	112,000	61,000
Impairment of intangible assets, broadcast licenses	5,149,000	0	0
Operating Expenses, Total	97,062,000	104,264,000	105,147,000
Operating income (loss)	(1,249,000)	18,808,000	19,682,000
Interest expense	340,000	735,000	946,000
Interest income	(148,000)	(610,000)	(631,000)
Other (income) expenses	(233,000)	(16,000)	(23,000)
Income (loss) before income tax (benefit) expense	(1,208,000)	18,699,000	19,390,000
Income tax provision:
Current	1,250,000	4,000,000	3,040,000
Deferred	(545,000)	1,420,000	2,660,000
Income tax (benefit) expense	705,000	5,420,000	5,700,000
Net income (loss)	$ (1,913,000)	$ 13,279,000	$ 13,690,000
Basic earnings per share:
Basic earnings (loss) per share	$ (0.32)	$ 2.23	$ 2.30
Diluted earnings (loss) per share
Diluted earning (loss) per share	$ (0.32)	$ 2.23	$ 2.30
Weighted average common shares	5,871	5,834	5,829
Weighted average common and common equivalent shares	5,871	5,834	5,829
Dividends declared per share	$ 0.32	$ 1.20	$ 1.45

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Class A Common Stock	Class B Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Total
Balance at Dec. 31, 2017	$ 67	$ 9	$ 62,675	$ 151,608	$ (34,894)	$ 179,465
Balance, shares at Dec. 31, 2017	6,694	898
Net income (loss)	$ 0	$ 0	0	13,690	0	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	0	0	0
Forfeiture of restricted stock (in shares)	(1)	0
Dividends declared per common share	$ 0	$ 0	0	(8,609)	0	(8,609)
Compensation expense related to restricted stock awards	0	0	2,201	0	0	2,201
Purchase of shares held in treasury	0	0	0	0	(2,000)	(2,000)
401(k) plan contribution	0	0	(81)	0	333	252
Balance at Dec. 31, 2018	$ 67	$ 9	64,795	156,689	(36,561)	184,999
Balance, shares at Dec. 31, 2018	6,732	923
Net income (loss)	$ 0	$ 0	0	13,279	0	13,279
Conversion of shares from Class B to Class A	$ 0	$ 0	0	0	0	0
Conversion of shares from Class B to Class A (in shares)	13	(13)
Issuance of restricted stock	$ 1	$ 0	0	0	0	1
Issuance of restricted stock (in shares)	29	44
Forfeiture of restricted stock	$ 0	$ 0	0	0	0	0
Forfeiture of restricted stock (in shares)	(3)	0
Dividends declared per common share	$ 0	$ 0	0	(7,146)	0	(7,146)
Compensation expense related to restricted stock awards	0	0	2,129	0	0	2,129
Purchase of shares held in treasury	0	0	0	0	(1,172)	(1,172)
401(k) plan contribution	0	0	(113)	0	375	262
Balance at Dec. 31, 2019	$ 68	$ 9	66,811	162,822	(37,358)	192,352
Balance, shares at Dec. 31, 2019	6,771	954
Net income (loss)	$ 0	$ 0	0	(1,913)	0	(1,913)
Conversion of shares from Class B to Class A	$ 0	$ 0	0	0	0	0
Conversion of shares from Class B to Class A (in shares)	16	(16)
Forfeiture of restricted stock	$ 0	$ 0	0	0	0	0
Forfeiture of restricted stock (in shares)	(2)
Dividends declared per common share	$ 0	0	0	(1,919)	0	(1,919)
Compensation expense related to restricted stock awards	0	0	2,221	0	0	2,221
Purchase of shares held in treasury	0	0	0	0	(449)	(449)
401(k) plan contribution	0	0	(132)	0	382	250
Balance at Dec. 31, 2020	$ 68	$ 9	$ 68,900	$ 158,990	$ (37,425)	$ 190,542
Balance, shares at Dec. 31, 2020	6,785	938

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income (loss)	$ (1,913,000)	$ 13,279,000	$ 13,690,000
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization	6,524,000	6,945,000	6,786,000
Deferred income tax expense (benefit)	(545,000)	1,420,000	2,660,000
Impairment of intangible assets	5,149,000	0	0
Amortization of deferred costs	40,000	103,000	51,000
Compensation expense related to restricted stock awards	2,221,000	2,129,000	2,201,000
(Gain) loss on sale of assets	(1,247,000)	112,000	61,000
(Gain) on insurance claims	(233,000)	(16,000)	(23,000)
Barter (revenue) expense, net	(133,000)	(190,000)	107,000
Deferred and other compensation	463,000	(634,000)	62,000
Changes in assets and liabilities:
(Increase) decrease in receivables and prepaid expenses	3,016,000	(5,780,000)	(157,000)
Increase (decrease) in accounts payable, accrued expenses, and other liabilities	(1,254,000)	7,967,000	121,000
Total adjustments	14,001,000	12,056,000	11,869,000
Net cash provided by operating activities	12,088,000	25,335,000	25,559,000
Cash flows from investing activities:
Acquisition of property and equipment	(2,314,000)	(5,732,000)	(5,922,000)
Acquisition of broadcast properties	(190,000)	(763,000)	(9,289,000)
Proceeds from sale and disposal of assets	1,691,000	270,000	318,000
Proceeds from insurance claims	233,000
Other investing activities	(24,000)	(10,000)	17,000
Net cash used in investing activities	(604,000)	(6,235,000)	(14,876,000)
Cash flows from financing activities:
Cash dividends paid	(3,716,000)	(8,623,000)	(11,864,000)
Payments on long-term debt		(10,000,000)	(5,000,000)
Payments for debt issuance costs			(120,000)
Purchase of treasury shares	(449,000)	(1,172,000)	(2,000,000)
Net cash used in financing activities	(4,165,000)	(19,795,000)	(18,984,000)
Net increase (decrease) in cash and cash equivalents	7,319,000	(695,000)	(8,301,000)
Cash and cash equivalents, beginning of period	44,034,000	44,729,000	53,030,000
Cash and cash equivalents, end of period	$ 51,353,000	$ 44,034,000	$ 44,729,000

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

1. Summary of Significant Accounting Policies

Nature of Business

Saga Communications, Inc. is a broadcasting company whose business is devoted to acquiring, developing and operating broadcast properties. As of December 31, 2020, we owned or operated seventy-nine FM, thirty-four AM radio stations and seventy-eight metro signals, serving twenty-seven markets throughout the United States.

Principles of Consolidation

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

Use of Estimates

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

Concentration of Risk

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

Our top five markets when combined represented 39%, 39% and 41% of our net operating revenue for the years ended December 31, 2020, 2019 and 2018, 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, 2020 and 2019.

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, 2020.

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, 2020, 2019 and 2018 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, 2020	$	671	$	420	$	—	$	(443)	$	648
December 31, 2019	$	759	$	578	$	—	$	(666)	$	671
December 31, 2018	$	727	$	444	$	25	$	(437)	$	759

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 2020, 2019 and 2018.

Property and equipment consisted of the following:


	Estimated		December 31,
	Useful Life		2020		2019

	(In thousands)

Land and land improvements		—	$	14,559	$	14,693
Buildings		31.5 years		38,059		37,984
Towers and antennae		7-15 years		25,976		24,762
Equipment		3-15 years		53,547		54,321
Furniture, fixtures and leasehold improvements		7-20 years		7,189		7,169
Vehicles		5 years		3,350		3,474
				142,680		142,403
Accumulated depreciation				(87,795)		(83,692)
Net property and equipment			$	54,885		58,711

Depreciation expense for continuing operations for the years ended December 31, 2020, 2019 and 2018, was $5,711,000, $5,916,000 and $5,692,000, 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 114 broadcast licenses serving 27 markets, which require renewal over the period of 2021-2029. In determining that the Company’s broadcast licenses qualified as indefinite-lived intangible assets, management considered a variety of factors including our broadcast licenses may be renewed indefinitely at little cost; our broadcast licenses are essential to our business and we intend to renew our licenses indefinitely; we have never been denied the renewal of an FCC broadcast license nor do we believe that there will be any compelling challenge to the renewal of our broadcast licenses; and we do not believe that the technology used in broadcasting will be replaced by another technology in the foreseeable future.

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

Deferred Costs

The costs related to the issuance of debt are capitalized and amortized to interest expense over the life of the debt. As a result of the Second Amendment to our Credit Facility in 2018, we incurred $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, 2020, 2019 and 2018, we recognized interest expense related to the amortization of debt issuance costs of $40,000, $103,000 and $51,000, respectively.

At December 31, 2020 and 2019 the net book value of debt issuance costs related to our line of credit was $64,000, and $104,000, respectively, and was presented in other intangibles, deferred costs and investments in our Consolidated Balance Sheets.

Leases

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

Treasury Stock

In March 2013, our board of directors authorized an increase in the amount committed to our Stock Buy-Back Program (the “Buy-Back Program”) from $60 million to $75.8 million. The Buy-Back Program allows us to repurchase our Class A Common Stock. As of December 31, 2020, we had remaining authorization of $18.8 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 2020, 2019 and 2018, we acquired 24,255 shares at an average price of $18.51 per share, 39,505 shares at an average price of $29.68 per share and 53,713 shares at an average price of $37.24 per share, respectively.

Revenue Recognition

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

Local Marketing Agreements

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

Advertising and Promotion Costs

Advertising and promotion costs are expensed as incurred. Such costs amounted to $985,000, $2,442,000 and $2,438,000 for the years ended December 31, 2020, 2019 and 2018, respectively.

Income Taxes

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

Dividends

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

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

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

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

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

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

On November 28, 2018, our 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, our Board of Directors declared a regular cash dividend of $0.30 per share on its Classes A and B Common Stock. This dividend, totaling approximately $1.8 million was paid on 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, our Board of Directors declared a regular cash dividend of $0.30 per share on its Classes A and B Common Stock. This dividend, totaling approximately $1.8 million, was paid on 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, our 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.

Stock-Based Compensation

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

Segments

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

Earnings Per Share

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

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



	Years Ended December 31,
	2020		2019		2018

	(In thousands, except per share data)
Numerator:
Net income (loss)	$	(1,913)	$	13,279	$	13,690
Less: Income (loss) allocated to unvested participating securities		(21)		292		256
Net income (loss) available to common stockholders	$	(1,892)	$	12,987	$	13,434

Denominator:
Denominator for basic earnings (loss) per share — weighted average shares		5,871		5,834		5,829
Effect of dilutive securities:
Common stock equivalents		—		—		—
Denominator for diluted earnings (loss) per share — adjusted weighted-average shares and assumed conversions		5,871		5,834		5,829

Earnings (loss) per share:
Basic	$	(0.32)	$	2.23	$	2.30
Diluted	$	(0.32)	$	2.23	$	2.30

There were no stock options outstanding that had an antidilutive effect on our earnings per share calculation for the years ended December 31, 2020, 2019, and 2018, 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 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 its 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 adopted this standard January 1, 2020 and there was no material impact.

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. The guidance requires companies to measure credit losses utilizing a methodology that reflects expected credit losses and requires the consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 is effective for fiscal years and interim periods beginning after December 15, 2019. The Company adopted this standard January 1, 2020 and there was no material impact.

Recent Accounting Pronouncements – Not Yet Adopted

In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Incomes Taxes” (“ASU 2019-02”) which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance regarding the tax treatment of certain franchise taxes, goodwill and nontaxable entities, among other items to improve consistent application. ASU 2019-12 is effective for fiscal years and interim periods beginning after December 15, 2020. We are currently evaluating the impact of this standard on our consolidated financial statements.

Revenue

12 Months Ended

Dec. 31, 2020

Revenue

Revenue

2. Revenue

Nature of goods and services

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

Broadcast Advertising Revenue

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

Digital Advertising Revenue

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

Other Revenue

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

Disaggregation of Revenue

The following table presents revenues disaggregated by revenue source:


	Twelve Months Ended
	December 31,
	2020		2019		2018

	(in thousands)
Types of Revenue
Broadcast Advertising Revenue, net	$	87,481	$	112,278	$	114,929
Digital Advertising Revenue		3,416		3,783		3,900
Other Revenue		4,916		7,011		6,000
Net Revenue	$	95,813	$	123,072	$	124,829

Contract Liabilities

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

Transaction Price Allocated to the Remaining Performance Obligations

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

Broadcast License, Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2020

Broadcast License, Goodwill and Other Intangible Assets

Broadcast License, Goodwill and Other Intangible Assets

3. Broadcast Licenses, Goodwill and Other Intangible Assets

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

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

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

Broadcast Licenses

We have recorded the changes to broadcast licenses for the years ended December 31, 2020 and 2019 as follows:


	Total
	(in thousands)

Balance at January 1, 2019	$	95,250
Acquisitions		61
Balance at December 31, 2019	$	95,311
Acquisitions		46
Impairment charge		(5,149)
Balance at December 31, 2020	$	90,208

2020 Impairment Test

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

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

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

The following table reflects certain key estimates and assumptions used in the impairment tests during the year ended 2020 and in the fourth quarter of 2019, and 2018. The ranges for operating profit margin and market long-term revenue growth rates vary by market. In general, when comparing between 2020, 2019 and 2018: (1) the market specific operating profit margin range remained relatively consistent with some decreases to our smaller markets due to the cost of operations in a small market; (2) the market long-term revenue growth rates were relatively consistent; (3) the discount rate increased a small percentage due to the COVID-19 pandemic; and (4) current year revenue projections were 10.4% - 21.4% lower than previously projected for 2020 and revenue projections for 2021 were 7.6% - 10.7% lower than previously projected.


	Year		Fourth		Fourth
	Ended		Quarter		Quarter
	2020		2019		2018
Discount rates	12.6% - 13.0	%	12.2% - 12.2	%	12.0% - 12.0	%
Operating profit margin ranges	17.8% - 36.4	%	19.0% - 36.4	%	19.0% - 36.4	%
Market long-term revenue growth rates	0.2% - 2.9	%	0.0% - 2.9	%	0.5% - 2.9	%

If actual market conditions are less favorable than those estimated by us or if events occur or circumstances change that would reduce the fair value of our broadcast licenses below the carrying value, we may be required to recognize additional impairment charges in future periods. Such a charge could have a material effect on our consolidated financial statements. We will continue to monitor potential triggering events and perform the appropriate analysis when deemed necessary.

2019 Impairment Test

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

2018 Impairment Test

During the fourth quarter of 2018, 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

As a result of the decreased revenues associated with the COVID-19 pandemic, as mentioned above, we also reviewed our value of goodwill and other long-lived assets during the second quarter of 2020 as of June 30, 2020 and again in the third quarter of 2020 as of September 30, 2020, noting no impairment in goodwill or other long-lived assets. Based on the trends we are seeing at our markets we believe that our analysis and estimates used during the third quarter 2020 analysis still remain our best estimate and we do not believe any further triggering events occurred during the fourth quarter of 2020 since the date of the previous analysis that would require any additional impairment testing for goodwill.

We have recorded the changes to goodwill for each of the years ended December 31, 2020 and 2019 as follows:


	Total
	(in thousands)

Balance at January 1, 2019	$	18,839
Acquisitions		124
Balance at December 31, 2019	$	18,963
Acquisitions		143
Balance at December 31, 2020	$	19,106

Other Intangible Assets

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


	Gross
	Carrying		Accumulated		Net
	Amount		Amortization		Amount

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

We have recorded amortizable intangible assets at December 31, 2019 as follows:


	Gross
	Carrying		Accumulated		Net
	Amount		Amortization		Amount

	(In thousands)
Non-competition agreements	$	3,861	$	3,861	$	—
Favorable lease agreements		5,965		5,539		426
Customer relationships		4,660		3,584		1,076
Other intangibles		1,834		1,727		107
Total amortizable intangible assets	$	16,320	$	14,711	$	1,609

Aggregate amortization expense for these intangible assets for the years ended December 31, 2020, 2019 and 2018, was $813,000, $1,029,000 and $1,094,000, respectively. Our estimated annual amortization expense for the years ending December 31, 2021, 2022, 2023, 2024 and 2025 is $387,000, $39,000, $35,000, $33,000 and $33,000, respectively.

Long-Term Debt

12 Months Ended

Dec. 31, 2020

Long-Term Debt.

Long-Term Debt

4. Long-Term Debt

Long-term debt consisted of the following:


	December 31,		December 31,
	2020		2019

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

Future maturities of long-term debt are as follows:


Year Ending
December 31,	Amount
	(In thousands)

2021	$	—
2022		—
2023		10,000
2024		—
2025		—
Thereafter		—
	$	10,000

On August 18, 2015, we entered into a new credit facility (the “Credit Facility”) with JPMorgan Chase Bank, N.A., The Huntington National Bank, Citizens Bank, National Association and J.P. Morgan Securities LLC. The Credit Facility consists of a $100 million five-year revolving facility (the “Revolving Credit Facility”) and originally matured on August 18, 2020. On June 27, 2018, the Company entered into a Second Amendment to its Credit Facility, (the “Second Amendment”), which had first been amended on September 1, 2017, extending the revolving credit maturity date under the Credit Agreement for five years after the date of the amendment to June 27, 2023. On July 1, 2019, we elected to reduce our Revolving Credit Facility to $70 million. On May 11, 2020 we entered into an assumption agreement and amendment of loan documents as part of our reincorporation as a Florida corporation. The amendment also includes an alternative benchmark rate as a replacement to LIBOR. A copy of this assumption agreement and amendment was filed as Exhibit 10(v) to our Form 10-Q for the quarter ended June 30, 2020 and incorporated by reference in our Form 10-K.

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

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

Interest rates under the Credit Facility are payable, at our option, at alternatives equal to LIBOR (0.1875% at December 31, 2020), plus 1% to 2% or the base rate plus 0% to 1%. The spread over LIBOR and the base rate vary from time to time, depending upon our financial leverage. As previously noted, the May 11, 2020 amendment to the Credit Facility includes an alternative to LIBOR in the event LIBOR is no longer available. Letters of credit issued under the Credit Facility will be subject to a participation fee (which is equal to the interest rate applicable to Eurocurrency Loans, as defined in the Credit Agreement) payable to each of the Lenders and a fronting fee equal to 0.25% per annum payable to the issuing bank. We also pay quarterly commitment fees of 0.2% to 0.3% per annum on the unused portion of the Revolving Credit Facility.

The Credit Facility contains a number of financial covenants (all of which we were in compliance with at December 31, 2020) which, among other things, require us to maintain specified financial ratios and impose certain limitations on us with respect to investments, additional indebtedness, dividends, distributions, guarantees, liens and encumbrances.

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

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

We had approximately $60 million of unused borrowing capacity under the Revolving Credit Facility at December 31, 2020.

Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2020

Supplemental Cash Flow Information

Supplemental Cash Flow Information

5. Supplemental Cash Flow Information


	Years Ended December 31,
	2020		2019		2018

	(In thousands)

Cash paid during the period for:
Interest	$	311	$	635	$	884
Income taxes	$	1,099	$	3,893	$	2,864
Non-cash transactions:
Barter revenue	$	2,014	$	3,560	$	3,570
Barter expense	$	1,881	$	3,370	$	3,677
Acquisition of property and equipment	$	6	$	28	$	11
Use of treasury shares for 401(k) match	$	250	$	262	$	252

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Taxes

Income Taxes

6. Income Taxes

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

An income tax expense of $705,000 was recorded for the year ended December 31, 2020 compared to income tax expense of $5.4 million for the year ended December 31, 2019. The effective tax rate was approximately (58.4)% for the year ended December 31, 2020 compared to 29.0% for the year ended December 31, 2019. The current year to date tax rate was impacted by permanent differences primarily relating to executive compensation resulting in additional tax expense of approximately $1.0 million offset by the broadcast license impairment charge which was a discrete item and contributed approximately $1.4 million of tax benefit for the year ended December 31, 2020.

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


	December 31,
	2020		2019

	(In thousands)

Deferred tax liabilities:
Property and equipment	$	4,802	$	5,181
Intangible assets		20,442		20,765
Prepaid expenses		426		376
Total deferred tax liabilities		25,670		26,322
Deferred tax assets:
Allowance for doubtful accounts		89		64
Compensation		824		1,011
Other accrued liabilities		150		95
		1,063		1,170
Less: valuation allowance		—		—
Total net deferred tax assets		1,063		1,170
Net deferred tax liabilities	$	24,607	$	25,152
Current portion of deferred tax assets	$	150	$	388
Non-current portion of deferred tax liabilities		(24,757)		(25,540)
Net deferred tax liabilities	$	(24,607)	$	(25,152)

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, 2020 and December 31, 2019, we do not have a valuation allowance for net deferred tax assets.

At December 31, 2020 and 2019, net deferred tax liabilities include a deferred tax asset of $1,063,000 and $1,170,000, 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,
	2020		2019		2018

	(In thousands)
Current:
Federal	$	850	$	2,900	$	2,205
State		400		1,100		835
Total current		1,250		4,000		3,040
Total deferred		(545)		1,420		2,660
Total Income Tax Provision	$	705	$	5,420	$	5,700

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,
	2020		2019		2018

	(In thousands)
Tax expense (benefit) at U.S. statutory rates	$	(290)	$	3,976	$	4,017
State tax expense, net of federal benefit		235		1,079		1,134
Other, net		760		365		549
	$	705	$	5,420	$	5,700

The 2020 effective tax rate exceeded the federal statutory rate primarily due to non-deductible compensation related expenses, book tax differences in impairments charges and state income taxes. The 2019 and 2018 effective tax rates exceed the federal statutory rate primarily due to state income taxes.

The Company files income taxes in the U.S. federal jurisdiction, and in various state and local jurisdictions. The Company is no longer subject to U.S. federal examinations by the Internal Revenue Service (IRS) for years prior to 2017. 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, 2020, and 2019 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, 2020, 2019 and 2018, we had $600, $2,100, and $31,000, respectively, tax-related interest and penalties and had $0 accrued at December 31, 2020 and 2019.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2020

Stock-Based Compensation

Stock-Based Compensation

7. Stock-Based Compensation

2005 Incentive Compensation Plan

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

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

Stock-Based Compensation

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

All stock options were fully vested and expensed at December 31, 2012, therefore there was no compensation expense related to stock options for the years ended December 31, 2020, 2019 and 2018. We calculated the fair value of each option award on the date of grant using the Black-Scholes option pricing model. The estimated expected volatility, expected term of options and estimated annual forfeiture rate were determined based on historical experience of similar awards, giving consideration to the contractual terms of the stock-based awards, vesting schedules and expectations of future employee behavior. The risk-free interest rate was based on the U.S. Treasury yield curve in effect at the time of grant.

There were no options granted during 2020, 2019 and 2018 and there were no stock options outstanding as of December 31, 2020.

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


		Weighted
		Average
		Grant Date
	Shares	Fair Value

Outstanding at January 1, 2018	96,639	$	44.85
Granted	63,811		37.37
Vested	(49,493)		43.98
Forfeited/canceled/expired	(1,781)		45.39
Outstanding at December 31, 2018	109,176	$	40.87
Granted	72,985		31.18
Vested	(51,021)		42.66
Forfeited/canceled/expired	(2,916)		40.30
Outstanding at December 31, 2019	128,224	$	34.66
Vested	(62,137)		36.50
Forfeited/canceled/expired	(2,332)		33.65
Non-vested and outstanding at December 31, 2020	63,755	$	32.90
Weighted average remaining contractual life (in years)	1.6

There were no restricted stock grants awarded in 2020. The weighted average grant date fair value of restricted stock that vested during 2019 and 2018 was $2,276,000 and $2,385,000, respectively. The net value of unrecognized compensation cost related to unvested restricted stock awards aggregated $1,896,000, $4,195,000 and $4,166,000 at December 31, 2020, 2019 and 2018, respectively.

For the years ended December 31, 2020, 2019 and 2018 we had $2,221,000, $2,129,000 and $2,201,000, 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, 2020, 2019 and 2018 was $235,000, $227,000 and $251,000, respectively.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2020

Employee Benefit Plans

Employee Benefit Plans

8. Employee Benefit Plans

401(k) Plan

We have a defined contribution pension plan (“401(k) Plan”) that covers substantially all employees. Employees can elect to have a portion of their wages withheld and contributed to the plan. The 401(k) Plan also allows us to make a discretionary contribution. Total administrative expense under the 401(k) Plan was $2,900, $2,400 and $1,100 in 2020, 2019 and 2018, respectively. The Company’s discretionary contribution to the plan was approximately $225,000, $250,000 and $265,000 for the years ended December 31, 2020, 2019 and 2018, 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, 2020, 2019 and 2018 was $105,000, $135,000 and $149,000, respectively. We invest in company-owned life insurance policies to assist in funding these programs. The cash surrender values of these policies are in a rabbi trust and are recorded as our assets.

Split Dollar Officer Life Insurance

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

Acquisitions and Dispositions

12 Months Ended

Dec. 31, 2020

Acquisitions and Dispositions

Acquisitions and Dispositions

9. Acquisitions and Dispositions

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

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

2020 Acquisitions

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

2019 Acquisitions

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

2018 Acquisitions

On October 29, 2018, we entered into an agreement to purchase WOGK-GM, 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. We 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 $553 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 our existing stations.

Condensed Consolidated Balance Sheet of 2020 and 2019 Acquisitions:

The following condensed balance sheets represent the estimated fair value assigned to the related assets and liabilities of the 2020 and 2019 acquisitions at their respective acquisition dates.

Condensed Consolidated Balance Sheet of 2020 and 2019 Acquisitions


	Acquisitions in
	2020		2019

	(In thousands)
Assets Acquired:
Current assets	$	—	$	—
Property and equipment		11		25
Other assets:
Broadcast licenses		46		61
Goodwill		143		124
Other intangibles, deferred costs and investments		—		—
Total other assets		189		185
Total assets acquired		200		210
Liabilities Assumed:
Current liabilities		—		—
Total liabilities assumed		—		—
Net assets acquired	$	200	$	210

Related Party Transactions

12 Months Ended

Dec. 31, 2020

Related Party Transactions

Related Party Transactions

10. Related Party Transactions

Principal Stockholder Employment Agreement

In June 2011, we entered into a new employment agreement with Edward K. Christian, Chairman, President and CEO, which became effective as of June 1, 2011, and replaced and superseded his prior employment agreement. We entered into amendments to the agreement on February 12, 2016 (the “First Amendment”) 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 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 our benefit plan. We will maintain insurance policies, will furnish an automobile, will pay for an executive medical plan and will maintain an office for Mr. Christian at our principal executive offices and in Sarasota County, Florida. The First Amendment adds that we are authorized to pay for Mr. Christian’s tax preparation services on an annual basis and that this amount will be subject to income tax as additional compensation. The agreement provides certain payments to Mr. Christian in the event of his disability, death or a change in control. Upon a change in control, Mr. Christian may terminate his employment. The agreement also provides generally that, upon a change in control, we will pay Mr. Christian an amount equal to 2.99 times the average of his total annual salary and bonuses for each of the three immediately preceding periods of twelve consecutive months, plus an additional amount for tax liabilities, related to the payment. For the three years ended December 31, 2020 Mr. Christian’s average annual compensation, as defined by the employment agreement, was approximately $1,862,000.

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

On December 14, 2018, Mr. Christian agreed to defer approximately $100,000 of his 2019 salary to be paid 100% on January 3, 2020. On December 6, 2019, Mr. Christian agreed to defer approximately $100,000 of his 2020 salary to be paid 100% on January 15, 2021. On December 16, 2020, Mr. Christian agreed to defer approximately $100,000 of his 2021 salary which will be paid 100% on January 15, 2022.

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. In July 2020, Eric Christian, Vice President of Digital Strategies entered into a Change in Control Agreement. Eric Christian is the son of Edward K. Christian, our President, CEO and Chairman. A change in control is defined to mean the occurrence of (a) any person or group becoming the beneficial owner, directly or indirectly, of more than 30% of the combined voting power of the Company’s then outstanding securities and Mr. Christian ceasing to be Chairman and CEO of the Company; (b) the consummation of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which results in the voting securities of the Company outstanding immediately prior thereto continuing to represent more than 50% of the combined voting securities of the Company or such surviving entity; or (c) the approval of the stockholders of the Company of a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of its assets.

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

Other Related Party Transactions

Saga South Communications, LL (formerly, Saga Quad States), our fully owned subsidiary, completed the acquisition from Apex Media Corporation, a South Carolina corporation (“AMC”), and Pearce Development, LLC f/k/a Apex Real Property, LLC, a South Carolina limited liability company (“ARP” and together with AMC, “Seller”), of substantially all of Seller’s assets related to the operation of certain radio and translator stations, upon the satisfaction of certain closing conditions described in the Asset Purchase Agreement dated May 9, 2017 (the “Apex Agreement”) by and among Seller, Saga South Communications, LLC, and, solely in his role as guarantor under the Apex Agreement, G. Dean Pearce, as further described in the Form 8-K filed by Saga on May 10, 2017. Mr. Pearce is President of AMC and ARP, and currently serves on the Board of Directors of Saga. The purchase price under the Apex Agreement was $23,000,000, subject to certain purchase price adjustments, payable in cash. The purchase price was determined through arm’s-length negotiations, and was approved by the Saga Board, and Finance and Audit Committee, in accordance with the requirements of Saga’s Corporate Governance Guidelines for the review of related party transactions. In connection with this agreement, we received 500 hours of service from New Pointe Systems, a subsidiary of Pearce Development and have agreed to provide 1,000, 30 second, spots of airtime to Pearce Development. As of December 31, 2020, the obligations from this agreement have been fulfilled. During 2020, 2019 and 2018, we also paid approximately $4,100, $4,400 and $4,100 rent per month, respectively to Pearce Development for our Hilton Head studio and office space beginning September 1, 2017.

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

Common Stock

12 Months Ended

Dec. 31, 2020

Common Stock

Common Stock

11. Common Stock

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

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

In the election of directors, the holders of Class A Common Stock, voting as a separate class, are entitled to elect twenty-five percent, or two, of our directors. The holders of the Common Stock, voting as a single class with each share of Class A Common Stock entitled to one vote and each share of Class B Common Stock entitled to ten votes, are entitled to elect the remaining directors. The Board of Directors consisted of seven members at December 31, 2020. 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, 2020

Commitments and Contingencies

Commitments and Contingencies

12. Commitments and Contingencies

Leases

We lease certain land, buildings and equipment for use in our operations. We recognize lease expense for these leases on a straight-line basis over the lease term and combine lease and non-lease components for all leases. Right-of-use ("ROU") assets and lease liabilities are recorded on the balance sheet for all leases with an expected term of at least one year. Some leases include one or more options to renew. The exercise of lease renewal options is generally at our discretion. The depreciable lives of ROU assets are limited to the expected lease term. Our lease agreements do not contain any residual value guarantees or material restrictive covenants. As of December 31, 2020, we do not have any non-cancellable operating lease commitments that have not yet commenced.

ROU assets are classified within other intangibles, deferred costs and investments, net on the condensed consolidated balance sheet while current lease liabilities are classified within other accrued expenses and long-term lease liabilities are classified within other liabilities. Leases with an initial term of 12 months or less are not recorded on the balance sheet. ROU assets were $6.6 million and $6.9 million at December 31, 2020 and 2019, respectively. Lease liabilities were $6.9 million and $7.0 million at December 31, 2020 and 2019, respectively. Payments on lease liabilities during the year ended December 31, 2020 totaled $1,737,000.

Lease expense includes cost for leases with terms in excess of one year. For the years ended December 31, 2020, 2019 and 2018, our total lease expense was $1,752,000, $1,801,000 and $1,603,000, respectively. Short-term lease costs are de minimus.

We have no financing leases and minimum annual rental commitments under non-cancellable operating leases consisted of the following at December 31, 2020 (in thousands):


Years Ending December 31,
2021	$	1,771
2022		1,685
2023		1,361
2024		1,047
2025		649
Thereafter		1,572
Total lease payments (a)		8,085
Less: Interest (b)		1,136
Present value of lease liabilities (c)	$	6,949

(a)	Lease payments include options to extend lease terms that are reasonably certain of being exercised. There were no legally binding minimum lease payments for leases signed but not yet commenced at December 31, 2020.

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

(c)	The weighted average remaining lease term and weighted average discount rate used in calculating our lease liabilities were 6.5 years and 4.4%, respectively, at December 31, 2020.

Performance Fees

We incur fees from performing rights organizations (“PRO”) to license our public performance of the musical works contained in each PRO’s repertory. The Radio Music Licensing Committee, of which we are 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, we 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, 2020

Fair Value Measurements

Fair Value Measurements

13. Fair Value Measurements

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

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

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

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

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


		Fair Value
	Fair Value	December 31,		December 31,
Financial Instrument	Hierarchy	2020		2019
Cash and cash equivalents	Level 1	$	51,353	$	44,034
Revolving Credit Facility	Level 2		10,000		10,000

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

Non-Recurring Fair Value Measurements

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

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

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

During the fourth quarter of 2018, we reviewed the fair value of the assets that are measured at fair value on a non-recurring basis and concluded that these assets were not impaired as the fair value of these assets equaled or exceeded their carrying values.

- Definition

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

+ References + Details

Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2020

Quarterly Results of Operations (Unaudited)

Quarterly Results of Operations (Unaudited)

14. Quarterly Results of Operations (Unaudited)


	March 31,				June 30,				September 30,				December 31,
	2020		2019		2020		2019		2020		2019		2020		2019

	(in thousands, except per share data)
Net operating revenue	$	26,051	$	27,816	$	16,866	$	32,191	$	24,143	$	31,274	$	28,753	$	31,791
Station operating expenses		22,199		23,163		18,652		22,879		19,616		23,600		21,119		23,050
Corporate G&A		3,015		2,685		3,070		2,706		2,838		2,788		2,651		3,281
Other operating expense (income), net		(1,330)		3		46		(2)		50		85		(13)		26
Impairment of broadcast licenses		—		—		3,757		—		1,392		—		—		—
Operating income (loss)		2,167		1,965		(8,659)		6,608		247		4,801		4,996		5,434
Other (income) expenses:
Interest expense		108		208		82		184		75		180		75		163
Interest (income)		(108)		(163)		(25)		(160)		(8)		(162)		(7)		(125)
Other (income) expense		(213)		—		—		—		—		(11)		(20)		(5)
Income before income taxes		2,380		1,920		(8,716)		6,584		180		4,794		4,948		5,401
Income tax provision		700		550		(3,805)		1,850		1,130		1,460		2,680		1,560
Net income (loss)	$	1,680	$	1,370	$	(4,911)	$	4,734	$	(950)	$	3,334	$	2,268	$	3,841

Basic earnings(loss) per share	$	0.28	$	0.23	$	(0.82)	$	0.80	$	(0.16)	$	0.56	$	0.38	$	0.64
Weighted average common shares		5,866		5,841		5,868		5,844		5,869		5,834		5,880		5,817

Diluted earnings (loss) per share	$	0.28	$	0.23	$	(0.82)	$	0.80	$	(0.16)	$	0.56	$	0.38	$	0.64
Weighted average common and common equivalent shares		5,866		5,841		5,868		5,844		5,869		5,834		5,880		5,817

Litigation

12 Months Ended

Dec. 31, 2020

Litigation

Litigation

15. Litigation

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

Other Income

12 Months Ended

Dec. 31, 2020

Other Income

Other Income

16. Other Income

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

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

Subsequent Events

12 Months Ended

Dec. 31, 2020

Subsequent Events

Subsequent Events

17. Subsequent Events

On January 8, 2021, we closed on an agreement to purchase WBQL and W288DQ from Consolidated Media, LLC, for an aggregate purchase price of $175 thousand, of which $25 thousand was paid in 2020 and the remaining $150 thousand paid in 2021. These stations will join our Clarksville, Tennessee market.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Summary of Significant Accounting Policies

Principles of Consolidation

Use of Estimates

Concentration of Risk

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

Our top five markets when combined represented 39%, 39% and 41% of our net operating revenue for the years ended December 31, 2020, 2019 and 2018, 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, 2020 and 2019.

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, 2020	$	671	$	420	$	—	$	(443)	$	648
December 31, 2019	$	759	$	578	$	—	$	(666)	$	671
December 31, 2018	$	727	$	444	$	25	$	(437)	$	759

Barter Transactions

Property and Equipment

Property and equipment consisted of the following:


	Estimated		December 31,
	Useful Life		2020		2019

	(In thousands)

Land and land improvements		—	$	14,559	$	14,693
Buildings		31.5 years		38,059		37,984
Towers and antennae		7-15 years		25,976		24,762
Equipment		3-15 years		53,547		54,321
Furniture, fixtures and leasehold improvements		7-20 years		7,189		7,169
Vehicles		5 years		3,350		3,474
				142,680		142,403
Accumulated depreciation				(87,795)		(83,692)
Net property and equipment			$	54,885		58,711

Depreciation expense for continuing operations for the years ended December 31, 2020, 2019 and 2018, was $5,711,000, $5,916,000 and $5,692,000, respectively.

Leases

Local Marketing Agreements

Advertising and Promotion Costs

Advertising and promotion costs are expensed as incurred. Such costs amounted to $985,000, $2,442,000 and $2,438,000 for the years ended December 31, 2020, 2019 and 2018, respectively.

Income Taxes

Dividends

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

Stock-Based Compensation

Segments

Earnings Per Share

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



	Years Ended December 31,
	2020		2019		2018

	(In thousands, except per share data)
Numerator:
Net income (loss)	$	(1,913)	$	13,279	$	13,690
Less: Income (loss) allocated to unvested participating securities		(21)		292		256
Net income (loss) available to common stockholders	$	(1,892)	$	12,987	$	13,434

Denominator:
Denominator for basic earnings (loss) per share — weighted average shares		5,871		5,834		5,829
Effect of dilutive securities:
Common stock equivalents		—		—		—
Denominator for diluted earnings (loss) per share — adjusted weighted-average shares and assumed conversions		5,871		5,834		5,829

Earnings (loss) per share:
Basic	$	(0.32)	$	2.23	$	2.30
Diluted	$	(0.32)	$	2.23	$	2.30

Recently Adopted Accounting Pronouncements

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Recent Accounting Pronouncements

Recent Accounting Pronouncements – Not Yet Adopted

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Significant Accounting Policies

Activity in the allowance for doubtful accounts


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

	(in thousands)
December 31, 2020	$	671	$	420	$	—	$	(443)	$	648
December 31, 2019	$	759	$	578	$	—	$	(666)	$	671
December 31, 2018	$	727	$	444	$	25	$	(437)	$	759

Property and equipment

Property and equipment consisted of the following:


	Estimated		December 31,
	Useful Life		2020		2019

	(In thousands)

Land and land improvements		—	$	14,559	$	14,693
Buildings		31.5 years		38,059		37,984
Towers and antennae		7-15 years		25,976		24,762
Equipment		3-15 years		53,547		54,321
Furniture, fixtures and leasehold improvements		7-20 years		7,189		7,169
Vehicles		5 years		3,350		3,474
				142,680		142,403
Accumulated depreciation				(87,795)		(83,692)
Net property and equipment			$	54,885		58,711

Schedule of Computation of Basic and Diluted Earnings Per Share

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



	Years Ended December 31,
	2020		2019		2018

	(In thousands, except per share data)
Numerator:
Net income (loss)	$	(1,913)	$	13,279	$	13,690
Less: Income (loss) allocated to unvested participating securities		(21)		292		256
Net income (loss) available to common stockholders	$	(1,892)	$	12,987	$	13,434

Denominator:
Denominator for basic earnings (loss) per share — weighted average shares		5,871		5,834		5,829
Effect of dilutive securities:
Common stock equivalents		—		—		—
Denominator for diluted earnings (loss) per share — adjusted weighted-average shares and assumed conversions		5,871		5,834		5,829

Earnings (loss) per share:
Basic	$	(0.32)	$	2.23	$	2.30
Diluted	$	(0.32)	$	2.23	$	2.30

Revenue (Tables)

12 Months Ended

Dec. 31, 2020

Revenue

Schedule of Disaggregation of Revenue

The following table presents revenues disaggregated by revenue source:


	Twelve Months Ended
	December 31,
	2020		2019		2018

	(in thousands)
Types of Revenue
Broadcast Advertising Revenue, net	$	87,481	$	112,278	$	114,929
Digital Advertising Revenue		3,416		3,783		3,900
Other Revenue		4,916		7,011		6,000
Net Revenue	$	95,813	$	123,072	$	124,829

Broadcast Licenses, Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

Broadcast License, Goodwill and Other Intangible Assets

Changes to broadcast licenses

We have recorded the changes to broadcast licenses for the years ended December 31, 2020 and 2019 as follows:


	Total
	(in thousands)

Balance at January 1, 2019	$	95,250
Acquisitions		61
Balance at December 31, 2019	$	95,311
Acquisitions		46
Impairment charge		(5,149)
Balance at December 31, 2020	$	90,208

Key estimates and assumptions used in the impairment test


	Year		Fourth		Fourth
	Ended		Quarter		Quarter
	2020		2019		2018
Discount rates	12.6% - 13.0	%	12.2% - 12.2	%	12.0% - 12.0	%
Operating profit margin ranges	17.8% - 36.4	%	19.0% - 36.4	%	19.0% - 36.4	%
Market long-term revenue growth rates	0.2% - 2.9	%	0.0% - 2.9	%	0.5% - 2.9	%

Changes to Goodwill

We have recorded the changes to goodwill for each of the years ended December 31, 2020 and 2019 as follows:


	Total
	(in thousands)

Balance at January 1, 2019	$	18,839
Acquisitions		124
Balance at December 31, 2019	$	18,963
Acquisitions		143
Balance at December 31, 2020	$	19,106

Amortizable intangible assets

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


	Gross
	Carrying		Accumulated		Net
	Amount		Amortization		Amount

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

We have recorded amortizable intangible assets at December 31, 2019 as follows:


	Gross
	Carrying		Accumulated		Net
	Amount		Amortization		Amount

	(In thousands)
Non-competition agreements	$	3,861	$	3,861	$	—
Favorable lease agreements		5,965		5,539		426
Customer relationships		4,660		3,584		1,076
Other intangibles		1,834		1,727		107
Total amortizable intangible assets	$	16,320	$	14,711	$	1,609

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2020

Long-Term Debt.

Schedule of Long-Term Debt

Long-term debt consisted of the following:


	December 31,		December 31,
	2020		2019

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

Future maturities of long-term debt

Future maturities of long-term debt are as follows:


Year Ending
December 31,	Amount
	(In thousands)

2021	$	—
2022		—
2023		10,000
2024		—
2025		—
Thereafter		—
	$	10,000

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 835
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-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 505
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
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-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
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
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-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
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-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, 2020

Supplemental Cash Flow Information

Supplemental cash flow information


	Years Ended December 31,
	2020		2019		2018

	(In thousands)

Cash paid during the period for:
Interest	$	311	$	635	$	884
Income taxes	$	1,099	$	3,893	$	2,864
Non-cash transactions:
Barter revenue	$	2,014	$	3,560	$	3,570
Barter expense	$	1,881	$	3,370	$	3,677
Acquisition of property and equipment	$	6	$	28	$	11
Use of treasury shares for 401(k) match	$	250	$	262	$	252

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes

Significant components of the Companys deferred tax liabilities and assets


	December 31,
	2020		2019

	(In thousands)

Deferred tax liabilities:
Property and equipment	$	4,802	$	5,181
Intangible assets		20,442		20,765
Prepaid expenses		426		376
Total deferred tax liabilities		25,670		26,322
Deferred tax assets:
Allowance for doubtful accounts		89		64
Compensation		824		1,011
Other accrued liabilities		150		95
		1,063		1,170
Less: valuation allowance		—		—
Total net deferred tax assets		1,063		1,170
Net deferred tax liabilities	$	24,607	$	25,152
Current portion of deferred tax assets	$	150	$	388
Non-current portion of deferred tax liabilities		(24,757)		(25,540)
Net deferred tax liabilities	$	(24,607)	$	(25,152)

Significant components of the provision for income taxes

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


	Years Ended December 31,
	2020		2019		2018

	(In thousands)
Current:
Federal	$	850	$	2,900	$	2,205
State		400		1,100		835
Total current		1,250		4,000		3,040
Total deferred		(545)		1,420		2,660
Total Income Tax Provision	$	705	$	5,420	$	5,700

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,
	2020		2019		2018

	(In thousands)
Tax expense (benefit) at U.S. statutory rates	$	(290)	$	3,976	$	4,017
State tax expense, net of federal benefit		235		1,079		1,134
Other, net		760		365		549
	$	705	$	5,420	$	5,700

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Stock-Based Compensation

Summary of Restricted Stock Transactions

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


		Weighted
		Average
		Grant Date
	Shares	Fair Value

Outstanding at January 1, 2018	96,639	$	44.85
Granted	63,811		37.37
Vested	(49,493)		43.98
Forfeited/canceled/expired	(1,781)		45.39
Outstanding at December 31, 2018	109,176	$	40.87
Granted	72,985		31.18
Vested	(51,021)		42.66
Forfeited/canceled/expired	(2,916)		40.30
Outstanding at December 31, 2019	128,224	$	34.66
Vested	(62,137)		36.50
Forfeited/canceled/expired	(2,332)		33.65
Non-vested and outstanding at December 31, 2020	63,755	$	32.90
Weighted average remaining contractual life (in years)	1.6

Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2020

Acquisitions and Dispositions

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

Condensed Consolidated Balance Sheet of 2020 and 2019 Acquisitions


	Acquisitions in
	2020		2019

	(In thousands)
Assets Acquired:
Current assets	$	—	$	—
Property and equipment		11		25
Other assets:
Broadcast licenses		46		61
Goodwill		143		124
Other intangibles, deferred costs and investments		—		—
Total other assets		189		185
Total assets acquired		200		210
Liabilities Assumed:
Current liabilities		—		—
Total liabilities assumed		—		—
Net assets acquired	$	200	$	210

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies

Schedule of Minimum Annual Rental Commitments

We have no financing leases and minimum annual rental commitments under non-cancellable operating leases consisted of the following at December 31, 2020 (in thousands):


Years Ending December 31,
2021	$	1,771
2022		1,685
2023		1,361
2024		1,047
2025		649
Thereafter		1,572
Total lease payments (a)		8,085
Less: Interest (b)		1,136
Present value of lease liabilities (c)	$	6,949

(a)	Lease payments include options to extend lease terms that are reasonably certain of being exercised. There were no legally binding minimum lease payments for leases signed but not yet commenced at December 31, 2020.

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

(c)	The weighted average remaining lease term and weighted average discount rate used in calculating our lease liabilities were 6.5 years and 4.4%, respectively, at December 31, 2020.

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Measurements

Schedule of Fair Value Measurements, Recurring and Nonrecurring

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


		Fair Value
	Fair Value	December 31,		December 31,
Financial Instrument	Hierarchy	2020		2019
Cash and cash equivalents	Level 1	$	51,353	$	44,034
Revolving Credit Facility	Level 2		10,000		10,000

- Definition

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

+ References + Details

Quarterly Results of Operations (Tables)

12 Months Ended

Dec. 31, 2020

Quarterly Results of Operations (Unaudited)

Quarterly Results of Operations


	March 31,				June 30,				September 30,				December 31,
	2020		2019		2020		2019		2020		2019		2020		2019

	(in thousands, except per share data)
Net operating revenue	$	26,051	$	27,816	$	16,866	$	32,191	$	24,143	$	31,274	$	28,753	$	31,791
Station operating expenses		22,199		23,163		18,652		22,879		19,616		23,600		21,119		23,050
Corporate G&A		3,015		2,685		3,070		2,706		2,838		2,788		2,651		3,281
Other operating expense (income), net		(1,330)		3		46		(2)		50		85		(13)		26
Impairment of broadcast licenses		—		—		3,757		—		1,392		—		—		—
Operating income (loss)		2,167		1,965		(8,659)		6,608		247		4,801		4,996		5,434
Other (income) expenses:
Interest expense		108		208		82		184		75		180		75		163
Interest (income)		(108)		(163)		(25)		(160)		(8)		(162)		(7)		(125)
Other (income) expense		(213)		—		—		—		—		(11)		(20)		(5)
Income before income taxes		2,380		1,920		(8,716)		6,584		180		4,794		4,948		5,401
Income tax provision		700		550		(3,805)		1,850		1,130		1,460		2,680		1,560
Net income (loss)	$	1,680	$	1,370	$	(4,911)	$	4,734	$	(950)	$	3,334	$	2,268	$	3,841

Basic earnings(loss) per share	$	0.28	$	0.23	$	(0.82)	$	0.80	$	(0.16)	$	0.56	$	0.38	$	0.64
Weighted average common shares		5,866		5,841		5,868		5,844		5,869		5,834		5,880		5,817

Diluted earnings (loss) per share	$	0.28	$	0.23	$	(0.82)	$	0.80	$	(0.16)	$	0.56	$	0.38	$	0.64
Weighted average common and common equivalent shares		5,866		5,841		5,868		5,844		5,869		5,834		5,880		5,817

Summary of Significant Accounting Policies (Narrative) (Details)									1 Months Ended		12 Months Ended
	Mar. 04, 2020 USD ($) $ / shares	Dec. 11, 2019 USD ($) $ / shares	Sep. 12, 2019 USD ($) $ / shares	Jul. 05, 2019 USD ($)	May 30, 2019 $ / shares	Feb. 26, 2019 USD ($) $ / shares	Sep. 14, 2018 USD ($) $ / shares	May 15, 2018 USD ($) $ / shares	Nov. 28, 2018 USD ($) $ / shares	Feb. 28, 2018 USD ($) $ / shares	Dec. 31, 2020 USD ($) segment $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($) $ / shares shares	Dec. 31, 2020 USD ($)	Dec. 31, 2020	Dec. 31, 2020 item	Mar. 31, 2013 USD ($)	Feb. 28, 2013 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number Of FM Radio Stations											79
Number Of AM Radio Stations											34
Number Of Metro Signals											78
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount \| shares											0	0	0
Number of Reportable Segments \| segment											1
Concentration Risk, Market Risk											39.00%	39.00%	41.00%
Time deposits												$ 0	$ 0	$ 0
Interest expense related to the amortization of debt issuance costs											$ 40,000	103,000	51,000
Write-off of debt issuance costs											$ 40,000	103,000	$ 51,000
Net book value of deferred costs												$ 104,000		64,000
Treasury Stock, Shares, Acquired \| shares											24,255	39,505	53,713
Treasury Stock Acquired, Average Cost Per Share \| $ / shares											$ 18.51	$ 29.68	$ 37.24
Cash dividend paid \| $ / shares									$ 0.30
Dividend paid	$ 1,900,000	$ 1,800,000	$ 1,800,000	$ 1,800,000		$ 1,800,000	$ 1,800,000	$ 1,800,000	$ 3,300,000	$ 1,800,000
Number Of Broadcast Licenses															114
Number Of Market Serving															27	27
Debt Issuance Costs, Net													$ 120,000
Operating Lease, Right-of-Use Asset												$ 6,900,000		6,600,000
Operating Lease, Liability, Statement of Financial Position [Extensible List]											Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Operating Lease, Liability												$ 7,000,000.0		6,949,000
Number of operating segments \| segment											1
Customer relationships [Member]
Summary Of Significant Accounting Policies [Line Items]
Finite-Lived Intangible Asset, Useful Life											3 years
Continuing Operations [Member]
Summary Of Significant Accounting Policies [Line Items]
Depreciation expense											$ 5,711,000	5,916,000	5,692,000
Advertising and promotion costs											$ 985,000	$ 2,442,000	$ 2,438,000
Class A Common Stock
Summary Of Significant Accounting Policies [Line Items]
Stock Repurchase Program, Remaining Authorized Repurchase Amount														$ 18,800,000
Common Class A and Common Class B
Summary Of Significant Accounting Policies [Line Items]
Cash dividend paid \| $ / shares	$ 0.32	$ 0.30	$ 0.30		$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.25	$ 0.30
Minimum [Member] \| Lease Agreements [Member]
Summary Of Significant Accounting Policies [Line Items]
Finite-Lived Intangible Asset, Useful Life											1 year
Minimum [Member] \| Other intangibles [Member]
Summary Of Significant Accounting Policies [Line Items]
Finite-Lived Intangible Asset, Useful Life											1 year
Minimum [Member] \| Class A Common Stock
Summary Of Significant Accounting Policies [Line Items]
Stock Repurchase Program, Authorized Amount																		$ 60,000,000
Maximum [Member] \| Lease Agreements [Member]
Summary Of Significant Accounting Policies [Line Items]
Finite-Lived Intangible Asset, Useful Life											26 years
Maximum [Member] \| Other intangibles [Member]
Summary Of Significant Accounting Policies [Line Items]
Finite-Lived Intangible Asset, Useful Life											15 years
Maximum [Member] \| Class A Common Stock
Summary Of Significant Accounting Policies [Line Items]
Stock Repurchase Program, Authorized Amount																	$ 75,800,000

Summary of Significant Accounting Policies - Allowance for doubtful accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Summary of Significant Accounting Policies
Balance at Beginning of Period	$ 648	$ 671	$ 759	$ 727
Charged to Costs and Expenses	420	578	444
Allowance From Acquisitions			25
Write Off of Uncollectible Accounts, Net of Recoveries	(443)	(666)	(437)
Balance at End of Period	$ 648	$ 671	$ 759	$ 727

Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property Plant and Equipment, Gross	$ 142,680	$ 142,403
Accumulated depreciation	(87,795)	(83,692)
Net property and equipment	54,885	58,711
Land and Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Property Plant and Equipment, Gross	14,559	14,693
Building [Member]
Property, Plant and Equipment [Line Items]
Property Plant and Equipment, Gross	$ 38,059	37,984
Estimated Useful Life	31 years 6 months
Towers And Antennae [Member]
Property, Plant and Equipment [Line Items]
Property Plant and Equipment, Gross	$ 25,976	24,762
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	$ 53,547	54,321
Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	15 years
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property Plant and Equipment, Gross	$ 7,189	7,169
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	$ 3,350	$ 3,474
Estimated Useful Life	5 years

Summary of Significant Accounting Policies - Basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Numerator:
Net income (loss)									$ (1,913)	$ 13,279	$ 13,690
Less: Income (loss) allocated to unvested participating securities									(21)	292	256
Net income (loss) available to common stockholders									$ (1,892)	$ 12,987	$ 13,434
Denominator:
Denominator for basic earnings (loss) per share - weighted average shares	5,880	5,869	5,868	5,866	5,817	5,834	5,844	5,841	5,871	5,834	5,829
Effect of dilutive securities:
Denominator for diluted earnings per share - adjusted weighted-average shares and assumed conversions	5,880	5,869	5,868	5,866	5,817	5,834	5,844	5,841	5,871	5,834	5,829
Basic earnings (loss) per share:
Basic	$ 0.38	$ (0.16)	$ (0.82)	$ 0.28	$ 0.64	$ 0.56	$ 0.80	$ 0.23	$ (0.32)	$ 2.23	$ 2.30
Diluted earnings (loss) per share
Diluted earning (loss) per share	$ 0.38	$ (0.16)	$ (0.82)	$ 0.28	$ 0.64	$ 0.56	$ 0.80	$ 0.23	$ (0.32)	$ 2.23	$ 2.30

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue
Net Revenue	$ 28,753	$ 24,143	$ 16,866	$ 26,051	$ 31,791	$ 31,274	$ 32,191	$ 27,816	$ 95,813	$ 123,072	$ 124,829
Remaining performance obligations on leases one year or less exemption									true
Broadcast Advertising Revenue, Net [Member]
Revenue
Net Revenue									$ 87,481	112,278	114,929
Digital Advertising Revenue [Member]
Revenue
Net Revenue									3,416	3,783	3,900
Other Revenue [Member]
Revenue
Net Revenue									$ 4,916	$ 7,011	$ 6,000

Broadcast Licenses, Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($)	3 Months Ended		12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Goodwill, impairment loss	$ 0
Impairment of intangible assets, broadcast licenses	$ 1,392,000	$ 3,757,000		$ 5,149,000	$ 0	$ 0
Amortization Expense				813,000	$ 1,029,000	$ 1,094,000
2021				387,000
2022				39,000
2023				35,000
2024				33,000
2025				$ 33,000
Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Increase (decrease) in revenues				21.40%
Maximum [Member] \| Forecast
Finite-Lived Intangible Assets [Line Items]
Increase (decrease) in revenues			10.70%
Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Increase (decrease) in revenues				10.40%
Minimum [Member] \| Forecast
Finite-Lived Intangible Assets [Line Items]
Increase (decrease) in revenues			7.60%

Broadcast Licenses, Goodwill and Other Intangible Assets (Changes to broadcast licenses) (Details) - USD ($)	3 Months Ended		12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Broadcast License, Goodwill and Other Intangible Assets
Balance			$ 95,311,000	$ 95,250,000
Acquisitions			46,000	61,000
Impairment charge	$ (1,392,000)	$ (3,757,000)	(5,149,000)	0	$ 0
Balance			$ 90,208,000	$ 95,311,000	$ 95,250,000

Broadcast Licenses, Goodwill and Other Intangible Assets (Schedule of certain key estimates and assumptions used in impairment test) (Details)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Measurement Input, Discount Rate [Member] \| Minimum [Member]
Impairment measurement input	12.6	12.2	12.0
Measurement Input, Discount Rate [Member] \| Maximum [Member]
Impairment measurement input	13.0	12.2	12.0
Measurement Input Operating Profit Margin [Member] \| Minimum [Member]
Impairment measurement input	17.8	19.0	19.0
Measurement Input Operating Profit Margin [Member] \| Maximum [Member]
Impairment measurement input	36.4	36.4	36.4
Measurement Input, Long-term Revenue Growth Rate [Member] \| Minimum [Member]
Impairment measurement input	0.2	0.0	0.5
Measurement Input, Long-term Revenue Growth Rate [Member] \| Maximum [Member]
Impairment measurement input	2.9	2.9	2.9

Broadcast Licenses, Goodwill and Other Intangible Assets (Changes to Goodwill) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Broadcast License, Goodwill and Other Intangible Assets
Goodwill, Beginning Balance	$ 18,963	$ 18,839
Acquisitions	143	124
Goodwill, Ending Balance	$ 19,106	$ 18,963

Broadcast Licenses, Goodwill and Other Intangible Assets (Amortizable intangible assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 16,320	$ 16,320
Accumulated Amortization	15,524	14,711
Net Amount	796	1,609
Customer relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	4,660	4,660
Accumulated Amortization	4,322	3,584
Net Amount	338	1,076
Non-competition agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	3,861	3,861
Accumulated Amortization	3,861	3,861
Favorable lease agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	5,965	5,965
Accumulated Amortization	5,570	5,539
Net Amount	395	426
Other intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,834	1,834
Accumulated Amortization	1,771	1,727
Net Amount	$ 63	$ 107

Long-Term Debt (Narrative) (Details) - USD ($)				1 Months Ended	12 Months Ended
Long-Term Debt (Narrative) (Details) - USD ($)	Jun. 07, 2019	Jun. 27, 2018	Aug. 15, 2015	Feb. 04, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jul. 01, 2019
Debt Instrument [Line Items]
Long-term debt					$ 10,000,000	$ 10,000,000
Debt Issuance Costs, Net							$ 120,000
Amortization of debt issuance costs					$ 40,000	103,000	$ 51,000
Credit facility participation fee and fronting fee percentage					0.25%
Debt instrument, term			5 years
Debt issuance costs capitalized					$ 266,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 100,000,000					$ 70,000,000
Debt instrument, maturity date		Jun. 27, 2023	Aug. 18, 2020
Repayments of Long-term Lines of Credit	$ 5,000,000			$ 5,000,000
Line of Credit Facility, Remaining Borrowing Capacity					$ 60,000,000
Debt instrument, term		5 years
Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Line of credit facility, interest rate at period end					0.1875%
Minimum [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					0.00%
Minimum [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					1.00%
Minimum [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage					0.20%
Maximum [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					1.00%
Maximum [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					2.00%
Maximum [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage					0.30%
Second Amendment [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt Issuance Costs, Net					$ 120,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt					$ 10,000,000	$ 10,000,000

Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Total debt
Long-term Debt, Total	$ 10,000	$ 10,000
Long-term debt, noncurrent	10,000	10,000
Revolving Credit Facility [Member]
Total debt
Long-term Debt, Total	10,000	10,000
Amounts payable within one year	$ 0	$ 0

Long-Term Debt (Future maturities of long-term debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Long-Term Debt.
2020	$ 0
2021	0
2022	10,000
2023	0
2024	0
Thereafter	0
Long-term Debt, Total	$ 10,000	$ 10,000

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash paid during the period for:
Interest	$ 311	$ 635	$ 884
Income taxes	1,099	3,893	2,864
Non-cash transactions:
Barter revenue	2,014	3,560	3,570
Barter expense	1,881	3,370	3,677
Acquisition of property and equipment	6	28	11
Use of treasury shares for 401(k) match	$ 250	$ 262	$ 252

Income Taxes (Narrative) (Details) - USD ($)	3 Months Ended								12 Months Ended
Income Taxes (Narrative) (Details) - USD ($)	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Taxes
Deferred Tax Assets Tax Deferred Compensation Noncurrent	$ 1,063,000								$ 1,063,000		$ 1,170,000
Income tax expense (benefit)	2,680,000	$ 1,130,000	$ (3,805,000)	$ 700,000	$ 1,560,000	$ 1,460,000	$ 1,850,000	$ 550,000	705,000	$ 5,420,000	5,700,000
Income Tax Examination, Penalties and Interest Accrued	0				0				0	0
Effective income tax rate reconciliation related to impairment losses, tax benefit									(1,400,000)
Effective income tax rate reconciliation related to executive compensation									1,000,000.0
Income Tax Examination, Penalties and Interest Expense									600	2,100	$ 31,000
Deferred tax asset, valuation allowance	0				0				0	0
Unrecognized tax benefits, income tax penalties accrued	$ 0				$ 0				$ 0	$ 0
Effective income tax rate reconciliation, percent									(58.40%)	29.00%

Income Taxes (Significant components of the Companys deferred tax liabilities and assets) (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Deferred tax liabilities:
Property and equipment	$ 4,802,000	$ 5,181,000
Intangible assets	20,442,000	20,765,000
Prepaid expenses	426,000	376,000
Total deferred tax liabilities	25,670,000	26,322,000
Deferred tax assets:
Allowance for doubtful accounts	89,000	64,000
Compensation	824,000	1,011,000
Other accrued liabilities	150,000	95,000
Deferred Tax Assets, Gross, Total	1,063,000	1,170,000
Less: valuation allowance	0	0
Total net deferred tax assets	1,063,000	1,170,000
Net deferred tax liabilities	24,607,000	25,152,000
Current portion of deferred tax assets	150,000	388,000
Non-current portion of deferred tax liabilities	(24,757,000)	(25,540,000)
Net deferred tax liabilities	$ (24,607,000)	$ (25,152,000)

Income Taxes (Significant components of the provision for income taxes) (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current:
Federal									$ 850,000	$ 2,900,000	$ 2,205,000
State									400,000	1,100,000	835,000
Total current									1,250,000	4,000,000	3,040,000
Total deferred									(545,000)	1,420,000	2,660,000
Total Income Tax Provision	$ 2,680,000	$ 1,130,000	$ (3,805,000)	$ 700,000	$ 1,560,000	$ 1,460,000	$ 1,850,000	$ 550,000	$ 705,000	$ 5,420,000	$ 5,700,000

Income Taxes (Reconciliation of income tax) (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Taxes
Tax expense at U.S. statutory rates									$ (290,000)	$ 3,976,000	$ 4,017,000
State tax expense (benefit), net of federal benefit									235,000	1,079,000	1,134,000
Other, net									760,000	365,000	549,000
Total Income Tax Provision	$ 2,680,000	$ 1,130,000	$ (3,805,000)	$ 700,000	$ 1,560,000	$ 1,460,000	$ 1,850,000	$ 550,000	$ 705,000	$ 5,420,000	$ 5,700,000

Stock-Based Compensation (Narrative) (Details) - USD ($)	1 Months Ended	12 Months Ended
	Oct. 16, 2013	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stock Based Compensation [Abstract]
Stock options granted		0	0	0
Stock options outstanding		0	0	0
Increase in number of common stock shares authorized	233,334
Percentage to retain annual restricted stock awards	50.00%
Stock options exercise price description	may not be exercised at a price which is less than 100% of the fair market value of shares at the date of grant
Weighted average grant date fair value of restricted stock that vested during			$ 2,276,000	$ 2,385,000
Net value of unrecognized compensation cost related to unvested restricted stock awards		$ 1,896,000	4,195,000	4,166,000
Restricted Stock [Member]
Stock Based Compensation [Abstract]
Stock-Based Compensation expense		$ 2,221,000	$ 2,129,000	$ 2,201,000
Shares, Granted		0	72,985	63,811
Recognized tax benefits		$ 235,000	$ 227,000	$ 251,000
Stock Option [Member]
Stock Based Compensation [Abstract]
Stock-Based Compensation expense		$ 0	$ 0	$ 0
Class A Common Stock \| Stock Option [Member]
Stock Based Compensation [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	990,000
Class A Common Stock \| Convert For Class B [Member]
Stock Based Compensation [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	370,000
Class A Common Stock \| Incentive Compensation Plan [Member]
Stock Based Compensation [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	620,000
Class B Common Stock
Stock Based Compensation [Abstract]
Increase in number of common stock shares authorized	90,000
Class B Common Stock \| Stock Option [Member]
Stock Based Compensation [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	370,000

Stock-Based Compensation (Summary of Restricted Stock Transactions) (Details) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Summary of the restricted stock transactions
Shares, Non-vested and Outstanding, Beginning	128,224	109,176	96,639
Shares, Granted	0	72,985	63,811
Shares, Vested	(62,137)	(51,021)	(49,493)
Shares, Forfeited	(2,332)	(2,916)	(1,781)
Shares, Non-vested and Outstanding, Ending	63,755	128,224	109,176
Weighted Average Grant Date Fair Value, Outstanding Beginning	$ 34.66	$ 40.87	$ 44.85
Weighted Average Grant Date Fair Value, Granted		31.18	37.37
Weighted Average Grant Date Fair Value, Vested	36.50	42.66	43.98
Weighted Average Grant Date Fair Value, Forfeited	33.65	40.30	45.39
Weighted Average Grant Date Fair Value, Outstanding Ending	$ 32.90	$ 34.66	$ 40.87
Weighted average remaining contractual life (in years)	1 year 7 months 6 days

Employee Benefit Plans (Narrative) (Details) - USD ($)	12 Months Ended
Employee Benefit Plans (Narrative) (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Employee Benefit Plans
Administrative expense	$ 2,900	$ 2,400	$ 1,100
Discretionary contribution	225,000	250,000	265,000
Deferred Compensation Expense Non Qualified Plan	$ 105,000	$ 135,000	$ 149,000

Acquisitions and Dispositions - Additional Information (Details) - USD ($) $ in Thousands			1 Months Ended	12 Months Ended
	Jan. 01, 2020	Oct. 29, 2018	Jan. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 09, 2019
Business Acquisition [Line Items]
Disposal Group, Including Discontinued Operation, Consideration		$ 9,300					$ 210
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net		566
Discontinued Operation, Disposal of Discontinued Operation, Transaction Costs		25
Consideration paid			$ 553
Assets acquired		$ 9,300		$ 200		$ 210
Ocala Broadcasting Corp [Member]
Business Acquisition [Line Items]
Proceeds from Divestiture of Businesses, Net of Cash Divested						$ 9,840
W295BL
Business Acquisition [Line Items]
Business Combination, Consideration Transferred	$ 200
Consideration paid				$ 190	$ 10

Acquisitions and Dispositions - Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2018	Oct. 29, 2018
Assets Acquired:
Current assets	$ 0
Property and equipment	11	$ 25
Other assets:
Broadcast licenses	46	61
Goodwill	143	124
Other intangibles, deferred costs and investments	0
Total other assets	189	185
Total assets acquired	200	210	$ 9,300
Liabilities Assumed:
Current liabilities	0
Total liabilities assumed	0
Net assets acquired	$ 200	$ 210

Related Party Transactions (Narrative) (Details)				1 Months Ended		12 Months Ended
Related Party Transactions (Narrative) (Details)	Dec. 16, 2020 USD ($)	Dec. 06, 2019 USD ($)	Dec. 14, 2018 USD ($)	Jan. 31, 2019 USD ($)	Jun. 30, 2011	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jan. 09, 2019 USD ($)	Oct. 29, 2018 USD ($)
Related Party Transaction [Line Items]
Payments to Acquire Businesses, Gross				$ 553,000
CEO Employment Agreement						In June 2011, we entered into a new employment agreement with Edward K. Christian, Chairman, President and CEO, which became effective as of June 1, 2011, and replaced and superseded his prior employment agreement. We entered into amendments to the agreement on February 12, 2016 (the “First Amendment”) 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 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.
Deferred Compensation Details						On December 14, 2018, Mr. Christian agreed to defer approximately $100,000 of his 2019 salary to be paid 100% on January 3, 2020.
Disposal Group, Including Discontinued Operation, Consideration									$ 210,000	$ 9,300,000
Operating Leases, Rent Expense, Minimum Rentals								$ 4,100
Leasee operating leases rent expense						$ 4,100	$ 4,400
Change in control benchmark percentage of combined voting power						30.00%
Change in control benchmark percentage of voting securities						50.00%
Principal Stockholder Employment Agreement [Member]
Related Party Transaction [Line Items]
Compensation, Annual Increase, Maximum Threshold Percentage					4.00%
Deferred Salary, Amount	$ 100,000	$ 100,000	$ 100,000
Deferred Salary, Payment Percentage	100.00%	100.00%	100.00%
Change In Control, Amount Payable, Multiple						2.99
Health Insurance Provided, Period						10 years
Non-compete Agreement Period						3 years
Severance Payment Percentage						100.00%
Severance Payment Period						24 months
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage						100.00%
Average Annual Compensation						$ 1,862,000	$ 1,862,000	$ 1,862,000
Change In Control Agreements [Member]
Related Party Transaction [Line Items]
Change In Control, Amount Payable, Multiple						1.5
Lumpsum Payment Period						45 days
Employee Continuation Period						6 months
Employee Termination Period						6 months
Apex Agreement [Member]
Related Party Transaction [Line Items]
Payments to Acquire Businesses, Gross						$ 23,000,000

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

Commitments and Contingencies (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2003
Commitments and Contingencies
Operating Lease, Right-of-Use Asset	$ 6,600,000	$ 6,900,000
Operating Lease, Liability	6,949,000	7,000,000.0
Operating Lease, Payments	1,737,000
Lease, Cost	$ 1,752,000	$ 1,801,000	$ 1,603,000
Option to extend	true
Operating Lease, Weighted Average Remaining Lease Term	6 years 6 months
Operating Lease, Weighted Average Discount Rate, Percent	4.40%
Contingent cash payment				$ 1,000,000

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Minimum annual rental commitments
2021	$ 1,771
2022	1,685
2023	1,361
2024	1,047
2025	649
Thereafter	1,572
Total lease payments	8,085
Less: Interest	1,136
Present value of lease liabilities	$ 6,949	$ 7,000
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent

Fair Value Measurements (Narrative) (Details) - USD ($)	3 Months Ended		12 Months Ended
Fair Value Measurements (Narrative) (Details) - USD ($)	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indefinite-Lived License Agreements			$ 90,208,000	$ 95,311,000	$ 95,250,000
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)	$ 1,392,000	$ 3,757,000	5,149,000	$ 0	$ 0
Licensing Agreements [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Indefinite-Lived License Agreements			51,448,000
Licensing Agreements [Member] \| Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure			$ 46,299,000

Fair Value Measurements (Schedule of Fair Value Measurements, Recurring and Nonrecurring) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents	$ 51,353	$ 44,034
Fair Value, Inputs, Level 2 [Member]
Revolving Credit Facility	$ 10,000	$ 10,000

Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, shares in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Results of Operations (Unaudited)
Net operating revenue	$ 28,753,000	$ 24,143,000	$ 16,866,000	$ 26,051,000	$ 31,791,000	$ 31,274,000	$ 32,191,000	$ 27,816,000	$ 95,813,000	$ 123,072,000	$ 124,829,000
Station operating expenses	21,119,000	19,616,000	18,652,000	22,199,000	23,050,000	23,600,000	22,879,000	23,163,000	81,586,000	92,692,000	93,727,000
Corporate G&A	2,651,000	2,838,000	3,070,000	3,015,000	3,281,000	2,788,000	2,706,000	2,685,000	11,574,000	11,460,000	11,359,000
Other operating expense (income), net	(13,000)	50,000	46,000	(1,330,000)	26,000	85,000	(2,000)	3,000	(1,247,000)	112,000	61,000
Impairment of intangible assets, broadcast licenses		1,392,000	3,757,000						5,149,000	0	0
Operating income	4,996,000	247,000	(8,659,000)	2,167,000	5,434,000	4,801,000	6,608,000	1,965,000	(1,249,000)	18,808,000	19,682,000
Other (income) expenses:
Interest expense	75,000	75,000	82,000	108,000	163,000	180,000	184,000	208,000	340,000	735,000	946,000
Interest income	(7,000)	(8,000)	(25,000)	(108,000)	(125,000)	(162,000)	(160,000)	(163,000)	(148,000)	(610,000)	(631,000)
Other (income) expenses	(20,000)			(213,000)	(5,000)	(11,000)			(233,000)	(16,000)	(23,000)
Income before income taxes	4,948,000	180,000	(8,716,000)	2,380,000	5,401,000	4,794,000	6,584,000	1,920,000	(1,208,000)	18,699,000	19,390,000
Income tax provision	2,680,000	1,130,000	(3,805,000)	700,000	1,560,000	1,460,000	1,850,000	550,000	$ 705,000	$ 5,420,000	$ 5,700,000
Net income	$ 2,268,000	$ (950,000)	$ (4,911,000)	$ 1,680,000	$ 3,841,000	$ 3,334,000	$ 4,734,000	$ 1,370,000
Basic	$ 0.38	$ (0.16)	$ (0.82)	$ 0.28	$ 0.64	$ 0.56	$ 0.80	$ 0.23	$ (0.32)	$ 2.23	$ 2.30
Weighted average common shares	5,880	5,869	5,868	5,866	5,817	5,834	5,844	5,841	5,871	5,834	5,829
Diluted earnings per share	$ 0.38	$ (0.16)	$ (0.82)	$ 0.28	$ 0.64	$ 0.56	$ 0.80	$ 0.23	$ (0.32)	$ 2.23	$ 2.30
Weighted average common and common equivalent shares	5,880	5,869	5,868	5,866	5,817	5,834	5,844	5,841	5,871	5,834	5,829

Other Income (Narrative) (Details) - USD ($)	3 Months Ended	6 Months Ended	12 Months Ended
Other Income (Narrative) (Details) - USD ($)	Mar. 31, 2020	Jun. 30, 2020	Dec. 31, 2020
Other Income [Line Items]
Proceeds from sale of land and buildings	$ 1,700,000
Gain on sale of land and buildings		$ 1,400,000
Cash proceeds from insurance settlement			$ 233,000
Tower in Keene New Hampshire [Member]
Other Income [Line Items]
Gain on insurance settlement	208,000
Cash proceeds from insurance settlement	$ 208,000

Subsequent Events (Narrative) (Details) - USD ($) $ in Thousands		1 Months Ended
	Jan. 08, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Payments to acquire productive assets	$ 150	$ 25
Subsequent Event [Member]
Subsequent Event [Line Items]
Payments to acquire productive assets	$ 175