Saga Communications (SGA) 10-Q9 Aug 232023 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Aug. 05, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	1-11588
Entity Registrant Name	Saga Communications, Inc
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	38-3042953
Entity Address, Address Line One	73 Kercheval Avenue
Entity Address, City or Town	Grosse Pointe Farms
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48236
City Area Code	313
Local Phone Number	886-7070
Title of 12(b) Security	Class A Common Stock, par value $.01 per share
Trading Symbol	SGA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		6,123,529
Entity Central Index Key	0000886136
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	[1]
Current assets:
Cash and cash equivalents	$ 24,116	$ 36,802
Short-term investments	10,323	10,123
Accounts receivable, net	16,380	17,440
Prepaid expenses and other current assets	3,735	2,479
Barter transactions	1,251	1,015
Total current assets	55,805	67,859
Property and equipment	148,383	146,054
Less accumulated depreciation	95,011	92,856
Net property and equipment	53,372	53,198
Other assets:
Broadcast licenses, net	90,240	90,307
Goodwill	19,236	19,236
Other intangibles, right of use assets, deferred costs and investments, net	10,935	10,153
Total assets	229,588	240,753
Current liabilities:
Accounts payable	2,588	2,654
Accrued payroll and payroll taxes	4,648	5,623
Dividend payable	0	13,754
Other accrued expenses	6,475	6,359
Barter transactions	1,238	987
Total current liabilities	14,949	29,377
Deferred income taxes	26,152	25,737
Other liabilities	8,001	7,110
Total liabilities	49,102	62,224
Commitments and contingencies
Shareholders' equity:
Common Stock	78	78
Additional paid-in capital	71,972	71,664
Retained earnings	145,104	143,896
Treasury stock	(36,668)	(37,109)
Total shareholders' equity	180,486	178,529
Total liabilities and shareholders' equity	$ 229,588	$ 240,753

[1]The balance sheet at December 31, 2022 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net operating revenue	$ 29,175	$ 29,821	$ 54,479	$ 54,788
Operating expenses:
Station operating expenses	22,407	21,786	44,110	42,354
Corporate general and administrative	2,472	2,609	5,088	5,303
Other operating (income) expense, net		45	80	40
Operating income	4,296	5,381	5,201	7,091
Interest expense	43	32	86	64
Interest income	(347)	(49)	(636)	(53)
Other income		0	(119)	(2)
Income before income tax expense	4,600	5,398	5,870	7,082
Income tax provision
Current	905	1,260	1,185	1,660
Deferred	345	315	415	395
Income tax expense	1,250	1,575	1,600	2,055
Net income	$ 3,350	$ 3,823	$ 4,270	$ 5,027
Basic earnings per share:
Basic (Dollars per share)	$ 0.55	$ 0.63	$ 0.70	$ 0.83
Diluted earnings per share:
Diluted (Dollars per share)	$ 0.55	$ 0.63	$ 0.70	$ 0.83
Weighted average common shares	6,032	5,952	6,030	5,950
Weighted average common and common equivalent shares	6,032	5,952	6,030	5,950
Dividends declared per share	$ 0.25	$ 0.20	$ 0.50	$ 0.36

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Class A Common Stock Common Stock.	Class A Common Stock	Class B Common Stock Common Stock.	Class B Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Total
Balance at Dec. 31, 2021	$ 68		$ 9		$ 70,035	$ 164,246	$ (37,439)	$ 196,919
Balance, shares at Dec. 31, 2021	6,835	6,835	965	965
Net income	$ 0		$ 0		0	1,204	0	1,204
Dividends declared per common share	0		0		0	(968)	0	(968)
Compensation expense related to restricted stock awards	0		0		339	0	0	339
401(k) plan contribution	0		0		(229)	0	477	248
Balance at Mar. 31, 2022	$ 68		$ 9		70,145	164,482	(36,962)	197,742
Balance, shares at Mar. 31, 2022	6,835		965
Balance at Dec. 31, 2021	$ 68		$ 9		70,035	164,246	(37,439)	196,919
Balance, shares at Dec. 31, 2021	6,835	6,835	965	965
Net income								5,027
Balance at Jun. 30, 2022	$ 68		$ 9		70,483	167,095	(36,962)	200,693
Balance, shares at Jun. 30, 2022	6,835		965
Balance at Mar. 31, 2022	$ 68		$ 9		70,145	164,482	(36,962)	197,742
Balance, shares at Mar. 31, 2022	6,835		965
Net income	$ 0		$ 0		0	3,823	0	3,823
Dividends declared per common share	0		0		0	(1,210)	0	(1,210)
Compensation expense related to restricted stock awards	0		0		338	0	0	338
Purchase of shares held in treasury	0		0		0	0	0	0
Balance at Jun. 30, 2022	$ 68		$ 9		70,483	167,095	(36,962)	200,693
Balance, shares at Jun. 30, 2022	6,835		965
Balance at Dec. 31, 2022	$ 78		$ 0		71,664	143,896	(37,109)	178,529	[1]
Balance, shares at Dec. 31, 2022	7,867	7,867	0	0
Net income	$ 0		$ 0		0	920	0	920
Dividends declared per common share	0		0		0	(1,531)	0	(1,531)
Compensation expense related to restricted stock awards	0		0		245	0	0	245
401(k) plan contribution	0		0		(185)	0	441	256
Balance at Mar. 31, 2023	$ 78		$ 0		71,724	143,285	(36,668)	178,419
Balance, shares at Mar. 31, 2023	7,867		0
Balance at Dec. 31, 2022	$ 78		$ 0		71,664	143,896	(37,109)	178,529	[1]
Balance, shares at Dec. 31, 2022	7,867	7,867	0	0
Net income								4,270
Balance at Jun. 30, 2023	$ 78		$ 0		71,972	145,104	(36,668)	180,486
Balance, shares at Jun. 30, 2023	7,867	7,867	0	0
Balance at Mar. 31, 2023	$ 78		$ 0		71,724	143,285	(36,668)	178,419
Balance, shares at Mar. 31, 2023	7,867		0
Net income	$ 0		$ 0		0	3,350	0	3,350
Forfeiture of restricted stock	$ 0		$ 0		0	0	0	0
Forfeiture of restricted stock (in shares)	0		0
Dividends declared per common share	$ 0		$ 0		0	(1,531)	0	(1,531)
Compensation expense related to restricted stock awards	0		0		248	0	0	248
Purchase of shares held in treasury	0		0		0	0	0	0
Balance at Jun. 30, 2023	$ 78		$ 0		$ 71,972	$ 145,104	$ (36,668)	$ 180,486
Balance, shares at Jun. 30, 2023	7,867	7,867	0	0

[1]The balance sheet at December 31, 2022 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 4,270	$ 5,027
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,475	2,533
Deferred income tax expense	415	395
Amortization of deferred costs	18	6
Compensation expense related to restricted stock awards	493	677
Loss on sale of assets, net	80	40
Other (gain) loss, net	(119)
Barter (revenue) expense, net	(1)	(72)
Deferred and other compensation	(242)	(64)
Changes in assets and liabilities:
(Increase) decrease in receivables and prepaid expenses	(1,643)	(1,343)
Increase (decrease) in accounts payable, accrued expenses, and other liabilities	292	141
Total adjustments	1,768	2,313
Net cash provided by operating activities	6,038	7,340
Cash flows from investing activities:
Purchase of short-term investments	(10,241)	(9,999)
Redemption of short-term investments	10,237
Acquisition of property and equipment (Capital Expenditures)	(2,637)	(3,563)
Acquisition of broadcast properties		(57)
Proceeds from sale and disposal of assets	616	7
Other investing activities	117
Net cash used in investing activities	(1,908)	(13,612)
Cash flows from financing activities:
Cash dividends paid	(16,816)	(6,167)
Net cash used in financing activities	(16,816)	(6,167)
Net increase (decrease) in cash and cash equivalents	(12,686)	(12,439)
Cash and cash equivalents, beginning of period	36,802	54,760
Cash and cash equivalents, end of period	$ 24,116	$ 42,321

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2023
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	1. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for annual financial statements. In our opinion, the accompanying financial statements include all adjustments of a normal, recurring nature considered necessary for a fair presentation of our financial position as of June 30, 2023 and the results of operations for the three and six months ended June 30, 2023 and 2022. Results of operations for three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. We own or operate broadcast properties in 27 markets, including 79 FM and 33 AM radio stations and 80 metro signals. For further information, refer to the consolidated financial statements and footnotes thereto included in the Saga Communications, Inc. annual report on Form 10-K for the year ended December 31, 2022. We have evaluated events and transactions occurring subsequent to the balance sheet date of June 30, 2023, for items that should potentially be recognized in these financial statements or discussed within the notes to these financial statements. Earnings Per Share Information Earnings per share is calculated using the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security. The Company has participating securities related to restricted stock units, granted under the Company’s Second Amended and Restated 2005 Incentive Compensation Plan, that earn dividends on an equal basis with common shares. In applying the two-class method, earnings are allocated to both common shares and participating securities. The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 (In thousands, except per share data) Numerator: Net income $ 3,350 $ 3,823 $ 4,270 $ 5,027 Less: Income allocated to unvested participating securities 51 65 63 85 Net income available to common shareholders $ 3,299 $ 3,758 $ 4,207 $ 4,942 Denominator: Denominator for basic earnings per share — weighted average shares 6,032 5,952 6,030 5,950 Effect of dilutive securities: Common stock equivalents — — — — Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions 6,032 5,952 6,030 5,950 Earnings per share: Basic $ 0.55 $ 0.63 $ 0.70 $ 0.83 Diluted $ 0.55 $ 0.63 $ 0.70 $ 0.83 There were no stock options outstanding that had an antidilutive effect on our earnings per share calculation for the three and six months ended June 30, 2023 and 2022, respectively. The actual effect of these shares, if any, on the diluted earnings per share calculation will vary significantly depending on the fluctuation in the stock price. Financial Instruments We account for marketable securities in accordance with ASC 320, “ Investments – Debt Securities, ” which require that certain debt securities be classified into one of three categories: held-to-maturity, available-for-sale, or trading securities, and depending upon the classification, value the security at amortized cost or fair market value. At June 30, 2023 and December 31, 2022, we have recorded million, respectively, of held-to-maturity U.S. Treasury Bills at amortized cost basis that have a fair market value of million, respectively. Our held-to-maturity U.S. Treasury Bills all have original maturity dates ranging from August 2023 to December 2023. Our financial instruments are comprised of cash and cash equivalents, short-term investments, accounts receivable, accounts payable and long-term debt. The carrying value of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to their short maturities. The carrying value of long-term debt approximates fair value as it carries interest rates that either fluctuate with the euro-dollar rate, prime rate or have been reset at the prevailing market rate at June 30, 2023. Allowance for Doubtful Accounts A provision for doubtful accounts is recorded based on our judgment of collectability of receivables. Amounts are written off when determined to be fully uncollectible. Delinquent accounts are based on contractual terms. We maintain a specific allowance for estimated losses resulting from the inability of certain customers to make required payments. We also consider factors external to the specific customer, including current conditions and forecasts of economic conditions, including the potential impact of uncertain economic conditions. In the event we recover amounts previously written off, we will reduce the specific allowance for credit loss. Our allowance for doubtful accounts was Income Taxes Our effective tax rate is higher than the federal statutory rate as a result of the inclusion of state taxes in the income tax amount and permanent differences related to the compensation of our CEO. We have historically calculated the provision for income taxes during interim reporting periods by applying an estimate of the annual effective tax rate for the full fiscal year to “ordinary” income or loss (pretax income or loss excluding unusual or infrequently occurring discrete items) for the reporting period. Segments We serve twenty-seven radio markets (reporting units) that aggregate into one operating segment (Radio), which also qualifies as a reportable segment. We operate under reportable business segment for which segment disclosure is consistent with the management decision-making process that determines the allocation of resources and the measuring of performance. The Chief Operating Decision Maker (“CODM”) evaluates the results of the radio operating segment and makes operating and capital investment decisions based at the Company level. Furthermore, technological enhancements and system integration decisions are reached at the Company level and applied to all markets rather than to specific or individual markets to ensure that each market has the same tools and opportunities as every other market. Managers at the market level do not report to the CODM and instead report to other senior management, who are responsible for the operational oversight of radio markets and for communication of results to the CODM. We continually review our operating segment classification to align with operational changes in our business and may make changes as necessary. Time Brokerage Agreements/Local Marketing Agreements We have entered into Time Brokerage Agreements (“TBAs”) or Local Marketing Agreements (“LMAs”) in certain markets. In a typical TBA/LMA, the FCC licensee of a station makes available, for a fee, blocks of air time on its station to another party that supplies programming to be broadcast during that air time and sells their own commercial advertising announcements during the time periods specified. Revenue and expenses related to TBAs/LMAs are included in the accompanying unaudited Condensed Consolidated Statements of Income. Assets and liabilities related to the TBAs/LMAs are included in the accompanying unaudited Condensed Consolidated Balance Sheets.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
Recent Accounting Pronouncements	Jun. 30, 2023
Recent Accounting Pronouncements
Recent Accounting Pronouncements	2. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements Management has considered all recent accounting pronouncements issued. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements.

Revenue

Revenue	6 Months Ended
Revenue	Jun. 30, 2023
Revenue
Revenue	3. Revenue Nature of goods and services The following is a description of principal activities from which we generate our revenue: Broadcast Advertising Revenue Our primary source of revenue is from the sale of advertising for broadcast on our stations. We recognize revenue from the sale of advertising as performance obligations are satisfied upon airing of the advertising; therefore, revenue is recognized at a point in time when each advertising spot is transmitted. Agency commissions are calculated based on a stated percentage applied to gross billing revenue for our advertising inventory placed by an agency and are reported as a reduction of advertising revenue. Digital Advertising Revenue We recognize revenue from our digital initiatives across multiple platforms such as targeted digital advertising, online promotions, advertising on our websites and online streams, mobile messaging, email marketing and other e-commerce. Revenue is recorded when each specific performance obligation in the digital advertising campaign takes place, typically within a one month period. Other Revenue Other revenue includes revenue from concerts, promotional events, tower rent and other miscellaneous items. Revenue is generally recognized when the event is completed, as the promotional events are completed or as each performance obligation is satisfied. Disaggregation of Revenue Revenues from contracts with customers comprised the following for three and six months ended June 30, 2023 and 2022: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 (in thousands) (in thousands) Types of Revenue Broadcast Advertising Revenue, net $ 24,384 $ 25,436 $ 45,852 $ 47,023 Digital Advertising Revenue 2,473 2,233 4,383 3,982 Other Revenue 2,318 2,152 4,244 3,783 Net Revenue $ 29,175 $ 29,821 $ 54,479 $ 54,788 Contract Liabilities Payments from our advertisers are generally due within 30 days although certain advertisers are required to pay in advance. When an advertiser pays for the services in advance of the performance obligations these prepayments are recorded as contract liabilities. Typical contract liabilities relate to prepayments for advertising spots not yet run; prepayments from sponsors for events that have not yet been held; and gift cards sold on our websites used to finance a broadcast advertising campaign. Generally all contract liabilities are expected to be recognized within one year and are included in accounts payable in the Company’s Condensed Consolidated Financial Statements and are immaterial. Transaction Price Allocated to the Remaining Performance Obligations As the majority of our sales contracts are one

Broadcast Licenses, Goodwill an

Broadcast Licenses, Goodwill and Other Intangible Assets	6 Months Ended
Broadcast Licenses, Goodwill and Other Intangible Assets	Jun. 30, 2023
Broadcast Licenses, Goodwill and Other Intangible Assets
Broadcast Licenses, Goodwill and Other Intangible Assets	4. Broadcast Licenses, Goodwill and Other Intangible Assets We evaluate our FCC licenses for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. We operate our broadcast licenses in each market as a single asset and determine the fair value by relying on a discounted cash flow approach assuming a start-up scenario in which the only assets held by an investor are broadcast licenses. The fair value calculation contains assumptions incorporating variables that are based on past experiences and judgments about future operating performance using industry normalized information for an average station within a market. These variables include, but are not limited to: (1) the forecasted growth rate of each radio market, including population, household income, retail sales and other expenditures that would influence advertising expenditures; (2) the estimated available advertising revenue within the market and the related market share and profit margin of an average station within a market; (3) estimated capital start-up costs and losses incurred during the early years; (4) risk-adjusted discount rate; (5) the likely media competition within the market area; and (6) terminal values. If the carrying amount of FCC licenses is greater than their estimated fair value in a given market, the carrying amount of FCC licenses in that market is reduced to its estimated fair value. We also evaluate goodwill for impairment annually, or more frequently if certain circumstances are present. If the carrying amount of goodwill in a reporting unit is greater than the implied value of goodwill determined by completing a hypothetical purchase price allocation using estimated fair value of the reporting unit, the carrying amount of goodwill in that reporting unit is reduced to its implied value. We evaluate amortizable intangible assets for recoverability when circumstances indicate impairment may have occurred, using an undiscounted cash flow methodology. If the future undiscounted cash flows for the intangible asset are less than net book value, then the net book value is reduced to the estimated fair value. Amortizable intangible assets are included in other intangibles, deferred costs and investments in the consolidated balance sheets. The Company considered the current and expected future economic and market conditions, and other potential indicators of impairment and determined a triggering event had not occurred which would necessitate any interim impairment tests during the six months ended June 30, 2023. We will continue to monitor changes in economic and market conditions, and if any event or circumstances indicate a triggering event has occurred, we will perform an interim impairment test of our intangible assets at the appropriate time. If actual market conditions are less favorable than those estimated by us or if events occur or circumstances change that would reduce the fair value of our broadcast licenses below the carrying value, we may be required to recognize impairment charges in future periods. Such a charge could have a material effect on our consolidated financial statements. Intangible assets that have finite lives are amortized over their useful lives using the straight-line method. Favorable lease agreements are amortized over the lives of the leases ranging from five one

Common Stock and Treasury Stock

Common Stock and Treasury Stock	6 Months Ended
Common Stock and Treasury Stock	Jun. 30, 2023
Common Stock and Treasury Stock
Common Stock and Treasury Stock	5. Common Stock and Treasury Stock Our founder, Chairman, President and CEO, Edward K. Christian, passed away on August 19, 2022. As of the date of his passing, Mr. Christian, who was also our principal shareholder, held approximately of the combined voting power of the Company’s Common Stock based on Class B Common Stock (together with the Class A Common Stock, collectively, the “Common Stock”) generally being entitled to votes per share. As a result, Mr. Christian was generally able to control the vote on most matters submitted to the vote of stockholders and, therefore, was able to direct our management and policies, except with respect to (i) the election of vote per share, and (iii) other matters requiring a class vote under the provisions of our certificate of incorporation, bylaws or applicable law. Mr. Christian’s passing resulted in the conversion of his Class B shares into Class A shares that were transferred to an estate planning trust that now owns approximately of the common stock outstanding. As a result, we Dividends. paid Voting Rights. vote. Prior to Mr. Christian’s passing, each share of Class B Common Stock was entitled to Prior to Mr. Christian’s passing, in the election of directors, the holders of Class A Common Stock, voting as a separate class, were entitled to elect twenty-five percent, or two, of our directors. The holders of the Common Stock, voting as a single class with each share of Class A Common Stock entitled to one vote and each share of Class B Common Stock entitled to ten votes, were entitled to elect the remaining directors. The Board of Directors consisted of eight members at December 31, 2022. Currently, our Board of Directors consists of members. Holders of Common Stock are not entitled to cumulative voting in the election of directors. The holders of the Common Stock vote as a single class with respect to any proposed “going private” transaction with the principal stockholder or an affiliate of the principal stockholder, with each share of each class of Common Stock entitled to one vote per share. Under Florida law, the affirmative vote of the holders of a majority of the outstanding shares of any class of common stock is required to approve, among other things, a change in the designations, preferences and limitations of the shares of such class of common stock. Liquidation Rights. The following summarizes information relating to the number of shares of our common stock issued in connection with stock transactions through June 30, 2023: Common Stock Issued Class A Class B (Shares in thousands) Balance, January 1, 2022 6,835 965 Conversion of shares 965 (965) Issuance of restricted stock 67 — Balance, December 31, 2022 7,867 — Balance, June 30, 2023 7,867 — We have a Stock Buy-Back Program to allow us to purchase up to $75.8 million of our Class A Common Stock. As of June 30, 2023, we have remaining authorization of $18.2 million for future repurchases of our Class A Common Stock. On September 14, 2017, the Board of Directors authorized the repurchase of our Class A Common Stock under our trading plan adopted pursuant to Securities and Exchange Commission Rule 10b5-1. The Rule 10b5-1 repurchase plan allows us to repurchase our shares during periods when we would normally not be active in the market due to our internal trading blackout periods. Under the plan, we may repurchase our Class A Common Stock in any combination of open market, block transactions and privately negotiated transactions subject to market conditions, legal requirements including applicable SEC regulations (which include certain price, market, volume and timing constraints), specific repurchase instructions and other corporate considerations. Purchases under the plan are funded by cash on our balance sheet. The plan does not obligate us to acquire any particular amount of Class A Common Stock. Our original purchase authorization was effective until September 1, 2018 and has been extended several times, with the most recent authorization instructions extension being through May 28, 2020. We halted the directions for any additional buybacks under our plan in 2020. We continue to monitor economic conditions to determine if and when it makes sense to make additional buybacks under our plan. During the three and six months ended June 30, 2023 and 2022,

Leases

Leases	6 Months Ended
Leases	Jun. 30, 2023
Leases
Leases	6. Leases We lease certain land, buildings and equipment for use in our operations. We recognize lease expense for these leases on a straight-line basis over the lease term and combine lease and non-lease components for all leases. Right-of-use (“ROU”) assets and lease liabilities are recorded on the balance sheet for all leases with an expected term of at least one year. Some leases include one or more options to renew 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 $7.1 million and $6.5 million at June 30, 2023 and December 31, 2022 respectively. Lease expense includes cost for leases with terms in excess of one year. For the three and six months ended June 30, 2023 and 2022, our total lease expense was $457,000, $917,000, $449,000 and $893,000, respectively. Short-term lease costs are de minimis We have no financing leases and minimum annual rental commitments under non-cancellable operating leases consisted of the following at June 30, 2023 (in thousands): Years Ending December 31, 2023 (a) $ 858 2024 1,723 2025 1,557 2026 1,333 2027 1,139 Thereafter 2,349 Total lease payments (b) 8,959 Less: Interest (c) 1,528 Present value of lease liabilities (d) $ 7,431 (a) Remaining payments are for the six-months ending December 31, 2023 (b) Lease payments include options to extend lease terms that are reasonably certain of being exercised. There were no legally binding minimum lease payments for leases signed but not yet commenced at June 30, 2023. (c) Our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our discount rate for such leases to determine the present value of lease payments at the lease commencement date. (d) The weighted average remaining lease term and weighted average discount rate used in calculating our lease liabilities were 6.8 years and 5.2% , respectively, at June 30, 2022.

Acquisitions and Dispositions

Acquisitions and Dispositions	6 Months Ended
Acquisitions and Dispositions	Jun. 30, 2023
Acquisitions and Dispositions
Acquisitions and Dispositions	7. Acquisitions and Dispositions We actively seek and explore opportunities for expansion through the acquisition of additional broadcast properties. The consolidated statements of income include the operating results of the acquired stations from their respective dates of acquisition. All acquisitions were accounted for as purchases and, accordingly, the total purchase consideration was allocated to the acquired assets and assumed liabilities based on their estimated fair values as of the acquisition dates. The excess of the consideration paid over the estimated fair value of net assets acquired have been recorded as goodwill. The Company accounts for acquisitions under the provisions of FASB ASC Topic 805, Business Combinations Management assigned fair values to the acquired property and equipment through a combination of cost and market approaches based upon each specific asset’s replacement cost, with a provision for depreciation, and to the acquired intangibles, primarily an FCC license, based on the Greenfield valuation methodology, a discounted cash flow approach. 2023 Dispositions On February 28, 2023, we closed on an agreement to sell WPVQ-AM located in our Greenfield, Massachusetts market to Hampden Communications Corp for $2,000 . We recorded a On March 20, 2023, we submitted a request to the FCC to cancel our FCC license for WHMQ-AM located in our Greenfield, Massachusetts market. We recorded a 2022 Acquisitions On July 12, 2021, we entered into an agreement to acquire WIZZ-AM and a translator from P. & M. Radio for was paid in 2021 and the remainder was paid on April 6, 2022 when we closed on the transaction. 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 the Company’s existing stations. The translators are start-up stations and therefore, have no pro forma revenue and expenses. Condensed Consolidated Balance Sheet of 2023 and 2022 Acquisitions: The following unaudited condensed balance sheets represent the estimated fair value assigned to the related assets and liabilities of the 2023 and 2022 acquisitions. Saga Communications, Inc. Condensed Consolidated Balance Sheet of 2023 and 2022 Acquisitions Acquisitions in 2023 2022 (In thousands) Assets Acquired: Property and equipment $ — $ 5 Other assets: Broadcast licenses — 30 Goodwill — 27 Total other assets — 57 Total assets acquired — 62 Liabilities Assumed: Current liabilities — — Total liabilities assumed — — Net assets acquired $ — $ 62

Income taxes

Income taxes	6 Months Ended
Income taxes	Jun. 30, 2023
Income taxes
Income taxes	8. Income taxes An income tax expense of $1,250,000 was recorded for the three months ended June 30, 2023 compared to $1,575,000 for the three months ended June 30, 2022. The effective tax rate was approximately 27.2% for the three months ended June 30, 2023 compared to 29.2% for the three months ended June 30, 2022. An income tax expense of for the six months ended June 30, 2022. The effective tax rate was approximately for the six months ended June 30, 2022 . Income tax provisions for interim (quarterly) periods are based on estimated annual income tax rates and are adjusted for the effects of significant, infrequent or unusual items (i.e. discrete items) occurring during the interim period.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
Stock-Based Compensation	Jun. 30, 2023
Stock-Based Compensation
Stock-Based Compensation	9. Stock-Based Compensation 2005 Incentive Compensation Plan On May 13, 2019 our shareholders approved an amendment to the Second Amended and Restated Saga Communications, Inc. 2005 Incentive Compensation Plan (as amended, the “Second Restated 2005 Plan”). This plan was first approved in 2005, and subsequently re-approved in 2010 and 2013. The amendment to the Second Restated 2005 Plan (i) extended the date for making awards to September 6, 2023 and (ii) increased the number of authorized shares under the Plan by The number of shares of Common Stock that was allowed to be issued under the Second Restated 2005 Plan was not to exceed 370,000 shares of Class B Common Stock, or 990,000 shares of Class A Common Stock of which up to 620,000 shares of Class A Common Stock were to be issued pursuant to incentive stock options and 370,000 shares of Class A Common Stock were to be issued upon conversion of Class B Common Stock. Awards denominated in Class A Common Stock were to be granted to any employee or director under the Second Restated 2005 Plan. Upon the passing of Mr. Christian, we no longer have any holders of Class B Common Stock, as those awards denominated in Class B Common Stock were only able to be granted to Mr. Christian. Stock options granted under the Second Restated 2005 Plan were to be for terms not exceeding ten (10) years from the date of grant and On May 8, 2023 our shareholders approved the 2023 Incentive Compensation Plan (the “2023 Plan”). The 2023 Plan replaces the Second Restated 2005 Plan. The Board of Directors does not intend to make any further awards under the Second Restated 2005 Plan. However, each outstanding award under the Second Restated 2005 Plan will remain outstanding under the Second Restated 2005 Plan and will continue to be governed under its terms and any applicable award agreement. The 2023 Plan allows for the granting of restricted stock, restricted stock units, incentive stock options, nonqualified stock options, and performance awards, including cash to eligible employees and non-employee directors of the Company and its subsidiaries. The number of shares of Common Stock that may be issued under the 2023 Plan may not exceed Stock-Based Compensation All stock options granted were fully vested and expensed at December 31, 2012; therefore, there was no compensation expense related to stock options for the three and six months ended June 30, 2023 and 2022, respectively. There were no stock options granted during 2023 or 2022 and there were no stock options outstanding as of June 30, 2023. All outstanding stock options were exercised in 2017. The following summarizes the restricted stock transactions for the three and six months ended June 30, 2023: Weighted Average Grant Date Fair Shares Value Outstanding at January 1, 2023 91,120 $ 27.15 Vested — — Forfeited — — Non-vested and outstanding at June 30, 2023 91,120 $ 27.15 For the three and six months ended June 30, 2023 and 2022, we had $248,000, $493,000, $338,000 and $677,000 , respectively, of total compensation expense related to restricted stock-based compensation arrangements. This expense is included in corporate general and administrative expenses in our results of operations. The associated tax benefit recognized for the three and six months ended June 30, 2023 and 2022 was

Long-Term Debt

Long-Term Debt	6 Months Ended
Long-Term Debt	Jun. 30, 2023
Long-Term Debt.
Long-Term Debt	10. Long-Term Debt The Company has no debt outstanding at December 31, 2022 or June 30, 2023. On December 19, 2022, we entered into a Third Amendment to our Credit Facility, (the “Third Amendment”), which extended the maturity date to December 19, 2027, reduced the lenders to JPMorgan Chase Bank, N.A., and the Huntington National Bank (the “Lenders”), established an interest rate equal to the secured overnight financing rate (“SOFR”) as administered by the SOFR Administrator (currently established as the Federal Reserve Bank of New York) as the interest base and increased the basis points. We have pledged substantially all of our assets (excluding our FCC licenses and certain other assets) in support of the Credit Facility and each of our subsidiaries has guaranteed the Credit Facility and has pledged substantially all of their assets (excluding their FCC licenses and certain other assets) in support of the Credit Facility. Approximately $266,000 of debt issuance costs related to the Credit Facility were capitalized and are being amortized over the life of the Credit Facility. These debt issuance costs are included in other assets, net in the consolidated balance sheets. As a result of the Second Amendment, the Company incurred an additional of transaction fees related to the Credit Facility that were capitalized. As a result of the Third Amendment, the Company incurred an additional of transaction fees related to the Credit Facility that were capitalized. The cumulative transaction fees are being amortized over the remaining life of the Credit Facility. Interest rates under the Credit Facility are payable, at our option, at alternatives equal to SOFR (5.09% at June 30, 2023), plus 1% to 2% or the base rate plus 0% to 1% . The spread over SOFR and the base rate vary from time to time, depending upon our financial leverage. Letters of credit issued under the Credit Facility will be subject to a participation fee (which is equal to the interest rate applicable to Eurocurrency Loans, as defined in the Credit Agreement) payable to each of the Lenders and a fronting fee equal to per annum on the unused portion of the Credit Facility. We previously paid quarterly commitment fees of The Credit Facility contains a number of financial covenants (all of which we were in compliance with at June 30, 2023) which, among other things, require us to maintain specified financial ratios and impose certain limitations on us with respect to investments, additional indebtedness, dividends, distributions, guarantees, liens and encumbrances. We had approximately $50 million of unused borrowing capacity under the Revolving Credit Facility at both June 30, 2023 and December 31, 2022.

Litigation

Litigation	6 Months Ended
Litigation	Jun. 30, 2023
Litigation
Litigation	11. Litigation From time to time, the Company may be involved in various legal proceedings that are incidental to the Company’s business. In management’s opinion, the Company is not a party to any current legal proceedings that are material to its financial condition, either individually or in the aggregate.

Dividends

Dividends	6 Months Ended
Dividends	Jun. 30, 2023
Dividends
Dividends	12. Dividends On May 9, 2023, the Company’s Board of Directors declared a quarterly cash dividend of $0.25 per share on its Class A Common Stock. This dividend, totaling approximately . On March 1, 2023, the Company’s Board of Directors declared a quarterly cash dividend of $0.25 per share on its Class A Common Stock. This dividend, totaling approximately On December 7, 2022, the Company’s Board of Directors declared a quarterly cash dividend of $0.25 per share and a special cash dividend of $2.00 per share on its Class A Common Stock. This dividend, totaling approximately On September 20, 2022, the Company’s Board of Directors declared a quarterly cash dividend of $0.25 per share and special cash dividend of $2.00 per share on its Classes A Common Stock. This dividend, totaling approximately On June 6, 2022, the Company’s Board of Directors declared a quarterly cash dividend of $0.20 per share on its Classes A and B Common Stock. This dividend, totaling approximately . The dividend was paid by our transfer agent on . On March 1, 2022, the Company’s Board of Directors declared a quarterly cash dividend of $0.16 per share on its Classes A and B Common Stock. This dividend, totaling approximately .

Other Income

Other Income	6 Months Ended
Other Income	Jun. 30, 2023
Other Income
Other Income	13. Other Income In 2012, Congress mandated that the FCC conduct an incentive auction of broadcast television spectrum as set forth in the Middle Class Tax Relief and Job Creation Act of 2012 ("Spectrum Act"). The Spectrum Act authorized the FCC to conduct incentive auctions in which licensees could voluntarily relinquish their spectrum usage rights in order to permit the assignment by auction of new initial licenses subject to flexible use service rules, in exchange for a portion of the resulting auction proceeds. The Spectrum Act appropriated $1.75 billion to the TV Broadcaster Relocation Fund ("Reimbursement Fund") for costs reasonably incurred by Full Power and Class A broadcast television licensees reassigned to new channels ("repack"), as well as Multichannel Video Programming Distributors ("MVPDs") that incurred costs related to continuing to carry the signals of reassigned broadcast stations. The 2018 Reimbursement Expansion Act, appropriated $1 billion in additional funds for the Reimbursement Fund and expanded eligible entities for reimbursement to include FM stations affected by the repack. During 2022, the Company received approximately in reimbursement for our FM stations, which is recorded in the other (income), expense, net, in the Company’s Consolidated Statements of Income in our annual report on Form 10-K for the year ended December 31, 2022. During the first quarter of 2023, we received approximately in reimbursement for our FM stations, which is recorded in other (income), expense, net, in the Company’s Condensed Consolidated Statement of Operations. We do not anticipate receiving any additional reimbursements related to this.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2023
Commitments and Contingencies
Commitments and Contingencies	14. Commitments and Contingencies As previously disclosed Mr. Christian passed away on August 19, 2022. As a result of his passing the Company was required to make several payments to his estate as outlined in his employment agreement, as described in our annual report on Form 10-K for the year ended December 31, 2022. In accordance with ASC 712-10-25, Nonretirement Postemployment Benefits we accrued all necessary expenses as of September 30, 2022. However, under the agreement, the Company will be responsible to pay the estate’s income tax obligation relating to the payout of the life insurance policy. The estimate of the possible loss related to that tax obligation cannot be made at this time due to uncertainties related to the timing of the transfer.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2023
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for annual financial statements. In our opinion, the accompanying financial statements include all adjustments of a normal, recurring nature considered necessary for a fair presentation of our financial position as of June 30, 2023 and the results of operations for the three and six months ended June 30, 2023 and 2022. Results of operations for three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. We own or operate broadcast properties in 27 markets, including 79 FM and 33 AM radio stations and 80 metro signals. For further information, refer to the consolidated financial statements and footnotes thereto included in the Saga Communications, Inc. annual report on Form 10-K for the year ended December 31, 2022. We have evaluated events and transactions occurring subsequent to the balance sheet date of June 30, 2023, for items that should potentially be recognized in these financial statements or discussed within the notes to these financial statements.
Earnings Per Share Information	Earnings Per Share Information Earnings per share is calculated using the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security. The Company has participating securities related to restricted stock units, granted under the Company’s Second Amended and Restated 2005 Incentive Compensation Plan, that earn dividends on an equal basis with common shares. In applying the two-class method, earnings are allocated to both common shares and participating securities. The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 (In thousands, except per share data) Numerator: Net income $ 3,350 $ 3,823 $ 4,270 $ 5,027 Less: Income allocated to unvested participating securities 51 65 63 85 Net income available to common shareholders $ 3,299 $ 3,758 $ 4,207 $ 4,942 Denominator: Denominator for basic earnings per share — weighted average shares 6,032 5,952 6,030 5,950 Effect of dilutive securities: Common stock equivalents — — — — Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions 6,032 5,952 6,030 5,950 Earnings per share: Basic $ 0.55 $ 0.63 $ 0.70 $ 0.83 Diluted $ 0.55 $ 0.63 $ 0.70 $ 0.83 There were no stock options outstanding that had an antidilutive effect on our earnings per share calculation for the three and six months ended June 30, 2023 and 2022, respectively. The actual effect of these shares, if any, on the diluted earnings per share calculation will vary significantly depending on the fluctuation in the stock price.
Financial Instruments	Financial Instruments We account for marketable securities in accordance with ASC 320, “ Investments – Debt Securities, ” which require that certain debt securities be classified into one of three categories: held-to-maturity, available-for-sale, or trading securities, and depending upon the classification, value the security at amortized cost or fair market value. At June 30, 2023 and December 31, 2022, we have recorded million, respectively, of held-to-maturity U.S. Treasury Bills at amortized cost basis that have a fair market value of million, respectively. Our held-to-maturity U.S. Treasury Bills all have original maturity dates ranging from August 2023 to December 2023. Our financial instruments are comprised of cash and cash equivalents, short-term investments, accounts receivable, accounts payable and long-term debt. The carrying value of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to their short maturities. The carrying value of long-term debt approximates fair value as it carries interest rates that either fluctuate with the euro-dollar rate, prime rate or have been reset at the prevailing market rate at June 30, 2023.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts A provision for doubtful accounts is recorded based on our judgment of collectability of receivables. Amounts are written off when determined to be fully uncollectible. Delinquent accounts are based on contractual terms. We maintain a specific allowance for estimated losses resulting from the inability of certain customers to make required payments. We also consider factors external to the specific customer, including current conditions and forecasts of economic conditions, including the potential impact of uncertain economic conditions. In the event we recover amounts previously written off, we will reduce the specific allowance for credit loss. Our allowance for doubtful accounts was
Income Taxes	Income Taxes Our effective tax rate is higher than the federal statutory rate as a result of the inclusion of state taxes in the income tax amount and permanent differences related to the compensation of our CEO. We have historically calculated the provision for income taxes during interim reporting periods by applying an estimate of the annual effective tax rate for the full fiscal year to “ordinary” income or loss (pretax income or loss excluding unusual or infrequently occurring discrete items) for the reporting period.
Segments	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 reportable business segment for which segment disclosure is consistent with the management decision-making process that determines the allocation of resources and the measuring of performance. The Chief Operating Decision Maker (“CODM”) evaluates the results of the radio operating segment and makes operating and capital investment decisions based at the Company level. Furthermore, technological enhancements and system integration decisions are reached at the Company level and applied to all markets rather than to specific or individual markets to ensure that each market has the same tools and opportunities as every other market. Managers at the market level do not report to the CODM and instead report to other senior management, who are responsible for the operational oversight of radio markets and for communication of results to the CODM. We continually review our operating segment classification to align with operational changes in our business and may make changes as necessary.
Time Brokerage Agreements/Local Marketing Agreements	Time Brokerage Agreements/Local Marketing Agreements We have entered into Time Brokerage Agreements (“TBAs”) or Local Marketing Agreements (“LMAs”) in certain markets. In a typical TBA/LMA, the FCC licensee of a station makes available, for a fee, blocks of air time on its station to another party that supplies programming to be broadcast during that air time and sells their own commercial advertising announcements during the time periods specified. Revenue and expenses related to TBAs/LMAs are included in the accompanying unaudited Condensed Consolidated Statements of Income. Assets and liabilities related to the TBAs/LMAs are included in the accompanying unaudited Condensed Consolidated Balance Sheets.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
Summary of Significant Accounting Policies (Tables)	Jun. 30, 2023
Summary of Significant Accounting Policies
Schedule of computation of basic and diluted earnings per share	Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 (In thousands, except per share data) Numerator: Net income $ 3,350 $ 3,823 $ 4,270 $ 5,027 Less: Income allocated to unvested participating securities 51 65 63 85 Net income available to common shareholders $ 3,299 $ 3,758 $ 4,207 $ 4,942 Denominator: Denominator for basic earnings per share — weighted average shares 6,032 5,952 6,030 5,950 Effect of dilutive securities: Common stock equivalents — — — — Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions 6,032 5,952 6,030 5,950 Earnings per share: Basic $ 0.55 $ 0.63 $ 0.70 $ 0.83 Diluted $ 0.55 $ 0.63 $ 0.70 $ 0.83

Revenue (Tables)

Revenue (Tables)	6 Months Ended
Revenue (Tables)	Jun. 30, 2023
Revenue
Schedule of disaggregation of revenue	Revenues from contracts with customers comprised the following for three and six months ended June 30, 2023 and 2022: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 (in thousands) (in thousands) Types of Revenue Broadcast Advertising Revenue, net $ 24,384 $ 25,436 $ 45,852 $ 47,023 Digital Advertising Revenue 2,473 2,233 4,383 3,982 Other Revenue 2,318 2,152 4,244 3,783 Net Revenue $ 29,175 $ 29,821 $ 54,479 $ 54,788

Common Stock and Treasury Sto_2

Common Stock and Treasury Stock (Tables)	6 Months Ended
Common Stock and Treasury Stock (Tables)	Jun. 30, 2023
Common Stock and Treasury Stock
Schedule of Stock by Class	The following summarizes information relating to the number of shares of our common stock issued in connection with stock transactions through June 30, 2023: Common Stock Issued Class A Class B (Shares in thousands) Balance, January 1, 2022 6,835 965 Conversion of shares 965 (965) Issuance of restricted stock 67 — Balance, December 31, 2022 7,867 — Balance, June 30, 2023 7,867 —

Leases (Tables)

Leases (Tables)	6 Months Ended
Leases (Tables)	Jun. 30, 2023
Leases
Schedule of Minimum Annual Rental Commitments	We have no financing leases and minimum annual rental commitments under non-cancellable operating leases consisted of the following at June 30, 2023 (in thousands): Years Ending December 31, 2023 (a) $ 858 2024 1,723 2025 1,557 2026 1,333 2027 1,139 Thereafter 2,349 Total lease payments (b) 8,959 Less: Interest (c) 1,528 Present value of lease liabilities (d) $ 7,431 (a) Remaining payments are for the six-months ending December 31, 2023 (b) Lease payments include options to extend lease terms that are reasonably certain of being exercised. There were no legally binding minimum lease payments for leases signed but not yet commenced at June 30, 2023. (c) Our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our discount rate for such leases to determine the present value of lease payments at the lease commencement date. (d) The weighted average remaining lease term and weighted average discount rate used in calculating our lease liabilities were 6.8 years and 5.2% , respectively, at June 30, 2022.

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables)	6 Months Ended
Acquisitions and Dispositions (Tables)	Jun. 30, 2023
Acquisitions and Dispositions
Schedule of recognized identified assets acquired and liabilities assumed	Condensed Consolidated Balance Sheet of 2023 and 2022 Acquisitions Acquisitions in 2023 2022 (In thousands) Assets Acquired: Property and equipment $ — $ 5 Other assets: Broadcast licenses — 30 Goodwill — 27 Total other assets — 57 Total assets acquired — 62 Liabilities Assumed: Current liabilities — — Total liabilities assumed — — Net assets acquired $ — $ 62

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
Stock-Based Compensation (Tables)	Jun. 30, 2023
Stock-Based Compensation
Summary of restricted stock transactions	The following summarizes the restricted stock transactions for the three and six months ended June 30, 2023: Weighted Average Grant Date Fair Shares Value Outstanding at January 1, 2023 91,120 $ 27.15 Vested — — Forfeited — — Non-vested and outstanding at June 30, 2023 91,120 $ 27.15

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Narrative) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) item shares	Jun. 30, 2022 shares	Jun. 30, 2023 USD ($) item segment $ / shares shares	Jun. 30, 2022 USD ($) shares	Dec. 31, 2022 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of market serving \| item	27		27
Number of FM radio stations \| item			79
Number of AM radio stations			33
Number of metro signals			80
Antidilutive securities excluded from computation of earnings per share, amount \| shares	0	0	0	0
Securities at fair value	$ 10,300,000		$ 10,300,000		$ 10,000,000
Amortization of debt issuance costs			$ 18,000	$ 6,000
Cash dividend paid \| $ / shares			$ 0
Debt securities, held to maturity	10,300,000		$ 10,300,000		10,100,000
Allowance for doubtful accounts receivable	$ 476,000		$ 476,000		$ 519,000
Number of Radio Markets \| item			27
Number of operating segments \| segment			1
Number of reportable segments \| segment			1

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net income	$ 3,350	$ 920	$ 3,823	$ 1,204	$ 4,270	$ 5,027
Less: Income allocated to unvested participating securities	51		65		63	85
Net income available to common shareholders	$ 3,299		$ 3,758		$ 4,207	$ 4,942
Denominator:
Denominator for basic earnings per share - weighted average shares	6,032		5,952		6,030	5,950
Effect of dilutive securities:
Common stock equivalents	0		0		0	0
Denominator for diluted earnings per share - adjusted weighted-average shares and assumed conversions	6,032		5,952		6,030	5,950
Basic earnings per share:
Basic (Dollars per share)	$ 0.55		$ 0.63		$ 0.70	$ 0.83
Diluted earnings per share:
Diluted (Dollars per share)	$ 0.55		$ 0.63		$ 0.70	$ 0.83

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue.
Net revenue	$ 29,175	$ 29,821	$ 54,479	$ 54,788
Remaining performance obligations on leases one year or less exemption			true
Broadcast Advertising Revenue, Net
Revenue.
Net revenue	24,384	25,436	$ 45,852	47,023
Digital Advertising Revenue
Revenue.
Net revenue	2,473	2,233	4,383	3,982
Other Revenue
Revenue.
Net revenue	$ 2,318	$ 2,152	$ 4,244	$ 3,783

Broadcast Licenses, Goodwill _2

Broadcast Licenses, Goodwill and Other Intangible Assets (Details)	Jun. 30, 2023
Favorable lease agreements \| Minimum
Finite-lived intangible asset, useful life	5 years
Favorable lease agreements \| Maximum
Finite-lived intangible asset, useful life	26 years
Other Intangible [Member] \| Minimum
Finite-lived intangible asset, useful life	1 year
Other Intangible [Member] \| Maximum
Finite-lived intangible asset, useful life	15 years
Customer relationships
Finite-lived intangible asset, useful life	3 years

Common Stock and Treasury Sto_3

Common Stock and Treasury Stock - (Narrative) (Details) $ / shares in Units, $ in Millions								3 Months Ended		6 Months Ended		12 Months Ended
	May 09, 2023 $ / shares	Mar. 01, 2023 $ / shares	Dec. 07, 2022 $ / shares	Sep. 20, 2022 $ / shares	Aug. 19, 2022 item director shares	Jun. 06, 2022 $ / shares	Mar. 01, 2022 $ / shares	Jun. 30, 2023 USD ($) director $ / shares shares	Jun. 30, 2022 $ / shares shares	Jun. 30, 2023 USD ($) item director $ / shares shares	Jun. 30, 2022 $ / shares shares	Dec. 31, 2022 director shares
Common Stock [Line Items]
Dividends declared per share								$ 0.25	$ 0.20	$ 0.50	$ 0.36
Cash dividend paid										$ 0
Number of board of directors \| director								8		8		8
Former Shareholder
Common Stock [Line Items]
Percentage of voting interest held					65%
Number of votes per share of common stock \| item					10
Dividends declared per share										$ 0
Class A Common Stock
Common Stock [Line Items]
Number of votes per share of common stock \| item										1
Conversion of shares \| shares												965,000
Dividends declared per share	$ 0.25	$ 0.25	$ 0.25	$ 0.25		$ 0.20	$ 0.16
Percentage of directors to be elected										25%
Class A Common Stock \| Former Shareholder
Common Stock [Line Items]
Number of directors elected \| director					2
Estate owns Percentage					16%
Class A Common Stock \| Stock Buy back Program [Member]
Common Stock [Line Items]
Share repurchase program, authorized amount \| $								$ 75.8		$ 75.8
Stock repurchase program, remaining authorization amount \| $								$ 18.2		$ 18.2
Stock repurchased during period shares \| shares								0	0	0	0
Class B Common Stock
Common Stock [Line Items]
Number of votes per share of common stock \| item										10
Conversion of shares \| shares												(965,000)
Dividends declared per share						$ 0.20	$ 0.16
Class B Common Stock \| Former Shareholder
Common Stock [Line Items]
Number of votes per share of common stock \| item					1
Common stock shares issued \| shares					0

Common Stock and Treasury Sto_4

Common Stock and Treasury Stock - information relating to the number of shares of our common stock issued (Details) - shares shares in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Class A Common Stock
Common Stock [Line Items]
Balance, shares		6,835
Issuance of restricted stock		67
Balance, shares	7,867	7,867
Class B Common Stock
Common Stock [Line Items]
Balance, shares		965
Issuance of restricted stock		0
Balance, shares	0	0

Leases - Additional Information

Leases - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
Leases - Additional Information (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Leases
Right-of-use assets	$ 7,100,000		$ 7,100,000		$ 6,500,000
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent		Other Assets, Noncurrent		Other Assets, Noncurrent
Present value of lease liabilities	$ 7,431,000		$ 7,431,000		$ 6,800,000
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current, Other Liabilities, Noncurrent		Accrued Liabilities, Current, Other Liabilities, Noncurrent		Accrued Liabilities, Current, Other Liabilities, Noncurrent
Additional lease assets recorded			$ 1,550,000
Payments on lease liabilities	$ 415,000	$ 428,000	941,000	$ 906,000
lease expense	$ 457,000	$ 449,000	$ 917,000	$ 893,000
Option to extend			true
Weighted average remaining lease term	6 years 9 months 18 days		6 years 9 months 18 days
Weighted average discount rate	5.20%		5.20%

Leases- Minimum Annual Rental C

Leases- Minimum Annual Rental Commitments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Minimum annual rental commitments
2023	$ 858
2024	1,723
2025	1,557
2026	1,333
2027	1,139
Thereafter	2,349
Total lease payments	8,959
Less: Interest	1,528
Present value of lease liabilities	$ 7,431	$ 6,800
Lessee, Operating Lease, Existence of Option to Extend [true false]	true

Acquisitions and Dispositions -

Acquisitions and Dispositions - Additional Information (Details) - USD ($)				12 Months Ended
	Mar. 23, 2023	Feb. 28, 2023	Jul. 12, 2021	Dec. 31, 2021
WPVQ AM \| Discontinued Operations, Disposed of by Sale
Business Acquisition [Line Items]
Sale of asset		$ 2,000
Loss on sale of asset		$ 43,000
Loss on disposal	$ 22,000
WIZZ-Am
Business Acquisition [Line Items]
Business combination consideration transferred			$ 61,800
Consideration paid				$ 5,000

Acquisitions and Dispositions_2

Acquisitions and Dispositions - Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets Acquired:
Property and equipment	$ 0	$ 5
Other assets:
Broadcast licenses	0	30
Goodwill	0	27
Total other assets	0	57
Total assets acquired	0	62
Liabilities Assumed:
Current liabilities	0	0
Total liabilities assumed	0	0
Net assets acquired	$ 0	$ 62

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income taxes
Income tax expense (benefit)	$ 1,250	$ 1,575	$ 1,600	$ 2,055
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	27.20%	29.20%	27.30%	29%

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($)			3 Months Ended		6 Months Ended		12 Months Ended
Stock-Based Compensation (Narrative) (Details) - USD ($)	May 13, 2019	Oct. 16, 2013	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	May 08, 2023
Stock Based Compensation [Abstract]
Stock-Based Compensation expense			$ 0	$ 0	$ 0	$ 0
Stock options granted					0		0
Stock options outstanding			0		0
Stock options exercise price description		could not be exercised at a price which was less than 100% of the fair market value of shares at the date of grant
Restricted Stock
Stock Based Compensation [Abstract]
Stock-Based Compensation expense			$ 248,000	338,000	$ 493,000	677,000
Recognized tax benefits			$ 65,000	$ 37,000	$ 129,000	$ 74,000
Class A Common Stock \| Incentive Compensation Plan 2023
Stock Based Compensation [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized								600,000
Class A Common Stock \| Stock Option
Stock Based Compensation [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized		990,000
Class A Common Stock \| Incentive Compensation Plan
Stock Based Compensation [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized		620,000
Class A Common Stock \| Convert For Class B
Stock Based Compensation [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized		370,000
Class B Common Stock
Stock Based Compensation [Abstract]
Increase in number of common stock shares authorized	90,000
Class B Common Stock \| Stock Option
Stock Based Compensation [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized		370,000

Stock-Based Compensation (Summa

Stock-Based Compensation (Summary of Restricted Stock Transactions) (Details) - Restricted Stock	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares, Non-vested and Outstanding, Beginning \| shares	91,120
Shares, Vested \| shares	0
Shares, Forfeited \| shares	0
Shares, Non-vested and Outstanding, Ending \| shares	91,120
Weighted Average Grant Date Fair Value, Outstanding Beginning \| $ / shares	$ 27.15
Weighted Average Grant Date Fair Value, Vested \| $ / shares	0
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	0
Weighted Average Grant Date Fair Value, Outstanding Ending \| $ / shares	$ 27.15

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details) - USD ($)		6 Months Ended
Long-Term Debt (Narrative) (Details) - USD ($)	Dec. 19, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term Debt		$ 0		$ 0
Amortization of debt issuance costs		$ 18,000	$ 6,000
Credit Facility Participation Fee And Fronting Fee Percentage		0.25%
Revolving Credit Facility
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.25%
Line of Credit Facility, Remaining Borrowing Capacity		$ 50,000,000
Amortization of debt issuance costs		$ 266,000
Revolving Credit Facility \| SOFR
Debt Instrument [Line Items]
Line of credit facility, interest rate at period end		5.09%
Minimum \| Base Rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		0%
Minimum \| SOFR
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		1%
Minimum \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage		0.20%
Maximum \| Base Rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		1%
Maximum \| SOFR
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2%
Maximum \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage		0.30%
Second Amendment \| Revolving Credit Facility
Debt Instrument [Line Items]
Amortization of debt issuance costs		$ 120,000
Third Amendment \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt Issuance Costs, Net		$ 161,000

Dividends (Details)

Dividends (Details) - USD ($)							3 Months Ended		6 Months Ended
Dividends (Details) - USD ($)	May 09, 2023	Mar. 01, 2023	Dec. 07, 2022	Sep. 20, 2022	Jun. 06, 2022	Mar. 01, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Dividends declared per share							$ 0.25	$ 0.20	$ 0.50	$ 0.36
Dividends payable date to be paid	Jun. 16, 2023	Apr. 07, 2023	Jan. 13, 2023	Oct. 21, 2022		Apr. 08, 2022
Dividends payable date of record	May 22, 2023	Mar. 20, 2023	Dec. 21, 2022	Oct. 03, 2022	Jun. 13, 2022	Mar. 21, 2022
Dividends				$ 13,600,000		$ 970,000
Dividends payable declared date	May 09, 2023	Mar. 01, 2023	Dec. 07, 2022	Sep. 20, 2022	Jun. 06, 2022	Mar. 01, 2022
Transfer Agent
Dividends payable date to be paid					Jun. 29, 2022
Dividends					$ 1,200,000
Dividend payable date paid by transfer agent					Jul. 01, 2022
Class A Common Stock
Dividends declared per share	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.20	$ 0.16
Special cash dividend			$ 2	$ 2
Dividends	$ 1,500,000	$ 1,500,000	$ 13,800,000
Class B Common Stock
Dividends declared per share					$ 0.20	$ 0.16

Other Income (Narrative) (Detai

Other Income (Narrative) (Details) - USD ($)	3 Months Ended			6 Months Ended		12 Months Ended
Other Income (Narrative) (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Other Income [Line Items]
Gain on insurance settlement			$ 0	$ 119,000	$ 2,000
Des Moines, Iowa market
Other Income [Line Items]
Cash proceeds from insurance settlement		$ 445,000
Gain on insurance settlement		$ 445,000
Other Nonoperating Income (Expense) [Member]
Other Income [Line Items]
Reimbursements received	$ 115,000					$ 116,000