What changed in this filing

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Item 1. Financial Statements

2022-05-06 compared with 2021-11-09 · 71 added, 124 removed, 301 unchanged (39% of the section changed)

2 unchanged sentences

CONDENSED CONSOLIDATED BALANCE SHEETS

September 30,

(In thousands)

18 unchanged sentences

Barter transactions

Current portion of long-term debt

Total current liabilities

Deferred income taxes

Long-term debt

Other liabilities

6 unchanged sentences

Total stockholders’ equity

Total liabilities and stockholders' equity

The balance sheet at December 31, 2021 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.

3 unchanged sentences

Three Months Ended

Nine Months Ended

September 30,

(In thousands, except per share data)

3 unchanged sentences

Other operating (income) expense, net

Impairment of broadcast licenses

Operating income (loss)

Operating income

Interest expense

Interest income

Income (loss) before income tax expense (benefit)

Income tax expense (benefit)

Net income (loss)

Earnings (loss) per share:

Income before income tax expense

Income tax expense

Earnings per share:

Weighted average common shares

4 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

For the three months ended March 31, 2022 and 2021

Stockholders’

2 unchanged sentences

Net income, three months ended March 31, 2021

Dividends declared per common share

Compensation expense related to restricted stock awards

Purchase of shares held in treasury

401(k) plan contribution

Balance at March 31, 2021

Net loss, three months ended June 30, 2020

Forfeiture of restricted stock

Compensation expense related to restricted stock awards

Purchase of shares held in treasury

Balance at June 30, 2020

Net loss, three months ended September 30, 2020

Compensation expense related to restricted stock awards

Purchase of shares held in treasury

Balance at September 30, 2020

Stockholders’

2 unchanged sentences

Net income, three months ended March 31, 2021

Dividends declared per common share

Compensation expense related to restricted stock awards

1 unchanged sentence

Balance at March 31, 2022

Net income, three months ended June 30, 2021

Dividends declared per common share

Compensation expense related to restricted stock awards

Balance at June 30, 2021

Net income, three months ended September 30, 2021

Dividends declared per common share

Compensation expense related to restricted stock awards

Balance at September 30, 2021

See accompanying notes to unaudited condensed consolidated financial statements.

1 unchanged sentence

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Nine Months Ended

September 30,

Three Months Ended

(In thousands)

10 unchanged sentences

Cash dividends paid

Purchase of treasury shares

Net cash used in financing activities

Net increase in cash and cash equivalents

Net increase (decrease) in cash and cash equivalents

Cash and cash equivalents, beginning of period

7 unchanged sentences

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 September 30, 2021 and the results of operations for the three and nine months ended September 30, 2021 and 2020.

Results of operations for three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021.

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 March 31, 2022 and the results of operations for the three months ended March 31, 2022 and 2021.

Results of operations for three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022.

We own or operate broadcast properties in 27 markets, including 79 FM and 35 AM radio stations and 80 metro signals.

1 unchanged sentence

annual report on Form 10-K for the year ended December 31, 2021.

We have evaluated events and transactions occurring subsequent to the balance sheet date of September 30, 2021, for items that should potentially be recognized in these financial statements or discussed within the notes to these financial statements.

We have evaluated events and transactions occurring subsequent to the balance sheet date of March 31, 2022, for items that should potentially be recognized in these financial statements or discussed within the notes to these financial statements.

Earnings Per Share Information

5 unchanged sentences

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

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

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

Three Months Ended

Nine Months Ended

September 30,

(In thousands, except per share data)

Net income (loss)

Income (loss) allocated to unvested participating securities

Net income (loss) available to common stockholders

Income allocated to unvested participating securities

Net income available to common stockholders

Denominator for basic earnings per share — weighted average shares

2 unchanged sentences

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

Earnings (loss) per share:

There were no stock options outstanding that had an antidilutive effect on our earnings per share calculation for the three and nine months ended September 30, 2021 and 2020, respectively.

Earnings per share:

There were no stock options outstanding that had an antidilutive effect on our earnings per share calculation for the three months ended March 31, 2022 and 2021, 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.

2 unchanged sentences

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 September 30, 2021.

Allowance for Doubtful Accounts

4 unchanged sentences

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 the COVID-19 pandemic.

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 $ 385,000 and $ 648,000 at September 30, 2021 and December 31, 2020, respectively.

Our allowance for doubtful accounts was $ 467,000 and $ 469,000 at March 31, 2022 and December 31, 2021, respectively.

SAGA COMMUNICATIONS, INC.

15 unchanged sentences

Recently Adopted Accounting Pronouncements

In December 2019, the FASB issued ASU 2019-12, “ Income Taxes (Topic 740):

Simplifying the Accounting for Incomes Taxes” (“ASU 2019-12”) which is intended to simplify various aspects related to accounting for income taxes.

ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance regarding the tax treatment of certain franchise taxes, goodwill and nontaxable entities, among other items to improve consistent application.

ASU 2019-12 is effective for fiscal years and interim periods beginning after December 15, 2020.

The Company adopted this standard on January 1, 2021 and there was no material impact as a result of adoption.

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.

SAGA COMMUNICATIONS, INC.

14 unchanged sentences

Disaggregation of Revenue

Revenues from contracts with customers comprised the following for three and nine months ended September 30, 2021 and 2020:

Revenues from contracts with customers comprised the following for three months ended March 31, 2022 and 2021:

Three Months Ended

Nine Months Ended

September 30,

(in thousands)

Types of Revenue

30 unchanged sentences

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 surrounding COVID-19, and other potential indicators of impairment and determined a triggering event had not occurred which would necessitate any interim impairment tests during the three and nine months ended September 30, 2021.

We will continue to monitor changes in economic and market conditions, including those related to COVID-19, 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.

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 three months ended March 31, 2022.

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.

7 unchanged sentences

Common Stock and Treasury Stock

The following summarizes information relating to the number of shares of our common stock issued in connection with stock transactions through September 30, 2021:

The following summarizes information relating to the number of shares of our common stock issued in connection with stock transactions through March 31, 2022:

Common Stock Issued

3 unchanged sentences

Issuance of restricted stock

Forfeiture of restricted stock

Balance, December 31, 2021

Balance, September 30, 2021

Balance, March 31, 2022

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 September 30, 2021, we have remaining authorization of $ 18.8 million for future repurchases of our Class A Common Stock.

As of March 31, 2022, we have remaining authorization of $ 18.4 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.

5 unchanged sentences

Given the unprecedented uncertainty surrounding the COVID-19 virus and the resulting economic issues we have halted the directions for any additional buybacks under our plan.

During the three and nine months ended September 30, 2021 no shares were repurchased under the Stock Buy-Back Program.

During the three and nine months ended September 30, 2020, approximately 1,000 and 2,600 shares, respectively, were repurchased for $ 22,000 and $ 63,000 , respectively, related to the Stock Buy-Back Program.

During the three months ended March 31, 2022 and 2021 no shares were repurchased under the Stock Buy-Back Program.

We lease certain land, buildings and equipment for use in our operations.

5 unchanged sentences

Our lease agreements do not contain any residual value guarantees or material restrictive covenants.

As of September 30, 2021, we do not have any non-cancellable operating lease commitments that have not yet commenced.

As of March 31, 2022, 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 $ 5.5 million and $ 6.6 million at September 30, 2021 and December 31, 2020 respectively.

Lease liabilities were $ 5.8 million and $ 6.9 million at September 30, 2021 and December 31, 2020, respectively.

During the three and nine months ended September 30, 2021, we recorded additional ROU assets under operating leases of $ 15,000 and $ 58,000 .

Payments on lease liabilities during the three and nine months ended September 30, 2021 and 2020 totaled $ 451,000 , $ 1,335,000 , $ 401,000 and $ 858,000 , respectively.

SAGA COMMUNICATIONS, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

ROU assets were $ 5.8 million and $ 6.1 million at March 31, 2022 and December 31, 2021 respectively.

Lease liabilities were $ 6.1 million and $ 6.4 million at March 31, 2022 and December 31, 2021, respectively.

During the three months ended March 31, 2022, we recorded additional ROU assets under operating leases of $ 119,000 .

Payments on lease liabilities during the three months ended March 31, 2022 and 2021 totaled $ 478,000 , and $ 469,000 , respectively.

Lease expense includes cost for leases with terms in excess of one year.

For the three and nine months ended September 30, 2021 and 2020, our total lease expense was $ 443,000 , $ 1,325,000 , $ 444,000 and $ 1,310,000 , respectively.

For the three months ended March 31, 2022 and 2021, our total lease expense was $ 444,000 and $ 440,000 , 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 September 30, 2021 (in thousands):

SAGA COMMUNICATIONS, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

We have no financing leases and minimum annual rental commitments under non-cancellable operating leases consisted of the following at March 31, 2022 (in thousands):

Years Ending December 31,

1 unchanged sentence

Present value of lease liabilities (d)

(a) Remaining payments are for the three-months ending December 31, 2021

(a) Remaining payments are for the nine-months ending December 31, 2022

(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 September 30, 2021.

There were no legally binding minimum lease payments for leases signed but not yet commenced at March 31, 2022.

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 6.2 years and 4.3 % , respectively, at September 30, 2021.

(d) The weighted average remaining lease term and weighted average discount rate used in calculating our lease liabilities were 6.2 years and 4.2 % , respectively, at March 31, 2022.

Acquisitions and Dispositions

6 unchanged sentences

2022 Acquisitions

On January 8, 2021, the Company closed on an agreement to purchase WBQL and W288DQ from Consolidated Media, LLC, for an aggregate purchase price of $ 175,000 , of which $ 25,000 was paid in 2020 and the remaining $ 150,000 paid in 2021.

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

On July 12, 2021, we entered into an agreement to acquire WIZZ-AM and a translator from P.

Radio for $ 61,800 of which $ 5,000 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.

2 unchanged sentences

2021 Acquisitions

On January 2, 2020, the Company closed on an agreement to purchase W295BL from Basic Holdings, LLC, for an aggregate purchase price of $ 200,000 , of which $ 10,000 was paid in 2019 and the remaining $ 190,000 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 the Company’s existing stations.

The translators are start-up stations and therefore, have no pro forma revenue and expenses.

18 unchanged sentences

This legislation currently has no material impact to the Company’s financial statements.

An income tax expense of $ 1,375,000 was recorded for the three months ended September 30, 2021 compared to $ 1,130,000 for the three months ended September 30, 2020.

The effective tax rate was approximately 28.5 % for the three months ended September 30, 2021 compared to 627.8 % for the three months ended September 30, 2020.

An income tax expense of $ 3,030,000 was recorded for the nine months ended September 30, 2021 compared to an income tax benefit of $ 1,975,000 for the nine months ended September 30, 2020.

The effective tax rate was approximately 28.9 % for the nine months ended September 30, 2021 compared to 32.1 % for the nine months ended September 30, 2020.

An income tax expense of $ 480,000 was recorded for the three months ended March 31, 2022 compared to $ 330,000 for the three months ended March 31, 2021.

The effective tax rate was approximately 28.5 % for the three months ended March 31, 2022 compared to 30.3 % for the three months ended March 31, 2021.

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.

The prior year’s tax rate was impacted by the broadcast license impairment charge which was a discrete item and contributed approximately $ 400,000 and $ 1,500,000 of tax benefit for the three and nine month periods ended September 30, 2020, respectively.

SAGA COMMUNICATIONS, INC.

2 unchanged sentences

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.

On May 13, 2019 our stockholders approved an amendment to the Second Amended and Restated Saga Communications, Inc.

2005 Incentive Compensation Plan (as amended, the “Second Restated 2005 Plan”).

This plan was first approved in 2005, and subsequently re-approved in 2010 and 2013.

The amendment to the Second Restated 2005 Plan (i) extended the date for making awards to September 6, 2023 and (ii) increased the number of authorized shares under the Plan by 90,000 shares of Class B Common Stock.

The Second Restated 2005 Plan allows for the granting of restricted stock, restricted stock units, incentive stock options, nonqualified stock options, and performance awards to eligible employees and non-employee directors.

The number of shares of Common Stock that may be issued under the Second Restated 2005 Plan may not exceed 370,000 shares of Class B Common Stock, or 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 shares of Class A Common Stock issuable upon conversion of Class B Common Stock.

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, or 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 shares of Class A Common Stock may be 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.

4 unchanged sentences

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 nine months ended September 30, 2021 and 2020, respectively.

There were no options granted during 2021 and 2020 and there were no stock options outstanding as of September 30, 2021.

therefore, there was no compensation expense related to stock options for the three months ended March 31, 2022 and 2021, respectively.

There were no stock options granted during 2022 or 2021 and there were no stock options outstanding as of March 31, 2022.

All outstanding stock options were exercised in 2017.

The following summarizes the restricted stock transactions for the three and nine months ended September 30, 2021:

The following summarizes the restricted stock transactions for the three months ended March 31, 2022:

Outstanding at January 1, 2022

Non-vested and outstanding at September 30, 2021

Non-vested and outstanding at March 31, 2022

SAGA COMMUNICATIONS, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

For the three and nine months ended September 30, 2021 and 2020, we had $ 348,000 , $ 1,048,000 , $ 618,000 and $ 1,799,000 , respectively, of total compensation expense related to restricted stock-based compensation arrangements.

For the three months ended March 31, 2022 and 2021, we had $ 339,000 and $ 343,000 , 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 nine months ended September 30, 2021 and 2020 was $ 30,000 , $ 94,000 , $ 71,000 and $ 198,000 , respectively.

The associated tax benefit recognized for the three months ended March 31, 2022 and 2021 was $ 37,000 and $ 30,000 , respectively.

Long-Term Debt

Long-term debt consisted of the following:

September 30,

(In thousands)

Revolving credit facility

Amounts payable within one year

On October 27, 2021, we used $ 10 million from funds generated by operations to voluntarily pay down the remaining amounts on our Revolving Credit Facility and as such, have no debt outstanding at March 31, 2022.

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 (collectively, the “Lenders”) pursuant to a credit agreement of even date (the “Credit Agreement”).

The Credit Facility consists of a $ 100 million five-year revolving facility (the “Revolving Credit Facility”) and originally matured on August 18, 2020 .

The Credit Facility consisted of a $ 100 million five-year revolving facility (the “Revolving Credit Facility”) and originally matured on August 18, 2020 .

On June 27, 2018, the Company entered into a Second Amendment to its Credit Facility, (the “Second Amendment”), which had first been amended on September 1, 2017, extending the revolving credit maturity date under the Credit Agreement for five years after the date of the amendment to June 27, 2023 .

1 unchanged sentence

On May 11, 2020, as part of our reincorporation as a Florida corporation, we entered into an assumption agreement and amendment of loan documents.

The amendment also included an alternative benchmark rate as a replacement to LIBOR.

The amendment also included an alternative benchmark rate as a replacement to LIBOR in the event LIBOR is no longer available.

On November 2, 2021, we elected to further reduce our Revolving Credit Facility to $ 50 million.

4 unchanged sentences

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 ( 0.1250 % at September 30, 2021), plus 1 % to 2 % or the base rate plus 0 % to 1 %.

Interest rates under the Credit Facility are payable, at our option, at alternatives equal to LIBOR ( 0.3320 % at March 31, 2022), 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.

2 unchanged sentences

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 September 30, 2021) which, among other things, require us to maintain specified financial ratios and impose certain limitations on us with respect to investments, additional indebtedness, dividends, distributions, guarantees, liens and encumbrances.

The Credit Facility contains a number of financial covenants (all of which we were in compliance with at March 31, 2022) 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 March 31, 2022.

SAGA COMMUNICATIONS, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

On October 27, 2021, we used $ 10 million from funds generated by operations to voluntarily pay down the remaining amount on our Revolving Credit Facility, which was presented in the current portion of long-term debt on our balance sheet at September 30, 2021.

We had approximately $ 60 million of unused borrowing capacity under the Revolving Credit Facility at September 30, 2021.

After we paid down the debt and reduced our Revolving Credit Facility as noted above, we have $ 50 million of unused borrowing capacity at the date of filing this Form 10-Q.

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.

On March 1, 2022 , the Company’s Board of Directors declared a quarterly cash dividend of $ 0.16 per share on its Classes A and B Common Stock.

This dividend, totaling approximately $ 970,000 , was paid on April 8, 2022 to shareholders of record on March 21, 2022 and was recorded in dividends payable on the Company’s Condensed Consolidated Balance sheet at March 31, 2022.

On December 14, 2021 , the Company’s Board of Directors declared a quarterly cash dividend of $ 0.16 per share and special cash dividend of $ 0.50 per share on its Classes A and B Common Stock.

This dividend, totaling approximately $ 3,990,000 , was paid on January 14, 2022 to shareholders of record on December 27, 2021 .

On September 28, 2021 , the Company’s Board of Directors declared a quarterly cash dividend of $ 0.16 per share on its Classes A and B Common Stock.

2 unchanged sentences

This dividend, totaling approximately $ 960,000 , was paid on July 16, 2021 to shareholders of record on June 30, 2020 .

On June 18, 2020, the Company’s 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 , the Company’s Board of Directors declared a 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 .

During the first quarter of 2021, there was weather-related damage to an antenna in our Des Moines, Iowa market.

The Company’s insurance policy provided coverage for removal and replacement of the antenna and related equipment.

As part of the initial insurance settlement during the first quarter of 2021, the Company received cash proceeds of $ 250,000 , resulting in a gain of $ 250,000 .

We received additional cash proceeds of $ 290,000 in the third quarter, resulting in a gain of $ 290,000 .

The total gain of $ 540,000 is recorded in other (income) expense, net, in the Company’s Condensed Consolidated Statements of Income.

During the first quarter of 2020, 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 of 2020 and the Company 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 Condensed Consolidated Statements of Income.

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

As part of the initial insurance settlement during the first quarter of 2021, the Company received cash proceeds of $ 250,000 , resulting in a gain of $ 250,000 which was recorded in other (income) expense, net in the Company’s Condensed Consolidated Statements of Income at March 31, 2021.

We received additional cash proceeds of $ 290,000 in the third quarter of 2021, resulting in a gain of $ 290,000 .

The total gain of $ 540,000 was recorded in other (income) expense, net, at December 31, 2021 in the Company’s Consolidated Statements of Income in our most recent Form 10-K.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements