Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2018	Oct. 31, 2018
Document Information [Line Items]
Entity Registrant Name	GRAY TELEVISION INC
Entity Central Index Key	0000043196
Trading Symbol	gtn
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		82,022,500
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		6,729,035

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Assets:
Cash	$ 550,932	$ 462,399
Accounts receivable, less allowance for doubtful accounts of $3,045 and $4,606, respectively	180,510	171,230
Prepaid income taxes	7,034	13,791
Prepaid and other current assets	3,695	4,681
Total current assets	762,028	666,757
Property and equipment, net	343,803	350,658
Broadcast licenses	1,530,753	1,530,703
Goodwill	614,177	611,100
Other intangible assets, net	58,197	73,784
Investments in broadcasting and technology companies	16,599	16,599
Other	13,638	11,256
Total assets	3,339,195	3,260,857
Liabilities and stockholders’ equity:
Accounts payable	5,860	7,840
Employee compensation and benefits	27,701	30,144
Accrued interest	23,037	26,624
Other accrued expenses	12,476	11,970
Federal and state income taxes		8,753
Deferred revenue	11,959	4,004
Current portion of long-term debt		6,417
Total current liabilities	120,512	131,305
Long-term debt, less current portion and deferred financing costs	1,800,234	1,831,011
Program broadcast obligations, less current portion	5,701	4,277
Deferred income taxes	279,903	261,690
Accrued pension costs	34,556	37,838
Other	1,799	1,839
Total liabilities	2,242,705	2,267,960
Commitments and contingencies (Note 8)
Stockholders’ equity:
Common stock	906,005	902,518
Retained earnings	284,230	161,694
Accumulated other comprehensive loss, net of income tax benefit	(22,165)	(22,165)
Stockholders' equity before treasury stock	1,194,244	1,066,691
Treasury stock at cost	(72,270)	(49,562)
Total stockholders’ equity	1,096,490	992,897
Total liabilities and stockholders’ equity	3,339,195	3,260,857
Common Class A [Member]
Stockholders’ equity:
Common stock	26,174	24,644
Treasury stock at cost	(25,484)	(24,232)
Syndicated Program Film Rights, Current [Member]
Assets:
Current portion of program broadcast rights, net	19,857	14,656
Network Programming Obligations, Current [Member]
Liabilities and stockholders’ equity:
Program rights obligations	19,206	20,317
Syndicated Program Film Obliagtions, Current [Member]
Liabilities and stockholders’ equity:
Program rights obligations	$ 20,273	$ 15,236

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Accounts receivable, allowance for doubtful accounts	$ 3,045	$ 4,606
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	200,000,000	100,000,000
Common stock, shares issued (in shares)	89,298,943	88,788,664
Common stock, shares outstanding (in shares)	82,022,500	83,253,588
Treasury stock (in shares)	7,276,443	5,535,076
Common Class A [Member]
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	25,000,000	25,000,000
Common stock, shares issued (in shares)	8,569,149	8,349,069
Common stock, shares outstanding (in shares)	6,729,035	6,598,377
Treasury stock (in shares)	1,840,114	1,750,692

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenue (less agency commissions)	$ 279,310	$ 218,977	$ 755,912	$ 649,119
Operating expenses before depreciation, amortization and (gain) loss on disposal of assets, net:
Broadcast	145,091	139,542	436,664	406,781
Corporate and administrative	11,041	8,330	30,134	24,472
Depreciation	13,350	13,085	40,587	38,555
Amortization of intangible assets	4,998	6,460	15,587	18,684
(Gain) loss on disposals of assets, net	(3,572)	1,660	(5,187)	(75,139)
Operating expenses	170,908	169,077	517,785	413,353
Operating income	108,402	49,900	238,127	235,766
Other income (expense):
Miscellaneous income, net	930	152	2,192	407
Interest expense	(25,104)	(24,207)	(74,185)	(71,189)
Loss from early extinguishment of debt				(2,851)
Income before income taxes	84,228	25,845	166,134	162,133
Income tax expense	22,342	10,529	43,598	65,751
Net income	$ 61,886	$ 15,316	$ 122,536	$ 96,382
Basic per share information:
Net income (in dollars per share)	$ 0.71	$ 0.21	$ 1.39	$ 1.34
Weighted-average shares outstanding (in shares)	87,765	71,636	88,191	71,777
Diluted per share information:
Net income (in dollars per share)	$ 0.70	$ 0.21	$ 1.38	$ 1.33
Weighted-average shares outstanding (in shares)	88,565	72,454	88,810	72,491
Dividends declared per common share (in dollars per share)	$ 0	$ 0

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 9 months ended Sep. 30, 2018 - USD ($) $ in Thousands	Common Stock [Member] Common Class A [Member]	Common Stock [Member]	Retained Earnings [Member]	Treasury Stock [Member] Common Class A [Member]	Treasury Stock [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2017	8,349,069	88,788,664		(1,750,692)	(5,535,076)
Balance at Dec. 31, 2017	$ 24,644	$ 902,518	$ 161,694	$ (24,232)	$ (49,562)	$ (22,165)	$ 992,897
Net income			122,536				122,536
Restricted stock awards (in shares)	220,080	391,836		(89,422)	(107,456)
Restricted stock awards				$ (1,252)	$ (1,757)		(3,009)
Restricted stock unit awards (in shares)		209,500			(82,201)
Restricted stock unit awards					$ (1,344)		(1,344)
Forfeiture of restricted stock awards (in shares)		(91,057)
Forfeitures		$ (528)					(528)
Repurchase of common stock (in shares)					(1,551,710)
Repurchase of common stock					$ (19,607)		(19,607)
Share-based compensation (in shares)
Share-based compensation	$ 1,530	$ 4,015					5,545
Balance (in shares) at Sep. 30, 2018	8,569,149	89,298,943		(1,840,114)	(7,276,443)
Balance at Sep. 30, 2018	$ 26,174	$ 906,005	$ 284,230	$ (25,484)	$ (72,270)	$ (22,165)	$ 1,096,490

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Operating activities
Net income	$ 122,536	$ 96,382
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	40,587	38,555
Amortization of intangible assets	15,587	18,684
Amortization of deferred loan costs	3,472	3,466
Accretion of original issue discount and premium related to long-term debt, net	(458)	(458)
Amortization of restricted stock awards	5,016	4,303
Amortization of program broadcast rights	15,913	15,444
Payments on program broadcast obligations	(16,177)	(15,569)
Deferred income taxes	43,820	64,121
(Gain) loss on disposals of assets, net	(5,187)	(75,139)
Loss from early extinguishment of debt		2,851
Other	(2,223)	(1,172)
Changes in operating assets and liabilities:
Accounts receivable	(9,280)	(18,587)
Prepaid income taxes	6,757	(1,311)
Other current assets	805	371
Accounts payable	(1,979)	(1,774)
Employee compensation, benefits and pension cost	(2,443)	(6,512)
Accrued network fees and other expenses	(582)	(519)
Accrued interest	(3,587)	(9,376)
Income taxes payable	(34,358)	1,763
Deferred revenue	7,955	(1,177)
Net cash provided by operating activities	186,174	114,346
Investing activities
Acquisitions of television businesses and licenses	(50)	(415,438)
Proceeds from FCC spectrum auction		90,824
Purchases of property and equipment	(34,894)	(21,426)
Proceeds from Repack (Note 1)	6,238
Proceeds from asset sales	216	148
Acquisition prepayments	(4,843)	14,259
Net increase in acquisition prepayments and other	(140)	(4,701)
Net cash used in investing activities	(33,473)	(336,334)
Financing activities
Proceeds from borrowings on long-term debt		641,438
Repayments of borrowings on long-term debt	(40,208)	(561,037)
Payments for the repurchase of common stock	(19,607)	(4,000)
Deferred and other loan costs		(4,981)
Payments for taxes related to net share settlement of equity awards	(4,353)	(1,767)
Net cash (used in) provided by financing activities	(64,168)	69,653
Net increase (decrease) in cash	88,533	(152,335)
Cash at beginning of period	462,399	325,189
Cash at end of period	$ 550,932	$ 172,854

Note 1 - Basis of Presentation

9 Months Ended

Sep. 30, 2018

Notes to Financial Statements

Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]

1.	Basis of Presentation

The accompanying condensed consolidated balance sheet of Gray Television, Inc. (and its consolidated subsidiaries, except as the context otherwise provides,“Gray,” the “Company,” “we,” “us,” and “our”) as of

December 31, 2017,

which was derived from the Company’s audited financial statements as of

December 31, 2017,

and our accompanying unaudited condensed consolidated financial statements as of

September 30, 2018

and for the periods ended

September 30, 2018

and

2017

have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form

-Q and Article

of Regulation S-

Accordingly, certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to make the information

not

misleading. In our opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement have been included. Our operations consist of

one

reportable segment. For further information, refer to the consolidated financial statements and footnotes thereto included in our Annual Report on Form

-K for the year ended

December 31, 2017 (

the

“2017

Form

-K”). Our financial condition as of, and operating results for the

nine

-month period ended

September 30, 2018

are

not

necessarily indicative of the financial condition or results that

may

be expected for any future interim period or for the year ending

December 31, 2018.

June

23,

2018,

we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with, among others, Raycom Media, Inc., a Delaware corporation (the “Raycom Merger”). Giving effect to the merger including divestitures of stations due to market overlaps, upon completion we will own and/or operate television stations and leading locally focused digital platforms in

markets including affiliates of the ABC/NBC/CBS/FOX networks. The combined entity will own

ranked stations in

of the

markets. These stations were ranked

in all day Nielsen ratings in

of the combined markets and

92%

of the combined markets. In addition to high quality television stations, we will also acquire businesses that provide sports marketing, production and digital signage services, resulting in our becoming a more diversified media company. The consummation of the transaction is subject to the satisfaction or waiver of certain customary closing conditions, including approval from the Federal Communications Commission and the expiration or early termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of

1976,

as amended. We anticipate that the transaction will be completed later in the

fourth

quarter of

2018.

Please refer to Note

Commitments

, and Note

11.

Subsequent Events

for a description of the Raycom Merger and related transactions.

Overview

We are a television broadcast company headquartered in Atlanta, Georgia that owns and operates television stations and leading digital assets in markets throughout the United States. As of

September 30, 2018,

we owned and operated television stations in

television markets including channels affiliated with the CBS Network (“CBS”), the NBC Network (“NBC”), the ABC Network (“ABC”) and the FOX Network (“FOX”).

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and related notes. Our actual experience and accordingly, our results could differ materially from these estimates. The most significant estimates we make relate to our allowance for doubtful accounts in receivables, valuation of goodwill and intangible assets, amortization of program broadcast rights and intangible assets, pension costs, income taxes, employee medical insurance claims, useful lives of property and equipment and contingencies.

Earnings Per Share

We compute basic earnings per share by dividing net income by the weighted-average number of our common shares and Class A common shares outstanding during the relevant period. The weighted-average number of shares outstanding does

not

include restricted shares. These shares, although classified as issued and outstanding, are considered contingently returnable until the restrictions lapse and, in accordance with U.S. GAAP, are

not

included in the basic earnings per share calculation until the shares vest. Diluted earnings per share is computed by including all potentially dilutive shares, including restricted shares and shares underlying stock options, in the denominator of the diluted weighted-average shares outstanding calculation, unless their inclusion would be antidilutive.

The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding for the

three

and

nine

-month periods ended

September 30, 2018

and

2017,

respectively (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2018		2017		2018		2017


Weighted-average shares outstanding-basic		87,765		71,636		88,191		71,777
Common stock equivalents for stock options and restricted stock		800		818		619		714
Weighted-average shares outstanding-diluted		88,565		72,454		88,810		72,491

Accumulated Other Comprehensive Loss

Our accumulated other comprehensive loss balances as of

September 30, 2018

and

December 31, 2017

consist of adjustments to our pension liability and the related income tax effect. Our comprehensive income for the

three

and

nine

-month periods ended

September 30, 2018

and

2017

consisted entirely of net income. Therefore a consolidated statement of comprehensive income is

not

presented for the

three

and

nine

-month periods ended

September 30, 2018

2017.

Property and Equipment

Property and equipment are carried at cost. Depreciation is computed principally by the straight-line method. The following table lists the components of property and equipment by major category (dollars in thousands):

							Estimated
	September 30,			December 31,			Useful Lives
	2018			2017			(in years)
Property and equipment:
Land	$	51,878		$	50,458
Buildings and improvements		159,024			156,924			7	to	40
Equipment		532,422			511,878			3	to	20
		743,324			719,260
Accumulated depreciation		(399,521	)		(368,602	)
Total property and equipment, net	$	343,803		$	350,658

Maintenance, repairs and minor replacements are charged to operations as incurred; major replacements and betterments are capitalized. The cost of any assets divested, sold or retired and the related accumulated depreciation are removed from the accounts at the time of disposition, and any resulting profit or loss is reflected in income or expense for the period.

April 2017,

the Federal Communications Commission (the “FCC”) began a process of reallocating the broadcast spectrum (the “Repack”). Specifically, the FCC is requiring certain television stations to change channels and/or modify their transmission facilities. The U.S. Congress passed legislation which provides the FCC with a

$1.7

billion fund to reimburse all reasonable costs incurred by stations operating under a full power license and a portion of the costs incurred by stations operating under a low power license that are reassigned to new channels. Subsequent legislation in

March 2018

appropriated an additional

$1.0

billion for the Repack fund, of which up to

$750.0

million

may

be made available to reimburse the Repack costs of full power, Class A television stations and multichannel video programming distributors. Other funds are earmarked to assist low power television stations and for other transition costs. The sufficiency of the FCC’s fund to reimburse for Repack costs is dependent upon a number of factors including the amounts to be reimbursed to other industry participants for Repack costs. Therefore, we cannot predict whether the fund will be sufficient to reimburse our Repack costs to the extent authorized under the legislation. Twenty-

six

of our current full power stations and

thirty six

of our current low power stations are affected by the Repack. The Repack process began in the summer of

2017

and will take approximately

three

years to complete. The majority of our costs associated with the Repack qualify for capitalization, rather than expense. Upon receipt of funds reimbursing us for our Repack costs, we record those proceeds as a component of our (gain) loss on disposal of assets, net.

The following tables provide additional information related to gain on disposal of assets, net included in our condensed consolidated statements of operations and purchases of property and equipment included in our condensed consolidated statements of cash flows (in thousands):

	Three Months Ended						Nine Months Ended
	September 30						September 30
	2018			2017			2018			2017
Gain (loss) on disposal of assets, net:
Proceeds from sale of assets	$	112		$	22		$	216		$	90,972
Proceeds from Repack		4,392			-			6,238			-
Net book value of assets disposed		(932	)		(1,682	)		(1,267	)		(15,833	)
Total	$	3,572		$	(1,660	)	$	5,187		$	75,139

Purchase of property and equipment:
Recurring purchases - operations							$	16,098		$	20,983
Repack								17,256			443
Repack related								1,540			-
Total							$	34,894		$	21,426

Allowance for Doubtful Accounts

Our allowance for doubtful accounts is equal to a portion of our receivable balances that are

120

days old or older. We

may

provide allowances for certain receivable balances that are less than

120

days old when warranted by specific facts and circumstances. We generally write-off accounts receivable balances when the customer files for bankruptcy or when all commonly used methods of collection have been exhausted.

Recent Accounting Pronouncements

February 2016,

the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)

2016

–

Leases

(Topic

842

). ASU

2016

will supersede Topic

840,

Leases, and thus will supersede nearly all existing lease guidance by requiring the reclassification of lease assets and lease liabilities on the balance sheet and requiring disclosure of key information about leasing arrangements. The standard will be effective for fiscal years beginning after

December 15, 2018.

This standard is expected to have a material effect on our balance sheets. Specifically, we expect that, once adopted, we will record a right of use asset and lease obligation liability. In

July 2018,

the FASB issued ASU

2018

11,

Leases (Topic

842

) – Targeted Improvements

, which provides the option of applying the requirements of the new lease standard in the period of adoption with

restatement of comparative periods. Under this method, the cumulative effect, if any, of applying the guidance will be recorded in the opening balance of retained earnings. We intend to use this transition method in the adoption of this standard. We are reviewing our contractual obligations, evaluating our financial statement disclosures requirements and assessing our internal controls to comply with the requirements of this standard. We are implementing a lease accounting software solution and are currently loading our leases. We continue to evaluate the effect the adoption of this standard will have on our consolidated financial statements. As of

September 30, 2018,

we estimate that our total assets and liabilities as presented in our financial statements will increase by approximately

1%.

January 2017,

the FASB issued ASU

2017

04,

Intangibles – Goodwill and Other

(Topic

350

) –

Simplifying the Test for Goodwill Impairment

. ASU

2017

amends the guidance of U.S. GAAP with the intent of simplifying how an entity is required to test goodwill for impairment by eliminating Step

from the goodwill impairment test. Step

measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. After adoption of the standard, the annual, or interim, goodwill impairment test will be performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge would be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized will

not

exceed the total amount of goodwill allocated to that reporting unit. The standard is effective for fiscal years beginning after

December 15, 2019,

including interim periods within those fiscal years. The standard allows for early adoption, but we have

not

yet made a determination as to whether to early-adopt this standard. We do

not

expect that the adoption of this standard will have a material impact on our financial statements.

February 2018,

the FASB issued ASU

2018

02,

Income Statement - Reporting Comprehensive Income

(Topic

220

) –

Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income

. ASU

2018

allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act of

2017

(“TCJA”). Consequently, the amendments eliminate the stranded tax effects resulting from the TCJA and will improve the usefulness of information reported to financial statement users. However, because the amendments only relate to the reclassification of the income tax effects of the TCJA, the underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations is

not

affected. The standard is effective for fiscal years beginning after

December 15, 2018,

including interim periods within those fiscal years. The standard allows for early adoption, but we have

not

yet made a determination as to whether to early-adopt this standard. We do

not

expect that the adoption of this standard will have a material impact on our financial statements.

Adoption of Accounting Standards and Reclassifications

January 2016,

the FASB issued ASU

2016

–

Financial Instruments - Overall

(Subtopic

825

Recognition and Measurement of Financial Assets and Financial Liabilities

. ASU

2016

amends the guidance in U.S. GAAP regarding the classification and measurement of financial instruments. This ASU significantly revises an entity’s accounting related to the classification and measurement of investments in equity securities and the presentation of certain fair value changes for financial liabilities measured at fair value. ASU

2016

requires equity investments previously measured at cost to be measured at fair value with changes in fair value recognized in net income. However, equity investments without a readily determinable fair value

may

be measured using a proscribed measurement alternative that reflects current fair value with changes in the current fair value recognized in net income and includes a qualitative evaluation of impairment. In

February 2018,

the FASB issued ASU

2018

–

Technical Corrections and Improvements to Financial Instruments-Overall (Subtopic

825

), Recognition and Measurement of Financial Assets and Financial Liabilities.

ASU

2018

clarifies certain aspects of the guidance issued in ASU

2016

01.

ASU

2018

is effective for interim periods beginning after

June 15, 2018.

We adopted the amendments in both updates concurrently beginning in the

first

quarter of

2018.

We currently have equity investments in the television broadcasting industry that do

not

have readily determinable fair values. We have applied the measurement alternative as defined in the amendments. These investments are reported together as a non-current asset on our balance sheet. Accordingly, the adoption of this standard did

not

have a material impact on our financial statements. We evaluate these investments on an interim basis for impairment.

March 2017,

the FASB issued ASU

2017

07,

Compensation – Retirement Benefits

(Topic

715

) -

Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost

. ASU

2017

amends the guidance of U.S. GAAP with the intent of improving the presentation of net periodic pension cost and net periodic postretirement benefit cost by prescribing where the amount of net benefit cost should be presented in an employer’s income statement and requiring the disclosure by line item of the amount of net benefit cost that is included in the income statement or capitalized in assets. We adopted this standard beginning in the

first

quarter of

2018.

Because our defined benefit pension plans were frozen in prior years, we have

not

incurred any service cost in our condensed consolidated statements of operations during the

three

nine

-months ended

September 30, 2018

2017.

Upon the adoption of this standard, we reclassified our net pension expense (benefit) from our operating expenses to our miscellaneous income, net. The amount was

not

material.

In addition to the reclassification of our net pension expense (benefit) in our condensed consolidated statement of operations as described above, certain amounts in the condensed consolidated statement of cash flows have also been reclassified to conform to the current presentation.

Note 2 - Revenue

9 Months Ended

Sep. 30, 2018

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

Revenue

Adoption of New Accounting Standard: ASC Topic

606,

Revenue from Contracts with Customers

January 1, 2018,

we adopted Accounting Standards Codification (“ASC”) Topic

606

Revenue from Contracts with Customers, as amended

. We adopted this ASC using the modified retrospective method and as a result, comparative information has

not

been restated and continues to be presented as prescribed by the accounting standards in effect during the periods presented. This transition method was applied to all open contracts with customers at the time of adoption. The adoption of this ASC did

not

result in a material impact on our current or historical results.

Revenue Recognition

We recognize revenue when we have completed a specified service and effectively transferred the control of that service to a customer in return for an amount of consideration we expect to be entitled to receive. The amount of revenue recognized is determined by the amount of consideration specified in a contract with our customers. We have elected to exclude taxes assessed by a governmental authority on transactions with our customers from our revenue. Any unremitted balance is included in current liabilities on our balance sheet.

Seasonality and

Cyclicality

Broadcast advertising revenues are generally highest in the

second

and

fourth

quarters each year. This seasonality results partly from increases in consumer advertising in the spring and retail advertising in the period leading up to and including the holiday season. Broadcast advertising revenues are also typically higher in even-numbered years due to increased spending by political candidates, political parties and special interest groups during the “on-year” of the

two

year election cycle. This political spending typically is heaviest during the

fourth

quarter. In addition, the broadcast of Olympic Games by our NBC affiliated stations during even-numbered years generally leads to increased viewership and revenue during those years.

Disaggregation of Revenue

The following table presents our revenue from contracts with customers disaggregated by type of service and sales channel (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2018		2017		2018		2017
Market and service type:
Advertising:
Local	$	106,929	$	110,033	$	325,319	$	330,547
National		29,199		31,027		83,584		86,822
Political		48,018		4,005		71,863		9,034
Total advertising		184,146		145,065		480,766		426,403
Retransmission consent		91,603		70,150		262,461		207,094
Other		3,561		3,762		12,685		15,622
Total revenue	$	279,310	$	218,977	$	755,912	$	649,119

Sales channel:
Direct	$	138,731	$	117,998	$	407,455	$	352,811
Advertising agency intermediary		140,579		100,979		348,457		296,308
Total revenue	$	279,310	$	218,977	$	755,912	$	649,119

Advertising Revenue

Broadcast advertising revenue is generated primarily from the broadcast of television advertising time to local, national and political advertisers. Most advertising contracts are short-term, and generally run only for a few weeks. Our performance obligation is satisfied when the advertisement is broadcast or appears on our stations’ websites or mobile applications. Advertising revenue is recognized when the performance obligation is satisfied and then billed to the customer in the period the revenue is recognized. We have an unconditional right to receive payment of the amount billed generally within

days of the invoice date. Payment terms are expressly stated in our standard terms and conditions. The invoiced amount to be received is recorded in accounts receivable on our balance sheet.

We broadcast the customer’s advertisement either preceding or following a television station’s network programming and within local and syndicated programming. Broadcast advertising is sold in time increments and is priced primarily on the basis of a program’s popularity among the specific audience an advertiser desires to reach. In addition, broadcast advertising rates are affected by the number of advertisers competing for the available time, the size and demographic makeup of the market served by the station and the availability of alternative advertising media in the market area. Broadcast advertising rates are generally the highest during the most desirable viewing hours, with corresponding reductions during other hours. The ratings of a local station affiliated with a major network can be affected by ratings of network programming. Internet advertising is placed on our stations’ websites and mobile applications. These advertisements

may

be in the form of banner advertisements, pre-roll advertisements or video and other types of advertisements or sponsorships.

We also sell internet advertising on our stations’ websites. These advertisements

may

be sold as banner advertisements, pre-roll advertisements or video and other types of advertisements or sponsorships.

We generate advertising revenue either by the efforts of our direct sales employees or through

third

party advertising agency intermediaries. Third party advertising intermediaries represent the customer and contract with us to deliver broadcast or internet advertising for the customer.

We record revenue and expense for non-monetary trade transactions involving the exchange of tangible goods or services with our customers. The revenue is recorded at the time the advertisement is broadcast and the expense is recorded at the time the goods or services are used. The revenue and expense associated with these transactions are based on the fair value of the assets or services received.

Retransmission Consent Revenue

We enter into license agreements with cable, satellite, multichannel video programming distributors and digital delivery system (or “OTT”) customers (collectively “MVPD”) that provide them the right to use our broadcast signal for retransmission across the MVPD system for an agreed period of time. These agreements represent a sales and usage based functional intellectual property license based on the number of subscribers to the licensee’s delivery systems. Our performance obligation is to provide the licensee with access to our intellectual property when it is broadcast. The duration of the typical retransmission consent contract is

three

years. Retransmission consent revenue is recognized continuously during the period of the contract as we transmit our broadcast signal to the MVPD. The amount of revenue recognized is determined based upon a fixed rate per subscriber multiplied by the number of active subscribers to our MVPD customer systems for the given month. We bill our MVPD customers monthly over the life of the retransmission consent contract. We have an unconditional right to receive payment of the amount billed generally within

days from the invoice date. Payment terms are expressly stated in our retransmission consent contracts and standard terms and conditions. The invoiced amount to be received is recorded in accounts receivable on our balance sheet.

Subscriber data necessary to calculate the amount of retransmission consent revenue to be recognized for the current month is

not

received until subsequent to that month. We estimate the current month retransmission consent revenue based upon the subscriber data from the most recent subscriber report by the MVPD. We record the estimate in the current month as retransmission consent revenue and then adjust the amount recorded in that month when we receive the actual subscriber data. We typically have monthly adjustments to our revenue to account for changes in MVPD subscribers on a monthly basis, however, the number of MVPD subscribers does

not

change materially on a monthly basis and this adjustment does

not

materially impact our recorded retransmission consent revenue on a quarterly or annual basis.

Other

Revenues

Other revenues consist of production, tower rental and other miscellaneous items. Production revenue is derived from the production of programming. Production revenue is recognized as the programming is produced. Tower rental income is recognized monthly over the life of the lease. All of our leases under which we are lessor are considered operating leases. Other revenue is comprised of

one

-time or infrequently occurring special projects, dubbing, fees and other miscellaneous items. Other revenue is recognized as the services are performed. Other revenue is generated by our direct sales employees.

Accounts Receivable and Deposit Liability

When we invoice our customers for completed performance obligations, we are unconditionally entitled to receive payment of the invoiced amounts. Therefore, we record invoiced amounts in accounts receivable on our balance sheet. We generally require amounts due to us under advertising contracts with our political advertising customers to be paid for in advance. We record the receipt of this cash as deposit liabilities. Once the advertisements have been broadcast, the revenues are earned, and we record these revenues and reduce the balance in this deposit liabilities. Our deposit libilities of

$3.8

million as of

January 1, 2018

have been or will be recognized in revenue in

2018.

We believe that our deposit libilities of

$11.7

million as of

September 30, 2018

will be recognized as revenue in the

fourth

quarter of

2018.

Expedients

We expense direct and agency commissions when incurred because our advertising contracts are

one

year or less in duration and the amortization period for capitalized expenses would be less than

one

year. Direct commissions are included in broadcast operating expense and agency commissions are netted against gross revenue in our condensed consolidated statements of operations.

The nature of our contracts with advertising customers is such that our performance obligations arise and are satisfied concurrent with the broadcast or web placement of the advertisement. We did

not

have incomplete or unsatisfied performance obligations at the end of any period presented. We record a deposit liability for cash deposits received from our customers that are to be applied as payment once the performance obligation arises and is satisfied in the manner stated above. These deposits are recorded as deposit liabilities on our balance sheet.

Note 3 - Long-term Debt

9 Months Ended

Sep. 30, 2018

Notes to Financial Statements

Debt Disclosure [Text Block]

Long-term Debt

As of

September 30, 2018

and

December 31, 2017,

long-term debt primarily consisted of obligations under our

2017

Senior Credit Facility (as defined below), our

5.125%

Senior Notes due

2024

(the

“2024

Notes”) and our

5.875%

Senior Notes due

2026

(the

“2026

Notes”), as follows (in thousands):

	September 30,			December 31,
	2018			2017
Long-term debt including current portion:
2017 Senior Credit Facility		595,026			635,234
2024 Notes		525,000			525,000
2026 Notes		700,000			700,000
Total outstanding principal		1,820,026			1,860,234
Unamortized deferred loan costs - 2017 Senior Credit Facility		(9,890	)		(11,777	)
Unamortized deferred loan costs - 2024 Notes		(5,994	)		(6,743	)
Unamortized deferred loan costs - 2026 Notes		(8,637	)		(9,473	)
Unamortized premium - 2026 Notes		4,729			5,187
Less current portion		-			(6,417	)
Net carrying value	$	1,800,234		$	1,831,011

Borrowing availability under the Revolving Credit Facility	$	100,000		$	100,000

February 7, 2017,

we entered into a Third Amended and Restated Credit Agreement (the

“2017

Senior Credit Facility”). As of

September 30, 2018,

the

2017

Senior Credit Facility provided total commitments of

$695.0

million, consisting of a

$595.0

million term loan facility (the

“2017

Term Loan”) and a

$100.0

million revolving credit facility (the

“2017

Revolving Credit Facility”).

For all of our interest bearing obligations, we made interest payments of approximately

$74.4

million and

$77.5

million during the

nine

-months ended

September 30, 2018

and

2017,

respectively. We did

not

capitalize any interest payments during the

nine

-months ended

September 30, 2018

2017.

Borrowings under the

2017

Term Loan bear interest, at our option, at either the London Interbank Offered Rate (“LIBOR”) or the Base Rate (as defined below), in each case, plus an applicable margin. Currently, the applicable margin is

2.25%

for LIBOR borrowings and

1.25%

for Base Rate borrowings. The applicable margin is determined quarterly based on our leverage ratio as set forth in the

2017

Senior Credit Facility (the “Leverage Ratio”). If our Leverage Ratio is less than or equal to

5.25

1.00,

the applicable margin is

2.25%

for all LIBOR borrowings and

1.25%

for all Base Rate borrowings, and if the Leverage Ratio is greater than

5.25

1.00,

the applicable margin is

2.5%

for all LIBOR borrowings and

1.5%

for all Base Rate borrowings. As of

September 30, 2018,

the interest rate on the balance outstanding under the

2017

Term Loan was

4.4%.

Borrowings under the

2017

Revolving Credit Facility currently bear interest, at our option, at either LIBOR plus

1.50%

or Base Rate plus

0.50%,

in each case based on a

first

lien leverage ratio test as set forth in the

2017

Senior Credit Facility (the “First Lien Leverage Ratio”). Base Rate is defined as the greatest of (i) the administrative agent’s prime rate, (ii) the overnight federal funds rate plus

0.50%

and (iii) LIBOR plus

1.00%.

We are required to pay a commitment fee on the average daily unused portion of the

2017

Revolving Credit Facility, which rate

may

range from

0.375%

0.50%

on an annual basis, based on the First Lien Leverage Ratio. The

2017

Revolving Credit Facility matures on

February 7, 2022,

and the

2017

Term Loan matures on

February 7, 2024.

Our obligations under the

2017

Senior Credit Facility are secured by substantially all of our consolidated assets, excluding real estate. In addition, substantially all of our subsidiaries are joint and several guarantors of, and our ownership interests in those subsidiaries are pledged to collateralize, our obligations under the

2017

Senior Credit Facility. Gray Television, Inc. is a holding company, and has

material independent assets or operations. For all applicable periods, the

2024

Notes and

2026

Notes have been fully and unconditionally guaranteed, on a joint and several, senior unsecured basis, by substantially all of Gray Television, Inc.'s subsidiaries. Any subsidiaries of Gray Television, Inc. that do

not

guarantee the

2024

Notes and

2026

Notes are minor. As of

September 30, 2018,

there were

significant restrictions on the ability of Gray Television, Inc.'s subsidiaries to distribute cash to Gray or to the guarantor subsidiaries.

The

2017

Senior Credit Facility contains affirmative and restrictive covenants with which we must comply, including: (a) limitations on additional indebtedness, (b) limitations on liens, (c) limitations on the sale of assets, (d) limitations on guarantees, (e) limitations on investments and acquisitions, (f) limitations on the payment of dividends and share repurchases, (g) limitations on mergers and (h) maintenance of the First Lien Leverage Ratio while any amount is outstanding under the

2017

Revolving Credit Facility, as well as other customary covenants for credit facilities of this type. The

2026

Notes and

2024

Notes include covenants with which we must comply which are typical for borrowing transactions of their nature. As of

September 30, 2018

and

December 31, 2017,

we were in compliance with all required covenants under all our debt obligations.

July 27, 2018,

we prepaid

$37.0

million of our

2017

Term Loan in order to comply with the

2017

Senior Credit Facility’s requirements related to our sale of broadcast spectrum in the FCC’s

2017

spectrum auction. This prepayment satisfied all future quarterly principal payment obligations under the

2017

Term loan.

Transactions Related to the Raycom Merger

In connection with the Raycom Merger, we expect to (

) replace our existing

$100

million revolving credit facility under our senior credit facility with a new

five

year revolving credit facility, the terms of which will provide for up to

$200

million in available borrowings and a maturity date extended until the

fifth

anniversary of the closing of the Raycom Merger, and (

) incur a

$1.4

billion incremental term loan (the

“2018

Term Loan) under an amended and restated senior credit facility, which is expected to have a maturity date on the

seventh

anniversary of the closing of the Raycom Merger, all subject to market conditions at the time of financing and pursuant to our financing commitment letter. In addition, Gray Escrow, Inc. (“Escrow Issuer”), a special purpose wholly-owned subsidiary, expects to issue

$750.0

million in aggregate principal amount of senior unsecured notes due

2027

(the

“2027

Notes”), which Gray intends to assume upon consummation of the Raycom Merger. The proceeds of the

2018

Term Loan and the

2027

Notes would be used to fund a portion of the cash consideration payable in the Raycom Merger. Please refer to Note

11,

Subsequent Events

for a description of the these debt financing transactions.

Note 4 - Fair Value Measurement	9 Months Ended
Note 4 - Fair Value Measurement	Sep. 30, 2018
Notes to Financial Statements
Fair Value Disclosures [Text Block]	4. Fair Value Measurement For purposes of determining a fair value measurement, we utilize market data or assumptions that market participants would use in pricing an asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable. We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized into a hierarchy that gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (“Level 1” ) and the lowest priority to unobservable inputs that require assumptions to measure fair value (“Level 3” ). Level 2 inputs are those that are other than quoted prices on national exchanges included within Level 1 that are observable for the asset or liability either directly or indirectly (“Level 2” ). Equity Investments W ithout Readily Determinable Fair Values We have equity investments in privately held broadcasting and technology companies for which there is no readily determinable fair value. As such, we have elected the measurement alternative to measure our equity investments as provided by ASC Topic 321, Investments – Equity Securities . The measurement alternative is intended to reflect current fair value by taking the cost basis of each investment and subtracting impairment, if any, while adding or subtracting changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. The carrying amount of our equity investments without readily determinable fair values was $16.6 million as of each of September 30, 2018 and December 31, 2017. There were no impairment charges or changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer for the period ended September 30, 2018. Fair Value of Other Financial Instruments The estimated fair value of other financial instruments is determined using market information and appropriate valuation methodologies. Interpreting market data to develop fair value estimates involves considerable judgment. The use of different market assumptions or methodologies could have a material effect on the estimated fair value amounts. Accordingly, the estimates presented are not necessarily indicative of the amounts that we could realize in a current market exchange, or the value that ultimately will be realized upon maturity or disposition. The carrying amounts of the following instruments approximate fair value due to their short term to maturity: (i) accounts receivable, (ii) prepaid and other current assets, (iii) accounts payable, (iv) accrued employee compensation and benefits, (v) accrued interest, (vi) other accrued expenses and (viii) deferred revenue. The carrying amount of our long-term debt was $1.8 billion and $1.8 billion, respectively, and the fair value was $1.8 billion and $1.9 billion, respectively, as of September 30, 2018 and December 31, 2017. Fair value of our long-term debt is based on observable estimates provided by third -party financial professionals as of September 30, 2018 and December 31, 2017 and as such is classified within Level 2 of the fair value hierarchy.

- Definition

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

+ References + Details

Note 5 - Stockholders' Equity	9 Months Ended
Note 5 - Stockholders' Equity	Sep. 30, 2018
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	5. Stockholders’ Equity As of September 30, 2018, we were authorized to issue 245.0 million shares in total of all classes of stock consisting of 200.0 million shares of common stock, 25.0 million shares of Class A common stock and 20.0 million shares of preferred stock, for which our board of directors has the authority to determine the rights, powers, limitations and restrictions. As of September 30, 2018, we had outstanding 82.0 million shares of common stock and 6.7 million shares of Class A common stock. No shares of preferred stock were outstanding. The rights of our common stock and Class A common stock are identical, except that our Class A common stock has 10 votes per share and our common stock has one vote per share on all matters submitted to a vote of our shareholders. Our common stock and Class A common stock are entitled to receive cash dividends if declared, on an equal per-share basis. For the nine -months ended September 30, 2018, we did not declare or pay any common stock or Class A common stock dividends. In each of March and November 2004, the Board of Directors of the Company authorized the Company to repurchase up to 2.0 million shares of the Company's common stock and Class A common stock. In March 2006, this authorization was increased to an aggregate of 5.0 million shares (the “2004 - 2006 Repurchase Authorization”). As of September 30, 2018, 279,200 shares remain available for repurchase under this authorization, which has no expiration date. On November 6, 2016, the Board of Directors of the Company authorized the Company to purchase up to an additional $75.0 million of our outstanding common stock prior to December 31, 2019 ( the “2016 Repurchase Authorization”). The 2016 Repurchase Authorization prohibits the Company from purchasing shares directly from the Company’s officers, directors, or the Gray Television, Inc. Capital Accumulation Plan (the “401 (k) plan”). During the nine -months ended September 30, 2018, under the 2016 Repurchase Authorization, we purchased 1,551,710 shares of our common stock at an average purchase price, including related brokerage commissions, of $12.64 per share, for a total cost of $19.6 million. As of September 30, 2018, $49.5 million remains available to purchase shares under the 2016 Repurchase Authorization. The extent to which the Company repurchases any of its shares, the number of shares and the timing of any repurchases will depend on general market conditions, regulatory requirements, alternative investment opportunities and other considerations. The Company is not required to repurchase a minimum number of shares, and the repurchase authorizations may be modified, suspended or terminated at any time without prior notice. Under our various employee benefit plans, we may, at our discretion, issue authorized and unissued shares, or previously issued shares held in treasury, of our common stock or Class A common stock. As of September 30, 2018, we had reserved 7,078,916 shares and 1,703,064 shares of our common stock and Class A common stock, respectively, for future issuance under various employee benefit plans. Transactions Related to the Raycom Merger Please refer to Note 8, Commitments for a description of the pending financing transactions related to the Raycom Merger.

Note 6 - Retirement Plans

9 Months Ended

Sep. 30, 2018

Notes to Financial Statements

Pension and Other Postretirement Benefits Disclosure [Text Block]

Retirement

Plans

The following table provides the components of net periodic (benefit) or cost for our defined benefit pension plans for the

three

-month and

nine

-month periods ended

September 30, 2018

and

2017

(in thousands):

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2018			2017			2018			2017
Service cost	$	-		$	-		$	-		$	-
Interest cost		1,106			1,167			3,318			3,502
Expected return on plan assets		(1,536	)		(1,412	)		(4,609	)		(4,236	)
Loss amortization		169			121			509			363
Net periodic (benefit) cost	$	(261	)	$	(124	)	$	(782	)	$	(371	)

During the

nine

-month period ended

September 30, 2018,

we contributed

$2.5

million to our defined benefit pension plans. During the remainder of

2018,

we do

not

expect to make additional contributions to these plans.

During the

three

and

nine

-month periods ended

September 30, 2018,

we contributed

$1.5

million and

$5.0

million, respectively, in matching contributions to our

401

(k) Plan. During the remainder of

2018,

we estimate that our contributions will be approximately

$1.5

million to this plan, excluding discretionary profit-sharing contributions.

Note 7 - Stock-based Compensation

9 Months Ended

Sep. 30, 2018

Notes to Financial Statements

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

Stock-based Compensation

We recognize compensation expense for share-based payment awards made to our employees, consultants and directors. Our current stock-based compensation plans include our

2017

Equity and Incentive Compensation Plan (the

“2017

EICP”); our

2007

Long-Term Incentive Plan, as amended (the

“2007

Incentive Plan”); and our Directors’ Restricted Stock Plan. The following table presents our stock-based compensation expense and related income tax benefit for the

three

and

nine

-month periods ended

September 30, 2018

and

2017

(in thousands):

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2018			2017			2018			2017
Stock-based compensation expense, gross	$	1,645		$	1,531		$	5,544		$	4,303
Forfeitures		-			-			(528	)		-
Income tax benefit at our statutory rate associated with share-based compensation		(418	)		(597	)		(1,274	)		(1,678	)
Stock-based compensation expense, net	$	1,227		$	934		$	3,742		$	2,625

All shares of common stock and Class A common stock underlying outstanding options, restricted stock units and performance awards are counted as issued at target levels under the

2017

EICP, the

2007

Incentive Plan and the Directors’ Restricted Stock Plan for purposes of determining the number of shares available for future issuance.

During the

nine

-months ended

September 30, 2018,

we granted under the

2017

EICP:

●

110,040

shares of restricted Class A common stock with a grant date fair value per share of

$12.65

to an employee, of which

36,680

shares will vest on each of

February 28, 2019,

2020

and

2021;

●

110,040

shares of restricted Class A common stock with a grant date fair value per share of

$12.65

to an employee, subject to the achievement of certain performance measures, which will vest on

February 28, 2021;

●

318,196

shares of restricted common stock with a grant date fair value per share of

$15.25

to certain employees; net of forfeitures,

131,106

shares will vest on

February 28, 2019;

69,651

shares will vest on

February 28, 2020;

and

69,652

shares will vest on

February 28, 2021;

and

●

73,640

shares of restricted common stock to our non-employee directors, all of which will vest on

May 31, 2019.

During the

nine

-months ended

September 30, 2017,

we granted:

●

Under the

2007

Incentive Plan,

307,943

shares of restricted common stock to certain employees, of which

102,648

shares vested on

January 31, 2018;

net of forefeitures,

86,783

shares will vest on

January 31, 2019;

and

86,781

shares will vest on

January 31, 2020;

●

Under the

2007

Incentive Plan,

198,220

shares of restricted Class A common stock to an employee, of which

66,073

shares vested on

January 31, 2018;

66,073

shares will vest on

January 31, 2019;

and

66,074

shares will vest on

January 31, 2020;

and

●

Under the

2017

EICP,

76,856

shares of restricted Class A common stock to our non-employee directors, all of which vested on

January 31, 2018.

A summary of restricted common stock and Class A common stock activity for the

nine

-month periods ended

September 30, 2018

and

2017

is as follows:

	Nine Months Ended
	September 30, 2018					September 30, 2017
				Weighted-					Weighted-
				average					average
				Grant Date					Grant Date
	Number of			Fair Value		Number of			Fair Value
	Shares			Per Share		Shares			Per Share
Restricted stock - common:
Outstanding - beginning of period		503,685		$	11.14		396,033		$	12.06
Granted		391,836		$	14.63		307,943		$	10.40
Vested		(225,570	)	$	11.21		(200,291	)	$	11.82
Forfeited		(91,057	)	$	13.27		-		$	-
Outstanding - end of period		578,894		$	13.14		503,685		$	11.14

Restricted stock - class A common:
Outstanding - beginning of period		462,632		$	10.63		415,082		$	10.15
Granted (1)		220,080		$	12.65		275,076		$	10.84
Vested		(274,926	)	$	10.48		(227,526	)	$	10.00
Outstanding - end of period		407,786		$	11.82		462,632		$	10.63

Restricted stock units - common stock:
Outstanding - beginning of period		209,500		$	15.70
Vested		(209,500	)	$	15.70
Outstanding - end of period		-		$	-

(

) For awards subject to future performance conditions, amounts assume target performance.

September 30, 2018

and

December 31, 2017,

we had outstanding options to acquire

274,746

shares of our common stock, all of which were vested and exercisable. The exercise price of all our outstanding stock options is

$1.99

per share. As of

September 30, 2018

and

December 31, 2017,

we did

not

have any outstanding stock options for our Class A common stock. The aggregate intrinsic value of our outstanding stock options was

$4.3

million based on the closing market price of our common stock on

September 30, 2018.

Note 8 - Commitments and Contingencies	9 Months Ended
Note 8 - Commitments and Contingencies	Sep. 30, 2018
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	8 . Commitments and Contingencies From time to time, we are or may become subject to legal proceedings and claims that arise in the normal course of our business. In our opinion, the amount of ultimate liability, if any, with respect to known actions, will not materially affect our financial position. However, the outcome of any one or more matters cannot be predicted with certainty, and the unfavorable resolution of any matter could have a material adverse effect on us. Pending Acquisition – Sioux Falls On May 1, 2018, we entered into an agreement to acquire KDLT-TV (NBC), a television station serving the Sioux Falls, South Dakota market (DMA 110 ), for $32.5 million. The transaction is subject to regulatory approvals and other customary closing conditions. We expect that this transaction will close in late 2018 or early 2019, using cash on hand. Pending Merger with Raycom Media On June 23, 2018, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with, among others, Raycom, pursuant to which Raycom will become our wholly owned subsidiary. The aggregate consideration consists of 11,500,000 shares of our common stock, $2.85 billion in cash (subject to certain adjustments as set forth in the Merger Agreement) and 650,000 shares of a new series of perpetual preferred stock of the Company, with a stated face value of $1,000 per share (the “New Preferred Stock”). We have agreed to file a registration statement, following the effective time of the Raycom Merger, covering the resale of the shares of the common stock issuable in the Raycom Merger. Shares of the New Preferred Stock will be issuable to holders of warrants to purchase shares of Raycom capital stock outstanding immediately prior to the effective time of the Merger. The New Preferred Stock will accrue dividends at 8% per annum payable in cash or 8.5% per annum payable in the form of additional New Preferred Stock, at the election of Gray. The holders of the New Preferred Stock will not be entitled to vote on any matter submitted to the stockholders of the Company for a vote, except as required by Georgia law. Upon a liquidation of the Company, holders of the New Preferred Stock will be entitled to receive a liquidation preference equal to $1,000 per share plus all accrued and unpaid dividends. In connection with the Raycom Merger, we expect to ( 1 ) replace our existing $100 revolving credit facility under our senior credit facility with a new five year revolving credit facility, the terms of which will provide for up to $200 million in available borrowings and a maturity date extended until the fifth anniversary of the closing of the Raycom Merger, and ( 2 ) incur the 2018 Term Loan, which is expected to have a maturity date until the seventh anniversary of the closing of the Raycom Merger, subject to market conditions at the time of financing and pursuant to our financing commitment letter. In addition, Escrow Issuer expects to issue the 2027 Notes which Gray intends to assume upon consummation of the Raycom Merger. The proceeds of the 2018 Term Loan and the 2027 Notes would be used to fund a portion of the cash consideration payable in the Raycom Merger. The consummation of the Raycom Merger is subject to the satisfaction or waiver of certain customary closing conditions, including the receipt of approval from the Federal Communications Commission and the expiration or early termination of the waiting period applicable to the Raycom Merger under the Hart-Scott-Rodino Antitrust Improvements Act. Either party may terminate the Raycom Merger if it is not consummated on or before June 30, 2019, with an automatic extension to September 30, 2019 if necessary to obtain regulatory approval under the circumstances specified in the Merger Agreement.

Note 9 - Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2018

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

Goodwill and Intangible Assets

As of

September 30, 2018

and

December 31, 2018,

our intangible assets and related accumulated amortization consisted of the following (in thousands):

	As of September 30, 2018							As of December 31, 2017
			Accumulated							Accumulated
	Gross		Amortization			Net		Gross		Amortization			Net
Intangible assets not currently subject to amortization:
Broadcast licenses	$	1,584,452	$	(53,699	)	$	1,530,753	$	1,584,402	$	(53,699	)	$	1,530,703
Goodwill		614,177		-			614,177		611,100		-			611,100
	$	2,198,629	$	(53,699	)	$	2,144,930	$	2,195,502	$	(53,699	)	$	2,141,803

Intangible assets subject to amortization:
Network affiliation agreements	$	6,134	$	(5,488	)	$	646	$	6,134	$	(3,551	)	$	2,583
Other definite lived intangible assets		143,446		(85,895	)		57,551		143,446		(72,245	)		71,201
	$	149,580	$	(91,383	)	$	58,197	$	149,580	$	(75,796	)	$	73,784

Total intangibles	$	2,348,209	$	(145,082	)	$	2,203,127	$	2,345,082	$	(129,495	)	$	2,215,587

Amortization expense for the

nine

-month periods ended

September 30, 2018

and

2017

was

$15.6

million and

$18.7

million, respectively. Based on the intangible assets subject to amortization as of

September 30, 2018,

we expect that amortization expense for the remainder of

2018

would be approximately

$5.0

million, and, for the succeeding

five

years, amortization expense will be approximately as follows:

2019,

$15.4

million;

2020,

$12.4

million;

2021,

$8.3

million;

2022,

$4.8

million; and

2023,

$2.9

million. If and when acquisitions and dispositions occur in the future, actual amounts

may

vary materially from these estimates.

During the

third

quarter of

2018

we made a measurement period adjustment to reduce the value of other intangible assets and to increase the value of goodwill in the amount of

$3.1

million related to our acquisition of WCAX-TV.

Impairment of goodwill and broadcast licenses

Our intangible assets are primarily comprised of broadcast licenses. There were

triggering events that required a test of our goodwill or intangible assets for impairment during the

nine

-months ended

September 30, 2018

2017.

Note 10 - Income Taxes

9 Months Ended

Sep. 30, 2018

Notes to Financial Statements

Income Tax Disclosure [Text Block]

. Income Taxes

For the

three

and

nine

-month periods ended

September 30, 2018

and

2017,

our income tax expense and effective income tax rates were as follows (dollars in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2018		2017		2018		2017
Income tax expense	$	22,342	$	10,529	$	43,598	$	65,751
Effective income tax rate		26.5%		40.7%		26.2%		40.6%

We estimate our differences between taxable income or loss and recorded income or loss on an annual basis. Our tax provision for each quarter is based upon these full year projections, which are revised each reporting period. These projections incorporate estimates of permanent differences between U.S. GAAP income or loss and taxable income or loss, state income taxes and adjustments to our liability for unrecognized tax benefits to adjust our statutory Federal income tax rate of

21.0%

2018

and

35.0%

2017

to our effective income tax rate. For the

nine

-month period ended

September 30, 2018,

these estimates increased or decreased our statutory Federal income tax rate of

21.0%

to our effective income tax rate of

26.2%

as follows: state income taxes added

4.5%,

permanent differences between our U.S. GAAP income and taxable income added

1.0%,

and a discrete share-based compensation adjustment resulted in a reduction of

0.3%.

For the

nine

-month period ended

September 30, 2017,

these estimates increased or decreased our statutory Federal income tax rate of

35.0%

to our effective income tax rate of

40.6%

as follows: state income taxes added

4.3%

and permanent differences between our U.S. GAAP income and taxable income added

1.3%.

We made income tax payments (net of refunds) of approximately

$26.8

million and

$1.2

million during the

nine

-months ended

September 30, 2018

and

2017,

respectively.

Note 11 - Subsequent Events	9 Months Ended
Note 11 - Subsequent Events	Sep. 30, 2018
Notes to Financial Statements
Subsequent Events [Text Block]	11. Subsequent Events Raycom Merger - Debt Financing Transactions In connection with the Raycom Merger, we expect to ( 1 ) replace our existing $100 million revolving credit facility under our senior credit facility with a new five year revolving credit facility (the “2018 Revolving Credit Facility”), the terms of which will provide for up to $200 million in available borrowings and a maturity date extended until the fifth anniversary of the closing of the Raycom Merger, and ( 2 ) incur the 2018 Term Loan, which is expected to have a maturity date on the seventh anniversary of the closing of the Raycom Merger, all subject to market conditions at the time of financing and pursuant to our financing commitment letter. If the Raycom Merger is not completed by December 15, 2018, we will incur a ticking fee. If incurred, the ticking fee would be at a rate of 1.25% of the 2018 Term Loan amount, from December 16, 2018 to January 15, 2019. The ticking fee would increase to LIBOR plus 2.5% on January 16, 2019 until the Raycom Merger is completed. In addition, Escrow Issuer expects to issue the 2027 Notes. The interest rate and yield on the 2027 Notes is expected to be 7.0%. Upon consummation of the Raycom Merger, Escrow Issuer will merge with and into Gray, with Gray as the surviving company, and Gray is expected to assume all of Escrow Issuer’s obligations under the 2027 Notes. The 2027 Notes are expected to rank equally with the 2026 Notes and the 2024 Notes and the 2027 Notes are expected to mature on May 15, 2027. Interest would be payable semiannually, on May 15 and November 15 of each year. The proceeds of the 2018 Term Loan and the 2027 Notes would be used to fund a portion of the cash consideration payable in the Raycom Merger.

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2018

Accounting Policies [Abstract]

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

Earnings Per Share, Policy [Policy Text Block]

Earnings Per Share

not

include restricted shares. These shares, although classified as issued and outstanding, are considered contingently returnable until the restrictions lapse and, in accordance with U.S. GAAP, are

not

The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding for the

three

and

nine

-month periods ended

September 30, 2018

and

2017,

respectively (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2018		2017		2018		2017


Weighted-average shares outstanding-basic		87,765		71,636		88,191		71,777
Common stock equivalents for stock options and restricted stock		800		818		619		714
Weighted-average shares outstanding-diluted		88,565		72,454		88,810		72,491

Comprehensive Income, Policy [Policy Text Block]

Accumulated Other Comprehensive Loss

Our accumulated other comprehensive loss balances as of

September 30, 2018

and

December 31, 2017

consist of adjustments to our pension liability and the related income tax effect. Our comprehensive income for the

three

and

nine

-month periods ended

September 30, 2018

and

2017

consisted entirely of net income. Therefore a consolidated statement of comprehensive income is

not

presented for the

three

and

nine

-month periods ended

September 30, 2018

2017.

Property, Plant and Equipment, Policy [Policy Text Block]

Property and Equipment

							Estimated
	September 30,			December 31,			Useful Lives
	2018			2017			(in years)
Property and equipment:
Land	$	51,878		$	50,458
Buildings and improvements		159,024			156,924			7	to	40
Equipment		532,422			511,878			3	to	20
		743,324			719,260
Accumulated depreciation		(399,521	)		(368,602	)
Total property and equipment, net	$	343,803		$	350,658

April 2017,

$1.7

March 2018

appropriated an additional

$1.0

billion for the Repack fund, of which up to

$750.0

million

may

six

of our current full power stations and

thirty six

of our current low power stations are affected by the Repack. The Repack process began in the summer of

2017

and will take approximately

three

	Three Months Ended						Nine Months Ended
	September 30						September 30
	2018			2017			2018			2017
Gain (loss) on disposal of assets, net:
Proceeds from sale of assets	$	112		$	22		$	216		$	90,972
Proceeds from Repack		4,392			-			6,238			-
Net book value of assets disposed		(932	)		(1,682	)		(1,267	)		(15,833	)
Total	$	3,572		$	(1,660	)	$	5,187		$	75,139

Purchase of property and equipment:
Recurring purchases - operations							$	16,098		$	20,983
Repack								17,256			443
Repack related								1,540			-
Total							$	34,894		$	21,426

Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block]

Allowance for Doubtful Accounts

Our allowance for doubtful accounts is equal to a portion of our receivable balances that are

120

days old or older. We

may

provide allowances for certain receivable balances that are less than

120

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

February 2016,

the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)

2016

–

Leases

(Topic

842

). ASU

2016

will supersede Topic

840,

December 15, 2018.

This standard is expected to have a material effect on our balance sheets. Specifically, we expect that, once adopted, we will record a right of use asset and lease obligation liability. In

July 2018,

the FASB issued ASU

2018

11,

Leases (Topic

842

) – Targeted Improvements

, which provides the option of applying the requirements of the new lease standard in the period of adoption with

September 30, 2018,

we estimate that our total assets and liabilities as presented in our financial statements will increase by approximately

1%.

January 2017,

the FASB issued ASU

2017

04,

Intangibles – Goodwill and Other

(Topic

350

) –

Simplifying the Test for Goodwill Impairment

. ASU

2017

amends the guidance of U.S. GAAP with the intent of simplifying how an entity is required to test goodwill for impairment by eliminating Step

from the goodwill impairment test. Step

not

exceed the total amount of goodwill allocated to that reporting unit. The standard is effective for fiscal years beginning after

December 15, 2019,

including interim periods within those fiscal years. The standard allows for early adoption, but we have

not

yet made a determination as to whether to early-adopt this standard. We do

not

expect that the adoption of this standard will have a material impact on our financial statements.

February 2018,

the FASB issued ASU

2018

02,

Income Statement - Reporting Comprehensive Income

(Topic

220

) –

Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income

. ASU

2018

allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act of

2017

not

affected. The standard is effective for fiscal years beginning after

December 15, 2018,

including interim periods within those fiscal years. The standard allows for early adoption, but we have

not

yet made a determination as to whether to early-adopt this standard. We do

not

expect that the adoption of this standard will have a material impact on our financial statements.

Adoption of Accounting Standards and Reclassifications

January 2016,

the FASB issued ASU

2016

–

Financial Instruments - Overall

(Subtopic

825

Recognition and Measurement of Financial Assets and Financial Liabilities

. ASU

2016

may

February 2018,

the FASB issued ASU

2018

–

Technical Corrections and Improvements to Financial Instruments-Overall (Subtopic

825

), Recognition and Measurement of Financial Assets and Financial Liabilities.

ASU

2018

clarifies certain aspects of the guidance issued in ASU

2016

01.

ASU

2018

is effective for interim periods beginning after

June 15, 2018.

We adopted the amendments in both updates concurrently beginning in the

first

quarter of

2018.

We currently have equity investments in the television broadcasting industry that do

not

have a material impact on our financial statements. We evaluate these investments on an interim basis for impairment.

March 2017,

the FASB issued ASU

2017

07,

Compensation – Retirement Benefits

(Topic

715

) -

Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost

. ASU

2017

first

quarter of

2018.

Because our defined benefit pension plans were frozen in prior years, we have

not

incurred any service cost in our condensed consolidated statements of operations during the

three

nine

-months ended

September 30, 2018

2017.

Upon the adoption of this standard, we reclassified our net pension expense (benefit) from our operating expenses to our miscellaneous income, net. The amount was

not

material.

Note 1 - Basis of Presentation (Tables)

9 Months Ended

Sep. 30, 2018

Notes Tables

Schedule of Weighted Average Number of Shares [Table Text Block]

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2018		2017		2018		2017


Weighted-average shares outstanding-basic		87,765		71,636		88,191		71,777
Common stock equivalents for stock options and restricted stock		800		818		619		714
Weighted-average shares outstanding-diluted		88,565		72,454		88,810		72,491

Property, Plant and Equipment [Table Text Block]

							Estimated
	September 30,			December 31,			Useful Lives
	2018			2017			(in years)
Property and equipment:
Land	$	51,878		$	50,458
Buildings and improvements		159,024			156,924			7	to	40
Equipment		532,422			511,878			3	to	20
		743,324			719,260
Accumulated depreciation		(399,521	)		(368,602	)
Total property and equipment, net	$	343,803		$	350,658

Schedule of Disposal of Assets and Purchase of Property and Equipment [Table Text Block]

	Three Months Ended						Nine Months Ended
	September 30						September 30
	2018			2017			2018			2017
Gain (loss) on disposal of assets, net:
Proceeds from sale of assets	$	112		$	22		$	216		$	90,972
Proceeds from Repack		4,392			-			6,238			-
Net book value of assets disposed		(932	)		(1,682	)		(1,267	)		(15,833	)
Total	$	3,572		$	(1,660	)	$	5,187		$	75,139

Purchase of property and equipment:
Recurring purchases - operations							$	16,098		$	20,983
Repack								17,256			443
Repack related								1,540			-
Total							$	34,894		$	21,426

Note 3 - Long-term Debt (Tables)

9 Months Ended

Sep. 30, 2018

Notes Tables

Schedule of Long-term Debt Instruments [Table Text Block]

	September 30,			December 31,
	2018			2017
Long-term debt including current portion:
2017 Senior Credit Facility		595,026			635,234
2024 Notes		525,000			525,000
2026 Notes		700,000			700,000
Total outstanding principal		1,820,026			1,860,234
Unamortized deferred loan costs - 2017 Senior Credit Facility		(9,890	)		(11,777	)
Unamortized deferred loan costs - 2024 Notes		(5,994	)		(6,743	)
Unamortized deferred loan costs - 2026 Notes		(8,637	)		(9,473	)
Unamortized premium - 2026 Notes		4,729			5,187
Less current portion		-			(6,417	)
Net carrying value	$	1,800,234		$	1,831,011

Borrowing availability under the Revolving Credit Facility	$	100,000		$	100,000

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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-Paragraph 2
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

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

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

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

+ Details

Note 7 - Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2018

Notes Tables

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2018			2017			2018			2017
Stock-based compensation expense, gross	$	1,645		$	1,531		$	5,544		$	4,303
Forfeitures		-			-			(528	)		-
Income tax benefit at our statutory rate associated with share-based compensation		(418	)		(597	)		(1,274	)		(1,678	)
Stock-based compensation expense, net	$	1,227		$	934		$	3,742		$	2,625

Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]

	Nine Months Ended
	September 30, 2018					September 30, 2017
				Weighted-					Weighted-
				average					average
				Grant Date					Grant Date
	Number of			Fair Value		Number of			Fair Value
	Shares			Per Share		Shares			Per Share
Restricted stock - common:
Outstanding - beginning of period		503,685		$	11.14		396,033		$	12.06
Granted		391,836		$	14.63		307,943		$	10.40
Vested		(225,570	)	$	11.21		(200,291	)	$	11.82
Forfeited		(91,057	)	$	13.27		-		$	-
Outstanding - end of period		578,894		$	13.14		503,685		$	11.14

Restricted stock - class A common:
Outstanding - beginning of period		462,632		$	10.63		415,082		$	10.15
Granted (1)		220,080		$	12.65		275,076		$	10.84
Vested		(274,926	)	$	10.48		(227,526	)	$	10.00
Outstanding - end of period		407,786		$	11.82		462,632		$	10.63

Restricted stock units - common stock:
Outstanding - beginning of period		209,500		$	15.70
Vested		(209,500	)	$	15.70
Outstanding - end of period		-		$	-

Note 1 - Basis of Presentation - Reconciliation of Basic to Diluted Weighted-average Shares Outstanding (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Weighted-average shares outstanding-basic (in shares)	87,765	71,636	88,191	71,777
Common stock equivalents for stock options and restricted stock (in shares)	800	818	619	714
Weighted-average shares outstanding-diluted (in shares)	88,565	72,454	88,810	72,491

Note 1 - Basis of Presentation - Property and Equipment (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Property and equipment, gross	$ 743,324	$ 719,260
Accumulated depreciation	(399,521)	(368,602)
Total property and equipment, net	343,803	350,658
Land [Member]
Property and equipment, gross	51,878	50,458
Building and Building Improvements [Member]
Property and equipment, gross	$ 159,024	156,924
Building and Building Improvements [Member] \| Minimum [Member]
Estimated Useful Lives (Year)	7 years
Building and Building Improvements [Member] \| Maximum [Member]
Estimated Useful Lives (Year)	40 years
Equipment [Member]
Property and equipment, gross	$ 532,422	$ 511,878
Equipment [Member] \| Minimum [Member]
Estimated Useful Lives (Year)	3 years
Equipment [Member] \| Maximum [Member]
Estimated Useful Lives (Year)	20 years

Note 1 - Basis of Presentation - Disposal of Assets and Purchase of Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Proceeds from sale of assets	$ 112	$ 22	$ 216	$ 90,972
Proceeds from Repack (Note 1)	4,392		6,238
Net book value of assets disposed	(932)	(1,682)	(1,267)	(15,833)
Total	$ 3,572	$ (1,660)	5,187	75,139
Recurring purchases - operations			16,098	20,983
Repack			17,256	443
Repack related			1,540
Total			$ 34,894	$ 21,426

Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenue	$ 279,310	$ 218,977	$ 755,912	$ 649,119
Sales Channel, Directly to Consumer [Member]
Revenue	138,731	117,998	407,455	352,811
Sales Channel, Through Intermediary [Member]
Revenue	140,579	100,979	348,457	296,308
Local Advertising [Member]
Revenue	106,929	110,033	325,319	330,547
National Advertising [Member]
Revenue	29,199	31,027	83,584	86,822
Political Advertising [Member]
Revenue	48,018	4,005	71,863	9,034
Advertising [Member]
Revenue	184,146	145,065	480,766	426,403
Retransmission Consent [Member]
Revenue	91,603	70,150	262,461	207,094
Service, Other [Member]
Revenue	$ 3,561	$ 3,762	$ 12,685	$ 15,622

Note 3 - Long-term Debt (Details Textual) - USD ($) $ in Thousands			3 Months Ended	9 Months Ended
	Jul. 27, 2018	Feb. 07, 2017	Dec. 31, 2018	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total				$ 74,400	$ 77,500
Interest Costs Capitalized				0	0
Repayments of Long-term Debt, Total				$ 40,208	$ 561,037
2024 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage				5.125%		5.125%
Unsecured Debt, Total				$ 525,000		$ 525,000
2026 Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage				5.875%		5.875%
Unsecured Debt, Total				$ 700,000		$ 700,000
The 2017 Senior Credit Facility [Member]
Debt Agreement, Maximum Borrowing Capacity				695,000
Long-term Debt, Gross				595,026		$ 635,234
The 2017 Senior Credit Facility [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity				$ 100,000
The 2017 Senior Credit Facility [Member] \| Revolving Credit Facility [Member] \| Minimum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.375%
The 2017 Senior Credit Facility [Member] \| Revolving Credit Facility [Member] \| Maximum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.50%
The 2017 Senior Credit Facility [Member] \| Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread Used to Define Base Rate		1.00%
The 2017 Senior Credit Facility [Member] \| Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate		1.50%
The 2017 Senior Credit Facility [Member] \| Revolving Credit Facility [Member] \| Base Rate [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate		0.50%
The 2017 Senior Credit Facility [Member] \| Revolving Credit Facility [Member] \| Federal Funds Effective Swap Rate [Member]
Debt Instrument, Basis Spread Used to Define Base Rate		0.50%
The 2017 Senior Credit Facility [Member] \| The 2017 Term Loan [Member]
Debt Instrument, Interest Rate, Stated Percentage				4.40%
Long-term Debt, Gross				$ 595,000
Repayments of Long-term Debt, Total	$ 37,000
The 2017 Senior Credit Facility [Member] \| The 2017 Term Loan [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		2.25%
Debt Instrument, Basis Spread on Variable Rate if Leverage Ratio is Less Than or Equal to 5.25		2.25%
Debt Instrument, Interest Rate, Applicable Margin, If Leverage Ratio is Greater than 5.25		2.50%
The 2017 Senior Credit Facility [Member] \| The 2017 Term Loan [Member] \| Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		1.25%
Debt Instrument, Basis Spread on Variable Rate if Leverage Ratio is Less Than or Equal to 5.25		1.25%
Debt Instrument, Interest Rate, Applicable Margin, If Leverage Ratio is Greater than 5.25		1.50%
The 2018 Senior Credit Facility [Member] \| Revolving Credit Facility [Member] \| Scenario, Forecast [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 200,000
Debt Instrument, Term			5 years
The 2018 Senior Credit Facility [Member] \| The 2018 Term Loan [Member] \| Scenario, Forecast [Member]
Long-term Debt, Gross			$ 1,400,000
2027 Notes [Member] \| Scenario, Forecast [Member]
Debt Instrument, Interest Rate, Stated Percentage			7.00%
Unsecured Debt, Total			$ 750,000

Note 3 - Long-term Debt - Long-term Debt Summary (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Total outstanding principal	$ 1,820,026	$ 1,860,234
Less current portion		(6,417)
Net carrying value	1,800,234	1,831,011
Borrowing availability under the Revolving Credit Facility	100,000	100,000
The 2017 Senior Credit Facility [Member]
Senior Credit Facility	595,026	635,234
Unamortized deferred loan costs	(9,890)	(11,777)
2024 Notes [Member]
Unsecured Debt, Total	525,000	525,000
Unamortized deferred loan costs	(5,994)	(6,743)
2026 Notes [Member]
Unsecured Debt, Total	700,000	700,000
Unamortized deferred loan costs	(8,637)	(9,473)
Unamortized premium	$ 4,729	$ 5,187

Note 4 - Fair Value Measurement (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Equity Securities without Readily Determinable Fair Value, Amount	$ 16,600	$ 16,600
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount	0
Long-term Debt, Total	1,800,000	1,800,000
Long-term Debt, Fair Value	$ 1,800,000	$ 1,900,000

Note 5 - Stockholders' Equity (Details Textual) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2018 USD ($) $ / shares shares	Dec. 31, 2017 shares	Nov. 06, 2016 USD ($)	Mar. 31, 2006 shares	Nov. 30, 2004 shares	Mar. 31, 2004 shares
Capital Units, Authorized	245,000,000
Common Stock, Shares Authorized	200,000,000	100,000,000
Preferred Stock, Shares Authorized	20,000,000
Common Stock, Shares, Outstanding, Ending Balance	82,022,500	83,253,588
Preferred Stock, Shares Outstanding, Ending Balance	0
Common Stock, Voting Rights, Votes Per Share	1
Dividends, Common Stock, Total \| $	$ 0
Treasury Stock, Value, Acquired, Cost Method \| $	$ 19,607
Common Stock, Capital Shares Reserved for Future Issuance	7,078,916
March 2004 Authorization [Member]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased						2,000,000
The 2004-2006 Repurchase Authorization [Member]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased				5,000,000
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	279,200
The 2016 Repurchase Authorization [Member]
Stock Repurchase Program, Authorized Amount \| $			$ 75,000
Treasury Stock, Shares, Acquired	1,551,710
Treasury Stock Acquired, Average Cost Per Share \| $ / shares	$ 12.64
Treasury Stock, Value, Acquired, Cost Method \| $	$ 19,600
Stock Repurchase Program, Remaining Authorized Repurchase Amount \| $	$ 49,500
November 2004 Authorization [Member]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased					2,000,000
Common Class A [Member]
Common Stock, Shares Authorized	25,000,000	25,000,000
Common Stock, Shares, Outstanding, Ending Balance	6,729,035	6,598,377
Common Stock, Voting Rights, Votes Per Share	10
Common Stock, Capital Shares Reserved for Future Issuance	1,703,064

Note 6 - Retirement Plans (Details Textual) $ in Thousands	3 Months Ended	9 Months Ended
Note 6 - Retirement Plans (Details Textual) $ in Thousands	Sep. 30, 2018 USD ($)	Sep. 30, 2018 USD ($)
Defined Contribution Plan, Employer Discretionary Contribution Amount		$ 2,500
Capital Accumulation Plan [Member]
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 1,500	5,000
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	1,500	1,500
Gray Pension Plan [Member] \| Pension Plan [Member]
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	$ 0	$ 0

Note 6 - Retirement Plans - Components of Net Periodic Benefit Cost for Pension Plans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Service cost
Interest cost	1,106	1,167	3,318	3,502
Expected return on plan assets	(1,536)	(1,412)	(4,609)	(4,236)
Loss amortization	169	121	509	363
Net periodic (benefit) cost	$ (261)	$ (124)	$ (782)	$ (371)

Note 7 - Stock-based Compensation (Details Textual) - USD ($)
$ / shares in Units, $ in Millions

9 Months Ended

Sep. 30, 2018

Sep. 30, 2017

Dec. 31, 2017

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance

274,746

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance

$ 1.99

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value

$ 4.3

Common Class A [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance

Service Based Restricted Stock [Member] | Common Class A [Member] | Employee [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

110,040

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value

$ 12.65

Service Based Restricted Stock [Member] | Common Class A [Member] | Employee [Member] | Share-based Compensation Award, Tranche One [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

36,680

Service Based Restricted Stock [Member] | Common Class A [Member] | Employee [Member] | Share-based Compensation Award, Tranche Two [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

36,680

Service Based Restricted Stock [Member] | Common Class A [Member] | Employee [Member] | Share-based Compensation Award, Tranche Three [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

36,680

Performance Based Restricted Stock [Member] | Common Class A [Member] | Employee [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

110,040

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value

$ 12.65

Restricted Stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

391,836

307,943

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value

$ 14.63

$ 10.40

Restricted Stock [Member] | Employee [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

318,196

307,943

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value

$ 15.25

Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche One [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

131,106

Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Two [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

69,651

Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Three [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

69,652

Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche One, Vesting January 31, 2018 [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

102,648

Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Two, Vesting January 31, 2019 [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

86,783

Restricted Stock [Member] | Employee [Member] | Share-based Compensation Award, Tranche Three, Vesting January 31, 2020 [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

86,781

Restricted Stock [Member] | Director [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

73,640

76,856

Restricted Stock [Member] | Common Class A [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

^[1]

220,080

275,076

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value

^[1]

$ 12.65

$ 10.84

Restricted Stock [Member] | Common Class A [Member] | Employee [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

198,220

Restricted Stock [Member] | Common Class A [Member] | Employee [Member] | Share-based Compensation Award, Tranche One, Vesting January 31, 2018 [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

66,073

Restricted Stock [Member] | Common Class A [Member] | Employee [Member] | Share-based Compensation Award, Tranche Two, Vesting January 31, 2019 [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

66,073

Restricted Stock [Member] | Common Class A [Member] | Employee [Member] | Share-based Compensation Award, Tranche Three, Vesting January 31, 2020 [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

66,074

[1]	For awards subject to future performance conditions, amounts assume target performance.

Note 7 - Stock-based Compensation - Stock-based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Stock-based compensation expense, gross	$ 1,645	$ 1,531	$ 5,544	$ 4,303
Forfeitures			(528)
Income tax benefit at our statutory rate associated with share-based compensation	(418)	(597)	(1,274)	(1,678)
Stock-based compensation expense, net	$ 1,227	$ 934	$ 3,742	$ 2,625

Note 7 - Stock-based Compensation - Summary of Restricted Common Stock Activity (Details) - $ / shares

9 Months Ended

Sep. 30, 2018

Sep. 30, 2017

Restricted Stock [Member]

Outstanding, Shares (in shares)

503,685

396,033

Outstanding, Weighted average grant date fair value (in dollars per share)

$ 11.14

$ 12.06

Granted, Shares (in shares)

391,836

307,943

Granted, Weighted average grant date fair value (in dollars per share)

$ 14.63

$ 10.40

Vested, Shares (in shares)

(225,570)

(200,291)

Vested, Weighted average grant date fair value (in dollars per share)

$ 11.21

$ 11.82

Forfeited, Shares (in shares)

(91,057)

Forfeited, Weighted average grant date fair value (in dollars per share)

$ 13.27

$ 0

Outstanding, Shares (in shares)

578,894

503,685

Outstanding, Weighted average grant date fair value (in dollars per share)

$ 13.14

$ 11.14

Restricted Stock [Member] | Common Class A [Member]

Outstanding, Shares (in shares)

462,632

415,082

Outstanding, Weighted average grant date fair value (in dollars per share)

$ 10.63

$ 10.15

Granted, Shares (in shares)

^[1]

220,080

275,076

Granted, Weighted average grant date fair value (in dollars per share)

^[1]

$ 12.65

$ 10.84

Vested, Shares (in shares)

(274,926)

(227,526)

Vested, Weighted average grant date fair value (in dollars per share)

$ 10.48

$ 10

Outstanding, Shares (in shares)

407,786

462,632

Outstanding, Weighted average grant date fair value (in dollars per share)

$ 11.82

$ 10.63

Restricted Stock Units (RSUs) [Member]

Outstanding, Shares (in shares)

209,500

Outstanding, Weighted average grant date fair value (in dollars per share)

$ 15.70

$ 0

Vested, Shares (in shares)

(209,500)

Vested, Weighted average grant date fair value (in dollars per share)

$ 15.70

$ 0

Outstanding, Shares (in shares)

Outstanding, Weighted average grant date fair value (in dollars per share)

[1]	For awards subject to future performance conditions, amounts assume target performance.

Note 8 - Commitments and Contingencies (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2018	Sep. 30, 2018
Revolving Credit Facility [Member] \| The 2017 Senior Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 100,000
Scenario, Forecast [Member] \| Revolving Credit Facility [Member] \| The 2018 Senior Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 200,000
Debt Instrument, Term	5 years
Scenario, Forecast [Member] \| New Preferred Stock [Member]
Preferred Stock, Dividend Rate, Cash, Percentage	8.00%
Preferred Stock, Dividend Rate, Additional Preferred Stock, Percentage	8.50%
Preferred Stock, Liquidation Preference Per Share	$ 1,000
KDLT-TV [Member] \| Scenario, Forecast [Member]
Business Combination, Consideration Transferred, Total	$ 32,500
Raycom [Member] \| Scenario, Forecast [Member]
Payments to Acquire Businesses, Gross	$ 2,850,000
Raycom [Member] \| Scenario, Forecast [Member] \| Common Stock [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares	11,500,000
Raycom [Member] \| Scenario, Forecast [Member] \| Preferred Stock [Member] \| New Preferred Stock [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares	650,000
Business Acquisition, Equity Interest Issued or Issuable, Stated Value Per Share	$ 1,000

Note 9 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Amortization of Intangible Assets, Total	$ 4,998	$ 6,460	$ 15,587	$ 18,684
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year	5,000		5,000
Finite-Lived Intangible Assets, Amortization Expense, Year Two	15,400		15,400
Finite-Lived Intangible Assets, Amortization Expense, Year Three	12,400		12,400
Finite-Lived Intangible Assets, Amortization Expense, Year Four	8,300		8,300
Finite-Lived Intangible Assets, Amortization Expense, Year Five	4,800		4,800
Finite-Lived Intangible Assets, Amortization Expense, Year Six	2,900		2,900
Goodwill, Impairment Loss			0	0
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)			$ 0	$ 0
WCAX-TV [Member]
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles	3,100
Goodwill, Purchase Accounting Adjustments	$ 3,100

Note 9 - Goodwill and Intangible Assets - Intangible Assets and Related Accumulated Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Goodwill	$ 614,177	$ 611,100
Other intangible assets, net	58,197	73,784
Intangible Assets Gross (Including Goodwill)	2,348,209	2,345,082
Accumulated Amortization Intangible Assets	(145,082)	(129,495)
Intangible Assets, Net (Including Goodwill)	2,203,127	2,215,587
Network Affiliate [Member]
Finite-Lived Intangible Assets, Gross	6,134	6,134
Finite-Lived Intangible Assets, Accumulated Amortization	(5,488)	(3,551)
Other intangible assets, net	646	2,583
Other Intangible Assets [Member]
Finite-Lived Intangible Assets, Gross	143,446	143,446
Finite-Lived Intangible Assets, Accumulated Amortization	(85,895)	(72,245)
Other intangible assets, net	57,551	71,201
Intangible Assets Subject to Amortization [Member]
Finite-Lived Intangible Assets, Gross	149,580	149,580
Finite-Lived Intangible Assets, Accumulated Amortization	(91,383)	(75,796)
Other intangible assets, net	58,197	73,784
Broadcast Licenses [Member]
Indefinite-lived Intangible Assets (Excluding Goodwill), Gross	1,584,452	1,584,402
Indefinite-Lived Intangible Assets (Excluding Goodwill), Accumulated Amortization	(53,699)	(53,699)
Indefinite-Lived Intangible Assets (Excluding Goodwill)	1,530,753	1,530,703
Goodwill Not Amortizable [Member]
Goodwill, Gross	614,177	611,100
Goodwill	614,177	611,100
Intangible Assets Not Subject to Amortization [Member]
Goodwill and Indefinite-Lived Intangible Assets, Gross	2,198,629	2,195,502
Goodwill and Indefinite-lived Intangible Assets, Accumulated Amortization	(53,699)	(53,699)
Goodwill and Indefinite-Lived Assets, Net	$ 2,144,930	$ 2,141,803

Note 10 - Income Taxes (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2018	Dec. 31, 2017
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent				35.00%		35.00%
Effective Income Tax Rate Reconciliation, Percent, Total	26.50%	40.70%	26.20%	40.60%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent			4.50%	4.30%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent, Total			1.00%	1.30%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Percent			0.30%
Income Taxes Paid, Net, Total			$ 26.8	$ 1.2
Scenario, Forecast [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent					21.00%

Note 10 - Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income tax expense	$ 22,342	$ 10,529	$ 43,598	$ 65,751
Effective income tax rate	26.50%	40.70%	26.20%	40.60%

Note 11 - Subsequent Events (Details Textual) - USD ($) $ in Thousands		3 Months Ended
	Jan. 16, 2019	Dec. 31, 2018	Sep. 30, 2018
2027 Notes [Member] \| Scenario, Forecast [Member]
Debt Instrument, Interest Rate, Stated Percentage		7.00%
Revolving Credit Facility [Member] \| The 2017 Senior Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 100,000
Revolving Credit Facility [Member] \| The 2018 Senior Credit Facility [Member] \| Scenario, Forecast [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 200,000
Debt Instrument, Term		5 years
Debt Instrument, Ticking Fee Rate		1.25%
Debt Instrument, Ticking Fee Rate, Plus LIBOR	2.50%

Note 1 - Basis of Presentation (Details Textual)	9 Months Ended	12 Months Ended
Note 1 - Basis of Presentation (Details Textual)	Sep. 30, 2018	Dec. 31, 2019
Period for Creating Allowance for Doubtful Accounts	120 days
Scenario, Forecast [Member] \| Accounting Standards Update 2016-02 [Member]
New Accounting Pronouncement Effect, Lease Obligation Asset and Liability, Percent		1.00%

Note 2 - Revenue (Details Textual) - USD ($) $ in Millions	Sep. 30, 2018	Jan. 01, 2018
Deferred Revenue [Member]
Deposit Liability, Current	$ 11.7	$ 3.8