10. Segment Data ASC 280 "Segment Reporting" requires companies to provide certain information about their operating segments. The Company has two reportable segments   radio operations and television operations. Management uses operating income or loss before stock-based compensation expense, depreciation and amortization and loss on sale and disposal of property and equipment as its measure of profitability for purposes of assessing performance and allocating resources. Three Months Ended March 31, 2012 2011 (in thousands) Net revenues: Radio operations $ 11,120 $ 11,261 Television operations 16,465 14,165 Consolidated net revenues 27,585 25,426 Operating expenses, excluding stock-based compensation expense, depreciation and amortization and loss on disposal of property and equipment: Radio operations 7,329 8,930 Television operations 15,753 12,203 Consolidated operating expenses, excluding stock-based compensation expense, depreciation and amortization and loss on disposal of property and equipment 23,082 21,133 Operating income before stock-based compensation expense, depreciation and amortization and loss on disposal of property and equipment: Radio operations 3,791 2,331 Television operations 712 1,962 Consolidated operating income before stock-based compensation expense, depreciation and amortization and loss on disposal of property and equipment 4,503 4,293 Stock-based compensation expense: Corporate   6 Consolidated stock-based compensation expense   6 Depreciation and amortization expense: Radio operations 1,283 1,326 Television operations 1,232 1,225 Consolidated depreciation and amortization expense 2,515 2,551 Loss on disposal of property and equipment: Radio operations 8 7 Television operations 1   Consolidated loss on disposal of property and equipment 9 7 Operating income (loss): Radio operations 2,500 998 Television operations (521 ) 737 Corporate   (6 ) Consolidated operating income $ 1,979 $ 1,729 Reconciliation of operating income before stock-based compensation expense, depreciation and amort