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 June 30, Six Months Ended June 30, 2012 2011 2012 2011 (in thousands) Net revenues: Radio operations $ 14,334 $ 15,241 $ 25,454 $ 26,502 Television operations 17,717 16,313 34,182 30,478 Consolidated net revenues 32,051 31,554 59,636 56,980 Operating expenses, excluding gain on legal settlement, stock-based compensation expense, depreciation and amortization and loss (gain) on sale and disposal of property and equipment: Radio operations 7,016 8,205 14,345 17,135 Television operations 17,975 13,980 33,728 26,183 Consolidated operating expenses, excluding gain on legal settlement, stock-based compensation expense, depreciation and amortization and loss (gain) on sale and disposal of property and equipment: 24,991 22,185 48,073 43,318 Gain on legal settlement: Radio operations   (900 )   (900 ) Television operations         Total gain on legal settlement   (900 )   (900 ) Operating income before stock-based compensation expense, depreciation and amortization and loss (gain) on sale and disposal of property and equipment: Radio operations 7,318 7,936 11,109 10,267 Television operations (258 ) 2,333 454 4,295 Consolidated operating income before stock-based compensation expense, depreciation and amortization and loss (gain) on sale and disposal of property and equipment 7,060 10,269 11,563 14,562 Stock-based compensation expense: Corporate   7   13 Consolidated stock-based compensation expense   7   13 Depreciation and amortization expense: Radio operations 1,271 1,404 2,554 2,730 Television operations 1,248 1,219 2,480 2,444 Cons