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margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;margin-left:0px;">Hedge Accounting Treatment</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:36px;">All of the Company's interest rate transactions entered into in 2008 received hedge accounting treatment</font><font style="font-family:Times New Roman;font-size:10pt;">, which treatment continued </font><font style="font-family:Times New Roman;font-size:10pt;">throughout their term</font><font style="font-family:Times New Roman;font-size:10pt;">s</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">for all hedges other than the hedge with an expiration date of May 28, 2012. </font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">In connection with the refinancing on November 23, 2011, th</font><font style="font-family:Times New Roman;font-size:10pt;">is</font><font style="font-family:Times New Roman;font-size:10pt;"> hedge</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">which </font><font style="font-family:Times New Roman;font-size:10pt;">was not terminated, </font><font style="font-family:Times New Roman;font-size:10pt;">no longer received hedge accounting treatment as the hedge</font><font style="font-family:Times New Roman;font-size:10pt;"> was </font><font style="font-family:Times New Roman;font-size:10pt;">not</font><font style="font-family:Times New Roman;font-size:10pt;"> effective</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">due to</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">the refinancing</font><font style="font-family:Times New Roman;font-size:10pt;">.</font><font style="font-family:Times New Roman;font-size:10pt;"> As a result, the Company reclassified</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> as of November 23, 2011</font><font style="font-family:Times New Roman;font-size:10pt;">,</font><font style="font-family:Times New Roman;font-size:10pt;"> all amounts remaining in accumulated other comprehensive income to the </font><font style="font-family:Times New Roman;font-size:10pt;">statement of operations</font><font style="font-family:Times New Roman;font-size:10pt;">. </font></p><p style='margin-top: 0pt; 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text-align:center;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 59px; text-align:center;border-color:#000000;min-width:59px;">&#160;</td></tr><tr style="height: 17px"><td style="width: 434px; text-align:left;border-color:#000000;min-width:434px;">&#160;</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;">&#160;</td><td colspan="5" style="width: 145px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:145px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">June 30,</font></td></tr><tr style="height: 21px"><td style="width: 434px; text-align:left;border-color:#000000;min-width:434px;">&#160;</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;">&#160;</td><td colspan="2" style="width: 68px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:68px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">2012</font></td><td style="width: 9px; 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text-align:left;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 59px; text-align:left;border-color:#000000;min-width:59px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 59px; text-align:left;border-color:#000000;min-width:59px;">&#160;</td></tr><tr style="height: 17px"><td style="width: 434px; text-align:left;border-color:#000000;min-width:434px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">Station operating expenses</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;">&#160;</td><td style="width: 9px; text-align:left;border-color:#000000;min-width:9px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;">$</font></td><td style="width: 59px; 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border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:77px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 1.34</font></td><td style="width: 14px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:14px;">&#160;</td><td style="width: 82px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 496,739</font></td><td style="width: 7px; text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:7px;">&#160;</td><td style="width: 10px; border-top-style:solid;border-top-width:1px;text-align:left;background-color:#FFFFFF;border-color:#000000;min-width:10px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 76px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:76px;"><font style="FONT-FAMILY: Times New Roman;FONT-SIZE: 10pt;COLOR: #000000;"> 1.34</font></td></tr><tr style="height: 17px"><td style="width: 12px; 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text-align:center;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 59px; text-align:center;border-color:#000000;min-width:59px;">&#160;</td><td style="width: 9px; text-align:center;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 9px; text-align:center;border-color:#000000;min-width:9px;">&#160;</td><td style="width: 59px; text-align:center;border-color:#000000;min-width:59px;">&#160;</td></tr><tr style="height: 17px"><td style="width: 434px; text-align:left;border-color:#000000;min-width:434px;">&#160;</td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;">&#160;</td><td colspan="5" style="width: 145px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:145px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Times New Roman;FONT-SIZE: 9pt;COLOR: #000000;TEXT-ALIGN: center;">June 30,</font></td></tr><tr style="height: 21px"><td style="width: 434px; text-align:left;border-color:#000000;min-width:434px;">&#160;</td><td style="width: 12px; 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