(a) Share repurchases
Subsequent to year end, the Company received approval under a Normal Course Issuer Bid to repurchase up to 1,388,072 Class Ashares and 75,434 Class B shares. This bid expires February 8, 2012. On February 15, 2011 the Company repurchased 1,388,072 Class A shares pursuant to this Normal Course Issuer Bid for $8,745,000.
(b) CCD commitment
Subsequent to year end, the Company converted one of its AM stations to FM. Upon the launch of the station, the Company became obligated for additional CCD commitments of $35,000 that will be payable over the next seven years.