(a) Net broadcast revenues is defined as broadcast revenues, net of agency commissions. (b) Depreciation and amortization includes amortization of program contract costs and net realizable value adjustments, depreciation and amortization of  property and equipment and amortization of definite-lived intangible assets and other assets.  (c)  Total debt is defined as notes payable, capital leases and commercial bank financing, including the current and long-term portions. For the Years Ended December 31,  2010  2009  2008  2007  2006   Earnings (Loss) Per Common Share  Attributable to Sinclair Broadcast Group:  Basic earnings (loss) per share from continuing  operations  $ 0.96  $ (1.70)  $ (2.87)  $ 0.19  $ 0.57  Basic (loss) earnings per share from discontinued  operations  $ (0.01)  $ —  $ —  $ 0.03  $ 0.06  Basic earnings (loss) per share  $ 0.95  $ (1.70)  $ (2.87)  $ 0.22  $ 0.63  Diluted earnings (loss) per share from continuing  operations $  0.95 $ (1.70)  $ (2.87)  $ 0.19  $ 0.57  Diluted (loss) earnings per share from discontinued  operations  $ (0.01)  $ —  $ —  $ 0.03  $ 0.06  Diluted earnings (loss) per share  $ 0.94  $ (1.70)  $ (2.87)  $ 0.22  $ 0.63  Dividends declared per share  $ 0.430  $ —  $ 0.800  $ 0.625  $ 0.450 Balance Sheet Data:  Cash and cash equivalents  $ 21,974 $ 23,224 $ 16,470 $ 20,980 $  67,408 Total assets  $ 1,485,924 $ 1,590,029 $ 1,816,407 $ 2,224,187 $ 2,271,580  Total debt (c)  $ 1,212,065 $ 1,366,308 $ 1,362,278 $ 1,320,417 $  1,413,623 Total (deficit) equity  $ (157,082) $ (202,222) $ (58,700) $ 269,581 $ 267,329  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND  RESULTS OF OPERATIONS  The following Management’s Discussion and Analysis provides qualitative and quantitative information about our financial  performance and condition and should be read in conjunction with our consolidated financial statements and the accompanying  notes to those statements. This discussion consists of the following sections:  Executive Overview  – a description of our business, financial highlights from 2010, information about industry trends and sources of  revenues and operating costs;  Critical Accounting Policies and Estimates  – a discussion of the accounting policies that are most important in understanding the  assumptions and judgments incorporated in the consolidated financial statements and a summary of recent accounting  pronouncements;  Results of Operations  – a summary of the components of our revenues by category and by network affiliation or program service  arrangement, a summary of other operating data and an analysis of our revenues and expenses for 2010, 2009 and 2008, including  comparisons between years and certain expectations for 2011; and  Liquidity and Capital Resources  – a discussion of our primary sources of liquidity, an analysis of our cash flows from or used in  operating activities, investing activities and financing activities, a discussion of our dividend policy and a summary of our  contractual cash obligations and off-balance sheet arrangements.  We have two reportable operating segments, “broadcast” and “other operating divisions” that are disclosed separately from our  corporate activities. Our broadcast segment includes our stations. Our other operating divisions segment primarily earned  revenues in 2010 from sign design and fabrication; regional security alarm operating and bulk acquisitions; and real estate  ventures. In addition to the revenues noted in 2010, in 2009, our other operating divisions segment earned revenues from  information technology staffing, consulting and software development; and transmitter manufacturing. Corporate and  unallocated expenses primarily include our costs to operate as a public company and to operate our corporate headquarters  location. Corporate is not a reportable segment. STG, included in the broadcast segment and a wholly owned subsidiary of Sinclair Broadcast Group, Inc. (SBG), is the primary  obligor under our Bank Credit Agreement, the 9.25% Notes and the 8.375% Notes and was the primary obligor under the 8.0%  Senior Subordinated Notes, due 2012 (the 8.0% Notes ) until they were fully redeemed in 2010. Our Class A Common Stock,  Class B Common Stock, the 6.0% Notes, the 4.875% Convertible Senior Notes due 2018 (the 4.875% Notes) and the 3.0%  2010 Annual Report    7 