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Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1050606	Salem Communications Corp	SALM	Radio Broadcasting Stations (4832)	770121400

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1190973	W Stuart Epperson	3780 Will Scarlet Road Winston-Salem NC 27104	Chairman Of The Board	Yes	Yes	Yes	No

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership
Class A Common Stock	Acquisiton	2011-11-30	9,600	$2.69	2,867,822	No	4	P	Direct
Class A Common Stock	Acquisiton	2011-11-30	4,000	$2.52	2,871,822	No	4	P	Direct
Class A Common Stock	Acquisiton	2011-11-30	400	$2.73	2,872,222	No	4	P	Direct
Class A Common Stock	Disposition	2011-12-28	8,880	$0.00	2,863,342	No	5	G	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership
No	4	P	Direct
No	4	P	Direct
No	4	P	Direct
No	5	G	Direct

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Class A Common Stock	1,012,520	Indirect	By Children's Trust

Footnotes

Stuart W. Epperson and Nancy A. Epperson, as Joint Tenants.
Stuart W. Epperson and Nancy A. Epperson jointly gifted five hundred and fifty-five (555) shares of Class A Common Stock to a custodial account for each of sixteen (16) grandchildren, for a total gift of eight thousand, eight hundred and eighty (8,880) shares. Stuart W. Epperson and Nancy A. Epperson have not retained any voting or dispositive power over such gifted shares.
Stuart W. Epperson as Trustee of each of the four (4) Epperson Children's Trusts for all purposes other than voting matters.