First quarter earnings are rolling out.

Gannett profits drop 11.5 percent.

Gannett Co., the largest newspaper publisher in the country, reported Wednesday an 11.5 percent decline in profit for its first quarter as the company began expensing stock options and recording costs from its new newspaper partnership in Detroit.

Gannett earned $235.3 million, or 99 cents per share, in the thirteen weeks ending March 26, down from $265.7 million, or $1.05 per share, in the same period a year ago, which included 2 cents per share profit from discontinued operations.

Media General profits from broadcast and Internet divisions cover publishing segment dragging.

Media General Inc., a publisher of 25 daily newspapers in the southern United States, on Wednesday reported a profit in the first quarter compared with a year-ago loss, but said stock-option expenses and lower profit in its publishing division offset gains in its broadcast and Internet divisions.

Net income for the quarter ended March 26 was $6.7 million, or 28 cents per share, compared with a loss of $316.2 million, or $13.25 per share, during the same period last year. The year-ago loss was the result of a $325 million charge related to the value of certain intangible assets. Excluding that charge, the company had a profit in the year-ago quarter of $9.3 million, or 39 cents per share.